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INVESTMENTS | 12 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | 4. INVESTMENTS Investments Measured at Fair Value on a Recurring Basis The following table summarizes our investments measured at fair value on a recurring basis by balance sheet classification and investment type:
| December 31, 2025 |  | December 31, 2024
| Amortized Cost |  |  |  |  |  | Fair Value - Level 1 |  | Amortized Cost |  |  |  |  |  | Fair Value - Level 1
Cash equivalents—U.S. Treasury securities | $ | 556.6 |  |  |  |  |  |  | $ | 556.6 |  |  | $ | 529.5 |  |  |  |  |  |  | $ | 529.5 |
Cash equivalents—money market funds | 206.7 |  |  |  |  |  |  | 206.7 |  |  | 174.2 |  |  |  |  |  |  | 174.2 |
Total cash equivalents | $ | 763.3 |  |  |  |  |  |  | $ | 763.3 |  |  | $ | 703.7 |  |  |  |  |  |  | $ | 703.7 |
Gross unrealized and realized gains and losses related to our cash equivalents were not material for the years ended December 31, 2025, 2024, and 2023. Investments Measured at Fair Value on a Nonrecurring Basis In August 2023, we acquired an approximate 7% ownership interest in a privately held company, which is measured and accounted for using the fair value measurement alternative basis. This investment is classified within other assets in the Consolidated Balance Sheets. The carrying value of the investment was $1.7 million as of both December 31, 2025 and 2024. Our existing equity investments are remeasured at fair value on a nonrecurring basis when an identifiable event or change in circumstance may have a significant adverse impact on its fair value. During the year ended December 31, 2024, we recognized an impairment loss of $1.0 million, within other expense, net in the Consolidated Statement of Operations, on a minority interest equity investment following a recapitalization event. No such events or changes occurred during the years ended December 31, 2025 or 2023.

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