Marketable Securities

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities

Marketable securities as of December 31, 2025 and 2024 consist of both available-for-sale debt securities of investment grade issuers (see below and Note 5) as well as equity securities of publicly traded companies (see Note 5).

The following tables summarize the Company's investments in available-for-sale debt securities:

(In millions)	Amortized		Unrealized				Fair
As of December 31, 2025	Cost Basis		Gains		Losses		Value
Corporate bonds	$	10,141.0	$	80.9	$	(2.4)	$	10,219.5
U.S. government and government agency obligations	4,352.2		15.2		(0.1)		4,367.3
Commercial paper	540.8		0.3		—		541.1
Certificates of deposit	265.7		0.2		—		265.9
Asset-backed securities	241.4		1.4		—		242.8
Sovereign bonds	76.3		0.5		—		76.8
	$	15,617.4	$	98.5	$	(2.5)	$	15,713.4
As of December 31, 2024
Corporate bonds	$	8,226.9	$	25.1	$	(31.4)	$	8,220.6
U.S. government and government agency obligations	4,820.5		3.4		(6.9)		4,817.0
Commercial paper	548.3		0.4		—		548.7
Certificates of deposit	380.6		0.5		—		381.1
Asset-backed securities	279.0		0.6		(0.3)		279.3
Sovereign bonds	82.7		0.1		(0.4)		82.4
	$	14,338.0	$	30.1	$	(39.0)	$	14,329.1

The Company classifies its investments in available-for-sale debt securities based on their contractual maturity dates. The available-for-sale debt securities as of December 31, 2025 mature at various dates through December 2032. The fair values of available-for-sale debt securities by contractual maturity consist of the following:

	As of December 31,
(In millions)	2025		2024
Maturities within one year	$	5,487.1	$	6,524.3
Maturities after one year through five years	10,224.8		7,804.8
Maturities after five years	1.5		—
	$	15,713.4	$	14,329.1

Amounts reclassified from Accumulated other comprehensive income (loss) into Other income (expense), net related to realized gains/losses on sales of available-for-sale debt securities; such amounts were not material for the years ended December 31, 2025, 2024, and 2023.

The Company recognized interest income of $716.8 million, $711.4 million, and $495.9 million for the years ended December 31, 2025, 2024, and 2023, respectively, in Other income (expense), net.