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Financial Instruments
 12 Months Ended
Dec. 31, 2025
Investments, All Other Investments [Abstract]  
Financial Instruments
Note 9:
Financial Instruments
The following table summarizes our financial assets with maturities of less than 90 days from the date of purchase included in cash and cash equivalents in our consolidated balance sheets:
 As of December 31,
(In millions)20252024
Money market funds$2,027.7 $1,664.9 
Overnight reverse repurchase agreements70.0 — 
Short-term debt securities15.4 — 
Commercial paper120.1 — 
Total$2,233.2 $1,664.9 
The carrying value of our money market funds, overnight reverse repurchase agreements, short-term debt securities and commercial paper, including accrued interest, approximates fair value due to their short-term maturities.
Our marketable equity securities gains (losses) are recorded in other (income) expense, net in our consolidated statements of income. The following tables summarize our marketable debt and equity securities, classified as available-for-sale:
As of December 31, 2025
(In millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Marketable debt securities:
Corporate debt securities:
Current$246.8 $— $— $246.8 
Non-current290.6 0.2 — 290.8 
Government securities:
Current560.4 — — 560.4 
Non-current88.4 — — 88.4 
Mortgage and other asset backed securities:
Non-current52.7 — — 52.7 
Total marketable debt securities$1,238.9 $0.2 $— $1,239.1 
Marketable equity securities:
Marketable equity securities, non-current$227.7 $— $(109.6)$118.1 
Total marketable equity securities$227.7 $— $(109.6)$118.1 

As of December 31, 2024
(In millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Marketable equity securities:
Marketable equity securities, non-current$668.7 $— $(489.0)$179.7 
Total marketable equity securities$668.7 $— $(489.0)$179.7 
Summary of Contractual Maturities: Available-for-Sale Debt Securities
The estimated fair value and amortized cost of our marketable debt securities classified as available-for-sale by contractual maturity are summarized as follows:
As of December 31, 2025
(In millions)Estimated
Fair Value		Amortized
Cost
Due in one year or less$807.2 $807.2 
Due after one year through five years419.5 419.3 
Due after five years12.4 12.4 
Total marketable debt securities$1,239.1 $1,238.9 
The average maturity of our marketable debt securities classified as available-for-sale as of December 31, 2025, was approximately 5 months.
Proceeds from Marketable Debt Securities
The proceeds from maturities and sales of marketable debt securities and resulting realized gains and losses are summarized as follows:
 For the Years Ended December 31,
(In millions)202520242023
Proceeds from maturities and sales$23.0 $— $7,380.8 
Realized gains— — 1.4 
Realized losses— — 18.4 
Realized losses for the year ended December 31, 2023, primarily relate to sales of U.S. treasuries and corporate bonds.
Strategic Investments
Our strategic investment portfolio includes investments in equity securities of certain biotechnology companies, which are reflected within our disclosures included in Note 8, Fair Value Measurements, to these consolidated financial statements, as well as venture capital funds where the underlying investments are in equity securities of certain biotechnology companies and non-marketable equity securities.
As of December 31, 2025 and 2024, our strategic investment portfolio was comprised of investments totaling $186.6 million and $226.7 million, respectively, which are included in investments and other assets within our consolidated balance sheets.
The decrease in our strategic investment portfolio as of December 31, 2025, compared to 2024, was primarily due to the decrease in the fair value of our investment in Denali common stock as well as the sale of our remaining investment in Sage common stock during the third quarter of 2025.
For additional information on our investments in Denali and Sage common stock, please read Note 8, Fair Value Measurements, and Note 18, Other Consolidated Financial Statement Detail, to these consolidated financial statements.