Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Summary of financial assets with maturities of less than 90 days included within cash and cash equivalents

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 condensed consolidated balance sheets:

(In millions)	As of March 31, 2026		As of December 31, 2025
Money market funds	$	1,949.4	$	2,027.7
Overnight reverse repurchase agreements	34.3		70.0
Short-term debt securities	391.8		15.4
Commercial paper	137.3		120.1
Total	$	2,512.8	$	2,233.2

Marketable debt and equity securities

The following tables summarize our marketable debt and equity securities, classified as available-for-sale:

	As of March 31, 2026
(In millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable debt securities
Corporate debt securities:
Current	$	418.2	$	—	$	(0.7)	$	417.5
Non-current	317.8		—		(1.1)		316.7
Government securities:
Current	482.6		—		(0.1)		482.5
Non-current	64.8		—		—		64.8
Mortgage and other asset backed securities:
Non-current	84.2		—		(0.1)		84.1
Total marketable debt securities	$	1,367.6	$	—	$	(2.0)	$	1,365.6
Marketable equity securities
Marketable equity securities, non-current	$	227.8	$	—	$	(90.4)	$	137.4
Total marketable equity securities	$	227.8	$	—	$	(90.4)	$	137.4

	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-current	290.6		0.2		—		290.8
Government securities:
Current	560.4		—		—		560.4
Non-current	88.4		—		—		88.4
Mortgage and other asset backed securities:
Non-current	52.7		—		—		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

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 March 31, 2026				As of December 31, 2025
(In millions)	Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost
Due in one year or less	$	900.0	$	900.8	$	807.2	$	807.2
Due after one year through five years	454.7		455.9		419.5		419.3
Due after five years	10.9		10.9		12.4		12.4
Total marketable debt securities	$	1,365.6	$	1,367.6	$	1,239.1	$	1,238.9

Realized Gain (Loss) on Investments

The proceeds from maturities and sales of marketable debt securities and any resulting realized gains and losses are summarized as follows:

	For the Three Months Ended March 31,
(In millions)	2026		2025
Proceeds from maturities and sales	$	625.2	$	—