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Marketable Securities and Equity Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities and Equity Investments Marketable Securities and Equity Investments
A summary of our cash equivalents and marketable securities, which are recorded at fair value, is shown below:
As of December 31, 2024As of December 31, 2023
Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
(in millions)
Cash equivalents$1,687.1 $— $— $1,687.1 $7,033.9 $— $— $7,033.9 
Marketable securities:
U.S. Treasury securities$1,603.9 $3.6 $(5.5)$1,602.0 $544.5 $3.0 $(1.0)$546.5 
U.S. government agency securities
240.5 0.5 (0.5)240.5 424.8 0.9 (0.5)425.2 
Asset-backed securities1,239.6 5.1 (0.5)1,244.2 304.9 1.4 (0.3)306.0 
Certificates of deposit— — — — 33.7 0.0 (0.0)33.7 
Corporate debt securities3,519.4 10.6 (4.1)3,525.9 1,794.0 10.5 (1.7)1,802.8 
Commercial paper
5.0 0.0 (0.0)5.0 186.8 0.1 (0.1)186.8 
Total marketable available-for-sale debt securities6,608.4 19.8 (10.6)6,617.6 3,288.7 15.9 (3.6)3,301.0 
Corporate equity securities
72.1 3.0 (38.5)36.6 72.1 — (26.1)46.0 
Total marketable securities6,680.5 22.8 (49.1)6,654.2 3,360.8 15.9 (29.7)3,347.0 
Total cash equivalents and marketable securities$8,367.6 $22.8 $(49.1)$8,341.3 $10,394.7 $15.9 $(29.7)$10,380.9 
Amounts in the table above at fair value were classified on our consolidated balance sheets as follows:
December 31,
20242023
(in millions)
Cash and cash equivalents$1,687.1 $7,033.9 
Marketable securities
1,546.3 849.2 
Long-term marketable securities5,107.9 2,497.8 
Total
$8,341.3 $10,380.9 
Marketable available-for-sale debt securities by contractual maturity were as follows:
December 31,
20242023
(in millions)
Matures within one year$1,509.7 $803.2 
Matures after one year through five years
5,034.4 2,495.6 
Matures after five years
73.5 2.2 
Total
$6,617.6 $3,301.0 
We did not record any allowances for credit losses to adjust the fair value of our marketable available-for-sale debt securities in 2024, 2023 or 2022. Additionally, we did not record any realized gains or losses that were material to our consolidated statements of income in 2024, 2023 or 2022. As of December 31, 2024, we held marketable available-for-sale debt securities with a total fair value of $2.2 billion that were in unrealized loss positions totaling $10.6 million. Included in this amount were marketable available-for sale debt securities with a total fair value of $19.1 million and total unrealized loss of $0.1 million that had been in unrealized loss positions for greater than twelve months. We intend to hold these investments until maturity and do not expect to incur realized losses on these investments when they mature.
We record changes in the fair value of our investments in corporate equity securities to “Other expense, net” in our consolidated statements of income. During the three years ended December 31, 2024, our net unrealized losses on corporate equity securities with readily determinable fair values held at the conclusion of each period were as follows:
Year ended December 31,
202420232022
(in millions)
Net unrealized losses
$(9.5)$(7.5)$(149.1)
In 2023, we received proceeds of $95.1 million related to the sale of the common stock of a publicly traded company, which had a total original cost basis of $57.3 million. In 2024 and 2022, we did not sell any common stock of publicly traded companies.
As of December 31, 2024, the carrying value of our equity investments without readily determinable fair values, which are recorded in “Other assets” on our consolidated balance sheets, was $64.8 million. During 2024, we reduced the carrying value of our equity investments without readily determinable fair values by $48.2 million based on observable changes in price.