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Marketable Securities and Equity Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Cash Equivalents and Marketable Debt and Equity Securities
A summary of our cash equivalents and marketable debt and equity securities, which are recorded at fair value, is shown below:
As of March 31, 2025As of December 31, 2024
Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(in millions)
Cash equivalents
$1,411.0 $— $— $1,411.0 $1,687.1 $— $— $1,687.1 
Marketable securities:
U.S. Treasury securities1,602.7 8.5 (0.8)1,610.4 1,603.9 3.6 (5.5)1,602.0 
U.S. government agency securities
217.6 0.8 (0.1)218.3 240.5 0.5 (0.5)240.5 
Asset-backed securities1,251.3 4.9 (0.5)1,255.7 1,239.6 5.1 (0.5)1,244.2 
Certificates of deposit4.0 — — 4.0 — — — — 
Corporate debt securities
3,552.0 18.3 (0.8)3,569.5 3,519.4 10.6 (4.1)3,525.9 
Commercial paper
3.5 — — 3.5 5.0 0.0 (0.0)5.0 
Total marketable available-for-sale debt securities
6,631.1 32.5 (2.2)6,661.4 6,608.4 19.8 (10.6)6,617.6 
Corporate equity securities
60.0 — (38.4)21.6 72.1 3.0 (38.5)36.6 
Total marketable securities
6,691.1 32.5 (40.6)6,683.0 6,680.5 22.8 (49.1)6,654.2 
Total cash equivalents and marketable securities$8,102.1 $32.5 $(40.6)$8,094.0 $8,367.6 $22.8 $(49.1)$8,341.3 
Amounts in the table above at fair value were classified on our condensed consolidated balance sheets as follows:
As of March 31, 2025As of December 31, 2024
(in millions)
Cash and cash equivalents$1,411.0 $1,687.1 
Marketable securities
1,526.5 1,546.3 
Long-term marketable securities5,156.5 5,107.9 
Total
$8,094.0 $8,341.3 
Marketable available-for-sale debt securities by contractual maturity were as follows:
As of March 31, 2025As of December 31, 2024
(in millions)
Matures within one year$1,504.9 $1,509.7 
Matures after one year through five years
5,050.9 5,034.4 
Matures after five years105.6 73.5 
Total
$6,661.4 $6,617.6 
Schedule of Company's Net Unrealized Losses on Corporate Equity Securities During the three months ended March 31, 2025 and 2024, our net unrealized losses on corporate equity securities with readily determinable fair values held at the conclusion of each period were as follows:
Three Months Ended March 31,
20252024
(in millions)
Net unrealized losses
$(15.0)$(2.7)