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FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2019

Investments, All Other Investments [Abstract]

Summary of Cash and Available-For-Sale Securities

The following tables summarize the Company’s cash and available-for-sale marketable securities’ amortized cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category reported as cash and cash equivalents, short-term, or long-term investments as of September 30, 2019, and December 31, 2018 (in millions):

																											Reported as:
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Cash and Cash Equivalents						Short- term Investments						Long- term Investments
September 30, 2019
Cash			$	325.2					$	—					$	—					$	325.2					$	325.2					$	—					$	—
Level 1:
Money market funds			641.4						—						—						641.4						641.4						—						—
U.S. treasuries			1,846.9						10.6						(0.7)						1,856.8						—						932.8						924.0
Subtotal			2,488.3						10.6						(0.7)						2,498.2						641.4						932.8						924.0
Level 2:
Commercial paper			117.5						—						—						117.5						3.0						114.5						—
Corporate debt securities			1,958.9						18.0						(0.4)						1,976.5						—						637.0						1,339.5
U.S. government agencies			481.1						1.0						(0.4)						481.7						—						227.9						253.8
Municipal securities			31.2						0.3						—						31.5						—						15.8						15.7
Subtotal			2,588.7						19.3						(0.8)						2,607.2						3.0						995.2						1,609.0
Total assets measured at fair value			$	5,402.2					$	29.9					$	(1.5)					$	5,430.6					$	969.6					$	1,928.0					$	2,533.0

																											Reported as:
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Cash and Cash Equivalents						Short- term Investments						Long- term Investments
December 31, 2018
Cash			$	269.4					$	—					$	—					$	269.4					$	269.4					$	—					$	—
Level 1:
Money market funds			569.1						—						—						569.1						569.1						—						—
U.S. treasuries			1,477.8						1.7						(5.3)						1,474.2						10.0						897.8						566.4
Subtotal			2,046.9						1.7						(5.3)						2,043.3						579.1						897.8						566.4
Level 2:
Commercial paper			110.7						—						—						110.7						1.4						109.3						—
Corporate debt securities			1,607.8						1.3						(4.8)						1,604.3						8.0						724.5						871.8
U.S. government agencies			791.8						0.3						(3.8)						788.3						—						468.9						319.4
Municipal securities			18.4						—						—						18.4						—						4.7						13.7
Subtotal			2,528.7						1.6						(8.6)						2,521.7						9.4						1,307.4						1,204.9
Total assets measured at fair value			$	4,845.0					$	3.3					$	(13.9)					$	4,834.4					$	857.9					$	2,205.2					$	1,771.3

Summary of Contractual Maturities of Cash Equivalents and Available-For-Sale Investments

The following table summarizes the contractual maturities of the Company’s cash equivalents and available-for-sale investments (excluding cash and money market funds), as of September 30, 2019 (in millions):

			Amortized Cost						Fair Value
Mature in less than one year			$	1,976.2					$	1,980.0
Mature in one to five years			2,459.4						2,484.0
Total			$	4,435.6					$	4,464.0

Gross Notional Amounts for Derivatives and Aggregate Gross Fair Value Outstanding

The notional amounts for derivative instruments provide one measure of the transaction volume. Total gross notional amounts (in USD) for outstanding derivatives and aggregate gross fair value at the end of each period were as follows (in millions):

			Derivatives Designated as Hedging Instruments																		Derivatives Not Designated as Hedging Instruments
			September 30, 2019						December 31, 2018						September 30, 2019						December 31, 2018
Notional amounts:
Forward contracts			$	192.6					$	183.0					$	255.4					$	182.7
Gross fair value recorded in:
Prepaids and other current assets			$	4.5					$	3.1					$	3.3					$	4.1
Other accrued liabilities			$	0.6					$	0.9					$	0.6					$	1.1

X

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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