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FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2020

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 investments, or long-term investments as of September 30, 2020, and December 31, 2019 (in millions):

																																	Reported as:
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Loss						Fair Value						Cash and Cash Equivalents						Short- term Investments						Long- term Investments
September 30, 2020
Cash			$	508.7					$	—					$	—					$	—					$	508.7					$	508.7					$	—					$	—
Level 1:
Money market funds			745.5						—						—						—						745.5						745.5						—						—
U.S. treasuries			2,337.5						28.9						—						—						2,366.4						108.5						1,405.2						852.7
Subtotal			3,083.0						28.9						—						—						3,111.9						854.0						1,405.2						852.7
Level 2:
Commercial paper			554.1						—						—						—						554.1						5.0						549.1						—
Corporate debt securities			1,514.8						15.1						(0.2)						—						1,529.7						2.9						1,135.0						391.8
U.S. government agencies			550.2						3.0						—						—						553.2						—						228.0						325.2
Non-U.S. government securities			9.5						—						—						—						9.5						—						4.5						5.0
Municipal securities			92.1						2.2						—						—						94.3						—						25.8						68.5
Subtotal			2,720.7						20.3						(0.2)						—						2,740.8						7.9						1,942.4						790.5
Total assets measured at fair value			$	6,312.4					$	49.2					$	(0.2)					$	—					$	6,361.4					$	1,370.6					$	3,347.6					$	1,643.2

																																	Reported as:
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value						Cash and Cash Equivalents						Short- term Investments						Long- term Investments
December 31, 2019
Cash			$	413.1					$	—					$	—											$	413.1					$	413.1					$	—					$	—
Level 1:
Money market funds			726.8						—						—												726.8						726.8						—						—
U.S. treasuries			1,935.8						9.7						(0.4)												1,945.1						—						890.8						1,054.3
Subtotal			2,662.6						9.7						(0.4)												2,671.9						726.8						890.8						1,054.3
Level 2:
Commercial paper			165.1						—						—												165.1						25.5						139.6						—
Corporate debt securities			2,096.1						16.8						(0.2)												2,112.7						—						798.5						1,314.2
U.S. government agencies			418.3						1.1						(0.2)												419.2						—						209.6						209.6
Non-U.S. government securities			4.5						—						—												4.5						—						4.5						—
Municipal securities			58.4						0.3						—												58.7						2.2						11.1						45.4
Subtotal			2,742.4						18.2						(0.4)												2,760.2						27.7						1,163.3						1,569.2
Total assets measured at fair value			$	5,818.1					$	27.9					$	(0.8)											$	5,845.2					$	1,167.6					$	2,054.1					$	2,623.5

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, 2020 (in millions):

			Amortized Cost						Fair Value
Mature in less than one year			$	3,452.0					$	3,464.0
Mature in one to five years			1,606.2						1,643.2
Total			$	5,058.2					$	5,107.2

Summary of Equity Investment Activity

The following table is a summary of the activity related to equity investments (in millions):

																											Reported as:
			December 31, 2019 Carrying Value						Changes in Fair Value (1)						Sales/Purchases/Others (2)						September 30, 2020 Carrying Value						Prepaids and other current assets						Intangible and other assets, net
Equity investments with readily determinable value (Level 1)			$	—					$	6.1					$	59.8					$	65.9					$	65.9					$	—
Equity investments without readily determinable value (Level 2)			$	24.6					$	61.5					$	(58.2)					$	27.9					$	—					$	27.9
(1) Recorded in Interest and other income, net.
(2) Other includes conversion of certain equity investments without readily determinable value to equity investments with readily determinable value.

The Company recognized a $61.5 million increase in fair value, which was reflected in Interest and other income, net, due to changes in observable prices f

Derivatives Not Designated as Hedging Instruments

These derivative instruments are used to hedge against balance sheet foreign currency exposures. The related gains and losses were as follows (in millions):

			Three Months Ended September 30,																		Nine Months Ended September 30,
			2020						2019						2020						2019
Recognized gains/(losses) in interest and other income, net			$	(5.0)					$	4.2					$	(3.2)					$	5.7
Foreign exchange gains/(losses) related to balance sheet re-measurement			$	5.9					$	(3.8)					$	(1.1)					$	(3.5)

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 the 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, 2020						December 31, 2019						September 30, 2020						December 31, 2019
Notional amounts:
Forward contracts			$	144.0					$	154.5					$	260.9					$	227.2
Gross fair value recorded in:
Prepaids and other current assets			$	0.9					$	1.3					$	0.9					$	2.2
Other accrued liabilities			$	1.8					$	0.5					$	1.3					$	0.7

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