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v3.20.4

Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [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 or short-term or long-term investments as of December 31, 2020, and 2019 (in millions):
|  |  |  |  |  |  |  |  | Reported as:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Short-term Investments |  | Long-term Investments
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 644.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 644.3 |  |  | $ | 644.3 |  |  | $ | — |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 625.8 |  |  | — |  |  | — |  |  | 625.8 |  |  | 625.8 |  |  | — |  |  | — |
U.S. treasuries | 2,626.8 |  |  | 23.0 |  |  | — |  |  | 2,649.8 |  |  | 212.5 |  |  | 1,567.9 |  |  | 869.4 |
Subtotal | 3,252.6 |  |  | 23.0 |  |  | — |  |  | 3,275.6 |  |  | 838.3 |  |  | 1,567.9 |  |  | 869.4 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | 671.3 |  |  | — |  |  | — |  |  | 671.3 |  |  | 64.1 |  |  | 607.2 |  |  | — |
Corporate securities | 1,425.4 |  |  | 11.9 |  |  | (0.2) |  |  | 1,437.1 |  |  | 3.4 |  |  | 1,036.5 |  |  | 397.2 |
U.S. government agencies | 716.5 |  |  | 2.5 |  |  | — |  |  | 719.0 |  |  | 72.5 |  |  | 233.6 |  |  | 412.9 |
Municipal securities | 119.8 |  |  | 2.0 |  |  | — |  |  | 121.8 |  |  | — |  |  | 43.6 |  |  | 78.2 |
Subtotal | 2,933.0 |  |  | 16.4 |  |  | (0.2) |  |  | 2,949.2 |  |  | 140.0 |  |  | 1,920.9 |  |  | 888.3 |
Total assets measured at fair value | $ | 6,829.9 |  |  | $ | 39.4 |  |  | $ | (0.2) |  |  | $ | 6,869.1 |  |  | $ | 1,622.6 |  |  | $ | 3,488.8 |  |  | $ | 1,757.7 |
|  |  |  |  |  |  |  |  | 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 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) at December 31, 2020 (in millions):
| Amortized Cost |  | Fair Value
Mature in less than one year | $ | 3,831.5 |  |  | $ | 3,841.3 |
Mature in one to five years | 1,728.3 |  |  | 1,757.7 |
Total | $ | 5,559.8 |  |  | $ | 5,599.0 |
Schedule Of Available-For-Sale Investments With Unrealized Losses | The following tables present the breakdown of the available-for-sale investments with unrealized losses at December 31, 2020, and 2019 (in millions):
| Unrealized losses less than 12 months |  | Unrealized losses 12 months or greater |  | Total
December 31, 2020 | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate securities | $ | 352.7 |  |  | $ | (0.2) |  |  | $ | — |  |  | $ | — |  |  | $ | 352.7 |  |  | $ | (0.2) |
U.S. treasuries | 278.1 |  |  | — |  |  | — |  |  | — |  |  | 278.1 |  |  | — |
U.S. government agencies | 63.5 |  |  | — |  |  | — |  |  | — |  |  | 63.5 |  |  | — |
Municipal securities | 21.3 |  |  | — |  |  | — |  |  | — |  |  | 21.3 |  |  | — |
Total | $ | 715.6 |  |  | $ | (0.2) |  |  | $ | — |  |  | $ | — |  |  | $ | 715.6 |  |  | $ | (0.2) |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Corporate securities | $ | 237.0 |  |  | $ | (0.2) |  |  | $ | — |  |  | $ | — |  |  | $ | 237.0 |  |  | $ | (0.2) |
U.S. treasuries | 236.5 |  |  | (0.2) |  |  | 87.5 |  |  | (0.2) |  |  | 324.0 |  |  | (0.4) |
U.S. government agencies | 45.9 |  |  | (0.1) |  |  | 45.5 |  |  | (0.1) |  |  | 91.4 |  |  | (0.2) |
Total | $ | 519.4 |  |  | $ | (0.5) |  |  | $ | 133.0 |  |  | $ | (0.3) |  |  | $ | 652.4 |  |  | $ | (0.8) |
Derivative Instruments Used to Hedge against Balance Sheet Foreign Currency Exposures | These derivative instruments are used to hedge against balance sheet foreign currency exposures. The related gains and losses were as follows (in millions):
| Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Recognized gains (losses) in interest and other income, net | $ | (12.3) |  |  | $ | 6.4 |  |  | $ | 8.7 |
Foreign exchange gains (losses) related to balance sheet re-measurement | $ | 10.9 |  |  | $ | (1.5) |  |  | $ | (2.6) |
Gross Notional Amounts for Outstanding Derivatives | Total gross notional amounts (in USD) for derivatives and the aggregate gross fair value outstanding at the end of each period were as follows (in millions):
| Derivatives Designated as Hedging Instruments |  | Derivatives Not Designated as Hedging Instruments
| December 31, 2020 |  | December 31, 2019 |  | December 31, 2020 |  | December 31, 2019
Notional amounts: |  |  |  |  |  |  |
Forward contracts | $ | 154.3 |  |  | $ | 154.5 |  |  | $ | 309.8 |  |  | $ | 227.2 |
Gross fair value recorded in: |  |  |  |  |  |  |
Prepaid and other current assets | $ | 0.9 |  |  | $ | 1.3 |  |  | $ | 0.7 |  |  | $ | 2.2 |
Other accrued liabilities | $ | 4.3 |  |  | $ | 0.5 |  |  | $ | 5.4 |  |  | $ | 0.7 |
Debt Securities, Trading, and Equity Securities, FV-NI | 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) |  | December 31, 2020 Carrying Value |  | Prepaids and other current assets |  | Intangible and other assets, net
Equity investments with readily determinable value (Level 1) | $ | — |  |  | $ | 0.3 |  |  | $ | 59.8 |  |  | $ | 60.1 |  |  | $ | 60.1 |  |  | $ | — |
Equity investments without readily determinable value (Level 2) | $ | 24.6 |  |  | $ | 66.2 |  |  | $ | (60.6) |  |  | $ | 30.2 |  |  | $ | — |  |  | $ | 30.2 |
(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.

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