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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021, and 2020 (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
December 31, 2021
Cash			$	572.3					$	—					$	—					$	—					$	572.3					$	572.3					$	—					$	—
Level 1:
Money market funds			696.6						—						—						—						696.6						696.6						—						—
U.S. treasuries			3,429.1						6.3						(15.4)						—						3,420.0						17.0						1,100.3						2,302.7
Subtotal			4,125.7						6.3						(15.4)						—						4,116.6						713.6						1,100.3						2,302.7
Level 2:
Commercial paper			717.7						—						—						—						717.7						—						717.7						—
Corporate securities			2,485.6						2.7						(11.9)						—						2,476.4						5.0						886.7						1,584.7
U.S. government agencies			526.1						0.2						(2.9)						—						523.4						—						137.8						385.6
Municipal securities			213.4						0.7						(1.0)						—						213.1						—						70.6						142.5
Subtotal			3,942.8						3.6						(15.8)						—						3,930.6						5.0						1,812.8						2,112.8
Total assets measured at fair value			$	8,640.8					$	9.9					$	(31.2)					$	—					$	8,619.5					$	1,290.9					$	2,913.1					$	4,415.5

																																	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
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

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 December 31, 2021 (in millions):

			Amortized Cost						Fair Value
Mature in less than one year			$	2,931.6					$	2,935.1
Mature in one to five years			4,440.3						4,415.5
Total			$	7,371.9					$	7,350.6

Schedule Of Available-For-Sale Investments With Unrealized Losses

The following tables present the breakdown of the available-for-sale investments with unrealized losses as of December 31, 2021, and 2020 (in millions):

			Unrealized losses less than 12 months												Unrealized losses 12 months or greater												Total
December 31, 2021			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Commercial paper			$	4.0					$	—					$	—					$	—					$	4.0					$	—
Corporate securities			1,687.9						(11.9)						—						—						1,687.9						(11.9)
U.S. treasuries			2,596.3						(15.4)						—						—						2,596.3						(15.4)
U.S. government agencies			412.5						(2.9)						—						—						412.5						(2.9)
Municipal securities			156.0						(1.0)						—						—						156.0						(1.0)
Total			$	4,856.7					$	(31.2)					$	—					$	—					$	4,856.7					$	(31.2)
December 31, 2020
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)

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, 2020 Carrying Value						Changes in Fair Value (1)						Sales/Purchases/Others (2)						December 31, 2021 Carrying Value						Prepaids and other current assets						Intangible and other assets, net
Equity investments with readily determinable value (Level 1)			$	60.1					(17.7)						(15.5)						$	26.9					$	26.9					$	—
Equity investments without readily determinable value (Level 2)			$	30.2					43.8						(58.4)						$	15.6					$	—					$	15.6
(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.

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,
			2021						2020						2019
Recognized gains (losses) in interest and other income, net			$	15.5					$	(12.3)					$	6.4
Foreign exchange gains (losses) related to balance sheet re-measurement			$	(16.4)					$	10.9					$	(1.5)

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, 2021						December 31, 2020						December 31, 2021						December 31, 2020
Notional amounts:
Forward contracts			$	181.2					$	154.3					$	318.8					$	309.8
Gross fair value recorded in:
Prepaid and other current assets			$	5.7					$	0.9					$	6.9					$	0.7
Other accrued liabilities			$	0.5					$	4.3					$	0.8					$	5.4

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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-Publisher FASB
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