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v3.22.1

FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2022
Investments, All Other Investments [Abstract] |
Debt Securities, Available-for-sale | The following tables summarize the Company’s cash and available-for-sale marketable securities’ amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit loss, and fair value by significant investment category reported as cash and cash equivalents, short-term investments, or long-term investments as of March 31, 2022 and December 31, 2021 (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
March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 579.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 579.4 |  |  | $ | 579.4 |  |  | $ | — |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 491.6 |  |  | — |  |  | — |  |  | — |  |  | 491.6 |  |  | 491.6 |  |  | — |  |  | — |
U.S. treasuries | 3,599.5 |  |  | 0.9 |  |  | (71.8) |  |  | — |  |  | 3,528.6 |  |  | 12.0 |  |  | 1,329.3 |  |  | 2,187.3 |
Subtotal | 4,091.1 |  |  | 0.9 |  |  | (71.8) |  |  | — |  |  | 4,020.2 |  |  | 503.6 |  |  | 1,329.3 |  |  | 2,187.3 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | 581.3 |  |  | — |  |  | — |  |  | — |  |  | 581.3 |  |  | 16.2 |  |  | 565.1 |  |  | — |
Corporate debt securities | 2,554.6 |  |  | 0.3 |  |  | (53.3) |  |  | (1.1) |  |  | 2,500.5 |  |  | 3.9 |  |  | 770.0 |  |  | 1,726.6 |
U.S. government agencies | 541.3 |  |  | — |  |  | (13.5) |  |  | — |  |  | 527.8 |  |  | — |  |  | 140.0 |  |  | 387.8 |
Municipal securities | 196.9 |  |  | 0.1 |  |  | (4.4) |  |  | — |  |  | 192.6 |  |  | — |  |  | 78.1 |  |  | 114.5 |
Subtotal | 3,874.1 |  |  | 0.4 |  |  | (71.2) |  |  | (1.1) |  |  | 3,802.2 |  |  | 20.1 |  |  | 1,553.2 |  |  | 2,228.9 |
Total assets measured at fair value | $ | 8,544.6 |  |  | $ | 1.3 |  |  | $ | (143.0) |  |  | $ | (1.1) |  |  | $ | 8,401.8 |  |  | $ | 1,103.1 |  |  | $ | 2,882.5 |  |  | $ | 4,416.2 |
|  |  |  |  |  |  |  |  |  |  | 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 debt 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 |
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 March 31, 2022 (in millions):
| Amortized Cost |  | Fair Value
Mature in less than one year | $ | 2,924.3 |  |  | $ | 2,914.6 |
Mature in one to five years | 4,549.3 |  |  | 4,416.2 |
Total | $ | 7,473.6 |  |  | $ | 7,330.8 |
Schedule of Unrealized Loss on Investments | The following tables present the breakdown of the available-for-sale debt securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category, as of March 31, 2022, and December 31, 2021 (in millions):
| March 31, 2022
| Less than 12 months |  | More than 12 months |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. treasuries | $ | 2,807.4 |  |  | $ | (59.6) |  |  | $ | 303.5 |  |  | $ | (12.2) |  |  | $ | 3,110.9 |  |  | $ | (71.8) |
Commercial paper | 6.9 |  |  | — |  |  | — |  |  | — |  |  | 6.9 |  |  | — |
Corporate debt securities | 1,935.7 |  |  | (49.2) |  |  | 78.5 |  |  | (4.1) |  |  | 2,014.2 |  |  | (53.3) |
U.S. government agencies | 506.9 |  |  | (12.9) |  |  | 10.9 |  |  | (0.6) |  |  | 517.8 |  |  | (13.5) |
Municipal securities | 165.2 |  |  | (4.4) |  |  | — |  |  | — |  |  | 165.2 |  |  | (4.4) |
Total | $ | 5,422.1 |  |  | $ | (126.1) |  |  | $ | 392.9 |  |  | $ | (16.9) |  |  | $ | 5,815.0 |  |  | $ | (143.0) |
| December 31, 2021
| Less than 12 months |  | More than 12 months |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. treasuries | $ | 2,596.3 |  |  | $ | (15.4) |  |  | $ | — |  |  | $ | — |  |  | $ | 2,596.3 |  |  | $ | (15.4) |
Commercial paper | 4.0 |  |  | — |  |  | — |  |  | — |  |  | 4.0 |  |  | — |
Corporate debt securities | 1,687.9 |  |  | (11.9) |  |  | — |  |  | — |  |  | 1,687.9 |  |  | (11.9) |
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) |
Summary of Equity Investment Activity | The following table is a summary of the activity related to equity investments (in millions):
|  |  |  |  |  |  |  |  | Reported as:
| December 31, 2021 Carrying Value |  | Changes in Fair Value (1) |  | Sales/Purchases |  | March 31, 2022 Carrying Value |  | Prepaids and other current assets |  | Intangible and other assets, net
Equity investments with readily determinable value (Level 1) | $ | 26.9 |  |  | $ | (17.2) |  |  | $ | — |  |  | $ | 9.7 |  |  | $ | 9.7 |  |  | $ | — |
Equity investments without readily determinable value (Level 2) | $ | 15.6 |  |  | $ | (0.1) |  |  | $ | 20.0 |  |  | $ | 35.5 |  |  | $ | — |  |  | $ | 35.5 |
(1) Recorded in Interest and other income (expense), net.
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 March 31, |  |
| 2022 |  | 2021 |  |  |  |
Recognized gains/(losses) in Interest and other income (expense), net | $ | 6.8 |  |  | $ | 7.4 |  |  |  |  |
Foreign exchange gains/(losses) related to balance sheet re-measurement | $ | (10.1) |  |  | $ | (7.1) |  |  |  |  |
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
| March 31, 2022 |  | December 31, 2021 |  | March 31, 2022 |  | December 31, 2021
Notional amounts: |  |  |  |  |  |  |
Forward contracts | $ | 186.0 |  |  | $ | 181.2 |  |  | $ | 330.0 |  |  | $ | 318.8 |
Gross fair value recorded in: |  |  |  |  |  |  |
Prepaids and other current assets | $ | 6.9 |  |  | $ | 5.7 |  |  | $ | 6.8 |  |  | $ | 6.9 |
Other accrued liabilities | $ | 0.4 |  |  | $ | 0.5 |  |  | $ | 1.9 |  |  | $ | 0.8 |

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