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FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

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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