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v3.22.2.2

FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 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
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 536.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 536.3 |  |  | $ | 536.3 |  |  | $ | — |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 1,001.7 |  |  | — |  |  | — |  |  | — |  |  | 1,001.7 |  |  | 1,001.7 |  |  | — |  |  | — |
U.S. treasuries | 3,048.8 |  |  | — |  |  | (113.0) |  |  | — |  |  | 2,935.8 |  |  | — |  |  | 1,545.4 |  |  | 1,390.4 |
Subtotal | 4,050.5 |  |  | — |  |  | (113.0) |  |  | — |  |  | 3,937.5 |  |  | 1,001.7 |  |  | 1,545.4 |  |  | 1,390.4 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | 104.2 |  |  | — |  |  | — |  |  | — |  |  | 104.2 |  |  | — |  |  | 104.2 |  |  | — |
Corporate debt securities | 2,256.1 |  |  | — |  |  | (87.2) |  |  | (1.1) |  |  | 2,167.8 |  |  | — |  |  | 843.9 |  |  | 1,323.9 |
U.S. government agencies | 499.3 |  |  | — |  |  | (21.8) |  |  | — |  |  | 477.5 |  |  | — |  |  | 209.5 |  |  | 268.0 |
Municipal securities | 175.4 |  |  | — |  |  | (6.7) |  |  | — |  |  | 168.7 |  |  | — |  |  | 72.9 |  |  | 95.8 |
Subtotal | 3,035.0 |  |  | — |  |  | (115.7) |  |  | (1.1) |  |  | 2,918.2 |  |  | — |  |  | 1,230.5 |  |  | 1,687.7 |
Total assets measured at fair value | $ | 7,621.8 |  |  | $ | — |  |  | $ | (228.7) |  |  | $ | (1.1) |  |  | $ | 7,392.0 |  |  | $ | 1,538.0 |  |  | $ | 2,775.9 |  |  | $ | 3,078.1 |
|  |  |  |  |  |  |  |  |  |  | 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 September 30, 2022 (in millions):
| Amortized Cost |  | Fair Value
Mature in less than one year | $ | 2,823.7 |  |  | $ | 2,775.9 |
Mature in one to five years | 3,260.1 |  |  | 3,078.1 |
Total | $ | 6,083.8 |  |  | $ | 5,854.0 |
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 September 30, 2022, and December 31, 2021 (in millions):
| September 30, 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 | $ | 1,811.4 |  |  | $ | (60.4) |  |  | $ | 1,124.5 |  |  | $ | (52.6) |  |  | $ | 2,935.9 |  |  | $ | (113.0) |
Corporate debt securities | 1,401.9 |  |  | (55.0) |  |  | 599.4 |  |  | (32.2) |  |  | 2,001.3 |  |  | (87.2) |
U.S. government agencies | 220.0 |  |  | (8.4) |  |  | 257.4 |  |  | (13.4) |  |  | 477.4 |  |  | (21.8) |
Municipal securities | 109.3 |  |  | (4.1) |  |  | 51.0 |  |  | (2.6) |  |  | 160.3 |  |  | (6.7) |
Total | $ | 3,542.6 |  |  | $ | (127.9) |  |  | $ | 2,032.3 |  |  | $ | (100.8) |  |  | $ | 5,574.9 |  |  | $ | (228.7) |
| 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) |  | Purchases / Sales / Other (2) |  | September 30, 2022 Carrying Value |  | Prepaids and other current assets |  | Intangible and other assets, net
Equity investments with readily determinable value (Level 1) | $ | 26.9 |  |  | $ | (21.6) |  |  | $ | (0.2) |  |  | $ | 5.1 |  |  | $ | 5.1 |  |  | $ | — |
Equity investments without readily determinable value (Level 2) | $ | 15.6 |  |  | $ | 0.3 |  |  | $ | 37.8 |  |  | $ | 53.7 |  |  | $ | — |  |  | $ | 53.7 |
(1) Recorded in Interest and other income, net.
(2) Other includes foreign currency translation gains/(losses).
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,
| 2022 |  | 2021 |  | 2022 |  | 2021
Recognized gains in Interest and other income, net | $ | 17.9 |  |  | $ | 4.4 |  |  | $ | 46.6 |  |  | $ | 11.8 |
Foreign exchange losses related to balance sheet re-measurement | $ | (30.5) |  |  | $ | (6.4) |  |  | $ | (69.4) |  |  | $ | (12.4) |
Gross Notional Amounts for Derivatives and Aggregate Gross Fair Value Outstanding | 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, 2022 |  | December 31, 2021 |  | September 30, 2022 |  | December 31, 2021
Notional amounts: |  |  |  |  |  |  |
Forward contracts | $ | 201.8 |  |  | $ | 181.2 |  |  | $ | 387.1 |  |  | $ | 318.8 |
Gross fair value recorded in: |  |  |  |  |  |  |
Prepaids and other current assets | $ | 15.7 |  |  | $ | 5.7 |  |  | $ | 15.4 |  |  | $ | 6.9 |
Other accrued liabilities | $ | 1.5 |  |  | $ | 0.5 |  |  | $ | 3.1 |  |  | $ | 0.8 |

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