XML 30 R20.htm IDEA: XBRL DOCUMENT v3.22.2.2

FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

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

X

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsAllOtherInvestmentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4CC
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL109998890-113959

+ Details

Name:	us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

+ Details

Name:	us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

No definition available.

+ Details

Name:	us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration