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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Cash and Available-For-Sale Securities

The following tables summarize the Company’s cash and available-for-sale debt 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 December 31, 2022, and 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
December 31, 2022
Cash			$	497.2					$	—					$	—					$	—					$	497.2					$	497.2					$	—					$	—
Level 1:
Money market funds			1,084.0						—						—						—						1,084.0						1,084.0						—						—
U.S. treasuries			2,715.2						—						(96.6)						—						2,618.6						—						1,542.4						1,076.2
Subtotal			3,799.2						—						(96.6)						—						3,702.6						1,084.0						1,542.4						1,076.2
Level 2:
Commercial paper			20.0						—						—						—						20.0						—						20.0						—
Corporate debt securities			2,022.0						—						(76.0)						(1.1)						1,944.9						—						651.8						1,293.1
U.S. government agencies			447.2						—						(19.9)						—						427.3						—						247.8						179.5
Municipal securities			155.5						—						(6.0)						—						149.5						—						74.7						74.8
Subtotal			2,644.7						—						(101.9)						(1.1)						2,541.7						—						994.3						1,547.4
Total assets measured at fair value			$	6,941.1					$	—					$	(198.5)					$	(1.1)					$	6,741.5					$	1,581.2					$	2,536.7					$	2,623.6

																																	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 debt securities (excluding money market funds) as of December 31, 2022 (in millions):

			Amortized Cost						Fair Value
Mature in less than one year			$	2,586.6					$	2,536.7
Mature in one to five years			2,773.3						2,623.6
Total			$	5,359.9					$	5,160.3

Schedule Of Available-For-Sale Investments With Unrealized Losses

The following tables present the breakdown of the available-for-sale debt securities with unrealized losses as of December 31, 2022, and 2021 (in millions):

			Unrealized losses less than 12 months												Unrealized losses 12 months or greater												Total
December 31, 2022			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
U.S. treasuries			$	731.7					$	(26.0)					$	1,886.9					$	(70.6)					$	2,618.6					$	(96.6)
Corporate debt securities			631.4						(17.6)						1,221.9						(58.4)						1,853.3						(76.0)
U.S. government agencies			102.7						(4.4)						324.6						(15.5)						427.3						(19.9)
Municipal securities			44.6						(1.1)						104.9						(4.9)						149.5						(6.0)
Total			$	1,510.4					$	(49.1)					$	3,538.3					$	(149.4)					$	5,048.7					$	(198.5)
December 31, 2021
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)

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, 2021 Carrying Value						Changes in Fair Value (1)						Purchases / Sales / Other (2)						December 31, 2022 Carrying Value						Prepaids and other current assets						Intangible and other assets, net
Equity investments with readily determinable value (Level 1)			$	26.9					(21.2)						(1.4)						$	4.3					$	4.3					$	—
Equity investments without readily determinable value (Level 2)			$	15.6					0.2						43.3						$	59.1					$	—					$	59.1
(1) Recorded in interest and other income, net.
(2) Other includes foreign currency translation gains/(losses).

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,
			2022						2021						2020
Recognized gains (losses) in interest and other income, net			$	26.9					$	15.5					$	(12.3)
Foreign exchange gains (losses) related to balance sheet re-measurement			$	(54.2)					$	(16.4)					$	10.9

Gross Notional Amounts for Outstanding Derivatives

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
			December 31, 2022						December 31, 2021						December 31, 2022						December 31, 2021
Notional amounts:
Forward contracts			$	188.4					$	181.2					$	496.3					$	318.8
Gross fair value recorded in:
Prepaids and other current assets			$	1.8					$	5.7					$	4.3					$	6.9
Other accrued liabilities			$	5.3					$	0.5					$	4.2					$	0.8

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- 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

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-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
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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).

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