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FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Investments, All Other Investments [Abstract]

Debt Securities, Available-for-sale

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 March 31, 2023, and December 31, 2022 (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, 2023
Cash			$	605.2					$	—					$	—					$	—					$	605.2					$	605.2					$	—					$	—
Level 1:
Money market funds			1,537.8						—						—						—						1,537.8						1,537.8						—						—
U.S. treasuries			2,279.0						—						(69.7)						—						2,209.3						—						1,522.6						686.7
Subtotal			3,816.8						—						(69.7)						—						3,747.1						1,537.8						1,522.6						686.7
Level 2:
Corporate debt securities			1,789.2						—						(60.3)						(1.1)						1,727.8						—						769.6						958.2
U.S. government agencies			400.4						—						(15.3)						—						385.1						—						210.5						174.6
Municipal securities			118.2						—						(4.8)						—						113.4						—						46.5						66.9
Subtotal			2,307.8						—						(80.4)						(1.1)						2,226.3						—						1,026.6						1,199.7
Total assets measured at fair value			$	6,729.8					$	—					$	(150.1)					$	(1.1)					$	6,578.6					$	2,143.0					$	2,549.2					$	1,886.4

																																	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

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 March 31, 2023 (in millions):

			Amortized Cost						Fair Value
Mature in less than one year			$	2,602.1					$	2,549.2
Mature in one to five years			1,984.7						1,886.4
Total			$	4,586.8					$	4,435.6

Schedule of Unrealized Loss on Investments

The following tables present the breakdown of the available-for-sale debt securities with unrealized losses as of March 31, 2023, and December 31, 2022 (in millions):

			March 31, 2023
			Unrealized losses less than 12 months												Unrealized losses 12 months or greater												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
U.S. treasuries			$	71.7					$	(0.8)					$	2,137.6					$	(68.9)					$	2,209.3					$	(69.7)
Corporate debt securities			159.6						(2.0)						1,550.3						(58.3)						1,709.9						(60.3)
U.S. government agencies			9.7						(0.3)						375.4						(15.0)						385.1						(15.3)
Municipal securities			—						—						113.4						(4.8)						113.4						(4.8)
Total			$	241.0					$	(3.1)					$	4,176.7					$	(147.0)					$	4,417.7					$	(150.1)

			December 31, 2022
			Unrealized losses less than 12 months												Unrealized losses 12 months or greater												Total
			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)

Summary of Equity Investment Activity

The following table is a summary of the activity related to equity investments (in millions):

																											Reported as:
			December 31, 2022 Carrying Value						Changes in Fair Value (1)						Purchases / Sales / Other (2)						March 31, 2023 Carrying Value						Prepaids and other current assets						Intangible and other assets, net
Equity investments with readily determinable value (Level 1)			$	4.3					$	(0.4)					$	(2.7)					$	1.2					$	1.2					$	—
Equity investments without readily determinable value (Level 2)			$	59.1					$	0.5					$	4.0					$	63.6					$	—					$	63.6
(1) Recorded in interest and other income (expense), 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 March 31,
			2023						2022
Recognized gains (losses) in interest and other income (expense), net			$	(3.3)					$	6.8
Foreign exchange gains (losses) related to balance sheet re-measurement			$	5.4					$	(10.1)

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
			March 31, 2023						December 31, 2022						March 31, 2023						December 31, 2022
Notional amounts:
Forward contracts			$	222.9					$	188.4					$	513.3					$	496.3
Gross fair value recorded in:
Prepaids and other current assets			$	2.8					$	1.8					$	1.7					$	4.3
Other accrued liabilities			$	3.4					$	5.3					$	3.6					$	4.2

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