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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023, and 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
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 526.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 526.2 |  |  | $ | 526.2 |  |  | $ | — |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 2,223.9 |  |  | — |  |  | — |  |  | — |  |  | 2,223.9 |  |  | 2,223.9 |  |  | — |  |  | — |
U.S. treasuries | 2,850.2 |  |  | 20.1 |  |  | (25.4) |  |  | — |  |  | 2,844.9 |  |  | — |  |  | 1,276.0 |  |  | 1,568.9 |
Subtotal | 5,074.1 |  |  | 20.1 |  |  | (25.4) |  |  | — |  |  | 5,068.8 |  |  | 2,223.9 |  |  | 1,276.0 |  |  | 1,568.9 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | 1,300.4 |  |  | — |  |  | (25.8) |  |  | (1.1) |  |  | 1,273.5 |  |  | — |  |  | 974.6 |  |  | 298.9 |
U.S. government agencies | 402.6 |  |  | 2.0 |  |  | (7.3) |  |  | — |  |  | 397.3 |  |  | — |  |  | 149.5 |  |  | 247.8 |
Municipal securities | 79.4 |  |  | — |  |  | (2.0) |  |  | — |  |  | 77.4 |  |  | — |  |  | 73.0 |  |  | 4.4 |
Subtotal | 1,782.4 |  |  | 2.0 |  |  | (35.1) |  |  | (1.1) |  |  | 1,748.2 |  |  | — |  |  | 1,197.1 |  |  | 551.1 |
Total assets measured at fair value | $ | 7,382.7 |  |  | $ | 22.1 |  |  | $ | (60.5) |  |  | $ | (1.1) |  |  | $ | 7,343.2 |  |  | $ | 2,750.1 |  |  | $ | 2,473.1 |  |  | $ | 2,120.0 |
|  |  |  |  |  |  |  |  |  |  | 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 December 31, 2023 (in millions):
| Amortized Cost |  | Fair Value
Mature in less than one year | $ | 2,512.5 |  |  | $ | 2,473.1 |
Mature in one to five years | 2,120.1 |  |  | 2,120.0 |
Total | $ | 4,632.6 |  |  | $ | 4,593.1 |
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, 2023, and 2022 (in millions):
| Unrealized losses less than 12 months |  | Unrealized losses 12 months or greater |  | Total
December 31, 2023 | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. treasuries | $ | 48.5 |  |  | $ | — |  |  | $ | 1,112.9 |  |  | $ | (25.4) |  |  | $ | 1,161.4 |  |  | $ | (25.4) |
Corporate debt securities | 54.2 |  |  | (0.1) |  |  | 1,219.2 |  |  | (25.8) |  |  | 1,273.4 |  |  | (25.9) |
U.S. government agencies | 29.8 |  |  | — |  |  | 185.6 |  |  | (7.3) |  |  | 215.4 |  |  | (7.3) |
Municipal securities | — |  |  | — |  |  | 77.4 |  |  | (1.9) |  |  | 77.4 |  |  | (1.9) |
Total | $ | 132.5 |  |  | $ | (0.1) |  |  | $ | 2,595.1 |  |  | $ | (60.4) |  |  | $ | 2,727.6 |  |  | $ | (60.5) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
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) |
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, 2022 Carrying Value |  | Changes in Fair Value (1) |  | Purchases / Sales / Other (2) |  | December 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) |  |  | $ | (3.9) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity investments without readily determinable value (Level 2) | $ | 59.1 |  |  | $ | (5.9) |  |  | $ | 21.3 |  |  | $ | 74.5 |  |  | $ | — |  |  | $ | 74.5 |
(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,
| 2023 |  | 2022 |  | 2021
Recognized gains in interest and other income, net | $ | 4.8 |  |  | $ | 26.9 |  |  | $ | 15.5 |
Foreign exchange losses related to balance sheet re-measurement | $ | (8.5) |  |  | $ | (54.2) |  |  | $ | (16.4) |
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, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022
Notional amounts: |  |  |  |  |  |  |
Forward contracts | $ | 292.1 |  |  | $ | 188.4 |  |  | $ | 699.7 |  |  | $ | 496.3 |
Gross fair value recorded in: |  |  |  |  |  |  |
Prepaids and other current assets | $ | 3.1 |  |  | $ | 1.8 |  |  | $ | 5.0 |  |  | $ | 4.3 |
Other accrued liabilities | $ | 5.9 |  |  | $ | 5.3 |  |  | $ | 6.6 |  |  | $ | 4.2 |

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