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

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):

Actual maturities may differ from contractual maturities, because certain borrowers have the right to call or prepay certain obligations. Gross realized gains and losses recognized on the sale of investments were immaterial for the years ended December 31, 2023, and 2022.

As of December 31, 2023, and 2022, net unrealized losses on available-for-sale debt securities, net of tax, of $29.7 million and $154.2 million, respectively, were included in accumulated other comprehensive loss in the accompanying Consolidated Balance Sheets.


	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)

The current unrealized losses on the Company’s available-for-sale debt securities were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. As of December 31, 2023, the Company does not intend to sell the investments in unrealized loss positions, and it is not more-likely-than-not that the Company will be required to sell any of the investments before recovery of their amortized cost basis, which may be at maturity. Therefore, the Company does not expect to realize any losses on these available-for-sale debt securities. Additional factors considered in determining the treatment of unrealized losses include the financial condition and near-term prospects of the investee, the extent of the loss related to the credit of the issuer, and the expected cash flows from the security.


									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).

In 2023, Company recognized a net decrease in fair value of $5.9 million primarily due to an impairment, partially offset by net increases in observable prices for certain equity investments that lack readily determinable market values (Level 2), which were also reflected in interest and other income, net.

The objective of the Company’s hedging program is to mitigate the impact of changes in currency exchange rates on net cash flow from foreign currency-denominated sales, expenses, intercompany balances, and other monetary assets or liabilities denominated in currencies other than the U.S. dollar (“USD”). The terms of the Company’s derivative contracts are generally thirteen months or shorter. The derivative assets and liabilities are measured using Level 2 fair value inputs.

Cash Flow Hedges. The Company enters into currency forward contracts as cash flow hedges to hedge certain forecasted revenue transactions denominated in currencies other than the USD, primarily the Euro (“EUR”), the British Pound (“GBP”), the Japanese Yen (“JPY”), the Korean Won (“KRW”), and the New Taiwan Dollar (“TWD”). The Company also enters into

For these derivatives, the Company reports the unrealized after-tax gain or loss from the hedge as a component of accumulated other comprehensive loss in stockholders’ equity and reclassifies the amount into earnings in the same period in which the hedged transaction affects earnings. The amounts reclassified to revenue and expenses related to the hedged transactions and the ineffective portions of cash flow hedges were not material for the periods presented.

Other Derivatives Not Designated as Hedging Instruments. Other derivatives not designated as hedging instruments consist primarily of forward contracts that the Company uses to hedge intercompany balances and other monetary assets or liabilities denominated in currencies other than the USD, primarily the EUR, GBP, JPY, KRW, CHF, TWD, Indian Rupee (“INR”), Mexican Peso (“MXN”), Chinese Yuan (“CNY”), and Canadian Dollar (“CAD”), and Swedish Kronor (“SEK”).


	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)

The notional amounts for derivative instruments provide one measure of the transaction volume. 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