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FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024, and December 31, 2023 (in millions):
Reported as:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossFair
Value		Cash and
Cash
Equivalents		Short-
term
Investments		Long-
term
Investments
March 31, 2024
Cash$608.9 $— $— $— $608.9 $608.9 $— $— 
Level 1:
Money market funds2,153.9 — — — 2,153.9 2,153.9 — — 
U.S. treasuries3,164.7 6.3 (25.5)— 3,145.5 76.7 962.5 2,106.3 
Subtotal5,318.6 6.3 (25.5)— 5,299.4 2,230.6 962.5 2,106.3 
Level 2:
Corporate debt securities938.5 — (17.6)(1.1)919.8 — 731.2 188.6 
U.S. government agencies431.0 0.7 (6.5)— 425.2 — 198.8 226.4 
Municipal securities70.6 — (1.2)— 69.4 — 68.1 1.3 
Subtotal1,440.1 0.7 (25.3)(1.1)1,414.4 — 998.1 416.3 
Total assets measured at fair value$7,367.6 $7.0 $(50.8)$(1.1)$7,322.7 $2,839.5 $1,960.6 $2,522.6 
Reported as:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossFair
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 funds2,223.9 — — — 2,223.9 2,223.9 — — 
U.S. treasuries2,850.2 20.1 (25.4)— 2,844.9 — 1,276.0 1,568.9 
Subtotal5,074.1 20.1 (25.4)— 5,068.8 2,223.9 1,276.0 1,568.9 
Level 2:
Corporate debt securities1,300.4 — (25.8)(1.1)1,273.5 — 974.6 298.9 
U.S. government agencies402.6 2.0 (7.3)— 397.3 — 149.5 247.8 
Municipal securities79.4 — (2.0)— 77.4 — 73.0 4.4 
Subtotal1,782.4 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 
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, 2024 (in millions):
Amortized
Cost		Fair
Value
Mature in less than one year$2,063.3 $2,037.3 
Mature in one to five years2,541.5 2,522.6 
Total$4,604.8 $4,559.9 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables present the breakdown of the available-for-sale debt securities with unrealized losses as of March 31, 2024, and December 31, 2023 (in millions):
March 31, 2024
Unrealized losses less than 12 monthsUnrealized losses 12 months or greaterTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. treasuries$1,214.8 $(7.5)$705.5 $(18.0)$1,920.3 $(25.5)
Corporate debt securities16.0 — 828.8 (17.6)844.8 (17.6)
U.S. government agencies92.7 (0.4)179.4 (6.1)272.1 (6.5)
Municipal securities— — 69.4 (1.2)69.4 (1.2)
Total$1,323.5 $(7.9)$1,783.1 $(42.9)$3,106.6 $(50.8)
December 31, 2023
Unrealized losses less than 12 monthsUnrealized losses 12 months or greaterTotal
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 securities54.2 (0.1)1,219.2 (25.8)1,273.4 (25.9)
U.S. government agencies29.8 — 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)
Summary of Equity Investment Activity
The following table is a summary of the activity related to equity investments (in millions):
Reported as:
December 31, 2023
Carrying Value
Changes in Fair Value (1)
Purchases / Sales / Other (2)
March 31, 2024
Carrying Value
Prepaids and other current assetsIntangible and other assets, net
Equity investments without readily determinable value (Level 2)$74.5 $(3.4)$0.2 $71.3 $— $71.3 
(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 March 31,
20242023
Recognized gains (losses) in interest and other income, net$18.3 $(3.3)
Foreign exchange gains (losses) related to balance sheet re-measurement$(19.4)$5.4 
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 InstrumentsDerivatives Not Designated as Hedging Instruments
March 31,
2024		December 31,
2023		March 31,
2024		December 31,
2023
Notional amounts:
Forward contracts$343.9 $292.1 $643.7 $699.7 
Gross fair value recorded in:
Prepaids and other current assets$5.0 $3.1 $6.2 $5.0 
Other accrued liabilities$1.5 $5.9 $1.9 $6.6