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v3.24.2

FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2024, and December 31, 2023 (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
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 475.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 475.2 |  |  | $ | 475.2 |  |  | $ | — |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 2,543.8 |  |  | — |  |  | — |  |  | — |  |  | 2,543.8 |  |  | 2,543.8 |  |  | — |  |  | — |
U.S. treasuries | 3,538.5 |  |  | 3.7 |  |  | (23.7) |  |  | — |  |  | 3,518.5 |  |  | 17.7 |  |  | 995.1 |  |  | 2,505.7 |
Subtotal | 6,082.3 |  |  | 3.7 |  |  | (23.7) |  |  | — |  |  | 6,062.3 |  |  | 2,561.5 |  |  | 995.1 |  |  | 2,505.7 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | 625.6 |  |  | 0.1 |  |  | (11.5) |  |  | (0.1) |  |  | 614.1 |  |  | — |  |  | 472.3 |  |  | 141.8 |
U.S. government agencies | 476.0 |  |  | 0.4 |  |  | (5.2) |  |  | — |  |  | 471.2 |  |  | — |  |  | 194.1 |  |  | 277.1 |
Municipal securities | 60.8 |  |  | — |  |  | (0.5) |  |  | — |  |  | 60.3 |  |  | — |  |  | 59.0 |  |  | 1.3 |
Subtotal | 1,162.4 |  |  | 0.5 |  |  | (17.2) |  |  | (0.1) |  |  | 1,145.6 |  |  | — |  |  | 725.4 |  |  | 420.2 |
Total assets measured at fair value | $ | 7,719.9 |  |  | $ | 4.2 |  |  | $ | (40.9) |  |  | $ | (0.1) |  |  | $ | 7,683.1 |  |  | $ | 3,036.7 |  |  | $ | 1,720.5 |  |  | $ | 2,925.9 |
|  |  |  |  |  |  |  |  |  |  | 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 |
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 June 30, 2024 (in millions):
| Amortized Cost |  | Fair Value
Mature in less than one year | $ | 1,753.8 |  |  | $ | 1,738.2 |
Mature in one to five years | 2,947.1 |  |  | 2,925.9 |
Total | $ | 4,700.9 |  |  | $ | 4,664.1 |
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 June 30, 2024, and December 31, 2023 (in millions):
| June 30, 2024
| 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 | $ | 1,736.5 |  |  | $ | (11.8) |  |  | $ | 526.4 |  |  | $ | (11.9) |  |  | $ | 2,262.9 |  |  | $ | (23.7) |
Corporate debt securities | 42.9 |  |  | — |  |  | 529.2 |  |  | (11.5) |  |  | 572.1 |  |  | (11.5) |
U.S. government agencies | 135.2 |  |  | (0.6) |  |  | 170.0 |  |  | (4.6) |  |  | 305.2 |  |  | (5.2) |
Municipal securities | — |  |  | — |  |  | 60.3 |  |  | (0.5) |  |  | 60.3 |  |  | (0.5) |
Total | $ | 1,914.6 |  |  | $ | (12.4) |  |  | $ | 1,285.9 |  |  | $ | (28.5) |  |  | $ | 3,200.5 |  |  | $ | (40.9) |
| December 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 | $ | 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) |
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) |  | June 30, 2024 Carrying Value |  | Prepaids and other current assets |  | Intangible and other assets, net
Equity investments without readily determinable value (Level 2) | $ | 74.5 |  |  | $ | 3.5 |  |  | $ | 14.7 |  |  | $ | 92.7 |  |  | $ | — |  |  | $ | 92.7 |
(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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Recognized gains in interest and other income, net | $ | 11.8 |  |  | $ | 14.7 |  |  | $ | 30.1 |  |  | $ | 11.4 |
Foreign exchange losses related to balance sheet re-measurement | $ | (13.2) |  |  | $ | (16.3) |  |  | $ | (32.6) |  |  | $ | (10.9) |
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
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023
Notional amounts: |  |  |  |  |  |  |
Forward contracts | $ | 403.1 |  |  | $ | 292.1 |  |  | $ | 705.9 |  |  | $ | 699.7 |
Gross fair value recorded in: |  |  |  |  |  |  |
Prepaids and other current assets | $ | 10.0 |  |  | $ | 3.1 |  |  | $ | 8.7 |  |  | $ | 5.0 |
Other accrued liabilities | $ | 0.8 |  |  | $ | 5.9 |  |  | $ | 2.2 |  |  | $ | 6.6 |

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