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v3.25.1

FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
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 (in millions):
| As of March 31, 2025
|  |  |  |  |  |  |  |  |  |  | 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
Cash | $ | 577.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 577.3 |  |  | $ | 577.3 |  |  | $ | — |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 1,786.7 |  |  | — |  |  | — |  |  | — |  |  | 1,786.7 |  |  | 1,786.7 |  |  | — |  |  | — |
U.S. treasuries | 6,037.8 |  |  | 29.9 |  |  | (10.1) |  |  | — |  |  | 6,057.6 |  |  | 209.8 |  |  | 1,698.8 |  |  | 4,149.0 |
Subtotal | 7,824.5 |  |  | 29.9 |  |  | (10.1) |  |  | — |  |  | 7,844.3 |  |  | 1,996.5 |  |  | 1,698.8 |  |  | 4,149.0 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | 168.7 |  |  | — |  |  | (2.5) |  |  | (0.1) |  |  | 166.1 |  |  | — |  |  | 120.3 |  |  | 45.8 |
U.S. government agencies | 510.7 |  |  | 2.3 |  |  | (0.9) |  |  | — |  |  | 512.1 |  |  | — |  |  | 117.0 |  |  | 395.1 |
Municipal securities | 1.4 |  |  | — |  |  | — |  |  | — |  |  | 1.4 |  |  | — |  |  | 1.4 |  |  | — |
Subtotal | 680.8 |  |  | 2.3 |  |  | (3.4) |  |  | (0.1) |  |  | 679.6 |  |  | — |  |  | 238.7 |  |  | 440.9 |
Total assets measured at fair value | $ | 9,082.6 |  |  | $ | 32.2 |  |  | $ | (13.5) |  |  | $ | (0.1) |  |  | $ | 9,101.2 |  |  | $ | 2,573.8 |  |  | $ | 1,937.5 |  |  | $ | 4,589.9 |
| As of December 31, 2024
|  |  |  |  |  |  |  |  |  |  | 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
Cash | $ | 479.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 479.4 |  |  | $ | 479.4 |  |  | $ | — |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 1,516.1 |  |  | — |  |  | — |  |  | — |  |  | 1,516.1 |  |  | 1,516.1 |  |  | — |  |  | — |
U.S. treasuries | 6,011.5 |  |  | 13.2 |  |  | (27.5) |  |  | — |  |  | 5,997.2 |  |  | 31.9 |  |  | 1,637.4 |  |  | 4,327.9 |
Subtotal | 7,527.6 |  |  | 13.2 |  |  | (27.5) |  |  | — |  |  | 7,513.3 |  |  | 1,548.0 |  |  | 1,637.4 |  |  | 4,327.9 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | 287.5 |  |  | 0.1 |  |  | (3.7) |  |  | (0.1) |  |  | 283.8 |  |  | — |  |  | 189.7 |  |  | 94.1 |
U.S. government agencies | 552.2 |  |  | 1.5 |  |  | (2.4) |  |  | — |  |  | 551.3 |  |  | — |  |  | 154.2 |  |  | 397.1 |
Municipal securities | 4.7 |  |  | — |  |  | (0.1) |  |  | — |  |  | 4.6 |  |  | — |  |  | 4.6 |  |  | — |
Subtotal | 844.4 |  |  | 1.6 |  |  | (6.2) |  |  | (0.1) |  |  | 839.7 |  |  | — |  |  | 348.5 |  |  | 491.2 |
Total assets measured at fair value | $ | 8,851.4 |  |  | $ | 14.8 |  |  | $ | (33.7) |  |  | $ | (0.1) |  |  | $ | 8,832.4 |  |  | $ | 2,027.4 |  |  | $ | 1,985.9 |  |  | $ | 4,819.1 |
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 (in millions):
| As of March 31, 2025
| Amortized Cost |  | Fair Value
Mature in less than one year | $ | 2,148.1 |  |  | $ | 2,147.2 |
Mature in one to five years | 4,570.4 |  |  | 4,589.9 |
Total | $ | 6,718.5 |  |  | $ | 6,737.1 |
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 (in millions):
| As of March 31, 2025
| 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 | $ | 1,731.9 |  |  | $ | (7.2) |  |  | $ | 118.5 |  |  | $ | (2.9) |  |  | $ | 1,850.4 |  |  | $ | (10.1) |
Corporate debt securities | — |  |  | — |  |  | 122.6 |  |  | (2.5) |  |  | 122.6 |  |  | (2.5) |
U.S. government agencies | 74.4 |  |  | (0.3) |  |  | 47.1 |  |  | (0.6) |  |  | 121.5 |  |  | (0.9) |
Municipal securities | — |  |  | — |  |  | 1.4 |  |  | — |  |  | 1.4 |  |  | — |
Total | $ | 1,806.3 |  |  | $ | (7.5) |  |  | $ | 289.6 |  |  | $ | (6.0) |  |  | $ | 2,095.9 |  |  | $ | (13.5) |
| As of December 31, 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 | $ | 2,744.4 |  |  | $ | (23.3) |  |  | $ | 190.1 |  |  | $ | (4.2) |  |  | $ | 2,934.5 |  |  | $ | (27.5) |  |  |  |  |
Corporate debt securities | — |  |  | — |  |  | 218.7 |  |  | (3.7) |  |  | 218.7 |  |  | (3.7) |  |  |  |  |
U.S. government agencies | 178.1 |  |  | (1.2) |  |  | 106.7 |  |  | (1.2) |  |  | 284.8 |  |  | (2.4) |  |  |  |  |
Municipal securities | — |  |  | — |  |  | 4.6 |  |  | (0.1) |  |  | 4.6 |  |  | (0.1) |  |  |  |  |
Total | $ | 2,922.5 |  |  | $ | (24.5) |  |  | $ | 520.1 |  |  | $ | (9.2) |  |  | $ | 3,442.6 |  |  | $ | (33.7) |  |  |  |  |
Summary of Equity Investment Activity | The following table is a summary of the activity related to equity investments (in millions):
|  |  |  |  |  |  |  |  | Reported as:
| December 31, 2024 Carrying Value |  | Changes in Fair Value |  | Purchases / Sales / Other (1) |  | March 31, 2025 Carrying Value |  | Prepaids and other current assets |  | Intangible and other assets, net
Equity investments without readily determinable fair value (Level 2) | $ | 84.6 |  |  | $ | (0.6) |  |  | $ | 1.1 |  |  | $ | 85.1 |  |  | $ | — |  |  | $ | 85.1 |
(1) 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,
|  |  |  |  | 2025 |  | 2024
Recognized gains (losses) in interest and other income, net |  |  |  |  | $ | (10.5) |  |  | $ | 18.3 |
Foreign exchange gains (losses) related to balance sheet re-measurement |  |  |  |  | $ | 7.7 |  |  | $ | (19.4) |
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 Instruments |  | Derivatives Not Designated as Hedging Instruments
| March 31, 2025 |  | December 31, 2024 |  | March 31, 2025 |  | December 31, 2024
Notional amounts: |  |  |  |  |  |  |
Forward contracts | $ | 533.8 |  |  | $ | 382.2 |  |  | $ | 595.7 |  |  | $ | 693.5 |
Gross fair value recorded in: |  |  |  |  |  |  |
Prepaids and other current assets | $ | 5.0 |  |  | $ | 14.9 |  |  | $ | 3.9 |  |  | $ | 13.0 |
Other accrued liabilities | $ | 4.4 |  |  | $ | 2.1 |  |  | $ | 2.9 |  |  | $ | 2.4 |

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