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FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2025
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
Cash$528.0 $— $— $— $528.0 $528.0 $— $— 
Level 1:
Money market funds2,590.8 — — — 2,590.8 2,590.8 — — 
U.S. treasuries5,776.4 34.9 (6.3)— 5,805.0 284.3 1,736.7 3,784.0 
Subtotal8,367.2 34.9 (6.3)— 8,395.8 2,875.1 1,736.7 3,784.0 
Level 2:
Corporate debt securities124.8 — (1.9)(0.1)122.8 — 97.5 25.3 
U.S. government agencies482.8 2.2 (0.5)— 484.5 — 87.8 396.7 
Municipal securities1.4 — — — 1.4 — 1.4 — 
Subtotal609.0 2.2 (2.4)(0.1)608.7 — 186.7 422.0 
Total assets measured at fair value$9,504.2 $37.1 $(8.7)$(0.1)$9,532.5 $3,403.1 $1,923.4 $4,206.0 
As of December 31, 2024
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
Cash$479.4 $— $— $— $479.4 $479.4 $— $— 
Level 1:
Money market funds1,516.1 — — — 1,516.1 1,516.1 — — 
U.S. treasuries6,011.5 13.2 (27.5)— 5,997.2 31.9 1,637.4 4,327.9 
Subtotal7,527.6 13.2 (27.5)— 7,513.3 1,548.0 1,637.4 4,327.9 
Level 2:
Corporate debt securities287.5 0.1 (3.7)(0.1)283.8 — 189.7 94.1 
U.S. government agencies552.2 1.5 (2.4)— 551.3 — 154.2 397.1 
Municipal securities4.7 — (0.1)— 4.6 — 4.6 — 
Subtotal844.4 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 June 30, 2025
Amortized
Cost		Fair
Value
Mature in less than one year$2,207.5 $2,207.7 
Mature in one to five years4,177.9 4,206.0 
Total$6,385.4 $6,413.7 
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 June 30, 2025
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$1,779.3 $(4.3)$101.9 $(2.0)$1,881.2 $(6.3)
Corporate debt securities7.0 — 82.4 (1.9)89.4 (1.9)
U.S. government agencies37.2 (0.1)15.4 (0.4)52.6 (0.5)
Municipal securities— — 1.4 — 1.4 — 
Total$1,823.5 $(4.4)$201.1 $(4.3)$2,024.6 $(8.7)
As of December 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$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 agencies178.1 (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)
June 30, 2025
Carrying Value
Prepaids and other current assetsIntangible and other assets, net
Equity investments without readily determinable fair value (Level 2)$84.6 $(5.0)$6.4 $86.0 $— $86.0 
(1) Other includes foreign currency translation gains/(losses).
Derivatives Not Designated as Hedging Instruments
These derivative instruments are used to hedge against balance sheet foreign currency exposures. The related gains and losses were as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Recognized gains (losses) in interest and other income, net$(24.8)$11.8 $(35.3)$30.1 
Foreign exchange gains (losses) related to balance sheet re-measurement$18.8 $(13.2)$26.5 $(32.6)
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
June 30,
2025		December 31,
2024		June 30,
2025		December 31,
2024
Notional amounts:
Forward contracts$454.0 $382.2 $760.0 $693.5 
Gross fair value recorded in:
Prepaids and other current assets$3.1 $14.9 $3.6 $13.0 
Other accrued liabilities$20.3 $2.1 $13.3 $2.4