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Financial Instruments and Fair Value (Tables)

12 Months Ended

Dec. 31, 2021

Financial Instruments and Fair Value [Abstract]

Summary of Investments

The following tables summarize our available-for-sale securities (in millions):

			December 31, 2021
			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
Commercial paper			$	566.0					$	—					$	(0.2)					$	565.8
Corporate debt securities			540.7						—						(1.2)						539.5
U.S. government and agency securities			356.1						—						(1.0)						355.1
Certificates of deposit and term deposits (1)			169.1						—						(0.1)						169.0
Municipal Bonds			5.4						—						—						5.4
Total available-for-sale securities			$	1,637.3					$	—					$	(2.5)					$	1,634.8
			December 31, 2020
			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
Commercial paper			$	185.4					$	—					$	—					$	185.4
Corporate debt securities			410.5						1.0						—						411.5
U.S. government securities			184.9						—						—						184.9
Certificates of deposit and term deposits (1)			112.0						—						—						112.0
Total available-for-sale securities			$	892.8					$	1.0					$	—					$	893.8
(1) The majority of our certificates of deposit and term deposits are foreign deposits.

Schedule of Unrealized Loss on Investments

The following tables show the gross unrealized losses and the related fair values of our available-for-sale securities that have been in a continuous unrealized loss position (in millions):

			December 31, 2021
			Less Than 12 Months												12 Months or Greater												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Commercial paper			$	288.0					$	(0.2)					$	—					$	—					$	288.0					$	(0.2)
Corporate debt securities			494.4						(1.2)						—						—						494.4						(1.2)
U.S. government and agency securities			334.2						(1.0)						—						—						334.2						(1.0)
Certificates of deposit and term deposits			93.1						(0.1)						—						—						93.1						(0.1)
Municipal Bonds			5.3						—						—						—						5.3						—
Total available-for-sale securities			$	1,215.0					$	(2.5)					$	—					$	—					$	1,215.0					$	(2.5)

			December 31, 2020
			Less Than 12 Months												12 Months or Greater												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Commercial paper			$	61.5					$	—					$	—					$	—					$	61.5					$	—
Corporate debt securities			111.3						—						—						—						111.3						—
U.S. government securities			38.1						—						—						—						38.1						—
Certificates of deposit and term deposits			29.5						—						—						—						29.5						—
Total available-for-sale securities			$	240.4					$	—					$	—					$	—					$	240.4					$	—

Investments Classified by Contractual Maturity Date

The contractual maturities of our investments were as follows (in millions):

			December 31, 2021						December 31, 2020
Due within one year			$	1,194.0					$	775.5
Due within one to three years			440.8						118.3
Total			$	1,634.8					$	893.8

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the fair value of our financial assets measured at fair value on a recurring basis (in millions):

			December 31, 2021																								December 31, 2020
			Aggregate Fair Value						Quoted Prices in Active Markets For Identical Assets						Significant Other Observable Remaining Inputs						Significant Other Unobservable Remaining Inputs						Aggregate Fair Value						Quoted Prices in Active Markets For Identical Assets						Significant Other Observable Remaining Inputs						Significant Other Unobservable Remaining Inputs
									(Level 1)						(Level 2)						(Level 3)												(Level 1)						(Level 2)						(Level 3)
Assets:
Commercial paper			$	580.3					$	—					$	580.3					$	—					$	197.2					$	—					$	197.2					$	—
Corporate debt securities			542.5						—						542.5						—						413.7						—						413.7						—
U.S. government and agency securities			355.1						345.2						9.9						—						184.9						184.9						—						—
Certificates of deposit and term deposits			259.0						—						259.0						—						112.0						—						112.0						—
Money market funds			57.5						57.5						—						—						152.7						152.7						—						—
Municipal bonds			5.4						—						5.4						—						—						—						—						—
Marketable equity securities			38.6						38.6						—						—						—						—						—						—
Total			$	1,838.4					$	441.3					$	1,397.1					$	—					$	1,060.5					$	337.6					$	722.9					$	—
Reported as:
Cash equivalents			$	165.0																							$	166.7
Marketable equity securities			38.6																								—
Short-term investments			1,194.0																								775.5
Long-term investments			440.8																								118.3
Total			$	1,838.4																							$	1,060.5

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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