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Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Property and Equipment
Property and equipment, net by geography was as follows:
 September 30, 2023December 31, 2022
U.S.$155.9 $167.5 
France22.5 28.8 
All other international20.3 29.3 
$198.7 $225.6 
No other international country represented more than 10% of property and equipment, net in any period presented.
Equity Investments
We hold investments in privately held equity securities, which are recorded in other assets, and were as follows:
 Equity Investments
Equity investments as of December 31, 2022$40.5 
Fair market value adjustments(1)
14.4 
Impairment losses(1)
(2.3)
Additional investments0.5 
Equity investments as of September 30, 2023$53.1 
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(1)Fair market value adjustments and impairment losses are recorded in other income (expense), net.
Revenue Recognition
Disaggregated Revenue
Revenue by major product type was as follows:
 Three Months Ended September 30,
Nine Months Ended September 30,
 2023202220232022
Applications and commerce$363.3 $326.0 $1,053.0 $946.3 
Core platform: domains508.2 494.0 1,493.0 1,462.9 
Core platform: other198.2 213.2 607.8 642.2 
$1,069.7 $1,033.2 $3,153.8 $3,051.4 
No single customer represented over 10% of our total revenue for any period presented.
Revenue by geography is based on the customer's billing address and was as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
U.S.$724.2 $700.6 $2,126.6 $2,058.2 
International345.5 332.6 1,027.2 993.2 
$1,069.7 $1,033.2 $3,153.8 $3,051.4 
No international country represented more than 10% of total revenue in any period presented.
See Note 7 for information regarding our deferred revenue.
Assets Recognized from Contract Costs
Fees paid to various registries at the inception of a domain registration or renewal represent costs to fulfill a contract. We capitalize and amortize these prepaid domain name registry fees to cost of revenue consistent with the pattern of transfer of the product to which the asset relates. Amortization expense of such asset was $194.4 million and $180.3 million for the three months ended September 30, 2023 and 2022, respectively and was $571.6 million and $532.0 million for the nine months ended September 30, 2023 and 2022, respectively.
Restructuring and Other
Restructuring and other primarily represents: (i) charges related to the restructuring activities implemented in the first and third quarters of 2023, which were undertaken to reduce future operating expenses and improve cash flows through a combination of reductions in force and the sale of certain assets and liabilities of our hosting business within our Core segment; and (ii) a charge incurred in the second quarter of 2023 related to the termination of a revenue sharing agreement. See Note 13 for further discussion.
Fair Value Measurements
The following tables set forth our material assets and liabilities measured and recorded at fair value on a recurring basis:
September 30, 2023
Level 1Level 2Level 3Total
Assets:
 Cash and cash equivalents:
Time deposits$71.0 — — $71.0 
 Derivative assets— 219.1 — 219.1 
Total assets$71.0 $219.1 $— $290.1 
Liabilities:
 Derivative liabilities$— $1.2 $— $1.2 
Total liabilities$— $1.2 $— $1.2 
December 31, 2022
Level 1Level 2Level 3Total
Assets:
 Cash and cash equivalents:
Commercial paper$— $120.0 $— $120.0 
Time deposits347.3 — — 347.3 
 Derivative assets— 218.5 — 218.5 
Total assets$347.3 $338.5 $— $685.8 
Liabilities:
 Derivative liabilities $— $4.9 $— $4.9 
Total liabilities$— $4.9 $— $4.9 
We have no other material assets or liabilities measured at fair value on a recurring basis.