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3. Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fair Value Disclosures [Abstract]    
Debt Securities, Available-for-sale [Table Text Block]
Available-for-sale investments consist of the following (in millions):
 December 31, 2022
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Allowances for Credit LossesEstimated
Fair
Value
Short-term investments:    
Corporate debt securities$709.9 $0.2 $(10.8)— $699.3 
Municipal obligations23.4 — (0.3)— 23.1 
Asset-backed securities339.6 0.1 (6.3)— 333.4 
U.S. government sponsored agencies233.9 — (3.2)— 230.7 
Foreign government obligations13.8 — (0.3)— 13.5 
 $1,320.6 $0.3 $(20.9)$— $1,300.0 
Available-for-sale investments consist of the following (in millions):
 December 31, 2021
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Estimated
Fair
Value
Short-term investments:    
Corporate debt securities$181.9 $0.5 $(0.2)$182.2 
Municipal obligations9.0 — — 9.0 
Asset-backed securities87.5 0.1 (0.2)87.4 
U.S. government sponsored agencies44.3 — — 44.3 
Foreign government obligations1.0 — — 1.0 
  Other foreign obligations3.8 — — 3.8 
Total$327.5 $0.6 $(0.4)$327.7 
Summary of amortized cost and estimated fair value of debt securities by contractual maturity date
The following is a summary of the amortized cost and estimated fair value of our debt securities at December 31, 2022 by contractual maturity date (in millions):
Amortized
Cost
Estimated Fair
Value
Mature in less than one year$323.9 $321.4 
Mature in one to five years834.9 820.8 
Mature in more than five years161.8 157.8 
Total$1,320.6 $1,300.0 
 
Summary of investments with gross unrealized losses and the associated fair value As of December 31, 2022 there were no significant continuous unrealized losses greater than 12 months.  
Schedule of Derivative Instruments [Table Text Block]
The following is a summary of our forward foreign currency exchange contracts (in millions):
 December 31,
 2022
Contracts maturing in January through March 2023 to sell foreign currency: 
Notional value$723.4 
Unrealized gain/(loss)$(3.7)
Contracts maturing in January through March 2023 to purchase foreign currency: 
Notional value$128.9 
Unrealized gain/(loss)$(1.0)
 
Fair Value Measurements, Recurring and Nonrecurring
Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2022 are classified in the hierarchy as follows (in millions):
Level 1Level 2Level 3Total
Financial assets carried at fair value:   
Cash equivalents:   
Commercial paper$— $21.1 $— $21.1 
Time deposits5.7 — — 5.7 
Asset-backed securities— 1.4 — 1.4 
U.S. government sponsored agencies— 6.0 — 6.0 
Money market funds31.5 — — 31.5 
Total cash equivalents (a)37.2 28.5 — 65.7 
Restricted investments (b)6.8 — — 6.8 
Equity Securities (c)8,530.4 — — 8,530.4 
Loan under the fair value option (d)— — 322.6 322.6 
Available-for-sale investments:
Corporate debt securities— 699.3 — 699.3 
U.S. government sponsored agencies— 230.7 — 230.7 
Foreign government obligations— 13.5 — 13.5 
Municipal obligations— 23.1 — 23.1 
Asset-backed securities— 333.4 — 333.4 
Total available-for-sale investments (e)— 1,300.0 — 1,300.0 
Forward foreign exchange contracts (f)— 1.5 — 1.5 
Total financial assets carried at fair value$8,574.4 $1,330.0 $322.6 $10,227.0 
Financial liabilities carried at fair value:   
     Forward foreign exchange contracts (g)$— $6.2 $— $6.2 
    Contingent consideration (h)— — 35.6 35.6 
Total financial liabilities carried at fair value$— $6.2 $35.6 $41.8 

Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2021 are classified in the hierarchy as follows (in millions):
Level 1Level 2Level 3Total
Financial assets carried at fair value:   
Cash equivalents:   
Commercial paper$— $39.8 $— $39.8 
Time deposits7.2 10.1 — 17.3 
Asset-backed securities— 0.1 — 0.1 
Foreign government obligations— 0.8 — 0.8 
Municipals obligations— 0.3 — 0.3 
U.S. government sponsored agencies— $33.6 — 33.6 
Money market funds50.7 — — 50.7 
Total cash equivalents (a)57.9 84.7 — 142.6 
Restricted investments (b)6.9 — — 6.9 
Equity securities (c)13,977.5 — — 13,977.5 
Loan under the fair value option (d)— — 443.1 443.1 
Available-for-sale investments:   
Corporate debt securities— 182.3 — 182.3 
U.S. government sponsored agencies— 44.3 — 44.3 
Foreign government obligations— 1.0 — 1.0 
Other foreign obligations— 3.8 — 3.8 
Municipal obligations— 9.0 — 9.0 
Asset-backed securities— 87.3 — 87.3 
Total available-for-sale investments (e)— 327.7 — 327.7 
Forward foreign exchange contracts (f)— 1.7 — 1.7 
Total financial assets carried at fair value$14,042.3 $414.1 $443.1 $14,899.5 
Financial liabilities carried at fair value:   
Forward foreign exchange contracts (g)$— $2.8 $— $2.8 
Total financial liabilities carried at fair value$— $2.8 $— $2.8 

(a) Cash equivalents are included in Cash and cash equivalents in the consolidated balance sheets.

(b) Restricted investments are included in the following accounts in the consolidated balance sheets (in millions):
December 31, 2022December 31, 2021
Restricted investments$5.6 $5.6 
Other investments1.21.3 
   Total$6.8 $6.9 


(c) Equity securities are included in the following accounts in the consolidated balance sheets (in millions):
December 31, 2022December 31, 2021
Short-term investments$56.5 $71.4 
Other investments8,473.9 13,906.1 
   Total$8,530.4 $13,977.5 
(d) The Loan under the fair value option is included in Other investments in the consolidated balance sheets.

(e) Available-for-sale investments are included in Short-term investments in the consolidated balance sheets.

(f) Forward foreign exchange contracts in an asset position are included in Other current assets in the consolidated balance sheets.

(g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the consolidated balance sheets.

(h) Contingent considerations in a liability position are included in Other long-term liabilities in the consolidated balance sheets.
 
Debt Securities, Trading, and Equity Securities, FV-NI
The following table provides a reconciliation of the Level 3 Loan measured at estimated fair value (in millions):

December 31, 2021$443.1 
Net decrease in estimated fair market value of the loan included in Gains (losses) in fair market value of equity securities and loan receivable(100.6)
Foreign currency adjustments gains (losses), net(19.9)
December 31, 2022$322.6