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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
Financial assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2025 are classified in the hierarchy as follows (in millions):
Level 1Level 2Level 3Total
Financial assets carried at fair value:
Cash equivalents:
Foreign government obligations$— $41.9 $— $41.9 
U.S. government sponsored agencies— 3.0 — 3.0 
Money market funds172.4 — — 172.4 
Total cash equivalents (a)172.4 44.9 — 217.3 
Restricted investments (b)1.3 — — 1.3 
Equity securities (c)4,677.0 — — 4,677.0 
Loan under the fair value option (d)— — 336.5 336.5 
Available-for-sale investments:
Corporate debt securities— 491.5 — 491.5 
U.S. government sponsored agencies— 151.3 — 151.3 
Foreign government obligations— 7.2 — 7.2 
Municipal obligations— 9.0 — 9.0 
Asset-backed securities— 404.4 — 404.4 
Total available-for-sale investments (e)— 1,063.4 — 1,063.4 
Forward foreign exchange contracts (f)— 2.1 — 2.1 
Total financial assets carried at fair value$4,850.7 $1,110.4 $336.5 $6,297.6 
Financial liabilities carried at fair value:   
Forward foreign exchange contracts (g)$— $0.7 $— $0.7 
Total financial liabilities carried at fair value$— $0.7 $— $0.7 
Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2024 are classified in the hierarchy as follows (in millions):
Level 1Level 2Level 3Total
Financial assets carried at fair value:
Cash equivalents:
Foreign government obligations$— $31.2 $— $31.2 
U.S. government sponsored agencies— 14.9 — 14.9 
Money market funds139.4 — — 139.4 
Total cash equivalents (a)139.4 46.1 — 185.5 
Restricted investments (b)1.6 — — 1.6 
Equity securities (c)4,548.0 — — 4,548.0 
Loan under the fair value option (d)— — 317.5 317.5 
Available-for-sale investments:
Corporate debt securities— 533.6 — 533.6 
U.S. government sponsored agencies— 118.6 — 118.6 
Foreign government obligations— 5.2 — 5.2 
Municipal obligations— 9.4 — 9.4 
Asset-backed securities— 430.8 — 430.8 
Total available-for-sale investments (e)— 1,097.6 — 1,097.6 
Forward foreign exchange contracts (f)— 8.8 — 8.8 
Total financial assets carried at fair value$4,689.0 $1,152.5 $317.5 $6,159.0 
Financial liabilities carried at fair value:
Forward foreign exchange contracts (g)$— $2.4 $— $2.4 
Total financial liabilities carried at fair value$— $2.4 $— $2.4 

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

(b) Restricted investments are included in the following account in the condensed consolidated balance sheets (in millions):
March 31, 2025December 31, 2024
Other investments1.3 1.6 
    Total$1.3 $1.6 

(c) Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions):
March 31, 2025December 31, 2024
Short-term investments$75.6 $78.8 
Other investments4,601.4 4,469.2 
        Total$4,677.0 $4,548.0 

(d) The Loan under the fair value option is included in Other investments in the condensed consolidated balance sheets.

(e) Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets.
(f) Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets.

(g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets.
Debt Securities, Available-for-sale
Available-for-sale investments consist of the following (in millions):
 March 31, 2025
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Estimated Fair
Value
Short-term investments:    
Corporate debt securities$488.3 $3.7 $(0.5)$491.5 
Municipal obligations9.0 0.1 (0.1)9.0 
Asset-backed securities403.6 2.2 (1.4)404.4 
U.S. government sponsored agencies150.9 0.7 (0.3)151.3 
Foreign government obligations7.2 — — 7.2 
Total
$1,059.0 $6.7 $(2.3)$1,063.4 
Available-for-sale investments consist of the following (in millions):
 December 31, 2024
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Estimated Fair
Value
Short-term investments:    
Corporate debt securities$533.1 $2.1 $(1.6)$533.6 
Municipal obligations9.5 — (0.1)9.4 
Asset-backed securities432.4 1.3 (2.9)430.8 
U.S. government sponsored agencies119.5 0.1 (1.0)118.6 
Foreign government obligations5.2 — — 5.2 
Total$1,099.7 $3.5 $(5.6)$1,097.6 
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 March 31, 2025 by contractual maturity date (in millions):
Amortized
Cost
Estimated Fair
Value
Mature in less than one year$84.2 $84.2 
Mature in one to five years686.4 690.6 
Mature in more than five years288.4 288.6 
Total$1,059.0 $1,063.4 
Discussion of current derivative risk management
The following is a summary of our forward foreign currency exchange contracts (in millions):

Contracts maturing in April through June 2025 to sell foreign currency:
March 31, 2025
Notional value$717.6 
Unrealized loss$1.5 
Contracts maturing in April through June 2025 to purchase foreign currency:
 
Notional value$60.6 
Unrealized gain$(0.1)
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The carrying value and fair value of our long-term debt were as follows (in millions):

March 31, 2025December 31, 2024
Carrying Value
Fair Value
Carrying ValueFair Value
Senior notes
$1,191.7 $1,104.8 $1,191.2 $1,098.3 
Other long-term debt
9.0 9.0 9.2 9.2 
Total
$1,200.7 $1,113.8 $1,200.4 $1,107.5 
Fair Value Measurement Inputs and Valuation Techniques
The following table provides a reconciliation of the Level 3 Loan measured at estimated fair value (in millions):

December 31, 2024$317.5 
Gains from change in fair market value of equity securities and loan receivable$4.6 
Foreign currency exchange gains (losses), net$14.4 
March 31, 2025$336.5