FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2020

Investments, All Other Investments [Abstract]

Summary of Cash and Available-For-Sale Securities

The following tables summarize the Company’s cash and available-for-sale marketable securities’ amortized cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category reported as cash and cash equivalents, short-term investments, or long-term investments as of March 31, 2020, and December 31, 2019 (in millions):

											Reported as:
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss		Fair Value		Cash and Cash Equivalents		Short- term Investments		Long- term Investments
March 31, 2020
Cash	$	450.3	$	—	$	—	$	—	$	450.3	$	450.3	$	—	$	—
Level 1:
Money market funds	773.5		—		—		—		773.5		773.5		—		—
U.S. treasuries	1,891.0		39.9		—		—		1,930.9		—		832.7		1,098.2
Subtotal	2,664.5		39.9		—		—		2,704.4		773.5		832.7		1,098.2
Level 2:
Commercial paper	148.7		—		—		—		148.7		—		148.7		—
Corporate debt securities	2,086.0		11.1		(7.5)		(1.3)		2,088.3		—		839.4		1,248.9
U.S. government agencies	414.5		4.0		—		—		418.5		—		185.9		232.6
Non-U.S. government securities	4.5		—		—		—		4.5		—		4.5		—
Municipal securities	80.9		0.6		(0.1)		—		81.4		—		18.4		63.0
Subtotal	2,734.6		15.7		(7.6)		(1.3)		2,741.4		—		1,196.9		1,544.5
Total assets measured at fair value	$	5,849.4	$	55.6	$	(7.6)	$	(1.3)	$	5,896.1	$	1,223.8	$	2,029.6	$	2,642.7

									Reported as:
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short- term Investments		Long- term Investments
December 31, 2019
Cash	$	413.1	$	—	$	—	$	413.1	$	413.1	$	—	$	—
Level 1:
Money market funds	726.8		—		—		726.8		726.8		—		—
U.S. treasuries	1,935.8		9.7		(0.4)		1,945.1		—		890.8		1,054.3
Subtotal	2,662.6		9.7		(0.4)		2,671.9		726.8		890.8		1,054.3
Level 2:
Commercial paper	165.1		—		—		165.1		25.5		139.6		—
Corporate debt securities	2,096.1		16.8		(0.2)		2,112.7		—		798.5		1,314.2
U.S. government agencies	418.3		1.1		(0.2)		419.2		—		209.6		209.6
Non-U.S. government securities	4.5		—		—		4.5		—		4.5		—
Municipal securities	58.4		0.3		—		58.7		2.2		11.1		45.4
Subtotal	2,742.4		18.2		(0.4)		2,760.2		27.7		1,163.3		1,569.2
Total assets measured at fair value	$	5,818.1	$	27.9	$	(0.8)	$	5,845.2	$	1,167.6	$	2,054.1	$	2,623.5

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 investments (excluding cash and money market funds), as of March 31, 2020 (in millions):

	Amortized Cost		Fair Value
Mature in less than one year	$	2,020.0	$	2,029.6
Mature in one to five years	2,605.6		2,642.7
Total	$	4,625.6	$	4,672.3

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 March 31, 2020
	2020		2019
Recognized gains in interest and other income, net	$	3.6	$	1.7
Foreign exchange losses related to balance sheet re-measurement	$	(8.6)	$	(1.8)

Gross Notional Amounts for Derivatives and Aggregate Gross Fair Value Outstanding

The notional amounts for derivative instruments provide one measure of the transaction volume. 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 Instruments				Derivatives Not Designated as Hedging Instruments
	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
Notional amounts:
Forward contracts	$	160.2	$	154.5	$	225.7	$	227.2
Gross fair value recorded in:
Prepaids and other current assets	$	2.5	$	1.3	$	3.0	$	2.2
Other accrued liabilities	$	0.4	$	0.5	$	1.1	$	0.7