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Cash Equivalents and Investments (Tables)
 3 Months Ended
Mar. 31, 2020
Cash Equivalents and Investments [Abstract]  
Unrealized gains and losses and fair value of available-for-sale debt securities
The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of March 31, 2020 and December 31, 2019 (in millions):


As of March 31, 2020

As of December 31, 2019

Amortized
Cost

Gross Unrealized
Gains

Gross Unrealized
Losses

Estimated Fair
Value

Amortized
Cost

Gross Unrealized
Gains

Gross Unrealized
Losses

Estimated Fair
Value
Fixed income securities:















Asset-backed securities
$
82.8


$
—


$
(0.6
)

$
82.2


$
81.3


$
0.1


$
—


$
81.4

Certificates of deposit
36.8


—


—


36.8


38.6


—


—


38.6

Commercial paper
109.3


—


—


109.3


168.2


—


—


168.2

Corporate debt securities
551.6


0.6


(5.4
)

546.8


604.9


0.7


(0.1
)

605.5

Foreign government debt securities
11.2


—


—


11.2


11.4


—


—


11.4

Time deposits
—


—


—


—


226.3


—


—


226.3

U.S. government agency securities
64.5


0.3


—


64.8


89.0


—


—


89.0

U.S. government securities
351.5


2.8


—


354.3


394.3


0.3


(0.1
)

394.5

Total fixed income securities
1,207.7


3.7


(6.0
)

1,205.4


1,614.0


1.1


(0.2
)

1,614.9

Privately-held debt and redeemable preferred stock securities
19.1

 
37.4

 
—

 
56.5


19.1


37.4

 
—

 
56.5

Total available-for-sale debt securities
$
1,226.8


$
41.1


$
(6.0
)

$
1,261.9


$
1,633.1


$
38.5


$
(0.2
)

$
1,671.4























Reported as:























Cash equivalents
$
76.2


$
—


$
—


$
76.2


$
290.9


$
—


$
—


$
290.9

Short-term investments
520.8


1.1


(1.0
)

520.9


733.7


0.5


—


734.2

Long-term investments
610.7


2.6


(5.0
)

608.3


589.4


0.6


(0.2
)

589.8

Other long-term assets
19.1

 
37.4

 
—

 
56.5

 
19.1

 
37.4

 
—

 
56.5

Total
$
1,226.8


$
41.1


$
(6.0
)

$
1,261.9


$
1,633.1


$
38.5


$
(0.2
)

$
1,671.4
Maturities of fixed income securities
The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2020 (in millions):
 
Amortized
Cost
 
Estimated Fair
Value
Due in less than one year
$
597.0

 
$
597.1

Due between one and five years
610.7

 
608.3

Total
$
1,207.7

 
$
1,205.4
Available-for-sale securities in unrealized loss position
The following tables present the Company's total fixed income securities that were in an unrealized loss position as of March 31, 2020 and December 31, 2019 (in millions):
 
As of March 31, 2020
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
76.4

 
$
(0.6
)
 
$
—

 
$
—

 
$
76.4

 
$
(0.6
)
Commercial paper
2.5

 
—

 
—

 
—

 
2.5

 
—

Corporate debt securities
392.8

 
(5.4
)
 
—

 
—

 
392.8

 
(5.4
)
Foreign government debt securities
4.0

 
—

 
4.0

 
—

 
8.0

 
—

U.S. government securities
12.0

 
—

 
—

 
—

 
12.0

 
—

Total fixed income securities
$
487.7

 
$
(6.0
)
 
$
4.0

 
$
—

 
$
491.7

 
$
(6.0
)


 
As of December 31, 2019
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
21.6

 
$
—

 
$
5.2

 
$
—

 
$
26.8

 
$
—

Corporate debt securities
142.6

 
(0.1
)
 
2.1

 
—

 
144.7

 
(0.1
)
Foreign government debt securities
4.0

 
—

 
4.0

 
—

 
8.0

 
—

U.S. government agency securities
20.0

 
—

 
—

 
—

 
20.0

 
—

U.S. government securities
71.6

 
(0.1
)
 
—

 
—

 
71.6

 
(0.1
)
Total fixed income securities
$
259.8

 
$
(0.2
)
 
$
11.3

 
$
—

 
$
271.1

 
$
(0.2
)
Schedule of investments in equity securities
The following table presents the Company's investments in equity securities as of March 31, 2020 and December 31, 2019 (in millions):
 
As of
 
March 31,
2020
 
December 31,
2019
Equity investments with readily determinable fair value
 
 
 
  Money market funds
$
760.3

 
$
446.4

  Mutual funds
21.5

 
26.8

  Publicly-traded equity securities
2.1

 
3.8

Equity investments without readily determinable fair value
135.0

 
133.3

  Total equity securities
$
918.9

 
$
610.3

 
 
 
 
Reported as:
 
 
 
Cash equivalents
$
756.3

 
$
442.3

Short-term investments
2.1

 
3.8

Prepaid expenses and other current assets
6.6

 
4.1

Other long-term assets
153.9

 
160.1

Total
$
918.9

 
$
610.3
Schedule of reconciliation of cash, cash equivalents and restricted cash
The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019 (in millions):
 
As of
 
March 31,
2020
 
December 31,
2019
Cash and cash equivalents
$
1,398.6

 
$
1,215.8

Restricted cash included in Prepaid expenses and other current assets
61.2

 
60.7

  Total cash, cash equivalents, and restricted cash
$
1,459.8

 
$
1,276.5