Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Assets and liabilities measured at fair value on a recurring basis

The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets (in millions):



	Fair Value Measurements at March 31, 2020										Fair Value Measurements at December 31, 2019
	Quoted Prices in Active Markets For Identical Assets (Level 1)		Significant Other Observable Remaining Inputs (Level 2)			Significant Other Unobservable Remaining Inputs (Level 3)		Total			Quoted Prices in Active Markets For Identical Assets (Level 1)		Significant Other Observable Remaining Inputs (Level 2)			Significant Other Unobservable Remaining Inputs (Level 3)		Total
Assets:
Available-for-sale debt securities:
Asset-backed securities	$	—	$	82.2		$	—	$	82.2		$	—	$	81.4		$	—	$	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	—		546.8			—		546.8			—		605.5			—		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	—		64.8			—		64.8			—		89.0			—		89.0
U.S. government securities	299.0		55.3			—		354.3			318.9		75.6			—		394.5
Privately-held debt and redeemable preferred stock securities	—		—			56.5		56.5			—		—			56.5		56.5
Total available-for-sale debt securities	299.0		906.4			56.5		1,261.9			318.9		1,296.0			56.5		1,671.4
Equity securities:
Money market funds	760.3		—			—		760.3			446.4		—			—		446.4
Mutual funds	21.5		—			—		21.5			26.8		—			—		26.8
Publicly-traded equity securities	2.1		—			—		2.1			3.8		—			—		3.8
Total equity securities	783.9		—			—		783.9			477.0		—			—		477.0
Derivative assets:
Foreign exchange contracts	—		1.1			—		1.1			—		2.5			—		2.5
Interest rate swap contracts	—		25.6			—		25.6			—		—			—		—
Total derivative assets	—		26.7			—		26.7			—		2.5			—		2.5
Total assets measured at fair value on a recurring basis	$	1,082.9	$	933.1		$	56.5	$	2,072.5		$	795.9	$	1,298.5		$	56.5	$	2,150.9
Liabilities:
Derivative liabilities:
Foreign exchange contracts	$	—	$	(32.4	)	$	—	$	(32.4	)	$	—	$	(6.8	)	$	—	$	(6.8	)
Interest rate swap contracts	—		—			—		—			—		(3.1		)	—		(3.1		)
Total derivative liabilities	—		(32.4		)	—		(32.4		)	—		(9.9		)	—		(9.9		)
Total liabilities measured at fair value on a recurring basis	$	—	$	(32.4	)	$	—	$	(32.4	)	$	—	$	(9.9	)	$	—	$	(9.9	)

Total assets, reported as:
Cash equivalents	$	756.3	$	76.2		$	—	$	832.5		$	442.3	$	290.9		$	—	$	733.2
Short-term investments	171.9		351.1			—		523.0			188.8		549.2			—		738.0
Long-term investments	129.2		479.1			—		608.3			133.9		455.9			—		589.8
Prepaid expenses and other current assets	6.5		1.1			—		7.6			4.1		2.5			—		6.6
Other long-term assets	19.0		25.6			56.5		101.1			26.8		—			56.5		83.3
Total assets measured at fair value on a recurring basis	$	1,082.9	$	933.1		$	56.5	$	2,072.5		$	795.9	$	1,298.5		$	56.5	$	2,150.9



	Fair Value Measurements at March 31, 2020										Fair Value Measurements at December 31, 2019
	Quoted Prices in Active Markets For Identical Assets (Level 1)		Significant Other Observable Remaining Inputs (Level 2)			Significant Other Unobservable Remaining Inputs (Level 3)		Total			Quoted Prices in Active Markets For Identical Assets (Level 1)		Significant Other Observable Remaining Inputs (Level 2)			Significant Other Unobservable Remaining Inputs (Level 3)		Total
Total liabilities, reported as:
Other accrued liabilities	$	—	$	(32.4	)	$	—	$	(32.4	)	$	—	$	(6.8	)	$	—	$	(6.8	)
Other long-term liabilities	—		—			—		—			—		(3.1		)	—		(3.1		)
Total liabilities measured at fair value on a recurring basis	$	—	$	(32.4	)	$	—	$	(32.4	)	$	—	$	(9.9	)	$	—	$	(9.9	)