Cash Equivalents and Investments (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021 and December 31, 2020 (in millions):

	As of March 31, 2021								As of December 31, 2020
	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	$	70.4	$	0.1	$	—	$	70.5	$	76.5	$	0.2	$	—	$	76.7
Certificates of deposit	28.4		—		—		28.4		32.9		—		—		32.9
Commercial paper	81.4		—		—		81.4		89.3		—		—		89.3
Corporate debt securities	476.0		3.4		(0.2)		479.2		632.0		5.5		(0.1)		637.4
Foreign government debt securities	4.6		—		—		4.6		4.6		—		—		4.6
Time deposits	83.1		—		—		83.1		255.6		—		—		255.6
U.S. government agency securities	40.8		0.1		—		40.9		65.3		0.2		—		65.5
U.S. government securities	124.5		0.7		—		125.2		232.8		1.0		—		233.8
Total fixed income securities	909.2		4.3		(0.2)		913.3		1,389.0		6.9		(0.1)		1,395.8
Privately-held debt and redeemable preferred stock securities	19.2		37.4		—		56.6		18.3		37.4		—		55.7
Total available-for-sale debt securities	$	928.4	$	41.7	$	(0.2)	$	969.9	$	1,407.3	$	44.3	$	(0.1)	$	1,451.5
Reported as:
Cash equivalents	$	146.1	$	—	$	—	$	146.1	$	333.7	$	—	$	—	$	333.7
Short-term investments	284.6		1.2		—		285.8		404.3		1.2		—		405.5
Long-term investments	478.5		3.1		(0.2)		481.4		651.0		5.7		(0.1)		656.6
Other long-term assets	19.2		37.4		—		56.6		18.3		37.4		—		55.7
Total	$	928.4	$	41.7	$	(0.2)	$	969.9	$	1,407.3	$	44.3	$	(0.1)	$	1,451.5

Maturities of fixed income securities

The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2021 (in millions):

	Amortized Cost		Estimated Fair Value
Due in less than one year	$	430.7	$	431.9
Due between one and five years	478.5		481.4
Total	$	909.2	$	913.3

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, 2021 and December 31, 2020 (in millions):

	As of March 31, 2021
	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	$	31.1	$	—	$	—	$	—	$	31.1	$	—
Commercial paper	1.5		—		—		—		1.5		—
Corporate debt securities	91.8		(0.2)		—		—		91.8		(0.2)
U.S. government securities	14.7		—		—		—		14.7		—
Total fixed income securities	$	139.1	$	(0.2)	$	—	$	—	$	139.1	$	(0.2)

	As of December 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	$	17.5	$	—	$	—	$	—	$	17.5	$	—
Corporate debt securities	61.0		(0.1)		—		—		61.0		(0.1)
Foreign government debt securities	0.6		—		—		—		0.6		—
U.S. government securities	2.3		—		—		—		2.3		—
Total fixed income securities	$	81.4	$	(0.1)	$	—	$	—	$	81.4	$	(0.1)

Schedule of investments in equity securities

The following table presents the Company's investments in equity securities as of March 31, 2021 and December 31, 2020 (in millions):

	As of
	March 31, 2021		December 31, 2020
Equity investments with readily determinable fair value:
Money market funds	$	433.3	$	536.6
Mutual funds	30.1		29.3
Publicly-traded equity securities	8.4		6.6
Equity investments without readily determinable fair value:	145.2		146.2
Total equity securities	$	617.0	$	718.7
Reported as:
Cash equivalents	$	416.6	$	519.8
Short-term investments	8.4		6.6
Prepaid expenses and other current assets	10.2		9.9
Other long-term assets	181.8		182.4
Total	$	617.0	$	718.7

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, 2021 and December 31, 2020 (in millions):

	As of
	March 31, 2021		December 31, 2020
Cash and cash equivalents	$	989.1	$	1,361.9
Restricted cash included in Prepaid expenses and other current assets	18.8		19.2
Restricted cash included in Other long-term assets	4.3		1.9
Total cash, cash equivalents, and restricted cash	$	1,012.2	$	1,383.0