Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

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 as of June 30, 2021 and December 31, 2020 (in millions):


	Fair Value Measurements at June 30, 2021								Fair Value Measurements at December 31, 2020
	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	$	—	$	90.8	$	—	$	90.8	$	—	$	76.7	$	—	$	76.7
Certificates of deposit	—		15.3		—		15.3		—		32.9		—		32.9
Commercial paper	—		78.2		—		78.2		—		89.3		—		89.3
Corporate debt securities	—		485.4		—		485.4		—		637.4		—		637.4
Foreign government debt securities	—		7.6		—		7.6		—		4.6		—		4.6
Time deposits	—		64.2		—		64.2		—		255.6		—		255.6
U.S. government agency securities	—		26.7		—		26.7		—		65.5		—		65.5
U.S. government securities	102.9		44.1		—		147.0		140.0		93.8		—		233.8
Privately-held debt and redeemable preferred stock securities	—		—		61.1		61.1		—		—		55.7		55.7
Total available-for-sale debt securities	102.9		812.3		61.1		976.3		140.0		1,255.8		55.7		1,451.5
Equity securities:
Money market funds	387.1		—		—		387.1		536.6		—		—		536.6
Mutual funds	31.9		—		—		31.9		29.3		—		—		29.3
Publicly-traded equity securities	7.2		—		—		7.2		6.6		—		—		6.6
Total equity securities	426.2		—		—		426.2		572.5		—		—		572.5
Derivative assets:
Foreign exchange contracts	—		29.2		—		29.2		—		38.0		—		38.0
Interest rate contracts	—		61.7		—		61.7		—		51.0		—		51.0
Total derivative assets	—		90.9		—		90.9		—		89.0		—		89.0
Total assets measured at fair value on a recurring basis	$	529.1	$	903.2	$	61.1	$	1,493.4	$	712.5	$	1,344.8	$	55.7	$	2,113.0
Liabilities:
Derivative liabilities:
Foreign exchange contracts	$	—	$	(5.9)	$	—	$	(5.9)	$	—	$	(0.5)	$	—	$	(0.5)
Total derivative liabilities	—		(5.9)		—		(5.9)		—		(0.5)		—		(0.5)
Total liabilities measured at fair value on a recurring basis	$	—	$	(5.9)	$	—	$	(5.9)	$	—	$	(0.5)	$	—	$	(0.5)


	Fair Value Measurements at June 30, 2021								Fair Value Measurements at December 31, 2020
	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 assets, reported as:
Cash equivalents	$	370.3	$	93.7	$	—	$	464.0	$	519.8	$	333.7	$	—	$	853.5
Short-term investments	85.7		249.8		—		335.5		101.0		311.1		—		412.1
Long-term investments	24.4		468.8		—		493.2		45.6		611.0		—		656.6
Prepaid expenses and other current assets	10.5		22.5		—		33.0		9.9		28.0		—		37.9
Other long-term assets	38.2		68.4		61.1		167.7		36.2		61.0		55.7		152.9
Total assets measured at fair value	$	529.1	$	903.2	$	61.1	$	1,493.4	$	712.5	$	1,344.8	$	55.7	$	2,113.0

Total liabilities, reported as:
Other accrued liabilities	$	—	$	(2.9)	$	—	$	(2.9)	$	—	$	(0.3)	$	—	$	(0.3)
Other long-term liabilities	—		(3.0)		—		(3.0)		—		(0.2)		—		(0.2)
Total liabilities measured at fair value on a recurring basis	$	—	$	(5.9)	$	—	$	(5.9)	$	—	$	(0.5)	$	—	$	(0.5)