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Cash Equivalents and Investments
 12 Months Ended
Dec. 31, 2024
Cash Equivalents and Investments [Abstract]  
Cash Equivalents and Investments
Note 2. Cash Equivalents and Investments

Investments in 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 December 31, 2024 and December 31, 2023 (in millions):
As of December 31, 2024
As of December 31, 2023
Amortized
Cost		Gross Unrealized
Gains
Gross Unrealized and Credit
Losses
Estimated Fair
Value		Amortized
Cost		Gross Unrealized
Gains
Gross Unrealized and Credit
Losses
Estimated Fair
Value
Fixed income securities:
Asset-backed and mortgage-backed securities$106.6 $0.4 $(0.5)$106.5 $38.2 $0.2 $(0.4)$38.0 
Certificates of deposit6.8 — — 6.8 3.0 — — 3.0 
Commercial paper77.2 — — 77.2 41.1 — — 41.1 
Corporate debt securities308.8 0.9 (0.3)309.4 160.2 0.7 (1.3)159.6 
Foreign government debt securities
— — — — 5.3 — (0.2)5.1 
Time deposits202.2 — — 202.2 273.6 — — 273.6 
U.S. government agency securities
6.0 — — 6.0 4.0 — — 4.0 
U.S. government securities99.2 0.1 — 99.3 54.8 0.1 — 54.9 
Total fixed income securities
806.8 1.4 (0.8)807.4 580.2 1.0 (1.9)579.3 
Privately-held debt and redeemable preferred stock securities
45.8 — (15.4)30.4 20.6 37.4 (8.3)49.7 
Total available-for-sale debt securities
$852.6 $1.4 $(16.2)$837.8 $600.8 $38.4 $(10.2)$629.0 
Reported as:
Cash equivalents$273.9 $— $— $273.9 $328.2 $— $— $328.2 
Short-term investments147.9 0.2 — 148.1 135.7 — (1.4)134.3 
Long-term investments385.0 1.2 (0.8)385.4 116.3 1.0 (0.5)116.8 
Other long-term assets45.8 — (15.4)30.4 20.6 37.4 (8.3)49.7 
Total$852.6 $1.4 $(16.2)$837.8 $600.8 $38.4 $(10.2)$629.0 

The following table presents the contractual maturities of the Company's total fixed income securities as of December 31, 2024 (in millions):
 Amortized
Cost		Estimated Fair
Value
Due in less than one year$421.8 $422.0 
Due between one and five years385.0 385.4 
Total$806.8 $807.4 
 

As of December 31, 2024, the Company had an unrealized loss of $0.8 million from 72 fixed income available-for-sale debt securities, of which $0.6 million was from investments in an unrealized loss position for less than 12 months, and $0.2 million was from investments in an unrealized loss position for more than 12 months. The gross unrealized losses related to these investments were primarily due to changes in market interest rates. The Company anticipates that it will recover the entire amortized cost basis of such available-for-sale debt securities and has determined that no allowance for credit losses was required to be recognized during the years ended December 31, 2024 and December 31, 2023.
During the years ended December 31, 2024 and December 31, 2023, the Company recognized an allowance for credit loss of $7.1 million and $8.3 million, respectively, on privately-held debt and redeemable preferred stock investments. During the year ended December 31, 2022, there were no credit losses related to the Company's privately-held debt and redeemable preferred stock investments. As of December 31, 2024 and 2023, the Company had an allowance for credit loss of $15.4 million and $8.3 million, respectively, on its privately-held debt and redeemable preferred stock investments. The credit loss represents the difference between the estimated fair value and the cost of the investment related to the credit factors. The determination of fair value was based on quantitative and qualitative analysis including factors such as the near-term prospects of the investee in the market in which it operates and evaluating the investee’s financial condition in relation to its outstanding obligations.

During the years ended December 31, 2024, 2023, and 2022, the Company had no material gross realized gains or losses from available-for-sale debt securities.

Investments in Equity Securities

The following table presents the Company's investments in equity securities as of December 31, 2024 and 2023 (in millions):
As of December 31,
20242023
Equity investments with readily determinable fair value
Money market funds$562.6 $337.5 
Mutual funds49.1 38.0 
Publicly-traded equity securities12.2 5.1 
Equity investments without readily determinable fair value53.8 45.8 
Equity investment under the equity method of accounting — 26.4 
Total equity securities$677.7 $452.8 
Reported as:
Cash equivalents$562.6 $337.5 
Short-term investments12.2 5.1 
Prepaid expenses and other current assets3.5 2.5 
Other long-term assets99.4 107.7 
Total$677.7 $452.8 


During the years ended December 31, 2024, 2023, and 2022, there were no material unrealized gains or losses recognized for equity investments with readily determinable fair values or equity investments without readily determinable fair value except for $89.9 million of unrealized losses recognized for equity securities without readily determinable fair value during the year ended December 31, 2023. The unrealized losses represent the difference between the estimated fair values and the carrying values of equity investments without readily determinable fair value. The Company estimated the fair value of these investments based on quantitative and qualitative analysis. This analysis involved use of judgment, significant estimates and assumptions, such as the near-term prospects of the investee in the market in which it operates, evaluating the investee’s financial condition in relation to its outstanding obligations, and probabilities of securing additional capital through various alternative scenarios.

During the year ended December 31, 2024, we sold our entire investment accounted for under the equity method of accounting for $30.0 million and recorded a gain of $13.2 million within "Gain (loss) on privately-held investments, net" in the Consolidated Statement of Operations. As of December 31, 2023, the Company's ownership in the investment accounted for under the equity method of accounting represented approximately 24.1%. During the years ended December 31, 2024, 2023 and 2022, the loss recognized from the Company's share of the equity method investment's profit and loss was $9.6 million, $9.6 million and $4.8 million, respectively.
Restricted Cash and Investments

The Company has restricted cash and investments for: (i) amounts under the Company's non-qualified deferred compensation plan for senior-level employees; (ii) amounts held under the Company's short-term disability plan in California; and (iii) amounts held in escrow accounts, as required in connection with certain acquisitions. Restricted investments consist of equity investments. As of December 31, 2024, the carrying value of restricted cash and investments was $60.6 million, of which $12.6 million was included in prepaid expenses and other current assets and $48.0 million was included in other long-term assets on the Consolidated Balance Sheets.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023 (in millions):
As of December 31,
20242023
Cash and cash equivalents$1,224.3 $1,068.1 
Restricted cash included in Prepaid expenses and other current assets9.2 13.8 
Restricted cash included in Other long-term assets2.3 2.4 
Total cash, cash equivalents, and restricted cash$1,235.8 $1,084.3