Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of 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 Consolidated Balance Sheets (in millions):


	Fair Value Measurements at December 31, 2024								Fair Value Measurements at December 31, 2023
	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 and mortgage-backed securities	$	—	$	106.5	$	—	$	106.5	$	—	$	38.0	$	—	$	38.0
Certificates of deposit	—		6.8		—		6.8		—		3.0		—		3.0
Commercial paper	—		77.2		—		77.2		—		41.1		—		41.1
Corporate debt securities	—		309.4		—		309.4		—		159.6		—		159.6
Foreign government debt securities	—		—		—		—		—		5.1		—		5.1
Time deposits	—		202.2		—		202.2		—		273.6		—		273.6
U.S. government agency securities	—		6.0		—		6.0		—		4.0		—		4.0
U.S. government securities	58.4		40.9		—		99.3		20.0		34.9		—		54.9
Privately-held debt and redeemable preferred stock securities	—		—		30.4		30.4		—		—		49.7		49.7
Total available-for-sale debt securities	58.4		749.0		30.4		837.8		20.0		559.3		49.7		629.0
Equity securities:
Money market funds	562.6		—		—		562.6		337.5		—		—		337.5
Mutual funds	49.1		—		—		49.1		38.0		—		—		38.0
Publicly-traded equity securities	12.2		—		—		12.2		5.1		—		—		5.1
Total equity securities	623.9		—		—		623.9		380.6		—		—		380.6
Derivative assets:
Foreign exchange contracts	—		1.1		—		1.1		—		7.2		—		7.2
Interest rate contracts	—		—		—		—		—		—		—		—
Total derivative assets	—		1.1		—		1.1		—		7.2		—		7.2
Total assets measured at fair value on a recurring basis	$	682.3	$	750.1	$	30.4	$	1,462.8	$	400.6	$	566.5	$	49.7	$	1,016.8
Liabilities:
Derivative liabilities:
Foreign exchange contracts	$	—	$	(12.0)	$	—	$	(12.0)	$	—	$	(7.2)	$	—	$	(7.2)
Interest rate contracts	—		(77.0)		—		(77.0)		—		(73.6)		—		(73.6)
Total derivative liabilities	—		(89.0)		—		(89.0)		—		(80.8)		—		(80.8)
Total liabilities measured at fair value on a recurring basis	$	—	$	(89.0)	$	—	$	(89.0)	$	—	$	(80.8)	$	—	$	(80.8)

Total assets, reported as:
Cash equivalents	$	562.6	$	273.9	$	—	$	836.5	$	337.5	$	328.2	$	—	$	665.7
Short-term investments	21.5		138.8		—		160.3		12.8		126.6		—		139.4
Long-term investments	49.1		336.3		—		385.4		12.3		104.5		—		116.8
Prepaid expenses and other current assets	3.5		1.1		—		4.6		2.5		4.6		—		7.1
Other long-term assets	45.6		—		30.4		76.0		35.5		2.6		49.7		87.8
Total assets measured at fair value on a recurring basis	$	682.3	$	750.1	$	30.4	$	1,462.8	$	400.6	$	566.5	$	49.7	$	1,016.8


	Fair Value Measurements at December 31, 2024								Fair Value Measurements at December 31, 2023
	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	$	—	$	(12.0)	$	—	$	(12.0)	$	—	$	(6.2)	$	—	$	(6.2)
Other long-term liabilities	—		(77.0)		—		(77.0)		—		(74.6)		—		(74.6)
Total liabilities measured at fair value on a recurring basis	$	—	$	(89.0)	$	—	$	(89.0)	$	—	$	(80.8)	$	—	$	(80.8)