Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2025

Cash Equivalents and Investments [Abstract]

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 March 31, 2025 and December 31, 2024 (in millions):


	As of March 31, 2025								As of December 31, 2024
	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	$	151.7	$	0.6	$	(0.2)	$	152.1	$	106.6	$	0.4	$	(0.5)	$	106.5
Corporate debt securities	341.5		1.2		(0.2)		342.5		308.8		0.9		(0.3)		309.4
Certificates of deposit	20.4		—		—		20.4		6.8		—		—		6.8
Commercial paper	97.4		—		—		97.4		77.2		—		—		77.2

Time deposits	8.6		—		—		8.6		202.2		—		—		202.2
U.S. government agency securities	14.9		—		—		14.9		6.0		—		—		6.0
U.S. government securities	103.2		0.2		—		103.4		99.2		0.1		—		99.3
Total fixed income securities	737.7		2.0		(0.4)		739.3		806.8		1.4		(0.8)		807.4
Privately-held debt and redeemable preferred stock securities	46.3		—		(15.4)		30.9		45.8		—		(15.4)		30.4
Total available-for-sale debt securities	$	784.0	$	2.0	$	(15.8)	$	770.2	$	852.6	$	1.4	$	(16.2)	$	837.8

Reported as:
Cash equivalents	$	69.0	$	—	$	—	$	69.0	$	273.9	$	—	$	—	$	273.9
Short-term investments	257.8		0.2		—		258.0		147.9		0.2		—		148.1
Long-term investments	410.9		1.8		(0.4)		412.3		385.0		1.2		(0.8)		385.4
Other long-term assets	46.3		—		(15.4)		30.9		45.8		—		(15.4)		30.4
Total	$	784.0	$	2.0	$	(15.8)	$	770.2	$	852.6	$	1.4	$	(16.2)	$	837.8

The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2025 (in millions):


	Amortized Cost		Estimated Fair Value
Due in less than one year	$	326.8	$	327.0
Due between one and five years	410.9		412.3
Total	$	737.7	$	739.3

As of March 31, 2025, the Company had an unrealized loss of $0.4 million from 79 fixed income available-for-sale debt securities, primarily due to changes in market interest rates, of which $0.2 million was from investments in an unrealized loss position for less than 12 months. 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 three months ended March 31, 2025 and March 31, 2024.

During the three months ended March 31, 2025, the Company did not record any material allowance for credit loss. During the three months ended March 31, 2024, the Company recorded an allowance for credit loss of $7.1 million on 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 an evaluation of the investee's financial condition in relation to its outstanding obligations. As of March 31, 2025 and December 31, 2024, the Company had an allowance for credit loss of $15.4 million and $15.4 million, respectively, on privately-held debt and redeemable preferred stock investments.

During the three months ended March 31, 2025 and March 31, 2024, 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 March 31, 2025 and December 31, 2024 (in millions):


	As of
	March 31, 2025		December 31, 2024
Equity investments with readily determinable fair value:
Money market funds	$	677.8	$	562.6
Mutual funds	48.5		49.1
Publicly-traded equity securities	10.6		12.2
Equity investments without readily determinable fair value	53.0		53.8
Total equity securities	$	789.9	$	677.7

Reported as:
Cash equivalents	$	677.8	$	562.6
Short-term investments	10.6		12.2
Prepaid expenses and other current assets	3.6		3.5
Other long-term assets	97.9		99.4
Total	$	789.9	$	677.7

For the three months ended March 31, 2025 and March 31, 2024, there were no material unrealized gains or losses recognized for equity investments with readily determinable fair value or equity investments without readily determinable fair value.

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 March 31, 2025, the carrying value of restricted cash and investments was $59.1 million, of which $11.8 million was included in prepaid expenses and other current assets, and $47.3 million was included in other long-term assets on the Condensed Consolidated Balance Sheets.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (in millions):


	As of
	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	1,289.4	$	1,224.3
Restricted cash included in Prepaid expenses and other current assets	8.2		9.2
Restricted cash included in Other long-term assets	2.4		2.3
Total cash, cash equivalents, and restricted cash	$	1,300.0	$	1,235.8