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Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 3. Fair Value Measurements
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 March 31, 2025 and December 31, 2024 (in millions):
Fair Value Measurements at
March 31, 2025
Fair Value Measurements at
December 31, 2024
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		TotalQuoted 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$— $152.1 $— $152.1 $— $106.5 $— $106.5 
Certificates of deposit— 20.4 — 20.4 — 6.8 — 6.8 
Corporate debt securities — 342.6 — 342.6 — 309.4 — 309.4 
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 securities60.5 42.8 — 103.3 58.4 40.9 — 99.3 
Privately-held debt and redeemable preferred stock securities— — 30.9 30.9 — — 30.4 30.4 
Total available-for-sale debt securities60.5 678.8 30.9 770.2 58.4 749.0 30.4 837.8 
Equity securities:
Money market funds677.8 — — 677.8 562.6 — — 562.6 
Mutual funds48.5 — — 48.5 49.1 — — 49.1 
Publicly-traded equity securities10.6 — — 10.6 12.2 — — 12.2 
Total equity securities736.9 — — 736.9 623.9 — — 623.9 
Derivative assets:
Foreign exchange contracts— 5.1 — 5.1 — 1.1 — 1.1 
Total derivative assets— 5.1 — 5.1 — 1.1 — 1.1 
Total assets measured at fair value on a recurring basis$797.4 $683.9 $30.9 $1,512.2 $682.3 $750.1 $30.4 $1,462.8 
Liabilities:
Derivative liabilities:
Foreign exchange contracts$— $(6.3)$— $(6.3)$— $(12.0)$— $(12.0)
Interest rate contracts— (64.1)— (64.1)— (77.0)— (77.0)
Total derivative liabilities— (70.4)— (70.4)— (89.0)— (89.0)
Total liabilities measured at fair value on a recurring basis$— $(70.4)$— $(70.4)$— $(89.0)$— $(89.0)
Fair Value Measurements at
March 31, 2025
Fair Value Measurements at
December 31, 2024
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		TotalQuoted 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$677.8 $69.0 $— $746.8 $562.6 $273.9 $— $836.5 
Short-term investments36.9 231.8 — 268.7 21.5 138.8 — 160.3 
Long-term investments34.3 378.0 — 412.3 49.1 336.3 — 385.4 
Prepaid expenses and other current assets
3.6 3.5 — 7.1 3.5 1.1 — 4.6 
Other long-term assets44.8 1.6 30.9 77.3 45.6 — 30.4 76.0 
Total assets measured at fair value
$797.4 $683.9 $30.9 $1,512.2 $682.3 $750.1 $30.4 $1,462.8 
Total liabilities, reported as:
Other accrued liabilities$— $(6.0)$— $(6.0)$— $(12.0)$— $(12.0)
Other long-term liabilities— (64.4)— (64.4)— (77.0)— (77.0)
Total liabilities measured at fair value on a recurring basis
$— $(70.4)$— $(70.4)$— $(89.0)$— $(89.0)

The Company's Level 2 available-for-sale debt securities are priced using quoted market prices for similar instruments or non-binding market prices that are corroborated by observable market data. The Company uses inputs such as actual trade data, benchmark yields, broker/dealer quotes, or alternative pricing sources with reasonable levels of price transparency, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets. The Company's derivative instruments are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs. During the three months ended March 31, 2025, the Company had no transfers into or out of Level 3 of the fair value hierarchy of its assets or liabilities measured at fair value.

The Company's privately-held debt and redeemable preferred stock securities are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of its privately-held debt and redeemable preferred stock securities on a recurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent valuations at the time of financing activities and the investee's capital structure. 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 recognized a credit loss of $7.1 million on a privately-held debt investment and redeemable preferred stock securities. Refer to Note 2, Cash Equivalents and Investments.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The Company's investments in equity securities without readily determinable fair value are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of equity securities without readily determinable fair value on a nonrecurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent financing activities and the investee's capital structure. As of March 31, 2025, cumulative impairments and downward adjustments for equity securities without readily determinable fair value were $92.9 million. There have been no material upward adjustments to the equity securities without readily determinable fair value.

Certain of the Company's assets, including intangible assets, goodwill and property plant and equipment, are measured at fair value on a nonrecurring basis. There were no significant impairment charges recognized during the three months ended March 31, 2025.

As of March 31, 2025 and December 31, 2024, the Company had no liabilities required to be measured at fair value on a nonrecurring basis.
Assets and Liabilities Not Measured at Fair Value

The carrying amounts of the Company's accounts receivable, accounts payable, and other accrued liabilities approximate fair value due to their short maturities. As of March 31, 2025 and December 31, 2024, the estimated fair value of the Company's total outstanding debt in the Condensed Consolidated Balance Sheets was $1,612.5 million and $1,591.4 million, respectively, based on observable market inputs (Level 2).