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Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Assets Recognized from Contract Costs
Fees paid to various registries at the inception of a domain registration or renewal represent costs to fulfill a contract. We capitalize and amortize these prepaid domain name registry fees to cost of revenue consistent with the pattern of transfer of the product to which the asset relates. Amortization expense of such asset was $167.7 million and $162.3 million for the three months ended June 30, 2021 and 2020, respectively and was $328.6 million and $320.7 million, for the six months ended June 30, 2021 and 2020, respectively.
Fair Value Measurements
The following tables set forth our material assets and liabilities measured and recorded at fair value on a recurring basis:
June 30, 2021
Level 1Level 2Level 3Total
Assets:
 Cash and cash equivalents:
Money market funds and time deposits$539.1 $— $— $539.1 
 Derivative assets— 17.7 — 17.7 
Total assets$539.1 $17.7 $— $556.8 
Liabilities:
 Derivative liabilities$— $158.0 $— $158.0 
Total liabilities$— $158.0 $— $158.0 
December 31, 2020
Level 1Level 2Level 3Total
Assets:
 Cash and cash equivalents:
Money market funds$98.0 $— $— $98.0 
Total assets$98.0 $— $— $98.0 
Liabilities:
 Derivative liabilities $— $216.4 $— $216.4 
Total liabilities$— $216.4 $— $216.4 
Recent Accounting Pronouncements
In March 2020, the FASB issued guidance providing temporary optional expedients and exceptions related to contract modifications and hedge accounting to ease the financial reporting burden of the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We continue to evaluate our contracts and hedging relationships that reference LIBOR.