Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Financial Assets Subject to Fair Value Measurements

The following tables set forth our financial assets and liabilities subject to fair value measurements by level within the fair value hierarchy (and does not include $3.5 billion and $3.3 billion of cash as of September 30, 2022 and December 31, 2021, respectively):


	As of September 30, 2022								As of December 31, 2021
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	(in millions)
Financial instruments carried at fair value (asset positions):
Cash equivalents:
Money market funds	$	3,610.9	$	3,610.9	$	—	$	—	$	3,478.1	$	3,478.1	$	—	$	—
Time deposits	2,000.0		—		2,000.0		—		—		—		—		—
Commercial paper	18.2		—		18.2		—		—		—		—		—
Marketable securities:
Corporate equity securities	122.8		78.2		44.6		—		230.9		230.9		—		—
U.S. Treasury securities	130.0		130.0		—		—		86.4		86.4		—		—
Government-sponsored enterprise securities	10.5		10.5		—		—		69.0		69.0		—		—
Corporate debt securities	66.8		—		66.8		—		90.9		—		90.9		—
Commercial paper	269.1		—		269.1		—		252.7		—		252.7		—
Prepaid expenses and other current assets:
Foreign currency forward contracts	191.6		—		191.6		—		44.5		—		44.5		—
Other assets:
Foreign currency forward contracts	9.1		—		9.1		—		2.0		—		2.0		—
Total financial assets	$	6,429.0	$	3,829.6	$	2,599.4	$	—	$	4,254.5	$	3,864.4	$	390.1	$	—

Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$	(0.0)	$	—	$	(0.0)	$	—	$	(5.6)	$	—	$	(5.6)	$	—
Long-term contingent consideration	(127.2)		—		—		(127.2)		(186.5)		—		—		(186.5)
Other long-term liabilities:
Foreign currency forward contracts	(0.0)		—		(0.0)		—		(2.7)		—		(2.7)		—
Total financial liabilities	$	(127.2)	$	—	$	(0.0)	$	(127.2)	$	(194.8)	$	—	$	(8.3)	$	(186.5)

Schedule of Fair Value of Our Contingent Consideration Liabilities

The following table represents a rollforward of the fair value of our contingent consideration liabilities:


	Nine Months Ended September 30, 2022
	(in millions)
Balance at December 31, 2021	$	186.5
Decrease in fair value of contingent payments	(59.3)
Balance at September 30, 2022	$	127.2