Cash Equivalents and Investments (Tables)
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9 Months Ended |
Sep. 30, 2020 |
Cash Equivalents and Investments [Abstract] |
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Unrealized gains and losses and fair value of 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 September 30, 2020 and December 31, 2019 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2020 | | As of December 31, 2019 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Fixed income securities: | | | | | | | | | | | | | | | | Asset-backed securities | $ | 74.0 | | | $ | 0.3 | | | $ | — | | | $ | 74.3 | | | $ | 81.3 | | | $ | 0.1 | | | $ | — | | | $ | 81.4 | | Certificates of deposit | 31.8 | | | — | | | — | | | 31.8 | | | 38.6 | | | — | | | — | | | 38.6 | | Commercial paper | 87.1 | | | — | | | — | | | 87.1 | | | 168.2 | | | — | | | — | | | 168.2 | | Corporate debt securities | 672.8 | | | 6.4 | | | (0.2) | | | 679.0 | | | 604.9 | | | 0.7 | | | (0.1) | | | 605.5 | | Foreign government debt securities | 8.0 | | | — | | | — | | | 8.0 | | | 11.4 | | | — | | | — | | | 11.4 | | Time deposits | 223.6 | | | — | | | — | | | 223.6 | | | 226.3 | | | — | | | — | | | 226.3 | | U.S. government agency securities | 58.3 | | | 0.2 | | | — | | | 58.5 | | | 89.0 | | | — | | | — | | | 89.0 | | U.S. government securities | 407.1 | | | 1.7 | | | — | | | 408.8 | | | 394.3 | | | 0.3 | | | (0.1) | | | 394.5 | | Total fixed income securities | 1,562.7 | | | 8.6 | | | (0.2) | | | 1,571.1 | | | 1,614.0 | | | 1.1 | | | (0.2) | | | 1,614.9 | | Privately-held debt and redeemable preferred stock securities | 19.3 | | | 37.4 | | | — | | | 56.7 | | | 19.1 | | | 37.4 | | | — | | | 56.5 | | Total available-for-sale debt securities | $ | 1,582.0 | | | $ | 46.0 | | | $ | (0.2) | | | $ | 1,627.8 | | | $ | 1,633.1 | | | $ | 38.5 | | | $ | (0.2) | | | $ | 1,671.4 | | | | | | | | | | | | | | | | | | Reported as: | | | | | | | | | | | | | | | | Cash equivalents | $ | 356.2 | | | $ | — | | | $ | — | | | $ | 356.2 | | | $ | 290.9 | | | $ | — | | | $ | — | | | $ | 290.9 | | Short-term investments | 492.8 | | | 1.7 | | | — | | | 494.5 | | | 733.7 | | | 0.5 | | | — | | | 734.2 | | Long-term investments | 713.7 | | | 6.9 | | | (0.2) | | | 720.4 | | | 589.4 | | | 0.6 | | | (0.2) | | | 589.8 | | Other long-term assets | 19.3 | | | 37.4 | | | — | | | 56.7 | | | 19.1 | | | 37.4 | | | — | | | 56.5 | | Total | $ | 1,582.0 | | | $ | 46.0 | | | $ | (0.2) | | | $ | 1,627.8 | | | $ | 1,633.1 | | | $ | 38.5 | | | $ | (0.2) | | | $ | 1,671.4 | |
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Maturities of fixed income securities |
The following table presents the contractual maturities of the Company's total fixed income securities as of September 30, 2020 (in millions): | | | | | | | | | | | | | | | | | Amortized Cost | | | | | | Estimated Fair Value | Due in less than one year | $ | 849.0 | | | | | | | $ | 850.7 | | Due between one and five years | 713.7 | | | | | | | 720.4 | | Total | $ | 1,562.7 | | | | | | | $ | 1,571.1 | |
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Available-for-sale securities in unrealized loss position |
The following tables present the Company's total fixed income securities that were in an unrealized loss position as of September 30, 2020 and December 31, 2019 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2020 | | Less than 12 Months | | 12 Months or Greater | | Total | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | Fixed income securities: | | | | | | | | | | | | Asset-backed securities | $ | 10.3 | | | $ | — | | | $ | — | | | $ | — | | | $ | 10.3 | | | $ | — | | Corporate debt securities | 105.2 | | | (0.2) | | | — | | | — | | | 105.2 | | | (0.2) | | Foreign government debt securities | 8.0 | | | — | | | — | | | — | | | 8.0 | | | — | | | | | | | | | | | | | | U.S. government securities | 13.4 | | | — | | | — | | | — | | | 13.4 | | | — | | Total fixed income securities | $ | 136.9 | | | $ | (0.2) | | | $ | — | | | $ | — | | | $ | 136.9 | | | $ | (0.2) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2019 | | Less than 12 Months | | 12 Months or Greater | | Total | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | Fixed income securities: | | | | | | | | | | | | Asset-backed securities | $ | 21.6 | | | $ | — | | | $ | 5.2 | | | $ | — | | | $ | 26.8 | | | $ | — | | Corporate debt securities | 142.6 | | | (0.1) | | | 2.1 | | | — | | | 144.7 | | | (0.1) | | Foreign government debt securities | 4.0 | | | — | | | 4.0 | | | — | | | 8.0 | | | — | | U.S. government agency securities | 20.0 | | | — | | | — | | | — | | | 20.0 | | | — | | U.S. government securities | 71.6 | | | (0.1) | | | — | | | — | | | 71.6 | | | (0.1) | | Total fixed income securities | $ | 259.8 | | | $ | (0.2) | | | $ | 11.3 | | | $ | — | | | $ | 271.1 | | | $ | (0.2) | |
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Schedule of investments in equity securities |
The following table presents the Company's investments in equity securities as of September 30, 2020 and December 31, 2019 (in millions): | | | | | | | | | | | | | As of | | September 30, 2020 | | December 31, 2019 | Equity investments with readily determinable fair value | | | | Money market funds | $ | 580.4 | | | $ | 446.4 | | Mutual funds | 27.1 | | | 26.8 | | Publicly-traded equity securities | 4.8 | | | 3.8 | | Equity investments without readily determinable fair value | 140.0 | | | 133.3 | | Total equity securities | $ | 752.3 | | | $ | 610.3 | | | | | | Reported as: | | | | Cash equivalents | $ | 576.4 | | | $ | 442.3 | | Short-term investments | 4.8 | | | 3.8 | | Prepaid expenses and other current assets | 7.2 | | | 4.1 | | Other long-term assets | 163.9 | | | 160.1 | | Total | $ | 752.3 | | | $ | 610.3 | |
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Schedule of reconciliation of cash, cash equivalents and restricted cash |
The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 (in millions): | | | | | | | | | | | | | As of | | September 30, 2020 | | December 31, 2019 | Cash and cash equivalents | $ | 1,341.5 | | | $ | 1,215.8 | | Restricted cash included in Prepaid expenses and other current assets | 60.3 | | | 60.7 | | Total cash, cash equivalents, and restricted cash | $ | 1,401.8 | | | $ | 1,276.5 | |
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