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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of 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 September 30, 2023 and December 31, 2022 (in millions):
Fair Value Measurements at
September 30, 2023
Fair Value Measurements at
December 31, 2022
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$— $24.1 $— $24.1 $— $36.6 $— $36.6 
Corporate debt securities — 121.4 — 121.4 — 270.4 — 270.4 
Commercial paper— 20.9 — 20.9 — — — — 
Foreign government debt securities— 5.0 — 5.0 — 8.4 — 8.4 
Time deposits— 342.1 — 342.1 — 70.6 — 70.6 
U.S. government agency securities— 7.9 — 7.9 — 18.0 — 18.0 
U.S. government securities6.7 10.6 — 17.3 8.8 — — 8.8 
Privately-held debt and redeemable preferred stock securities— — 58.1 58.1 — — 52.9 52.9 
Total available-for-sale debt securities6.7 532.0 58.1 596.8 8.8 404.0 52.9 465.7 
Equity securities:
Money market funds558.7 — — 558.7 420.8 — — 420.8 
Mutual funds35.0 — — 35.0 28.1 — — 28.1 
Publicly-traded equity securities7.4 — — 7.4 7.7 — — 7.7 
Total equity securities601.1 — — 601.1 456.6 — — 456.6 
Derivative assets:
Foreign exchange contracts— 2.7 — 2.7 — 1.3 — 1.3 
Interest rate contracts— — — — — 125.4 — 125.4 
Total derivative assets— 2.7 — 2.7 — 126.7 — 126.7 
Total assets measured at fair value on a recurring basis$607.8 $534.7 $58.1 $1,200.6 $465.4 $530.7 $52.9 $1,049.0 
Liabilities:
Derivative liabilities:
Foreign exchange contracts$— $(24.8)$— $(24.8)$— $(37.6)$— $(37.6)
Interest rate contracts— (101.5)— (101.5)— (87.4)— (87.4)
Total derivative liabilities— (126.3)— (126.3)— (125.0)— (125.0)
Total liabilities measured at fair value on a recurring basis$— $(126.3)$— $(126.3)$— $(125.0)$— $(125.0)
Fair Value Measurements at
September 30, 2023
Fair Value Measurements at
December 31, 2022
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$558.7 $371.6 $— $930.3 $420.8 $70.6 $— $491.4 
Short-term investments9.3 124.3 — 133.6 14.6 195.7 — 210.3 
Long-term investments4.8 36.1 — 40.9 1.9 137.7 — 139.6 
Prepaid expenses and other current assets
3.0 1.6 — 4.6 2.4 0.8 — 3.2 
Other long-term assets32.0 1.1 58.1 91.2 25.7 125.9 52.9 204.5 
Total assets measured at fair value
$607.8 $534.7 $58.1 $1,200.6 $465.4 $530.7 $52.9 $1,049.0 
Total liabilities, reported as:
Other accrued liabilities$— $(19.0)$— $(19.0)$— $(32.5)$— $(32.5)
Other long-term liabilities— (107.3)— (107.3)— (92.5)— (92.5)
Total liabilities measured at fair value on a recurring basis
$— $(126.3)$— $(126.3)$— $(125.0)$— $(125.0)