XML 22 R11.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Investments
3 Months Ended
Mar. 31, 2024
Investments [Abstract]  
Investments Investments
Marketable Investments
Available-for-Sale Debt Securities
Available-for-sale debt securities are recorded at fair value, with the portion of the unrealized gains and losses that are not credit-related included as a component of accumulated other comprehensive loss in stockholders’ equity, until realized. Available-for-sale debt securities consisted of the following (in millions):
As of March 31, 2024Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
U.S. government and agency securities$2,415.1 $0.6 $(17.1)$2,398.6 
Corporate debt securities573.5 0.8 (3.6)570.7 
Total
$2,988.6 $1.4 $(20.7)$2,969.3 
Reported under the following captions in our consolidated balance sheets:
Cash and cash equivalents$41.6 
Current marketable investments  1,435.8 
Non-current marketable investments  1,491.9 
Total
  $2,969.3 
As of December 31, 2023Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
U.S. government and agency securities$3,044.5 $5.3 $(17.2)$3,032.6 
Corporate debt securities727.2 2.1 (4.7)724.6 
Total(1)
$3,771.7 $7.4 $(21.9)$3,757.2 
Reported under the following captions in our consolidated balance sheets:
Cash and cash equivalents$75.9 
Current marketable investments  1,771.5 
Non-current marketable investments  1,909.8 
Total(1)
  $3,757.2 

(1)Total excludes $21.0 million related to available-for-sale debt securities that matured on December 31, 2023, although cash proceeds were not received until January 2, 2024. We recorded the $21.0 million receivable within other current assets in our consolidated balance sheets as of December 31, 2023.

The following tables present gross unrealized losses and fair value for those available-for-sale debt securities that were in an unrealized loss position as of March 31, 2024 and December 31, 2023, aggregated by investment category and length of time that the individual securities have been in a continuous loss position (in millions):

Less than 12 months12 months or longerTotal
As of March 31, 2024Fair ValueGross
Unrealized
Losses
Fair ValueGross
Unrealized
Losses
Fair ValueGross
Unrealized
Losses
U.S. government and agency securities$1,704.5 $(9.7)$492.9 $(7.4)$2,197.4 $(17.1)
Corporate debt securities292.4 (1.2)121.4 (2.4)413.8 (3.6)
Total$1,996.9 $(10.9)$614.3 $(9.8)$2,611.2 $(20.7)
Less than 12 months12 months or longerTotal
As of December 31, 2023Fair ValueGross
Unrealized
Losses
Fair ValueGross
Unrealized
Losses
Fair ValueGross
Unrealized
Losses
U.S. government and agency securities$1,101.8 $(4.4)$838.1 $(12.8)$1,939.9 $(17.2)
Corporate debt securities209.4 (0.5)284.1 (4.2)493.5 (4.7)
Total$1,311.2 $(4.9)$1,122.2 $(17.0)$2,433.4 $(21.9)

As of March 31, 2024 and December 31, 2023, we held 474 and 385 available-for-sale debt securities, respectively, that were in an unrealized loss position. In assessing whether the decline in fair value as of March 31, 2024 of any of these securities resulted from a credit loss, we consulted with our investment managers and reviewed the credit ratings for each security. We believe that these unrealized losses are a direct result of the current interest rate environment and do not represent an indication of credit loss. We do not intend to sell the investments in unrealized loss positions prior to their maturity and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost basis. There were no impairments due to credit loss on our available-for-sale debt securities during the three months ended March 31, 2024 and 2023.
During the three months ended March 31, 2024, we sold certain available-for-sale debt securities prior to maturity to fund the repurchase of our common stock. See Note 9—Stockholders’ EquityShare Repurchase for further information. As a result of the sale, we received $831.8 million in proceeds and recognized gross realized gains of $0.4 million and gross realized losses of $1.8 million. The net realized loss of $1.4 million is included in other income (expense), net in our consolidated statements of operations. No available-for-sale debt securities were sold prior to maturity during the three months ended March 31, 2023.
The following table summarizes the contractual maturities of available-for-sale debt securities (in millions). Actual maturities may differ from contractual maturities because the issuers of certain of these debt securities have the right to call the securities or prepay their obligations under the securities with or without penalties.
 As of March 31, 2024
 Amortized CostFair Value
Due within one year$1,489.8 $1,477.4 
Due in one to three years1,498.8 1,491.9 
Total$2,988.6 $2,969.3 
Investments in Equity Securities with Readily Determinable Fair Values
We held investments in equity securities with readily determinable fair values, in the aggregate, of $20.5 million and $14.9 million as of March 31, 2024 and December 31, 2023, respectively, which are included in current marketable investments in our consolidated balance sheets. Changes in the fair value of publicly-traded equity securities are recorded in our consolidated statements of operations within other income (expense), net. See Note 4—Fair Value Measurements.
Investments in Privately-Held Companies
As of March 31, 2024 and December 31, 2023, we maintained non-controlling equity investments in privately-held companies of $28.5 million in the aggregate. We measure these investments using the measurement alternative because the fair values of these investments are not readily determinable. Under this alternative, the investments are measured at cost, less any impairment, and adjusted for any observable price changes. We include our investments in privately-held companies within other non-current assets in our consolidated balance sheets. These investments are subject to a periodic impairment review and, if impaired, the investment is measured and recorded at fair value in accordance with ASC 820, Fair Value Measurements.