Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of assets and liabilities subject to fair value measurements


	As of September 30, 2019
	Level 1		Level 2		Level 3		Balance
Assets
Money market funds⁽¹⁾	$	253.4	$	—	$	—	$	253.4
Time deposits⁽²⁾		—		86.9		—		86.9
U.S. government and agency securities⁽³⁾		—		1,290.6		—		1,290.6
Corporate debt securities⁽³⁾		—		225.3		—		225.3
Equity securities⁽⁴⁾		64.8		—		—		64.8
Total assets	$	318.2	$	1,602.8	$	—	$	1,921.0
Liabilities
Contingent consideration⁽⁵⁾		—		—		13.4		13.4
Total liabilities	$	—	$	—	$	13.4	$	13.4


	As of December 31, 2018
	Level 1		Level 2		Level 3		Balance
Assets
Money market funds⁽¹⁾	$	247.6	$	—	$	—	$	247.6
Time deposits⁽²⁾		—		35.9		—		35.9
U.S. government and agency securities⁽³⁾		—		1,074.2		—		1,074.2
Corporate debt securities⁽³⁾		—		75.7		—		75.7
Equity securities⁽⁴⁾		3.5		—		—		3.5
Total assets	$	251.1	$	1,185.8	$	—	$	1,436.9
Liabilities
Contingent consideration⁽⁵⁾		—		—		13.4		13.4
Total liabilities	$	—	$	—	$	13.4	$	13.4

(1)	Included in cash and cash equivalents on our consolidated balance sheets.

(2)

Included in cash equivalents and current and non-current marketable investments on our consolidated balance sheets. The fair value of these securities is principally measured or corroborated by trade data for identical securities in which related trading activity is not sufficiently frequent to be considered a Level 1 input or comparable securities that are more actively traded.

(3)

Included in cash equivalents and current and non-current marketable investments on our consolidated balance sheets. Refer to Note 3—Investments—Available-for-Sale Debt Securities for further information. The fair value of these securities is principally measured or corroborated by trade data for identical securities for which related trading activity is not sufficiently frequent to be considered a Level 1 input or comparable securities that are more actively traded.

(4)

Included in current marketable investments on our consolidated balance sheets. The fair value of these securities is based on quoted market prices for identical instruments in active markets. During the three and nine months ended September 30, 2019, we recognized $13.0 million of net unrealized losses and $19.5 million of net unrealized gains, respectively, on these securities and recorded these losses and gains on our consolidated statements of operations within other (expense) income, net. Refer to Note 3—Investments—Investments in Equity Securities with Readily Determinable Fair Values.

(5)

Included in non-current liabilities on our consolidated balance sheets. The fair value of contingent consideration has been estimated using probability-weighted discounted cash flow models (DCFs). The DCFs incorporate Level 3 inputs including estimated discount rates that we believe market participants would consider relevant in pricing and the projected timing and amount of cash flows, which are estimated and developed, in part, based on the requirements specific to each acquisition agreement. The change in the fair value of contingent consideration for the three and nine months ended September 30, 2019 was not material.