Marketable Securities and Equity Investments

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities and Equity Investments

A summary of our cash equivalents and marketable securities, which are recorded at fair value (and do not include $3.2 billion and $3.3 billion of cash as of March 31, 2022 and December 31, 2021, respectively), is shown below:


	As of March 31, 2022								As of December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
Cash equivalents:
Money market funds	$	4,378.6	$	—	$	—	$	4,378.6	$	3,478.1	$	—	$	—	$	3,478.1
Commercial paper	14.2		—		—		14.2		—		—		—		—
Total cash equivalents	$	4,392.8	$	—	$	—	$	4,392.8	$	3,478.1	$	—	$	—	$	3,478.1
Marketable securities:
U.S. Treasury securities	$	155.7	$	—	$	(1.4)	$	154.3	$	86.6	$	—	$	(0.2)	$	86.4
Government-sponsored enterprise securities	7.1		—		(0.1)		7.0		69.0		—		—		69.0
Corporate debt securities	77.4		—		(0.6)		76.8		91.1		—		(0.2)		90.9
Commercial paper	245.3		—		(0.7)		244.6		252.8		—		(0.1)		252.7
Total marketable debt securities	485.5		—		(2.8)		482.7		499.5		—		(0.5)		499.0
Corporate equity securities	69.4		92.2		(6.3)		155.3		69.4		167.1		(5.6)		230.9
Total marketable securities	$	554.9	$	92.2	$	(9.1)	$	638.0	$	568.9	$	167.1	$	(6.1)	$	729.9

Available-for-sale debt securities were classified on our condensed consolidated balance sheets at fair value as follows:


	As of March 31, 2022		As of December 31, 2021
	(in millions)
Cash and cash equivalents	$	4,392.8	$	3,478.1
Marketable securities	482.7		499.0
Total	$	4,875.5	$	3,977.1

Available-for-sale debt securities by contractual maturity were as follows:


	As of March 31, 2022		As of December 31, 2021
	(in millions)
Matures within one year	$	4,819.8	$	3,912.3
Matures after one year through five years	55.7		64.8
Total	$	4,875.5	$	3,977.1

We have a limited number of available-for-sale debt securities in insignificant loss positions as of March 31, 2022, which we do not intend to sell and have concluded we will not be required to sell before recovery of the amortized costs for the investments at maturity. We did not record any allowances for credit losses to adjust the fair value of available-for-sale debt securities or gross realized gains or losses in the three months ended March 31, 2022 and 2021.

We record changes in the fair value of our investments in corporate equity securities to “Other expense, net” in our condensed consolidated statements of operations. During the three months ended March 31, 2022 and 2021, our net unrealized losses on corporate equity securities held at the conclusion of each period were as follows:


	Three Months Ended March 31,
		2022		2021
		(in millions)
Net unrealized losses		$	(75.6)	$	(52.3)

As of March 31, 2022, the carrying value of our equity investments without readily determinable fair values, which are recorded in “Other assets” on our condensed consolidated balance sheets, was $85.8 million.