Marketable Securities and Equity Investments

3 Months Ended

Mar. 31, 2023

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 $2.1 billion and $3.1 billion of cash as of March 31, 2023 and December 31, 2022, respectively), is shown below:


	As of March 31, 2023								As of December 31, 2022
	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	$	4,954.1	$	—	$	—	$	4,954.1	$	5,162.6	$	—	$	—	$	5,162.6
Time deposits	1,600.0		—		—		1,600.0		2,000.0		—		—		2,000.0
U.S. Treasury securities	86.3		0.1		—		86.4		—		—		—		—
Government-sponsored enterprise securities	129.2		0.1		—		129.3		—		—		—		—
Corporate debt securities	1.7		—		—		1.7		5.8		—		—		5.8
Commercial paper	408.0		—		—		408.0		204.5		—		—		204.5
Total cash equivalents	$	7,179.3	$	0.2	$	—	$	7,179.5	$	7,372.9	$	—	$	—	$	7,372.9
Marketable securities:
U.S. Treasury securities	$	274.8	$	1.8	$	—	$	276.6	$	—	$	—	$	—	$	—
Government-sponsored enterprise securities	532.0		0.5		(0.1)		532.4		127.0		0.2		(0.1)		127.1
Asset-backed securities	118.1		—		(0.2)		117.9		—		—		—		—
Certificates of deposit	44.9		—		—		44.9		—		—		—		—
Corporate debt securities	770.0		2.9		(1.4)		771.5		87.2		—		(0.2)		87.0
Commercial paper	314.4		—		(0.1)		314.3		55.8		—		—		55.8
Total marketable debt securities	2,054.2		5.2		(1.8)		2,057.6		270.0		0.2		(0.3)		269.9
Corporate equity securities	129.4		47.4		(28.7)		148.1		104.4		30.9		(18.5)		116.8
Total marketable securities	$	2,183.6	$	52.6	$	(30.5)	$	2,205.7	$	374.4	$	31.1	$	(18.8)	$	386.7

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


	As of March 31, 2023		As of December 31, 2022
	(in millions)
Cash and cash equivalents	$	5,579.5	$	5,372.9
Marketable securities	976.1		157.7
Long-term marketable securities	1,081.5		112.2
Total	$	7,637.1	$	5,642.8

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


	As of March 31, 2023		As of December 31, 2022
	(in millions)
Matures within one year	$	6,555.6	$	5,530.6
Matures after one year through five years	1,081.5		112.2
Total	$	7,637.1	$	5,642.8

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, 2023 and 2022. As of March 31, 2023, we held available-for-sale debt securities with a total fair value of $702.7 million that were in unrealized loss positions; however, none of these investments had been in an unrealized loss position for greater than twelve months.

We record changes in the fair value of our investments in corporate equity securities to “Other income (expense), net” in our condensed consolidated statements of income. During the three months ended March 31, 2023 and 2022, our net unrealized gains (losses) on corporate equity securities held at the conclusion of each period were as follows:


	Three Months Ended March 31,
		2023		2022
		(in millions)
Net unrealized gains (losses)		$	6.4	$	(75.6)

As of March 31, 2023, 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 $98.6 million.