Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Financial Assets Subject to Fair Value Measurements

The following tables set forth our financial assets and liabilities subject to fair value measurements by level within the fair value hierarchy (and does not include $2.1 billion and $3.1 billion of cash as of March 31, 2023 and December 31, 2022, respectively):


	As of March 31, 2023								As of December 31, 2022
	Total		Level 1		Level 2		Level 3		Total			Level 1			Level 2			Level 3
	(in millions)
Financial instruments carried at fair value (asset positions):
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	86.4		86.4		—		—		—			—			—			—
Government-sponsored enterprise securities	129.3		129.3		—		—		—			—			—			—
Corporate debt securities	1.7		—		1.7		—		5.8			—			5.8			—
Commercial paper	408.0		—		408.0		—		204.5			—			204.5			—
Marketable securities:
Corporate equity securities	148.1		127.2		20.9		—		116.8			88.8			28.0			—
U.S. Treasury securities	276.6		276.6		—		—		—			—			—			—
Government-sponsored enterprise securities	532.4		532.4		—		—		127.1			127.1			—			—
Asset-backed securities	117.9		—		117.9		—		—			—			—			—
Certificates of deposit	44.9		—		44.9		—		—			—			—			—
Corporate debt securities	771.5		—		771.5		—		87.0			—			87.0			—
Commercial paper	314.3		—		314.3		—		55.8			—			55.8			—
Prepaid expenses and other current assets:
Foreign currency forward contracts	19.5		—		19.5		—		47.5			—			47.5			—
Other assets:
Foreign currency forward contracts	0.3		—		0.3		—		0.8			—			0.8			—
Total financial assets	$	9,405.0	$	6,106.0	$	3,299.0	$	—	$	7,807.9		$	5,378.5		$	2,429.4		$	—
									:		:	:		:	:		:	:
Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$	(20.5)	$	—	$	(20.5)	$	—	$	(14.3)		$	—		$	(14.3)		$	—
Contingent consideration	(14.8)		—		—		(14.8)		(14.6)			—			—			(14.6)
Other long-term liabilities:
Foreign currency forward contracts	(0.5)		—		(0.5)		—		(0.9)			—			(0.9)			—
Contingent consideration	(112.3)		—		—		(112.3)		(114.4)			—			—			(114.4)
Total financial liabilities	$	(148.1)	$	—	$	(21.0)	$	(127.1)	$	(144.2)		$	—		$	(15.2)		$	(129.0)

Schedule of Fair Value of Our Contingent Consideration Liabilities

The following table represents a rollforward of the fair value of our contingent consideration liabilities:


	Three Months Ended March 31, 2023
	(in millions)
Balance at December 31, 2022	$	129.0
Decrease in fair value of contingent payments	(1.9)
Balance at March 31, 2023	$	127.1