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Marketable Securities and Equity Investments (Tables)
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Cash Equivalents and Marketable Securities
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, 2023As 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 deposits1,600.0 — — 1,600.0 2,000.0 — — 2,000.0 
U.S. Treasury securities86.3 0.1 — 86.4 — — — — 
Government-sponsored enterprise securities
129.2 0.1 — 129.3 — — — — 
Corporate debt securities1.7 — — 1.7 5.8 — — 5.8 
Commercial paper408.0 — — 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 securities118.1 — (0.2)117.9 — — — — 
Certificates of deposit44.9 — — 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, 2023As 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 securities1,081.5 112.2 
Total
$7,637.1 $5,642.8 
Available-for-sale debt securities by contractual maturity were as follows:
As of March 31, 2023As 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 
Schedule of Company's Net Unrealized Gains (Losses) on Corporate Equity Securities 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,
20232022
(in millions)
Net unrealized gains (losses)
$6.4 $(75.6)