Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

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 $4.2 billion and $3.1 billion of cash as of June 30, 2023 and December 31, 2022, respectively):

	As of June 30, 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	$	3,474.5	$	3,474.5	$	—	$	—	$	5,162.6	$	5,162.6	$	—	$	—
Time deposits	2,000.0		—		2,000.0		—		2,000.0		—		2,000.0		—
U.S. Treasury securities	133.3		133.3		—		—		—		—		—		—
Corporate debt securities	5.0		—		5.0		—		5.8		—		5.8		—
Commercial paper	298.5		—		298.5		—		204.5		—		204.5		—
Marketable securities:
Corporate equity securities	52.6		29.3		23.3		—		116.8		88.8		28.0		—
U.S. Treasury securities	336.5		336.5		—		—		—		—		—		—
Government-sponsored enterprise securities	500.0		500.0		—		—		127.1		127.1		—		—
Asset-backed securities	169.4		—		169.4		—		—		—		—		—
Certificates of deposit	40.2		—		40.2		—		—		—		—		—
Corporate debt securities	985.3		—		985.3		—		87.0		—		87.0		—
Commercial paper	358.5		—		358.5		—		55.8		—		55.8		—
Prepaid expenses and other current assets:
Foreign currency forward contracts	6.8		—		6.8		—		47.5		—		47.5		—
Other assets:
Foreign currency forward contracts	0.1		—		0.1		—		0.8		—		0.8		—
Total financial assets	$	8,360.7	$	4,473.6	$	3,887.1	$	—	$	7,807.9	$	5,378.5	$	2,429.4	$	—
Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$	(26.5)	$	—	$	(26.5)	$	—	$	(14.3)	$	—	$	(14.3)	$	—
Contingent consideration	(15.0)		—		—		(15.0)		(14.6)		—		—		(14.6)
Other long-term liabilities:
Foreign currency forward contracts	(1.1)		—		(1.1)		—		(0.9)		—		(0.9)		—
Contingent consideration	(111.5)		—		—		(111.5)		(114.4)		—		—		(114.4)
Total financial liabilities	$	(154.1)	$	—	$	(27.6)	$	(126.5)	$	(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:

	Six Months Ended June 30, 2023
	(in millions)
Balance at December 31, 2022	$	129.0
Decrease in fair value of contingent payments	(2.5)
Balance at June 30, 2023	$	126.5