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Marketable Securities and Equity Investments (Tables)
 9 Months Ended
Sep. 30, 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 $5.5 billion and $3.1 billion of cash as of September 30, 2023 and December 31, 2022, respectively), is shown below:
As of September 30, 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$3,753.4 $— $— $3,753.4 $5,162.6 $— $— $5,162.6 
Time deposits1,550.0 — — 1,550.0 2,000.0 — — 2,000.0 
U.S. Treasury securities236.8 — — 236.8 — — — — 
Corporate debt securities— — — — 5.8 — — 5.8 
Commercial paper96.5 — — 96.5 204.5 — — 204.5 
Total cash equivalents
$5,636.7 $— $— $5,636.7 $7,372.9 $— $— $7,372.9 
Marketable securities:
U.S. Treasury securities$414.6 $0.1 $(6.5)$408.2 $— $— $— $— 
Government-sponsored enterprise securities
422.9 — (1.9)421.0 127.0 0.2 (0.1)127.1 
Asset-backed securities239.3 0.0 (1.5)237.8 — — — — 
Certificates of deposit31.7 0.0 — 31.7 — — — — 
Corporate debt securities
1,228.4 0.0 (14.2)1,214.2 87.2 — (0.2)87.0 
Commercial paper
158.8 0.0 (0.1)158.7 55.8 — — 55.8 
Total marketable debt securities
2,495.7 0.1 (24.2)2,471.6 270.0 0.2 (0.3)269.9 
Corporate equity securities
72.1 0.5 (26.2)46.4 104.4 30.9 (18.5)116.8 
Total marketable securities
$2,567.8 $0.6 $(50.4)$2,518.0 $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 September 30, 2023As of December 31, 2022
(in millions)
Cash and cash equivalents$4,086.7 $5,372.9 
Marketable securities
771.6 157.7 
Long-term marketable securities1,700.0 112.2 
Total
$6,558.3 $5,642.8 
Available-for-sale debt securities by contractual maturity were as follows:
As of September 30, 2023As of December 31, 2022
(in millions)
Matures within one year$4,858.3 $5,530.6 
Matures after one year through five years
1,700.0 112.2 
Total
$6,558.3 $5,642.8 
Schedule of Company's Net Unrealized (Losses) Gains on Corporate Equity Securities During the three and nine months ended September 30, 2023 and 2022, our net unrealized (losses) gains on corporate equity securities held at the conclusion of each period were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in millions)
Net unrealized (losses) gains
$(6.2)$16.7 $(7.1)$(143.1)