Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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:

	As of March 31, 2024								As of December 31, 2023
	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	$	5,865.3	$	4,921.3	$	944.0	$	—	$	7,033.9	$	5,397.3	$	1,636.6	$	—
Marketable securities:
Corporate equity securities	43.4		43.4		—		—		46.0		46.0		—		—
U.S. Treasury securities	1,389.4		1,389.4		—		—		546.5		546.5		—		—
U.S. government agency securities	356.7		—		356.7		—		425.2		—		425.2		—
Asset-backed securities	792.6		—		792.6		—		306.0		—		306.0		—
Certificates of deposit	42.6		—		42.6		—		33.7		—		33.7		—
Corporate debt securities	2,632.2		—		2,632.2		—		1,802.8		—		1,802.8		—
Commercial paper	137.8		—		137.8		—		186.8		—		186.8		—
Prepaid expenses and other current assets:
Foreign currency forward contracts	26.3		—		26.3		—		1.8		—		1.8		—
Total financial assets	$	11,286.3	$	6,354.1	$	4,932.2	$	—	$	10,382.7	$	5,989.8	$	4,392.9	$	—
Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$	(1.4)	$	—	$	(1.4)	$	—	$	(33.7)	$	—	$	(33.7)	$	—
Other long-term liabilities:
Contingent consideration	(77.3)		—		—		(77.3)		(77.4)		—		—		(77.4)
Total financial liabilities	$	(78.7)	$	—	$	(1.4)	$	(77.3)	$	(111.1)	$	—	$	(33.7)	$	(77.4)

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, 2024
	(in millions)
Balance at December 31, 2023	$	77.4
Decrease in fair value of contingent payments	(0.1)
Balance at March 31, 2024	$	77.3