v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We account for certain assets and liabilities at fair value and classify these assets and liabilities within the fair value hierarchy (Level 1, Level 2, or Level 3). Our other current assets and other current liabilities have fair values that approximate their carrying values.
Assets and liabilities subject to fair value measurements are as follows (in millions):
 As of March 31, 2025
 Level 1Level 2Level 3Balance
Assets    
Money market funds(1)
$836.5 $— $— $836.5 
Time deposits(1)
196.9 — — 196.9 
U.S. government and agency securities(2)
— 2,686.7 — 2,686.7 
Corporate debt securities(2)
— 589.2 — 589.2 
Equity securities(3)
18.6 — — 18.6 
Total assets$1,052.0 $3,275.9 $— $4,327.9 
Liabilities    
Contingent consideration(4)
— — 28.8 28.8 
Total liabilities$— $— $28.8 $28.8 
 As of December 31, 2024
 Level 1Level 2Level 3Balance
Assets    
Money market funds(1)
$649.8 $— $— $649.8 
Time deposits(1)
155.9 — — 155.9 
U.S. government and agency securities(2)
— 2,473.3 — 2,473.3 
Corporate debt securities(2)
— 569.4 — 569.4 
Equity securities(3)
23.9 — — 23.9 
Total assets$829.6 $3,042.7 $— $3,872.3 
Liabilities    
Contingent consideration(4)
— — 24.7 24.7 
Total liabilities$— $— $24.7 $24.7 
(1)Included in cash and cash equivalents in our consolidated balance sheets.
(2)Included in cash and cash equivalents and current and non-current marketable investments in our consolidated balance sheets. See Note 3—Investments—Marketable Investments—Available-for-Sale Debt Securities for further information. The fair value of these securities is principally measured or corroborated by trade data for identical securities for which related trading activity is not sufficiently frequent to be considered a Level 1 input or comparable securities that are more actively traded.
(3)Included in current marketable investments in our consolidated balance sheets. The fair value of these securities is based on quoted market prices for identical instruments in active markets. During the three months ended March 31, 2025, and March 31, 2024 we recognized $5.3 million of net unrealized losses and $5.6 million of net unrealized gains, respectively, on these securities. We recorded these gains and losses in our consolidated statements of operations within other (expense) income, net. See Note 3—Investments—Marketable Investments—Investments in Equity Securities with Readily Determinable Fair Values.
(4)Included in other current liabilities and other non-current liabilities in our consolidated balance sheets. The fair value of our contingent consideration obligations is estimated using probability-weighted discounted cash flow models (DCFs). The DCFs incorporate Level 3 inputs, including estimated discount rates, that we believe market participants would consider relevant in pricing and the projected timing and amount of cash flows, which are estimated and developed, in part, based on the requirements specific to each acquisition agreement. The fair value of our contingent consideration liabilities increased by $4.1 million during the period from December 31, 2024 to March 31, 2025. The loss was recorded within research and development in our consolidated statements of operations.
Fair Value of Financial Instruments
The carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable and accrued expenses approximate fair value because of their short maturities. The fair values of our marketable investments and contingent consideration are reported above within the fair value hierarchy. See Note 3—Investments. The carrying value of our debt is a reasonable estimate of the fair value of the outstanding debt based on the variable interest rate of the debt.