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INVESTMENTS AND FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
INVESTMENTS AND FAIR VALUE MEASUREMENTS INVESTMENTS AND FAIR VALUE MEASUREMENTS
We categorize assets and liabilities recorded or disclosed at fair value on the condensed consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value. The categories are as follows:
Level 1 - Observable inputs such as quoted prices in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable.
Level 3 - Unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.
The Company's financial assets that were measured at fair value on a recurring basis were as follows (in millions):
June 30, 2025
Level 1Level 2Level 3Total
Financial Assets:
Cash equivalents:
Money market funds$3,403.6 $— $— $3,403.6 
Short-term investments:
Equity investment$308.1 $— $— $308.1 
Long-term investments:
Derivative assets:
Foreign currency forward contracts$— $— $13.1 $13.1 
Total assets measured at fair value$3,711.7 $— $13.1 $3,724.8 
December 31, 2024
Level 1Level 2Level 3Total
Financial Assets:
Cash equivalents:
Money market funds$4,520.0 $— $— $4,520.0 
Total assets measured at fair value$4,520.0 $— $— $4,520.0 
In May 2025, the Company entered into deal-contingent foreign currency forward contracts to manage the risk of appreciation of the Australian dollar-denominated purchase price related to the Domain Transaction. The fair value of the deal-contingent forward was determined by comparing the contractual foreign exchange rates to forward market rates for various future dates, probability weighted for when the acquisition is anticipated to close, and discounted to the valuation date. The probability weighting of when, and whether, the acquisition will close during the term of the deal-contingent foreign currency forward contracts was significant in determining the fair value and was considered a Level 3 input. The Company expects the deal to close in the third quarter of 2025 and the majority of the weighting was estimated in the third quarter of 2025. As of June 30, 2025, generally, the fair value of the contracts would increase if the transaction were to close later in the term of the contracts. The change in fair value of the deal-contingent forward contracts was $13.1 million for the three and six months ended June 30, 2025 and was recognized in other income (expense), net, in the condensed consolidated statements of operations.
Total realized and unrealized gains and losses associated with equity investments were as follows (in millions):
Three Months Ended
June 30, 2025		Six Months Ended June 30, 2025
Net unrealized gains recognized on equity investments held as of the end of the period$9.0 $11.5 
Total net gains recognized in other income (expense), net
$9.0 $11.5 
Available-for-sale Debt Securities
In connection with the Matterport Acquisition, the Company acquired $203.7 million of available-for-sale debt securities, inclusive of $2.0 million of accrued interest. These securities were sold for net proceeds of $203.4 million resulting in a negligible realized loss in the first quarter of 2025.
Other Financial Instruments
The Company holds other financial instruments, including cash deposits, accounts receivable, accounts payable, accrued expenses, and Senior Notes. The carrying value for such financial instruments, other than the Senior Notes, each approximated their fair values as of both June 30, 2025 and December 31, 2024. The estimated fair value of the Company's outstanding Senior Notes using quoted prices from the over-the-counter markets, considered Level 2 inputs, was $0.9 billion as of both June 30, 2025 and December 31, 2024.