Debt Securities, Available-for-sale |
The following tables summarize the Company’s cash and available-for-sale debt securities’ amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit loss, and fair value by significant investment category reported as cash and cash equivalents, short-term investments, or long-term investments as of June 30, 2024, and December 31, 2023 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Reported as: | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Allowance for Credit Loss | | Fair Value | | Cash and Cash Equivalents | | Short- term Investments | | Long- term Investments | June 30, 2024 | | | | | | | | | | | | | | | | Cash | $ | 475.2 | | | $ | — | | | $ | — | | | $ | — | | | $ | 475.2 | | | $ | 475.2 | | | $ | — | | | $ | — | | Level 1: | | | | | | | | | | | | | | | | Money market funds | 2,543.8 | | | — | | | — | | | — | | | 2,543.8 | | | 2,543.8 | | | — | | | — | | U.S. treasuries | 3,538.5 | | | 3.7 | | | (23.7) | | | — | | | 3,518.5 | | | 17.7 | | | 995.1 | | | 2,505.7 | | Subtotal | 6,082.3 | | | 3.7 | | | (23.7) | | | — | | | 6,062.3 | | | 2,561.5 | | | 995.1 | | | 2,505.7 | | Level 2: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate debt securities | 625.6 | | | 0.1 | | | (11.5) | | | (0.1) | | | 614.1 | | | — | | | 472.3 | | | 141.8 | | U.S. government agencies | 476.0 | | | 0.4 | | | (5.2) | | | — | | | 471.2 | | | — | | | 194.1 | | | 277.1 | | | | | | | | | | | | | | | | | | Municipal securities | 60.8 | | | — | | | (0.5) | | | — | | | 60.3 | | | — | | | 59.0 | | | 1.3 | | Subtotal | 1,162.4 | | | 0.5 | | | (17.2) | | | (0.1) | | | 1,145.6 | | | — | | | 725.4 | | | 420.2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total assets measured at fair value | $ | 7,719.9 | | | $ | 4.2 | | | $ | (40.9) | | | $ | (0.1) | | | $ | 7,683.1 | | | $ | 3,036.7 | | | $ | 1,720.5 | | | $ | 2,925.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Reported as: | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Allowance for Credit Loss | | Fair Value | | Cash and Cash Equivalents | | Short- term Investments | | Long- term Investments | December 31, 2023 | | | | | | | | | | | | | | | | Cash | $ | 526.2 | | | $ | — | | | $ | — | | | $ | — | | | $ | 526.2 | | | $ | 526.2 | | | $ | — | | | $ | — | | Level 1: | | | | | | | | | | | | | | | | Money market funds | 2,223.9 | | | — | | | — | | | — | | | 2,223.9 | | | 2,223.9 | | | — | | | — | | U.S. treasuries | 2,850.2 | | | 20.1 | | | (25.4) | | | — | | | 2,844.9 | | | — | | | 1,276.0 | | | 1,568.9 | | Subtotal | 5,074.1 | | | 20.1 | | | (25.4) | | | — | | | 5,068.8 | | | 2,223.9 | | | 1,276.0 | | | 1,568.9 | | Level 2: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate debt securities | 1,300.4 | | | — | | | (25.8) | | | (1.1) | | | 1,273.5 | | | — | | | 974.6 | | | 298.9 | | U.S. government agencies | 402.6 | | | 2.0 | | | (7.3) | | | — | | | 397.3 | | | — | | | 149.5 | | | 247.8 | | | | | | | | | | | | | | | | | | Municipal securities | 79.4 | | | — | | | (2.0) | | | — | | | 77.4 | | | — | | | 73.0 | | | 4.4 | | Subtotal | 1,782.4 | | | 2.0 | | | (35.1) | | | (1.1) | | | 1,748.2 | | | — | | | 1,197.1 | | | 551.1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total assets measured at fair value | $ | 7,382.7 | | | $ | 22.1 | | | $ | (60.5) | | | $ | (1.1) | | | $ | 7,343.2 | | | $ | 2,750.1 | | | $ | 2,473.1 | | | $ | 2,120.0 | |
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Summary of Contractual Maturities of Cash Equivalents and Available-For-Sale Investments |
The following table summarizes the contractual maturities of the Company’s cash equivalents and available-for-sale debt securities (excluding money market funds), as of June 30, 2024 (in millions): | | | | | | | | | | | | | Amortized Cost | | Fair Value | Mature in less than one year | $ | 1,753.8 | | | $ | 1,738.2 | | Mature in one to five years | 2,947.1 | | | 2,925.9 | | | | | | Total | $ | 4,700.9 | | | $ | 4,664.1 | |
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Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value |
The following tables present the breakdown of the available-for-sale debt securities with unrealized losses as of June 30, 2024, and December 31, 2023 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | Unrealized losses less than 12 months | | Unrealized losses 12 months or greater | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | U.S. treasuries | $ | 1,736.5 | | | $ | (11.8) | | | $ | 526.4 | | | $ | (11.9) | | | $ | 2,262.9 | | | $ | (23.7) | | | | | | | | | | | | | | Corporate debt securities | 42.9 | | | — | | | 529.2 | | | (11.5) | | | 572.1 | | | (11.5) | | U.S. government agencies | 135.2 | | | (0.6) | | | 170.0 | | | (4.6) | | | 305.2 | | | (5.2) | | Municipal securities | — | | | — | | | 60.3 | | | (0.5) | | | 60.3 | | | (0.5) | | Total | $ | 1,914.6 | | | $ | (12.4) | | | $ | 1,285.9 | | | $ | (28.5) | | | $ | 3,200.5 | | | $ | (40.9) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Unrealized losses less than 12 months | | Unrealized losses 12 months or greater | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | U.S. treasuries | $ | 48.5 | | | $ | — | | | $ | 1,112.9 | | | $ | (25.4) | | | $ | 1,161.4 | | | $ | (25.4) | | | | | | | | | | | | | | Corporate debt securities | 54.2 | | | (0.1) | | | 1,219.2 | | | (25.8) | | | 1,273.4 | | | (25.9) | | U.S. government agencies | 29.8 | | | — | | | 185.6 | | | (7.3) | | | 215.4 | | | (7.3) | | Municipal securities | — | | | — | | | 77.4 | | | (1.9) | | | 77.4 | | | (1.9) | | Total | $ | 132.5 | | | $ | (0.1) | | | $ | 2,595.1 | | | $ | (60.4) | | | $ | 2,727.6 | | | $ | (60.5) | |
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