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Cash, Cash Equivalents and Short-Term Investments (Tables)
12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Schedule of Cash, Cash Equivalents and Short-Term Investments
The amortized cost, unrealized gains and losses and estimated fair value of the Company's cash, cash equivalents and short-term investments as of December 31, 2023 and 2022 consisted of the following:

As of December 31, 2023
Amortized CostUnrealized GainUnrealized LossEstimated Fair Value
Cash$81.3 $— $— $81.3 
Cash equivalents
Money market funds514.8— — 514.8
U.S. Treasury securities10.0 — — 10.0 
Commercial paper4.4 — — 4.4
Corporate notes and obligations2.9 — — 2.9 
Certificates of deposit1.3 — — 1.3 
Municipal securities0.2 — — 0.2 
Total cash & cash equivalents$614.9 $— $— $614.9 
Short-term investments
Corporate notes and obligations359.60.4 (10.3)349.7
U.S. Treasury securities231.20.2 (6.1)225.3
Asset backed securities72.3— (2.3)70.0
Municipal securities48.3— (2.0)46.3
Commercial paper30.7 — — 30.7 
Certificates of deposit8.4 — — 8.4 
U.S. agency obligations6.0 — (0.3)5.7 
Foreign government obligations3.5 — (0.2)3.3 
Supranational securities1.8 — (0.1)1.7 
Total short-term investments761.8 0.6 (21.3)741.1 
Total$1,376.7 $0.6 $(21.3)$1,356.0 
As of December 31, 2022
Amortized CostUnrealized GainUnrealized LossEstimated Fair Value
Cash$90.1 $— $— $90.1 
Cash equivalents
Money market funds139.5— — 139.5
Commercial paper3.2— — 3.2
Total cash & cash equivalents$232.8 $— $— $232.8 
Short-term investments
Corporate notes and obligations512.1 0.1 (22.7)489.5 
U.S. Treasury securities360.2 0.2 (14.0)346.4 
Asset backed securities117.6 — (6.0)111.6 
Municipal securities65.3 — (4.1)61.2 
Commercial paper46.4 — — 46.4 
Certificates of deposit29.1 — — 29.1 
U.S. agency obligations18.4 — (0.8)17.6 
Foreign government obligations6.0 — (0.4)5.6 
Supranational securities3.4— (0.2)3.2 
Total short-term investments1,158.5 0.3 (48.2)1,110.6 
Total$1,391.3 $0.3 $(48.2)$1,343.4 
Schedule of Contractual Maturities of Short Term Investments
The following table presents the contractual maturities of the Company’s short-term investments as of
December 31, 2023:

As of December 31, 2023
Amortized costEstimated fair value
Due within one year$306.9 $304.2 
Due between one to three years407.1 390.7 
Due after three years47.8 46.2 
Total$761.8 $741.1 
Schedule of Short-Term Investments in Continuous Unrealized Loss Position The following tables present the breakdown of the short-term investments that have been in a continuous unrealized loss position aggregated by investment category, as of December 31, 2023 and 2022:
As of December 31, 2023
Less than 12 monthsMore than 12 monthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate notes and obligations$25.1 $(0.1)$240.3 $(10.2)$265.4 $(10.3)
U.S. Treasury securities17.8 (0.1)174.0 (6.0)191.8 (6.1)
Asset backed securities0.6 — 66.0 (2.3)66.6 (2.3)
Municipal securities— — 46.1 (2.0)46.1 (2.0)
U.S. agency obligations— — 3.5 (0.3)3.5 (0.3)
Foreign government obligations— — 3.3 (0.2)3.3 (0.2)
Supranational securities— — 1.6 (0.1)1.6 (0.1)
Total$43.5 $(0.2)$534.8 $(21.1)$578.3 $(21.3)

As of December 31, 2022
Less than 12 monthsMore than 12 monthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate notes and obligations$176.5 $(3.5)$292.3 $(19.2)$468.8 $(22.7)
U.S. Treasury securities110.9 (1.8)176.9 (12.2)287.8 (14.0)
Asset backed securities13.7 (0.4)90.4 (5.6)104.1 (6.0)
Municipal securities9.3 (0.3)51.6 (3.8)60.9 (4.1)
U.S. agency obligations3.9 — 13.8 (0.8)17.7 (0.8)
Foreign government obligations— — 5.5 (0.4)5.5 (0.4)
Supranational securities— — 3.2 (0.2)3.2 (0.2)
Total$314.3 $(6.0)$633.7 $(42.2)$948.0 $(48.2)