Cash, Cash Equivalents, and Marketable Debt Securities (Tables)

3 Months Ended

Mar. 31, 2024

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Schedule of Cash and Available-For-Sale Debt Securities by Major Asset Category

The following table shows the Company’s cash, cash equivalents, held-to-maturity ("HTM") debt securities, and available-for-sale ("AFS") debt securities by major asset category at March 31, 2024 and December 31, 2023 (in millions):

	March 31, 2024
	Adjusted Cost Basis		Unrealized Gain		Unrealized Loss			Fair Value		Cash and Cash Equivalents		Short-Term Marketable Debt Securities		Long-Term Marketable Debt Securities
Cash and cash equivalents	$	691.9	$	—	$	—		$	691.9	$	691.9	$	—	$	—
Time Deposits (a):		400.0		—		—			400.0		—		400.0		—
Level 1 (b):
U.S. Treasury securities		34.4		—		(0.1	)		34.3		—		17.5		16.8
Money market funds		0.5		—		—			0.5		0.5		—		—
Subtotal		34.9		—		(0.1	)		34.8		0.5		17.5		16.8
Level 2 (c):
Corporate debt securities		111.4		0.1		(0.2	)		111.3		—		60.4		50.9
U.S. government agency securities		7.7		—		(0.1	)		7.6		—		6.8		0.8
Certificates of deposit		7.6		—		—			7.6		—		7.6		—
Subtotal		126.7		0.1		(0.3	)		126.5		—		74.8		51.7
Total	$	1,253.5	$	0.1	$	(0.4	)	$	1,253.2	$	692.4	$	492.3	$	68.5

	December 31, 2023
	Adjusted Cost Basis		Unrealized Gain		Unrealized Loss			Fair Value		Cash and Cash Equivalents		Short-Term Marketable Debt Securities		Long-Term Marketable Debt Securities
Cash and cash equivalents	$	646.4	$	—	$	—		$	646.4	$	646.4	$	—	$	—
Time Deposits (a):		400.0		—		—			400.0		—		400.0		—
Level 1 (b):
U.S. Treasury securities		29.3		—		—			29.3		—		11.3		18.0
Money market funds		1.6		—		—			1.6		1.6		—		—
Subtotal		30.9		—		—			30.9		1.6		11.3		18.0
Level 2 (c):
Corporate debt securities		112.5		0.3		(0.4	)		112.4		—		68.5		43.9
U.S. government agency securities		10.1		—		(0.1	)		10.0		—		7.8		2.2
Certificates of deposit		5.9		—		—			5.9		—		5.9		—
Subtotal		128.5		0.3		(0.5	)		128.3		—		82.2		46.1
Total	$	1,205.8	$	0.3	$	(0.5	)	$	1,205.6	$	648.0	$	493.5	$	64.1

(a)We had $400.0 million of investments in time deposits classified as HTM debt securities as of both March 31, 2024 and December 31, 2023. All these investments mature within one year and are recorded in “Short-term marketable debt securities” on our Consolidated Balance Sheets. We record HTM debt securities at amortized cost, which approximates fair value.

(b)Valuations based on quoted prices for identical assets or liabilities in active markets.

(c)Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Schedule of Marketable Debt Securities in Continuous Loss Position

The following tables provide information about the Company’s marketable debt securities that have been in a continuous loss position as of March 31, 2024 and December 31, 2023 (in millions, except number of marketable debt securities in a loss position):

	March 31, 2024
	Fair Value of Marketable Debt Securities in a Loss Position < 12 Months		Number of Marketable Debt Securities in a Loss Position < 12 Months		Unrealized Losses < 12 Months		Fair Value of Marketable Debt Securities in a Loss Position ≥ 12 Months		Number of Marketable Debt Securities in a Loss Position ≥ 12 Months		Unrealized Losses ≥ 12 Months
Corporate debt securities	$	54.5		61	$	0.2	$	18.8		30	$	0.1
U.S. Treasury securities		21.6		20		0.1		4.8		7		—
U.S. government agency securities		5.4		8		—		2.2		3		—
Certificates of deposit		2.5		3		—		—		—		—
	$	84.0		92	$	0.3	$	25.8		40	$	0.1

	December 31, 2023
	Fair Value of Marketable Debt Securities in a Loss Position < 12 Months		Number of Marketable Debt Securities in a Loss Position < 12 Months		Unrealized Losses < 12 Months		Fair Value of Marketable Debt Securities in a Loss Position ≥ 12 Months		Number of Marketable Debt Securities in a Loss Position ≥ 12 Months		Unrealized Losses ≥ 12 Months
Corporate debt securities	$	27.9		35	$	0.1	$	36.2		49	$	0.3
U.S. Treasury securities		11.4		11		—		6.2		10		0.1
U.S. government agency securities		8.5		14		—		1.5		2		—
	$	47.8		60	$	0.1	$	43.9		61	$	0.4