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Fair Value Measurements
6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value hierarchy consists of the following three levels:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 – Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability.
Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions that market participants would use in pricing the asset or liability when there is little, if any, market activity for the asset or liability at the measurement date.
The following table presents a summary of financial assets, which were measured at fair value on a recurring basis.
June 30,
2024
December 31,
2023
Fair
Value
LevelingFair
Value
Leveling
(in millions)Level 1Level 2Level 1Level 2
Cash and money market funds$139.7 $139.7 $— $251.1 $251.1 $— 
Restricted cash8.0 8.0 — 8.0 8.0 — 
Commercial paper57.2 — 57.2 53.5 — 53.5 
Corporate debt securities1,004.9 — 1,004.9 867.2 — 867.2 
Securities of government-sponsored entities474.9 — 474.9 547.3 — 547.3 
Equity security investments143.6 143.6 — 161.9 161.9 — 
$1,828.3 $291.3 $1,537.0 $1,889.0 $421.0 $1,468.0