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Financial Instruments and Fair Value (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Financial Instruments Disclosed at Fair value on Recurring Basis | The following tables provide a summary of the significant financial instruments that are disclosed at fair value on a recurring basis as of December 31, 2023 and 2022:
| Fair Value Measurements at December 31, 2023
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Term loan due May 2028(1) | $ | 490.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 490.2 |
0.375% Convertible Senior Notes(2) | — |  |  | 765.6 |  |  | — |  |  | 765.6 |
Equipment financings(3) | — |  |  | — |  |  | 59.3 |  |  | 59.3 |
5.15% Mortgage(3) | — |  |  | — |  |  | 62.6 |  |  | 62.6 |
Total | $ | 490.2 |  |  | $ | 765.6 |  |  | $ | 121.9 |  |  | $ | 1,377.7 |
| Fair Value Measurements at December 31, 2022
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Term loan due May 2028(1) | $ | 485.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 485.1 |
0.375% Convertible Senior Notes(2) | — |  |  | 1,038.7 |  |  | — |  |  | 1,038.7 |
Equipment financings(3) | — |  |  | — |  |  | 66.4 |  |  | 66.4 |
5.15% Mortgage(3) | — |  |  | — |  |  | 64.5 |  |  | 64.5 |
Total | $ | 485.1 |  |  | $ | 1,038.7 |  |  | $ | 130.9 |  |  | $ | 1,654.7 |
(1) Fair value of the Term Loan was determined using quoted market prices. (2) Fair value of the notes was determined using the Company’s quoted stock price and the contractual conversion rate. (3) The fair values of the equipment financings and mortgage approximate their carrying values and were determined using their cost basis. Assets Measured at Fair Value on a Recurring Basis The following tables provide a summary of assets that are measured at fair value on a recurring basis as of December 31, 2023 and 2022:
| Fair Value Measurements at December 31, 2023
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash(1) | $ | 103.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 103.7 |
Money market mutual funds(1) | 547.0 |  |  | — |  |  | — |  |  | 547.0 |
Term deposits(2) | — |  |  | 53.5 |  |  | — |  |  | 53.5 |
Interest rate swaps(3) | — |  |  | 22.8 |  |  | — |  |  | 22.8 |
Debt securities(4) | — |  |  | — |  |  | 4.7 |  |  | 4.7 |
Other investments(4) | — |  |  | — |  |  | 3.8 |  |  | 3.8 |
Total assets | $ | 650.7 |  |  | $ | 76.3 |  |  | $ | 8.5 |  |  | $ | 735.5 |
| Fair Value Measurements at December 31, 2022
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash(1) | $ | 136.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 136.1 |
Money market mutual funds(1) | 487.3 |  |  | — |  |  | — |  |  | 487.3 |
Term deposits(2) | — |  |  | 50.8 |  |  | — |  |  | 50.8 |
Restricted cash(1) | 0.5 |  |  | — |  |  | — |  |  | 0.5 |
Interest rate swaps(3) | — |  |  | 36.9 |  |  | — |  |  | 36.9 |
Total assets | $ | 623.9 |  |  | $ | 87.7 |  |  | $ | — |  |  | $ | 711.6 |
(1) Cash and cash equivalents are carried at face amounts, which approximate their fair values. (2) Fair value is determined using Level 2 inputs. (3) Fair value represents the estimated amounts the Company would receive or pay to terminate the contracts and is determined using industry standard valuation models and market-based observable inputs, including credit risk and interest rate yield curves. The fair value of the swaps is included in other assets on the consolidated balance sheets. (4) Fair value is determined using industry standard valuation models and market-based unobservable inputs, including credit spread and risk free rate. The range used for the risk free rate is 3.8% - 5.6%.
Schedule of Reconciliation of Changes in Fair Value of investments | The following is a reconciliation of changes in fair value of investments, which were acquired during the year ended December 31, 2023:
(in millions) | Debt Securities |  | Other Investments |  | Total
Balance at December 31, 2022 | $ | — |  |  | $ | — |  |  | $ | — |
Purchases | 5.0 |  |  | 2.0 |  |  | 7.0 |
Unrealized gain included in other income (expense), net | — |  |  | 1.8 |  |  | 1.8 |
Unrealized loss on securities included in other comprehensive income | (0.3) |  |  | — |  |  | (0.3) |
Balance at December 31, 2023 | $ | 4.7 |  |  | $ | 3.8 |  |  | $ | 8.5 |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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