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Cash, Cash Equivalents, and Marketable Debt Securities (Tables) | 12 Months Ended
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Dec. 31, 2023
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, HTM debt securities, and AFS debt securities by major asset category at December 31, 2023 and 2022 (in millions):
|  | 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 |
|  | December 31, 2022 |
|  | 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 |  | $ | 318.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 318.3 |  |  | $ | 318.3 |  |  | $ | — |  |  | $ | — |
Level 1 (b): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | 24.3 |  |  |  | — |  |  |  | (0.4 | ) |  |  | 23.9 |  |  |  | — |  |  |  | 16.7 |  |  |  | 7.2 |
Money market funds |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.1 |  |  |  | — |  |  |  | — |
Subtotal |  |  | 24.4 |  |  |  | — |  |  |  | (0.4 | ) |  |  | 24.0 |  |  |  | 0.1 |  |  |  | 16.7 |  |  |  | 7.2 |
Level 2 (c): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  |  | 123.9 |  |  |  | — |  |  |  | (2.1 | ) |  |  | 121.8 |  |  |  | 1.6 |  |  |  | 65.7 |  |  |  | 54.5 |
U.S. government agency securities |  |  | 4.5 |  |  |  | — |  |  |  | (0.1 | ) |  |  | 4.4 |  |  |  | — |  |  |  | 1.2 |  |  |  | 3.2 |
Certificates of deposit |  |  | 1.6 |  |  |  | — |  |  |  | — |  |  |  | 1.6 |  |  |  | — |  |  |  | 1.6 |  |  |  | — |
Subtotal |  |  | 130.0 |  |  |  | — |  |  |  | (2.2 | ) |  |  | 127.8 |  |  |  | 1.6 |  |  |  | 68.5 |  |  |  | 57.7 |
Total |  | $ | 472.7 |  |  | $ | — |  |  | $ | (2.6 | ) |  | $ | 470.1 |  |  | $ | 320.0 |  |  | $ | 85.2 |  |  | $ | 64.9 |
(a) We had $400.0 million of investments in time deposits classified as HTM debt securities as of 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. We did not have any investments classified as HTM debt securities as of December 31, 2022. (b) Valuations based on quoted prices for identical assets and 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 table provides information about the Company’s marketable debt securities that have been in a continuous loss position as of December 31, 2023 and 2022 (in millions, except number of marketable debt securities in a loss position):
|  | 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 |
|  | December 31, 2022 |
|  | 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 |  | $ | 77.0 |  |  |  | 113 |  |  | $ | 1.0 |  |  | $ | 37.9 |  |  |  | 50 |  |  | $ | 1.1 |
U.S. Treasury securities |  |  | 14.5 |  |  |  | 14 |  |  |  | 0.2 |  |  |  | 9.3 |  |  |  | 13 |  |  |  | 0.3 |
U.S. government agency securities |  |  | 3.2 |  |  |  | 5 |  |  |  | — |  |  |  | 1.3 |  |  |  | 3 |  |  |  | — |
|  | $ | 94.7 |  |  |  | 132 |  |  | $ | 1.2 |  |  | $ | 48.5 |  |  |  | 66 |  |  | $ | 1.4 |

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6 + Details
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