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

12 Months Ended

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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- References

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- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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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

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