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Cash, Cash Equivalents, and Marketable Debt Securities (Tables) | 6 Months Ended
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Jun. 30, 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 and available-for-sale ("AFS") debt securities by major asset category at June 30, 2024 and December 31, 2023 (in millions):
|  | June 30, 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 |  | $ | 611.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 611.0 |  |  | $ | 611.0 |  |  | $ | — |  |  | $ | — |
Time Deposits (a): |  |  | 400.0 |  |  |  | — |  |  |  | — |  |  |  | 400.0 |  |  |  | — |  |  |  | 400.0 |  |  |  | — |
Level 1 (b): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | 31.4 |  |  |  | — |  |  |  | (0.1 | ) |  |  | 31.3 |  |  |  | — |  |  |  | 14.7 |  |  |  | 16.6 |
Money market funds |  |  | 0.2 |  |  |  | — |  |  |  | — |  |  |  | 0.2 |  |  |  | 0.2 |  |  |  | — |  |  |  | — |
Subtotal |  |  | 31.6 |  |  |  | — |  |  |  | (0.1 | ) |  |  | 31.5 |  |  |  | 0.2 |  |  |  | 14.7 |  |  |  | 16.6 |
Level 2 (c): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  |  | 114.1 |  |  |  | 0.1 |  |  |  | (0.3 | ) |  |  | 113.9 |  |  |  | 2.4 |  |  |  | 62.3 |  |  |  | 49.2 |
Certificates of deposit |  |  | 8.5 |  |  |  | — |  |  |  | — |  |  |  | 8.5 |  |  |  | — |  |  |  | 8.5 |  |  |  | — |
U.S. government agency securities |  |  | 7.9 |  |  |  | — |  |  |  | — |  |  |  | 7.9 |  |  |  | — |  |  |  | 5.3 |  |  |  | 2.6 |
Subtotal |  |  | 130.5 |  |  |  | 0.1 |  |  |  | (0.3 | ) |  |  | 130.3 |  |  |  | 2.4 |  |  |  | 76.1 |  |  |  | 51.8 |
Total |  | $ | 1,173.1 |  |  | $ | 0.1 |  |  | $ | (0.4 | ) |  | $ | 1,172.8 |  |  | $ | 613.6 |  |  | $ | 490.8 |  |  | $ | 68.4 |
|  | 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 June 30, 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 June 30, 2024 and December 31, 2023 (in millions, except number of marketable debt securities in a loss position):
|  | June 30, 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 |  | $ | 68.9 |  |  |  | 71 |  |  | $ | 0.2 |  |  | $ | 15.5 |  |  |  | 22 |  |  | $ | 0.1 |
U.S. Treasury securities |  |  | 15.1 |  |  |  | 14 |  |  |  | 0.1 |  |  |  | 11.7 |  |  |  | 12 |  |  |  | 0.1 |
Certificates of deposit |  |  | 3.5 |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
U.S. government agency securities |  |  | 2.5 |  |  |  | 3 |  |  |  | — |  |  |  | 3.9 |  |  |  | 6 |  |  |  | — |
|  | $ | 90.0 |  |  |  | 92 |  |  | $ | 0.3 |  |  | $ | 31.1 |  |  |  | 40 |  |  | $ | 0.2 |
|  | 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 |

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