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Cash, Cash Equivalents, and Marketable Debt Securities | 6 Months Ended
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Jun. 30, 2024
Cash, Cash Equivalents, and Short-Term Investments [Abstract] |
Cash, Cash Equivalents, and Marketable Debt Securities | 12. Cash, Cash Equivalents, and Marketable Debt Securities 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. For both the three and six months ended June 30, 2024 and 2023, net realized gains and losses on the sales and maturities of certain marketable debt securities were insignificant. The Company invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy requires securities to be investment grade and limits the amount of credit exposure to any one issuer. The maturities of the Company’s long-term marketable debt securities generally range from one to two years. Fair values were determined for each individual marketable debt security in the investment portfolio. When evaluating a marketable debt security for impairment, PCA reviews factors such as the duration and extent to which the fair value of the marketable debt security is less than its cost, the financial condition of the issuer and any changes thereto, the general market condition in which the issuer operates, and PCA’s intent to sell, or whether it will be more likely than not be required to sell, the marketable debt security before recovery of its amortized cost basis. As of June 30, 2024 and December 31, 2023, we do no t consider any of the impairments related to our marketable debt securities to be the result of credit losses. Therefore, we have no t recorded an allowance for credit losses related to our marketable debt securities. All unrealized gains and losses were recorded in other comprehensive income (OCI). 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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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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