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Debt Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Debt Securities

Debt Securities

The following table presents the amortized cost, unrealized gain and loss recognized in accumulated other comprehensive income (loss) and fair value of debt securities available-for-sale, aggregated by major security type and contractual maturity.

									December 31, 2022																								December 31, 2021
(in millions)			Contractual Maturity						Amortized Cost						Unrealized Gain						Unrealized Loss						Fair Value						Amortized Cost						Unrealized Gain						Unrealized Loss						Fair Value
Commercial paper			0 to 1 years						$	156.2					$	—					$	(0.2)					$	156.0					$	204.8					$	—					$	—					$	204.8
Corporate debt securities			0 to 1 years						296.2						—						(3.2)						293.0						128.2						—						(0.1)						128.1
Securities of government-sponsored entities			0 to 1 years						283.4						—						(6.0)						277.4						37.6						—						—						37.6
									$	735.8					$	—					$	(9.4)					$	726.4					$	370.6					$	—					$	(0.1)					$	370.5
Corporate debt securities			1 to 3 years						$	259.5					$	0.2					$	(4.3)					$	255.4					$	358.9					$	—					$	(1.5)					$	357.4
Securities of government-sponsored entities			1 to 3 years						45.0						—						(1.0)						44.0						204.3						—						(1.0)						203.3
									$	304.5					$	0.2					$	(5.3)					$	299.4					$	563.2					$	—					$	(2.5)					$	560.7

As of December 31, 2022, our security portfolio consisted of 253 debt securities available-for-sale, including 199 such securities that were in an unrealized loss position but of high credit quality. Unrealized losses on these investments were primarily due to changes in interest rates. We do not intend to sell these investments and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost basis. No allowance for credit losses was recognized as of December 31, 2022 or 2021.

The following table presents debt securities available-for-sale that were in an unrealized loss position as of December 31, 2022, aggregated by major security type and length of time in a continuous loss position.

			Less Than 12 Months												12 Months or Longer												Total
(in millions)			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Commercial paper			$	32.1					$	(0.2)					$	—					$	—					$	32.1					$	(0.2)
Corporate debt securities			$	199.5					$	(1.9)					$	299.1					$	(5.6)					$	498.6					$	(7.5)
Securities of government-sponsored entities			$	107.7					$	(2.5)					$	198.4					$	(4.5)					$	306.1					$	(7.0)

The following table presents debt securities available-for-sale that were in an unrealized loss position as of December 31, 2021, aggregated by major security type and length of time in a continuous loss position.

			Less Than 12 Months												12 Months or Longer												Total
(in millions)			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Corporate debt securities			$	428.6					$	(1.6)					$	—					$	—					$	428.6					$	(1.6)
Securities of government-sponsored entities			$	230.5					$	(1.0)					$	—					$	—					$	230.5					$	(1.0)

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- References

No definition available.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2209399

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2324412

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2176304

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph (b)

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