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Available-for-Sale Debt Securities

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Debt Securities

Available-for-Sale Debt Securities

The following table presents a summary of available-for-sale debt securities, aggregated by major security type and contractual maturity.

									December 31, 2024																								December 31, 2023
(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						$	37.1					$	—					$	—					$	37.1					$	53.5					$	—					$	—					$	53.5
Corporate debt securities			0 to 1 years						527.0						0.6						(0.1)						527.5						382.1						0.1						(1.0)						381.2
Securities of government-sponsored entities			0 to 1 years						278.2						0.3						—						278.5						346.1						0.2						(0.5)						345.8
									$	842.3					$	0.9					$	(0.1)					$	843.1					$	781.7					$	0.3					$	(1.5)					$	780.5
Corporate debt securities			1 to 3 years						$	584.4					$	2.0					$	(1.0)					$	585.4					$	483.5					$	2.9					$	(0.4)					$	486.0
Securities of government-sponsored entities			1 to 3 years						154.4						0.3						(0.6)						154.1						201.1						0.5						(0.1)						201.5
									$	738.8					$	2.3					$	(1.6)					$	739.5					$	684.6					$	3.4					$	(0.5)					$	687.5

Unrealized losses on available-for-sale debt securities were primarily due to changes in interest rates. These investments are of high credit quality, and 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, 2024 or December 31, 2023.

The following table presents available-for-sale debt securities that were in an unrealized loss position as of December 31, 2024, 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			$	334.9					$	(1.1)					$	—					$	—					$	334.9					$	(1.1)
Securities of government-sponsored entities			$	123.8					$	(0.6)					$	—					$	—					$	123.8					$	(0.6)

The following table presents available-for-sale debt securities that were in an unrealized loss position as of December 31, 2023, 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			$	265.1					$	(0.4)					$	183.8					$	(1.0)					$	448.9					$	(1.4)
Securities of government-sponsored entities			$	214.6					$	(0.2)					$	16.7					$	(0.4)					$	231.3					$	(0.6)

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- Definition

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

+ References

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