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Cash, Cash Equivalents and Short-Term Investments (Tables)

3 Months Ended

Mar. 31, 2022

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalents and Short-Term Investments

The amortized cost, unrealized gains and losses and estimated fair value of the Company's cash, cash equivalents and short-term investments as of March 31, 2022 and December 31, 2021 consisted of the following:

			As of March 31, 2022
			Amortized Cost						Unrealized Gain						Unrealized Loss						Estimated Fair Value
Cash			$	85.8					$	—					$	—					$	85.8
Cash equivalents
Money market funds			349.7						—						—						$	349.7
Commercial paper			10.0						—						—						$	10.0
Total cash & cash equivalents			$	445.5					$	—					$	—					$	445.5
Short-term investments
Corporate notes and obligations			531.7						—						(15.6)						516.1
U.S. Treasury securities			264.6						—						(9.2)						255.4
Asset backed securities			138.7						—						(4.4)						134.3
Municipal securities			68.7						—						(2.8)						65.9
Commercial paper			24.4						—						—						24.4
Certificates of deposit			19.0						—						—						19.0
U.S. agency obligations			14.5						—						(0.5)						14.0
Foreign government obligations			13.5						—						(0.3)						13.2
Supranational securities			8.0						—						(0.2)						7.8
Total short-term investments			1,083.1						—						(33.0)						1,050.1
Total			$	1,528.6					—						$	(33.0)					$	1,495.6

			As of December 31, 2021
			Amortized Cost						Unrealized Gain						Unrealized Loss						Estimated Fair Value
Cash			$	142.7					$	—					$	—					$	142.7
Cash equivalents
Money market funds			390.3						—						—						390.3
Total cash & cash equivalents			$	533.0					$	—					$	—					$	533.0
Short-term investments
Corporate notes and obligations			607.4						0.4						(4.0)						603.8
U.S. Treasury securities			240.4						—						(2.9)						237.5
Asset backed securities			140.7						0.1						(1.2)						139.6
Municipal securities			70.5						—						(0.7)						69.8
Commercial paper			61.7						—						—						61.7
Certificates of deposit			32.1						—						—						32.1
Foreign government obligations			18.4						—						(0.1)						18.3
U.S. agency obligations			14.6						—						(0.2)						14.4
Supranational securities			8.0						—						(0.1)						7.9
Total short-term investments			1,193.8						0.5						(9.2)						1,185.1
Total			$	1,726.8					0.5						$	(9.2)					$	1,718.1

Contractual Maturities of Short Term Investments

The following table presents the contractual maturities of the Company’s short-term investments as of March 31, 2022:

			As of March 31, 2022
			Amortized cost						Estimated fair value
Due within one year			$	304.2					$	303.0
Due between one to three years			466.6						453.0
Due after three years			312.3						294.1
Total			$	1,083.1					$	1,050.1

Short-Term Investments in Continuous Unrealized Loss Position

The following tables present the breakdown of the short-term investments that have been in a continuous unrealized loss position aggregated by investment category, as of March 31, 2022 and December 31, 2021:

			As of March 31, 2022
			Less than 12 months												More than 12 months												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Corporate notes and obligations			$	444.2					$	(13.5)					$	28.9					$	(2.1)					$	473.1					$	(15.6)
U.S. Treasury securities			173.7						(5.3)						62.1						(3.9)						235.8						(9.2)
Asset backed securities			117.9						(4.1)						9.5						(0.3)						127.4						(4.4)
Municipal securities			56.3						(2.3)						9.5						(0.5)						65.8						(2.8)
U.S. agency obligations			10.5						(0.3)						3.5						(0.2)						14.0						(0.5)
Foreign government obligations			11.3						(0.2)						1.9						(0.1)						13.2						(0.3)
Supranational securities			6.1						(0.1)						1.6						(0.1)						7.7						(0.2)
Total			$	820.0					$	(25.8)					$	117.0					$	(7.2)					$	937.0					$	(33.0)

			As of December 31, 2021
			Less than 12 months												More than 12 months												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Corporate notes and obligations			$	498.6					$	(4.1)					$	—					$	—					$	498.6					$	(4.1)
U.S. Treasury securities			218.0						(2.9)						—						—						218.0						(2.9)
Asset backed securities			120.7						(1.2)						—						—						120.7						(1.2)
Municipal securities			66.0						(0.7)						—						—						66.0						(0.7)
U.S. agency obligations			14.4						(0.2)						—						—						14.4						(0.2)
Foreign government obligations			15.4						—						—						—						15.4						—
Supranational securities			7.9						(0.1)						—						—						7.9						(0.1)
Total			$	941.0					$	(9.2)					$	—					$	—					$	941.0					$	(9.2)

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- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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