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Cash, Cash Equivalents and Short-Term Investments (Tables) | 9 Months Ended
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Sep. 30, 2023
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 September 30, 2023 and December 31, 2022 consisted of the following:
| As of September 30, 2023
| Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Estimated Fair Value
Cash | $ | 85.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 85.2 |
Cash equivalents |  |  |  |  |  |  |
Money market funds | 500.6 |  | — |  |  | — |  |  | 500.6
U.S. Treasury securities | 14.7 |  |  | — |  |  | — |  |  | 14.7 |
Commercial paper | 2.7 |  |  | — |  |  | — |  |  | 2.7
Corporate notes and obligations | 0.8 |  |  | — |  |  | — |  |  | 0.8 |
Certificates of deposit | 0.3 |  |  | — |  |  | — |  |  | 0.3 |
Total cash & cash equivalents | $ | 604.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 604.3 |
Short-term investments |  |  |  |  |  |  |
Corporate notes and obligations | 313.5 |  | — |  |  | (15.4) |  |  | 298.1
U.S. Treasury securities | 242.5 |  | — |  |  | (9.6) |  |  | 232.9
Asset backed securities | 79.2 |  | — |  |  | (3.4) |  |  | 75.8
Municipal securities | 54.2 |  | — |  |  | (2.9) |  |  | 51.3
Commercial paper | 19.8 |  |  | — |  |  | — |  |  | 19.8 |
U.S. agency obligations | 10.0 |  |  | — |  |  | (0.4) |  |  | 9.6 |
Certificates of deposit | 9.8 |  |  | — |  |  | — |  |  | 9.8 |
Foreign government obligations | 5.9 |  |  | — |  |  | (0.2) |  |  | 5.7 |
Supranational securities | 1.8 |  |  | — |  |  | (0.2) |  |  | 1.6 |
Total short-term investments | 736.7 |  |  | — |  |  | (32.1) |  |  | 704.6 |
Total | $ | 1,341.0 |  |  | $ | — |  |  | $ | (32.1) |  |  | $ | 1,308.9 |
| As of December 31, 2022
| Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Estimated Fair Value
Cash | $ | 90.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 90.1 |
Cash equivalents |  |  |  |  |  |  |
Money market funds | 139.5 |  | — |  |  | — |  |  | 139.5
Commercial paper | 3.2 |  | — |  |  | — |  |  | 3.2 |
Total cash & cash equivalents | $ | 232.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 232.8 |
Short-term investments |  |  |  |  |  |  |
Corporate notes and obligations | 512.1 |  | 0.1 |  | (22.7) |  |  | 489.5
U.S. Treasury securities | 360.2 |  | 0.2 |  |  | (14.0) |  |  | 346.4
Asset backed securities | 117.6 |  | — |  |  | (6.0) |  |  | 111.6
Municipal securities | 65.3 |  | — |  |  | (4.1) |  |  | 61.2
Commercial paper | 46.4 |  | — |  |  | — |  |  | 46.4
Certificates of deposit | 29.1 |  | — |  |  | — |  |  | 29.1
U.S. agency obligations | 18.4 |  | — |  |  | (0.8) |  |  | 17.6
Foreign government obligations | 6.0 |  | — |  |  | (0.4) |  |  | 5.6
Supranational securities | 3.4 |  | — |  |  | (0.2) |  |  | 3.2
Total short-term investments | 1,158.5 |  |  | 0.3 |  |  | (48.2) |  |  | 1,110.6 |
Total | $ | 1,391.3 |  |  | $ | 0.3 |  |  | $ | (48.2) |  |  | $ | 1,343.4 |
Schedule of Contractual Maturities of Short Term Investments | The following table presents the contractual maturities of the Company’s short-term investments as of September 30, 2023:
| As of September 30, 2023
| Amortized cost |  | Estimated fair value
Due within one year | $ | 318.0 |  |  | $ | 312.5 |
Due between one to three years | 357.5 |  |  | 334.6 |
Due after three years | 61.2 |  |  | 57.5 |
Total | $ | 736.7 |  |  | $ | 704.6 |
Schedule of 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 September 30, 2023 and December 31, 2022:
| As of September 30, 2023
| 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 | $ | 36.5 |  |  | $ | (0.3) |  |  | $ | 255.4 |  |  | $ | (15.1) |  |  | $ | 291.9 |  |  | $ | (15.4) |
U.S. Treasury securities | 35.4 |  |  | (0.6) |  |  | 187.2 |  |  | (9.0) |  |  | 222.6 |  |  | (9.6) |
Asset backed securities | 4.3 |  |  | — |  |  | 71.6 |  |  | (3.4) |  |  | 75.9 |  |  | (3.4) |
Municipal securities | — |  |  | — |  |  | 51.1 |  |  | (2.9) |  |  | 51.1 |  |  | (2.9) |
U.S. agency obligations | 2.3 |  |  | — |  |  | 3.4 |  |  | (0.4) |  |  | 5.7 |  |  | (0.4) |
Foreign government obligations | — |  |  | — |  |  | 5.6 |  |  | (0.2) |  |  | 5.6 |  |  | (0.2) |
Supranational securities | — |  |  | — |  |  | 1.6 |  |  | (0.2) |  |  | 1.6 |  |  | (0.2) |
Total | $ | 78.5 |  |  | $ | (0.9) |  |  | $ | 575.9 |  |  | $ | (31.2) |  |  | $ | 654.4 |  |  | $ | (32.1) |
| As of December 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 | $ | 176.5 |  |  | $ | (3.5) |  |  | $ | 292.3 |  |  | $ | (19.2) |  |  | $ | 468.8 |  |  | $ | (22.7) |
U.S. Treasury securities | 110.9 |  |  | (1.8) |  |  | 176.9 |  |  | (12.2) |  |  | 287.8 |  |  | (14.0) |
Asset backed securities | 13.7 |  |  | (0.4) |  |  | 90.4 |  |  | (5.6) |  |  | 104.1 |  |  | (6.0) |
Municipal securities | 9.3 |  |  | (0.3) |  |  | 51.6 |  |  | (3.8) |  |  | 60.9 |  |  | (4.1) |
U.S. agency obligations | 3.9 |  |  | — |  |  | 13.8 |  |  | (0.8) |  |  | 17.7 |  |  | (0.8) |
Foreign government obligations | — |  |  | — |  |  | 5.5 |  |  | (0.4) |  |  | 5.5 |  |  | (0.4) |
Supranational securities | — |  |  | — |  |  | 3.2 |  |  | (0.2) |  |  | 3.2 |  |  | (0.2) |
Total | $ | 314.3 |  |  | $ | (6.0) |  |  | $ | 633.7 |  |  | $ | (42.2) |  |  | $ | 948.0 |  |  | $ | (48.2) |

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