XML 37 R28.htm IDEA: XBRL DOCUMENT v3.23.3

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

9 Months Ended

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)

X

- References

No definition available.

+ Details

Name:	us-gaap_CashAndCashEquivalentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-4

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of cash, cash equivalents, and investments.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfCashCashEquivalentsAndShortTermInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration