Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis using the input categories discussed in Note 1:


	As of March 31, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	439.2	$	—	$	—	$	439.2
Total cash equivalents	$	439.2	$	—	$	—	$	439.2
Short-term investments
Corporate notes and obligations	—		328.1		—		328.1
U.S. Treasury securities	—		157.8		—		157.8
Asset backed securities	—		59.2		—		59.2
Municipal securities	—		41.1		—		41.1
Commercial paper	—		27.0		—		27.0
Certificates of deposit	—		6.7		—		6.7
U.S. agency obligations	—		3.5		—		3.5
Foreign government obligations	—		1.9		—		1.9
Supranational securities	—		1.7		—		1.7
Total short-term investments	—		627.0		—		627.0
Total	$	439.2	$	627.0	$	—	$	1,066.2


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	514.8	$	—	$	—	$	514.8
U.S. Treasury securities	—		10.0		—		10.0
Commercial paper	—		4.4		—		4.4
Corporate notes and obligations	—		2.9		—		2.9
Certificates of deposit	—		1.3		—		1.3
Municipal securities	—		0.2		—		0.2
Total cash equivalents	$	514.8	$	18.8	$	—	$	533.6
Short-term investments
Corporate notes and obligations	—		349.7		—		349.7
U.S. Treasury securities	—		225.3		—		225.3
Asset backed securities	—		70.0		—		70.0
Municipal securities	—		46.3		—		46.3
Commercial paper	—		30.7		—		30.7
Certificates of deposit	—		8.4		—		8.4
U.S. agency obligations	—		5.7		—		5.7
Foreign government obligations	—		3.3		—		3.3
Supranational securities	—		1.7		—		1.7
Total short-term investments	—		741.1		—		741.1
Total	$	514.8	$	759.9	$	—	$	1,274.7