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Cash, Cash Equivalents and Short-Term Investments (Tables) | 6 Months Ended
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Jun. 30, 2024
Cash and Cash Equivalents [Abstract] |
Schedule of Amortized Cost, Unrealized Gains and Losses and Estimated Fair Value 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 June 30, 2024 and December 31, 2023 consisted of the following:
| As of June 30, 2024
| Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Estimated Fair Value
Cash | $ | 101.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 101.0 |
Cash equivalents |  |  |  |  |  |  |
Money market funds | 411.3 |  | — |  |  | — |  |  | 411.3
Corporate notes and obligations | 2.7 |  |  | — |  |  | — |  |  | 2.7 |
U.S. Treasury securities | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Total cash & cash equivalents | $ | 515.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 515.1 |
Short-term investments |  |  |  |  |  |  |
Corporate notes and obligations | 300.9 |  | 0.2 |  |  | (7.7) |  |  | 293.4
U.S. Treasury securities | 145.7 |  | — |  |  | (5.0) |  |  | 140.7
Asset backed securities | 50.9 |  | — |  |  | (1.2) |  |  | 49.7
Municipal securities | 37.9 |  | — |  |  | (1.4) |  |  | 36.5
Commercial paper | 14.6 |  |  | — |  |  | — |  |  | 14.6 |
Certificates of deposit | 5.4 |  |  | — |  |  | — |  |  | 5.4 |
U.S. agency obligations | 3.8 |  |  | — |  |  | (0.3) |  |  | 3.5 |
Foreign government obligations | 2.0 |  |  | — |  |  | (0.1) |  |  | 1.9 |
Supranational securities | 1.8 |  |  | — |  |  | (0.1) |  |  | 1.7 |
Total short-term investments | 563.0 |  |  | 0.2 |  |  | (15.8) |  |  | 547.4 |
Total | $ | 1,078.1 |  |  | $ | 0.2 |  |  | $ | (15.8) |  |  | $ | 1,062.5 |
| As of December 31, 2023
| Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Estimated Fair Value
Cash | 81.3 |  | $ | — |  |  | $ | — |  |  | 81.3
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 & cash equivalents | $ | 614.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 614.9 |
Short-term investments |  |  |  |  |  |  |
Corporate notes and obligations | 359.6 |  |  | 0.4 |  |  | (10.3) |  |  | 349.7 |
U.S. Treasury securities | 231.2 |  |  | 0.2 |  |  | (6.1) |  |  | 225.3 |
Asset backed securities | 72.3 |  |  | — |  |  | (2.3) |  |  | 70.0 |
Municipal securities | 48.3 |  |  | — |  |  | (2.0) |  |  | 46.3 |
Commercial paper | 30.7 |  |  | — |  |  | — |  |  | 30.7 |
Certificates of deposit | 8.4 |  |  | — |  |  | — |  |  | 8.4 |
U.S. agency obligations | 6.0 |  |  | — |  |  | (0.3) |  |  | 5.7 |
Foreign government obligations | 3.5 |  |  | — |  |  | (0.2) |  |  | 3.3 |
Supranational securities | 1.8 |  |  | — |  |  | (0.1) |  |  | 1.7 |
Total short-term investments | 761.8 |  |  | 0.6 |  |  | (21.3) |  |  | 741.1 |
Total | $ | 1,376.7 |  |  | $ | 0.6 |  |  | $ | (21.3) |  |  | $ | 1,356.0 |
Schedule of Contractual Maturities of Short Term Investments | The following table presents the contractual maturities of the Company’s short-term investments as of June 30, 2024:
| As of June 30, 2024
| Amortized cost |  | Estimated fair value
Due within one year | $ | 172.8 |  |  | $ | 171.0 |
Due between one to three years | 361.6 |  |  | 348.6 |
Due after three years | 28.6 |  |  | 27.8 |
Total | $ | 563.0 |  |  | $ | 547.4 |
Schedule of Breakdown of the Short-Term Investments | 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 June 30, 2024 and December 31, 2023:
| As of June 30, 2024
| 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 | $ | 77.6 |  |  | $ | (0.3) |  |  | $ | 168.4 |  |  | $ | (7.4) |  |  | $ | 246.0 |  |  | $ | (7.7) |
U.S. Treasury securities | 33.9 |  |  | (0.2) |  |  | 92.2 |  |  | (4.8) |  |  | 126.1 |  |  | (5.0) |
Asset backed securities | 3.1 |  |  | — |  |  | 46.0 |  |  | (1.2) |  |  | 49.1 |  |  | (1.2) |
Municipal securities | — |  |  | — |  |  | 36.3 |  |  | (1.4) |  |  | 36.3 |  |  | (1.4) |
U.S. agency obligations | — |  |  | — |  |  | 3.5 |  |  | (0.3) |  |  | 3.5 |  |  | (0.3) |
Foreign government obligations | — |  |  | — |  |  | 1.9 |  |  | (0.1) |  |  | 1.9 |  |  | (0.1) |
Supranational securities | — |  |  | — |  |  | 1.7 |  |  | (0.1) |  |  | 1.7 |  |  | (0.1) |
Total | $ | 114.6 |  |  | $ | (0.5) |  |  | $ | 350.0 |  |  | $ | (15.3) |  |  | $ | 464.6 |  |  | $ | (15.8) |
| As of December 31, 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 | $ | 25.1 |  |  | $ | (0.1) |  |  | $ | 240.3 |  |  | $ | (10.2) |  |  | $ | 265.4 |  |  | $ | (10.3) |
U.S. Treasury securities | 17.8 |  |  | (0.1) |  |  | 174.0 |  |  | (6.0) |  |  | 191.8 |  |  | (6.1) |
Asset backed securities | 0.6 |  |  | — |  |  | 66.0 |  |  | (2.3) |  |  | 66.6 |  |  | (2.3) |
Municipal securities | — |  |  | — |  |  | 46.1 |  |  | (2.0) |  |  | 46.1 |  |  | (2.0) |
U.S. agency obligations | — |  |  | — |  |  | 3.5 |  |  | (0.3) |  |  | 3.5 |  |  | (0.3) |
Foreign government obligations | — |  |  | — |  |  | 3.3 |  |  | (0.2) |  |  | 3.3 |  |  | (0.2) |
Supranational securities | — |  |  | — |  |  | 1.6 |  |  | (0.1) |  |  | 1.6 |  |  | (0.1) |
Total | $ | 43.5 |  |  | $ | (0.2) |  |  | $ | 534.8 |  |  | $ | (21.1) |  |  | $ | 578.3 |  |  | $ | (21.3) |

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