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

6 Months Ended

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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