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

12 Months Ended

Dec. 31, 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 December 31, 2024 and 2023 consisted of the following:

			As of December 31, 2024
			Amortized Cost						Unrealized Gain						Unrealized Loss						Estimated Fair Value
Cash			$	98.3					$	—					$	—					$	98.3
Cash equivalents
Money market funds			1,230.0						—						—						1,230.0
Total cash & cash equivalents			$	1,328.3					$	—					$	—					$	1,328.3
Short-term investments
Corporate notes and obligations			133.1						0.2						(3.3)						130.0
U.S. Treasury securities			85.0						—						(2.6)						82.4
Municipal securities			30.0						—						(0.7)						29.3
Asset backed securities			19.2						—						(0.3)						18.9
U.S. agency obligations			3.8						—						(0.2)						3.6
Supranational securities			1.8						—						(0.1)						1.7
Total short-term investments			272.9						0.2						(7.2)						265.9
Total			$	1,601.2					$	0.2					$	(7.2)					$	1,594.2

			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

December 31, 2024:

			As of December 31, 2024
			Amortized cost						Estimated fair value
Due within one year			$	109.1					$	106.9
Due between one to three years			147.9						143.5
Due after three years			15.9						15.5
Total			$	272.9					$	265.9

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 December 31, 2024 and 2023:

			As of December 31, 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			$	1.9					$	—					$	103.8					$	(3.3)					$	105.7					$	(3.3)
U.S. Treasury securities			9.0						(0.1)						65.7						(2.5)						74.7						(2.6)
Asset backed securities			—						—						16.0						(0.3)						16.0						(0.3)
Municipal securities			6.0						(0.1)						23.1						(0.6)						29.1						(0.7)
U.S. agency obligations			—						—						3.6						(0.2)						3.6						(0.2)
Supranational securities			—						—						1.7						(0.1)						1.7						(0.1)
Total			$	16.9					$	(0.2)					$	213.9					$	(7.0)					$	230.8					$	(7.2)

			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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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.

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