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Marketable Securities and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of assets measured at fair value on a recurring basis

The following is a summary of the Company’s assets measured at fair value on a recurring basis.

						December 31, 2022
(dollars in millions)						Valuation Hierarchy						Effective Maturity						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Corporate bonds						Level 2						2023						$	802.7					$	—					$	(9.3)					$	793.4
Corporate bonds						Level 2						2024 - 2025						205.3						—						(9.2)						196.1
Government securities						Level 2						2023						61.9						—						(0.4)						61.5
Government securities						Level 2						2024						73.3						—						(0.3)						73.0
Total																		$	1,143.2					$	—					$	(19.2)					$	1,124.0

						December 31, 2021
(dollars in millions)						Valuation Hierarchy						Effective Maturity						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Corporate bonds						Level 2						2022						$	784.0					$	—					$	(0.7)					$	783.3
Corporate bonds						Level 2						2023 - 2024						582.5						—						(3.8)						578.7
Government securities						Level 2						2022						32.4						—						(0.1)						32.3
Total																		$	1,398.9					$	0.0					$	(4.6)					$	1,394.3

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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X

- References

No definition available.

+ Details

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