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Marketable Securities and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Available-for-Sale Marketable Securities

The following is a summary of the Company’s available-for-sale marketable securities measured at fair value on a recurring basis.


						March 31, 2023
(dollars in millions)						Valuation Hierarchy												Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Corporate bonds						Level 2												$	688.8					$	—					$	(6.4)					$	682.4
Corporate bonds						Level 2												206.3						0.1						(6.0)						200.4
Government securities						Level 2												56.1						—						(0.1)						56.0
Government securities						Level 2												54.7						0.1						(0.3)						54.5
Total																		$	1,005.9					$	0.2					$	(12.8)					$	993.3


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