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Marketable Securities and Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Marketable Securities and Fair Value Measurements Marketable Securities and Fair Value Measurements
The following is a summary of the Company’s available-for-sale marketable securities measured at fair value on a recurring basis.
June 30, 2025
(dollars in millions)
Valuation
Hierarchy
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Corporate bondsLevel 2$685.6 $1.3 $(0.3)$686.6 
Government securitiesLevel 259.7 — — 59.7 
Total$745.3 $1.3 $(0.3)$746.3 
 December 31, 2024
(dollars in millions)
Valuation
Hierarchy
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Corporate bondsLevel 2$934.4 $1.7 $(0.7)$935.4 
Government securitiesLevel 23.5 — — 3.5 
Total$937.9 $1.7 $(0.7)$938.9 
The Company generally does not intend to sell any investments prior to recovery of their amortized cost basis for any investment in an unrealized loss position. As such, the Company has classified these losses as temporary in nature.
The carrying values of cash and cash equivalents, accounts receivable and accounts payable and accrued liabilities approximate their fair values due to the short-term nature of these assets and liabilities.