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Financial Instruments and Fair Value (Tables)
3 Months Ended
Mar. 31, 2023
Financial Instruments and Fair Value [Abstract]  
Summary of Investments
The following tables summarize our available-for-sale securities (in millions):
 
 March 31, 2023
 Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
U.S. government and agency securities$209.3 $— $(2.3)$207.0 
Corporate debt securities184.3 — (2.4)181.9 
Commercial paper165.2 — (0.1)165.1 
Certificates of deposit and term deposits5.4 — — 5.4 
Municipal bonds5.1 — (0.1)5.0 
Total available-for-sale securities$569.3 $— $(4.9)$564.4 
 December 31, 2022
 Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
U.S. government and agency securities$198.0 $— $(4.4)$193.6 
Corporate debt securities293.0 — (4.1)288.9 
Commercial paper26.5 — (0.1)26.4 
Certificates of deposit and term deposits34.2 — — 34.2 
Municipal bonds5.1 — (0.1)5.0 
Total available-for-sale securities$556.8 $— $(8.7)$548.1 
Schedule of Unrealized Loss on Investments
The following tables show the gross unrealized losses and the related fair values of our available-for-sale securities that have been in a continuous unrealized loss position (in millions):
March 31, 2023
 Less Than 12 Months12 Months or GreaterTotal
 Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
U.S. government and agency securities$13.9 $(0.1)$148.8 $(2.2)$162.7 $(2.3)
Corporate debt securities13.4 (0.1)161.6 (2.3)175.0 (2.4)
Commercial paper165.0 (0.1)— — 165.0 (0.1)
Municipal bonds5.0 (0.1)— — 5.0 (0.1)
Total available-for-sale securities$197.3 $(0.4)$310.4 $(4.5)$507.7 $(4.9)
December 31, 2022
 Less Than 12 Months12 Months or GreaterTotal
 Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
U.S. government and agency securities$3.9 $(0.1)$189.8 $(4.3)$193.7 $(4.4)
Corporate debt securities90.5 (0.8)190.0 (3.3)280.5 (4.1)
Commercial paper26.4 (0.1)— — 26.4 (0.1)
Municipal bonds5.0 (0.1)— — 5.0 (0.1)
Total available-for-sale securities$125.8 $(1.1)$379.8 $(7.6)$505.6 $(8.7)
Investments Classified by Contractual Maturity Date
The contractual maturities of our investments were (in millions):
 March 31,
2023
December 31,
2022
Due within one year$548.8 $502.6 
Due within one to three years15.6 45.5 
Total$564.4 $548.1 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the fair value of our financial assets measured at fair value on a recurring basis (in millions):
 March 31, 2023December 31, 2022
 Aggregate
Fair
Value
Quoted
Prices in
Active
Markets For
Identical
Assets
Significant
Other
Observable
Remaining
Inputs
Significant
Other
Unobservable
Remaining
Inputs
Aggregate
Fair
Value
Quoted
Prices in
Active
Markets For
Identical
Assets
Significant
Other
Observable
Remaining
Inputs
Significant
Other
Unobservable
Remaining
Inputs
  (Level 1)(Level 2)(Level 3) (Level 1)(Level 2)(Level 3)
Assets:
U.S. government and agency securities$396.1 $351.8 $44.3 $— $268.6 $259.3 $9.3 $— 
Corporate debt securities181.9 — 181.9 — 288.9 — 288.9 — 
Commercial paper320.8 — 320.8 — 115.8 — 115.8 — 
Certificates of deposit and term deposits45.3 — 45.3 — 50.4 — 50.4 — 
Money market funds447.4 447.4 — — 593.9 593.9 — — 
Municipal bonds5.0 — 5.0 — 5.0 — 5.0 — 
Marketable equity securities26.1 26.1 — — 25.5 25.5 — — 
Total$1,422.6 $825.3 $597.3 $— $1,348.1 $878.7 $469.4 $— 
Reported as:
Cash equivalents$832.1 $774.5 
Marketable equity securities26.1 25.5 
Short-term investments548.8 502.6 
Long-term investments15.6 45.5 
Total$1,422.6 $1,348.1