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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-For-Sale Securities
The Company’s amortized cost and estimated fair value of investment securities as of June 30, 2023 and December 31, 2022 are presented below. Accrued interest on investment securities of $21.4 million and $9.3 million, respectively, as of June 30, 2023 and December 31, 2022, is excluded from total investment securities and recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets.
(In millions)Amortized CostTotal
Unrealized
Gains		Total
Unrealized
Losses
Fair Value1
As of June 30, 2023
Current:
Debt securities:
   U.S. treasury notes$405.8 — 40.1 365.7 
   Corporate debt securities928.8 0.7 52.6 876.9 
Municipal bonds69.8 0.1 6.2 63.7 
   Asset-backed securities515.7 0.6 10.7 505.6 
   Mortgage-backed securities869.1 0.1 40.0 829.2 
Total$2,789.2 $1.5 $149.6 $2,641.1 
Non-current:
Debt securities3
$15.1 $— $0.9 $14.2 
Mutual fund28.7 — 3.9 24.8 
Pooled investment fund9.0 — — 9.0 
Total$52.8 $— $4.8 $48.0 
Total investment securities2
$2,842.0 $1.5 $154.4 $2,689.1 
(In millions)Amortized CostTotal
Unrealized
Gains		Total
Unrealized
Losses
Fair Value1
As of December 31, 2022
Current:
Debt securities:
U.S. treasury notes$405.7 $— $41.7 $364.1 
Corporate debt securities547.2 0.2 49.5 497.8 
Municipal bonds53.0 — 8.0 45.0 
Asset-backed securities199.8 — 9.1 190.7 
Mortgage-backed securities330.4 — 32.7 297.7 
Total$1,536.1 $0.2 $141.1 $1,395.3 
Non-current:
Debt securities3
$15.2 $0.1 $0.7 $14.5 
   Mutual fund28.4 — 3.9 24.5 
Pooled investment fund9.0 — — 9.0 
Total$52.6 $0.1 $4.7 $48.0 
Total investment securities2
$1,588.7 $0.3 $145.8 $1,443.3 
1 The Company’s methods for measuring the fair value of its investment securities are discussed in Note 13, Financial Instruments − Fair Value and Concentrations of Credit Risk.
2 Excludes $13.0 million and $11.1 million in equity securities as of June 30, 2023 and December 31, 2022, respectively, included in prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets.
3 Substantially comprised of municipal bonds.
Schedule of Estimated Fair Value and Gross Unrealized Losses of Debt Securities in an Unrealized Loss Position
The following table presents estimated fair value and gross unrealized losses of debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security category. There are no expected credit losses that have been recorded against our investment securities as of June 30, 2023 and December 31, 2022.
 
As of June 30, 2023
 Less than one yearOne year or longerTotal
(In millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Investment-grade rated debt securities:
U.S. treasury notes$68.9 $3.9 $296.9 $36.2 $365.8 $40.1 
Corporate debt securities391.6 11.9 411.0 40.7 802.6 52.6 
Municipal bonds39.1 1.0 28.0 6.1 67.1 7.1 
Asset-backed securities321.1 4.5 123.7 6.2 444.8 10.7 
Mortgage-backed securities675.1 19.3 142.9 20.7 818.0 40.0 
Total debt securities$1,495.8 $40.6 $1,002.5 $109.9 $2,498.3 $150.5 
As of December 31, 2022
Less than one yearOne year or longerTotal
Investment-grade rated debt securities:
U.S. treasury notes$123.7 $12.5 $240.4 $29.2 $364.1 $41.7 
Corporate debt securities196.9 15.1 289.9 34.4 486.8 49.5 
Municipal bonds28.1 3.8 19.1 5.0 47.2 8.8 
Asset-backed securities117.7 4.3 70.2 4.8 187.9 9.1 
Mortgage-backed securities198.1 16.4 96.5 16.3 294.6 32.7 
Total debt securities$664.4 $52.2 $716.1 $89.7 $1,380.5 $141.8 
Maturity Dates Of Available-For-Sale Securities The following table summarizes the contractual maturity dates of the Company’s debt securities.
 June 30, 2023
(In millions)Amortized CostFair Value
Due within one year$56.9 $55.6 
Due after 1 year through year 5612.1 565.5 
Due after 5 years through year 10771.0 719.3 
Due after 10 years1,364.3 1,314.9 
Total$2,804.3 $2,655.3