XML 32 R20.htm IDEA: XBRL DOCUMENT v3.24.0.1
Cash, Cash Equivalents, and Marketable Debt Securities
 12 Months Ended
Dec. 31, 2023
Cash, Cash Equivalents, and Short-Term Investments [Abstract]  
Cash, Cash Equivalents, and Marketable Debt Securities
11.
Cash, Cash Equivalents, and Marketable Debt Securities

The following table shows the Company’s cash, cash equivalents, HTM debt securities, and AFS debt securities by major asset category at December 31, 2023 and 2022 (in millions):

 

 

December 31, 2023

 

 

 

Adjusted
Cost Basis

 

 

Unrealized
Gain

 

 

Unrealized
Loss

 

 

Fair
Value

 

 

Cash and
Cash Equivalents

 

 

Short-Term
Marketable
Debt Securities

 

 

Long-Term
Marketable
Debt Securities

 

Cash and cash equivalents

 

$

646.4

 

 

$

—

 

 

$

—

 

 

$

646.4

 

 

$

646.4

 

 

$

—

 

 

$

—

 

Time deposits (a)

 

 

400.0

 

 

 

—

 

 

 

—

 

 

 

400.0

 

 

 

—

 

 

 

400.0

 

 

 

—

 

Level 1 (b):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

29.3

 

 

 

—

 

 

 

—

 

 

 

29.3

 

 

 

—

 

 

 

11.3

 

 

 

18.0

 

Money market funds

 

 

1.6

 

 

 

—

 

 

 

—

 

 

 

1.6

 

 

 

1.6

 

 

 

—

 

 

 

—

 

Subtotal

 

 

30.9

 

 

 

—

 

 

 

—

 

 

 

30.9

 

 

 

1.6

 

 

 

11.3

 

 

 

18.0

 

Level 2 (c):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

112.5

 

 

 

0.3

 

 

 

(0.4

)

 

 

112.4

 

 

 

—

 

 

 

68.5

 

 

 

43.9

 

U.S. government agency securities

 

 

10.1

 

 

 

—

 

 

 

(0.1

)

 

 

10.0

 

 

 

—

 

 

 

7.8

 

 

 

2.2

 

Certificates of deposit

 

 

5.9

 

 

 

—

 

 

 

—

 

 

 

5.9

 

 

 

—

 

 

 

5.9

 

 

 

—

 

Subtotal

 

 

128.5

 

 

 

0.3

 

 

 

(0.5

)

 

 

128.3

 

 

 

—

 

 

 

82.2

 

 

 

46.1

 

Total

 

$

1,205.8

 

 

$

0.3

 

 

$

(0.5

)

 

$

1,205.6

 

 

$

648.0

 

 

$

493.5

 

 

$

64.1

 

 

 

 

December 31, 2022

 

 

 

Adjusted
Cost Basis

 

 

Unrealized
Gain

 

 

Unrealized
Loss

 

 

Fair
Value

 

 

Cash and
Cash Equivalents

 

 

Short-Term
Marketable
Debt Securities

 

 

Long-Term
Marketable
Debt Securities

 

Cash and cash equivalents

 

$

318.3

 

 

$

—

 

 

$

—

 

 

$

318.3

 

 

$

318.3

 

 

$

—

 

 

$

—

 

Level 1 (b):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

24.3

 

 

 

—

 

 

 

(0.4

)

 

 

23.9

 

 

 

—

 

 

 

16.7

 

 

 

7.2

 

Money market funds

 

 

0.1

 

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

0.1

 

 

 

—

 

 

 

—

 

Subtotal

 

 

24.4

 

 

 

—

 

 

 

(0.4

)

 

 

24.0

 

 

 

0.1

 

 

 

16.7

 

 

 

7.2

 

Level 2 (c):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

123.9

 

 

 

—

 

 

 

(2.1

)

 

 

121.8

 

 

 

1.6

 

 

 

65.7

 

 

 

54.5

 

U.S. government agency securities

 

 

4.5

 

 

 

—

 

 

 

(0.1

)

 

 

4.4

 

 

 

—

 

 

 

1.2

 

 

 

3.2

 

Certificates of deposit

 

 

1.6

 

 

 

—

 

 

 

—

 

 

 

1.6

 

 

 

—

 

 

 

1.6

 

 

 

—

 

Subtotal

 

 

130.0

 

 

 

—

 

 

 

(2.2

)

 

 

127.8

 

 

 

1.6

 

 

 

68.5

 

 

 

57.7

 

Total

 

$

472.7

 

 

$

—

 

 

$

(2.6

)

 

$

470.1

 

 

$

320.0

 

 

$

85.2

 

 

$

64.9

 

 

(a)
We had $400.0 million of investments in time deposits classified as HTM debt securities as of December 31, 2023. All these investments mature within one year and are recorded in “Short-term marketable debt securities” on our Consolidated Balance Sheets. We record HTM debt securities at amortized cost, which approximates fair value. We did not have any investments classified as HTM debt securities as of December 31, 2022.
(b)
Valuations based on quoted prices for identical assets and liabilities in active markets.
(c)
Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

For the years ended December 31, 2023, 2022 and 2021, net realized gains and losses on the sales and maturities of certain marketable debt securities were insignificant.

The Company invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy requires securities to be investment grade and limits the amount of credit exposure to any one issuer. The maturities of the Company’s long-term marketable debt securities generally range from one to two years.

Fair values were determined for each individual marketable debt security in the investment portfolio. When evaluating a marketable debt security for other-than-temporary impairment, PCA reviews factors such as the duration and extent to which the fair value of the marketable debt security is less than its cost, the financial condition of the issuer and any changes thereto, the general market condition in which the issuer operates, and PCA's intent to sell or whether it will more likely than not be required to sell, the marketable debt security before recovery of its amortized cost basis.

As of December 31, 2023 and 2022, we do not consider any of the impairments related to our marketable debt securities to be the result of credit losses. Therefore, we have not recorded an allowance for credit losses related to our marketable debt securities. All unrealized gains and losses were recorded in other comprehensive income (OCI).

The following table provides information about the Company’s marketable debt securities that have been in a continuous loss position as of December 31, 2023 and 2022 (in millions, except number of marketable debt securities in a loss position):

 

 

December 31, 2023

 

 

 

Fair Value of
Marketable
Debt Securities in a Loss Position
< 12 Months

 

 

Number of Marketable
Debt Securities
in a Loss Position
< 12 Months

 

 

Unrealized Losses
< 12 Months

 

 

Fair Value of
Marketable
Debt Securities in a Loss Position
≥ 12 Months

 

 

Number of Marketable
Debt Securities
in a Loss Position
≥ 12 Months

 

 

Unrealized Losses
≥ 12 Months

 

Corporate debt securities

 

$

27.9

 

 

 

35

 

 

$

0.1

 

 

$

36.2

 

 

 

49

 

 

$

0.3

 

U.S. Treasury securities

 

 

11.4

 

 

 

11

 

 

 

—

 

 

 

6.2

 

 

 

10

 

 

 

0.1

 

U.S. government agency securities

 

 

8.5

 

 

 

14

 

 

 

—

 

 

 

1.5

 

 

 

2

 

 

 

—

 

 

 

$

47.8

 

 

 

60

 

 

$

0.1

 

 

$

43.9

 

 

 

61

 

 

$

0.4

 

 

 

 

December 31, 2022

 

 

 

Fair Value of
Marketable
Debt Securities in a Loss Position
< 12 Months

 

 

Number of Marketable
Debt Securities
in a Loss Position
< 12 Months

 

 

Unrealized Losses
< 12 Months

 

 

Fair Value of
Marketable
Debt Securities in a Loss Position
≥ 12 Months

 

 

Number of Marketable
Debt Securities
in a Loss Position
≥ 12 Months

 

 

Unrealized Losses
≥ 12 Months

 

Corporate debt securities

 

$

77.0

 

 

 

113

 

 

$

1.0

 

 

$

37.9

 

 

 

50

 

 

$

1.1

 

U.S. Treasury securities

 

 

14.5

 

 

 

14

 

 

 

0.2

 

 

 

9.3

 

 

 

13

 

 

 

0.3

 

U.S. government agency securities

 

 

3.2

 

 

 

5

 

 

 

—

 

 

 

1.3

 

 

 

3

 

 

 

—

 

 

 

$

94.7

 

 

 

132

 

 

$

1.2

 

 

$

48.5

 

 

 

66

 

 

$

1.4