The following table shows the Company’s cash, cash equivalents, and available-for-sale ("AFS") debt securities by major asset category at June 30, 2025 and December 31, 2024 (in millions):


	June 30, 2025
	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	$	784.7	$	—	$	—	$	784.7	$	784.7	$	—	$	—
Level 1 (a):
U.S. Treasury securities		39.7		0.1		—		39.8		—		19.3		20.5
Money market funds		1.4		—		—		1.4		1.4		—		—
Subtotal		41.1		0.1		—		41.2		1.4		19.3		20.5
Level 2 (b):
Corporate debt securities		122.8		0.3		—		123.1		0.9		69.1		53.1
Certificates of deposit		4.1		—		—		4.1		0.9		3.2		—
U.S. government agency securities		2.8		—		—		2.8		—		0.8		2.0
Subtotal		129.7		0.3		—		130.0		1.8		73.1		55.1
Total	$	955.5	$	0.4	$	—	$	955.9	$	787.9	$	92.4	$	75.6


	December 31, 2024
	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	$	684.8	$	—	$	—	$	684.8	$	684.8	$	—	$	—
Level 1 (a):
U.S. Treasury securities		30.8		0.1		—		30.9		—		23.0		7.9
Money market funds		0.2		—		—		0.2		0.2		—		—
Subtotal		31.0		0.1		—		31.1		0.2		23.0		7.9
Level 2 (b):
Corporate debt securities		131.2		0.3		—		131.5		—		75.8		55.7
Certificates of deposit		2.4		—		—		2.4		—		2.4		—
U.S. government agency securities		2.4		—		—		2.4		—		0.8		1.6
Subtotal		136.0		0.3		—		136.3		—		79.0		57.3
Total	$	851.8	$	0.4	$	—	$	852.2	$	685.0	$	102.0	$	65.2

(a)

Valuations based on quoted prices for identical assets or liabilities in active markets.

(b)

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 both the three and six months ended June 30, 2025 and 2024, 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 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 be more likely than not be required to sell, the marketable debt security before recovery of its amortized cost basis.

As of June 30, 2025 and December 31, 2024, 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 tables provide information about the Company’s marketable debt securities that have been in a continuous loss position as of June 30, 2025 and December 31, 2024 (in millions, except number of marketable debt securities in a loss position):


	June 30, 2025
	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 (c)		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 (c)
Corporate debt securities	$	13.3		18	$	—	$	—		—	$	—
U.S. Treasury securities		5.2		4		—		1.2		1		—
U.S. government agency securities		1.8		2		—		—		—		—
Certificates of deposit		1.6		2		—		—		—		—
	$	21.9		26	$	—	$	1.2		1	$	—


	December 31, 2024
	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 (c)
Corporate debt securities	$	16.5		26	$	0.1	$	2.7		4	$	—
U.S. Treasury securities		3.1		4		—		6.7		5		—
U.S. government agency securities		0.8		1		—		—		—		—
	$	20.4		31	$	0.1	$	9.4		9	$	—

(c)

Unrealized losses were insignificant for the period presented.