Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Subject to Fair Value Measurements

Assets and liabilities subject to fair value measurements are as follows (in millions):

	As of March 31, 2024
	Level 1		Level 2		Level 3		Balance
Assets
Money market funds(1)	$	99.7	$	—	$	—	$	99.7
Time deposits(1)	336.8		—		—		336.8
U.S. government and agency securities(2)	—		2,398.6		—		2,398.6
Corporate debt securities(2)	—		570.7		—		570.7
Equity securities(3)	20.5		—		—		20.5
Total assets	$	457.0	$	2,969.3	$	—	$	3,426.3
Liabilities
Contingent consideration(4)	—		—		22.6		22.6
Total liabilities	$	—	$	—	$	22.6	$	22.6

	As of December 31, 2023
	Level 1		Level 2		Level 3		Balance
Assets
Money market funds(1)	$	408.5	$	—	$	—	$	408.5
Time deposits(1)	126.4		—		—		126.4
U.S. government and agency securities(2)	—		3,032.6		—		3,032.6
Corporate debt securities(2)	—		724.6		—		724.6
Equity securities(3)	14.9		—		—		14.9
Total assets	$	549.8	$	3,757.2	$	—	$	4,307.0
Liabilities
Contingent consideration(4)	—		—		21.1		21.1
Total liabilities	$	—	$	—	$	21.1	$	21.1

(1)Included in cash and cash equivalents in our consolidated balance sheets.

(2)Included in cash and cash equivalents and current and non-current marketable investments in our consolidated balance sheets. See Note 3—Investments—Marketable Investments—Available-for-Sale Debt Securities for further information. The fair value of these securities is principally measured or corroborated by trade data for identical securities for which related trading activity is not sufficiently frequent to be considered a Level 1 input or comparable securities that are more actively traded.

(3)Included in current marketable investments in our consolidated balance sheets. The fair value of these securities is based on quoted market prices for identical instruments in active markets. During the three months ended March 31, 2024, and March 31, 2023 we recognized $5.6 million of net unrealized gains and $8.8 million of net unrealized losses, respectively, on these securities. We recorded these gains and losses in our consolidated statements of operations within other income (expense), net. See Note 3—Investments—Marketable Investments—Investments in Equity Securities with Readily Determinable Fair Values.

(4)Included in other current liabilities and other non-current liabilities in our consolidated balance sheets. The fair value of our contingent consideration obligations has been estimated using probability-weighted discounted cash flow models (DCFs). The DCFs incorporate Level 3 inputs, including estimated discount rates, that we believe market participants would consider relevant in pricing, and the projected timing and amount of cash flows, which are estimated and developed, in part, based on the requirements specific to each acquisition agreement. The fair value of our contingent consideration liabilities increased by $1.5 million during the three months ended March 31, 2024, of which $1.4 million was a measurement period adjustment related to the Miromatrix acquisition with the remaining change recorded within research and development in our consolidated statements of operations.