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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Fair value, assets measured on recurring and nonrecurring basis
The table below summarizes the valuation of our financial instruments carried at fair value by the above pricing categories (in millions):
 
 
Year Ended
 
 
December 31, 2019
 
December 31, 2018
 
 
Level 1
 
Level 2
 
Level 3
 
Level 1
 
Level 2
 
Level 3
Measured at fair value on a recurring basis:
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities
 
$
6.6

 
$
—

 
$
—

 
$
9.4

 
$
—

 
$
—

Foreign currency forward contracts
 
—

 
4.3

 
—

 
—

 
3.8

 
—

Cross-currency swap
 
—

 
26.3

 
—

 
—

 
—

 
—

Funds associated with Israeli severance liability
 
—

 
14.6

 
—

 
—

 
13.0

 
—

Royalty Pharma contingent milestone
 
—

 
—

 
95.3

 
—

 
—

 
323.2

Total assets
 
$
6.6

 
$
45.2

 
$
95.3

 
$
9.4

 
$
16.8

 
$
323.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts
 
$
—

 
$
8.4

 
$
—

 
$
—

 
$
9.2

 
$
—

Contingent consideration payments
 
—

 
—

 
11.9

 
—

 
—

 
15.3

Total liabilities
 
$
—

 
$
8.4

 
$
11.9

 
$
—

 
$
9.2

 
$
15.3

 
 
 
 
 
 
 
 
 
 
 
 
 
Measured at fair value on a non-recurring basis:
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill(1)
 
$
—

 
$
—

 
$
1,013.1

 
$
—

 
$
—

 
$
42.2

Indefinite-lived intangible assets(2)
 
—

 
—

 
—

 
—

 
—

 
10.5

Definite-lived intangible assets(3)
 
—

 
—

 
23.3

 
—

 
—

 
22.4

Total assets
 
$
—

 
$
—

 
$
1,036.4

 
$
—

 
$
—

 
$
75.1


(1)
During the year ended December 31, 2019, goodwill with a carrying amount of $1,122.3 million was written down to a fair value of $1,013.1 million. As of December 31, 2018, goodwill with a carrying amount of $178.9 million was written down to a fair value of $42.2 million.
(2)
During the year ended December 31, 2018, indefinite-lived intangible assets with a carrying amount of $46.9 million were written down to a fair value of $10.5 million.
(3)
During the year ended December 31, 2019, definite-lived intangible assets with a carrying amount of $55.3 million were written down to a fair value of $23.3 million. As of December 31, 2018, definite-lived intangible assets with a carrying amount of $72.0 million were written down to a fair value of $22.4 million.

Fair value assets, unobservable inputs reconciliation
The table below summarizes the change in fair value of the Royalty Pharma contingent milestone (in millions):
 
Year Ended
 
December 31,
2019
 
December 31,
2018
Beginning balance
$
323.2

 
$
134.5

Payments received
(250.0
)
 
—

Change in fair value
22.1

 
188.7

Ending balance
$
95.3

 
$
323.2
Fair value inputs assets The table below represents the volatility and rate of return:
 
Year Ended
 
December 31, 2019
 
December 31,
2018
Volatility
30.0
%
 
30.0
%
Rate of return
7.92
%
 
8.05
%
Liabilities unobservable inputs reconciliation
The table below summarizes the change in fair value of contingent consideration payments (in millions):
 
Year Ended
 
December 31,
2019
 
December 31,
2018
 
December 31,
2017
Beginning balance
$
15.3

 
$
22.0

 
$
69.9

Changes in value
(1.4
)
 
(1.5
)
 
(19.5
)
Divestiture
—

 
—

 
(12.5
)
Currency translation adjustments
—

 
(0.2
)
 
1.5

Settlements and other adjustments
(2.0
)
 
(5.0
)
 
(17.4
)
Ending balance
$
11.9

 
$
15.3

 
$
22.0
Long-term debt fair value
Our fixed rate long-term debt consisted of the following (in millions):
 
Year Ended
 
December 31,
2019
 
December 31,
2018
 
Level 1

 
Level 2

 
Level 1
 
Level 2
Public bonds
 
 
 
 
 
 
 
Carrying value (excluding discount)
$
2,600.0

 
 
 
$
2,600.0

 
 
Fair value
$
2,618.4

 
 
 
$
2,316.6

 
 
 
 
 
 
 
 
 
 
Retail bond and private placement note
 
 
 
 
 
 
 
Carrying value (excluding premium)
 
 
$
151.4

 
 
 
$
292.5

Fair value
 
 
$
168.4

 
 
 
$
307.9