Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020						December 31, 2019
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Measured at fair value on a recurring basis:
Assets:
Investment securities	$	2.5	$	—	$	—	$	6.6	$	—	$	—
Foreign currency forward contracts	—		21.5		—		—		4.3		—
Cross-currency swap	—		6.3		—		—		26.3		—
Funds associated with Israeli severance liability	—		15.7		—		—		14.6		—
Royalty Pharma contingent milestone	—		—		—		—		—		95.3
Total assets	$	2.5	$	43.5	$	—	$	6.6	$	45.2	$	95.3
Liabilities:
Foreign currency forward contracts	$	—	$	8.2	$	—	$	—	$	8.4	$	—
Contingent consideration payments	—		—		13.2		—		—		11.9
Total liabilities	$	—	$	8.2	$	13.2	$	—	$	8.4	$	11.9
Measured at fair value on a non-recurring basis:
Assets:
Goodwill(1)	$	—	$	—	$	673.1	$	—	$	—	$	1,013.1
Definite-lived intangible assets(2)	—		—		—		—		—		23.3
Total assets	$	—	$	—	$	673.1	$	—	$	—	$	1,036.4

(1)    During the year ended December 31, 2020, goodwill with a carrying amount of $1,019.9 million was written down to a fair value of $673.1 million. 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.

(2)    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.

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, 2020		December 31, 2019
Beginning balance	$	95.3	$	323.2
Payments received	—		(250.0)
Change in fair value	(95.3)		22.1
Ending balance	$	—	$	95.3

Schedule of fair value assumptions

The table below represents the volatility and rate of return:

	Year Ended
	December 31, 2019
Volatility	30.0	%
Rate of return	7.92	%

Liabilities unobservable inputs reconciliation

The table below summarizes the change in fair value of contingent consideration payments (in millions):

	Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Beginning balance	$	11.9	$	15.3	$	22.0
Changes in value	1.3		(1.4)		(1.5)
Currency translation adjustments	—		—		(0.2)
Settlements and other adjustments	—		(2.0)		(5.0)
Ending balance	$	13.2	$	11.9	$	15.3

Fair value of contingent consideration

The fair value of our contingent consideration sales-based milestones as of December 31, 2020, was calculated using the following significant unobservable inputs:

			Twelve Months Ended
			December 31, 2020
	Valuation Technique	Unobservable Input	Range (Weighted Average)(1)
Contingent consideration payments: sales-based milestones	Discounted cash flow	Projected royalties	$	36.6
		Projected year of payment of sales-based milestones	2021 - 2036 (2027)
		Discount rate	26.0		%

(1)    Unobservable inputs were weighted based on the relative estimated milestone payments.

Long-term debt fair value

Our fixed rate long-term debt consisted of the following (in millions):

	Year Ended
	December 31, 2020				December 31, 2019
	Level 1		Level 2		Level 1		Level 2
Public bonds
Carrying value (excluding discount)	$	2,760.0	$	—	$	2,600.0	$	—
Fair value	$	3,031.1	$	—	$	2,618.4	$	—
Private placement note
Carrying value (excluding premium)	$	—	$	164.9	$	—	$	151.4
Fair value	$	—	$	177.5	$	—	$	168.4