Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021						December 31, 2020
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Measured at fair value on a recurring basis:
Assets:
Investment securities	$	0.4	$	—	$	—	$	2.5	$	—	$	—
Foreign currency forward contracts	—		5.7		—		—		9.8		—
Cross-currency swap	—		—		—		—		6.3		—
Foreign currency option contracts	—		5.0		—		—		—		—
Total assets	$	0.4	$	10.7	$	—	$	2.5	$	16.1	$	—
Liabilities:
Foreign currency forward contracts	$	—	$	2.4	$	—	$	—	$	7.9	$	—
Cross-currency swap	—		13.8		—		—		—		—
Total liabilities	$	—	$	16.2	$	—	$	—	$	7.9	$	—
Measured at fair value on a non-recurring basis:
Assets:
Goodwill(1)	$	—	$	—	$	71.7	$	—	$	—	$	—
Total assets	$	—	$	—	$	71.7	$	—	$	—	$	—
Liabilities
Liabilities held for sale, net(2)	$	—	$	—	$	16.8	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	16.8	$	—	$	—	$	—

(1)     During the year ended December 31, 2021, goodwill with a carrying value of $81.7 million was written down to a fair value of $71.7 million.

(2)    We measured the net assets held for sale for impairment purposes and recorded a total impairment of $162.2 million, resulting in a net liability held for sale balance (refer to Note 9).

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
Balance at beginning of period		$	95.3
Change in fair value		(95.3)
Balance at end of period		$	—

Long-term debt fair value

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

	Year Ended
	December 31, 2021				December 31, 2020
	Level 1		Level 2		Level 1		Level 2
Public bonds
Carrying value (excluding discount)	$	2,760.0	$	—	$	2,760.0	$	—
Fair value	$	2,847.2	$	—	$	3,031.1	$	—
Private placement note
Carrying value (excluding premium)	$	—	$	153.5	$	—	$	164.9
Fair value	$	—	$	162.6	$	—	$	177.5