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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of assets measured at fair value on a recurring basis
The table below summarizes the Company's assets which are measured at fair value on a recurring basis. The following fair value hierarchy is used to classify assets, based on inputs to valuation techniques utilized to measure fair value:
•
Level 1 - Quoted prices in active markets for identical assets
•
Level 2 - Significant other observable inputs, such as quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuations in which significant inputs used are observable
•
Level 3 - Significant other unobservable inputs
 
 
 
Fair Value Measurements at Reporting Date
As of December 31, 2019
Fair Value
 
Level 1
 
Level 2
Available-for-sale debt securities:
 
 
 
 
 
Corporate bonds
$
3,988.1

 
—

 
$
3,988.1

U.S. government and government agency obligations
54.4

 
—

 
54.4

Sovereign bonds
27.3

 
—

 
27.3

Commercial paper
92.3

 
—

 
92.3

Certificates of deposit
72.4

 
—

 
72.4

Equity securities (unrestricted)
61.6

 
$
61.6

 
—

Equity securities (restricted)
557.2

 
557.2

 
—

 
$
4,853.3

 
$
618.8

 
$
4,234.5

 
 
 
 
 
 
As of December 31, 2018
 
 
 
 
 
Available-for-sale debt securities:
 
 
 
 
 
Corporate bonds
$
2,718.4

 
—

 
$
2,718.4

U.S. government and government agency obligations
109.4

 
—

 
109.4

Sovereign bonds
7.6

 
—

 
7.6

Commercial paper
113.8

 
—

 
113.8

Certificates of deposit
60.0

 
—

 
60.0

Equity securities (unrestricted)
43.6

 
$
43.6

 
—

Equity securities (restricted)
44.4

 
—

 
44.4

 
$
3,097.2

 
$
43.6

 
$
3,053.6