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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2020
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 March 31, 2020
Fair Value
 
Level 1
 
Level 2
Available-for-sale debt securities:
 
 
 
 
 
Corporate bonds
$
4,117.4

 
—

 
$
4,117.4

U.S. government and government agency obligations
75.1

 
—

 
75.1

Sovereign bonds
37.2

 
—

 
37.2

Commercial paper
162.7

 
—

 
162.7

Certificates of deposit
77.2

 
—

 
77.2

Equity securities (unrestricted)
51.7

 
$
51.7

 
—

Equity securities (restricted)
510.3

 
510.3

 
—

 
$
5,031.6

 
$
562.0

 
$
4,469.6

 
 
 
 
 
 
As of December 31, 2019
 
 
 
 
 
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