Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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


(In millions)			Fair Value Measurements at Reporting Date
As of March 31, 2022	Fair Value		Level 1		Level 2
Available-for-sale debt securities:
Corporate bonds	$	8,216.2	$	—	$	8,216.2
U.S. government and government agency obligations	381.9		—		381.9
Sovereign bonds	53.7		—		53.7
Commercial paper	711.4		—		711.4
Certificates of deposit	343.3		—		343.3
Asset-backed securities	43.7		—		43.7
Equity securities (unrestricted)	43.9		43.9		—
Equity securities (restricted)	994.8		994.8		—
	$	10,788.9	$	1,038.7	$	9,750.2

As of December 31, 2021
Available-for-sale debt securities:
Corporate bonds	$	7,487.7	$	—	$	7,487.7
U.S. government and government agency obligations	108.5		—		108.5
Sovereign bonds	64.4		—		64.4
Commercial paper	439.6		—		439.6
Certificates of deposit	255.1		—		255.1
Asset-backed securities	41.9		—		41.9
Equity securities (unrestricted)	58.4		58.4		—
Equity securities (restricted)	1,191.5		1,191.5		—
	$	9,647.1	$	1,249.9	$	8,397.2