Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022	Fair Value		Level 1		Level 2
Available-for-sale debt securities:
Corporate bonds	$	7,578.2	$	—	$	7,578.2
U.S. government and government agency obligations	1,046.0		—		1,046.0
Sovereign bonds	44.1		—		44.1
Commercial paper	667.8		—		667.8
Certificates of deposit	336.6		—		336.6
Asset-backed securities	39.4		—		39.4
Equity securities (unrestricted)	35.2		35.2		—
Equity securities (restricted)	839.9		839.9		—
	$	10,587.2	$	875.1	$	9,712.1

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