Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023	Fair Value		Level 1		Level 2
Cash equivalents	$	1,422.7	$	154.1	$	1,268.6
Available-for-sale debt securities:
Corporate bonds	6,592.2		—		6,592.2
U.S. government and government agency obligations	2,903.4		—		2,903.4
Sovereign bonds	70.4		—		70.4
Commercial paper	279.1		—		279.1
Certificates of deposit	153.7		—		153.7
Asset-backed securities	52.5		—		52.5
Equity securities (unrestricted)	20.7		20.7		—
Equity securities (restricted)	1,038.0		1,028.3		9.7
	$	12,532.7	$	1,203.1	$	11,329.6

As of December 31, 2022
Cash equivalents	$	1,662.8	$	88.3	$	1,574.5
Available-for-sale debt securities:
Corporate bonds	6,684.4		—		6,684.4
U.S. government and government agency obligations	2,939.4		—		2,939.4
Sovereign bonds	64.1		—		64.1
Commercial paper	121.1		—		121.1
Certificates of deposit	182.0		—		182.0
Asset-backed securities	27.2		—		27.2
Equity securities (unrestricted)	24.6		24.6		—
Equity securities (restricted)	1,185.4		1,185.4		—
	$	12,891.0	$	1,298.3	$	11,592.7