Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023	Fair Value		Level 1		Level 2
Cash equivalents	$	512.5	$	201.8	$	310.7
Available-for-sale debt securities:
Corporate bonds	6,690.3		—		6,690.3
U.S. government and government agency obligations	4,876.0		—		4,876.0
Sovereign bonds	76.4		—		76.4
Commercial paper	300.2		—		300.2
Certificates of deposit	258.8		—		258.8
Asset-backed securities	88.3		—		88.3
Equity securities (unrestricted)	865.8		865.8		—
Equity securities (restricted)	161.9		151.0		10.9
	$	13,830.2	$	1,218.6	$	12,611.6

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