Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of assets measured at fair value on a recurring basis

The table below summarizes the Company's assets and liabilities which are measured at fair value on a recurring basis. The following fair value hierarchy is used to classify assets and liabilities, based on inputs to valuation techniques utilized to measure fair value:

•Level 1 - Quoted prices in active markets for identical assets or liabilities

•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 December 31, 2023	Fair Value		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	928.1	$	6.4	$	921.7	$	—
Available-for-sale debt securities:
Corporate bonds	6,398.0		—		6,398.0		—
U.S. government and government agency obligations	4,833.4		—		4,833.4		—
Sovereign bonds	57.2		—		57.2		—
Commercial paper	636.8		—		636.8		—
Certificates of deposit	521.4		—		521.4		—
Asset-backed securities	87.1		—		87.1		—
Equity securities (unrestricted)	864.5		864.5		—		—
Equity securities (restricted)	112.9		112.9		—		—
Total assets	$	14,439.4	$	983.8	$	13,455.6	$	—

Liabilities:
Contingent consideration - CVRs	$	43.7	$	—	$	—	$	43.7

As of December 31, 2022
Assets:
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		—		—
Total assets	$	12,891.0	$	1,298.3	$	11,592.7	$	—