Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024	Fair Value		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	934.8	$	517.3	$	417.5	$	—
Available-for-sale debt securities:
Corporate bonds	7,767.3		—		7,767.3		—
U.S. government and government agency obligations	5,998.6		—		5,998.6		—
Sovereign bonds	66.9		—		66.9		—
Commercial paper	557.6		—		557.6		—
Certificates of deposit	403.1		—		403.1		—
Asset-backed securities	173.9		—		173.9		—
Equity securities (unrestricted)	1,232.1		1,232.1		—		—
Equity securities (restricted)(a)	76.1		76.1		—		—
Total assets	$	17,210.4	$	1,825.5	$	15,384.9	$	—

Liabilities:
Contingent consideration	$	36.7	$	—	$	—	$	36.7

As of December 31, 2023
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	$	43.7	$	—	$	—	$	43.7

(a) Includes equity securities which are subject to transfer restrictions that expire in April 2026