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 |
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