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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements 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 |
The Company held certain restricted equity securities as of March 31, 2023 which are subject to transfer restrictions that expire at various dates through 2024. During the three months ended March 31, 2023 and 2022, we recorded $164.7 million and $211.2 million of net unrealized losses, respectively, on equity securities in Other (expense) income, net. In addition to the investments summarized in the table above, as of both March 31, 2023 and December 31, 2022, the Company had $48.3 million in equity investments that do not have a readily determinable fair value. These investments are recorded within Other noncurrent assets. The fair value of our long-term debt, which was determined based on Level 2 inputs, was estimated to be $1.516 billion and $1.443 billion as of March 31, 2023 and December 31, 2022, respectively.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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