XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.25.1

Fair Value Measurements | 3 Months Ended
--- | ---
Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements 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 March 31, 2025 | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 1,865.0 |  |  | $ | 660.1 |  |  | $ | 1,204.9 |  |  | $ | — |
Available-for-sale debt securities: |  |  |  |  |  |  |
Corporate bonds | 8,575.6 |  |  | — |  |  | 8,575.6 |  |  | — |
U.S. government and government agency obligations | 3,535.2 |  |  | — |  |  | 3,535.2 |  |  | — |
Commercial paper | 393.8 |  |  | — |  |  | 393.8 |  |  | — |
Certificates of deposit | 414.4 |  |  | — |  |  | 414.4 |  |  | — |
Asset-backed securities | 321.7 |  |  | — |  |  | 321.7 |  |  | — |
Sovereign bonds | 60.2 |  |  | — |  |  | 60.2 |  |  | — |
Equity securities(a) | 1,234.6 |  |  | 1,234.6 |  |  | — |  |  | — |
Total assets | $ | 16,400.5 |  |  | $ | 1,894.7 |  |  | $ | 14,505.8 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Contingent consideration | $ | 10.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 10.3 |
As of December 31, 2024 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 1,452.2 |  |  | $ | 1,264.2 |  |  | $ | 188.0 |  |  | $ | — |
Available-for-sale debt securities: |  |  |  |  |  |  |
Corporate bonds | 8,220.6 |  |  | — |  |  | 8,220.6 |  |  | — |
U.S. government and government agency obligations | 4,817.0 |  |  | — |  |  | 4,817.0 |  |  | — |
Commercial paper | 548.7 |  |  | — |  |  | 548.7 |  |  | — |
Certificates of deposit | 381.1 |  |  | — |  |  | 381.1 |  |  | — |
Asset-backed securities | 279.3 |  |  | — |  |  | 279.3 |  |  | — |
Sovereign bonds | 82.4 |  |  | — |  |  | 82.4 |  |  | — |
Equity securities(a) | 1,095.3 |  |  | 1,095.3 |  |  | — |  |  | — |
Total assets | $ | 16,876.6 |  |  | $ | 2,359.5 |  |  | $ | 14,517.1 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Contingent consideration | $ | 52.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 52.3 |
(a) Includes equity securities of $26.3 million and $43.2 million as of March 31, 2025 and December 31, 2024, respectively, that are subject to transfer restrictions expiring in April 2026
In addition to the investments summarized in the table above, the Company classified the following investments within Other noncurrent assets: •As of March 31, 2025 and December 31, 2024, the Company had $316.8 million and $159.8 million, respectively, in equity securities that do not have a readily determinable fair value. The change in carrying value of such investments was a result of additional purchases. •As of March 31, 2025 and December 31, 2024, the Company had equity securities held through ownership interest in an investment fund of $72.3 million and $52.0 million, respectively, which are measured at fair value based on Level 3 inputs. During the three months ended March 31, 2025 and 2024, the Company recorded $139.7 million of net unrealized gains and $196.2 million of net unrealized losses, respectively, on equity securities in Other income (expense), net. The fair value of the Company's long-term debt, which was determined based on Level 2 inputs, was estimated to be $1.511 billion and $1.484 billion as of March 31, 2025 and December 31, 2024, respectively.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration