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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Carrying Value and Fair Value of Assets and Liabilities | The following table shows assets and liabilities that are measured at fair value on a recurring basis and their carrying value (in millions):
|  | As of December 31, 2023
|  |  |  | Fair Value
|  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 482.4 |  |  | $ | 482.4 |  |  | $ | — |  |  | $ | — |
Marketable securities |  | $ | 298.1 |  |  | $ | 298.1 |  |  | $ | — |  |  | $ | — |
Collateral for interest rate swap |  | $ | 6.0 |  |  | $ | 6.0 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |
Interest rate swap |  | $ | 1.2 |  |  | $ | — |  |  | $ | 1.2 |  |  | $ | — |
Deferred consideration |  | $ | 5.7 |  |  | $ | — |  |  | $ | 5.7 |  |  | $ | — |
Contingent consideration |  | $ | 84.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 84.6 |
|  | As of December 31, 2022
|  |  |  | Fair Value
|  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,074.0 |  |  | $ | 1,074.0 |  |  | $ | — |  |  | $ | — |
Marketable securities |  | $ | 74.2 |  |  | $ | 74.2 |  |  | $ | — |  |  | $ | — |
Collateral for interest rate swap |  | $ | 5.0 |  |  | $ | 5.0 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |
Interest rate swap |  | $ | 1.5 |  |  | $ | — |  |  | $ | 1.5 |  |  | $ | — |
Deferred consideration |  | $ | 7.4 |  |  | $ | — |  |  | $ | 7.4 |  |  | $ | — |
Contingent consideration |  | $ | 58.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 58.1 |
Schedule of Observable Inputs in Valuation of Deferred Consideration | The following observable input was used in the valuation of the deferred consideration as of December 31, 2023 and 2022:
| Fair Value as of December 31, 2023 (in millions) | Observable Input | Input Value
Deferred consideration | $5.7 | Insmed share price on December 31, 2023 | $30.99
| Fair Value as of December 31, 2022 (in millions) | Observable Input | Input Value
Deferred consideration | $7.4 | Insmed share price on December 31, 2022 | $19.98
The following significant unobservable inputs were used in the valuation of the contingent consideration liabilities as of December 31, 2023 and 2022 (in millions):
Contingent Consideration Liabilities | Fair Value as of December 31, 2023 | Valuation Technique | Unobservable Inputs | Values
Development and regulatory milestones | $74.8 | Probability-adjusted | Probabilities of success | 14% - 97%
Priority review voucher milestone | $6.0 | Probability-adjusted discounted cash flow | Probability of success | 16.4%
Discount rate | 10.0%
Contingent Consideration Liabilities | Fair Value as of December 31, 2022 | Valuation Technique | Unobservable Inputs | Values
Development and regulatory milestones | $48.1 | Probability-adjusted | Probabilities of success | 14% - 95%
Priority review voucher milestone | $6.8 | Probability-adjusted discounted cash flow | Probability of success | 16.4%
Discount rate | 8.5%
A rollforward of the Company's valuations deferred and contingent consideration liabilities for the years ended December 31, 2023 and 2022 follows (in thousands):
| Deferred Consideration (level 2 liabilities) |  | Contingent Consideration (level 3 liabilities)
Balance as of December 31, 2021 | $ | 14,931 |  |  | $ | 75,668 |
Additions | — |  |  | — |
Change in Fair Value | (3,234) |  |  | (17,568) |
Payments | (4,297) |  |  | — |
Balance as of December 31, 2022 | 7,400 |  |  | 58,100 |
Additions | — |  |  | — |
Change in Fair Value | 2,197 |  |  | 26,500 |
Payments | (3,897) |  |  | — |
Balance as of December 31, 2023 | $ | 5,700 |  |  | $ | 84,600 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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