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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Carrying Value | 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 June 30, 2024
|  |  | Fair Value
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,246.8 |  |  | $ | 1,246.8 |  |  | $ | — |  |  | $ | — |
Collateral for interest rate swap | $ | 6.0 |  |  | $ | 6.0 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |
Interest rate swap | $ | (1.5) |  |  | $ | — |  |  | $ | (1.5) |  |  | $ | — |
Deferred consideration | $ | 12.4 |  |  | $ | — |  |  | $ | 12.4 |  |  | $ | — |
Contingent consideration | $ | 169.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 169.7 |
| 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 |
Schedule of Observable Inputs in Valuation of Deferred Consideration, Development and Regulatory Milestones and Priority Review Voucher Milestone and Changes in Fair Value of Valuations for Deferred and Contingent Consideration Liabilities | The following observable input was used in the valuation of the deferred consideration as of June 30, 2024:
| Fair Value as of June 30, 2024 (in millions) | Observable Input | Input Value
Deferred consideration | $12.4 | Insmed share price as of June 30, 2024 | $67.00
The following significant unobservable inputs were used in the valuation of the development and regulatory milestones and the priority review voucher milestone as of June 30, 2024:
| Fair Value as of June 30, 2024 (in millions) | Valuation Technique | Unobservable Inputs | Values
Development and regulatory milestones | $161.8 | Probability-adjusted | Probabilities of success | 14% - 97%
Priority review voucher milestone | $5.2 | Probability-adjusted discounted cash flow | Probability of success | 16.4%
Discount rate | 16.4%
The following table is a summary of the changes in the fair value of the Company's valuations for the deferred and contingent consideration liabilities for the six months ended June 30, 2024 and 2023 (in thousands):
| Deferred Consideration (Level 2 Liabilities) |  | Contingent Consideration (Level 3 Liabilities)
Balance as of December 31, 2022 | $ | 7,400 |  |  | $ | 58,100 |
Additions | — |  |  | — |
Change in Fair Value | 400 |  |  | 3,600 |
Payments | — |  |  | — |
Balance as of June 30, 2023 | $ | 7,800 |  |  | $ | 61,700 |
Balance as of December 31, 2023 | $ | 5,700 |  |  | $ | 84,600 |
Additions | — |  |  | — |
Change in Fair Value | 6,700 |  |  | 85,100 |
Payments | — |  |  | — |
Balance as of June 30, 2024 | $ | 12,400 |  |  | $ | 169,700 |

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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://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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