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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Hierarchy for Financial Assets

The following table summarizes financial assets that we measured at fair value on a recurring basis as of September 30, 2019, classified in accordance with the fair value hierarchy. We sold the equity investment in Tandem Diabetes Care, Inc. that we held as of December 31, 2018 during the first quarter of 2019.

	Fair Value Measurements Using
(In millions)	Level 1				Level 2				Level 3				Total
Cash equivalents	$	256.9			$	45.0			$	—			$	301.9
Debt securities, available for sale:
U.S. government agencies	—				699.0				—				699.0
Commercial paper	—				277.9				—				277.9
Corporate debt	—				57.4				—				57.4
Total debt securities, available for sale	—				1,034.3				—				1,034.3
Total assets measured at fair value on a recurring basis	$	256.9			$	1,079.3			$	—			$	1,336.2

The following table summarizes financial assets that we measured at fair value on a recurring basis as of December 31, 2018, classified in accordance with the fair value hierarchy.

	Fair Value Measurements Using
(In millions)	Level 1				Level 2				Level 3				Total
Cash equivalents	$	199.3			$	66.7			$	—			$	266.0
Equity investment in Tandem Diabetes Care, Inc.	38.0				—				—				38.0
Debt securities, available for sale:
U.S. government agencies	—				173.1				—				173.1
Commercial paper	—				36.2				—				36.2
Corporate debt	—				1.3				—				1.3
Total debt securities, available for sale	—				210.6				—				210.6
Total assets measured at fair value on a recurring basis	$	237.3			$	277.3			$	—			$	514.6

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The fair value, based on trading prices (Level 1), of our Senior Convertible Notes were as follows as of the dates indicated.

	Fair Value Measurements Using Level 1
(In millions)	September 30, 2019				December 31, 2018
0.75% Senior Convertible Notes due 2022	$	635.6			$	540.2
0.75% Senior Convertible Notes due 2023	996.5				859.6
Total fair value of outstanding senior convertible notes	$	1,632.1			$	1,399.8

The following table shows the net carrying values, fair values, and if-converted values in excess of principal amounts for each of our senior convertible notes.

(In millions)	September 30, 2019				December 31, 2018
0.75% Senior Convertible Notes due 2022:
Principal amount	$	400.0			$	400.0
Unamortized debt discount	(40.7		)		(51.1		)
Unamortized debt issuance costs	(5.0		)		(6.3		)
Net carrying amount of Senior Convertible Notes due 2022	354.3				342.6
0.75% Senior Convertible Notes due 2023:
Principal amount	850.0				850.0
Unamortized debt discount	(148.1		)		(171.8		)
Unamortized debt issuance costs	(9.1		)		(10.5		)
Net carrying amount of Senior Convertible Notes due 2023	692.8				667.7
Total net carrying amount of senior convertible notes	$	1,047.1			$	1,010.3
Fair value of outstanding senior convertible notes:
Senior Convertible Notes due 2022	$	635.6			$	540.2
Senior Convertible Notes due 2023	996.5				859.6
Total fair value of outstanding senior convertible notes	$	1,632.1			$	1,399.8
Amount by which the notes' if-converted value exceeds their principal amount:
Senior Convertible Notes due 2022	$	221.6			$	125.4
Senior Convertible Notes due 2023	93.9				—
Total by which the notes' if-converted value exceeds their principal amount	$	315.5			$	125.4

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

+ References

No definition available.

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