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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Financial Assets

The following table summarizes financial assets that we measured at fair value on a recurring basis as of December 31, 2019, classified in accordance with the fair value hierarchy:

	Fair Value Measurements Using
(In millions)	Level 1				Level 2				Level 3				Total
Cash equivalents	$	110.1			$	144.9			$	—			$	255.0
Debt securities, available for sale:
U.S. government agencies	—				676.0				—				676.0
Commercial paper	—				248.2				—				248.2
Corporate debt	—				162.9				—				162.9
Total debt securities, available for sale	—				1,087.1				—				1,087.1
Other assets (1)	0.7				—				—				0.7
Total assets measured at fair value on a recurring basis	$	110.8			$	1,232.0			$	—			$	1,342.8

⁽¹⁾ Includes assets which are held pursuant to a deferred compensation plan for our executives, which consist mainly of mutual funds.

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 Fair Value of Senior Convertible Notes

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)	December 31, 2019				December 31, 2018
0.75% Senior Convertible Notes due 2022	$	890.8			$	540.2
0.75% Senior Convertible Notes due 2023	1,260.0				859.6
Total fair value of outstanding senior convertible notes	$	2,150.8			$	1,399.8

For more information on the carrying values of our 2022 Notes and 2023 Notes, see Note 5, “Debt.”

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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).

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-Publisher FASB
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- Definition

Tabular disclosure of information about fair value of asset and liability not measured at fair value.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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