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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2021
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 March 31, 2021, classified in accordance with the fair value hierarchy:
| Fair Value Measurements Using
(In millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents | $ | 558.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 558.2 |
Debt securities, available for sale: |  |  |  |  |  |  |
U.S. government agencies | — |  |  | 1,502.2 |  |  | — |  |  | 1,502.2 |
Commercial paper | — |  |  | 313.8 |  |  | — |  |  | 313.8 |
Corporate debt | — |  |  | 82.8 |  |  | — |  |  | 82.8 |
Total debt securities, available for sale | — |  |  | 1,898.8 |  |  | — |  |  | 1,898.8 |
Other assets (1) | 5.1 |  |  | — |  |  | — |  |  | 5.1 |
Total assets measured at fair value on a recurring basis | $ | 563.3 |  |  | $ | 1,898.8 |  |  | $ | — |  |  | $ | 2,462.1 |
(1) Includes assets which are held pursuant to a deferred compensation plan for senior management, 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, 2020, classified in accordance with the fair value hierarchy:
| Fair Value Measurements Using
(In millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents | $ | 491.5 |  |  | $ | 150.0 |  |  | $ | — |  |  | $ | 641.5 |
Debt securities, available for sale: |  |  |  |  |  |  |
U.S. government agencies | — |  |  | 1,570.4 |  |  | — |  |  | 1,570.4 |
Commercial paper | — |  |  | 258.8 |  |  | — |  |  | 258.8 |
Corporate debt | — |  |  | 60.9 |  |  | — |  |  | 60.9 |
Total debt securities, available for sale | — |  |  | 1,890.1 |  |  | — |  |  | 1,890.1 |
Other assets (1) | 3.4 |  |  | — |  |  | — |  |  | 3.4 |
Total assets measured at fair value on a recurring basis | $ | 494.9 |  |  | $ | 2,040.1 |  |  | $ | — |  |  | $ | 2,535.0 |
(1) Includes assets which are held pursuant to a deferred compensation plan for senior management, which consist mainly of mutual funds.
Schedule of 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) | March 31, 2021 |  | December 31, 2020
Senior Convertible Notes due 2023 | $ | 1,879.1 |  |  | $ | 1,936.4 |
Senior Convertible Notes due 2025 | 1,196.6 |  |  | 1,219.2 |
Total fair value of outstanding senior convertible notes | $ | 3,075.7 |  |  | $ | 3,155.6 |
For more information on the carrying values of our senior convertible notes, see Note 4, “Debt.” The carrying amounts of our senior convertible notes were as follows as of the dates indicated:
(Dollars in millions) | March 31, 2021 |  | December 31, 2020
Principal amount: |  |  |
Senior Convertible Notes due 2023 | $ | 850.0 |  |  | $ | 850.0 |
Senior Convertible Notes due 2025 | 1,207.5 |  |  | 1,207.5 |
Total principal amount | 2,057.5 |  |  | 2,057.5 |
Unamortized debt discount | (350.6) |  |  | (371.1) |
Unamortized debt issuance costs | (18.1) |  |  | (19.2) |
Carrying amount of liability component | $ | 1,688.8 |  |  | $ | 1,667.2 |
Carrying amount of equity component | $ | 461.0 |  |  | $ | 461.0 |
Remaining amortization period of debt discount on the liability component: |  |  |
Senior Convertible Notes due 2023 | 2.7 years |  | 2.9 years
Senior Convertible Notes due 2025 | 4.6 years |  | 4.9 years

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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 + Details
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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. + Details
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