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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2022
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 September 30, 2022, classified in accordance with the fair value hierarchy:
Fair Value Measurements Using
(In millions)Level 1Level 2Level 3Total
Cash equivalents$478.1 $— $— $478.1 
Debt securities, available-for-sale:
U.S. government agencies (1)
— 1,327.0 — 1,327.0 
Commercial paper— 201.8 — 201.8 
Corporate debt— 131.5 — 131.5 
Supranationals— 13.5 — 13.5 
Total debt securities, available-for-sale— 1,673.8 — 1,673.8 
Other assets (2)
8.9 — — 8.9 
Total assets measured at fair value on a recurring basis$487.0 $1,673.8 $— $2,160.8 
(1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies.
(2) 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, 2021, classified in accordance with the fair value hierarchy:
Fair Value Measurements Using
(In millions)Level 1Level 2Level 3Total
Cash equivalents$791.4 $40.0 $— $831.4 
Debt securities, available-for-sale:
U.S. government agencies— 1,210.6 — 1,210.6 
Commercial paper— 189.7 — 189.7 
Corporate debt— 224.3 — 224.3 
Supranationals— 54.0 — 54.0 
Total debt securities, available-for-sale— 1,678.6 — 1,678.6 
Other assets (1)
7.0 — — 7.0 
Total assets measured at fair value on a recurring basis$798.4 $1,718.6 $— $2,517.0 
(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 inputs), of our senior convertible notes were as follows as of the dates indicated:
Fair Value Measurements Using Level 1
(In millions)September 30, 2022December 31, 2021
Senior Convertible Notes due 2023$1,533.4 $2,589.6 
Senior Convertible Notes due 20251,118.6 1,432.9 
Total fair value of outstanding senior convertible notes$2,652.0 $4,022.5 
The carrying amounts of our senior convertible notes were as follows as of the dates indicated:
(Dollars in millions)September 30, 2022December 31, 2021
As Adjusted
Principal amount:
Senior Convertible Notes due 2023$774.8 $792.3 
Senior Convertible Notes due 20251,207.5 1,207.5 
Total principal amount1,982.3 1,999.8 
Unamortized debt issuance costs(13.5)(18.0)
Carrying amount of senior convertible notes$1,968.8 $1,981.8