XML 35 R19.htm IDEA: XBRL DOCUMENT v3.23.1

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023, classified in accordance with the fair value hierarchy:

			Fair Value Measurements Using
(In millions)			Level 1						Level 2						Level 3						Total
Cash equivalents			$	407.8					$	—					$	—					$	407.8
Debt securities, available-for-sale:
U.S. government agencies (1)			—						1,554.8						—						1,554.8
Commercial paper			—						147.0						—						147.0
Corporate debt			—						242.0						—						242.0
Total debt securities, available-for-sale			—						1,943.8						—						1,943.8
Other assets (2)			13.3						—						—						13.3
Total assets measured at fair value on a recurring basis			$	421.1					$	1,943.8					$	—					$	2,364.9

The following table summarizes financial assets that we measured at fair value on a recurring basis as of December 31, 2022, classified in accordance with the fair value hierarchy:

			Fair Value Measurements Using
(In millions)			Level 1						Level 2						Level 3						Total
Cash equivalents			$	375.9					$	44.8					$	—					$	420.7
Debt securities, available-for-sale:
U.S. government agencies (1)			—						1,530.7						—						1,530.7
Commercial paper			—						119.4						—						119.4
Corporate debt			—						163.8						—						163.8
Total debt securities, available-for-sale			—						1,813.9						—						1,813.9
Other assets (2)			10.2						—						—						10.2
Total assets measured at fair value on a recurring basis			$	386.1					$	1,858.7					$	—					$	2,244.8

(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.

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)			March 31, 2023						December 31, 2022
Senior Convertible Notes due 2023			$	2,189.0					$	2,136.2
Senior Convertible Notes due 2025			1,298.2						1,314.9
Total fair value of outstanding senior convertible notes			$	3,487.2					$	3,451.1

The carrying amounts of our senior convertible notes were as follows as of the dates indicated:

(In millions)			March 31, 2023						December 31, 2022
Principal amount:
Senior Convertible Notes due 2023			$	774.8					$	774.8
Senior Convertible Notes due 2025			1,207.5						1,207.5
Total principal amount			1,982.3						1,982.3
Unamortized debt issuance costs			(10.6)						(12.0)
Carrying amount of senior convertible notes			$	1,971.7					$	1,970.3

X

- 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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration