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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
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 June 30, 2024, classified in accordance with the fair value hierarchy:
| Fair Value Measurements Using
(In millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents | $ | 543.2 |  |  | $ | 38.5 |  |  | $ | — |  |  | $ | 581.7 |
Debt securities, available-for-sale: |  |  |  |  |  |  |
U.S. government agencies (1) | — |  |  | 1,233.3 |  |  | — |  |  | 1,233.3 |
Commercial paper | — |  |  | 497.3 |  |  | — |  |  | 497.3 |
Corporate debt | — |  |  | 450.9 |  |  | — |  |  | 450.9 |
Total debt securities, available-for-sale | — |  |  | 2,181.5 |  |  | — |  |  | 2,181.5 |
Other assets (2) | 19.9 |  |  | — |  |  | — |  |  | 19.9 |
Total assets measured at fair value on a recurring basis | $ | 563.1 |  |  | $ | 2,220.0 |  |  | $ | — |  |  | $ | 2,783.1 |
(1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies. (2) Includes assets which are primarily 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, 2023, classified in accordance with the fair value hierarchy:
| Fair Value Measurements Using
(In millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents | $ | 315.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 315.9 |
Debt securities, available-for-sale: |  |  |  |  |  |  |
U.S. government agencies (1) | — |  |  | 1,612.5 |  |  | — |  |  | 1,612.5 |
Commercial paper | — |  |  | 184.7 |  |  | — |  |  | 184.7 |
Corporate debt | — |  |  | 360.6 |  |  | — |  |  | 360.6 |
Total debt securities, available-for-sale | — |  |  | 2,157.8 |  |  | — |  |  | 2,157.8 |
Other assets (2) | 15.2 |  |  | — |  |  | — |  |  | 15.2 |
Total assets measured at fair value on a recurring basis | $ | 331.1 |  |  | $ | 2,157.8 |  |  | $ | — |  |  | $ | 2,488.9 |
(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) | June 30, 2024 |  | December 31, 2023
Senior Convertible Notes due 2025 | $ | 1,209.9 |  |  | $ | 1,262.8 |
Senior Convertible Notes due 2028 | 1,223.4 |  |  | 1,281.8 |
Total fair value of outstanding senior convertible notes | $ | 2,433.3 |  |  | $ | 2,544.6 |
The carrying amounts of our senior convertible notes were as follows as of the dates indicated:
(In millions) | June 30, 2024 |  | December 31, 2023
Principal amount: |  |  |
Senior Convertible Notes due 2025 | $ | 1,207.5 |  |  | $ | 1,207.5 |
Senior Convertible Notes due 2028 | 1,250.0 |  |  | 1,250.0 |
Total principal amount | 2,457.5 |  |  | 2,457.5 |
Unamortized debt issuance costs | (19.7) |  |  | (23.3) |
Carrying amount of senior convertible notes | $ | 2,437.8 |  |  | $ | 2,434.2 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + 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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