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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2024, classified in accordance with the fair value hierarchy:

			Fair Value Measurements Using
(In millions)			Level 1						Level 2						Level 3						Total
Cash equivalents			$	134.2					$	—					$	—					$	134.2
Debt securities, available-for-sale:
U.S. government agencies (1)			—						1,150.1						—						1,150.1
Commercial paper			—						312.1						—						312.1
Corporate debt			—						511.1						—						511.1
Total debt securities, available-for-sale			—						1,973.3						—						1,973.3
Other long-term assets:
Convertible notes receivable			—						—						10.5						10.5
Other assets (2)			20.6						—						—						20.6
Total assets measured at fair value on a recurring basis			$	154.8					$	1,973.3					$	10.5					$	2,138.6

(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 Fair Value of Senior Convertible Notes

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)			December 31, 2024						December 31, 2023
Senior Convertible Notes due 2025			$	1,163.7					$	1,262.8
Senior Convertible Notes due 2028			1,122.3						1,281.8
Total fair value of outstanding senior convertible notes			$	2,286.0					$	2,544.6

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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

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- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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- References

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