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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Summary of assets and liabilities recorded at fair value | The tables below present information about our assets and liabilities that are regularly measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques we utilized to determine such fair value:
|  | As of December 31, 2020
(In millions) |  | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 626.9 |  |  | $ | — |  |  | $ | 626.9 |  |  | $ | — |
Marketable debt securities: |  |  |  |  |  |  |  |
Corporate debt securities |  | 1,301.5 |  |  | — |  |  | 1,301.5 |  |  | — |
Government securities |  | 627.1 |  |  | — |  |  | 627.1 |  |  | — |
Mortgage and other asset backed securities |  | 122.4 |  |  | — |  |  | 122.4 |  |  | — |
Marketable equity securities |  | 1,974.3 |  |  | 271.1 |  |  | 1,703.2 |  |  | — |
Derivative contracts |  | 20.5 |  |  | — |  |  | 20.5 |  |  | — |
Plan assets for deferred compensation |  | 28.2 |  |  | — |  |  | 28.2 |  |  | — |
Total |  | $ | 4,700.9 |  |  | $ | 271.1 |  |  | $ | 4,429.8 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |
Derivative contracts |  | $ | 217.2 |  |  | $ | — |  |  | $ | 217.2 |  |  | $ | — |
Contingent consideration obligations |  | 259.8 |  |  | — |  |  | — |  |  | 259.8 |
Total |  | $ | 477.0 |  |  | $ | — |  |  | $ | 217.2 |  |  | $ | 259.8 |
|  | As of December 31, 2019
(In millions) |  | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 2,541.1 |  |  | $ | — |  |  | $ | 2,541.1 |  |  | $ | — |
Marketable debt securities: |  |  |  |  |  |  |  |
Corporate debt securities |  | 1,695.1 |  |  | — |  |  | 1,695.1 |  |  | — |
Government securities |  | 1,013.9 |  |  | — |  |  | 1,013.9 |  |  | — |
Mortgage and other asset backed securities |  | 261.3 |  |  | — |  |  | 261.3 |  |  | — |
Marketable equity securities |  | 337.5 |  |  | 7.9 |  |  | 329.6 |  |  | — |
Derivative contracts |  | 43.8 |  |  | — |  |  | 43.8 |  |  | — |
Plan assets for deferred compensation |  | 27.7 |  |  | — |  |  | 27.7 |  |  | — |
Total |  | $ | 5,920.4 |  |  | $ | 7.9 |  |  | $ | 5,912.5 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |
Derivative contracts |  | $ | 8.3 |  |  | $ | — |  |  | $ | 8.3 |  |  | $ | — |
Contingent consideration obligations |  | 346.1 |  |  | — |  |  | — |  |  | 346.1 |
Total |  | $ | 354.4 |  |  | $ | — |  |  | $ | 8.3 |  |  | $ | 346.1 |
Summary of significant unobservable inputs | The following table summarizes the significant unobservable inputs in the fair value measurement of our contingent consideration obligations as of December 31, 2020:
|  | As of December 31, 2020
(In millions) |  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average
Liabilities: |  |  |  |  |  |  |  |  |  |
Contingent consideration obligation |  | $259.8 |  | Discounted cash flow |  | Discount rate |  | 0.60% |  | 0.60%
|  |  | Expected timing of achievement of development milestones |  | 2021 to 2025 |  | —
Summary of gains or losses on assets measured at fair value, nonrecurring basis | The gains or losses on assets measured at fair value on a nonrecurring basis, are summarized as follows:
|  | As of December 31, 2020
(In millions) |  | Beginning Book Value |  | Impairment |  | Ending Book Value
BIIB111 intangible asset |  | $ | 480.0 |  |  | $ | (115.0) |  |  | $ | 365.0 |
Summary of fair and carrying value of debt instruments | The fair values of our debt instruments, which are Level 2 liabilities, are summarized as follows:
|  | As of December 31,
(In millions) |  | 2020 |  | 2019
2.900% Senior Notes due September 15, 2020(1) |  | $ | — |  |  | $ | 1,509.6 |
3.625% Senior Notes due September 15, 2022 |  | 1,054.1 |  |  | 1,038.9 |
4.050% Senior Notes due September 15, 2025 |  | 2,003.1 |  |  | 1,897.2 |
2.250% Senior Notes due May 1, 2030 |  | 1,557.2 |  |  | — |
5.200% Senior Notes due September 15, 2045 |  | 2,365.1 |  |  | 2,107.9 |
3.150% Senior Notes due May 1, 2050 |  | 1,536.4 |  |  | — |
Total |  | $ | 8,515.9 |  |  | $ | 6,553.6 |
(1) Our 2.900% Senior Notes due September 15, 2020, were redeemed in full in May 2020 using the net proceeds from the issuance on April 30, 2020, of our senior unsecured notes for an aggregate principal amount of $3.0 billion. For additional information, please read Note 12, Indebtedness, to these consolidated financial statements.
Fair value of contingent consideration obligations | The following table provides a roll forward of the fair values of our contingent consideration obligations, which includes Level 3 measurements:
|  | As of December 31, |
(In millions) |  | 2020 |  | 2019 |
Fair value, beginning of year |  | $ | 346.1 |  |  | $ | 409.8 |  |
Changes in fair value |  | (86.3) |  |  | (63.7) |  |
Payments and other |  | — |  |  | — |  |
Fair value, end of year |  | $ | 259.8 |  |  | $ | 346.1 |  |

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