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Fair Value Measurements
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements
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 June 30, 2021
(In millions)TotalQuoted Prices
in Active
Markets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets:
Cash equivalents$1,180.2 $— $1,180.2 $— 
Marketable debt securities:
Corporate debt securities1,382.5 — 1,382.5 — 
Government securities688.6 — 688.6 — 
Mortgage and other asset backed securities152.8 — 152.8 — 
Marketable equity securities1,593.5 273.3 1,320.2 — 
Derivative contracts20.8 — 20.8 — 
Plan assets for deferred compensation33.7 — 33.7 — 
Total$5,052.1 $273.3 $4,778.8 $— 
Liabilities:
Derivative contracts$72.4 $— $72.4 $— 
Contingent consideration obligations226.3 — — 226.3 
Total$298.7 $— $72.4 $226.3 
As of December 31, 2020
(In millions)TotalQuoted 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 securities1,301.5 — 1,301.5 — 
Government securities627.1 — 627.1 — 
Mortgage and other asset backed securities122.4 — 122.4 — 
Marketable equity securities1,974.3 271.1 1,703.2 — 
Derivative contracts20.5 — 20.5 — 
Plan assets for deferred compensation28.2 — 28.2 — 
Total$4,700.9 $271.1 $4,429.8 $— 
Liabilities:
Derivative contracts$217.2 $— $217.2 $— 
Contingent consideration obligations259.8 — — 259.8 
Total$477.0 $— $217.2 $259.8 
There have been no material impairments of our assets measured and carried at fair value during the three and six months ended June 30, 2021. In addition, there have been no changes in valuation techniques during the three and six months ended June 30, 2021. The fair value of Level 2 instruments classified as cash equivalents and marketable debt securities was determined through third-party pricing services. The fair value of Level 2 instruments classified as marketable equity securities represents our investments in the common stock of Sangamo Therapeutics, Inc. (Sangamo), Denali Therapeutics Inc. (Denali) and Sage Therapeutics, Inc. (Sage) and are valued using an option pricing valuation model as the investments are each subject to certain holding period restrictions. The holding period restrictions for a portion of our Sangamo investment expired during the second quarter of 2021.
The fair value of this portion of our Sangamo investment was a Level 1 measurement as of June 30, 2021. For additional information on our investments in Sangamo, Denali and Sage common stock, please read Note 7, Financial Instruments, to these condensed consolidated financial statements.
For a description of our validation procedures related to prices provided by third-party pricing services and our option pricing valuation model, please read Note 1, Summary of Significant Accounting Policies - Fair Value Measurements, to our consolidated financial statements included in our 2020 Form 10-K.
The following tables summarize the significant unobservable inputs in the fair value measurement of our contingent consideration obligations as of June 30, 2021 and December 31, 2020:
As of June 30, 2021
(In millions)Fair ValueValuation TechniqueUnobservable Input(s)RangeWeighted Average
Liabilities:
Contingent consideration obligation$226.3 Discounted cash flowDiscount rate0.68%0.68%
Expected timing of achievement of development milestones2022 to 2027—
As of December 31, 2020
(In millions)Fair ValueValuation TechniqueUnobservable Input(s)RangeWeighted Average
Liabilities:
Contingent consideration obligation$259.8 Discounted cash flowDiscount rate0.60%0.60%
Expected timing of achievement of development milestones2021 to 2025—
The weighted average discount rate was calculated based on the relative fair value of our contingent consideration obligations. In addition, we apply various probabilities of technological and regulatory success, ranging from 21.7% to certain probability, to the valuation models to estimate the fair values of our contingent consideration obligations.
Nonrecurring Fair Value Measurements
In addition to assets and liabilities that are recorded at fair value on a recurring basis, we record assets and liabilities at fair value on a nonrecurring basis as required by U.S. GAAP. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges.
The gains or losses on assets measured at fair value on a nonrecurring basis, are summarized as follows:
As of June 30, 2021
(In millions)Beginning Book ValueImpairmentEnding Book Value
BIIB111 intangible asset$365.0 $(350.0)$15.0 
BIIB112 intangible asset220.0 (191.6)28.4 
For the three and six months ended June 30, 2021, we recorded a partial impairment charge of $350.0 million related to BIIB111 and $191.6 million related to BIIB112. For additional information, please read Note 5, Intangible Assets and Goodwill, to these condensed consolidated financial statements.
Debt Instruments
The fair and carrying values of our debt instruments, which are Level 2 liabilities, are summarized as follows:
 As of June 30, 2021As of December 31, 2020
(In millions)Fair
Value		Carrying
Value		Fair
Value		Carrying
Value
3.625% Senior Notes due September 15, 2022$1,037.8 $998.5 $1,054.1 $997.9 
4.050% Senior Notes due September 15, 20251,945.3 1,742.0 2,003.1 1,741.2 
2.250% Senior Notes due May 1, 20301,503.3 1,491.6 1,557.2 1,491.1 
5.200% Senior Notes due September 15, 2045 (1)
1,483.1 1,099.7 2,365.1 1,723.4 
3.150% Senior Notes due May 1, 20501,471.1 1,472.9 1,536.4 1,472.6 
3.250% Senior Notes due February 15, 2051 (1)
700.1 464.5 — — 
Total$8,140.7 $7,269.2 $8,515.9 $7,426.2 
(1) In February 2021 we completed a private offer to exchange (Exchange Offer) our tendered 5.200% Senior Notes due September 15, 2045 (2045 Senior Notes), whereby approximately $624.6 million of our 2045 Senior Notes were exchanged for approximately $700.7 million of a new series of 3.250% Senior Notes due February 15, 2051 (2051 Senior Notes). For additional information on our Exchange Offer, please read Note 10, Indebtedness, to these condensed consolidated financial statements.
The fair values of each of our series of Senior Notes were determined through market, observable and corroborated sources. For additional information related to our Senior Notes issued on April 30, 2020 and September 15, 2015, please read Note 12, Indebtedness, to our consolidated financial statements included in our 2020 Form 10-K.
Contingent Consideration Obligations
In connection with our acquisitions of Convergence and Biogen International Neuroscience GmbH, we agreed to make additional payments based upon the achievement of certain milestone events. The following table provides a roll forward of the fair values of our contingent consideration obligations, which includes Level 3 measurements:
 For the Three Months Ended June 30,For the Six Months Ended June 30,
(In millions)2021202020212020
Fair value, beginning of period$226.0 $341.6 $259.8 $346.1 
Changes in fair value0.3 10.0 (33.5)5.5 
Fair value, end of period$226.3 $351.6 $226.3 $351.6 
As of June 30, 2021 and December 31, 2020, approximately $226.3 million and $110.3 million, respectively, of the fair value of our total contingent consideration obligations was reflected as a component of other long-term liabilities in our condensed consolidated balance sheets with the remaining balance reflected as a component of accrued expense and other.
For the three and six months ended June 30, 2021, changes in the fair value of our contingent consideration obligations were primarily due to delays in the expected timing of the achievement of certain remaining developmental milestones related to our vixotrigine programs.
For the three and six months ended June 30, 2020, changes in the fair value of our contingent consideration obligations were primarily due to changes in the interest rates used to revalue our contingent consideration liabilities, changes in the probability and the expected timing of the achievement of certain remaining developmental milestones and the passage of time.