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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022
(In millions) |  | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 2,847.6 |  |  | $ | — |  |  | $ | 2,847.6 |  |  | $ | — |
Marketable debt securities: |  |  |  |  |  |  |  |
Corporate debt securities |  | 1,231.6 |  |  | — |  |  | 1,231.6 |  |  | — |
Government securities |  | 810.3 |  |  | — |  |  | 810.3 |  |  | — |
Mortgage and other asset backed securities |  | 137.3 |  |  | — |  |  | 137.3 |  |  | — |
Marketable equity securities |  | 791.1 |  |  | 791.1 |  |  | — |  |  | — |
Other current assets: |  |  |  |  |  |  |  |
Receivable from Samsung BioLogics(1) |  | 798.8 |  |  | — |  |  | — |  |  | 798.8 |
Other assets: |  |  |  |  |  |  |  |
Derivative contracts |  | 63.0 |  |  | — |  |  | 63.0 |  |  | — |
Plan assets for deferred compensation |  | 32.8 |  |  | — |  |  | 32.8 |  |  | — |
Receivable from Samsung BioLogics(1) |  | 405.4 |  |  | — |  |  | — |  |  | 405.4 |
Total |  | $ | 7,117.9 |  |  | $ | 791.1 |  |  | $ | 5,122.6 |  |  | $ | 1,204.2 |
Liabilities: |  |  |  |  |  |  |  |
Derivative contracts |  | $ | 26.0 |  |  | $ | — |  |  | $ | 26.0 |  |  | $ | — |
Total |  | $ | 26.0 |  |  | $ | — |  |  | $ | 26.0 |  |  | $ | — |
(1) Represents the fair value of the current and non-current payments due from Samsung BioLogics as a result of the sale of our 49.9% equity interest in Samsung Bioepis to Samsung BioLogics during the second quarter of 2022, for which we elected the fair value option. For additional information on the sale of our equity interest in Samsung Bioepis, please read Note 3, Dispositions, to these consolidated financial statements.
|  | As of December 31, 2021
(In millions) |  | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 1,632.2 |  |  | $ | — |  |  | $ | 1,632.2 |  |  | $ | — |
Marketable debt securities: |  |  |  |  |  |  |  |
Corporate debt securities |  | 1,108.2 |  |  | — |  |  | 1,108.2 |  |  | — |
Government securities |  | 1,192.7 |  |  | — |  |  | 1,192.7 |  |  | — |
Mortgage and other asset backed securities |  | 132.2 |  |  | — |  |  | 132.2 |  |  | — |
Marketable equity securities |  | 1,048.5 |  |  | 181.7 |  |  | 866.8 |  |  | — |
Derivative contracts |  | 80.9 |  |  | — |  |  | 80.9 |  |  | — |
Plan assets for deferred compensation |  | 33.4 |  |  | — |  |  | 33.4 |  |  | — |
Total |  | $ | 5,228.1 |  |  | $ | 181.7 |  |  | $ | 5,046.4 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |
Derivative contracts |  | $ | 10.8 |  |  | $ | — |  |  | $ | 10.8 |  |  | $ | — |
Contingent consideration obligations |  | 209.1 |  |  | — |  |  | — |  |  | 209.1 |
Total |  | $ | 219.9 |  |  | $ | — |  |  | $ | 10.8 |  |  | $ | 209.1 |
Summary of significant unobservable inputs |
|  | Quantitative Information about Level 3 Fair Value Measurements
|  | Fair Value |  |  |  | Significant Unobservable Input(s) |  | Range |  | Weighted Average
(In millions) |  | 2022(1) |  | 2021 |  | Valuation Technique |  |  | 2021 |  | 2022(1) |  | 2021
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration obligations |  | $ | — |  |  | $ | 209.1 |  |  | Discounted cash flow |  | Discount rate |  | 1.30% |  | — | % |  | 1.30 | %
|  |  |  |  |  | Expected timing of achievement of development milestones |  | 2023 to 2027 |  | — |  |  | — |
(1) During the year ended December 31, 2022, we discontinued the development of vixotrigine and as a result we adjusted the fair value of our contingent consideration obligations to zero.
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:
|  | Fair Value As of December 31,
(In millions) |  | 2022 |  | 2021
3.625% Senior Notes due September 15, 2022(1) |  | $ | — |  |  | $ | 1,020.0 |
4.050% Senior Notes due September 15, 2025 |  | 1,699.9 |  |  | 1,895.2 |
2.250% Senior Notes due May 1, 2030 |  | 1,219.0 |  |  | 1,475.9 |
5.200% Senior Notes due September 15, 2045 |  | 1,033.2 |  |  | 1,463.0 |
3.150% Senior Notes due May 1, 2050 |  | 989.0 |  |  | 1,457.7 |
3.250% Senior Notes due February 15, 2051 |  | 469.1 |  |  | 692.9 |
Total |  | $ | 5,410.2 |  |  | $ | 8,004.7 |
(1) In July 2022 we redeemed our 3.625% Senior Notes due September 15, 2022 in full. For additional information on the redemption, please read Note 13, 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 are classified as Level 3 measurements:
|  | As of December 31,
(In millions) |  | 2022 |  | 2021
Fair value, beginning of year |  | $ | 209.1 |  |  | $ | 259.8 |
Changes in fair value |  | (209.1) |  |  | (50.7) |
Fair value, end of year |  | $ | — |  |  | $ | 209.1 |

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