XML 39 R14.htm IDEA: XBRL DOCUMENT
v3.23.1

Financial Instruments | 3 Months Ended
--- | ---
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Financial Instruments | The following table summarizes our financial assets with maturities of less than 90 days from the date of purchase included in cash and cash equivalents in our condensed consolidated balance sheets:
(In millions) |  | As of March 31, 2023 |  | As of December 31, 2022
Commercial paper |  | $ | 64.0 |  |  | $ | 177.2 |
Overnight reverse repurchase agreements |  | 300.3 |  |  | 59.0 |
Money market funds |  | 2,042.3 |  |  | 2,581.5 |
Short-term debt securities |  | — |  |  | 29.9 |
Total |  | $ | 2,406.6 |  |  | $ | 2,847.6 |
The carrying values of our commercial paper, including accrued interest, overnight reverse repurchase agreements, money market funds and short-term debt securities approximate fair value due to their short-term maturities. Our marketable equity securities gains (losses) are recorded in other (income) expense, net in our condensed consolidated statements of income. The following tables summarize our marketable debt and equity securities, classified as available-for-sale:
|  | As of March 31, 2023
(In millions) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Marketable debt securities |  |  |  |  |  |  |  |
Corporate debt securities: |  |  |  |  |  |  |  |
Current |  | $ | 1,287.6 |  |  | $ | 0.1 |  |  | $ | (4.4) |  |  | $ | 1,283.3 |
Non-current |  | 423.4 |  |  | 1.0 |  |  | (3.5) |  |  | 420.9 |
Government securities: |  |  |  |  |  |  |  |
Current |  | 863.5 |  |  | 0.1 |  |  | (4.2) |  |  | 859.4 |
Non-current |  | 426.1 |  |  | 1.0 |  |  | (1.5) |  |  | 425.6 |
Mortgage and other asset backed securities: |  |  |  |  |  |  |  |
Current |  | 0.4 |  |  | — |  |  | — |  |  | 0.4 |
Non-current |  | 132.9 |  |  | 0.1 |  |  | (1.3) |  |  | 131.7 |
Total marketable debt securities |  | $ | 3,133.9 |  |  | $ | 2.3 |  |  | $ | (14.9) |  |  | $ | 3,121.3 |
Marketable equity securities |  |  |  |  |  |  |  |
Marketable equity securities, current |  | $ | 87.7 |  |  | $ | — |  |  | $ | (19.8) |  |  | $ | 67.9 |
Marketable equity securities, non-current |  | 1,001.1 |  |  | — |  |  | (390.9) |  |  | 610.2 |
Total marketable equity securities |  | $ | 1,088.8 |  |  | $ | — |  |  | $ | (410.7) |  |  | $ | 678.1 |
|  | As of December 31, 2022
(In millions) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Marketable debt securities |  |  |  |  |  |  |  |
Corporate debt securities: |  |  |  |  |  |  |  |
Current |  | $ | 936.2 |  |  | $ | — |  |  | $ | (4.9) |  |  | $ | 931.3 |
Non-current |  | 305.3 |  |  | 0.1 |  |  | (5.1) |  |  | 300.3 |
Government securities: |  |  |  |  |  |  |  |
Current |  | 547.1 |  |  | 0.1 |  |  | (5.0) |  |  | 542.2 |
Non-current |  | 271.4 |  |  | — |  |  | (3.3) |  |  | 268.1 |
Mortgage and other asset backed securities: |  |  |  |  |  |  |  |
Current |  | — |  |  | — |  |  | — |  |  | — |
Non-current |  | 139.1 |  |  | 0.1 |  |  | (1.9) |  |  | 137.3 |
Total marketable debt securities |  | $ | 2,199.1 |  |  | $ | 0.3 |  |  | $ | (20.2) |  |  | $ | 2,179.2 |
Marketable equity securities |  |  |  |  |  |  |  |
Marketable equity securities, non-current |  | $ | 1,133.8 |  |  | $ | — |  |  | $ | (342.7) |  |  | $ | 791.1 |
Total marketable equity securities |  | $ | 1,133.8 |  |  | $ | — |  |  | $ | (342.7) |  |  | $ | 791.1 |
Summary of Contractual Maturities: Available-for-Sale Debt Securities The estimated fair value and amortized cost of our marketable debt securities classified as available-for-sale by contractual maturity are summarized as follows:
|  | As of March 31, 2023 |  | As of December 31, 2022
(In millions) |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost
Due in one year or less |  | $ | 2,143.1 |  |  | $ | 2,151.5 |  |  | $ | 1,473.5 |  |  | $ | 1,483.3 |
Due after one year through five years |  | 962.2 |  |  | 965.8 |  |  | 694.4 |  |  | 703.7 |
Due after five years |  | 16.0 |  |  | 16.6 |  |  | 11.3 |  |  | 12.1 |
Total marketable debt securities |  | $ | 3,121.3 |  |  | $ | 3,133.9 |  |  | $ | 2,179.2 |  |  | $ | 2,199.1 |
The average maturity of our marketable debt securities classified as available-for-sale as of March 31, 2023 and December 31, 2022, was approximately 9 months and 8 months, respectively. Proceeds from Marketable Debt Securities The proceeds from maturities and sales of marketable debt securities and resulting realized gains and losses are summarized as follows:
|  | For the Three Months Ended March 31, |  |
(In millions) |  | 2023 |  | 2022 |  |  |  |
Proceeds from maturities and sales |  | $ | 406.7 |  |  | $ | 543.6 |  |  |  |  |
Realized gains |  | 0.1 |  |  | — |  |  |  |  |
Realized losses |  | 0.7 |  |  | 0.6 |  |  |  |  |
Realized losses for the three months ended March 31, 2023, primarily relate to sales of U.S. treasuries and corporate bonds. Realized losses for the three months ended March 31, 2022, primarily relate to sales of corporate bonds, agency mortgage-backed securities and other asset-backed securities. Strategic Investments As of March 31, 2023 and December 31, 2022, our strategic investment portfolio was comprised of investments totaling $733.6 million and $846.0 million, respectively, which are included in investments and other assets in our condensed consolidated balance sheets. Our strategic investment portfolio includes investments in equity securities of certain biotechnology companies, which are reflected within our disclosures included in Note 7, Fair Value Measurements, to these condensed consolidated financial statements, venture capital funds where the underlying investments are in equity securities of certain biotechnology companies and non-marketable equity securities. The decrease in our strategic investment portfolio as of March 31, 2023, was primarily due to a decrease in the fair value of our investments in Denali, Sangamo and Ionis common stock. For additional information on our investments in Denali, Sangamo, Sage and Ionis common stock, please read Note 19, Collaborative and Other Relationships, to our consolidated financial statements included in our 2022 Form 10-K.

X
- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 + Details
Name: | us-gaap_CashCashEquivalentsAndMarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration