XML 63 R37.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
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:
|  | Fair Value Measurements on a Recurring Basis
|  | As of June 30, 2024
(In millions) |  | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 1,449.7 |  |  | $ | — |  |  | $ | 1,449.7 |  |  | $ | — |
Marketable equity securities |  | 302.7 |  |  | 302.7 |  |  | — |  |  | — |
Other current assets: |  |  |  |  |  |  |  |
Derivative contracts |  | 23.4 |  |  | — |  |  | 23.4 |  |  | — |
Other non-current assets: |  |  |  |  |  |  |  |
Plan assets for deferred compensation |  | 38.5 |  |  | — |  |  | 38.5 |  |  | — |
Derivative contracts |  | 1.8 |  |  | — |  |  | 1.8 |  |  | — |
Total |  | $ | 1,816.1 |  |  | $ | 302.7 |  |  | $ | 1,513.4 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |
Derivative contracts |  | $ | 18.6 |  |  | $ | — |  |  | $ | 18.6 |  |  | $ | — |
Total |  | $ | 18.6 |  |  | $ | — |  |  | $ | 18.6 |  |  | $ | — |
|  | Fair Value Measurements on a Recurring Basis
|  | As of December 31, 2023
(In millions) |  | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 610.7 |  |  | $ | — |  |  | $ | 610.7 |  |  | $ | — |
Marketable equity securities |  | 416.8 |  |  | 416.8 |  |  | — |  |  | — |
Other current assets: |  |  |  |  |  |  |  |
Receivable from Samsung BioLogics(1) |  | 430.0 |  |  | — |  |  | — |  |  | 430.0 |
Derivative contracts |  | 11.9 |  |  | — |  |  | 11.9 |  |  | — |
Other non-current assets: |  |  |  |  |  |  |  |
Plan assets for deferred compensation |  | 37.5 |  |  | — |  |  | 37.5 |  |  | — |
Total |  | $ | 1,506.9 |  |  | $ | 416.8 |  |  | $ | 660.1 |  |  | $ | 430.0 |
Liabilities: |  |  |  |  |  |  |  |
Derivative contracts |  | $ | 31.6 |  |  | $ | — |  |  | $ | 31.6 |  |  | $ | — |
Total |  | $ | 31.6 |  |  | $ | — |  |  | $ | 31.6 |  |  | $ | — |
(1) Represents the fair value of the second deferred payment 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 condensed consolidated financial statements.
Summary of fair and carrying value of debt instruments | The fair and carrying values of our debt instruments, which are Level 2 liabilities, are summarized as follows:
|  | As of June 30, 2024 |  | As of December 31, 2023
(In millions) |  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
Current portion: |  |  |  |  |  |  |  |
2023 Term Loan 364-day tranche |  | $ | — |  |  | $ | — |  |  | $ | 150.0 |  |  | $ | 150.0 |
Current portion of notes payable and term loan |  | — |  |  | — |  |  | 150.0 |  |  | 150.0 |
Non-current portion: |  |  |  |  |  |  |  |
2023 Term Loan three-year tranche |  | — |  |  | — |  |  | 500.0 |  |  | 500.0 |
4.050% Senior Notes due September 15, 2025 |  | 1,718.7 |  |  | 1,747.6 |  |  | 1,721.5 |  |  | 1,746.6 |
2.250% Senior Notes due May 1, 2030 |  | 1,275.9 |  |  | 1,494.3 |  |  | 1,279.3 |  |  | 1,493.8 |
5.200% Senior Notes due September 15, 2045 |  | 1,018.8 |  |  | 1,100.8 |  |  | 1,089.7 |  |  | 1,100.7 |
3.150% Senior Notes due May 1, 2050 |  | 969.3 |  |  | 1,474.7 |  |  | 1,049.0 |  |  | 1,474.3 |
3.250% Senior Notes due February 15, 2051 |  | 466.2 |  |  | 474.6 |  |  | 498.2 |  |  | 472.8 |
Non-current portion of notes payable and term loan |  | 5,448.9 |  |  | 6,292.0 |  |  | 6,137.7 |  |  | 6,788.2 |
Total notes payable and term loan |  | $ | 5,448.9 |  |  | $ | 6,292.0 |  |  | $ | 6,287.7 |  |  | $ | 6,938.2 |
In connection with our acquisition of Reata we drew $1.0 billion from our 2023 Term Loan, comprised of a $500.0 million floating rate 364-day tranche and a $500.0 million floating rate three-year tranche. As of June 30, 2024, our 2023 Term Loan was repaid in full. For additional information on our 2023 Term Loan, please read Note 13, Indebtedness, to these condensed consolidated financial statements.

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

X
- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration