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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Investments measured at fair value on recurring basis

Investments at December 31, 2020, which were measured at fair value on a recurring basis, consisted of the following:

									Fair Value Measurements Using
(in millions)			Fair Value						Level 1						Level 2						Level 3
Cash and cash equivalents:
Cash and money market funds			$	187.1					$	187.1					$	—					$	—
Total cash and cash equivalents			187.1						187.1						—						—
Restricted cash:
Certificates of deposit			3.2						3.2						—						—
Total restricted cash			3.2						3.2						—						—
Debt securities available-for-sale:
Commercial paper			82.2						—						82.2						—
Corporate debt securities			445.9						—						445.9						—
Securities of government-sponsored entities			312.9						—						312.9						—
Total debt securities available-for-sale			841.0						—						841.0						—
Equity securities:
Equity securities–biotechnology industry			38.2						—						—						38.2
Total equity securities			38.2						—						—						38.2
Total recurring fair value measurements			$	1,069.5					$	190.3					$	841.0					$	38.2

Investments at December 31, 2019, which were measured at fair value on a recurring basis, consisted of the following:

									Fair Value Measurements Using
(in millions)			Fair Value						Level 1						Level 2						Level 3
Cash and cash equivalents:
Cash and money market funds			$	112.3					$	112.3					$	—					$	—
Total cash and cash equivalents			112.3						112.3						—						—
Restricted cash:
Certificates of deposit			3.2						3.2						—						—
Total restricted cash			3.2						3.2						—						—
Debt securities available-for-sale:
Commercial paper			144.5						—						144.5						—
Corporate debt securities			521.9						—						521.9						—
Securities of government-sponsored entities			191.5						—						191.5						—
Total debt securities available-for-sale			857.9						—						857.9						—
Equity securities:
Equity securities–biotechnology industry			55.9						—						—						55.9
Total equity securities			55.9						—						—						55.9
Total recurring fair value measurements			$	1,029.3					$	115.5					$	857.9					$	55.9

Reconciliation of equity securities measured at fair value on recurring basis using significant unobservable inputs

The following table presents a reconciliation of equity securities, which were measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

			Year Ended December 31,
(in millions)			2020						2019						2018
Beginning balance			$	55.9					$	—					$	—
Purchases			—						68.9						—
Unrealized loss included in earnings			(17.7)						(13.0)						—
Ending balance			$	38.2					$	55.9					$	—

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- References

No definition available.

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