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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Investments Measured at Fair Value on Recurring Basis

Investments at March 31, 2021, 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			$	352.6					$	352.6					$	—					$	—
Total cash and cash equivalents			352.6						352.6						—						—
Restricted cash:
Certificates of deposit			3.2						3.2						—						—
Total restricted cash			3.2						3.2						—						—
Debt securities available-for-sale:
Commercial paper			93.2						—						93.2						—
Corporate debt securities			409.4						—						409.4						—
Securities of government-sponsored entities			268.1						—						268.1						—
Total debt securities available-for-sale			770.7						—						770.7						—
Equity securities:
Equity securities–biotechnology industry			38.9						—						—						38.9
Total equity securities			38.9						—						—						38.9
Total recurring fair value measurements			$	1,165.4					$	355.8					$	770.7					$	38.9

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

Reconciliation of Our Investment in Restricted Equity Securities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)

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

			Three Months Ended March 31,
(in millions)			2021						2020
Balance at beginning of period			$	38.2					$	55.9
Unrealized gain (loss) included in earnings			0.7						(16.5)
Balance at end of period			$	38.9					$	39.4

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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