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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Investments Measured at Fair Value on Recurring Basis

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

			September 30, 2021																								December 31, 2020
			Fair Value						Fair Value Measurements Using																		Fair Value						Fair Value Measurements Using
(in millions)									Level 1						Level 2						Level 3												Level 1						Level 2						Level 3
Cash and cash equivalents:
Cash and money market funds			$	311.1					$	311.1					$	—					$	—					$	187.1					$	187.1					$	—					$	—
Restricted cash:
Certificates of deposit			3.2						3.2						—						—						3.2						3.2						—						—
Debt securities available-for-sale:
Commercial paper			208.6						—						208.6						—						82.2						—						82.2						—
Corporate debt securities			499.3						—						499.3						—						445.9						—						445.9						—
Securities of government-sponsored entities			260.6						—						260.6						—						312.9						—						312.9						—
Equity securities:
Equity securities–biotechnology industry			35.3						—						—						35.3						38.2						—						—						38.2
			$	1,318.1					$	314.3					$	968.5					$	35.3					$	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 September 30,												Nine Months Ended September 30,
(in millions)			2021						2020						2021						2020
Balance at beginning of period			$	38.9					$	50.7					$	38.2					$	55.9
Purchases (1)			4.6						—						4.6						—
Unrealized loss included in earnings			(8.2)						(7.0)						(7.5)						(12.2)
Balance at end of period			$	35.3					$	43.7					$	35.3					$	43.7

_________________________

(1) In September 2021, we purchased 0.3 million shares of Xenon's common stock, valued at $4.6 million on the date of purchase, in connection with the approval of the CTA for NBI-921352.

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- 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=123874694&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=123874694&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=123874694&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=123874694&loc=d3e19207-110258

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No definition available.

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