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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Investments, which were measured at fair value on a recurring basis, consisted of the following:
| December 31, 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 | $ | 340.8 |  |  | $ | 340.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 187.1 |  |  | $ | 187.1 |  |  | $ | — |  |  | $ | — |
Restricted cash: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | 3.2 |  |  | 3.2 |  |  | — |  |  | — |  |  | 3.2 |  |  | 3.2 |  |  | — |  | —
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | 204.8 |  |  | — |  |  | 204.8 |  |  | — |  |  | 82.2 |  |  | — |  | 82.2 |  |  | —
Corporate debt securities | 485.5 |  |  | — |  |  | 485.5 |  |  | — |  |  | 445.9 |  |  | — |  | 445.9 |  |  | —
Securities of government-sponsored entities | 240.9 |  |  | — |  |  | 240.9 |  |  | — |  |  | 312.9 |  |  | — |  | 312.9 |  |  | —
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities–biotechnology industry | 63.7 |  |  | 52.7 |  |  | — |  |  | 11.0 |  |  | 38.2 |  |  | — |  | — |  | 38.2 |
| $ | 1,338.9 |  |  | $ | 396.7 |  |  | $ | 931.2 |  |  | $ | 11.0 |  |  | $ | 1,069.5 |  |  | $ | 190.3 |  |  | $ | 841.0 |  |  | $ | 38.2 |
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):
| Year Ended December 31,
(in millions) | 2021 |  | 2020 |  | 2019
Balance at beginning of period | $ | 38.2 |  |  | $ | 55.9 |  |  | $ | — |
Purchases (1) | 4.6 |  |  | — |  |  | 68.9 |
Unrealized gain (loss) included in earnings | 20.9 |  |  | (17.7) |  |  | (13.0) |
Transfers out of Level 3 (2) | (52.7) |  |  | — |  |  | — |
Balance at end of period | $ | 11.0 |  |  | $ | 38.2 |  |  | $ | 55.9 |
_________________________ (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 European Union’s approval of the clinical trial application for NBI-921352. (2) In the fourth quarter of 2021, our equity security investment in Xenon was transferred from Level 3 to Level 1 as the associated holding period restriction expired. As of December 31, 2021, the discount for lack of marketability used in the valuation analysis of our Voyager equity security investment was 2.5%. Unrealized gains and losses on equity security investments are included in other income (expense), net.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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