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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Investments Measured at Fair Value on Recurring Basis | The following table presents a summary of investments, which were measured at fair value on a recurring basis.
| March 31, 2022 |  | December 31, 2021
| Fair Value |  | Leveling |  | Fair Value |  | Leveling
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and money market funds | $ | 270.2 |  |  | $ | 270.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 340.8 |  |  | $ | 340.8 |  |  | $ | — |  |  | $ | — |
Restricted cash: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | 7.8 |  |  | 7.8 |  |  | — |  |  | — |  |  | 3.2 |  |  | 3.2 |  |  | — |  |  | — |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | 98.7 |  |  | — |  |  | 98.7 |  |  | — |  |  | 204.8 |  |  | — |  |  | 204.8 |  |  | — |
Corporate debt securities | 499.2 |  |  | — |  |  | 499.2 |  |  | — |  |  | 485.5 |  |  | — |  |  | 485.5 |  |  | — |
Securities of government-sponsored entities | 337.8 |  |  | — |  |  | 337.8 |  |  | — |  |  | 240.9 |  |  | — |  |  | 240.9 |  |  | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities–biotechnology industry | 91.3 |  |  | 91.3 |  |  | — |  |  | — |  |  | 63.7 |  |  | 52.7 |  |  | — |  |  | 11.0 |
| $ | 1,305.0 |  |  | $ | 369.3 |  |  | $ | 935.7 |  |  | $ | — |  |  | $ | 1,338.9 |  |  | $ | 396.7 |  |  | $ | 931.2 |  |  | $ | 11.0 |
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) | 2022 |  | 2021 |  |  |  |
Balance at beginning of period | $ | 11.0 |  |  | $ | 38.2 |  |  |  |  |
Unrealized gain included in earnings (1) | 20.8 |  |  | 0.7 |  |  |  |  |
Transfers out of Level 3 (2) | (31.8) |  |  | — |  |  |  |  |
Balance at end of period | $ | — |  |  | $ | 38.9 |  |  |  |  |
_________________________ (1) Unrealized gains and losses on restricted equity security investments are included in other income (expense), net. (2) Our equity security investment in Voyager was transferred from Level 3 to Level 1 as the associated holding period restriction expired.

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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 + Details
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- 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 + Details
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