XML 20 R10.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Fair Value Measurements | 9 Months Ended
--- | ---
Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The fair value hierarchy consists of the following three levels: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 – Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions that market participants would use in pricing the asset or liability when there is little, if any, market activity for the asset or liability at the measurement date. The following table presents a summary of investments, which were measured at fair value on a recurring basis.
| September 30, 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 | $ | 212.2 |  |  | $ | 212.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 340.8 |  |  | $ | 340.8 |  |  | $ | — |  |  | $ | — |
Restricted cash: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | 7.8 |  |  | 7.8 |  |  | — |  |  | — |  |  | 3.2 |  |  | 3.2 |  |  | — |  |  | — |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | 97.5 |  |  | — |  |  | 97.5 |  |  | — |  |  | 204.8 |  |  | — |  |  | 204.8 |  |  | — |
Corporate debt securities | 521.9 |  |  | — |  |  | 521.9 |  |  | — |  |  | 485.5 |  |  | — |  |  | 485.5 |  |  | — |
Securities of government-sponsored entities | 330.4 |  |  | — |  |  | 330.4 |  |  | — |  |  | 240.9 |  |  | — |  |  | 240.9 |  |  | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities–biotechnology industry | 94.9 |  |  | 94.9 |  |  | — |  |  | — |  |  | 63.7 |  |  | 52.7 |  |  | — |  |  | 11.0 |
| $ | 1,264.7 |  |  | $ | 314.9 |  |  | $ | 949.8 |  |  | $ | — |  |  | $ | 1,338.9 |  |  | $ | 396.7 |  |  | $ | 931.2 |  |  | $ | 11.0 |
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) | 2022 |  | 2021 |  | 2022 |  | 2021
Balance at beginning of period | $ | — |  |  | $ | 38.9 |  |  | $ | 11.0 |  |  | $ | 38.2 |
Purchases | — |  |  | 4.6 |  |  | — |  |  | 4.6 |
Unrealized gain (loss) included in earnings (1) | — |  |  | (8.2) |  |  | 20.8 |  |  | (7.5) |
Transfers out of Level 3 (2) | — |  |  | — |  |  | (31.8) |  |  | — |
Balance at end of period | $ | — |  |  | $ | 35.3 |  |  | $ | — |  |  | $ | 35.3 |
_________________________ (1) Unrealized gains and losses on restricted equity security investments were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) and are included in other income (expense), net. (2) In the first quarter of 2022, our equity security investment in Voyager was transferred from Level 3 to Level 1 as the associated holding period restriction expired.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration