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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
Financial assets and liabilities carried at fair value and measured on a recurring basis as of September 30, 2024 are classified in the hierarchy as follows (in millions):
Level 1Level 2Level 3Total
Financial assets carried at fair value:
Cash equivalents:
Time deposits— 43.2 — 43.2 
Money market funds110.9 — — 110.9 
Total cash equivalents (a)110.9 43.2 — 154.1 
Restricted investments (b)7.1 — — 7.1 
Equity securities (c)5,701.4 — — 5,701.4 
Loan under the fair value option (d)— — 343.5 343.5 
Available-for-sale investments:
Corporate debt securities— 543.8 — 543.8 
U.S. government sponsored agencies— 147.0 — 147.0 
Foreign government obligations— 2.6 — 2.6 
Municipal obligations— 6.7 — 6.7 
Asset-backed securities— 433.2 — 433.2 
Total available-for-sale investments (e)— 1,133.3 — 1,133.3 
Forward foreign exchange contracts (f)— 2.2 — 2.2 
Total financial assets carried at fair value$5,819.4 $1,178.7 $343.5 $7,341.6 
Financial liabilities carried at fair value:   
Forward foreign exchange contracts (g)$— $0.9 $— $0.9 
Contingent consideration (h)— — 18.3 18.3 
Total financial liabilities carried at fair value$— $0.9 $18.3 $19.2 
Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2023 are classified in the hierarchy as follows (in millions):
Level 1Level 2Level 3Total
Financial assets carried at fair value:
Cash equivalents:
Commercial paper$— $12.5 $— $12.5 
Time deposits— 36.6 — 36.6 
U.S. government sponsored agencies— 7.0 — 7.0 
Money market funds28.0 — — 28.0 
Total cash equivalents (a)28.0 56.1 — 84.1 
Restricted investments (b)7.1 — — 7.1 
Equity securities (c)7,399.3 — — 7,399.3 
Loan under the fair value option (d)— — 325.7 325.7 
Available-for-sale investments:
Corporate debt securities— 531.6 — 531.6 
U.S. government sponsored agencies— 255.9 — 255.9 
Foreign government obligations— 12.7 — 12.7 
Municipal obligations— 12.1 — 12.1 
Asset-backed securities— 323.7 — 323.7 
Total available-for-sale investments (e)— 1,136.0 — 1,136.0 
Forward foreign exchange contracts (f)— 4.1 — 4.1 
Total financial assets carried at fair value$7,434.4 $1,196.2 $325.7 $8,956.3 
Financial liabilities carried at fair value:
Forward foreign exchange contracts (g)$— $11.7 $— $11.7 
Contingent consideration (h)— — 17.5 17.5 
Total financial liabilities carried at fair value$— $11.7 $17.5 $29.2 

(a)Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets.

(b) Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions):
September 30, 2024December 31, 2023
Restricted investments$5.6 $5.6 
Other investments1.5 1.5 
    Total$7.1 $7.1 

(c) Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions):
September 30, 2024December 31, 2023
Short-term investments$78.7 $67.2 
Other investments5,622.7 7,332.1 
        Total$5,701.4 $7,399.3 

(d) The Loan under the fair value option is included in Other investments in the condensed consolidated balance sheets.
(e) Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets.

(f) Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets.

(g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets.

(h) Contingent considerations in a liability position are included in Other long-term liabilities in the condensed consolidated balance sheets. The changes in the fair value of contingent consideration included in Research and development expense amounted to $0.4 million and $0.8 million in the condensed consolidated statements of income (loss) for the three and nine months ended September 30, 2024, respectively. No conditions triggering payment of the contingent consideration were met as of September 30, 2024.
Debt Securities, Available-for-sale
Available-for-sale investments consist of the following (in millions):
 September 30, 2024
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated
Fair
Value
Short-term investments:    
Corporate debt securities$536.6 $7.5 $(0.3)$543.8 
Municipal obligations6.6 0.1 — 6.7 
Asset-backed securities430.3 3.7 (0.8)433.2 
U.S. government sponsored agencies145.9 1.3 (0.2)147.0 
Foreign government obligations2.6 — — 2.6 
 $1,122.0 $12.6 $(1.3)$1,133.3 
Available-for-sale investments consist of the following (in millions):
 December 31, 2023
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated
Fair
Value
Short-term investments:    
Corporate debt securities$534.1 $0.8 $(3.3)$531.6 
Municipal obligations12.2 — (0.1)12.1 
Asset-backed securities325.7 0.7 (2.7)323.7 
U.S. government sponsored agencies257.4 0.1 (1.6)255.9 
Foreign government obligations12.8 — (0.1)12.7 
Total$1,142.2 $1.6 $(7.8)$1,136.0 
Summary of amortized cost and estimated fair value of debt securities by contractual maturity date
The following is a summary of the amortized cost and estimated fair value of our debt securities at September 30, 2024 by contractual maturity date (in millions):
Amortized
Cost		Estimated Fair
Value
Mature in less than one year$120.5 $120.4 
Mature in one to five years702.9 711.8 
Mature in more than five years298.6 301.1 
Total$1,122.0 $1,133.3 
Discussion of current derivative risk management
The following is a summary of our forward foreign currency exchange contracts (in millions):

Contracts to sell foreign currency:
September 30, 2024December 31, 2023
Notional value$673.7 $873.5 
Unrealized gain/(loss)
$1.3 $(8.1)
Contracts to purchase foreign currency:
 
Notional value$44.4 $133.6 
Unrealized gain/(loss)
$— $0.5 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The carrying value and fair value of our long-term debt were as follows (in millions):

September 30, 2024December 31, 2023
Carrying Value
Fair Value
Carrying ValueFair Value
Senior notes
$1,190.8 $1,119.9 $1,189.5 $1,102.5 
Other long-term debt
9.3 9.3 9.6 9.6 
Total
$1,200.1 $1,129.2 $1,199.1 $1,112.1 
Fair Value Measurement Inputs and Valuation Techniques
The following table provides a reconciliation of the Level 3 Loan measured at estimated fair value (in millions):

December 31, 2023$325.7 
Change in estimated fair market value, net
$14.7 
Foreign currency exchange losses, net
$3.1 
September 30, 2024$343.5