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Fair Value Measurements and Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
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 December 31, 2024 are classified in the hierarchy as follows (in millions):
Level 1Level 2Level 3Total
Financial assets carried at fair value:   
Cash equivalents:   
Time deposits$— $31.2 $— $31.2 
U.S. government sponsored agencies— 14.9 — 14.9 
Money market funds139.4 — — 139.4 
Total cash equivalents (a)139.4 46.1 — 185.5 
Restricted investments (b)1.6 — — 1.6 
Equity Securities (c)4,548.0 — — 4,548.0 
Loan under the fair value option (d)— — 317.5 317.5 
Available-for-sale investments:
Corporate debt securities— 533.6 — 533.6 
U.S. government sponsored agencies— 118.6 — 118.6 
Foreign government obligations— 5.2 — 5.2 
Municipal obligations— 9.4 — 9.4 
Asset-backed securities— 430.8 — 430.8 
Total available-for-sale investments (e)— 1,097.6 — 1,097.6 
Forward foreign exchange contracts (f)— 8.8 — 8.8 
Total financial assets carried at fair value$4,689.0 $1,152.5 $317.5 $6,159.0 
Financial liabilities carried at fair value:   
     Forward foreign exchange contracts (g)$— $2.4 $— $2.4 
Total financial liabilities carried at fair value$— $2.4 $— $2.4 

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 consolidated balance sheets.

(b) Restricted investments are included in the following accounts in the consolidated balance sheets (in millions):
December 31, 2024December 31, 2023
Restricted investments$— $5.6 
Other investments1.61.5 
   Total$1.6 $7.1 


(c) Equity securities are included in the following accounts in the consolidated balance sheets (in millions):
December 31, 2024December 31, 2023
Short-term investments$78.8 $67.2 
Other investments4,469.2 7,332.1 
   Total$4,548.0 $7,399.3 

(d) The Loan under the fair value option is included in Other investments in the consolidated balance sheets.

(e) Available-for-sale investments are included in Short-term investments in the consolidated balance sheets.
(f) Forward foreign exchange contracts in an asset position are included in Other current assets in the consolidated balance sheets.

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

(h) Contingent considerations in a liability position are included in Other long-term liabilities in the consolidated balance sheets. The changes in the fair value of contingent consideration included in Research and development expense and Selling, general and administrative expense amounted to $14.0 million and $4.1 million, respectively, in the consolidated statements of income (loss) for the year ended December 31, 2023. During the year ended December 31, 2024, the settlement of the contingent liability resulted in Research and development expense of $12.5 million in the consolidated statements of income (loss).
  
Debt Securities, Available-for-sale [Table Text Block]
Available-for-sale investments consist of the following (in millions):
 December 31, 2024
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowances for Credit LossesEstimated
Fair
Value
Short-term investments:    
Corporate debt securities$533.1 $2.1 $(1.6)— $533.6 
Municipal obligations9.5 — (0.1)— 9.4 
Asset-backed securities432.4 1.3 (2.9)— 430.8 
U.S. government sponsored agencies119.5 0.1 (1.0)— 118.6 
Foreign government obligations5.2 — — — 5.2 
 $1,099.7 $3.5 $(5.6)$— $1,097.6 
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 December 31, 2024 by contractual maturity date (in millions):
Amortized
Cost		Estimated Fair
Value
Mature in less than one year$87.6 $87.5 
Mature in one to five years712.2 712.5 
Mature in more than five years299.9 297.6 
Total$1,099.7 $1,097.6 
  
Summary of investments with gross unrealized losses and the associated fair value
As of December 31, 2024, there were no significant continuous unrealized losses greater than 12 months.
  
Schedule of Derivative Instruments [Table Text Block]
The following is a summary of our forward foreign currency exchange contracts (in millions):
 December 31,
 2024
Contracts maturing in January through March 2025 to sell foreign currency:
 
Notional value$717.2 
Unrealized gain/(loss)$5.7 
Contracts maturing in January through March 2025 to purchase foreign currency:
 
Notional value$107.8 
Unrealized gain/(loss)$0.7 
  
Debt Securities, Trading, and Equity Securities, FV-NI
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
12.5 
Foreign currency adjustments gains (losses), net(20.7)
December 31, 2024$317.5 
  
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):

December 31, 2024December 31, 2023
Carrying Value
Fair Value
Carrying ValueFair Value
Senior notes
$1,191.2 $1,098.3 $1,189.5 $1,102.5 
Other long-term debt
9.2 9.2 9.6 9.6 
Total
$1,200.4 $1,107.5 $1,199.1 $1,112.1