Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of assets measured at fair value on a recurring basis

The table below summarizes the Company's assets which are measured at fair value on a recurring basis. The following fair value hierarchy is used to classify assets, based on inputs to valuation techniques utilized to measure fair value:

•Level 1 - Quoted prices in active markets for identical assets

•Level 2 - Significant other observable inputs, such as quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuations in which significant inputs used are observable

•Level 3 - Significant other unobservable inputs


(In millions)			Fair Value Measurements at Reporting Date
As of March 31, 2021	Fair Value		Level 1		Level 2
Available-for-sale debt securities:
Corporate bonds	$	3,632.2	—		$	3,632.2
U.S. government and government agency obligations	487.8		—		487.8
Sovereign bonds	65.7		—		65.7
Commercial paper	254.3		—		254.3
Certificates of deposit	167.2		—		167.2
Equity securities (unrestricted)	77.7		$	77.7	—
Equity securities (restricted)	924.7		924.7		—
	$	5,609.6	$	1,002.4	$	4,607.2

As of December 31, 2020
Available-for-sale debt securities:
Corporate bonds	$	3,090.3	—		$	3,090.3
U.S. government and government agency obligations	128.9		—		128.9
Sovereign bonds	66.3		—		66.3
Commercial paper	276.1		—		276.1
Certificates of deposit	127.5		—		127.5
Equity securities (unrestricted)	48.3		$	48.3	—
Equity securities (restricted)	791.5		791.5		—
	$	4,528.9	$	839.8	$	3,689.1