Financial Instruments

12 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]


Note 9:			Financial Instruments

The following table summarizes our financial assets with maturities of less than 90 days from the date of purchase included in cash and cash equivalents in our consolidated balance sheets:


	As of December 31,
(In millions)	2023		2022
Commercial paper	$	—	$	177.2
Overnight reverse repurchase agreements	—		59.0
Money market funds	610.7		2,581.5
Short-term debt securities	—		29.9
Total	$	610.7	$	2,847.6

The carrying values of our commercial paper, including accrued interest, overnight reverse repurchase agreements, money market funds and short-term debt securities approximate fair value due to their short-term maturities.

We partially funded our Reata acquisition through available cash, cash equivalents and marketable securities. As of December 31, 2023, we have sold all of our marketable debt securities. For additional information on our acquisition of Reata, please read Note 2, Acquisitions, to these consolidated financial statements.

Our marketable equity securities gains (losses) are recorded in other (income) expense, net in our consolidated statements of income. The following tables summarize our marketable debt and equity securities, classified as available for sale:


	As of December 31, 2023
(In millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value












Marketable equity securities:
Marketable equity securities, current	$	31.6	$	—	$	(21.0)	$	10.6
Marketable equity securities, non-current	948.3		—		(542.1)		406.2
Total marketable equity securities	$	979.9	$	—	$	(563.1)	$	416.8


	As of December 31, 2022
(In millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable debt securities:
Corporate debt securities:
Current	$	936.2	$	—	$	(4.9)	$	931.3
Non-current	305.3		0.1		(5.1)		300.3
Government securities:
Current	547.1		0.1		(5.0)		542.2
Non-current	271.4		—		(3.3)		268.1
Mortgage and other asset backed securities:
Current	—		—		—		—
Non-current	139.1		0.1		(1.9)		137.3
Total marketable debt securities	$	2,199.1	$	0.3	$	(20.2)	$	2,179.2

Marketable equity securities:

Marketable equity securities, non-current	$	1,133.8	$	—	$	(342.7)	$	791.1
Total marketable equity securities	$	1,133.8	$	—	$	(342.7)	$	791.1

Summary of Contractual Maturities: Available-for-Sale Debt Securities

The estimated fair value and amortized cost of our marketable debt securities classified as available-for-sale by contractual maturity are summarized as follows:



	As of December 31, 2022
(In millions)		Estimated Fair Value		Amortized Cost
Due in one year or less		$	1,473.5	$	1,483.3
Due after one year through five years		694.4		703.7
Due after five years		11.3		12.1
Total marketable debt securities		$	2,179.2	$	2,199.1

The average maturity of our marketable debt securities classified as available-for-sale as of December 31, 2022, was approximately 8 months.

Proceeds from Marketable Debt Securities

The proceeds from maturities and sales of marketable debt securities and resulting realized gains and losses are summarized as follows:


	For the Years Ended December 31,
(In millions)	2023		2022		2021
Proceeds from maturities and sales	$	7,380.8	$	3,671.0	$	3,405.4
Realized gains	1.4		—		0.2
Realized losses	18.4		12.6		4.0

Realized losses for the year ended December 31, 2023, primarily relate to sales of U.S. treasuries and corporate bonds. Realized losses for the years ended December 31, 2022 and 2021, primarily relate to sales of corporate bonds, agency mortgage-backed securities and other asset-backed securities.

During the third quarter of 2023 we sold all of our marketable debt securities and used the proceeds to partially fund our acquisition of Reata. For additional information on our acquisition of Reata, please read Note 2, Acquisitions, to these consolidated financial statements.

Strategic Investments

Our strategic investment portfolio includes investments in equity securities of certain biotechnology companies, which are reflected within our disclosures included in Note 8, Fair Value Measurements, to these consolidated financial statements, as well as venture capital funds where the underlying investments are in equity securities of certain biotechnology companies and non-marketable equity securities.

As of December 31, 2023, our strategic investment portfolio was comprised of investments totaling $460.7 million which are included in other current assets and investments and other assets in our consolidated balance sheets. As of December 31, 2022, our strategic investment portfolio comprised of investments totaling $846.0 million which are included in investments and other assets in our consolidated balance sheets.

The decrease in our strategic investment portfolio for the year ended December 31, 2023, was primarily due to the decrease in the fair value of our investments in Denali, Sangamo and Sage common stock. Additionally, during 2023 we sold a portion of our Sangamo and Denali common stock and the remainder of our Ionis common stock.

For additional information on our investments in Denali, Sangamo, Sage and Ionis common stock, please read Note 19, Collaborative and Other Relationships, to these consolidated financial statements.