Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Summary of assets and liabilities recorded at fair value

The tables below present information about our assets and liabilities that are regularly measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques we utilized to determine such fair value:


	Fair Value Measurements on a Recurring Basis
	As of March 31, 2024
(In millions)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	484.8	$	—	$	484.8	$	—




Marketable equity securities	329.5		329.5		—		—
Other current assets:
Receivable from Samsung BioLogics(1)	436.1		—		—		436.1
Derivative contracts	9.9		—		9.9		—
Other non-current assets:
Plan assets for deferred compensation	39.0		—		39.0		—

Total	$	1,299.3	$	329.5	$	533.7	$	436.1
Liabilities:
Derivative contracts	$	27.3	$	—	$	27.3	$	—

Total	$	27.3	$	—	$	27.3	$	—

(1) Represents the fair value of the current payment due from Samsung BioLogics as a result of the sale of our 49.9% equity interest in Samsung Bioepis to Samsung BioLogics during the second quarter of 2022, for which we elected the fair value option. For additional information on the sale of our equity interest in Samsung Bioepis, please read Note 3, Dispositions, to these condensed consolidated financial statements.

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 condensed consolidated financial statements.


	Fair Value Measurements on a Recurring Basis
	As of December 31, 2023
(In millions)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	610.7	$	—	$	610.7	$	—




Marketable equity securities	416.8		416.8		—		—
Other current assets:
Receivable from Samsung BioLogics(1)	430.0		—		—		430.0
Derivative contracts	11.9		—		11.9		—
Other non-current assets:

Plan assets for deferred compensation	37.5		—		37.5		—
Total	$	1,506.9	$	416.8	$	660.1	$	430.0
Liabilities:
Derivative contracts	$	31.6	$	—	$	31.6	$	—

Total	$	31.6	$	—	$	31.6	$	—

Summary of fair and carrying value of debt instruments

The fair and carrying values of our debt instruments, which are Level 2 liabilities, are summarized as follows:


	As of March 31, 2024				As of December 31, 2023
(In millions)	Fair Value		Carrying Value		Fair Value		Carrying Value
Current portion:
2023 Term Loan 364-day tranche(1)	$	—	$	—	$	150.0	$	150.0
2023 Term Loan three-year tranche(1)	250.0		250.0		—		—
Current portion of notes payable and term loan	250.0		250.0		150.0		150.0

Non-current portion:
2023 Term Loan three-year tranche(1)	—		—		500.0		500.0
4.050% Senior Notes due September 15, 2025	1,717.5		1,747.1		1,721.5		1,746.6
2.250% Senior Notes due May 1, 2030	1,267.8		1,494.0		1,279.3		1,493.8
5.200% Senior Notes due September 15, 2045	1,055.6		1,100.8		1,089.7		1,100.7
3.150% Senior Notes due May 1, 2050	1,004.5		1,474.5		1,049.0		1,474.3
3.250% Senior Notes due February 15, 2051	486.6		473.7		498.2		472.8
Non-current portion of notes payable and term loan	5,532.0		6,290.1		6,137.7		6,788.2
Total notes payable and term loan	$	5,782.0	$	6,540.1	$	6,287.7	$	6,938.2

(1) In connection with our acquisition of Reata we drew $1.0 billion from our 2023 Term Loan, comprised of a $500.0 million floating rate 364-day tranche and a $500.0 million floating rate three-year tranche. For additional information on our 2023 Term Loan, please read Note 13, Indebtedness, to these condensed consolidated financial statements.