XML 64 R36.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Financial Instruments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following effects of risk-management instruments were recognized in other–net, (income) expense:
| 2021 |  | 2020 |  | 2019
Fair value hedges: |  |  |  |  |
Effect from hedged fixed-rate debt | $ | (78.5) |  |  | $ | 86.9 |  |  | $ | 112.1 |
Effect from interest rate contracts | 78.5 |  |  | (86.9) |  |  | (112.1) |
Cash flow hedges: |  |  |  |  |
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss | 16.6 |  |  | 16.4 |  |  | 15.9 |
Cross-currency interest rate swaps | 41.8 |  |  | (102.4) |  |  | (17.1) |
Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments | 204.6 |  |  | (123.7) |  |  | 61.9 |
Total | $ | 263.0 |  |  | $ | (209.7) |  |  | $ | 60.7 |
Schedule of Net Investment Hedges Included in Accumulated Other Comprehensive Income (Loss) | The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:
| 2021 |  | 2020 |  | 2019
Net investment hedges: |  |  |  |  |
Foreign currency-denominated notes | $ | 435.0 |  |  | $ | (404.0) |  |  | $ | 40.1 |
Cross-currency interest rate swaps | 213.7 |  |  | (207.9) |  |  | 47.4 |
Cash flow hedges: |  |  |  |  |
Forward-starting interest rate swaps | 97.6 |  |  | (110.9) |  |  | 31.6 |
Cross-currency interest rate swaps | 42.3 |  |  | (53.7) |  |  | (8.3) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:
| 2021 |  | 2020 |  | 2019
Net investment hedges: |  |  |  |  |
Foreign currency-denominated notes | $ | 435.0 |  |  | $ | (404.0) |  |  | $ | 40.1 |
Cross-currency interest rate swaps | 213.7 |  |  | (207.9) |  |  | 47.4 |
Cash flow hedges: |  |  |  |  |
Forward-starting interest rate swaps | 97.6 |  |  | (110.9) |  |  | 31.6 |
Cross-currency interest rate swaps | 42.3 |  |  | (53.7) |  |  | (8.3) |
Fair Value, Assets Measured on Recurring Basis | The following tables summarize certain fair value information at December 31 for assets and liabilities measured at fair value on a recurring basis, as well as the carrying amount and amortized cost of certain other investments:
|  |  |  |  | Fair Value Measurements Using |  |
Description | Carrying Amount |  | Cost (1) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Fair Value
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Cash equivalents | $ | 2,379.5 |  |  | $ | 2,379.5 |  |  | $ | 2,361.0 |  |  | $ | 18.5 |  |  | $ | — |  |  | $ | 2,379.5 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | $ | 25.7 |  |  | $ | 25.6 |  |  | $ | 25.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 25.7 |
Corporate debt securities | 43.7 |  |  | 43.7 |  |  | — |  |  | 43.7 |  |  | — |  |  | 43.7 |
Mortgage-backed securities | 0.2 |  |  | 0.2 |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
Asset-backed securities | 6.2 |  |  | 6.2 |  |  | — |  |  | 6.2 |  |  | — |  |  | 6.2 |
Other securities | 14.3 |  |  | 14.3 |  |  | — |  |  | — |  |  | 14.3 |  |  | 14.3 |
Short-term investments | $ | 90.1 |  |  |  |  |  |  |  |  |  |  |
Noncurrent investments:
U.S. government and agency securities | $ | 137.0 |  |  | $ | 136.8 |  |  | $ | 137.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 137.0 |
Corporate debt securities | 235.3 |  |  | 232.7 |  |  | — |  |  | 235.3 |  |  | — |  |  | 235.3 |
Mortgage-backed securities | 109.8 |  |  | 108.1 |  |  | — |  |  | 109.8 |  |  | — |  |  | 109.8 |
Asset-backed securities | 23.1 |  |  | 23.1 |  |  | — |  |  | 23.1 |  |  | — |  |  | 23.1 |
Other securities | 108.1 |  |  | 22.2 |  |  | — |  |  | — |  |  | 108.1 |  |  | 108.1 |
Marketable equity securities | 1,279.7 |  |  | 487.0 |  |  | 1,279.7 |  |  | — |  |  | — |  |  | 1,279.7 |
Equity investments without readily determinable fair values(2) | 548.1 |  |  |  |  |  |  |  |  |  |  |
Equity method investments(2) | 771.5 |  |  |  |  |  |  |  |  |  |  |
Noncurrent investments | $ | 3,212.6 |  |  |  |  |  |  |  |  |  |  |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Cash equivalents | $ | 2,097.9 |  |  | $ | 2,097.9 |  |  | $ | 2,097.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,097.9 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | $ | 9.9 |  |  | $ | 9.9 |  |  | $ | 9.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 9.9 |
Corporate debt securities | 2.8 |  |  | 2.8 |  |  | — |  |  | 2.8 |  |  | — |  |  | 2.8 |
Asset-backed securities | 1.2 |  |  | 1.2 |  |  | — |  |  | 1.2 |  |  | — |  |  | 1.2 |
Other securities | 10.3 |  |  | 10.3 |  |  | — |  |  | — |  |  | 10.3 |  |  | 10.3 |
Short-term investments | $ | 24.2 |  |  |  |  |  |  |  |  |  |  |
Noncurrent investments: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | $ | 78.7 |  |  | $ | 74.3 |  |  | $ | 78.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 78.7 |
Corporate debt securities | 137.0 |  |  | 126.8 |  |  | — |  |  | 137.0 |  |  | — |  |  | 137.0 |
Mortgage-backed securities | 106.4 |  |  | 101.4 |  |  | — |  |  | 106.4 |  |  | — |  |  | 106.4 |
Asset-backed securities | 24.3 |  |  | 23.7 |  |  | — |  |  | 24.3 |  |  | — |  |  | 24.3 |
Other securities | 110.5 |  |  | 31.8 |  |  | — |  |  | — |  |  | 110.5 |  |  | 110.5 |
Marketable equity securities | 1,664.2 |  |  | 311.6 |  |  | 1,664.2 |  |  | — |  |  | — |  |  | 1,664.2 |
Equity investments without readily determinable fair values(2) | 373.9 |  |  |  |  |  |  |  |  |  |  |
Equity method investments(2) | 471.8 |  |  |  |  |  |  |  |  |  |  |
Noncurrent investments | $ | 2,966.8 |  |  |  |  |  |  |  |  |  |  |
(1) For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost. (2) Fair value disclosures are not applicable for equity method investments and investments accounted for under the measurement alternative for equity investments.
Fair Value, Liabilities Measured on Recurring Basis |
|  |  | Fair Value Measurements Using |  |
Description | Carrying Amount |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Fair Value
Long-term debt, including current portion |  |  |  |  |  |  |  |  |
December 31, 2021 | $ | (16,884.7) |  |  | $ | — |  |  | $ | (18,157.7) |  |  | $ | — |  |  | $ | (18,157.7) |
December 31, 2020 | (16,595.3) |  |  | — |  |  | (19,038.9) |  |  | — |  |  | (19,038.9) |
Fair Value, by Balance Sheet Grouping |
|  |  | Fair Value Measurements Using |  |
Description | Carrying Amount |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Fair Value
December 31, 2021 |  |  |  |  |  |  |  |  |
Risk-management instruments |  |  |  |  |  |  |  |  |
Interest rate contracts designated as fair value hedges: |  |  |  |  |  |  |  |  |
Other receivables | $ | 4.8 |  |  | $ | — |  |  | $ | 4.8 |  |  | $ | — |  |  | $ | 4.8 |
Other noncurrent assets | 78.3 |  |  | — |  |  | 78.3 |  |  | — |  |  | 78.3 |
Other noncurrent liabilities | (7.6) |  |  | — |  |  | (7.6) |  |  | — |  |  | (7.6) |
Interest rate contracts designated as cash flow hedges: |  |  |  |  |  |  |  |  |
Other noncurrent assets | 49.2 |  |  | — |  |  | 49.2 |  |  | — |  |  | 49.2 |
Other noncurrent liabilities | (31.7) |  |  | — |  |  | (31.7) |  |  | — |  |  | (31.7) |
Cross-currency interest rate contracts designated as net investment hedges: |  |  |  |  |  |  |  |  |
Other noncurrent assets | 31.3 |  |  | — |  |  | 31.3 |  |  | — |  |  | 31.3 |
Other current liabilities | (1.2) |  |  | — |  |  | (1.2) |  |  | — |  |  | (1.2) |
Cross-currency interest rate contracts designated as cash flow hedges: |  |  |  |  |  |  |  |  |
Other noncurrent assets | 33.2 |  |  | — |  |  | 33.2 |  |  | — |  |  | 33.2 |
Other noncurrent liabilities | (1.3) |  |  | — |  |  | (1.3) |  |  | — |  |  | (1.3) |
Foreign exchange contracts not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Other receivables | 9.9 |  |  | — |  |  | 9.9 |  |  | — |  |  | 9.9 |
Other current liabilities | (35.3) |  |  | — |  |  | (35.3) |  |  | — |  |  | (35.3) |
Contingent consideration liabilities: |  |  |  |  |  |  |  |  |
Other noncurrent liabilities | (70.5) |  |  | — |  |  | — |  |  | (70.5) |  |  | (70.5) |
December 31, 2020 |  |  |  |  |  |  |  |  |
Risk-management instruments |  |  |  |  |  |  |  |  |
Interest rate contracts designated as fair value hedges: |  |  |  |  |  |  |  |  |
Other noncurrent assets | 158.9 |  |  | — |  |  | 158.9 |  |  | — |  |  | 158.9 |
Interest rate contracts designated as cash flow hedges: |  |  |  |  |  |  |  |  |
Other noncurrent assets | 38.1 |  |  | — |  |  | 38.1 |  |  | — |  |  | 38.1 |
Other noncurrent liabilities | (97.8) |  |  | — |  |  | (97.8) |  |  | — |  |  | (97.8) |
Cross-currency interest rate contracts designated as net investment hedges: |  |  |  |  |  |  |  |  |
Other current liabilities | (92.6) |  |  | — |  |  | (92.6) |  |  | — |  |  | (92.6) |
Other noncurrent liabilities | (97.2) |  |  | — |  |  | (97.2) |  |  | — |  |  | (97.2) |
Cross-currency interest rate contracts designated as cash flow hedges: |  |  |  |  |  |  |  |  |
Other noncurrent assets | 34.4 |  |  | — |  |  | 34.4 |  |  | — |  |  | 34.4 |
Other noncurrent liabilities | (2.9) |  |  | — |  |  | (2.9) |  |  | — |  |  | (2.9) |
Foreign exchange contracts not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Other receivables | 41.1 |  |  | — |  |  | 41.1 |  |  | — |  |  | 41.1 |
Other current liabilities | (15.2) |  |  | — |  |  | (15.2) |  |  | — |  |  | (15.2) |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis | The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of December 31, 2021:
| Maturities by Period
| Total |  | Less Than 1 Year |  | 1-5 Years |  | 6-10 Years |  | More Than 10 Years
Fair value of debt securities | $ | 581.0 |  |  | $ | 75.9 |  |  | $ | 216.5 |  |  | $ | 126.4 |  |  | $ | 162.2 |
Available-for-sale Securities | A summary of the amount of unrealized gains and losses in accumulated other comprehensive loss and the fair value of available-for-sale securities in an unrealized gain or loss position follows:
| 2021 |  | 2020
Unrealized gross gains | $ | 9.7 |  |  | $ | 20.9 |
Unrealized gross losses | 5.2 |  |  | 0.5 |
Fair value of securities in an unrealized gain position | 250.7 |  |  | 348.9 |
Fair value of securities in an unrealized loss position | 290.2 |  |  | 11.4 |
Gain (Loss) on Investments | Activity related to our available-for-sale securities was as follows:
| 2021 |  | 2020 |  | 2019
Proceeds from sales | $ | 174.7 |  |  | $ | 264.8 |  |  | $ | 431.6 |
Realized gross gains on sales | 2.8 |  |  | 4.5 |  |  | 4.9 |
Realized gross losses on sales | 1.7 |  |  | 8.2 |  |  | 3.0 |

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized and unrealized gain (loss) on investment in security. + References No definition available. + Details
Name: | us-gaap_GainLossOnInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in net investment hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4CCC -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL109998896-113959 + Details
Name: | us-gaap_ScheduleOfNetInvestmentHedgesInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration