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Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Schedule of effects of risk-management instruments were recognized in other–net, (income) expense | The following effects of risk-management instruments were recognized in other–net, (income) expense:
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Fair value hedges: |  |  |  |  |  |  |
Effect from hedged fixed-rate debt | $ | (94.6) |  |  | $ | (81.5) |  |  |  |  |
Effect from interest rate contracts | 94.6 |  |  | 81.5 |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss | 4.1 |  |  | 4.1 |  |  |  |  |
Cross-currency interest rate swaps | 8.3 |  |  | 71.5 |  |  |  |  |
Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments | (6.1) |  |  | 133.0 |  |  |  |  |
Total | $ | 6.3 |  |  | $ | 208.6 |  |  |  |  |
Schedule of effective portion of risk-management instruments that was recognized in other comprehensive income (loss), net investment hedges | The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Foreign currency-denominated notes | $ | 54.4 |  |  | $ | 207.7 |  |  |  |  |
Cross-currency interest rate swaps | 10.8 |  |  | 150.6 |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |
Forward-starting interest rate swaps | 122.5 |  |  | 295.1 |  |  |  |  |
Cross-currency interest rate swaps | 17.1 |  |  | 26.3 |  |  |  |  |
Schedule of effective portion of risk-management instruments that was recognized in other comprehensive income (loss), cash flow hedges | The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Foreign currency-denominated notes | $ | 54.4 |  |  | $ | 207.7 |  |  |  |  |
Cross-currency interest rate swaps | 10.8 |  |  | 150.6 |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |
Forward-starting interest rate swaps | 122.5 |  |  | 295.1 |  |  |  |  |
Cross-currency interest rate swaps | 17.1 |  |  | 26.3 |  |  |  |  |
Summary certain fair value information, assets | The following tables summarize certain fair value information at March 31, 2022 and December 31, 2021 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 |  |
| 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
March 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Cash equivalents | $ | 1,104.1 |  |  | $ | 1,104.1 |  |  | $ | 1,095.0 |  |  | $ | 9.1 |  |  | $ | — |  |  | $ | 1,104.1 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | $ | 45.1 |  |  | $ | 45.4 |  |  | $ | 45.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 45.1 |
Corporate debt securities | 50.6 |  |  | 50.7 |  |  | — |  |  | 50.6 |  |  | — |  |  | 50.6 |
Mortgage-backed securities | 0.2 |  |  | 0.2 |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
Asset-backed securities | 2.9 |  |  | 3.0 |  |  | — |  |  | 2.9 |  |  | — |  |  | 2.9 |
Other securities | 10.3 |  |  | 10.3 |  |  | — |  |  | — |  |  | 10.3 |  |  | 10.3 |
Short-term investments | $ | 109.1 |  |  |  |  |  |  |  |  |  |  |
Noncurrent investments: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | $ | 116.2 |  |  | $ | 123.0 |  |  | $ | 116.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 116.2 |
Corporate debt securities | 212.3 |  |  | 224.3 |  |  | — |  |  | 224.3 |  |  | — |  |  | 224.3 |
Mortgage-backed securities | 105.1 |  |  | 109.0 |  |  | — |  |  | 105.1 |  |  | — |  |  | 105.1 |
Asset-backed securities | 34.6 |  |  | 35.4 |  |  | — |  |  | 34.6 |  |  | — |  |  | 34.6 |
Other securities | 112.5 |  |  | 15.3 |  |  | — |  |  | — |  |  | 112.5 |  |  | 112.5 |
Marketable equity securities | 807.9 |  |  | 481.9 |  |  | 807.9 |  |  | — |  |  | — |  |  | 807.9 |
Equity investments without readily determinable fair values(2) | 569.5 |  |  |  |  |  |  |  |  |  |  |
Equity method investments(2) | 769.2 |  |  |  |  |  |  |  |  |  |  |
Noncurrent investments | $ | 2,727.3 |  |  |  |  |  |  |  |  |  |  |
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 |  |  |  |  |  |  |  |  |  |  |
(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.
Summary certain fair value information, liabilities |
|  |  | Fair Value Measurements Using |  |
| 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
Short-term commercial paper borrowings |  |  |  |  |  |  |  |  |
March 31, 2022 | $ | (499.7) |  |  | $ | — |  |  | $ | (499.7) |  |  | $ | — |  |  | $ | (499.7) |
December 31, 2021 | — |  |  | — |  |  | — |  |  | — |  |  | — |
Long-term debt, including current portion |  |  |  |  |  |  |  |  |
March 31, 2022 | $ | (16,009.1) |  |  | $ | — |  |  | $ | (15,798.9) |  |  | $ | — |  |  | $ | (15,798.9) |
December 31, 2021 | (16,884.7) |  |  | — |  |  | (18,157.7) |  |  | — |  |  | (18,157.7) |
Fair value, by balance sheet grouping |
|  |  | Fair Value Measurements Using |  |  |  |
| 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 |  |
March 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Risk-management instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts designated as fair value hedges: |  |  |  |  |  |  |  |  |  |  |
Other receivables | $ | 1.3 |  |  | $ | — |  |  | $ | 1.3 |  |  | $ | — |  |  | $ | 1.3 |  |  |
Other noncurrent assets | 22.8 |  |  | — |  |  | 22.8 |  |  | — |  |  | 22.8 |  |  |
Other noncurrent liabilities | (43.2) |  |  | — |  |  | (43.2) |  |  | — |  |  | (43.2) |  |  |
Interest rate contracts designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Other noncurrent assets | 140.0 |  |  | — |  |  | 140.0 |  |  | — |  |  | 140.0 |  |  |
Cross-currency interest rate contracts designated as net investment hedges: |  |  |  |  |  |  |  |  |  |  |
Other receivables | 2.0 |  |  | — |  |  | 2.0 |  |  | — |  |  | 2.0 |  |  |
Other noncurrent assets | 40.0 |  |  | — |  |  | 40.0 |  |  | — |  |  | 40.0 |  |  |
Cross-currency interest rate contracts designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Other noncurrent assets | 40.8 |  |  | — |  |  | 40.8 |  |  | — |  |  | 40.8 |  |  |
Foreign exchange contracts not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Other receivables | 38.8 |  |  | — |  |  | 38.8 |  |  | — |  |  | 38.8 |  |  |
Other current liabilities | (45.8) |  |  | — |  |  | (45.8) |  |  | — |  |  | (45.8) |  |  |
Contingent consideration liability: |  |  |  |  |  |  |  |  |  |  |
Other noncurrent liabilities | (70.0) |  |  | — |  |  | — |  |  | (70.0) |  |  | (70.0) |  |  |
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) |  |  |
Summary the contractual maturities of our investments in debt securities measured at fair value | The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of March 31, 2022:
| Maturities by Period
| Total |  | Less Than 1 Year |  | 1-5 Years |  | 6-10 Years |  | More Than 10 Years
Fair value of debt securities | $ | 567.1 |  |  | $ | 98.9 |  |  | $ | 197.7 |  |  | $ | 110.7 |  |  | $ | 159.8 |
Summary of the fair value of available-for-sale securities in an unrealized gain or loss position | 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:
| March 31, 2022 |  | December 31, 2021
Unrealized gross gains | $ | 1.3 |  |  | $ | 9.7 |
Unrealized gross losses | 25.2 |  |  | 5.2 |
Fair value of securities in an unrealized gain position | 89.5 |  |  | 250.7 |
Fair value of securities in an unrealized loss position | 440.6 |  |  | 290.2 |
Activity related to our available-for-sale securities | Activity related to our available-for-sale securities was as follows:
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Proceeds from sales | $ | 35.2 |  |  | $ | 43.3 |  |  |  |  |
Realized gross gains on sales | 0.1 |  |  | 1.1 |  |  |  |  |
Realized gross losses on sales | 0.8 |  |  | 0.4 |  |  |  |  |

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- 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
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