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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of 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, 2023:

			Maturities by Period
			Total						Less Than 1 Year						1-5 Years						6-10 Years						More Than 10 Years
Fair value of debt securities			$	648.1					$	76.0					$	219.4					$	115.5					$	237.2

Schedule 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, 2023						December 31, 2022
Unrealized gross gains			$	1.8					$	0.6
Unrealized gross losses			39.0						49.2
Fair value of securities in an unrealized gain position			120.5						46.8
Fair value of securities in an unrealized loss position			512.4						568.7

Schedule of activity related to our available-for-sale securities

Activity related to our available-for-sale securities was as follows:

			Three Months Ended March 31,
			2023						2022
Proceeds from sales			$	27.6					$	35.2
Realized gross gains on sales			0.2						0.1
Realized gross losses on sales			0.7						0.8

Schedule of fair value information, assets

The following table summarizes certain fair value information at March 31, 2023 and December 31, 2022 for investment assets 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, 2023
Cash equivalents(2)			$	2,343.1					$	2,343.1					$	2,330.2					$	12.9					$	—					$	2,343.1
Short-term investments:
U.S. government and agency securities			$	23.1					$	23.5					$	23.1					$	—					$	—					$	23.1
Corporate debt securities			50.1						50.2						—						50.1						—						50.1
Asset-backed securities			2.8						2.8						—						2.8						—						2.8
Other securities			47.4						47.4						—						28.0						19.4						47.4
Short-term investments			$	123.4
Noncurrent investments:
U.S. government and agency securities			$	145.2					$	157.5					$	145.2					$	—					$	—					$	145.2
Corporate debt securities			214.8						232.5						—						214.8						—						214.8
Mortgage-backed securities			155.3						165.2						—						155.3						—						155.3
Asset-backed securities			56.8						58.2						—						56.8						—						56.8
Other securities			204.0						22.7						—						113.8						90.2						204.0
Marketable equity securities			624.0						475.6						624.0						—						—						624.0
Equity investments without readily determinable fair values(3)			516.6
Equity method investments(3)			833.7
Noncurrent investments			$	2,750.4
December 31, 2022
Cash equivalents(2)			$	657.4					$	657.4					$	650.4					$	7.0					$	—					$	657.4
Short-term investments:
U.S. government and agency securities			$	30.8					$	31.1					$	30.8					$	—					$	—					$	30.8
Corporate debt securities			53.4						53.5						—						53.4						—						53.4
Asset-backed securities			2.0						2.0						—						2.0						—						2.0
Other securities			58.6						58.6						—						39.1						19.5						58.6
Short-term investments			$	144.8
Noncurrent investments:
U.S. government and agency securities			$	146.4					$	163.2					$	146.4					$	—					$	—					$	146.4
Corporate debt securities			213.9						235.8						—						213.9						—						213.9
Mortgage-backed securities			149.2						161.5						—						149.2						—						149.2
Asset-backed securities			50.6						52.5						—						50.6						—						50.6
Other securities			398.6						34.5						—						311.0						87.6						398.6
Marketable equity securities			683.6						484.7						683.6						—						—						683.6
Equity investments without readily determinable fair values(3)			478.4
Equity method investments(3)			781.1
Noncurrent investments			$	2,901.8

(1) For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost.

(2) We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. The cost of these investments approximates fair value.

(3) Fair value disclosures are not applicable for equity method investments and investments accounted for under the measurement alternative for equity investments.

Schedule of fair value information, liabilities

The following table summarizes certain fair value information at March 31, 2023 and December 31, 2022 for our short-term and long-term debt:

									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, 2023			$	—					$	—					$	—					$	—					$	—
December 31, 2022			(1,498.0)						—						(1,492.0)						—						(1,492.0)
Long-term debt, including current portion
March 31, 2023			$	(18,883.6)					$	—					$	(16,654.6)					$	—					$	(16,654.6)
December 31, 2022			(14,740.6)						—						(12,329.3)						—						(12,329.3)

Schedule of derivative instruments

At March 31, 2023, we had outstanding foreign currency forward commitments as follows, all of which have settlement dates within 180 days:

March 31, 2023

Purchase

Sell

Currency

Amount (in millions)

Currency

Amount (in millions)

U.S. dollars

2,410.5

Euro

2,231.4

Euro

3,667.4

U.S. dollars

3,948.6

U.S. dollars

229.8

Chinese yuan

1,574.7

British pounds

216.7

U.S. dollars

265.8

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,
			2023						2022
Fair value hedges:
Effect from hedged fixed-rate debt			$	35.3					$	(94.6)
Effect from interest rate contracts			(35.3)						94.6
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss			3.8						4.1
Cross-currency interest rate swaps			(12.9)						8.3
Net gains on foreign currency exchange contracts not designated as hedging instruments			(52.8)						(6.1)
Total			$	(61.9)					$	6.3

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,
			2023						2022
Net investment hedges:
Foreign currency-denominated notes			$	(131.8)					$	54.4
Cross-currency interest rate swaps			(11.8)						10.8
Foreign currency forward contracts			(46.1)						—
Cash flow hedges:
Forward-starting interest rate swaps			23.8						122.5
Cross-currency interest rate swaps			(7.8)						17.1

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,
			2023						2022
Net investment hedges:
Foreign currency-denominated notes			$	(131.8)					$	54.4
Cross-currency interest rate swaps			(11.8)						10.8
Foreign currency forward contracts			(46.1)						—
Cash flow hedges:
Forward-starting interest rate swaps			23.8						122.5
Cross-currency interest rate swaps			(7.8)						17.1

Schedule of fair value, by balance sheet grouping

The following table summarizes certain fair value information at March 31, 2023 and December 31, 2022 for risk management assets and liabilities measured at fair value on a recurring basis:

									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, 2023
Risk-management instruments:
Interest rate contracts designated as fair value hedges:
Other noncurrent assets			$	2.7					$	—					$	2.7					$	—					$	2.7
Other current liabilities			(9.9)						—						(9.9)						—						(9.9)
Other noncurrent liabilities			(91.8)						—						(91.8)						—						(91.8)
Interest rate contracts designated as cash flow hedges:
Other noncurrent assets			228.6						—						228.6						—						228.6
Cross-currency interest rate contracts designated as net investment hedges:
Other receivables			55.6						—						55.6						—						55.6
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets			58.2						—						58.2						—						58.2
Foreign exchange contracts designated as net investment hedges:
Other receivables			0.9						—						0.9						—						0.9
Other current liabilities			(13.1)						—						(13.1)						—						(13.1)
Foreign exchange contracts not designated as hedging instruments:
Other receivables			63.7						—						63.7						—						63.7
Other current liabilities			(32.0)						—						(32.0)						—						(32.0)
Contingent consideration liabilities:
Other current liabilities			(40.1)						—						—						(40.1)						(40.1)
Other noncurrent liabilities			(71.8)						—						—						(71.8)						(71.8)

									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
December 31, 2022
Risk-management instruments:
Interest rate contracts designated as fair value hedges:
Other noncurrent liabilities			$	(134.3)					$	—					$	(134.3)					$	—					$	(134.3)
Interest rate contracts designated as cash flow hedges:
Other receivables			162.9						—						162.9						—						162.9
Other noncurrent assets			246.0						—						246.0						—						246.0
Cross-currency interest rate contracts designated as net investment hedges:
Other receivables			67.6						—						67.6						—						67.6
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets			53.1						—						53.1						—						53.1
Foreign exchange contracts designated as hedging instruments:
Other current liabilities			(38.3)						—						(38.3)						—						(38.3)
Foreign exchange contracts not designated as hedging instruments:
Other receivables			26.6						—						26.6						—						26.6
Other current liabilities			(21.5)						—						(21.5)						—						(21.5)
Contingent consideration liabilities:
Other current liabilities			(39.5)						—						—						(39.5)						(39.5)
Other noncurrent liabilities			(70.6)						—						—						(70.6)						(70.6)

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