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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Summary 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 June 30, 2024:

			Maturities by Period
			Total						Less Than 1 Year						1-5 Years						6-10 Years						More Than 10 Years
Fair value of debt securities			$	653.8					$	97.4					$	185.7					$	115.5					$	255.2

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: 

			June 30, 2024						December 31, 2023
Unrealized gross gains			$	1.4					$	3.4
Unrealized gross losses			44.3						37.9
Fair value of securities in an unrealized gain position			104.7						159.2
Fair value of securities in an unrealized loss position			508.4						452.0

Schedule of Fair Value Information, Assets

The following table summarizes certain fair value information at June 30, 2024 and December 31, 2023 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
June 30, 2024
Cash equivalents(2)			$	1,394.2					$	1,394.2					$	1,385.5					$	8.7					$	—					$	1,394.2
Short-term investments:
U.S. government and agency securities			$	29.7					$	29.9					$	29.7					$	—					$	—					$	29.7
Corporate debt securities			65.0						65.3						—						65.0						—						65.0
Asset-backed securities			2.6						2.7						—						2.6						—						2.6
Other securities			43.1						43.1						—						9.3						33.8						43.1
Short-term investments			$	140.4
Noncurrent investments:
U.S. government and agency securities			$	141.2					$	156.9					$	141.2					$	—					$	—					$	141.2
Corporate debt securities			206.2						221.4						—						206.2						—						206.2
Mortgage-backed securities			159.1						171.4						—						159.1						—						159.1
Asset-backed securities			50.0						50.9						—						50.0						—						50.0
Other securities			137.4						90.8						—						6.2						131.2						137.4
Marketable equity securities			472.5						473.6						472.5						—						—						472.5
Equity investments without readily determinable fair values(3)			659.0
Equity method investments(3)			1,052.2
Noncurrent investments			$	2,877.6
December 31, 2023
Cash equivalents(2)			$	1,088.4					$	1,088.4					$	1,079.3					$	9.1					$	—					$	1,088.4
Short-term investments:
U.S. government and agency securities			$	32.1					$	32.3					$	32.1					$	—					$	—					$	32.1
Corporate debt securities			52.0						52.1						—						52.0						—						52.0
Other securities			25.0						25.0						—						13.6						11.4						25.0
Short-term investments			$	109.1
Noncurrent investments:
U.S. government and agency securities			$	148.1					$	161.0					$	148.1					$	—					$	—					$	148.1
Corporate debt securities			214.3						226.6						—						214.3						—						214.3
Mortgage-backed securities			157.3						167.1						—						157.3						—						157.3
Asset-backed securities			53.5						54.4						—						53.5						—						53.5
Other securities			197.4						100.2						—						23.5						173.9						197.4
Marketable equity securities			711.3						493.2						711.3						—						—						711.3
Equity investments without readily determinable fair values(3)			608.0
Equity method investments(3)			962.3
Noncurrent investments			$	3,052.2

(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.

Summary of Fair Value Information, Liabilities

The following table summarizes certain fair value information at June 30, 2024 and December 31, 2023 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
June 30, 2024			$	(4,384.7)					$	—					$	(4,375.2)					$	—					$	(4,375.2)
December 31, 2023			(6,189.4)						—						(6,166.4)						—						(6,166.4)
Long-term debt, including current portion
June 30, 2024			(24,507.3)						—						(21,709.9)						—						(21,709.9)
December 31, 2023			(19,035.9)						—						(17,221.7)						—						(17,221.7)

The following table summarizes certain fair value information at June 30, 2024 and December 31, 2023 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
June 30, 2024
Risk-management instruments:
Interest rate contracts designated as fair value hedges:
Other current liabilities			$	(3.8)					$	—					$	(3.8)					$	—					$	(3.8)
Other noncurrent liabilities			(118.0)						—						(118.0)						—						(118.0)
Cross-currency interest rate contracts designated as net investment hedges:
Other receivables			2.2						—						2.2						—						2.2
Other current liabilities			(13.9)						—						(13.9)						—						(13.9)
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets			47.0						—						47.0						—						47.0
Foreign exchange contracts designated as net investment hedges:
Other receivables			78.8						—						78.8						—						78.8
Other current liabilities			(1.6)						—						(1.6)						—						(1.6)
Foreign exchange contracts not designated as hedging instruments:
Other receivables			4.8						—						4.8						—						4.8
Other current liabilities			(13.7)						—						(13.7)						—						(13.7)
Contingent consideration liabilities:
Other current liabilities			(40.6)						—						—						(40.6)						(40.6)
Other noncurrent liabilities			(42.6)						—						—						(42.6)						(42.6)

									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, 2023
Risk-management instruments:
Interest rate contracts designated as fair value hedges:
Other current liabilities			$	(2.4)					$	—					$	(2.4)					$	—					$	(2.4)
Other noncurrent liabilities			(100.3)						—						(100.3)						—						(100.3)
Interest rate contracts designated as cash flow hedges:
Other noncurrent assets			291.2						—						291.2						—						291.2
Cross-currency interest rate contracts designated as net investment hedges:
Other current liabilities			(28.4)						—						(28.4)						—						(28.4)
Other noncurrent liabilities			(3.5)						—						(3.5)						—						(3.5)
Cross-currency interest rate contracts designated as cash flow hedges:
Other receivables			113.8						—						113.8						—						113.8
Other noncurrent assets			63.1						—						63.1						—						63.1
Foreign exchange contracts designated as hedging instruments:
Other current liabilities			(115.8)						—						(115.8)						—						(115.8)
Foreign exchange contracts not designated as hedging instruments:
Other receivables			129.6						—						129.6						—						129.6
Other current liabilities			(55.9)						—						(55.9)						—						(55.9)
Contingent consideration liabilities:
Other current liabilities			(39.5)						—						—						(39.5)						(39.5)
Other noncurrent liabilities			(64.4)						—						—						(64.4)						(64.4)

Schedule of Derivative Instruments

At June 30, 2024, we had outstanding foreign currency forward commitments as follows, all of which have settlement dates within 180 days:

June 30, 2024

Purchase

Sell

Currency

Amount (in millions)

Currency

Amount (in millions)

Euro

4,868.4

U.S. dollars

5,236.9

U.S. dollars

2,844.2

Euro

2,649.7

U.S. dollars

241.8

Japanese yen

38,354.0

British pounds

173.7

U.S. dollars

220.0

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 June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Fair value hedges:
Effect from hedged fixed-rate debt			$	(2.3)					$	(34.4)					$	(19.0)					$	0.9
Effect from interest rate contracts			2.3						34.4						19.0						(0.9)
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss			2.0						3.3						4.4						7.1
Cross-currency interest rate swaps			3.3						(17.1)						87.3						(30.0)
Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments			31.6						29.6						34.0						(23.2)
Total			$	36.9					$	15.8					$	125.7					$	(46.1)

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 June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Net investment hedges:
Foreign currency-denominated notes			$	42.0					$	10.6					$	173.8					$	(121.2)
Cross-currency interest rate swaps			2.3						(7.8)						19.3						(19.6)
Foreign currency forward contracts			32.7						27.7						131.8						(18.4)
Cash flow hedges:
Forward-starting interest rate swaps			—						33.3						77.4						57.1
Cross-currency interest rate swaps			1.9						21.9						15.6						14.1

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 June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Net investment hedges:
Foreign currency-denominated notes			$	42.0					$	10.6					$	173.8					$	(121.2)
Cross-currency interest rate swaps			2.3						(7.8)						19.3						(19.6)
Foreign currency forward contracts			32.7						27.7						131.8						(18.4)
Cash flow hedges:
Forward-starting interest rate swaps			—						33.3						77.4						57.1
Cross-currency interest rate swaps			1.9						21.9						15.6						14.1

Schedule of Fair Value, by Balance Sheet Grouping

The following table summarizes certain fair value information at June 30, 2024 and December 31, 2023 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
June 30, 2024
Risk-management instruments:
Interest rate contracts designated as fair value hedges:
Other current liabilities			$	(3.8)					$	—					$	(3.8)					$	—					$	(3.8)
Other noncurrent liabilities			(118.0)						—						(118.0)						—						(118.0)
Cross-currency interest rate contracts designated as net investment hedges:
Other receivables			2.2						—						2.2						—						2.2
Other current liabilities			(13.9)						—						(13.9)						—						(13.9)
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets			47.0						—						47.0						—						47.0
Foreign exchange contracts designated as net investment hedges:
Other receivables			78.8						—						78.8						—						78.8
Other current liabilities			(1.6)						—						(1.6)						—						(1.6)
Foreign exchange contracts not designated as hedging instruments:
Other receivables			4.8						—						4.8						—						4.8
Other current liabilities			(13.7)						—						(13.7)						—						(13.7)
Contingent consideration liabilities:
Other current liabilities			(40.6)						—						—						(40.6)						(40.6)
Other noncurrent liabilities			(42.6)						—						—						(42.6)						(42.6)

									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, 2023
Risk-management instruments:
Interest rate contracts designated as fair value hedges:
Other current liabilities			$	(2.4)					$	—					$	(2.4)					$	—					$	(2.4)
Other noncurrent liabilities			(100.3)						—						(100.3)						—						(100.3)
Interest rate contracts designated as cash flow hedges:
Other noncurrent assets			291.2						—						291.2						—						291.2
Cross-currency interest rate contracts designated as net investment hedges:
Other current liabilities			(28.4)						—						(28.4)						—						(28.4)
Other noncurrent liabilities			(3.5)						—						(3.5)						—						(3.5)
Cross-currency interest rate contracts designated as cash flow hedges:
Other receivables			113.8						—						113.8						—						113.8
Other noncurrent assets			63.1						—						63.1						—						63.1
Foreign exchange contracts designated as hedging instruments:
Other current liabilities			(115.8)						—						(115.8)						—						(115.8)
Foreign exchange contracts not designated as hedging instruments:
Other receivables			129.6						—						129.6						—						129.6
Other current liabilities			(55.9)						—						(55.9)						—						(55.9)
Contingent consideration liabilities:
Other current liabilities			(39.5)						—						—						(39.5)						(39.5)
Other noncurrent liabilities			(64.4)						—						—						(64.4)						(64.4)

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