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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2017
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements 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:
As of March 31, 2017 (In millions) | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 645.1 |  |  | $ | — |  |  | $ | 645.1 |  |  | $ | — |
Marketable debt securities: |  |  |  |  |  |  |
Corporate debt securities | 2,500.7 |  |  | — |  |  | 2,500.7 |  |  | — |
Government securities | 1,738.2 |  |  | — |  |  | 1,738.2 |  |  | — |
Mortgage and other asset backed securities | 542.5 |  |  | — |  |  | 542.5 |  |  | — |
Marketable equity securities | 18.7 |  |  | 18.7 |  |  | — |  |  | — |
Derivative contracts | 44.5 |  |  | — |  |  | 44.5 |  |  | — |
Plan assets for deferred compensation | 31.0 |  |  | — |  |  | 31.0 |  |  | — |
Total | $ | 5,520.7 |  |  | $ | 18.7 |  |  | $ | 5,502.0 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Derivative contracts | $ | 13.6 |  |  | $ | — |  |  | $ | 13.6 |  |  | $ | — |
Contingent consideration obligations | 470.9 |  |  | — |  |  | — |  |  | 470.9 |
Total | $ | 484.5 |  |  | $ | — |  |  | $ | 13.6 |  |  | $ | 470.9 |
As of December 31, 2016 (In millions) | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 2,039.6 |  |  | $ | — |  |  | $ | 2,039.6 |  |  | $ | — |
Marketable debt securities: |  |  |  |  |  |  |
Corporate debt securities | 2,663.8 |  |  | — |  |  | 2,663.8 |  |  | — |
Government securities | 2,172.5 |  |  | — |  |  | 2,172.5 |  |  | — |
Mortgage and other asset backed securities | 561.7 |  |  | — |  |  | 561.7 |  |  | — |
Marketable equity securities | 24.9 |  |  | 24.9 |  |  | — |  |  | — |
Derivative contracts | 61.0 |  |  | — |  |  | 61.0 |  |  | — |
Plan assets for deferred compensation | 34.5 |  |  | — |  |  | 34.5 |  |  | — |
Total | $ | 7,558.0 |  |  | $ | 24.9 |  |  | $ | 7,533.1 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Derivative contracts | $ | 13.6 |  |  | $ | — |  |  | $ | 13.6 |  |  | $ | — |
Contingent consideration obligations | 467.6 |  |  | — |  |  | — |  |  | 467.6 |
Total | $ | 481.2 |  |  | $ | — |  |  | $ | 13.6 |  |  | $ | 467.6 |
There have been no material impairments of our assets measured and carried at fair value during the three months ended March 31, 2017. In addition, there were no changes in valuation techniques or inputs utilized or transfers between fair value measurement levels during the three months ended March 31, 2017. The fair values of Level 2 instruments classified as cash equivalents and marketable debt securities were determined through third party pricing services. For a description of our validation procedures related to prices provided by third party pricing services, please read Note 1, Summary of Significant Accounting Policies: Fair Value Measurements, to our consolidated financial statements included in our 2016 Form 10-K. Debt Instruments The fair and carrying values of our debt instruments, which are Level 2 liabilities, are summarized as follows:
| As of March 31, 2017 |  | As of December 31, 2016
(In millions) | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
Notes payable to Fumedica AG | $ | 6.3 |  |  | $ | 6.3 |  |  | $ | 6.1 |  |  | $ | 6.0 |
6.875% Senior Notes due March 1, 2018 | 575.7 |  |  | 556.7 |  |  | 583.7 |  |  | 558.5 |
2.900% Senior Notes due September 15, 2020 | 1,528.1 |  |  | 1,483.2 |  |  | 1,521.5 |  |  | 1,485.3 |
3.625% Senior Notes due September 15, 2022 | 1,032.4 |  |  | 993.5 |  |  | 1,026.6 |  |  | 993.2 |
4.050% Senior Notes due September 15, 2025 | 1,812.9 |  |  | 1,735.2 |  |  | 1,796.0 |  |  | 1,734.8 |
5.200% Senior Notes due September 15, 2045 | 1,890.0 |  |  | 1,721.6 |  |  | 1,874.5 |  |  | 1,721.5 |
Total | $ | 6,845.4 |  |  | $ | 6,496.5 |  |  | $ | 6,808.4 |  |  | $ | 6,499.3 |
The fair value of our notes payable to Fumedica AG was estimated using market observable inputs, including current interest and foreign currency exchange rates. The fair values of each of our series of Senior Notes were determined through market, observable and corroborated sources. For additional information related to our debt instruments, please read Note 11, Indebtedness, to our consolidated financial statements included in our 2016 Form 10-K. Contingent Consideration Obligations The following table provides a roll forward of the fair values of our contingent consideration obligations that includes Level 3 measurements:
| For the Three Months Ended March 31,
(In millions) | 2017 |  | 2016
Fair value, beginning of period | $ | 467.6 |  |  | $ | 506.0 |
Additions | — |  |  | — |
Changes in fair value | 10.0 |  |  | 2.3 |
Payments | (6.7 | ) |  | — |
Fair value, end of period | $ | 470.9 |  |  | $ | 508.3 |
As of March 31, 2017 and December 31, 2016, approximately $254.1 million and $246.8 million, respectively, of our contingent consideration obligations valued using Level 3 measurements were reflected as components of other long-term liabilities in our condensed consolidated balance sheets with the remaining balances reflected as a component of accrued expenses and other.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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