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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Summary of assets and liabilities recorded at fair value

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 December 31, 2018 (In millions)	Total				Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	705.5			$	—			$	705.5			$	—
Marketable debt securities:
Corporate debt securities	2,459.2				—				2,459.2				—
Government securities	969.6				—				969.6				—
Mortgage and other asset backed securities	260.5				—				260.5				—
Marketable equity securities	615.4				51.7				563.7				—
Derivative contracts	66.9				—				66.9				—
Plan assets for deferred compensation	25.4				—				25.4				—
Total	$	5,102.5			$	51.7			$	5,050.8			$	—
Liabilities:
Derivative contracts	$	24.6			$	—			$	24.6			$	—
Contingent consideration obligations	409.8				—				—				409.8
Total	$	434.4			$	—			$	24.6			$	409.8

As of December 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	$	1,229.4			$	—			$	1,229.4			$	—
Marketable debt securities:
Corporate debt securities	2,609.8				—				2,609.8				—
Government securities	1,919.3				—				1,919.3				—
Mortgage and other asset backed securities	643.4				—				643.4				—
Marketable equity securities	11.8				11.8				—				—
Derivative contracts	2.7				—				2.7				—
Plan assets for deferred compensation	28.5				—				28.5				—
Total	$	6,444.9			$	11.8			$	6,433.1			$	—
Liabilities:
Derivative contracts	$	111.3			$	—			$	111.3			$	—
Contingent consideration obligations	523.6				—				—				523.6
Total	$	634.9			$	—			$	111.3			$	523.6

Summary of fair and carrying value of debt instruments

The fair values of our debt instruments, which are Level 2 liabilities, are summarized as follows:

	As of December 31,
(In millions)	2018				2017
Notes payable to Fumedica AG	$	—			$	3.2
2.900% Senior Notes due September 15, 2020	1,489.5				1,517.7
3.625% Senior Notes due September 15, 2022	1,000.4				1,032.9
4.050% Senior Notes due September 15, 2025	1,745.1				1,851.9
5.200% Senior Notes due September 15, 2045	1,802.6				2,077.6
Total	$	6,037.6			$	6,483.3

Fair value of contingent consideration obligations

The following table provides a roll forward of the fair values of our contingent consideration obligations, which includes Level 3 measurements:

	As of December 31,
(In millions)	2018				2017
Fair value, beginning of year	$	523.6			$	467.6
Changes in fair value	(12.3		)		62.7
Payments and other	(101.5		)		(6.7		)
Fair value, end of year	$	409.8			$	523.6

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=109250915&loc=d3e13467-108611

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ 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 (c)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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