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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2019
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 March 31, 2019 (In millions) | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 1,881.9 |  |  | $ | — |  |  | $ | 1,881.9 |  |  | $ | — |
Marketable debt securities: |  |  |  |  |  |  |
Corporate debt securities | 1,835.7 |  |  | — |  |  | 1,835.7 |  |  | — |
Government securities | 921.3 |  |  | — |  |  | 921.3 |  |  | — |
Mortgage and other asset backed securities | 281.5 |  |  | — |  |  | 281.5 |  |  | — |
Marketable equity securities | 904.0 |  |  | 19.5 |  |  | 884.5 |  |  | — |
Derivative contracts | 104.4 |  |  | — |  |  | 104.4 |  |  | — |
Plan assets for deferred compensation | 29.4 |  |  | — |  |  | 29.4 |  |  | — |
Total | $ | 5,958.2 |  |  | $ | 19.5 |  |  | $ | 5,938.7 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Derivative contracts | $ | 24.1 |  |  | $ | — |  |  | $ | 24.1 |  |  | $ | — |
Contingent consideration obligations | 421.3 |  |  | — |  |  | — |  |  | 421.3 |
Total | $ | 445.4 |  |  | $ | — |  |  | $ | 24.1 |  |  | $ | 421.3 |
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 |
Summary of fair and carrying value of debt instruments | The fair and carrying values of our debt instruments, which are Level 2 liabilities, are summarized as follows:
| As of March 31, 2019 |  | As of December 31, 2018
(In millions) | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
2.900% Senior Notes due September 15, 2020 | $ | 1,500.7 |  |  | $ | 1,486.6 |  |  | $ | 1,489.5 |  |  | $ | 1,480.8 |
3.625% Senior Notes due September 15, 2022 | 1,022.0 |  |  | 995.8 |  |  | 1,000.4 |  |  | 995.5 |
4.050% Senior Notes due September 15, 2025 | 1,795.1 |  |  | 1,738.2 |  |  | 1,745.1 |  |  | 1,737.8 |
5.200% Senior Notes due September 15, 2045 | 1,838.0 |  |  | 1,722.6 |  |  | 1,802.6 |  |  | 1,722.4 |
Total | $ | 6,155.8 |  |  | $ | 5,943.2 |  |  | $ | 6,037.6 |  |  | $ | 5,936.5 |
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:
| For the Three Months Ended March 31,
(In millions) | 2019 |  | 2018
Fair value, beginning of period | $ | 409.8 |  |  | $ | 523.6 |
Changes in fair value | 11.5 |  |  | (5.6 | )
Payments | — |  |  | (20.0 | )
Fair value, end of period | $ | 421.3 |  |  | $ | 498.0 |

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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 + Details
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