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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 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 December 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 | $ | 2,541.1 |  |  | $ | — |  |  | $ | 2,541.1 |  |  | $ | — |
Marketable debt securities: |  |  |  |  |  |  |
Corporate debt securities | 1,695.1 |  |  | — |  |  | 1,695.1 |  |  | — |
Government securities | 1,013.9 |  |  | — |  |  | 1,013.9 |  |  | — |
Mortgage and other asset backed securities | 261.3 |  |  | — |  |  | 261.3 |  |  | — |
Marketable equity securities | 337.5 |  |  | 7.9 |  |  | 329.6 |  |  | — |
Derivative contracts | 43.8 |  |  | — |  |  | 43.8 |  |  | — |
Plan assets for deferred compensation | 27.7 |  |  | — |  |  | 27.7 |  |  | — |
Total | $ | 5,920.4 |  |  | $ | 7.9 |  |  | $ | 5,912.5 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Derivative contracts | $ | 8.3 |  |  | $ | — |  |  | $ | 8.3 |  |  | $ | — |
Contingent consideration obligations | 346.1 |  |  | — |  |  | — |  |  | 346.1 |
Total | $ | 354.4 |  |  | $ | — |  |  | $ | 8.3 |  |  | $ | 346.1 |
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 values of our debt instruments, which are Level 2 liabilities, are summarized as follows:
| As of December 31,
(In millions) | 2019 |  | 2018
2.900% Senior Notes due September 15, 2020 | $ | 1,509.6 |  |  | $ | 1,489.5 |
3.625% Senior Notes due September 15, 2022 | 1,038.9 |  |  | 1,000.4 |
4.050% Senior Notes due September 15, 2025 | 1,897.2 |  |  | 1,745.1 |
5.200% Senior Notes due September 15, 2045 | 2,107.9 |  |  | 1,802.6 |
Total | $ | 6,553.6 |  |  | $ | 6,037.6 |
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) | 2019 |  | 2018
Fair value, beginning of year | $ | 409.8 |  |  | $ | 523.6 |
Changes in fair value | (63.7 | ) |  | (12.3 | )
Payments and other | — |  |  | (101.5 | )
Fair value, end of year | $ | 346.1 |  |  | $ | 409.8 |

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- 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=118260190&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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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=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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