XML 61 R30.htm IDEA: XBRL DOCUMENT
v3.21.1

Fair Value Measurements (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
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, 2021
(In millions) |  | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 745.8 |  |  | $ | — |  |  | $ | 745.8 |  |  | $ | — |
Marketable debt securities: |  |  |  |  |  |  |  |
Corporate debt securities |  | 1,336.2 |  |  | — |  |  | 1,336.2 |  |  | — |
Government securities |  | 677.4 |  |  | — |  |  | 677.4 |  |  | — |
Mortgage and other asset backed securities |  | 128.3 |  |  | — |  |  | 128.3 |  |  | — |
Marketable equity securities |  | 1,442.8 |  |  | 148.2 |  |  | 1,294.6 |  |  | — |
Derivative contracts |  | 51.2 |  |  | — |  |  | 51.2 |  |  | — |
Plan assets for deferred compensation |  | 31.1 |  |  | — |  |  | 31.1 |  |  | — |
Total |  | $ | 4,412.8 |  |  | $ | 148.2 |  |  | $ | 4,264.6 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |
Derivative contracts |  | $ | 88.6 |  |  | $ | — |  |  | $ | 88.6 |  |  | $ | — |
Contingent consideration obligations |  | 226.0 |  |  | — |  |  | — |  |  | 226.0 |
Total |  | $ | 314.6 |  |  | $ | — |  |  | $ | 88.6 |  |  | $ | 226.0 |
|  | As of December 31, 2020
(In millions) |  | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 626.9 |  |  | $ | — |  |  | $ | 626.9 |  |  | $ | — |
Marketable debt securities: |  |  |  |  |  |  |  |
Corporate debt securities |  | 1,301.5 |  |  | — |  |  | 1,301.5 |  |  | — |
Government securities |  | 627.1 |  |  | — |  |  | 627.1 |  |  | — |
Mortgage and other asset backed securities |  | 122.4 |  |  | — |  |  | 122.4 |  |  | — |
Marketable equity securities |  | 1,974.3 |  |  | 271.1 |  |  | 1,703.2 |  |  | — |
Derivative contracts |  | 20.5 |  |  | — |  |  | 20.5 |  |  | — |
Plan assets for deferred compensation |  | 28.2 |  |  | — |  |  | 28.2 |  |  | — |
Total |  | $ | 4,700.9 |  |  | $ | 271.1 |  |  | $ | 4,429.8 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |
Derivative contracts |  | $ | 217.2 |  |  | $ | — |  |  | $ | 217.2 |  |  | $ | — |
Contingent consideration obligations |  | 259.8 |  |  | — |  |  | — |  |  | 259.8 |
Total |  | $ | 477.0 |  |  | $ | — |  |  | $ | 217.2 |  |  | $ | 259.8 |
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, 2021 |  | As of December 31, 2020
(In millions) |  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
3.625% Senior Notes due September 15, 2022 |  | $ | 1,044.2 |  |  | $ | 998.2 |  |  | $ | 1,054.1 |  |  | $ | 997.9 |
4.050% Senior Notes due September 15, 2025 |  | 1,940.8 |  |  | 1,741.5 |  |  | 2,003.1 |  |  | 1,741.2 |
2.250% Senior Notes due May 1, 2030 |  | 1,455.3 |  |  | 1,491.4 |  |  | 1,557.2 |  |  | 1,491.1 |
5.200% Senior Notes due September 15, 2045 (1) |  | 1,394.8 |  |  | 1,099.7 |  |  | 2,365.1 |  |  | 1,723.4 |
3.150% Senior Notes due May 1, 2050 |  | 1,369.8 |  |  | 1,472.7 |  |  | 1,536.4 |  |  | 1,472.6 |
3.250% Senior Notes due February 15, 2051 (1) |  | 654.3 |  |  | 463.7 |  |  | — |  |  | — |
Total |  | $ | 7,859.2 |  |  | $ | 7,267.2 |  |  | $ | 8,515.9 |  |  | $ | 7,426.2 |
(1) In February 2021 we completed a private offer to exchange (Exchange Offer) our 5.200% Senior Notes due September 15, 2045 (2045 Senior Notes), whereby approximately $624.6 million of our 2045 Senior Notes were exchanged for approximately $700.7 million of a new series of 3.250% Senior Notes due February 15, 2051 (2051 Senior Notes). For additional information on our Exchange Offer, please read Note 10, Indebtedness, to these condensed consolidated financial statements.
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) |  | 2021 |  | 2020 |  |  |  |
Fair value, beginning of period |  | $ | 259.8 |  |  | $ | 346.1 |  |  |  |  |
Changes in fair value |  | (33.8) |  |  | (4.6) |  |  |  |  |
Fair value, end of period |  | $ | 226.0 |  |  | $ | 341.5 |  |  |  |  |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration