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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 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 |  | $ | 978.9 |  |  | $ | — |  |  | $ | 978.9 |  |  | $ | — |
Marketable debt securities: |  |  |  |  |  |  |  |
Corporate debt securities |  | 1,486.8 |  |  | — |  |  | 1,486.8 |  |  | — |
Government securities |  | 712.9 |  |  | — |  |  | 712.9 |  |  | — |
Mortgage and other asset backed securities |  | 181.9 |  |  | — |  |  | 181.9 |  |  | — |
Marketable equity securities |  | 1,166.2 |  |  | 215.9 |  |  | 950.3 |  |  | — |
Derivative contracts |  | 80.0 |  |  | — |  |  | 80.0 |  |  | — |
Plan assets for deferred compensation |  | 33.7 |  |  | — |  |  | 33.7 |  |  | — |
Total |  | $ | 4,640.4 |  |  | $ | 215.9 |  |  | $ | 4,424.5 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |
Derivative contracts |  | $ | 27.7 |  |  | $ | — |  |  | $ | 27.7 |  |  | $ | — |
Contingent consideration obligations |  | 210.7 |  |  | — |  |  | — |  |  | 210.7 |
Total |  | $ | 238.4 |  |  | $ | — |  |  | $ | 27.7 |  |  | $ | 210.7 |
|  | 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 September 30, 2021 |  | As of December 31, 2020
(In millions) |  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
3.625% Senior Notes due September 15, 2022 |  | $ | 1,031.2 |  |  | $ | 998.8 |  |  | $ | 1,054.1 |  |  | $ | 997.9 |
4.050% Senior Notes due September 15, 2025 |  | 1,927.7 |  |  | 1,742.5 |  |  | 2,003.1 |  |  | 1,741.2 |
2.250% Senior Notes due May 1, 2030 |  | 1,491.7 |  |  | 1,491.8 |  |  | 1,557.2 |  |  | 1,491.1 |
5.200% Senior Notes due September 15, 2045 (1) |  | 1,468.2 |  |  | 1,099.8 |  |  | 2,365.1 |  |  | 1,723.4 |
3.150% Senior Notes due May 1, 2050 |  | 1,443.1 |  |  | 1,473.0 |  |  | 1,536.4 |  |  | 1,472.6 |
3.250% Senior Notes due February 15, 2051 (1) |  | 684.6 |  |  | 465.2 |  |  | — |  |  | — |
Total |  | $ | 8,046.5 |  |  | $ | 7,271.1 |  |  | $ | 8,515.9 |  |  | $ | 7,426.2 |
(1) In February 2021 we completed a private offer to exchange (Exchange Offer) our tendered 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 September 30, |  | For the Nine Months Ended September 30,
(In millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Fair value, beginning of period |  | $ | 226.3 |  |  | $ | 351.6 |  |  | $ | 259.8 |  |  | $ | 346.1 |
Changes in fair value |  | (15.6) |  |  | (29.0) |  |  | (49.1) |  |  | (23.5) |
Fair value, end of period |  | $ | 210.7 |  |  | $ | 322.6 |  |  | $ | 210.7 |  |  | $ | 322.6 |

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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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