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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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:

						Fair Value Measurements on a Recurring Basis
						As of March 31, 2025
(In millions)						Total						Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents						$	2,109.0					$	—					$	2,109.0					$	—
Marketable equity securities						146.9						146.9						—						—
Other current assets:
Derivative contracts						40.2						—						40.2						—
Other non-current assets:
Plan assets for deferred compensation						47.8						—						47.8						—
Total						$	2,343.9					$	146.9					$	2,197.0					$	—
Liabilities:
Other current liabilities:
Derivative contracts						$	32.5					$	—					$	32.5					$	—
Contingent consideration obligations						294.3						—						—						294.3
Other non-current liabilities:
Derivative contracts						0.8						—						0.8						—
Contingent consideration obligations						228.1						—						—						228.1
Total						$	555.7					$	—					$	33.3					$	522.4

						Fair Value Measurements on a Recurring Basis
						As of December 31, 2024
(In millions)						Total						Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents						$	1,664.9					$	—					$	1,664.9					$	—
Marketable equity securities						179.7						179.7						—						—
Other current assets:
Derivative contracts						62.5						—						62.5						—
Other non-current assets:
Plan assets for deferred compensation						42.8						—						42.8						—
Total						$	1,949.9					$	179.7					$	1,770.2					$	—
Liabilities:
Other current liabilities:
Derivative contracts						$	11.7					$	—					$	11.7					$	—
Contingent consideration obligations						291.2						—						—						291.2
Other non-current liabilities:
Contingent consideration obligations						221.6						—						—						221.6
Total						$	524.5					$	—					$	11.7					$	512.8

Fair Value Measurement Inputs and Valuation Techniques

The following table presents quantitative information, as of the dates indicated, about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 financial assets and liabilities measured at fair value on a recurring basis:

Quantitative Information about Level 3 Fair Value Measurements

As of March 31, 2025

(In millions)

Fair Value

Valuation Technique

Significant Unobservable Input(s)

Range

Weighted Average

Liabilities:

Contingent consideration obligations

$

522.4

Discounted cash flow

Discount rate

5.8% - 5.9%

5.9

%

Expected timing of achievement of development milestones

2025 - 2030

—

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a roll forward of the fair value of our contingent consideration obligations, which were classified as Level 3 measurements:

(In millions)						As of March 31, 2025
Fair value, beginning of period						$	512.8
Changes in fair value						9.6
Fair value, end of period						$	522.4

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, 2025												As of December 31, 2024
(In millions)						Fair Value						Carrying Value						Fair Value						Carrying Value
Current portion:
4.050% Senior Notes due September 15, 2025						$	1,746.1					$	1,749.1					$	1,741.0					$	1,748.6
Current portion of notes payable						1,746.1						1,749.1						1,741.0						1,748.6
Non-current portion:
2.250% Senior Notes due May 1, 2030						1,323.3						1,495.0						1,295.6						1,494.7
5.200% Senior Notes due September 15, 2045						1,008.2						1,101.2						1,008.0						1,101.1
3.150% Senior Notes due May 1, 2050						945.4						1,475.1						943.7						1,475.0
3.250% Senior Notes due February 15, 2051						448.7						477.4						448.9						476.4
Non-current portion of notes payable						3,725.6						4,548.7						3,696.2						4,547.2
Total notes payable						$	5,471.7					$	6,297.8					$	5,437.2					$	6,295.8

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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

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-Topic 820
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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.

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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

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