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Fair Value (Tables) | 6 Months Ended
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Jun. 30, 2022
Fair Value [Abstract] |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis were (in millions):
| June 30, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 3,205.1 |  |  |  |  |  |  | $ | 3,205.1 |
Short-term investments |  |  | $ | 119.9 |  |  |  |  | 119.9 |
Marketable equity investments | 0.9 |  |  |  |  |  |  | 0.9 |
Liabilities: |  |  |  |  |  |  |
Foreign currency derivatives |  |  | $ | 0.4 |  |  |  |  | $ | 0.4 |
Contingent purchase price obligations |  |  |  |  | $ | 154.5 |  |  | 154.5 |
| December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 5,316.8 |  |  |  |  |  |  | $ | 5,316.8 |
Marketable equity investments | 1.1 |  |  |  |  |  |  | 1.1 |
Foreign currency derivative instruments |  |  | $ | 0.3 |  |  |  |  | 0.3 |
Liabilities: |  |  |  |  |  |  |
Foreign currency derivatives |  |  | $ | 0.1 |  |  |  |  | $ | 0.1 |
Contingent purchase price obligations |  |  |  |  | $ | 167.1 |  |  | 167.1 |
Changes in Contingent Purchase Price Obligations | Changes in contingent purchase price obligations were (in millions):
| Six Months Ended June 30,
| 2022 |  | 2021
January 1 | $ | 167.1 |  |  | $ | 71.9 |
Acquisitions | 0.8 |  |  | 92.2 |
Revaluation and interest | 0.8 |  |  | 0.9 |
Payments | (9.9) |  |  | (5.4) |
Foreign currency translation | (4.3) |  |  | (0.1) |
June 30 | $ | 154.5 |  |  | $ | 159.5 |
Carrying Amount and Fair Value of Financial Assets and Liabilities | The carrying amount and fair value of our financial assets and liabilities were (in millions):
| June 30, 2022 |  | December 31, 2021
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 3,205.1 |  |  | $ | 3,205.1 |  |  | $ | 5,316.8 |  |  | $ | 5,316.8 |
Short-term investments | 119.9 |  |  | 119.9 |  |  | — |  |  | — |
Marketable equity securities | 0.9 |  |  | 0.9 |  |  | 1.1 |  |  | 1.1 |
Non-marketable equity securities | 5.6 |  |  | 5.6 |  |  | 6.5 |  |  | 6.5 |
Foreign currency derivatives | — |  |  | — |  |  | 0.3 |  |  | 0.3 |
Liabilities: |  |  |  |  |  |  |
Short-term debt | $ | 12.3 |  |  | $ | 12.3 |  |  | $ | 9.6 |  |  | $ | 9.6 |
Foreign currency derivatives | 0.4 |  |  | 0.4 |  |  | 0.1 |  |  | 0.1 |
Contingent purchase price obligations | 154.5 |  |  | 154.5 |  |  | 167.1 |  |  | 167.1 |
Long-term debt | 5,548.5 |  |  | 5,090.4 |  |  | 5,685.7 |  |  | 6,011.6 |

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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 https://asc.fasb.org/extlink&oid=123594938&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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