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Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | 12 Months Ended |
--- | --- | ---
Dec. 31, 2020 | Dec. 31, 2019
Fair value assets and liabilities measured on recurring basis |  |  |
Cash equivalents |  | $ 1,507.4 | $ 786.0
Contingent acquisition obligations | [1] | 95.5 | 114.1
Contingent acquisition obligation, total change |  | $ (18.6) |
Discount rate floor contingent acquisition obligations |  | 1.00% |
Discount rate floor long-term debt |  | 0.40% |
Discount rate ceiling long-term debt |  | 3.40% |
Level 1 |  |  |
Fair value assets and liabilities measured on recurring basis |  |  |
Cash equivalents |  | $ 1,507.4 | 786.0
Contingent acquisition obligations | [1] | 0.0 | 0.0
Level 2 |  |  |
Fair value assets and liabilities measured on recurring basis |  |  |
Cash equivalents |  | 0.0 | 0.0
Contingent acquisition obligations | [1] | 0.0 | 0.0
Level 3 |  |  |
Fair value assets and liabilities measured on recurring basis |  |  |
Cash equivalents |  | 0.0 | 0.0
Contingent acquisition obligations | [1] | $ 95.5 | $ 114.1
[1] | Contingent acquisition obligations includes deferred acquisition payments and unconditional obligations to purchase additional noncontrolling equity shares of consolidated subsidiaries. Fair value measurement of the obligations is based upon actual and projected operating performance targets as specified in the related agreeme nts. The decrease in this balance of $18.6 from December 31, 2019 to December 31, 2020 is primarily due to payments. The amounts payable within the next twelve months are classified in accrued liabilities; any amounts payable thereafter are classified in other non-current liabilities.

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- Definition Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. + References No definition available. + Details
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