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2. Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Debt Securities, Available-for-sale [Table Text Block]

Available-for-sale investments consist of the following (in millions):

			September 30, 2021
			Amortized Cost						Unrealized Gains						Unrealized Losses						Allowances for Credit Losses			Fair Value
Short-term investments:
Corporate debt securities			$	230.0					$	1.6					$	(0.1)					$	—		$	231.5
Municipal obligations			19.3						0.1						—						—			19.4
Asset-backed securities			$	68.8					$	0.1					$	—					$	—		$	68.9
U.S. government sponsored agencies			65.1						1						—						—			66.1
Foreign government obligations			$	1.9					$	—					$	—					$	—		$	1.9
Certificates of Deposit			15.7						—						—						—			15.7
Other foreign obligations			5.6						—						—						—			5.6
			406.4						2.8						(0.1)						—			409.1
Long-term Investments:			—						—						—						—			—
Total			$	406.4					$	2.8					$	(0.1)					$	—		$	409.1

Available-for-sale investments consist of the following (in millions):

			December 31, 2020
			Amortized Cost						Unrealized Gains						Unrealized Losses			Allowances for Credit Losses						Estimated Fair Value
Short-term investments:
Corporate debt securities			$	130.5					$	2.7					$	—		—						$	133.2
Municipal obligations			15.0						0.2						—			—						15.2
Asset-backed securities			35.8						0.3						—			—						36.1
U.S. government sponsored agencies			74.7						2.2						—			—						76.9
Foreign government obligations			4.0						—						—			—						4.0
Other foreign obligations			2.1						—						—			—						2.1
			262.1						5.4						—			—						267.5
Long-term investments:
Asset-backed securities			0.1						—						—			—						0.1
			0.1						—						—			—						0.1
Total			$	262.2					$	5.4					$	—		$	—					$	267.6

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Discussion of current derivative risk management

The following is a summary of our forward foreign exchange contracts (in millions):

			September 30,
			2021
Contracts maturing in October through December 2021 to sell foreign currency:
Notional value			$	113.5
Unrealized Gain/(Loss)			$	0.3
Contracts maturing in October through December 2021 to purchase foreign currency:
Notional value			$	145.9
Unrealized Gain/(Loss)			$	(0.4)

Summary of amortized cost and estimated fair value of debt securities by contractual maturity date

The following is a summary of the amortized cost and estimated fair value of our debt securities at September 30, 2021 by contractual maturity date (in millions):

			Amortized Cost						Estimated Fair Value
Mature in less than one year			$	242.2					$	242.6
Mature in one to five years			106.6						107.9
Mature in more than five years			57.6						58.6
Total			$	406.4					$	409.1

Fair Value Measurements, Recurring and Nonrecurring

Financial assets and liabilities carried at fair value and measured on a recurring basis as of September 30, 2021 are classified in the hierarchy as follows (in millions):

			Level 1						Level 2						Level 3						Total
Financial Assets Carried at Fair Value:
Cash Equivalents:
Commercial Paper			$	—					$	33.3					$	—					$	33.3
Asset-Backed			—						0.4						—						$	0.4
U.S. Government Sponsored			—						17.0						—						$	17.0
Time Deposits			19.5						10.0						—						29.5
Money Market Funds			129.0						—						—						129.0
Total Cash Equivalents (a)			148.5						60.7						—						209.2
Restricted Investments (b)			6.8						—						—						6.8
Equity Securities (c)			16,259.1						—						—						16,259.1
Available-for-Sale Investments:
Corporate Debt Securities			—						231.5						—						231.5
U.S. Government Sponsored Agencies			—						66.1						—						66.1
Foreign Government Obligations			—						1.9						—						1.9
Other Foreign Obligations			—						5.6						—						5.6
Certificates of Deposit			—						15.7						—						15.7
Municipal Obligations			—						19.4						—						19.4
Asset-Backed Securities			—						68.9						—						68.9
Total Available-for-Sale Investments (d)			—						409.1						—						409.1
Forward Foreign Exchange Contracts (e)			—						0.6						—						0.6
Total Financial Assets Carried at Fair Value			$	16,414.4					$	470.4					$	—					$	16,884.8
Financial Liabilities Carried at Fair Value:
Forward Foreign Exchange Contracts (f)			$	—					$	0.8					$	—					$	0.8
Contingent Consideration (g)			—						—						—						—
Total Financial Liabilities Carried at Fair Value			$	—					$	0.8					$	—					$	0.8

Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2020 are classified in the hierarchy as follows (in millions):

			Level 1						Level 2						Level 3						Total
Financial assets carried at fair value:
Cash equivalents:
Commercial paper			$	—					$	41.7					$	—					$	41.7
Time deposits			17.6						10.0						—						27.6
Asset-backed securities			—						0.9						—						0.9
U.S. government sponsored agencies			—						2.5						—						2.5
Money market funds			60.1						—						—						60.1
Total cash equivalents (a)			77.7						55.1						—						132.8
Restricted investments (b)			6.7						—						—						6.7
Equity securities (c)			9,582.4						—						—						9,582.4
Available-for-sale investments:
Corporate debt securities			—						133.2						—						133.2
U.S. government sponsored agencies			—						76.9						—						76.9
Foreign government obligations			—						4.0						—						4.0
Other foreign obligations			—						2.1						—						2.1
Municipal obligations			—						15.2						—						15.2
Asset-backed securities			—						36.2						—						36.2
Total available-for-sale investments (d)			—						267.6						—						267.6
Forward foreign exchange contracts (e)			—						1.0						—						1.0
Total financial assets carried at fair value			$	9,666.8					$	323.7					$	—					$	9,990.5
Financial liabilities carried at fair value:
Forward foreign exchange contracts (f)			$	—					$	1.0					$	—					$	1.0
Contingent consideration (g)			—						—						0.7						0.7
Total financial liabilities carried at fair value			$	—					$	1.0					$	0.7					$	1.7

(a)Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets.

(b) Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions):

			September 30, 2021						December 31, 2020
Restricted investments			$	5.6					$	5.6
Other investments			1.2						1.1
Total			$	6.8					$	6.7

(c) Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions):

			September 30, 2021						December 31, 2020
Short-term investments			$	68.2					$	61.4
Other investments			16,190.9						9,521.0
Total			$	16,259.1					$	9,582.4

The changes in fair market value on our equity securities for the three and nine months ended September 30, 2021 were $4,868.7 million and $7,078.8 million of gains, respectively, which were primarily due to our investment in Sartorius AG and is recorded in Change in fair market value of equity securities in our condensed consolidated statements of income.

As of September 30, 2021, we own 12,987,900 ordinary voting shares and 9,588,908 preference shares of Sartorius AG (Sartorius), of Goettingen, Germany, a process technology supplier to the biotechnology, pharmaceutical, chemical and food and beverage industries. We own approximately 37% of the ordinary outstanding voting shares (excluding treasury shares) and 28% of the preference shares of Sartorius as of September 30, 2021.

(d) Available-for-sale investments are included in the following accounts in the condensed consolidated balance sheets (in millions):

			September 30, 2021						December 31, 2020
Short-term investments			$	409.1					$	267.5
Other investments			—						0.1
Total			$	409.1					$	267.6

(e) Forward foreign exchange contracts in an asset position are included in other current assets in the condensed consolidated balance sheets.

(f) Forward foreign exchange contracts in a liability position are included in other current liabilities in the condensed consolidated balance sheets.

(g) Contingent consideration liabilities in a liability position are included in the other long-term liabilities in the condensed consolidated balance sheets.

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