Fair Value (Tables)

12 Months Ended

Dec. 31, 2020

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):

December 31, 2020	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	5,600.5					$	5,600.5
Marketable equity securities	1.6						1.6
Foreign currency derivatives			$	0.6			0.6
Liabilities:
Foreign currency derivatives			$	0.3			$	0.3
Contingent purchase price obligations					$	71.9	71.9
December 31, 2019
Assets:
Cash and cash equivalents	$	4,305.7					$	4,305.7
Short-term investments	3.6						3.6
Marketable equity securities	1.6						1.6
Foreign currency derivatives			$	0.6			0.6
Liabilities:
Foreign currency derivatives			0.4				0.4
Contingent purchase price obligations					$	107.7	107.7

Changes in Contingent Purchase Price Obligations

Changes in contingent purchase price obligations were (in millions):

	December 31,
	2020		2019
January 1	$	107.7	$	146.5
Acquisitions	14.4		51.1
Revaluation and interest	(21.9)		(18.0)
Payments	(31.3)		(71.4)
Foreign currency translation	3.0		(0.5)
December 31	$	71.9	$	107.7

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):

	December 31,
	2020				2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	5,600.5	$	5,600.5	$	4,305.7	$	4,305.7
Short-term investments	—		—		3.6		3.6
Marketable equity securities	1.6		1.6		1.6		1.6
Non-marketable equity securities	8.9		8.9		9.0		9.0
Foreign currency derivatives	0.6		0.6		0.6		0.6
Liabilities:
Short-term debt	$	3.9	$	3.9	$	10.1	$	10.1
Foreign currency derivatives	0.3		0.3		0.4		0.4
Contingent purchase price obligations	71.9		71.9		107.7		107.7
Long-term debt, including current portion	5,807.3		6,380.6		5,134.3		5,316.4