Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

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):

	March 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	4,897.3					$	4,897.3
Marketable equity investments	1.4						1.4
Foreign currency derivatives			$	0.5			0.5
Liabilities:
Foreign currency derivatives			$	0.5			$	0.5
Contingent purchase price obligations					$	67.7	67.7

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	5,600.5					$	5,600.5
Marketable equity investments	1.6						1.6
Foreign currency derivative instruments			$	0.6			0.6
Liabilities:
Foreign currency derivatives			0.3				0.3
Contingent purchase price obligations					$	71.9	71.9

Changes in Contingent Purchase Price Obligations

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

	Three Months Ended March 31,
	2021		2020
January 1	$	71.9	$	107.7
Acquisitions	1.3		8.1
Revaluation and interest	0.4		0.6
Payments	(5.4)		—
Foreign currency translation	(0.5)		(2.8)
March 31	$	67.7	$	113.6

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):

	March 31, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	4,897.3	$	4,897.3	$	5,600.5	$	5,600.5
Marketable equity securities	1.4		1.4		1.6		1.6
Non-marketable equity securities	6.9		6.9		8.9		8.9
Foreign currency derivatives	0.5		0.5		0.6		0.6
Liabilities:
Short-term debt	$	5.9	$	5.9	$	3.9	$	3.9
Foreign currency derivatives	0.5		0.5		0.3		0.3
Contingent purchase price obligations	67.7		67.7		71.9		71.9
Long-term debt, including current portion	5,754.4		6,143.1		5,807.3		6,380.6