Fair Value (Tables)

6 Months Ended

Jun. 30, 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):

	June 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	4,388.1					$	4,388.1
Marketable equity investments	1.3						1.3
Foreign currency derivatives			$	0.3			0.3
Liabilities:
Foreign currency derivatives			$	0.3			$	0.3
Contingent purchase price obligations					$	159.5	159.5

	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):

	Six Months Ended June 30,
	2021		2020
January 1	$	71.9	$	107.7
Acquisitions	92.2		10.0
Revaluation and interest	0.9		1.6
Payments	(5.4)		(12.8)
Foreign currency translation	(0.1)		(2.2)
June 30	$	159.5	$	104.3

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, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	4,388.1	$	4,388.1	$	5,600.5	$	5,600.5
Marketable equity securities	1.3		1.3		1.6		1.6
Non-marketable equity securities	6.7		6.7		8.9		8.9
Foreign currency derivatives	0.3		0.3		0.6		0.6
Liabilities:
Short-term debt	$	9.3	$	9.3	$	3.9	$	3.9
Foreign currency derivatives	0.3		0.3		0.3		0.3
Contingent purchase price obligations	159.5		159.5		71.9		71.9
Long-term debt	5,300.7		5,729.6		5,807.3		6,380.6