Fair Value (Tables)

9 Months Ended

Sep. 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):

	September 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	4,431.2					$	4,431.2
Marketable equity investments	1.2						1.2
Foreign currency derivatives			$	0.1			0.1
Liabilities:
Foreign currency derivatives			$	0.3			$	0.3
Contingent purchase price obligations					$	146.6	146.6

	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):

	Nine Months Ended September 30,
	2021		2020
January 1	$	71.9	$	107.7
Acquisitions	92.3		10.0
Revaluation and interest	0.7		2.0
Payments	(16.8)		(25.4)
Foreign currency translation	(1.5)		1.0
September 30	$	146.6	$	95.3

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):

	September 30, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	4,431.2	$	4,431.2	$	5,600.5	$	5,600.5
Marketable equity securities	1.2		1.2		1.6		1.6
Non-marketable equity securities	6.6		6.6		8.9		8.9
Foreign currency derivatives	0.1		0.1		0.6		0.6
Liabilities:
Short-term debt	$	10.2	$	10.2	$	3.9	$	3.9
Foreign currency derivatives	0.3		0.3		0.3		0.3
Contingent purchase price obligations	146.6		146.6		71.9		71.9
Long-term debt	5,217.7		5,669.0		5,807.3		6,380.6