Fair Value (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	3,925.5					$	3,925.5
Short-term investments			$	92.7			92.7
Marketable equity investments	0.9						0.9
Liabilities:
Contingent purchase price obligations					$	160.6	$	160.6

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	5,316.8					$	5,316.8
Marketable equity investments	1.1						1.1
Foreign currency derivative instruments			$	0.3			0.3
Liabilities:
Foreign currency derivatives			$	0.1			$	0.1
Contingent purchase price obligations					$	167.1	167.1

Changes in Contingent Purchase Price Obligations

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

	Three Months Ended March 31,
	2022		2021
January 1	$	167.1	$	71.9
Acquisitions	0.5		1.3
Revaluation and interest	0.2		0.4
Payments	(6.0)		(5.4)
Foreign currency translation	(1.2)		(0.5)
March 31	$	160.6	$	67.7

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):

	March 31, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	3,925.5	$	3,925.5	$	5,316.8	$	5,316.8
Short-term investments	92.7		92.7		—		—
Marketable equity securities	0.9		0.9		1.1		1.1
Non-marketable equity securities	5.6		5.6		6.5		6.5
Foreign currency derivatives	—		—		0.3		0.3
Liabilities:
Short-term debt	$	12.4	$	12.4	$	9.6	$	9.6
Foreign currency derivatives	—		—		0.1		0.1
Contingent purchase price obligations	160.6		160.6		167.1		167.1
Long-term debt	5,646.4		5,561.3		5,685.7		6,011.6