Fair Value (Tables)

6 Months Ended

Jun. 30, 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):

	June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	3,205.1					$	3,205.1
Short-term investments			$	119.9			119.9
Marketable equity investments	0.9						0.9
Liabilities:
Foreign currency derivatives			$	0.4			$	0.4
Contingent purchase price obligations					$	154.5	154.5

	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):

	Six Months Ended June 30,
	2022		2021
January 1	$	167.1	$	71.9
Acquisitions	0.8		92.2
Revaluation and interest	0.8		0.9
Payments	(9.9)		(5.4)
Foreign currency translation	(4.3)		(0.1)
June 30	$	154.5	$	159.5

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, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	3,205.1	$	3,205.1	$	5,316.8	$	5,316.8
Short-term investments	119.9		119.9		—		—
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	$	12.3	$	12.3	$	9.6	$	9.6
Foreign currency derivatives	0.4		0.4		0.1		0.1
Contingent purchase price obligations	154.5		154.5		167.1		167.1
Long-term debt	5,548.5		5,090.4		5,685.7		6,011.6