Fair Value (Tables)

9 Months Ended

Sep. 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):

	September 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	3,198.5					$	3,198.5
Short-term investments			$	94.9			94.9
Marketable equity investments	0.9						0.9
Liabilities:
Foreign currency derivatives			$	0.2			$	0.2
Contingent purchase price obligations					$	137.1	137.1

	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 derivatives			$	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):

	Nine Months Ended September 30,
	2022		2021
January 1	$	167.1	$	71.9
Acquisitions	10.7		92.3
Revaluation and interest	—		0.7
Payments	(32.7)		(16.8)
Foreign currency translation	(8.0)		(1.5)
September 30	$	137.1	$	146.6

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):

	September 30, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	3,198.5	$	3,198.5	$	5,316.8	$	5,316.8
Short-term investments	94.9		94.9		—		—
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	$	10.2	$	10.2	$	9.6	$	9.6
Foreign currency derivatives	0.2		0.2		0.1		0.1
Contingent purchase price obligations	137.1		137.1		167.1		167.1
Long-term debt	5,450.6		4,851.4		5,685.7		6,011.6