Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

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:

	March 31, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	3,261.5					$	3,261.5	$	4,281.8					$	4,281.8
Short-term investments			$	87.4			87.4				$	60.7			60.7
Marketable equity securities	0.9						0.9		0.9						0.9
Liabilities:
Foreign currency derivatives			$	—			$	—			$	0.1			$	0.1
Cross currency swaps - net investment hedge			14.3				14.3				16.5				16.5
Contingent purchase price obligations					$	128.0	128.0						$	115.0	115.0

Changes in Level 3 Fair Value Measurements

Change in Level 3 fair value measurements:

	Three Months Ended March 31,
	2023		2022
January 1	$	115.0	$	167.1
Acquisitions	21.6		0.5
Revaluation and interest	0.4		0.2
Payments	(9.2)		(6.0)
Foreign currency translation	0.2		(1.2)
March 31	$	128.0	$	160.6

Carrying Amount and Fair Value of Financial Assets and Liabilities

The carrying amount and fair value of our financial assets and liabilities were:

	March 31, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	3,261.5	$	3,261.5	$	4,281.8	$	4,281.8
Short-term investments	87.4		87.4		60.7		60.7
Marketable equity securities	0.9		0.9		0.9		0.9
Non-marketable equity securities	6.1		6.1		5.6		5.6
Liabilities:
Short-term debt	$	18.5	$	18.5	$	16.9	$	16.9
Foreign currency derivatives	—		—		0.1		0.1
Cross currency swaps - net investment hedge	14.3		14.3		16.5		16.5
Contingent purchase price obligations	128.0		128.0		115.0		115.0
Long-term debt	5,609.4		5,121.9		5,577.2		4,993.4