Fair Value (Tables)

9 Months Ended

Sep. 30, 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:

	September 30, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	2,769.6					$	2,769.6	$	4,281.8					$	4,281.8
Short-term investments			$	—			—				$	60.7			60.7
Marketable equity securities	0.8						0.8		0.9						0.9
Liabilities:
Foreign currency derivatives			$	—			$	—			$	0.1			$	0.1
Cross currency swaps - net  investment hedge			0.6				0.6				16.5				16.5
Contingent purchase price obligations					$	292.2	292.2						$	115.0	115.0

Changes in Level 3 Fair Value Measurements

Change in the Level 3 fair value measurement of contingent purchase price obligations:

	Nine Months Ended September 30,
	2023		2022
January 1	$	115.0	$	167.1
Acquisitions	230.0		10.7
Revaluation and interest	(18.2)		—
Payments	(34.8)		(32.7)
Foreign currency translation	0.2		(8.0)
September 30	$	292.2	$	137.1

Carrying Amount and Fair Value of Financial Assets and Liabilities

Carrying amount and fair value of our financial assets and liabilities:

	September 30, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	2,769.6	$	2,769.6	$	4,281.8	$	4,281.8
Short-term investments	—		—		60.7		60.7
Marketable equity securities	0.8		0.8		0.9		0.9
Non-marketable equity securities	6.7		6.7		5.6		5.6
Liabilities:
Short-term debt	$	14.5	$	14.5	$	16.9	$	16.9
Foreign currency derivatives	—		—		0.1		0.1
Cross currency swaps - net investment hedge	0.6		0.6		16.5		16.5
Contingent purchase price obligations	292.2		292.2		115.0		115.0
Long-term debt	5,572.1		4,897.2		5,577.2		4,993.4