Fair Value (Tables)

12 Months Ended

Dec. 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:

December 31, 2023	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	4,432.0					$	4,432.0
Marketable equity securities	0.9						0.9
Liabilities:
Cross currency swaps - net investment hedge			$	6.6			$	6.6
Contingent purchase price obligations					$	229.5	229.5
December 31, 2022
Assets:
Cash and cash equivalents	$	4,281.8					$	4,281.8
Short-term investments			$	60.7			60.7
Marketable equity securities	0.9						0.9
Liabilities:
Foreign currency derivatives			$	0.1			$	0.1
Cross currency swaps - net investment hedge			16.5				16.5
Contingent purchase price obligations					$	115.0	115.0

Changes in Contingent Purchase Price Obligations

Changes in contingent purchase price obligations:

	December 31,
	2023		2022
January 1	$	115.0	$	167.1
Acquisitions	217.4		13.3
Revaluation and interest	(36.1)		(26.0)
Payments	(67.7)		(32.7)
Foreign currency translation	0.9		(6.7)
December 31	$	229.5	$	115.0

Carrying Amount and Fair Value of Financial Assets and Liabilities

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

	December 31,
	2023				2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	4,432.0	$	4,432.0	$	4,281.8	$	4,281.8
Short-term investments	—		—		60.7		60.7
Marketable equity securities	0.9		0.9		0.9		0.9
Non-marketable equity securities	6.7		6.7		5.6		5.6
Liabilities:
Short-term debt	$	10.9	$	10.9	$	16.9	$	16.9
Foreign currency derivatives	—		—		0.1		0.1
Cross currency swaps - net investment hedge	6.6		6.6		16.5		16.5
Contingent purchase price obligations	229.5		229.5		115.0		115.0
Long-term debt	5,639.6		5,237.8		5,577.2		4,993.4