Fair Value

3 Months Ended

Mar. 31, 2024

Fair Value [Abstract]

Fair Value

Fair Value

Financial assets and liabilities are recorded at fair value based on the following:

•Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

•Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities; unadjusted quoted prices for identical assets or liabilities in markets that are not active; and model-derived valuations with observable inputs.

•Level 3: Unobservable inputs for the asset or liability.

Financial assets and liabilities measured at fair value on a recurring basis:

	March 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	3,172.8					$	3,172.8	$	4,432.0					$	4,432.0
Marketable equity securities	0.8						0.8		0.9						0.9
Cross currency swaps - net  investment hedge			$	4.2			4.2				$	—			—
Liabilities:
Cross currency swaps - net  investment hedge			—				—				$	6.6			$	6.6
Contingent purchase price obligations					$	258.6	258.6						$	229.5	229.5

Changes in contingent purchase price obligations:

	Three Months Ended March 31,
	2024		2023
January 1	$	229.5	$	115.0
Acquisitions	26.5		21.6
Revaluation and interest	3.2		0.4
Payments	(0.5)		(9.2)
Foreign currency translation	(0.1)		0.2
March 31	$	258.6	$	128.0

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

	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	3,172.8	$	3,172.8	$	4,432.0	$	4,432.0
Marketable equity securities	0.8		0.8		0.9		0.9
Cross currency swaps - net investment hedge	4.2		4.2		—		—
Non-marketable equity securities	12.5		12.5		6.7		6.7
Liabilities:
Short-term debt	$	11.2	$	11.2	$	10.9	$	10.9
Cross currency swaps - net investment hedge	—		—		6.6		6.6
Contingent purchase price obligations	258.6		258.6		229.5		229.5
Long-term debt	6,251.3		5,822.1		5,639.6		5,237.8

The estimated fair values of the cross-currency swaps are determined using model-derived valuations, taking into consideration foreign currency rates, interest rates, and counterparty credit risk. The estimated fair value of the contingent purchase price obligations is calculated in accordance with the terms of each acquisition agreement and is discounted. The fair value of long-term debt is based on quoted market prices.