Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present information about our financial instruments measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value.


	March 31, 2022								Balance Sheet Classification
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	1,221.2	$	0.0	$	0.0	$	1,221.2	Cash and cash equivalents
Liabilities
Contingent acquisition obligations 1	$	0.0	$	0.0	$	33.6	$	33.6	Accrued liabilities and Other non-current liabilities

	December 31, 2021								Balance Sheet Classification
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	2,391.8	$	0.0	$	0.0	$	2,391.8	Cash and cash equivalents
Liabilities
Contingent acquisition obligations 1	$	0.0	$	0.0	$	33.5	$	33.5	Accrued liabilities and Other non-current liabilities

1Contingent acquisition obligations includes deferred acquisition payments and unconditional obligations to purchase additional non-controlling equity shares of consolidated subsidiaries. Fair value measurement of the obligations is based upon actual and projected operating performance targets as specified in the related agreements. The increase in this balance of $0.1 from December 31, 2021 to March 31, 2022 is primarily due to the exercises of redeemable non-controlling interest and valuation adjustments, offset by payments related to our deferred acquisitions payments from prior-year acquisitions. The amounts payable within the next twelve months are classified in accrued liabilities; any amounts payable thereafter are classified in other non-current liabilities.

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Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The following table presents information about our financial instruments that are not measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.


	March 31, 2022								December 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Total long-term debt	$	0.0	$	2,968.7	$	40.4	$	3,009.1	$	0.0	$	3,295.6	$	41.8	$	3,337.4

[1]

Contingent acquisition obligations includes deferred acquisition payments and unconditional obligations to purchase additional non-controlling equity shares of consolidated subsidiaries. Fair value measurement of the obligations is based upon actual and projected operating performance targets as specified in the related agreements. The increase in this balance of $0.1 from December 31, 2021 to March 31, 2022 is primarily due to the exercises of redeemable non-controlling interest and valuation adjustments, offset by payments related to our deferred acquisitions payments from prior-year acquisitions. The amounts payable within the next twelve months are classified in accrued liabilities; any amounts payable thereafter are classified in other non-current liabilities.