Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:



	2017		2016		2015
Cash flow hedges:
Forward-starting interest rate swaps	13.0		(3.4	)	(56.7	)
Net investment hedges:
Foreign currency-denominated notes	(361.5	)	137.5		—
Cross-currency interest rate swaps	(126.6	)	32.5		—
Foreign currency exchange contracts	—		31.9		—

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis

The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of December 31, 2017:



	Maturities by Period
	Total		Less Than 1 Year		1-5 Years		6-10 Years		More Than 10 Years
Fair value of debt securities	$	6,174.9	$	1,494.3	$	4,200.8	$	199.0	$	280.8

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The following effects of risk-management instruments were recognized in other–net, (income) expense:



	2017			2016			2015
Fair value hedges:
Effect from hedged fixed-rate debt	$	(14.1	)	$	(30.8	)	$	(11.9	)
Effect from interest rate contracts	14.1			30.8			11.9
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss	14.8			15.0			13.7
Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments	97.9			78.8			(28.2		)

Fair Value, Assets Measured on Recurring Basis

The following tables summarize certain fair value information at December 31 for assets and liabilities measured at fair value on a recurring basis, as well as the carrying amount and amortized cost of certain other investments:



					Fair Value Measurements Using
Description	Carrying Amount		Cost⁽¹⁾		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
December 31, 2017
Cash equivalents	$	4,763.9	$	4,763.9	$	4,712.4	$	51.5	$	—	$	4,763.9
Short-term investments:
U.S. government and agency securities	$	217.8	$	218.2	$	217.8	$	—	$	—	$	217.8
Corporate debt securities	1,182.3		1,183.2		—		1,182.3		—		1,182.3
Asset-backed securities	94.2		94.3		—		94.2		—		94.2
Other securities	3.6		3.6		—		3.6		—		3.6
Short-term investments	$	1,497.9
Noncurrent investments:
U.S. government and agency securities	$	360.0	$	365.0	$	360.0	$	—	$	—	$	360.0
Corporate debt securities	3,464.3		3,473.5		—		3,464.3		—		3,464.3
Mortgage-backed securities	202.4		204.2		—		202.4		—		202.4
Asset-backed securities	653.9		656.0		—		653.9		—		653.9
Other securities	132.1		66.4		—		—		132.1		132.1
Marketable equity securities	281.3		131.0		281.3		—		—		281.3
Cost and equity method investments⁽²⁾	584.8
Noncurrent investments	$	5,678.8

December 31, 2016
Cash equivalents	$	2,986.8	$	2,986.8	$	2,699.4	$	287.4	$	—	$	2,986.8
Short-term investments:
U.S. government and agency securities	$	232.5	$	232.6	$	232.5	$	—	$	—	$	232.5
Corporate debt securities	1,219.2		1,219.1		—		1,219.2		—		1,219.2
Asset-backed securities	4.3		4.3		—		4.3		—		4.3
Other securities	0.5		0.5		—		0.5		—		0.5
Short-term investments	$	1,456.5
Noncurrent investments:
U.S. government and agency securities	$	318.9	$	323.8	$	318.9	$	—	$	—	$	318.9
Corporate debt securities	3,062.2		3,074.3		—		3,062.2		—		3,062.2
Mortgage-backed securities	183.1		185.4		—		183.1		—		183.1
Asset-backed securities	502.7		503.5		—		502.7		—		502.7
Other securities	153.7		77.6		—		—		153.7		153.7
Marketable equity securities	418.2		91.9		418.2		—		—		418.2
Cost and equity method investments⁽²⁾	568.7
Noncurrent investments	$	5,207.5

⁽¹⁾For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost.

⁽²⁾Fair value disclosures are not applicable for cost method and equity method investments.

Fair Value, Liabilities Measured on Recurring Basis



				Fair Value Measurements Using
Description	Carrying Amount			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value
Short-term commercial paper borrowings
December 31, 2017	$	(2,696.8	)	$	—	$	(2,690.6	)	$	—	$	(2,690.6	)
December 31, 2016	(1,299.3		)	—		(1,299.3		)	—		(1,299.3		)

Long-term debt, including current portion
December 31, 2017	$	(10,950.3	)	$	—	$	(11,529.9	)	$	—	$	(11,529.9	)
December 31, 2016	(9,005.9		)	—		(9,419.1		)	—		(9,419.1		)

Fair Value, by Balance Sheet Grouping



				Fair Value Measurements Using
Description	Carrying Amount			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value
December 31, 2017
Risk-management instruments
Interest rate contracts designated as fair value hedges:
Other receivables	$	0.8		$	—	$	0.8		$	—		$	0.8
Sundry	35.1			—		35.1			—			35.1
Other current liabilities	(0.2		)	—		(0.2		)	—			(0.2		)
Other noncurrent liabilities	(10.5		)	—		(10.5		)	—			(10.5		)
Cross-currency interest rate contracts designated as net investment hedges:
Other current liabilities	(33.4		)	—		(33.4		)	—			(33.4		)
Other noncurrent liabilities	(26.0		)	—		(26.0		)	—			(26.0		)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	26.8			—		26.8			—			26.8
Other current liabilities	(36.0		)	—		(36.0		)	—			(36.0		)
Contingent consideration liabilities⁽¹⁾:
Other current liabilities	(208.0		)	—		—			(208.0		)	(208.0		)
Other noncurrent liabilities	(45.2		)	—		—			(45.2		)	(45.2		)

December 31, 2016
Risk-management instruments
Interest rate contracts designated as fair value hedges:
Other receivables	$	2.4		$	—	$	2.4		$	—		$	2.4
Sundry	37.0			—		37.0			—			37.0
Other noncurrent liabilities	(0.5		)	—		(0.5		)	—			(0.5		)
Cross-currency interest rate contracts designated as net investment hedges:
Sundry	31.4			—		31.4			—			31.4
Foreign exchange contracts not designated as hedging instruments:
Other receivables	31.8			—		31.8			—			31.8
Other current liabilities	(21.7		)	—		(21.7		)	—			(21.7		)
Contingent consideration liabilities⁽¹⁾:
Other current liabilities	(215.9		)	—		—			(215.9		)	(215.9		)
Other noncurrent liabilities	(242.6		)	—		—			(242.6		)	(242.6		)

⁽¹⁾Contingent consideration liabilities primarily relate to the Erbitux arrangement with BMS discussed in Note 4.

Available-for-sale Securities

A summary of the fair value of available-for-sale securities in an unrealized gain or loss position and the amount of unrealized gains and losses (pretax) in AOCL follows:



	2017		2016
Unrealized gross gains	$	184.7	$	352.6
Unrealized gross losses	47.5		34.1
Fair value of securities in an unrealized gain position	1,434.2		1,869.7
Fair value of securities in an unrealized loss position	4,692.8		3,262.3

Gain (Loss) on Investments

Activity related to our investment portfolio, substantially all of which related to available-for-sale securities, was as follows:



	2017		2016		2015
Proceeds from sales	$	5,769.3	$	3,240.5	$	4,733.3
Realized gross gains on sales	176.0		30.7		255.1
Realized gross losses on sales	5.8		14.6		10.3

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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