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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2018
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:
 
2018
 
2017
 
2016
Net investment hedges:
 
 
 
 
 
    Foreign currency-denominated notes
$
110.4

 
$
(361.5
)
 
$
137.5

    Cross-currency interest rate swaps
96.8

 
(126.6
)
 
32.5

    Foreign currency exchange contracts
5.7

 
—

 
31.9

Cash flow hedges:
 
 
 
 
 
    Forward-starting interest rate swaps
—

 
13.0

 
(3.4
)
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, 2018:
 
Maturities by Period
  
Total
 
Less Than
1 Year
 
1-5 Years
 
6-10 Years
 
More Than 10 Years
Fair value of debt securities
$
943.0

 
$
86.8

 
$
604.8

 
$
97.0

 
$
154.4
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:
 
2018
 
2017
 
2016
Fair value hedges:
 
 
 
 
 
Effect from hedged fixed-rate debt
$
(40.9
)
 
$
(14.1
)
 
$
(30.8
)
Effect from interest rate contracts
40.9

 
14.1

 
30.8

Cash flow hedges:
 
 
 
 
 
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss
14.8

 
14.8

 
15.0

Net losses on foreign currency exchange contracts not designated as hedging instruments
100.0

 
97.9

 
78.8

Total
$
114.8

 
$
112.7

 
$
93.8
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, 2018
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents
$
5,752.2

 
$
5,752.2

 
$
5,752.2

 
$
—

 
$
—

 
$
5,752.2

Short-term investments:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
16.9

 
$
17.1

 
$
16.9

 
$
—

 
$
—

 
$
16.9

Corporate debt securities
62.2

 
62.6

 
—

 
62.2

 
—

 
62.2

Asset-backed securities
7.6

 
7.7

 
—

 
7.6

 
—

 
7.6

Other securities
1.5

 
1.5

 
—

 
1.5

 
—

 
1.5

Short-term investments
$
88.2

 


 
 
 
 
 
 
 
 
Noncurrent investments:
U.S. government and agency securities
$
149.1

 
$
153.6

 
$
149.1

 
$
—

 
$
—

 
$
149.1

Corporate debt securities
568.0

 
587.8

 
—

 
568.0

 
—

 
568.0

Mortgage-backed securities
111.4

 
114.5

 
—

 
111.4

 
—

 
111.4

Asset-backed securities
27.7

 
27.9

 
—

 
27.7

 
—

 
27.7

Other securities
87.8

 
29.7

 
—

 
—

 
87.8

 
87.8

Marketable equity securities
357.5

 
238.3

 
357.5

 
—

 
—

 
357.5

Equity investments without readily determinable fair values(2)
414.7

 
 
 
 
 
 
 
 
 
 
Equity method investments(2)
304.5

 
 
 
 
 
 
 
 
 
 
Noncurrent investments
$
2,020.7

 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 


 
 
 
 
 
 
 
 

(1) For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost.
(2) Fair value disclosures are not applicable for equity method investments, investments accounted for under the measurement alternative for equity investments, and cost method investments that do not have readily determinable fair values.
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, 2018
$
(498.9
)
 
$
—

 
$
(497.6
)
 
$
—

 
$
(497.6
)
December 31, 2017
(2,696.8
)
 
—

 
(2,690.6
)
 
—

 
(2,690.6
)
 
 
 
 
 
 
 
 
 
 
Long-term debt, including current portion
 
 
 
 
 
 
 
 
 
December 31, 2018
$
(12,272.0
)
 
$
—

 
$
(12,461.7
)
 
$
—

 
$
(12,461.7
)
December 31, 2017
(10,950.3
)
 
—

 
(11,529.9
)
 
—

 
(11,529.9
)
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, 2018
 
 
 
 
 
 
 
 
 
Risk-management instruments
 
 
 
 
 
 
 
 
 
Interest rate contracts designated as fair value hedges:
 
 
 
 
 
 
 
 
 
Sundry
$
4.5

 
$
—

 
$
4.5

 
$
—

 
$
4.5

Other current liabilities
(22.3
)
 
—

 
(22.3
)
 
—

 
(22.3
)
Other noncurrent liabilities
(19.0
)
 
—

 
(19.0
)
 
—

 
(19.0
)
Cross-currency interest rate contracts designated as net investment hedges:
 
 
 
 
 
 
 
 
 
Other receivables
69.2

 
—

 
69.2

 
—

 
69.2

Sundry
8.2

 
—

 
8.2

 
—

 
8.2

Other current liabilities
(9.2
)
 
—

 
(9.2
)
 
—

 
(9.2
)
Other noncurrent liabilities
(25.8
)
 
—

 
(25.8
)
 
—

 
(25.8
)
Foreign exchange contracts not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Other receivables
11.3

 
—

 
11.3

 
—

 
11.3

Other current liabilities
(16.3
)
 
—

 
(16.3
)
 
—

 
(16.3
)
Contingent consideration liabilities:
 
 
 
 
 
 
 
 
 
Other current liabilities
(5.1
)
 
—

 
—

 
(5.1
)
 
(5.1
)
Other noncurrent liabilities
(69.0
)
 
—

 
—

 
(69.0
)
 
(69.0
)
 
 
 
 
 
 
 
 
 
 
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:
 
 
 
 
 
 
 
 
 
Other current liabilities
(208.0
)
 
—

 
—

 
(208.0
)
 
(208.0
)
Other noncurrent liabilities
(45.2
)
 
—

 
—

 
(45.2
)
 
(45.2
)
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 accumulated other comprehensive loss follows:
 
2018
 
2017
Unrealized gross gains
$
0.8

 
$
184.7

Unrealized gross losses
29.0

 
47.5

Fair value of securities in an unrealized gain position
84.3

 
1,434.2

Fair value of securities in an unrealized loss position
858.6

 
4,692.8
Gain (Loss) on Investments
Activity related to our investment portfolio, substantially all of which related to equity and available-for-sale securities, was as follows:
 
2018
 
2017
 
2016
Proceeds from sales
$
5,668.0

 
$
5,769.3

 
$
3,240.5

Realized gross gains on sales
11.8

 
176.0

 
30.7

Realized gross losses on sales
51.3

 
5.8

 
14.6