XML 27 R28.htm IDEA: XBRL DOCUMENT v3.20.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of effects of risk-management instruments were recognized in other–net, (income) expense
The following effects of risk-management instruments were recognized in other–net, (income) expense:
 
Three Months Ended
March 31,
 
2020
 
2019
Fair value hedges:
 
 
 
Effect from hedged fixed-rate debt
$
117.3

 
$
39.3

Effect from interest rate contracts
(117.3
)
 
(39.3
)
Cash flow hedges:
 
 
 
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss
4.0

 
3.8

Cross-currency interest rate swaps
(12.9
)
 
(28.3
)
Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments
(5.7
)
 
48.9

Total
$
(14.6
)
 
$
24.4
Schedule of effective portion of risk-management instruments that was recognized in other comprehensive income (loss), net investment hedges
The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:
 
Three Months Ended
March 31,
 
2020
 
2019
Net investment hedges:
 
 
 
    Foreign currency-denominated notes
$
67.4

 
$
53.7

    Cross-currency interest rate swaps
115.8

 
38.3

Cash flow hedges:
 
 
 
    Forward-starting interest rate swaps
(369.8
)
 
(11.7
)
    Cross-currency interest rate swaps
(69.8
)
 
(30.0
)
Schedule of effective portion of risk-management instruments that was recognized in other comprehensive income (loss), cash flow hedges
The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:
 
Three Months Ended
March 31,
 
2020
 
2019
Net investment hedges:
 
 
 
    Foreign currency-denominated notes
$
67.4

 
$
53.7

    Cross-currency interest rate swaps
115.8

 
38.3

Cash flow hedges:
 
 
 
    Forward-starting interest rate swaps
(369.8
)
 
(11.7
)
    Cross-currency interest rate swaps
(69.8
)
 
(30.0
)
Summary certain fair value information
The following tables summarize certain fair value information at March 31, 2020 and December 31, 2019 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
 
 
 
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
March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents
$
417.1

 
$
417.1

 
$
417.1

 
$
—

 
$
—

 
$
417.1

 
 
 
 
 
 
 
 
 
 
 
 
Short-term investments:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
9.3

 
$
9.2

 
$
9.3

 
$
—

 
$
—

 
$
9.3

Corporate debt securities
61.2

 
62.7

 
—

 
61.2

 

 
61.2

Asset-backed securities
2.5

 
2.5

 
—

 
2.5

 
—

 
2.5

Other securities
5.4

 
5.4

 
—

 


 
5.4

 
5.4

Short-term investments
$
78.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncurrent investments:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
81.2

 
$
77.4

 
$
81.2

 
$
—

 
$
—

 
$
81.2

Corporate debt securities
230.6

 
241.0

 
—

 
230.6

 
—

 
230.6

Mortgage-backed securities
102.5

 
99.3

 
—

 
102.5

 
—

 
102.5

Asset-backed securities
30.1

 
30.1

 
—

 
30.1

 
—

 
30.1

Other securities
60.0

 
27.4

 
—

 
—

 
60.2

 
60.2

Marketable equity securities
869.5

 
250.1

 
869.5

 
—

 
—

 
869.5

Equity investments without readily determinable fair values (2)
426.3

 
 
 
 
 
 
 
 
 
 
Equity method investments (2)
348.5

 
 
 
 
 
 
 
 
 
 
Noncurrent investments
$
2,148.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents
$
1,025.4

 
$
1,025.4

 
$
1,025.4

 
$
—

 
$
—

 
$
1,025.4

 
 
 
 
 
 
 
 
 
 
 
 
Short-term investments:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
7.2

 
$
7.2

 
$
7.2

 
$
—

 
$
—

 
$
7.2

Corporate debt securities
81.4

 
81.1

 
—

 
81.4

 
—

 
81.4

Asset-backed securities
2.6

 
2.6

 
—

 
2.6

 
—

 
2.6

Other securities
9.8

 
9.8

 
—

 


 
9.8

 
9.8

Short-term investments
$
101.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncurrent investments:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
77.2

 
$
76.3

 
$
77.2

 
$
—

 
$
—

 
$
77.2

Corporate debt securities
271.1

 
267.8

 
—

 
271.1

 
—

 
271.1

Mortgage-backed securities
101.1

 
99.6

 
—

 
101.1

 
—

 
101.1

Asset-backed securities
30.0

 
29.6

 
—

 
30.0

 
—

 
30.0

Other securities
60.0

 
27.4

 
—

 
—

 
60.0

 
60.0

Marketable equity securities
718.6

 
254.4

 
718.6

 
—

 
—

 
718.6

Equity investments without readily determinable fair values (2)
405.0

 
 
 
 
 
 
 
 
 
 
Equity method investments (2)
299.4

 
 
 
 
 
 
 
 
 
 
Noncurrent investments
$
1,962.4

 
 
 
 
 
 
 
 
 
 

(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 and investments accounted for under the measurement alternative for equity investments.
Summary certain fair value information, liabilities
 
 
 
Fair Value Measurements Using
 
 
 
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
 
 
 
 
 
 
 
 
 
March 31, 2020
$
(3,243.1
)
 
$
—

 
$
(3,239.0
)
 
$
—

 
$
(3,239.0
)
December 31, 2019
(1,494.2
)
 
—

 
(1,491.6
)
 
—

 
(1,491.6
)
Long-term debt, including current portion
 
 
 
 
 
 
 
 
 
March 31, 2020
$
(13,987.2
)
 
$
—

 
$
(15,119.0
)
 
$
—

 
$
(15,119.0
)
December 31, 2019
(13,823.0
)
 
—

 
(15,150.0
)
 
—

 
(15,150.0
)
Fair value, by balance sheet grouping
 
 
 
Fair Value Measurements Using
 
 
 
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
March 31, 2020
 
 
 
 
 
 
 
 
 
Risk-management instruments:
 
 
 
 
 
 
 
 
 
Interest rate contracts designated as fair value hedges:
 
 
 
 
 
 
 
 
 
Other noncurrent assets
$
189.3

 
$
—

 
$
189.3

 
$
—

 
$
189.3

Interest rate contracts designated as cash flow hedges:
 
 
 
 
 
 
 
 
 
Other noncurrent assets
0.5

 
—

 
0.5

 
—

 
0.5

Other noncurrent liabilities
(327.0
)
 
—

 
(327.0
)
 
—

 
(327.0
)
Cross-currency interest rate contracts designated as net investment hedges:
 
 
 
 
 
 
 
 
 
Other receivables
18.0

 
—

 
18.0

 
—

 
18.0

Other noncurrent assets
116.1

 
—

 
116.1

 
—

 
116.1

Other current liabilities
(1.8
)
 
—

 
(1.8
)
 
—

 
(1.8
)
Cross-currency interest rate contracts designated as cash flow hedges:
 
 
 
 
 
 
 
 
 
Other noncurrent liabilities
(74.1
)
 
—

 
(74.1
)
 
—

 
(74.1
)
Foreign exchange contracts not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Other receivables
14.5

 
—

 
14.5

 
—

 
14.5

Other current liabilities
(24.6
)
 
—

 
(24.6
)
 
—

 
(24.6
)
 
 
 
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 
 
 
Risk-management instruments:
 
 
 
 
 
 
 
 
 
Interest rate contracts designated as fair value hedges:
 
 
 
 
 
 
 
 
 
Other noncurrent assets
72.0

 
—

 
72.0

 
—

 
72.0

Interest rate contracts designated as cash flow hedges:
 
 
 
 
 
 
 
 
 
Other noncurrent assets
43.3

 
—

 
43.3

 
—

 
43.3

Cross-currency interest rate contracts designated as net investment hedges:
 
 
 
 
 
 
 
 
 
Other noncurrent assets
45.1

 
—

 
45.1

 
—

 
45.1

Other current liabilities
(21.4
)
 
—

 
(21.4
)
 
—

 
(21.4
)
Other noncurrent liabilities
(5.7
)
 
—

 
(5.7
)
 
—

 
(5.7
)
Cross-currency interest rate contracts designated as cash flow hedges:
 
 
 
 
 
 
 
 
 
Other noncurrent assets
3.0

 
—

 
3.0

 
—

 
3.0

Other noncurrent liabilities
(20.1
)
 
—

 
(20.1
)
 
—

 
(20.1
)
Foreign exchange contracts not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Other receivables
18.4

 
—

 
18.4

 
—

 
18.4

Other current liabilities
(11.9
)
 
—

 
(11.9
)
 
—

 
(11.9
)
Summary the contractual maturities of our investments in debt securities measured at fair value
The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of March 31, 2020:
 
Maturities by Period
  
Total
 
Less Than
1 Year
 
1-5
Years
 
6-10
Years
 
More Than
10 Years
Fair value of debt securities
$
517.8

 
$
73.3

 
$
240.3

 
$
77.0

 
$
127.2
Summary of the amount of unrealized gains and losses (pretax) recognized in our statement of operations for equity 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 in accumulated other comprehensive loss follows: 
 
March 31, 2020
 
December 31, 2019
Unrealized gross gains
$
11.2

 
$
10.3

Unrealized gross losses
3.7

 
4.0

Fair value of securities in an unrealized gain position
297.7

 
426.5

Fair value of securities in an unrealized loss position
63.8

 
141.1
Activity related to our investment portfolio, substantially all of which related to equity and available-for-sale securities
Activity related to our investment portfolio, substantially all of which related to equity and available-for-sale securities, was as follows:
 
Three Months Ended
March 31,
 
2020
 
2019
Proceeds from sales
$
63.3

 
$
93.7

Realized gross gains on sales
11.6

 
2.5

Realized gross losses on sales
0.8

 
0.4