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Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2022
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,
20222021
Fair value hedges:
Effect from hedged fixed-rate debt$(94.6)$(81.5)
Effect from interest rate contracts94.6 81.5 
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss4.1 4.1 
Cross-currency interest rate swaps8.3 71.5 
Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments(6.1)133.0 
Total$6.3 $208.6 
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,
20222021
Net investment hedges:
Foreign currency-denominated notes$54.4 $207.7 
Cross-currency interest rate swaps10.8 150.6 
Cash flow hedges:
Forward-starting interest rate swaps122.5 295.1 
Cross-currency interest rate swaps17.1 26.3 
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,
20222021
Net investment hedges:
Foreign currency-denominated notes$54.4 $207.7 
Cross-currency interest rate swaps10.8 150.6 
Cash flow hedges:
Forward-starting interest rate swaps122.5 295.1 
Cross-currency interest rate swaps17.1 26.3 
Summary certain fair value information, assets
The following tables summarize certain fair value information at March 31, 2022 and December 31, 2021 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, 2022
Cash equivalents$1,104.1 $1,104.1 $1,095.0 $9.1 $ $1,104.1 
Short-term investments:
U.S. government and agency securities$45.1 $45.4 $45.1 $ $ $45.1 
Corporate debt securities50.6 50.7  50.6  50.6 
Mortgage-backed securities0.2 0.2  0.2  0.2 
Asset-backed securities2.9 3.0  2.9  2.9 
Other securities10.3 10.3   10.3 10.3 
Short-term investments$109.1 
Noncurrent investments:
U.S. government and agency securities$116.2 $123.0 $116.2 $ $ $116.2 
Corporate debt securities212.3 224.3  224.3  224.3 
Mortgage-backed securities105.1 109.0  105.1  105.1 
Asset-backed securities34.6 35.4  34.6  34.6 
Other securities112.5 15.3   112.5 112.5 
Marketable equity securities807.9 481.9 807.9   807.9 
Equity investments without readily determinable fair values(2)
569.5 
Equity method investments(2)
769.2 
Noncurrent investments$2,727.3 
December 31, 2021
Cash equivalents$2,379.5 $2,379.5 $2,361.0 $18.5 $— $2,379.5 
Short-term investments:
U.S. government and agency securities$25.7 $25.6 $25.7 $— $— $25.7 
Corporate debt securities43.7 43.7 — 43.7 — 43.7 
Mortgage-backed securities0.2 0.2 — 0.2 — 0.2 
Asset-backed securities6.2 6.2 — 6.2 — 6.2 
Other securities14.3 14.3 — — 14.3 14.3 
Short-term investments$90.1 
Noncurrent investments:
U.S. government and agency securities$137.0 $136.8 $137.0 $— $— $137.0 
Corporate debt securities235.3 232.7 — 235.3 — 235.3 
Mortgage-backed securities109.8 108.1 — 109.8 — 109.8 
Asset-backed securities23.1 23.1 — 23.1 — 23.1 
Other securities108.1 22.2 — — 108.1 108.1 
Marketable equity securities1,279.7 487.0 1,279.7 — — 1,279.7 
Equity investments without readily determinable fair values(2)
548.1 
Equity method investments(2)
771.5 
Noncurrent investments$3,212.6 
(1) For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost.
(2) Fair value disclosures are not applicable for equity method investments and investments accounted for under the measurement alternative for equity investments.
Summary certain fair value information, liabilities
  Fair Value Measurements Using 
Carrying
Amount
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant
Other Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Fair
Value
Short-term commercial paper borrowings
March 31, 2022$(499.7)$ $(499.7)$ $(499.7)
December 31, 2021— — — — — 
Long-term debt, including current portion
March 31, 2022$(16,009.1)$ $(15,798.9)$ $(15,798.9)
December 31, 2021(16,884.7)— (18,157.7)— (18,157.7)
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, 2022
Risk-management instruments:
Interest rate contracts designated as fair value hedges:
Other receivables$1.3 $ $1.3 $ $1.3 
Other noncurrent assets22.8  22.8  22.8 
Other noncurrent liabilities(43.2) (43.2) (43.2)
Interest rate contracts designated as cash flow hedges:
Other noncurrent assets140.0  140.0  140.0 
Cross-currency interest rate contracts designated as net investment hedges:
Other receivables2.0  2.0  2.0 
Other noncurrent assets40.0  40.0  40.0 
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets40.8  40.8  40.8 
Foreign exchange contracts not designated as hedging instruments:
Other receivables38.8  38.8  38.8 
Other current liabilities(45.8) (45.8) (45.8)
Contingent consideration liability:
Other noncurrent liabilities(70.0)  (70.0)(70.0)
December 31, 2021
Risk-management instruments:
Interest rate contracts designated as fair value hedges:
Other receivables$4.8 $— $4.8 $— $4.8 
Other noncurrent assets78.3 — 78.3 — 78.3 
Other noncurrent liabilities(7.6)— (7.6)— (7.6)
Interest rate contracts designated as cash flow hedges:
Other noncurrent assets49.2 — 49.2 — 49.2 
Other noncurrent liabilities(31.7)— (31.7)— (31.7)
Cross-currency interest rate contracts designated as net investment hedges:
Other noncurrent assets31.3 — 31.3 — 31.3 
Other current liabilities(1.2)— (1.2)— (1.2)
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets33.2 — 33.2 — 33.2 
Other noncurrent liabilities(1.3)— (1.3)— (1.3)
Foreign exchange contracts not designated as hedging instruments:
Other receivables9.9 — 9.9 — 9.9 
Other current liabilities(35.3)— (35.3)— (35.3)
Contingent consideration liabilities:
Other noncurrent liabilities(70.5)— — (70.5)(70.5)
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, 2022:
 Maturities by Period
TotalLess Than
1 Year
1-5
Years
6-10
Years
More Than
10 Years
Fair value of debt securities$567.1 $98.9 $197.7 $110.7 $159.8 
Summary of the fair value of available-for-sale securities in an unrealized gain or loss position
A summary of the amount of unrealized gains and losses in accumulated other comprehensive loss and the fair value of available-for-sale securities in an unrealized gain or loss position follows: 
March 31, 2022December 31, 2021
Unrealized gross gains$1.3 $9.7 
Unrealized gross losses25.2 5.2 
Fair value of securities in an unrealized gain position89.5 250.7 
Fair value of securities in an unrealized loss position440.6 290.2 
Activity related to our available-for-sale securities
Activity related to our available-for-sale securities was as follows:
 Three Months Ended March 31,
20222021
Proceeds from sales$35.2 $43.3 
Realized gross gains on sales0.1 1.1 
Realized gross losses on sales0.8 0.4