Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Fair value hedges:
Effect from hedged fixed-rate debt	$	(62.9)	$	(10.1)	$	(215.7)	$	(60.5)
Effect from interest rate contracts	62.9		10.1		215.7		60.5
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss	4.1		4.2		12.3		12.5
Cross-currency interest rate swaps	33.1		10.0		75.0		58.1
Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments	129.6		50.8		280.7		110.6
Total	$	166.8	$	65.0	$	368.0	$	181.2

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net investment hedges:
Foreign currency-denominated notes	$	435.1	$	119.0	$	822.8	$	268.8
Cross-currency interest rate swaps	92.1		66.7		171.4		170.8
Foreign currency forward contracts	107.8		—		121.4		—
Cash flow hedges:
Forward-starting interest rate swaps	57.5		19.4		337.7		149.3
Cross-currency interest rate swaps	19.9		3.1		38.4		22.5

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net investment hedges:
Foreign currency-denominated notes	$	435.1	$	119.0	$	822.8	$	268.8
Cross-currency interest rate swaps	92.1		66.7		171.4		170.8
Foreign currency forward contracts	107.8		—		121.4		—
Cash flow hedges:
Forward-starting interest rate swaps	57.5		19.4		337.7		149.3
Cross-currency interest rate swaps	19.9		3.1		38.4		22.5

Summary certain fair value information, assets

The following tables summarize certain fair value information at September 30, 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
September 30, 2022
Cash equivalents	$	1,246.8	$	1,246.8	$	1,239.2	$	7.6	$	—	$	1,246.8

Short-term investments:
U.S. government and agency securities	$	43.0	$	43.5	$	43.0	$	—	$	—	$	43.0
Corporate debt securities	51.7		51.8		—		51.7		—		51.7

Asset-backed securities	3.0		3.0		—		3.0		—		3.0
Other securities	27.0		27.0		—		14.8		12.2		27.0

Short-term investments	$	124.7

Noncurrent investments:
U.S. government and agency securities	$	131.4	$	148.3	$	131.4	$	—	$	—	$	131.4

Corporate debt securities	206.4		232.5		—		206.4		—		206.4
Mortgage-backed securities	143.1		156.1		—		143.1		—		143.1
Asset-backed securities	43.6		45.5		—		43.6		—		43.6
Other securities	152.5		96.3		—		39.5		113.0		152.5
Marketable equity securities	549.1		416.1		549.1		—		—		549.1
Equity investments without readily determinable fair values(2)	583.7
Equity method investments(2)	764.8
Noncurrent investments	$	2,574.6

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 securities	43.7		43.7		—		43.7		—		43.7
Mortgage-backed securities	0.2		0.2		—		0.2		—		0.2
Asset-backed securities	6.2		6.2		—		6.2		—		6.2
Other securities	14.3		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 securities	235.3		232.7		—		235.3		—		235.3
Mortgage-backed securities	109.8		108.1		—		109.8		—		109.8
Asset-backed securities	23.1		23.1		—		23.1		—		23.1
Other securities	108.1		22.2		—		—		108.1		108.1
Marketable equity securities	1,279.7		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
September 30, 2022	$	(1,741.3)	$	—	$	(1,738.0)	$	—	$	(1,738.0)
December 31, 2021	—		—		—		—		—
Long-term debt, including current portion
September 30, 2022	$	(14,147.1)	$	—	$	(11,848.6)	$	—	$	(11,848.6)
December 31, 2021	(16,884.7)		—		(18,157.7)		—		(18,157.7)

Schedule of 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
September 30, 2022
Risk-management instruments:
Interest rate contracts designated as fair value hedges:



Other noncurrent liabilities	$	(140.2)	$	—	$	(140.2)	$	—	$	(140.2)


Interest rate contracts designated as cash flow hedges:
Other noncurrent assets	355.2		—		355.2		—		355.2

Cross-currency interest rate contracts designated as net investment hedges:
Other receivables	81.6		—		81.6		—		81.6
Other noncurrent assets	116.9		—		116.9		—		116.9


Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets	8.3		—		8.3		—		8.3
Other noncurrent liabilities	(12.9)		—		(12.9)		—		(12.9)
Foreign exchange contracts designated as net investment hedges:
Other receivables	108.2		—		108.2		—		108.2
Other current liabilities	(2.9)		—		(2.9)		—		(2.9)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	48.1		—		48.1		—		48.1
Other current liabilities	(93.5)		—		(93.5)		—		(93.5)


Contingent consideration liability:

Other noncurrent liabilities	(42.1)		—		—		(42.1)		(42.1)

December 31, 2021
Risk-management instruments:
Interest rate contracts designated as fair value hedges:
Other receivables	$	4.8	$	—	$	4.8	$	—	$	4.8
Other noncurrent assets	78.3		—		78.3		—		78.3

Other noncurrent liabilities	(7.6)		—		(7.6)		—		(7.6)
Interest rate contracts designated as cash flow hedges:
Other noncurrent assets	49.2		—		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 assets	31.3		—		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 assets	33.2		—		33.2		—		33.2
Other noncurrent liabilities	(1.3)		—		(1.3)		—		(1.3)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	9.9		—		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 September 30, 2022:


	Maturities by Period
	Total		Less Than 1 Year		1-5 Years		6-10 Years		More Than 10 Years
Fair value of debt securities	$	622.2	$	97.7	$	197.8	$	121.0	$	205.7

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:


	September 30, 2022		December 31, 2021
Unrealized gross gains	$	0.1	$	9.7
Unrealized gross losses	51.6		5.2
Fair value of securities in an unrealized gain position	13.8		250.7
Fair value of securities in an unrealized loss position	578.8		290.2

Schedule of activity related to our available-for-sale securities

Activity related to our available-for-sale securities was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Proceeds from sales	$	50.5	$	49.6	$	115.6	$	137.3
Realized gross gains on sales	—		0.4		0.2		2.2
Realized gross losses on sales	7.5		0.3		9.0		1.1