Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of 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 December 31, 2023:

	Maturities by Period
	Total		Less Than 1 Year		1-5 Years		6-10 Years		More Than 10 Years
Fair value of debt securities	$	657.2	$	84.1	$	227.9	$	98.4	$	246.8

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:

	2023		2022
Unrealized gross gains	$	3.4	$	0.6
Unrealized gross losses	37.9		49.2
Fair value of securities in an unrealized gain position	159.2		46.8
Fair value of securities in an unrealized loss position	452.0		568.7

Schedule of Activity Related to Our Available-for-Sale Securities

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

	2023		2022		2021
Proceeds from sales	$	145.6	$	132.9	$	174.7
Realized gross gains on sales	0.7		0.4		2.8
Realized gross losses on sales	4.0		9.7		1.7

Schedule of Fair Value Information, Assets

The following table summarizes certain fair value information at December 31, 2023 and 2022 for investment assets 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
December 31, 2023
Cash equivalents(2)	$	1,088.4	$	1,088.4	$	1,079.3	$	9.1	$	—	$	1,088.4
Short-term investments:
U.S. government and agency securities	$	32.1	$	32.3	$	32.1	$	—	$	—	$	32.1
Corporate debt securities	52.0		52.1		—		52.0		—		52.0
Other securities	25.0		25.0		—		13.6		11.4		25.0
Short-term investments	$	109.1
Noncurrent investments:
U.S. government and agency securities	$	148.1	$	161.0	$	148.1	$	—	$	—	$	148.1
Corporate debt securities	214.3		226.6		—		214.3		—		214.3
Mortgage-backed securities	157.3		167.1		—		157.3		—		157.3
Asset-backed securities	53.5		54.4		—		53.5		—		53.5
Other securities	197.4		100.2		—		23.5		173.9		197.4
Marketable equity securities	711.3		493.2		711.3		—		—		711.3
Equity investments without readily determinable fair values(3)	608.0
Equity method investments(3)	962.3
Noncurrent investments	$	3,052.2
December 31, 2022
Cash equivalents(2)	$	657.4	$	657.4	$	650.4	$	7.0	$	—	$	657.4
Short-term investments:
U.S. government and agency securities	$	30.8	$	31.1	$	30.8	$	—	$	—	$	30.8
Corporate debt securities	53.4		53.5		—		53.4		—		53.4
Asset-backed securities	2.0		2.0		—		2.0		—		2.0
Other securities	58.6		58.6		—		39.1		19.5		58.6
Short-term investments	$	144.8
Noncurrent investments:
U.S. government and agency securities	$	146.4	$	163.2	$	146.4	$	—	$	—	$	146.4
Corporate debt securities	213.9		235.8		—		213.9		—		213.9
Mortgage-backed securities	149.2		161.5		—		149.2		—		149.2
Asset-backed securities	50.6		52.5		—		50.6		—		50.6
Other securities	398.6		34.5		—		311.0		87.6		398.6
Marketable equity securities	683.6		484.7		683.6		—		—		683.6
Equity investments without readily determinable fair values(3)	478.4
Equity method investments(3)	781.1
Noncurrent investments	$	2,901.8

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

(2) We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. The cost of these investments approximates fair value.

(3) Fair value disclosures are not applicable for equity method investments and investments accounted for under the measurement alternative for equity investments.

Summary of Fair Value Information, Liabilities

The following table summarizes certain fair value information at December 31, 2023 and 2022 for our short-term and long-term debt:

			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
December 31, 2023	$	(6,189.4)	$	—	$	(6,166.4)	$	—	$	(6,166.4)
December 31, 2022	(1,498.0)		—		(1,492.0)		—		(1,492.0)
Long-term debt, including current portion
December 31, 2023	$	(19,035.9)	$	—	$	(17,221.7)	$	—	$	(17,221.7)
December 31, 2022	(14,740.6)		—		(12,329.3)		—		(12,329.3)

Schedule of Derivative Instruments

At December 31, 2023, we had outstanding foreign currency forward commitments as follows, all of which have settlement dates within 180 days:

December 31, 2023
Purchase		Sell
Currency	Amount (in millions)	Currency	Amount (in millions)
U.S. dollars	4,779.4	Euro	4,352.2
Euro	3,940.4	U.S. dollars	4,250.9
British pounds	237.7	U.S. dollars	299.2
U.S. dollars	165.3	Chinese yuan	1,172.7

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:

	2023		2022		2021
Fair value hedges:
Effect from hedged fixed-rate debt	$	31.5	$	(209.8)	$	(78.5)
Effect from interest rate contracts	(31.5)		209.8		78.5
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss	13.5		16.5		16.6
Cross-currency interest rate swaps	(108.6)		8.6		41.8
Net losses on foreign currency exchange contracts not designated as hedging instruments	26.4		191.3		204.6
Total	$	(68.7)	$	216.4	$	263.0

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:

	2023		2022		2021
Net investment hedges:
Foreign currency-denominated notes	$	(219.9)	$	324.9	$	435.0
Cross-currency interest rate swaps	(27.4)		52.0		213.7
Foreign currency forward contracts	(107.1)		(15.4)		—
Cash flow hedges:
Forward-starting interest rate swaps	85.6		391.5		97.6
Cross-currency interest rate swaps	15.2		29.8		42.3

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:

	2023		2022		2021
Net investment hedges:
Foreign currency-denominated notes	$	(219.9)	$	324.9	$	435.0
Cross-currency interest rate swaps	(27.4)		52.0		213.7
Foreign currency forward contracts	(107.1)		(15.4)		—
Cash flow hedges:
Forward-starting interest rate swaps	85.6		391.5		97.6
Cross-currency interest rate swaps	15.2		29.8		42.3

Schedule of Fair Value, by Balance Sheet Grouping

The following table summarizes certain fair value information at December 31, 2023 and 2022 for risk-management assets and liabilities measured at fair value on a recurring basis:

			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
December 31, 2023
Risk-management instruments
Interest rate contracts designated as fair value hedges:
Other current liabilities	$	(2.4)	$	—	$	(2.4)	$	—	$	(2.4)
Other noncurrent liabilities	(100.3)		—		(100.3)		—		(100.3)
Interest rate contracts designated as cash flow hedges:
Other noncurrent assets	291.2		—		291.2		—		291.2
Cross-currency interest rate contracts designated as net investment hedges:
Other current liabilities	(28.4)		—		(28.4)		—		(28.4)
Other noncurrent liabilities	(3.5)		—		(3.5)		—		(3.5)
Cross-currency interest rate contracts designated as cash flow hedges:
Other receivables	113.8		—		113.8		—		113.8
Other noncurrent assets	63.1		—		63.1		—		63.1
Foreign exchange contracts designated as hedging instruments:
Other current liabilities	(115.8)		—		(115.8)		—		(115.8)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	129.6		—		129.6		—		129.6
Other current liabilities	(55.9)		—		(55.9)		—		(55.9)
Contingent consideration liabilities:
Other current liabilities	(39.5)		—		—		(39.5)		(39.5)
Other noncurrent liabilities	(64.4)		—		—		(64.4)		(64.4)

			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
December 31, 2022
Risk-management instruments
Interest rate contracts designated as fair value hedges:
Other noncurrent liabilities	$	(134.3)	$	—	$	(134.3)	$	—	$	(134.3)
Interest rate contracts designated as cash flow hedges:
Other receivables	162.9		—		162.9		—		162.9
Other noncurrent assets	246.0		—		246.0		—		246.0
Cross-currency interest rate contracts designated as net investment hedges:
Other receivables	67.6		—		67.6		—		67.6
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets	53.1		—		53.1		—		53.1
Foreign exchanges contracts designated as hedging instruments:
Other current liabilities	(38.3)		—		(38.3)		—		(38.3)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	26.6		—		26.6		—		26.6
Other current liabilities	(21.5)		—		(21.5)		—		(21.5)
Contingent consideration liabilities:
Other current liabilities	(39.5)		—		—		(39.5)		(39.5)
Other noncurrent liabilities	(70.6)		—		—		(70.6)		(70.6)