Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Financial Assets Subject to Fair Value Measurements

The following tables set forth our financial assets and liabilities subject to fair value measurements by level within the fair value hierarchy (and does not include $3.2 billion and $3.3 billion of cash as of March 31, 2022 and December 31, 2021, respectively):


	As of March 31, 2022								As of December 31, 2021
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	(in millions)
Financial instruments carried at fair value (asset positions):
Cash equivalents:
Money market funds	$	4,378.6	$	4,378.6	$	—	$	—	$	3,478.1	$	3,478.1	$	—	$	—
Commercial paper	14.2		—		14.2		—		—		—		—		—
Marketable securities:
Corporate equity securities	155.3		155.3		—		—		230.9		230.9		—		—
U.S. Treasury securities	154.3		154.3		—		—		86.4		86.4		—		—
Government-sponsored enterprise securities	7.0		7.0		—		—		69.0		69.0		—		—
Corporate debt securities	76.8		—		76.8		—		90.9		—		90.9		—
Commercial paper	244.6		—		244.6		—		252.7		—		252.7		—
Prepaid expenses and other current assets:
Foreign currency forward contracts	57.2		—		57.2		—		44.5		—		44.5		—
Other assets:
Foreign currency forward contracts	0.9		—		0.9		—		2.0		—		2.0		—
Total financial assets	$	5,088.9	$	4,695.2	$	393.7	$	—	$	4,254.5	$	3,864.4	$	390.1	$	—

Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$	(5.1)	$	—	$	(5.1)	$	—	$	(5.6)	$	—	$	(5.6)	$	—
Long-term contingent consideration	(179.0)		—		—		(179.0)		(186.5)		—		—		(186.5)
Other long-term liabilities:
Foreign currency forward contracts	(2.6)		—		(2.6)		—		(2.7)		—		(2.7)		—
Total financial liabilities	$	(186.7)	$	—	$	(7.7)	$	(179.0)	$	(194.8)	$	—	$	(8.3)	$	(186.5)

Schedule of Fair Value of Our Contingent Consideration Liabilities

The following table represents a rollforward of the fair value of our contingent consideration liabilities:


	Three Months Ended March 31, 2022
	(in millions)
Balance at December 31, 2021	$	186.5
Decrease in fair value of contingent payments	(7.5)
Balance at March 31, 2022	$	179.0