Fair Value (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value [Abstract]

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis were (in millions):

	June 30, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	3,281.0					$	3,281.0
Short-term investments	—						—
Marketable equity investments	1.6						1.6
Foreign currency derivatives			$	0.5			0.5
Liabilities:
Foreign currency derivative			$	0.8			$	0.8
Contingent purchase price obligations					$	104.3	104.3

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	4,305.7					$	4,305.7
Short-term investments	3.6						3.6
Marketable equity investments	1.6						1.6
Foreign currency derivative instruments			$	0.6			0.6
Liabilities:
Foreign currency derivatives			0.4				0.4
Contingent purchase price obligations					$	107.7	107.7

Changes in Contingent Purchase Price Obligations

Changes in contingent purchase price obligations were (in millions):

	Six Months Ended June 30,
	2020		2019
January 1	$	107.7	$	146.5
Acquisitions	10.0		1.8
Revaluation and interest	1.6		1.5
Payments	(12.8)		(28.9)
Foreign currency translation	(2.2)		(0.2)
June 30	$	104.3	$	120.7

Carrying Amount and Fair Value of Financial Assets and Liabilities

The carrying amount and fair value of our financial assets and liabilities were (in millions):

	June 30, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	3,281.0	$	3,281.0	$	4,305.7	$	4,305.7
Short-term investments	—		—		3.6		3.6
Marketable equity securities	1.6		1.6		1.6		1.6
Non-marketable equity securities	8.7		8.7		9.0		9.0
Foreign currency derivatives	0.5		0.5		0.6		0.6
Liabilities:
Short-term debt	$	6.4	$	6.4	$	10.1	$	10.1
Foreign currency derivatives	0.8		0.8		0.4		0.4
Contingent purchase price obligations	104.3		104.3		107.7		107.7
Long-term debt, including current portion	5,714.1		6,122.6		5,134.3		5,316.4