Fair Value

6 Months Ended

Jun. 30, 2024

Fair Value [Abstract]

Fair Value

Fair Value

Financial assets and liabilities are recorded at fair value based on the following:

•Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

•Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities; unadjusted quoted prices for identical assets or liabilities in markets that are not active; and model-derived valuations with observable inputs.

•Level 3: Unobservable inputs for the asset or liability.

Financial assets and liabilities measured at fair value on a recurring basis:

	June 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	2,711.7					$	2,711.7	$	4,432.0					$	4,432.0
Marketable equity securities	0.8						0.8		0.9						0.9
Cross currency swaps - net  investment hedge			$	11.5			11.5				$	—			—
Liabilities:
Cross currency swaps - net  investment hedge			$	—			$	—			$	6.6			$	6.6
Contingent purchase price obligations					$	249.8	249.8						$	229.5	229.5

Changes in contingent purchase price obligations:

	Six Months Ended June 30,
	2024		2023
January 1	$	229.5	$	115.0
Acquisitions	27.4		62.9
Revaluation and interest	6.2		(6.2)
Payments	(12.6)		(14.3)
Foreign currency translation	(0.7)		0.6
June 30	$	249.8	$	158.0

Carrying amount and fair value of our financial assets and liabilities:

	June 30, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	2,711.7	$	2,711.7	$	4,432.0	$	4,432.0
Marketable equity securities	0.8		0.8		0.9		0.9
Cross currency swaps - net investment hedge	11.5		11.5		—		—
Non-marketable equity securities	12.5		12.5		6.7		6.7
Liabilities:
Short-term debt	$	15.1	$	15.1	$	10.9	$	10.9
Cross currency swaps - net investment hedge	—		—		6.6		6.6
Contingent purchase price obligations	249.8		249.8		229.5		229.5
Long-term debt	6,239.6		5,778.2		5,639.6		5,237.8

The estimated fair values of the cross-currency swaps are determined using model-derived valuations, taking into consideration foreign currency rates, interest rates, and counterparty credit risk. The estimated fair value of the contingent purchase price obligations is calculated in accordance with the terms of each acquisition agreement and is discounted. The fair value of long-term debt is based on quoted market prices.