Fair Value

9 Months Ended

Sep. 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:

	September 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	3,533.9					$	3,533.9	$	4,432.0					$	4,432.0
Marketable equity securities	1.0						1.0		0.9						0.9
Foreign currency derivatives			$	0.3			0.3				$	—			—
Liabilities:
Cross currency swaps - net     investment hedge			$	0.6			$	0.6			$	6.6			$	6.6
Contingent purchase price obligations					$	236.4	236.4						$	229.5	229.5

Changes in contingent purchase price obligations:

	Nine Months Ended September 30,
	2024		2023
January 1	$	229.5	$	115.0
Acquisitions	28.5		230.0
Revaluation and interest	1.9		(18.2)
Payments	(23.6)		(34.8)
Foreign currency translation	0.1		0.2
September 30	$	236.4	$	292.2

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

	September 30, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	3,533.9	$	3,533.9	$	4,432.0	$	4,432.0
Marketable equity securities	1.0		1.0		0.9		0.9
Non-marketable equity securities	11.2		11.2		6.7		6.7
Foreign currency derivatives	0.3		0.3		—		—
Liabilities:
Short-term debt	$	16.9	$	16.9	$	10.9	$	10.9
Cross currency swaps - net investment hedge	0.6		0.6		6.6		6.6
Contingent purchase price obligations	236.4		236.4		229.5		229.5
Long-term debt	6,930.1		6,676.3		5,639.6		5,237.8

The estimated fair value of the foreign currency derivatives and 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.