Fair Value

3 Months Ended

Mar. 31, 2025

Fair Value [Abstract]

Fair Value

Fair Value

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

March 31, 2025	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	3,378.3					$	3,378.3
Marketable equity securities	0.9						0.9
Cross currency swaps - net investment hedge			$	6.1			6.1
Liabilities:
Contingent purchase price obligations					$	223.1	$	223.1

December 31, 2024	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	4,339.4					$	4,339.4
Marketable equity securities	0.9						0.9
Cross currency swaps - net investment hedge			$	9.3			9.3
Liabilities:
Foreign currency derivatives			$	0.1			$	0.1
Contingent purchase price obligations					$	220.1	220.1

Changes in contingent purchase price obligations:

	Three Months Ended March 31,
	2025		2024
January 1	$	220.1	$	229.5
Acquisitions	2.8		26.5
Revaluation and interest	3.1		3.2
Payments	(2.8)		(0.5)
Foreign currency translation	(0.1)		(0.1)
March 31	$	223.1	$	258.6

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

	March 31, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	3,378.3	$	3,378.3	$	4,339.4	$	4,339.4
Marketable equity securities	0.9		0.9		0.9		0.9
Non-marketable equity securities	37.0		37.0		36.8		36.8
Cross currency swaps - net investment hedge	6.1		6.1		9.3		9.3
Liabilities:
Short-term debt	$	19.1	$	19.1	$	21.3	$	21.3
Foreign currency derivatives	—		—		0.1		0.1
Contingent purchase price obligations	223.1		223.1		220.1		220.1
Long-term debt	6,116.5		5,780.1		6,035.3		5,664.9

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.