Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

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:

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

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 Financial Assets and Liabilities

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