Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present information about our financial instruments measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value.

	June 30, 2020								Balance Sheet Classification
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	690.2	$	0.0	$	0.0	$	690.2	Cash and cash equivalents
Liabilities
Contingent acquisition obligations 1	$	0.0	$	0.0	$	96.5	$	96.5	Accrued liabilities and Other non-current liabilities
	December 31, 2019								Balance Sheet Classification
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	786.0	$	0.0	$	0.0	$	786.0	Cash and cash equivalents
Liabilities
Contingent acquisition obligations 1	$	0.0	$	0.0	$	114.1	$	114.1	Accrued liabilities and Other non-current liabilities

1

Contingent acquisition obligations includes deferred acquisition payments and unconditional obligations to purchase additional noncontrolling equity shares of consolidated subsidiaries. Fair value measurement of the obligations is based upon actual and projected operating performance targets as specified in the related agreements. The decrease in this balance of $17.6 from December 31, 2019 to June 30, 2020 is primarily due to acquisition payments, partially offset by valuation adjustments, an increase in deferred acquisition payments and exercises of put options. The amounts payable within the next twelve months are classified in accrued liabilities; any amounts payable thereafter are classified in other non-current liabilities.

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The following table presents information about our financial instruments that are not measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.

	June 30, 2020								December 31, 2019
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Total long-term debt	$	0.0	$	4,254.0	$	45.4	$	4,299.4	$	0.0	$	3,520.0	$	45.5	$	3,565.5