Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of effects of risk-management instruments were recognized in other–net, (income) expense

The following effects of risk-management instruments were recognized in other–net, (income) expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Fair value hedges:
Effect from hedged fixed-rate debt	$	(10.1)	$	(14.0)	$	(60.5)	$	110.4
Effect from interest rate contracts	10.1		14.0		60.5		(110.4)
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss	4.2		4.1		12.5		12.3
Cross-currency interest rate swaps	10.0		(30.2)		58.1		(54.6)
Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments	50.8		(54.2)		110.6		(82.8)
Total	$	65.0	$	(80.3)	$	181.2	$	(125.1)

Schedule of effective portion of risk-management instruments that was recognized in other comprehensive income (loss), net investment hedges

The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net investment hedges:
Foreign currency-denominated notes	$	119.0	$	(181.1)	$	268.8	$	(186.0)
Cross-currency interest rate swaps	66.7		(110.4)		170.8		(55.4)

Cash flow hedges:
Forward-starting interest rate swaps	19.4		99.6		149.3		(231.9)
Cross-currency interest rate swaps	3.1		6.6		22.5		(58.3)

Schedule of effective portion of risk-management instruments that was recognized in other comprehensive income (loss), cash flow hedges

The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net investment hedges:
Foreign currency-denominated notes	$	119.0	$	(181.1)	$	268.8	$	(186.0)
Cross-currency interest rate swaps	66.7		(110.4)		170.8		(55.4)

Cash flow hedges:
Forward-starting interest rate swaps	19.4		99.6		149.3		(231.9)
Cross-currency interest rate swaps	3.1		6.6		22.5		(58.3)

Summary certain fair value information, assets

The following tables summarize certain fair value information at September 30, 2021 and December 31, 2020 for assets and liabilities measured at fair value on a recurring basis, as well as the carrying amount and amortized cost of certain other investments:


					Fair Value Measurements Using
	Carrying Amount		Cost (1)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
September 30, 2021
Cash equivalents	$	2,373.8	$	2,373.8	$	2,373.8	$	—	$	—	$	2,373.8

Short-term investments:
U.S. government and agency securities	$	11.3	$	11.1	$	11.3	$	—	$	—	$	11.3
Corporate debt securities	6.8		6.7		—		6.8		—		6.8
Mortgage-backed securities	0.2		0.2		—		0.2		—		0.2
Asset-backed securities	3.3		3.2		—		3.3		—		3.3
Other securities	15.5		15.5		6.6		—		8.9		15.5

Short-term investments	$	37.1

Noncurrent investments:
U.S. government and agency securities	$	129.9	$	129.0	$	129.9	$	—	$	—	$	129.9

Corporate debt securities	219.7		215.0		—		219.7		—		219.7
Mortgage-backed securities	110.7		107.9		—		110.7		—		110.7
Asset-backed securities	19.7		19.6		—		19.7		—		19.7
Other securities	105.6		21.6		—		—		105.6		105.6
Marketable equity securities	1,482.8		420.5		1,482.8		—		—		1,482.8
Equity investments without readily determinable fair values (2)	556.3
Equity method investments (2)	725.8
Noncurrent investments	$	3,350.5

December 31, 2020
Cash equivalents	$	2,097.9	$	2,097.9	$	2,097.9	$	—	$	—	$	2,097.9

Short-term investments:
U.S. government and agency securities	$	9.9	$	9.9	$	9.9	$	—	$	—	$	9.9
Corporate debt securities	2.8		2.8		—		2.8		—		2.8
Asset-backed securities	1.2		1.2		—		1.2		—		1.2
Other securities	10.3		10.3		—		—		10.3		10.3

Short-term investments	$	24.2

Noncurrent investments:
U.S. government and agency securities	$	78.7	$	74.3	$	78.7	$	—	$	—	$	78.7
Corporate debt securities	137.0		126.8		—		137.0		—		137.0
Mortgage-backed securities	106.4		101.4		—		106.4		—		106.4
Asset-backed securities	24.3		23.7		—		24.3		—		24.3
Other securities	110.5		31.8		—		—		110.5		110.5
Marketable equity securities	1,664.2		311.6		1,664.2		—		—		1,664.2
Equity investments without readily determinable fair values (2)	373.9
Equity method investments (2)	471.8
Noncurrent investments	$	2,966.8

(1) For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost.

(2) Fair value disclosures are not applicable for equity method investments and investments accounted for under the measurement alternative for equity investments.

Summary certain fair value information, liabilities


			Fair Value Measurements Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value



Long-term debt, including current portion
September 30, 2021	$	(17,085.4)	$	—	$	(18,354.9)	$	—	$	(18,354.9)
December 31, 2020	(16,595.3)		—		(19,038.9)		—		(19,038.9)

Fair value, by balance sheet grouping


			Fair Value Measurements Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
September 30, 2021
Risk-management instruments:
Interest rate contracts designated as fair value hedges:
Other receivables	$	8.5	$	—	$	8.5	$	—	$	8.5
Other noncurrent assets	87.2		$	—	87.2		$	—	87.2

Other noncurrent liabilities	(2.2)		—		(2.2)		—		(2.2)


Interest rate contracts designated as cash flow hedges:
Other noncurrent assets	77.3		—		77.3		—		77.3

Cross-currency interest rate contracts designated as net investment hedges:
Other receivables	18.7		—		18.7		—		18.7
Other noncurrent assets	38.7		—		38.7		—		38.7
Other current liabilities	(17.0)		—		(17.0)		—		(17.0)
Other noncurrent liabilities	(9.5)		—		(9.5)		—		(9.5)
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets	10.8		—		10.8		—		10.8
Other noncurrent liabilities	(23.0)		—		(23.0)		—		(23.0)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	5.5		—		5.5		—		5.5
Other current liabilities	(25.7)		—		(25.7)		—		(25.7)


Contingent consideration liability:

Other noncurrent liabilities	(70.7)		—		—		(70.7)		(70.7)

December 31, 2020
Risk-management instruments:
Interest rate contracts designated as fair value hedges:

Other noncurrent assets	158.9		—		158.9		—		158.9


Interest rate contracts designated as cash flow hedges:
Other noncurrent assets	38.1		—		38.1		—		38.1
Other noncurrent liabilities	(97.8)		—		(97.8)		—		(97.8)
Cross-currency interest rate contracts designated as net investment hedges:

Other current liabilities	(92.6)		—		(92.6)		—		(92.6)
Other noncurrent liabilities	(97.2)		—		(97.2)		—		(97.2)
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets	34.4		—		34.4		—		34.4
Other noncurrent liabilities	(2.9)		—		(2.9)		—		(2.9)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	41.1		—		41.1		—		41.1
Other current liabilities	(15.2)		—		(15.2)		—		(15.2)

Summary the contractual maturities of our investments in debt securities measured at fair value

The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of September 30, 2021:


	Maturities by Period
	Total		Less Than 1 Year		1-5 Years		6-10 Years		More Than 10 Years
Fair value of debt securities	$	501.6	$	21.6	$	157.8	$	153.4	$	168.8

Summary of the fair value of available-for-sale securities in an unrealized gain or loss position

A summary of the amount of unrealized gains and losses in accumulated other comprehensive loss and the fair value of available-for-sale securities in an unrealized gain or loss position follows:


	September 30, 2021		December 31, 2020
Unrealized gross gains	$	12.5	$	20.9
Unrealized gross losses	4.0		0.5
Fair value of securities in an unrealized gain position	293.4		348.9
Fair value of securities in an unrealized loss position	208.1		11.4

Activity related to our available-for-sale securities was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Proceeds from sales	$	49.6	$	14.0	$	137.3	$	246.8
Realized gross gains on sales	0.4		0.4		2.2		4.0
Realized gross losses on sales	0.3		0.2		1.1		8.2