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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2015
Fair Value Disclosures [Abstract]  
Summary of assets and liabilities recorded at fair value
The tables below present information about our assets and liabilities that are regularly measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques we utilized to determine such fair value:
As of September 30, 2015 (In millions)
Total
 
Quoted Prices
in Active
Markets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
3,804.2

 
$
—

 
$
3,804.2

 
$
—

Marketable debt securities:
 
 
 
 
 
 
 
Corporate debt securities
1,039.9

 
—

 
1,039.9

 
—

Government securities
2,411.1

 
—

 
2,411.1

 
—

Mortgage and other asset backed securities
249.9

 
—

 
249.9

 
—

Marketable equity securities
25.7

 
25.7

 
—

 
—

Derivative contracts
61.4

 
—

 
61.4

 
—

Plan assets for deferred compensation
38.6

 
—

 
38.6

 
—

Total
$
7,630.8

 
$
25.7

 
$
7,605.1

 
$
—

Liabilities:
 
 
 
 
 
 
 
Derivative contracts
$
31.3

 
$
—

 
$
31.3

 
$
—

Contingent consideration obligations
481.4

 
—

 
—

 
481.4

Total
$
512.7

 
$
—

 
$
31.3

 
$
481.4


As of December 31, 2014 (In millions)
Total
 
Quoted Prices
in Active
Markets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
716.3

 
$
—

 
$
716.3

 
$
—

Marketable debt securities:
 
 
 
 
 
 
 
Corporate debt securities
1,063.0

 
—

 
1,063.0

 
—

Government securities
849.8

 
—

 
849.8

 
—

Mortgage and other asset backed securities
198.3

 
—

 
198.3

 
—

Marketable equity securities
6.9

 
6.9

 
—

 
—

Derivative contracts
72.7

 
—

 
72.7

 
—

Plan assets for deferred compensation
36.9

 
—

 
36.9

 
—

Total
$
2,943.9

 
$
6.9

 
$
2,937.0

 
$
—

Liabilities:
 
 
 
 
 
 
 
Derivative contracts
$
5.4

 
$
—

 
$
5.4

 
$
—

Contingent consideration obligations
215.5

 
—

 
—

 
215.5

Total
$
220.9

 
$
—

 
$
5.4

 
$
215.5
Summary of fair and carrying value of debt instruments
The fair and carrying values of our debt instruments, which are Level 2 liabilities, are summarized as follows:
 
As of September 30, 2015
 
As of December 31, 2014
(In millions)
Fair
Value
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
Notes payable to Fumedica
$
9.5

 
$
9.1

 
$
12.6

 
$
11.7

6.875% Senior Notes due March 1, 2018
614.0

 
566.9

 
634.6

 
571.7

2.900% Senior Notes due September 15, 2020
1,514.1

 
1,492.3

 
—

 
—

3.625% Senior Notes due September 15, 2022
1,008.4

 
991.9

 
—

 
—

4.050% Senior Notes due September 15, 2025
1,767.1

 
1,733.1

 
—

 
—

5.200% Senior Notes due September 15, 2045
1,766.9

 
1,721.0

 
—

 
—

Total
$
6,680.0

 
$
6,514.3

 
$
647.2

 
$
583.4
Fair value of contingent consideration obligations
The following table provides a roll forward of the fair values of our contingent consideration obligations which includes Level 3 measurements:
 
For the Three Months
Ended September 30,
 
For the Nine Months
Ended September 30,
(In millions)
2015
 
2014
 
2015
 
2014
Fair value, beginning of period
$
495.7

 
$
279.1

 
$
215.5

 
$
280.9

Additions
—

 
—

 
274.5

 
—

Changes in fair value
0.2

 
(49.4
)
 
5.9

 
(46.2
)
Payments
(14.5
)
 
(16.5
)
 
(14.5
)
 
(21.5
)
Fair value, end of period
$
481.4

 
$
213.2

 
$
481.4

 
$
213.2