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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2017
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 June 30, 2017 (In millions)
Total
 
Quoted Prices
in Active
Markets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
836.0

 
$
—

 
$
836.0

 
$
—

Marketable debt securities:
 
 
 
 
 
 
 
Corporate debt securities
2,297.9

 
—

 
2,297.9

 
—

Government securities
1,567.8

 
—

 
1,567.8

 
—

Mortgage and other asset backed securities
490.5

 
—

 
490.5

 
—

Marketable equity securities
15.2

 
15.2

 
—

 
—

Derivative contracts
4.6

 
—

 
4.6

 
—

Plan assets for deferred compensation
32.9

 
—

 
32.9

 
—

Total
$
5,244.9

 
$
15.2

 
$
5,229.7

 
$
—

Liabilities:
 
 
 
 
 
 
 
Derivative contracts
$
70.6

 
$
—

 
$
70.6

 
$
—

Contingent consideration obligations
492.1

 
—

 
—

 
492.1

Total
$
562.7

 
$
—

 
$
70.6

 
$
492.1


As of December 31, 2016 (In millions)
Total
 
Quoted Prices
in Active
Markets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
2,039.6

 
$
—

 
$
2,039.6

 
$
—

Marketable debt securities:
 
 
 
 
 
 
 
Corporate debt securities
2,663.8

 
—

 
2,663.8

 
—

Government securities
2,172.5

 
—

 
2,172.5

 
—

Mortgage and other asset backed securities
561.7

 
—

 
561.7

 
—

Marketable equity securities
24.9

 
24.9

 
—

 
—

Derivative contracts
61.0

 
—

 
61.0

 
—

Plan assets for deferred compensation
34.5

 
—

 
34.5

 
—

Total
$
7,558.0

 
$
24.9

 
$
7,533.1

 
$
—

Liabilities:
 
 
 
 
 
 
 
Derivative contracts
$
13.6

 
$
—

 
$
13.6

 
$
—

Contingent consideration obligations
467.6

 
—

 
—

 
467.6

Total
$
481.2

 
$
—

 
$
13.6

 
$
467.6
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 June 30, 2017
 
As of December 31, 2016
(In millions)
Fair
Value
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
Notes payable to Fumedica AG
$
3.3

 
$
3.3

 
$
6.1

 
$
6.0

6.875% Senior Notes due March 1, 2018
569.9

 
554.8

 
583.7

 
558.5

2.900% Senior Notes due September 15, 2020
1,531.5

 
1,487.4

 
1,521.5

 
1,485.3

3.625% Senior Notes due September 15, 2022
1,051.8

 
993.8

 
1,026.6

 
993.2

4.050% Senior Notes due September 15, 2025
1,853.3

 
1,735.6

 
1,796.0

 
1,734.8

5.200% Senior Notes due September 15, 2045
1,996.2

 
1,721.7

 
1,874.5

 
1,721.5

Total
$
7,006.0

 
$
6,496.6

 
$
6,808.4

 
$
6,499.3
Fair value of contingent consideration obligations
The following table provides a roll forward of the fair values of our contingent consideration obligations that includes Level 3 measurements:
 
For the Three Months
Ended June 30,
 
For the Six Months
Ended June 30,
(In millions)
2017
 
2016
 
2017
 
2016
Fair value, beginning of period
$
470.9

 
$
508.3

 
$
467.6

 
$
506.0

Additions
—

 
—

 
—

 
—

Changes in fair value
21.2

 
10.6

 
31.2

 
12.9

Payments
—

 
(3.2
)
 
(6.7
)
 
(3.2
)
Fair value, end of period
$
492.1

 
$
515.7

 
$
492.1

 
$
515.7