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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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:
(In millions)
As of
December 31,
2017
 
Quoted
Prices in
Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
1,229.4

 
$
—

 
$
1,229.4

 
$
—

Marketable debt securities:
 
 
 
 
 
 
 
Corporate debt securities
2,609.8

 
—

 
2,609.8

 
—

Government securities
1,919.3

 
—

 
1,919.3

 
—

Mortgage and other asset backed securities
643.4

 
—

 
643.4

 
—

Marketable equity securities
11.8

 
11.8

 
—

 
—

Derivative contracts
2.7

 
—

 
2.7

 
—

Plan assets for deferred compensation
28.5

 
—

 
28.5

 
—

Total
$
6,444.9

 
$
11.8

 
$
6,433.1

 
$
—

Liabilities:
 
 
 
 
 
 
 
Derivative contracts
$
111.3

 
$
—

 
$
111.3

 
$
—

Contingent consideration obligations
523.6

 
—

 
—

 
523.6

Total
$
634.9

 
$
—

 
$
111.3

 
$
523.6

(In millions)
As of
December 31,
2016
 
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 values of our debt instruments, which are Level 2 liabilities, are summarized as follows:
 
As of December 31,
(In millions)
2017
 
2016
Notes payable to Fumedica
$
3.2

 
$
6.1

6.875% Senior Notes due March 1, 2018
—

 
583.7

2.900% Senior Notes due September 15, 2020
1,517.7

 
1,521.5

3.625% Senior Notes due September 15, 2022
1,032.9

 
1,026.6

4.050% Senior Notes due September 15, 2025
1,851.9

 
1,796.0

5.200% Senior Notes due September 15, 2045
2,077.6

 
1,874.5

Total
$
6,483.3

 
$
6,808.4
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:
 
As of December 31,
(In millions)
2017
 
2016
Fair value, beginning of year
$
467.6

 
$
506.0

Changes in fair value
62.7

 
14.8

Payments and other
(6.7
)
 
(53.2
)
Fair value, end of year
$
523.6

 
$
467.6