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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2019
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, 2019 (In millions)
Total
 
Quoted Prices
in Active
Markets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
1,120.4

 
$
—

 
$
1,120.4

 
$
—

Marketable debt securities:
 
 
 
 
 
 
 
Corporate debt securities
1,687.7

 
—

 
1,687.7

 
—

Government securities
604.4

 
—

 
604.4

 
—

Mortgage and other asset backed securities
246.0

 
—

 
246.0

 
—

Marketable equity securities
510.0

 
176.6

 
333.4

 
—

Derivative contracts
88.2

 
—

 
88.2

 
—

Plan assets for deferred compensation
29.5

 
—

 
29.5

 
—

Total
$
4,286.2

 
$
176.6

 
$
4,109.6

 
$
—

Liabilities:
 
 
 
 
 
 
 
Derivative contracts
$
17.5

 
$
—

 
$
17.5

 
$
—

Contingent consideration obligations
401.3

 
—

 
—

 
401.3

Total
$
418.8

 
$
—

 
$
17.5

 
$
401.3


As of December 31, 2018 (In millions)
Total
 
Quoted Prices
in Active
Markets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
705.5

 
$
—

 
$
705.5

 
$
—

Marketable debt securities:
 
 
 
 
 
 
 
Corporate debt securities
2,459.2

 
—

 
2,459.2

 
—

Government securities
969.6

 
—

 
969.6

 
—

Mortgage and other asset backed securities
260.5

 
—

 
260.5

 
—

Marketable equity securities
615.4

 
51.7

 
563.7

 
—

Derivative contracts
66.9

 
—

 
66.9

 
—

Plan assets for deferred compensation
25.4

 
—

 
25.4

 
—

Total
$
5,102.5

 
$
51.7

 
$
5,050.8

 
$
—

Liabilities:
 
 
 
 
 
 
 
Derivative contracts
$
24.6

 
$
—

 
$
24.6

 
$
—

Contingent consideration obligations
409.8

 
—

 
—

 
409.8

Total
$
434.4

 
$
—

 
$
24.6

 
$
409.8
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, 2019
 
As of December 31, 2018
(In millions)
Fair
Value
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
2.900% Senior Notes due September 15, 2020
$
1,507.5

 
$
1,491.1

 
$
1,489.5

 
$
1,480.8

3.625% Senior Notes due September 15, 2022
1,032.3

 
996.0

 
1,000.4

 
995.5

4.050% Senior Notes due September 15, 2025
1,867.4

 
1,738.7

 
1,745.1

 
1,737.8

5.200% Senior Notes due September 15, 2045
1,953.2

 
1,722.7

 
1,802.6

 
1,722.4

Total
$
6,360.4

 
$
5,948.5

 
$
6,037.6

 
$
5,936.5
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 June 30,
 
For the Six Months
Ended June 30,
(In millions)
2019
 
2018
 
2019
 
2018
Fair value, beginning of period
$
421.3

 
$
498.0

 
$
409.8

 
$
523.6

Changes in fair value
(20.0
)
 
1.9

 
(8.5
)
 
(3.7
)
Payments
—

 
—

 
—

 
(20.0
)
Fair value, end of period
$
401.3

 
$
499.9

 
$
401.3

 
$
499.9