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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 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
$
2,541.1

 
$
—

 
$
2,541.1

 
$
—

Marketable debt securities:
 
 
 
 
 
 
 
Corporate debt securities
1,695.1

 
—

 
1,695.1

 
—

Government securities
1,013.9

 
—

 
1,013.9

 
—

Mortgage and other asset backed securities
261.3

 
—

 
261.3

 
—

Marketable equity securities
337.5

 
7.9

 
329.6

 
—

Derivative contracts
43.8

 
—

 
43.8

 
—

Plan assets for deferred compensation
27.7

 
—

 
27.7

 
—

Total
$
5,920.4

 
$
7.9

 
$
5,912.5

 
$
—

Liabilities:
 
 
 
 
 
 
 
Derivative contracts
$
8.3

 
$
—

 
$
8.3

 
$
—

Contingent consideration obligations
346.1

 
—

 
—

 
346.1

Total
$
354.4

 
$
—

 
$
8.3

 
$
346.1

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 values of our debt instruments, which are Level 2 liabilities, are summarized as follows:
 
As of December 31,
(In millions)
2019
 
2018
2.900% Senior Notes due September 15, 2020
$
1,509.6

 
$
1,489.5

3.625% Senior Notes due September 15, 2022
1,038.9

 
1,000.4

4.050% Senior Notes due September 15, 2025
1,897.2

 
1,745.1

5.200% Senior Notes due September 15, 2045
2,107.9

 
1,802.6

Total
$
6,553.6

 
$
6,037.6
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)
2019
 
2018
Fair value, beginning of year
$
409.8

 
$
523.6

Changes in fair value
(63.7
)
 
(12.3
)
Payments and other
—

 
(101.5
)
Fair value, end of year
$
346.1

 
$
409.8