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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
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, 2020 (In millions)
 
Total
 
Quoted Prices
in Active
Markets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
 
Cash equivalents
 
$
1,869.6

 
$
—

 
$
1,869.6

 
$
—

Marketable debt securities:
 
 
 
 
 
 
 
 
Corporate debt securities
 
1,790.2

 
—

 
1,790.2

 
—

Government securities
 
966.8

 
—

 
966.8

 
—

Mortgage and other asset backed securities
 
108.5

 
—

 
108.5

 
—

Marketable equity securities
 
527.0

 
344.3

 
182.7

 
—

Derivative contracts
 
59.9

 
—

 
59.9

 
—

Plan assets for deferred compensation
 
27.7

 
—

 
27.7

 
—

Total
 
$
5,349.7

 
$
344.3

 
$
5,005.4

 
$
—

Liabilities:
 
 
 
 
 
 
 
 
Derivative contracts
 
$
14.3

 
$
—

 
$
14.3

 
$
—

Contingent consideration obligations
 
351.6

 
—

 
—

 
351.6

Total
 
$
365.9

 
$
—

 
$
14.3

 
$
351.6


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

 
$
—

 
$
1,509.6

 
$
1,495.8

3.625% Senior Notes due September 15, 2022
 
1,061.0

 
997.3

 
1,038.9

 
996.6

4.050% Senior Notes due September 15, 2025
 
1,994.1

 
1,740.3

 
1,897.2

 
1,739.5

2.250% Senior Notes due May 1, 2030
 
1,514.1

 
1,490.7

 
—

 
—

5.200% Senior Notes due September 15, 2045
 
2,247.1

 
1,723.2

 
2,107.9

 
1,722.9

3.150% Senior Notes due May 1, 2050
 
1,441.3

 
1,472.3

 
—

 
—

Total
 
$
8,257.6

 
$
7,423.8

 
$
6,553.6

 
$
5,954.8
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)
 
2020
 
2019
 
2020
 
2019
Fair value, beginning of period
 
$
341.6

 
$
421.3

 
$
346.1

 
$
409.8

Changes in fair value
 
10.0

 
(20.0
)
 
5.5

 
(8.5
)
Payments
 
—

 
—

 
—

 
—

Fair value, end of period
 
$
351.6

 
$
401.3

 
$
351.6

 
$
401.3