Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Financial Assets Subject to Fair Value Measurements (Excluding Vie Cash and Cash Equivalents, Which are Recorded as Restricted Cash and Cash Equivalents (Vie))

The following tables set forth our financial assets and liabilities subject to fair value measurements by level within the fair value hierarchy (and does not include $3.3 billion and $2.8 billion of cash as of December 31, 2021 and 2020, respectively):


	As of December 31, 2021								As of December 31, 2020
			Fair Value Hierarchy								Fair Value Hierarchy
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	(in millions)
Financial instruments carried at fair value (asset position):
Cash equivalents:
Money market funds	$	3,478.1	$	3,478.1	$	—	$	—	$	3,141.1	$	3,141.1	$	—	$	—


Marketable securities:
Corporate equity securities	230.9		230.9		—		—		195.8		15.7		180.1		—
U.S. Treasury securities	86.4		86.4		—		—		—		—		—		—
Government-sponsored enterprise securities	69.0		69.0		—		—		80.0		80.0		—		—
Corporate debt securities	90.9		—		90.9		—		231.6		—		231.6		—
Commercial paper	252.7		—		252.7		—		163.3		—		163.3		—
Prepaid expenses and other current assets:
Foreign currency forward contracts	44.5		—		44.5		—		—		—		—		—
Other assets:
Foreign currency forward contracts	2.0		—		2.0		—		—		—		—		—
Total financial assets	$	4,254.5	$	3,864.4	$	390.1	$	—	$	3,811.8	$	3,236.8	$	575.0	$	—

Financial instruments carried at fair value (liability position):
Other current liabilities:
Foreign currency forward contracts	$	(5.6)	$	—	$	(5.6)	$	—	$	(59.2)	$	—	$	(59.2)	$	—
Long-term contingent consideration	(186.5)		—		—		(186.5)		(189.6)		—		—		(189.6)
Other long-term liabilities:
Foreign currency forward contracts	(2.7)		—		(2.7)		—		(4.3)		—		(4.3)		—
Total financial liabilities	$	(194.8)	$	—	$	(8.3)	$	(186.5)	$	(253.1)	$	—	$	(63.5)	$	(189.6)

Schedule of Fair Value of Our Contingent Consideration Liabilities

The following table represents a rollforward of the fair value of our contingent consideration liabilities:


	Year Ended December 31, 2021
	(in millions)
Balance at December 31, 2020	$	189.6
Decrease in fair value of contingent payments	(3.1)
Balance at December 31, 2021	$	186.5