Fair Value
Financial assets and liabilities measured at fair value on a recurring basis:
December 31, 2025Level 1Level 2Level 3Total
Assets:    
Cash and cash equivalents$6,881.1  $6,881.1 
Marketable equity securities0.9 0.9 
Cross currency swaps - net investment hedge$7.1 7.1 
Liabilities:   
Contingent purchase price obligations$214.9 214.9 
December 31, 2024
Assets:
Cash and cash equivalents$4,339.4  $4,339.4 
Marketable equity securities0.9  0.9 
Cross currency swaps - net investment hedge9.3 $9.3 
Liabilities: 
Foreign currency derivatives$0.1 $0.1 
Contingent purchase price obligations$220.1 220.1 
Changes in contingent purchase price obligations:
December 31,
20252024
January 1$220.1 $229.5 
Acquisitions37.7 39.2 
Revaluation and interest5.2 (5.1)
Payments(48.4)(42.4)
Foreign currency translation0.3 (1.1)
December 31$214.9 $220.1 
Carrying amount and fair value of our financial assets and liabilities:
December 31,
 20252024
Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
Assets:    
Cash and cash equivalents$6,881.1 $6,881.1 $4,339.4 $4,339.4 
Marketable equity securities0.9 0.9 0.9 0.9 
Non-marketable equity securities62.1 62.1 36.8 36.8 
Cross currency swaps - net investment hedge7.1 7.1 9.3 9.3 
Liabilities:    
Short-term debt$62.0 $62.0 $21.3 $21.3 
Foreign currency derivatives  0.1 0.1 
Contingent purchase price obligations214.9 214.9 220.1 220.1 
Long-Term Debt, including current portion
9,054.5 8,818.9 6,035.3 5,664.9 
The estimated fair values of the cross-currency swaps and foreign currency derivative instruments are determined using model-derived valuations, taking into consideration foreign currency rates, interest rates, and counterparty credit risk. The estimated fair value of the contingent purchase price obligations is calculated in accordance with the terms of each acquisition agreement and is discounted. The fair value of long-term debt is based on quoted market prices.

Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 5, 2025
2023Feb 7, 2024
2022Feb 8, 2023
2021Feb 9, 2022
2020Feb 18, 2021
2019Feb 11, 2020
2018Feb 12, 2019
2017Feb 15, 2018
2016Feb 9, 2017
2015Feb 9, 2016

About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.