v3.25.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of the Contractual Maturities of Our Investments in Debt Securities Measured at Fair Value
The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of June 30, 2025:
 Maturities by Period
TotalLess Than
1 Year		1-5
Years		6-10
Years		More Than
10 Years
Fair value of debt securities$673.1 $83.0 $201.9 $102.4 $285.8 
Schedule of the Fair Value of Available-for-Sale Securities in an Unrealized Gain or Loss Position
A summary of the amount of unrealized gains and losses in accumulated other comprehensive loss and the fair value of available-for-sale securities in an unrealized gain or loss position is as follows: 
June 30, 2025December 31, 2024
Unrealized gross gains$3.8 $1.6 
Unrealized gross losses32.2 43.2 
Fair value of securities in an unrealized gain position236.4 142.6 
Fair value of securities in an unrealized loss position396.8 491.2 
Schedule of Fair Value Information, Assets
The following table summarizes certain fair value information at June 30, 2025 and December 31, 2024 for investment assets measured at fair value on a recurring basis, as well as the carrying amount and amortized cost of certain other investments: 
   Fair Value Measurements Using 
Carrying
Amount
Cost(1)
Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair
Value
June 30, 2025
Cash equivalents(2)
$1,184.7 $1,184.7 $1,174.7 $10.0 $— $1,184.7 
Short-term investments:
U.S. government and agency securities$23.4 $23.7 $23.4 $— $— $23.4 
Corporate debt securities59.6 59.7 — 59.6 — 59.6 
Other securities87.1 87.1 — 19.6 67.5 87.1 
Short-term investments$170.1 
Noncurrent investments:
U.S. government and agency securities$132.4 $144.5 $132.4 $— $— $132.4 
Corporate debt securities209.8 218.2 — 209.8 — 209.8 
Mortgage-backed securities185.2 193.5 — 185.2 — 185.2 
Asset-backed securities62.7 62.9 — 62.7 — 62.7 
Other securities111.5 68.4 — 6.3 105.2 111.5 
Marketable equity securities420.4 451.2 420.4 — — 420.4 
Equity investments without readily determinable fair values(3)
897.0 
Equity method investments(3)
1,188.4 
Noncurrent investments$3,207.4 
December 31, 2024
Cash equivalents(2)
$1,506.9 $1,506.9 $1,494.1 $12.8 $— $1,506.9 
Short-term investments:
U.S. government and agency securities$29.2 $29.3 $29.2 $— $— $29.2 
Corporate debt securities65.3 65.4 — 65.3 — 65.3 
Asset-backed securities0.6 0.7 — 0.6 — 0.6 
Other securities59.7 59.7 — 16.7 43.0 59.7 
Short-term investments$154.8 
Noncurrent investments:
U.S. government and agency securities$140.2 $156.4 $140.2 $— $— $140.2 
Corporate debt securities211.4 225.0 — 211.4 — 211.4 
Mortgage-backed securities165.3 177.2 — 165.3 — 165.3 
Asset-backed securities56.7 57.5 — 56.7 — 56.7 
Other securities150.3 102.6 — 6.3 144.0 150.3 
Marketable equity securities485.5 494.6 485.5 — — 485.5 
Equity investments without readily determinable fair values(3)
863.8 
Equity method investments(3)
1,142.7 
Noncurrent investments$3,215.9 
(1) For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost.
(2) We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. The cost of these investments approximates fair value.
(3) Fair value disclosures are not applicable for equity method investments and investments accounted for under the measurement alternative for equity investments.
Schedule of Fair Value Information, Liabilities
The following table summarizes certain fair value information for our short-term and long-term debt:
  Fair Value Measurements Using 
Carrying
Amount		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant
Other Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair
Value
Short-term commercial paper borrowings
June 30, 2025$4,091.7 $— $4,083.6 $— $4,083.6 
December 31, 20244,337.6 — 4,319.4 — 4,319.4 
Long-term debt, including current portion
June 30, 202535,812.0 — 32,907.3 — 32,907.3 
December 31, 202429,306.7 — 26,249.0 — 26,249.0 
The following table summarizes certain fair value information at June 30, 2025 and December 31, 2024 for risk management assets and liabilities measured at fair value on a recurring basis:
  Fair Value Measurements Using 
Carrying
Amount		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant
Other Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair
Value
June 30, 2025
Risk-management instruments:
Interest rate contracts designated as fair value hedges:
Other noncurrent assets$13.6 $— $13.6 $— $13.6 
Other current liabilities(2.1)— (2.1)— (2.1)
Other noncurrent liabilities(75.1)— (75.1)— (75.1)
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets107.2 — 107.2 — 107.2 
Foreign exchange contracts designated as net investment hedges:
Other receivables289.5 — 289.5 — 289.5 
Other current liabilities(915.4)— (915.4)— (915.4)
Foreign exchange contracts not designated as hedging instruments:
Other receivables494.9 — 494.9 — 494.9 
Other current liabilities(157.7)— (157.7)— (157.7)
Contingent consideration liabilities:
Other noncurrent liabilities(38.3)— — (38.3)(38.3)
December 31, 2024
Risk-management instruments:
Interest rate contracts designated as fair value hedges:
Other current liabilities$(2.0)$— $(2.0)$— $(2.0)
Other noncurrent liabilities(117.8)— (117.8)— (117.8)
Cross-currency interest rate contracts designated as net investment hedges:
Other receivables10.3 — 10.3 — 10.3 
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets50.7 — 50.7 — 50.7 
Foreign exchange contracts designated as hedging instruments:
Other receivables297.0 — 297.0 — 297.0 
Foreign exchange contracts not designated as hedging instruments:
Other receivables39.5 — 39.5 — 39.5 
Other current liabilities(93.4)— (93.4)— (93.4)
Contingent consideration liabilities:
Other noncurrent liabilities(32.3)— — (32.3)(32.3)
Schedule of Derivative Instruments At June 30, 2025, our significant outstanding foreign currency forward commitments were as follows, all of which have settlement dates within 180 days:
June 30, 2025
PurchaseSell
CurrencyAmount
(in millions)		CurrencyAmount
(in millions)
Euro27,172.6U.S. dollars31,476.8
U.S. dollars8,105.6Euro7,009.8
U.S. dollars518.1British pounds378.2
U.S. dollars424.6Chinese yuan3,039.4
U.S. dollars341.0Japanese yen49,214.7
Schedule of Effects of Risk-Management Instruments Were Recognized in Other–Net, (Income) Expense
The following effects of risk-management instruments were recognized in other–net, (income) expense:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Fair value hedges:
Effect from hedged fixed-rate debt$15.8 $(2.3)$55.4 $(19.0)
Effect from interest rate contracts(15.8)2.3 (55.4)19.0 
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss1.4 2.0 2.8 4.4 
Cross-currency interest rate swaps(48.9)3.3 (60.6)87.3 
Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments(651.2)31.6 (638.7)34.0 
Total$(698.7)$36.9 $(696.5)$125.7 
Schedule of Effective Portion of Risk-Management Instruments that was Recognized in Other Comprehensive Income (Loss), Net Investment Hedges
The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net investment hedges:
Foreign currency-denominated notes$(484.6)$42.0 $(688.2)$173.8 
Cross-currency interest rate swaps(1.3)2.3 (10.5)19.3 
Foreign currency forward contracts(965.4)32.7 (1,292.7)131.8 
Cash flow hedges:
Forward-starting interest rate swaps— — (24.8)77.4 
Cross-currency interest rate swaps2.6 1.9 (4.1)15.6 
Schedule of Effective Portion of Risk-Management Instruments that was Recognized in Other Comprehensive Income (Loss), Cash Flow Hedges
The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net investment hedges:
Foreign currency-denominated notes$(484.6)$42.0 $(688.2)$173.8 
Cross-currency interest rate swaps(1.3)2.3 (10.5)19.3 
Foreign currency forward contracts(965.4)32.7 (1,292.7)131.8 
Cash flow hedges:
Forward-starting interest rate swaps— — (24.8)77.4 
Cross-currency interest rate swaps2.6 1.9 (4.1)15.6 
Schedule of Fair Value, by Balance Sheet Grouping
The following table summarizes certain fair value information at June 30, 2025 and December 31, 2024 for risk management assets and liabilities measured at fair value on a recurring basis:
  Fair Value Measurements Using 
Carrying
Amount		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant
Other Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair
Value
June 30, 2025
Risk-management instruments:
Interest rate contracts designated as fair value hedges:
Other noncurrent assets$13.6 $— $13.6 $— $13.6 
Other current liabilities(2.1)— (2.1)— (2.1)
Other noncurrent liabilities(75.1)— (75.1)— (75.1)
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets107.2 — 107.2 — 107.2 
Foreign exchange contracts designated as net investment hedges:
Other receivables289.5 — 289.5 — 289.5 
Other current liabilities(915.4)— (915.4)— (915.4)
Foreign exchange contracts not designated as hedging instruments:
Other receivables494.9 — 494.9 — 494.9 
Other current liabilities(157.7)— (157.7)— (157.7)
Contingent consideration liabilities:
Other noncurrent liabilities(38.3)— — (38.3)(38.3)
December 31, 2024
Risk-management instruments:
Interest rate contracts designated as fair value hedges:
Other current liabilities$(2.0)$— $(2.0)$— $(2.0)
Other noncurrent liabilities(117.8)— (117.8)— (117.8)
Cross-currency interest rate contracts designated as net investment hedges:
Other receivables10.3 — 10.3 — 10.3 
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets50.7 — 50.7 — 50.7 
Foreign exchange contracts designated as hedging instruments:
Other receivables297.0 — 297.0 — 297.0 
Foreign exchange contracts not designated as hedging instruments:
Other receivables39.5 — 39.5 — 39.5 
Other current liabilities(93.4)— (93.4)— (93.4)
Contingent consideration liabilities:
Other noncurrent liabilities(32.3)— — (32.3)(32.3)