Fair Value

12 Months Ended

Dec. 31, 2012

Fair Value [Abstract]

Fair Value [Text Block]

Fair Value

Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2012 and 2011 were (in millions):

2012	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	2,678.3					$	2,678.3
Short-term investments	20.6						20.6
Available-for-sale securities	3.9						3.9
Forward foreign exchange contracts			$	0.5			0.5
Liabilities:
Contingent purchase price obligations					$	266.2	$	266.2

2011	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	1,781.2					$	1,781.2
Short-term investments	23.8						23.8
Available-for-sale securities	3.8						3.8
Liabilities:
Forward foreign exchange contracts			$	0.1			$	0.1
Contingent purchase price obligations					$	142.6	142.6

The changes in Level 3 contingent purchase price obligations for the three years ended December 31, 2012, were (in millions):

	2012			2011			2010
Balance January 1	$	142.6		$	93.8		$	13.8
Acquisitions	165.2			74.1			87.8
Revaluation and interest	(13.2		)	(0.2		)	1.7
Payments	(32.2		)	(22.1		)	(9.6		)
Foreign currency translation	3.8			(3.0		)	0.1
Balance December 31	$	266.2		$	142.6		$	93.8

The carrying amount and fair value of our financial instruments at December 31, 2012 and 2011 were (in millions):

	2012				2011
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	2,678.3	$	2,678.3	$	1,781.2	$	1,781.2
Short-term investments	20.6		20.6		23.8		23.8
Forward foreign exchange contracts	0.5		0.5
Available-for-sale securities	3.9		3.9		3.8		3.8
Cost method investments	23.1		23.1		23.6		23.6
Liabilities:
Short-term borrowings	$	6.4	$	6.4	$	9.5	$	9.5
Forward foreign exchange contracts					0.1		0.1
Contingent purchase price obligations	266.2		266.2		142.6		142.6
Debt	4,448.9		4,857.3		3,183.6		3,370.5

The estimated fair value of derivative positions in forward foreign exchange contracts is determined using model-derived valuations, taking into consideration market rates and counterparty credit risk. Forward foreign exchange contracts were included in other current assets and other current liabilities in our balance sheet at December 31, 2012 and 2011, respectively. The estimated fair value of the contingent purchase price obligations is calculated in accordance with the terms of each acquisition agreement and are appropriately discounted. The fair value of debt is based on quoted market prices.