Fair Value

Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2013 and 2012 were (in millions):



2013	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	2,710.5					$	2,710.5
Short-term investments	18.2						18.2
Available-for-sale securities	4.9						4.9
Forward foreign exchange contracts			$	2.2			2.2
Liabilities:
Forward foreign exchange contracts			$	0.1			$	0.1
Contingent interest derivative			2.1				2.1
Contingent purchase price obligations					$	220.2	220.2



2012
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

The changes in Level 3 contingent purchase price obligations for the years ended December 31, 2013 and 2012 were (in millions):



	2013			2012

Balance January 1	$	266.2		$	142.6
Acquisitions	35.8			165.2
Revaluation and interest	(10.9		)	(13.2		)
Payments	(70.5		)	(32.2		)
Foreign currency translation	(0.4		)	3.8
Balance December 31	$	220.2		$	266.2

The carrying amount and fair value of our financial instruments at December 31, 2013 and 2012 were (in millions):



	2013				2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	2,710.5	$	2,710.5	$	2,678.3	$	2,678.3
Short-term investments	18.2		18.2		20.6		20.6
Forward foreign exchange contracts	2.2		2.2		0.5		0.5
Available-for-sale securities	4.9		4.9		3.9		3.9
Cost method investments	22.2		22.2		23.1		23.1
Liabilities:
Short-term borrowings	$	5.9	$	5.9	$	6.4	$	6.4
Forward foreign exchange contracts	0.1		0.1		—		—
Contingent interest derivative	2.1		2.1		—		—
Contingent purchase price obligations	220.2		220.2		266.2		266.2
Debt	4,033.8		4,302.7		4,448.9		4,857.3

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 are included in other current assets and other current liabilities in our balance sheet at December 31, 2013 and in other current assets in our balance sheet at December 31, 2012. 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.