Fair Value (Tables)

12 Months Ended

Dec. 31, 2013

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

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

Changes in Level 3 Contingent Purchase Price Obligations

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

Carrying Amounts and Fair Value of Financial Instruments

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

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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