Fair Value

Financial assets and liabilities measured at fair value on a recurring basis at March 31, 2014 and December 31, 2013 were (in millions):



March 31, 2014	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	2,082.1					$	2,082.1
Short-term investments	7.0						7.0
Available-for-sale securities	5.0						5.0
Forward foreign exchange contracts			$	0.7			0.7

Liabilities:
Forward foreign exchange contracts			$	0.1			$	0.1
Contingent interest derivative			1.4				1.4
Contingent purchase price obligations					$	256.8	256.8



December 31, 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

The changes in Level 3 contingent purchase price obligations for the three months ended March 31, 2014 and 2013 were (in millions):



	2014			2013

Balance January 1	$	220.2		$	266.2
Acquisitions	43.2			1.6
Revaluation and interest	(0.8		)	1.4
Payments	(7.8		)	(13.5		)
Foreign currency translation	2.0			(16.1		)
Balance March 31	$	256.8		$	239.6

The carrying amount and fair value of our financial instruments at March 31, 2014 and December 31, 2013 were (in millions):



	2014				2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	2,082.1	$	2,082.1	$	2,710.5	$	2,710.5
Short-term investments	7.0		7.0		18.2		18.2
Available-for-sale securities	5.0		5.0		4.9		4.9
Forward foreign exchange contracts	0.7		0.7		2.2		2.2
Cost method investments	21.7		21.7		22.2		22.2

Liabilities:
Short-term borrowings	$	7.5	$	7.5	$	5.9	$	5.9
Forward foreign exchange contracts	0.1		0.1		0.1		0.1
Contingent interest derivative	1.4		1.4		2.1		2.1
Contingent purchase price obligations	256.8		256.8		220.2		220.2
Debt	4,031.7		4,335.5		4,033.8		4,302.7

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. The estimated fair value of the contingent purchase price obligation 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.