Fair Value

Financial assets and liabilities measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013 were (in millions):



2014	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	837.7					$	837.7
Short-term investments	12.6						12.6
Available-for-sale securities	5.2						5.2
Foreign currency and interest rate derivative instruments			$	5.4			5.4

Liabilities:
Foreign currency derivative instruments			$	2.1			$	2.1
Contingent purchase price obligations					$	241.0	241.0



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
Foreign currency derivative instruments			$	2.2			2.2

Liabilities:
Foreign currency derivative instruments			$	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 nine months ended September 30, 2014 and 2013 were (in millions):



	2014			2013
January 1	$	220.2		$	266.2
Acquisitions	103.1			34.8
Revaluation and interest	0.1			(9.5		)
Payments	(74.5		)	(68.9		)
Foreign currency translation	(7.9		)	(9.3		)
September 30	$	241.0		$	213.3

The carrying amount and fair value of our financial instruments at September 30, 2014 and December 31, 2013 were (in millions):



	2014				2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	837.7	$	837.7	$	2,710.5	$	2,710.5
Short-term investments	12.6		12.6		18.2		18.2
Available-for-sale securities	5.2		5.2		4.9		4.9
Foreign currency and interest rate derivative instruments	5.4		5.4		2.2		2.2
Cost method investments	23.2		23.2		22.2		22.2

Liabilities:
Short-term borrowings	$	31.3	$	31.3	$	5.9	$	5.9
Foreign currency derivative instruments	2.1		2.1		0.1		0.1
Contingent interest derivative	—		—		2.1		2.1
Contingent purchase price obligations	241.0		241.0		220.2		220.2
Debt	3,779.2		3,982.6		4,033.8		4,302.7

The estimated fair value of the foreign currency and interest rate derivative instruments is determined using model-derived valuations, taking into consideration foreign currency rates for the foreign currency derivatives and readily observable inputs for LIBOR interest rates and yield curves to derive the present value of the future cash flows for the interest rate swap derivatives and counterparty credit risk for each. The estimated fair value of the contingent purchase price obligations is calculated in accordance with the terms of each acquisition agreement and is discounted. The fair value of debt is based on quoted market prices.