Fair Value (Tables)

9 Months Ended

Sep. 30, 2014

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 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

Changes in Level 3 Contingent Purchase Price Obligations

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

Carrying Amounts and Fair Value of Financial Instruments

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

- 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.

+ References+ Details

- 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.

+ References+ Details