Fair Value (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value [Abstract]

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, 2014 and 2013 were (in millions):

2014	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	2,388.1					$	2,388.1
Short-term investments	2.2						2.2
Available-for-sale securities	4.9						4.9
Interest rate and foreign currency derivative instruments			$	43.1			43.1
Liabilities:
Foreign currency derivative instruments			$	0.4			$	0.4
Contingent purchase price obligations					$	300.7	300.7

2013
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 years ended December 31, 2014 and 2013 were (in millions):

	2014			2013
January 1	$	220.2		$	266.2
Acquisitions	167.1			35.8
Revaluation and interest	11.0			(10.9		)
Payments	(83.2		)	(70.5		)
Foreign currency translation	(14.4		)	(0.4		)
December 31	$	300.7		$	220.2

Carrying Amounts and Fair Value of Financial Instruments

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

	2014				2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	2,388.1	$	2,388.1	$	2,710.5	$	2,710.5
Short-term investments	2.2		2.2		18.2		18.2
Available-for-sale securities	4.9		4.9		4.9		4.9
Interest rate and foreign currency derivative instruments	43.1		43.1		2.2		2.2
Cost method investments	21.8		21.8		22.2		22.2
Liabilities:
Short-term borrowings	$	7.2	$	7.2	$	5.9	$	5.9
Foreign currency derivative instruments	0.4		0.4		0.1		0.1
Contingent interest derivative	—		—		2.1		2.1
Contingent purchase price obligations	300.7		300.7		220.2		220.2
Debt	4,563.0		4,754.9		4,033.8		4,302.7