Fair Value (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014 were (in millions):

2015	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	1,526.7					$	1,526.7
Short-term investments	5.7						5.7
Available-for-sale securities	5.0						5.0
Interest rate and foreign currency derivative instruments			$	76.5			76.5
Liabilities:
Interest rate and foreign currency derivative instruments			$	4.9			$	4.9
Contingent purchase price obligations					$	332.5	332.5

2014
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

Changes in Level 3 Contingent Purchase Price Obligations

The changes in Level 3 contingent purchase price obligations for the three months ended March 31, 2015 and 2014 were (in millions):

	2015			2014
January 1	$	300.7		$	220.2
Acquisitions	46.3			43.2
Revaluation and interest	2.2			(0.8		)
Payments	(1.8		)	(7.8		)
Foreign currency translation	(14.9		)	2.0
March 31	$	332.5		$	256.8

Carrying Amounts and Fair Value of Financial Instruments

The carrying amount and fair value of our financial instruments at March 31, 2015 and December 31, 2014 were (in millions):

	2015				2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	1,526.7	$	1,526.7	$	2,388.1	$	2,388.1
Short-term investments	5.7		5.7		2.2		2.2
Available-for-sale securities	5.0		5.0		4.9		4.9
Interest rate and foreign currency derivative instruments	76.5		76.5		43.1		43.1
Cost method investments	20.8		20.8		21.8		21.8
Liabilities:
Short-term borrowings	$	9.6	$	9.6	$	7.2	$	7.2
Interest rate and foreign currency derivative instruments	4.9		4.9		0.4		0.4
Contingent purchase price obligations	332.5		332.5		300.7		300.7
Debt	4,594.1		4,820.9		4,563.0		4,754.9