Fair Value (Tables)

6 Months Ended

Jun. 30, 2015

Financial assets and liabilities measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014 were (in millions):



2015	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	1,356.0					$	1,356.0
Short-term investments	6.1						6.1
Available-for-sale securities	5.1						5.1
Interest rate and foreign currency derivative instruments			$	72.6			72.6

Liabilities:
Foreign currency derivative instruments			$	0.3			$	0.3
Contingent purchase price obligations					$	306.0	306.0



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

The changes in Level 3 contingent purchase price obligations for the six months ended June 30, 2015 and 2014 were (in millions):



	2015			2014
January 1	$	300.7		$	220.2
Acquisitions	51.6			90.8
Revaluation and interest	3.8			0.1
Payments	(42.3		)	(43.7		)
Foreign currency translation	(7.8		)	4.3
June 30	$	306.0		$	271.7

The carrying amount and fair value of our financial instruments at June 30, 2015 and December 31, 2014 were (in millions):



	2015				2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	1,356.0	$	1,356.0	$	2,388.1	$	2,388.1
Short-term investments	6.1		6.1		2.2		2.2
Available-for-sale securities	5.1		5.1		4.9		4.9
Interest rate and foreign currency derivative instruments	72.6		72.6		43.1		43.1
Cost method investments	21.6		21.6		21.8		21.8

Liabilities:
Short-term borrowings	$	14.1	$	14.1	$	7.2	$	7.2
Foreign currency derivative instruments	0.3		0.3		0.4		0.4
Contingent purchase price obligations	306.0		306.0		300.7		300.7
Debt	4,553.0		4,642.9		4,563.0		4,754.9