Fair Value (Tables)

9 Months Ended

Sep. 30, 2015

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



2015	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	1,427.5					$	1,427.5
Short-term investments	2.5						2.5
Available-for-sale securities	5.0						5.0
Interest rate and foreign currency derivative instruments			$	92.1			92.1
Liabilities:
Interest rate and foreign currency derivative instruments			$	16.3			$	16.3
Contingent purchase price obligations					$	327.7	327.7



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 nine months ended September 30, 2015 and 2014 were (in millions):



	2015			2014
January 1	$	300.7		$	220.2
Acquisitions	68.2			103.1
Revaluation and interest	26.3			0.1
Payments	(55.6		)	(74.5		)
Foreign currency translation	(11.9		)	(7.9		)
September 30	$	327.7		$	241.0

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



	2015				2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	1,427.5	$	1,427.5	$	2,388.1	$	2,388.1
Short-term investments	2.5		2.5		2.2		2.2
Available-for-sale securities	5.0		5.0		4.9		4.9
Interest rate and foreign currency derivative instruments	92.1		92.1		43.1		43.1
Cost method investments	21.6		21.6		21.8		21.8
Liabilities:
Short-term borrowings	$	9.7	$	9.7	$	7.2	$	7.2
Interest rate and foreign currency derivative instruments	16.3		16.3		0.4		0.4
Contingent purchase price obligations	327.7		327.7		300.7		300.7
Debt	4,605.6		4,692.3		4,563.0		4,754.9