Fair Value (Tables)

12 Months Ended

Dec. 31, 2015

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



2015	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	2,605.2					$	2,605.2
Short-term investments	14.5						14.5
Available-for-sale securities	4.8						4.8
Interest rate and foreign currency derivative instruments			$	32.4			32.4
Liabilities:
Interest rate and foreign currency derivative instruments			$	15.9			$	15.9
Contingent purchase price obligations					$	322.0	322.0



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

hanges in contingent purchase price obligations for the years ended December 31, 2015 and 2014 were (in millions):



	2015			2014
January 1	$	300.7		$	220.2
Acquisitions	98.9			167.1
Revaluation and interest	21.8			11.0
Payments	(58.6		)	(83.2		)
Deferred payment	(21.4		)	—
Foreign currency translation	(19.4		)	(14.4		)
December 31	$	322.0		$	300.7

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



	2015				2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	2,605.2	$	2,605.2	$	2,388.1	$	2,388.1
Short-term investments	14.5		14.5		2.2		2.2
Available-for-sale securities	4.8		4.8		4.9		4.9
Interest rate and foreign currency derivative instruments	32.4		32.4		43.1		43.1
Cost method investments	21.5		21.5		21.8		21.8
Liabilities:
Short-term debt	$	5.2	$	5.2	$	7.2	$	7.2
Interest rate and foreign currency derivative instruments	15.9		15.9		0.4		0.4
Contingent purchase price obligations	322.0		322.0		300.7		300.7
Long-term debt, including current portion	4,565.6		4,655.9		4,542.5		4,754.9