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Fair Value (Tables)
6 Months Ended
Jun. 30, 2016
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 June 30, 2016 and December 31, 2015 were (in millions):
2016
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,305.7

 
 

 
 
 
$
1,305.7

Short-term investments
231.0

 
 

 
 
 
231.0

 Available-for-sale securities
5.1

 
 
 
 
 
5.1

Interest rate and foreign currency derivative instruments
 
 
$
46.8

 
 
 
46.8

Liabilities:
 

 
 

 
 
 
 

Foreign currency derivative instruments
 
 
$
1.4

 
 
 
$
1.4

Contingent purchase price obligations
 
 
 
 
$
430.4

 
430.4

2015
 
 
 
 
 
 
 
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

Changes in Level 3 Contingent Purchase Price Obligations
The changes in Level 3 contingent purchase price obligations for the six months ended June 30, 2016 and 2015 were (in millions):
 
2016
 
2015
January 1
$
322.0

 
$
300.7

Acquisitions
150.8

 
51.6

Revaluation and interest
13.8

 
3.8

Payments
(62.7
)
 
(42.3
)
Foreign currency translation
6.5

 
(7.8
)
June 30
$
430.4

 
$
306.0

Carrying Amounts and Fair Value of Financial Instruments
The carrying amount and fair value of our financial instruments at June 30, 2016 and December 31, 2015 were (in millions):
 
2016
 
2015
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,305.7

 
$
1,305.7

 
$
2,605.2

 
$
2,605.2

Short-term investments
231.0

 
231.0

 
14.5

 
14.5

Available-for-sale securities
5.1

 
5.1

 
4.8

 
4.8

Interest rate and foreign currency derivative instruments
46.8

 
46.8

 
32.4

 
32.4

Cost method investments
14.1

 
14.1

 
21.5

 
21.5

Liabilities:
 
 
 
 
 
 
 
Short-term debt
$
11.5

 
$
11.5

 
$
5.2

 
$
5.2

Interest rate and foreign currency derivative instruments
1.4

 
1.4

 
15.9

 
15.9

Contingent purchase price obligations
430.4

 
430.4

 
322.0

 
322.0

Long-term debt, including current portion
5,022.4

 
5,270.0

 
4,565.6

 
4,655.9