Fair Value (Tables)

9 Months Ended

Sep. 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 September 30, 2016 and December 31, 2015 were (in millions):

2016	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	1,936.6					$	1,936.6
Short-term investments	32.6						32.6
Available-for-sale securities	5.3						5.3
Interest rate and foreign currency derivative instruments			$	36.1			36.1
Liabilities:
Foreign currency derivative instruments			$	0.7			$	0.7
Contingent purchase price obligations					$	404.5	404.5

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 nine months ended September 30, 2016 and 2015 were (in millions):

	2016			2015
January 1	$	322.0		$	300.7
Acquisitions	156.0			68.2
Revaluation and interest	16.7			26.3
Payments	(86.8		)	(55.6		)
Foreign currency translation	(3.4		)	(11.9		)
September 30	$	404.5		$	327.7

Carrying Amounts and Fair Value of Financial Instruments

The carrying amount and fair value of our financial instruments at September 30, 2016 and December 31, 2015 were (in millions):

	2016				2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	1,936.6	$	1,936.6	$	2,605.2	$	2,605.2
Short-term investments	32.6		32.6		14.5		14.5
Available-for-sale securities	5.3		5.3		4.8		4.8
Interest rate and foreign currency derivative instruments	36.1		36.1		32.4		32.4
Cost method investments	14.4		14.4		21.5		21.5
Liabilities:
Short-term debt	$	25.0	$	25.0	$	5.2	$	5.2
Interest rate and foreign currency derivative instruments	0.7		0.7		15.9		15.9
Contingent purchase price obligations	404.5		404.5		322.0		322.0
Long-term debt, including current portion	5,007.5		5,303.3		4,565.6		4,655.9