Fair Value (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2016 and 2015 were (in millions):

2016	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	3,002.2					$	3,002.2
Short-term investments	20.6						20.6
Available-for-sale securities	4.3						4.3
Interest rate and foreign currency derivative instruments			$	0.2			0.2
Liabilities:
Interest rate and foreign currency derivative instruments			$	48.9			$	48.9
Contingent purchase price obligations					$	386.1	386.1

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 Contingent Purchase Price Obligations

Changes in contingent purchase price obligations for the years ended December 31, 2016 and 2015 were (in millions):

	2016			2015
January 1	$	322.0		$	300.7
Acquisitions	165.3			98.9
Revaluation and interest	18.0			21.8
Payments	(103.7		)	(58.6		)
Deferred payment	—			(21.4		)
Foreign currency translation	(15.5		)	(19.4		)
December 31	$	386.1		$	322.0

Carrying Amount and Fair Value of Financial Assets and Liabilities

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

	2016				2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	3,002.2	$	3,002.2	$	2,605.2	$	2,605.2
Short-term investments	20.6		20.6		14.5		14.5
Available-for-sale securities	4.3		4.3		4.8		4.8
Interest rate and foreign currency derivative instruments	0.2		0.2		32.4		32.4
Cost method investments	14.2		14.2		21.5		21.5
Liabilities:
Short-term debt	$	28.7	$	28.7	$	5.2	$	5.2
Interest rate and foreign currency derivative instruments	48.9		48.9		15.9		15.9
Contingent purchase price obligations	386.1		386.1		322.0		322.0
Long-term debt, including current portion	4,920.6		5,035.1		4,565.6		4,655.9