Fair Value (Tables)

9 Months Ended

Sep. 30, 2017

Financial assets and liabilities measured at fair value on a recurring basis at September 30, 2017 and December 31, 2016 were (in millions):



2017	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	1,843.0					$	1,843.0
Short-term investments	8.0						8.0
Available-for-sale securities	3.7						3.7
Foreign currency derivative instruments			$	0.4			0.4
Liabilities:
Interest rate and foreign currency derivative instruments			$	29.7			$	29.7
Contingent purchase price obligations					$	261.0	261.0



2016
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
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

Changes in contingent purchase price obligations for the nine months ended September 30, 2017 and 2016 were (in millions):



	2017			2016
January 1	$	386.1		$	322.0
Acquisitions	41.7			156.0
Revaluation and interest	0.2			16.7
Payments	(182.9		)	(86.8		)
Foreign currency translation	15.9			(3.4		)
September 30	$	261.0		$	404.5

The carrying amount and fair value of our financial assets and liabilities at September 30, 2017 and December 31, 2016 were (in millions):



	2017				2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	1,843.0	$	1,843.0	$	3,002.2	$	3,002.2
Short-term investments	8.0		8.0		20.6		20.6
Available-for-sale securities	3.7		3.7		4.3		4.3
Foreign currency derivative instruments	0.4		0.4		0.2		0.2
Cost method investments	15.8		15.8		14.2		14.2
Liabilities:
Short-term debt	$	38.7	$	38.7	$	28.7	$	28.7
Interest rate and foreign currency derivative instruments	29.7		29.7		48.9		48.9
Contingent purchase price obligations	261.0		261.0		386.1		386.1
Long-term debt, including current portion	4,927.4		5,080.6		4,920.6		5,035.1