Fair Value (Tables)

12 Months Ended

Dec. 31, 2017

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



2017	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	3,796.0					$	3,796.0
Short-term investments	0.4						0.4
Available-for-sale securities	1.4						1.4
Foreign currency derivatives			$	1.0			1.0
Liabilities:
Interest rate and foreign currency derivatives			$	39.5			$	39.5
Contingent purchase price obligations					$	215.6	215.6



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 derivatives			$	0.2			0.2
Liabilities:
Interest rate and foreign currency derivatives			$	48.9			$	48.9
Contingent purchase price obligations					$	386.1	386.1

Changes in contingent purchase price obligations for the years ended December 31, 2017 and 2016 were (in millions):



	2017			2016
January 1	$	386.1		$	322.0
Acquisitions	31.9			165.3
Revaluation and interest	(27.4		)	18.0
Payments	(187.0		)	(103.7		)
Foreign currency translation	12.0			(15.5		)
December 31	$	215.6		$	386.1

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



	2017				2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	3,796.0	$	3,796.0	$	3,002.2	$	3,002.2
Short-term investments	0.4		0.4		20.6		20.6
Available-for-sale securities	1.4		1.4		4.3		4.3
Foreign currency derivatives	1.0		1.0		0.2		0.2
Cost method investments	14.4		14.4		14.2		14.2
Liabilities:
Short-term debt	$	11.8	$	11.8	$	28.7	$	28.7
Interest rate and foreign currency derivatives	39.5		39.5		48.9		48.9
Contingent purchase price obligations	215.6		215.6		386.1		386.1
Long-term debt, including current portion	4,912.9		5,056.9		4,920.6		5,035.1