Fair Value (Tables)

3 Months Ended

Mar. 31, 2018

Financial assets and liabilities measured at fair value on a recurring basis at March 31, 2018 and December 31, 2017 were (in millions):



2018	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	2,568.1					$	2,568.1
Short-term investments	1.9						1.9
Investment in equity securities	1.6						1.6
Foreign currency derivative instruments			$	0.8			0.8
Liabilities:
Interest rate and foreign currency derivative instruments			$	63.5			$	63.5
Contingent purchase price obligations					$	281.7	281.7



2017
Assets:
Cash and cash equivalents	$	3,796.0					$	3,796.0
Short-term investments	0.4						0.4
Investment in equity securities	1.4						1.4
Foreign currency derivative instruments			$	1.0			1.0
Liabilities:
Interest rate and foreign currency derivative instruments			$	39.5			$	39.5
Contingent purchase price obligations					$	215.6	215.6

Changes in contingent purchase price obligations for the three months ended March 31, 2018 and 2017 were (in millions):



	2018			2017
January 1	$	215.6		$	386.1
Acquisitions	68.1			15.5
Revaluation and interest	1.1			(0.9		)
Payments	(5.2		)	(2.1		)
Foreign currency translation	2.1			8.0
March 31	$	281.7		$	406.6

The carrying amount and fair value of our financial assets and liabilities at March 31, 2018 and December 31, 2017 were (in millions):



	2018				2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	2,568.1	$	2,568.1	$	3,796.0	$	3,796.0
Short-term investments	1.9		1.9		0.4		0.4
Investment in equity securities	1.6		1.6		1.4		1.4
Foreign currency derivative instruments	0.8		0.8		1.0		1.0
Investment in equity securities without readily determinable fair value	15.6		15.6		14.4		14.4
Liabilities:
Short-term debt	$	8.6	$	8.6	$	11.8	$	11.8
Interest rate and foreign currency derivative instruments	63.5		63.5		39.5		39.5
Contingent purchase price obligations	281.7		281.7		215.6		215.6
Long-term debt, including current portion	4,885.0		4,916.1		4,912.9		5,056.9