Fair Value (Tables)

9 Months Ended

Sep. 30, 2018

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, 2018 and December 31, 2017 were (in millions):

2018	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	2,099.1					$	2,099.1
Short-term investments	6.7						6.7
Investment in equity securities	1.6						1.6
Foreign currency derivative instruments			$	0.3			0.3
Liabilities:
Interest rate and foreign currency derivative instruments			$	83.5			$	83.5
Contingent purchase price obligations					$	225.0	225.0

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

Changes in contingent purchase price obligations for the nine months ended September 30, 2018 and 2017 were (in millions):

	2018			2017
January 1	$	215.6		$	386.1
Acquisitions	84.1			41.7
Revaluation and interest	8.7			0.2
Payments	(66.4		)	(182.9		)
Foreign currency translation	(17.0		)	15.9
September 30	$	225.0		$	261.0

Carrying Amount and Fair Value of Financial Assets and Liabilities

The carrying amount and fair value of our financial assets and liabilities at September 30, 2018 and December 31, 2017 were (in millions):

	2018				2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	2,099.1	$	2,099.1	$	3,796.0	$	3,796.0
Short-term investments	6.7		6.7		0.4		0.4
Investment in equity securities	1.6		1.6		1.4		1.4
Foreign currency derivative instruments	0.3		0.3		1.0		1.0
Investment in equity securities without readily determinable fair value	11.8		11.8		14.4		14.4
Liabilities:
Short-term debt	$	11.3	$	11.3	$	11.8	$	11.8
Interest rate and foreign currency derivative instruments	83.5		83.5		39.5		39.5
Contingent purchase price obligations	225.0		225.0		215.6		215.6
Long-term debt, including current portion	4,857.2		4,840.3		4,912.9		5,056.9