Fair Value (Tables)

3 Months Ended

Mar. 31, 2019

Financial assets and liabilities measured at fair value on a recurring basis at March 31, 2019 and December 31, 2018 were (in millions):



2019	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	3,449.7					$	3,449.7
Short-term investments	5.4						5.4
Marketable equity investments	1.6						1.6
Foreign currency derivative instruments			$	0.4			0.4
Liabilities:
Interest rate and foreign currency derivative instruments			$	31.1			$	31.1
Contingent purchase price obligations					$	146.7	146.7



2018
Assets:
Cash and cash equivalents	$	3,652.4					$	3,652.4
Short-term investments	5.5						5.5
Marketable equity investments	1.5						1.5
Liabilities:
Interest rate and foreign currency derivative instruments			$	52.9			$	52.9
Contingent purchase price obligations					$	146.5	146.5

Changes in contingent purchase price obligations for the three months ended March 31, 2019 and 2018 were (in millions):



	2019			2018
January 1	$	146.5		$	215.6
Acquisitions	1.8			68.1
Revaluation and interest	1.2			1.1
Payments	(2.5		)	(5.2		)
Foreign currency translation	(0.3		)	2.1
March 31	$	146.7		$	281.7

The carrying amount and fair value of our financial assets and liabilities at March 31, 2019 and December 31, 2018 were (in millions):



	2019				2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	3,449.7	$	3,449.7	$	3,652.4	$	3,652.4
Short-term investments	5.4		5.4		5.5		5.5
Marketable equity investments	1.6		1.6		1.5		1.5
Foreign currency derivative instruments	0.4		0.4		—		—
Non-marketable equity securities	11.8		11.8		11.8		11.8
Liabilities:
Short-term debt	$	595.4	$	595.4	$	8.1	$	8.1
Interest rate and foreign currency derivative instruments	31.1		31.1		52.9		52.9
Contingent purchase price obligations	146.7		146.7		146.5		146.5
Long-term debt, including current portion	4,901.8		4,948.6		4,883.7		4,821.3