Fair Value (Tables)

6 Months Ended

Jun. 30, 2019

Financial assets and liabilities measured at fair value on a recurring basis at June 30, 2019 and December 31, 2018 were (in millions):



2019	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	2,898.1					$	2,898.1
Short-term investments	5.4						5.4
Marketable equity investments	1.5						1.5
Interest rate and foreign currency derivative instruments			$	4.9			4.9
Liabilities:
Interest rate and foreign currency derivative instruments			$	8.4			$	8.4
Contingent purchase price obligations					$	120.7	120.7



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 six months ended June 30, 2019 and 2018 were (in millions):



	2019			2018
January 1	$	146.5		$	215.6
Acquisitions	1.8			79.7
Revaluation and interest	1.5			4.9
Payments	(28.9		)	(51.3		)
Foreign currency translation	(0.2		)	(13.6		)
June 30	$	120.7		$	235.3

The carrying amount and fair value of our financial assets and liabilities at June 30, 2019 and December 31, 2018 were (in millions):



	2019				2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	2,898.1	$	2,898.1	$	3,652.4	$	3,652.4
Short-term investments	5.4		5.4		5.5		5.5
Marketable equity investments	1.5		1.5		1.5		1.5
Interest rate and foreign currency derivative instruments	4.9		4.9		—		—
Non-marketable equity securities	10.3		10.3		11.8		11.8
Liabilities:
Short-term debt	$	608.5	$	608.5	$	8.1	$	8.1
Interest rate and foreign currency derivative instruments	8.4		8.4		52.9		52.9
Contingent purchase price obligations	120.7		120.7		146.5		146.5
Long-term debt, including current portion	4,925.4		5,031.3		4,883.7		4,821.3