Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

Financial assets and liabilities measured at fair value on a recurring basis were (in millions):


December 31, 2019	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	4,305.7					$	4,305.7
Short-term investments	3.6						3.6
Marketable equity securities	1.6						1.6
Foreign currency derivatives			$	0.6			0.6
Liabilities:
Foreign currency derivatives			$	0.4			$	0.4
Contingent purchase price obligations					$	107.7	107.7
December 31, 2018
Assets:
Cash and cash equivalents	$	3,652.4					$	3,652.4
Short-term investments	5.5						5.5
Marketable equity securities	1.5						1.5
Liabilities:
Interest rate derivatives			$	52.8			$	52.8
Foreign currency derivatives			0.1				0.1
Contingent purchase price obligations					$	146.5	146.5

Changes in contingent purchase price obligations were (in millions):


	December 31,
	2019		2018
January 1	$	146.5	$	215.6
Acquisitions	51.1		85.8
Revaluation and interest	(18.0)		(30.1)
Payments	(71.4)		(100.3)
Foreign currency translation	(0.5)		(24.5)
December 31	$	107.7	$	146.5

The carrying amount and fair value of our financial assets and liabilities were (in millions):


	December 31,
	2019						2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	4,305.7	$	4,305.7	$	3,652.4	$	3,652.4
Short-term investments	3.6		3.6		5.5		5.5
Marketable equity securities	1.6		1.6		1.5		1.5
Non-marketable equity securities	9.0		9.0		11.8		11.8
Foreign currency derivatives	0.6		0.6		—		—
Liabilities:
Short-term debt	$	10.1	$	10.1	$	8.1	$	8.1
Interest rate derivatives	—		—		52.8		52.8
Foreign currency derivatives	0.4		0.4		0.1		0.1
Contingent purchase price obligations	107.7		107.7		146.5		146.5
Long-term debt, including current portion	5,134.3		5,316.4		4,883.7		4,821.3