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Fair Value (Tables)

3 Months Ended

Mar. 31, 2020

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


	March 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	2,692.5					$	2,692.5
Short-term investments	1.6						1.6
Marketable equity investments	1.6						1.6
Foreign currency derivatives			$	0.6			0.6
Liabilities:
Foreign currency derivative			$	1.0			$	1.0
Contingent purchase price obligations					$	113.6	113.6


	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 investments	1.6						1.6
Foreign currency derivative instruments			$	0.6			0.6
Liabilities:
Foreign currency derivatives			0.4				0.1
Contingent purchase price obligations					$	107.7	107.7

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


	Three Months Ended March 31,
	2020		2019
January 1	$	107.7	$	146.5
Acquisitions	8.1		1.8
Revaluation and interest	0.6		1.2
Payments	—		(2.5)
Foreign currency translation	(2.8)		(0.3)
March 31	$	113.6	$	146.7

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


	March 31, 2020						December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	2,692.5	$	2,692.5	$	4,305.7	$	4,305.7
Short-term investments	1.6		1.6		3.6		3.6
Marketable equity securities	1.6		1.6		1.6		1.6
Non-marketable equity securities	9.5		9.5		9.0		9.0
Foreign currency derivatives	0.6		0.6		0.6		0.6
Liabilities:
Short-term debt	$	10.9	$	10.9	$	10.1	$	10.1
Foreign currency derivatives	1.0		1.0		0.4		0.4
Contingent purchase price obligations	113.6		113.6		107.7		107.7
Long-term debt, including current portion	5,093.4		5,022.1		5,134.3		5,316.4