Fair Value (Tables)

3 Months Ended

Mar. 31, 2017

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 March 31, 2017 and December 31, 2016 were (in millions):

2017	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	2,442.2					$	2,442.2
Short-term investments	43.6						43.6
Available-for-sale securities	4.0						4.0
Interest rate and foreign currency derivative instruments			$	0.5			0.5
Liabilities:
Interest rate and foreign currency derivative instruments			$	49.9			$	49.9
Contingent purchase price obligations					$	406.6	406.6

2016
Assets:
Cash and cash equivalents	$	3,002.2					$	3,002.2
Short-term investments	20.6						20.6
Available-for-sale securities	4.3						4.3
Interest rate and foreign currency derivative instruments			$	0.2			0.2
Liabilities:
Interest rate and foreign currency derivative instruments			$	48.9			$	48.9
Contingent purchase price obligations					$	386.1	386.1

Changes in Contingent Purchase Price Obligations

Changes in contingent purchase price obligations for the three months ended March 31, 2017 and 2016 were (in millions):

	2017			2016
January 1	$	386.1		$	322.0
Acquisitions	15.5			102.5
Revaluation and interest	(0.9		)	12.3
Payments	(2.1		)	(22.7		)
Foreign currency translation	8.0			10.0
March 31	$	406.6		$	424.1

Carrying Amount and Fair Value of Financial Assets and Liabilities

The carrying amount and fair value of our financial assets and liabilities at March 31, 2017 and December 31, 2016 were (in millions):

	2017				2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	2,442.2	$	2,442.2	$	3,002.2	$	3,002.2
Short-term investments	43.6		43.6		20.6		20.6
Available-for-sale securities	4.0		4.0		4.3		4.3
Interest rate and foreign currency derivative instruments	0.5		0.5		0.2		0.2
Cost method investments	13.9		13.9		14.2		14.2
Liabilities:
Short-term debt	$	28.6	$	28.6	$	28.7	$	28.7
Interest rate and foreign currency derivative instruments	49.9		49.9		48.9		48.9
Contingent purchase price obligations	406.6		406.6		386.1		386.1
Long-term debt, including current portion	4,914.5		5,066.8		4,920.6		5,035.1