Fair Value (Tables)

12 Months Ended

Dec. 31, 2018

Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2018 and 2017 were (in millions):



2018	Level 1		Level 2		Level 3		Total
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 derivatives			$	52.9			$	52.9
Contingent purchase price obligations					$	146.5	146.5
2017
Assets:
Cash and cash equivalents	$	3,796.0					$	3,796.0
Short-term investments	0.4						0.4
Marketable equity investments	1.4						1.4
Foreign currency derivatives			$	1.0			1.0
Liabilities:
Interest rate and foreign currency derivatives			$	39.5			$	39.5
Contingent purchase price obligations					$	215.6	215.6

Changes in contingent purchase price obligations for the years ended December 31, 2018 and 2017 were (in millions):



	2018			2017
January 1	$	215.6		$	386.1
Acquisitions	85.8			31.9
Revaluation and interest	(30.1		)	(27.4		)
Payments	(100.3		)	(187.0		)
Foreign currency translation	(24.5		)	12.0
December 31	$	146.5		$	215.6

The carrying amount and fair value of our financial assets and liabilities at December 31, 2018 and 2017 were (in millions):



	2018				2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	3,652.4	$	3,652.4	$	3,796.0	$	3,796.0
Short-term investments	5.5		5.5		0.4		0.4
Marketable equity investments	1.5		1.5		1.4		1.4
Non-marketable equity investments	11.8		11.8		14.4		14.4
Foreign currency derivatives	—		—		1.0		1.0
Liabilities:
Short-term debt	$	8.1	$	8.1	$	11.8	$	11.8
Interest rate and foreign currency derivatives	52.9		52.9		39.5		39.5
Contingent purchase price obligations	146.5		146.5		215.6		215.6
Long-term debt, including current portion	4,883.7		4,821.3		4,912.9		5,056.9