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Financial Instruments | 9 Months Ended
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Sep. 30, 2012
Investments, All Other Investments [Abstract] |
Financial Instruments | Financial Instruments Marketable Securities The following tables summarize our marketable debt and equity securities:
As of September 30, 2012 (In millions) | Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Amortized Cost
Available-for-sale: |  |  |  |  |  |  |
Corporate debt securities |  |  |  |  |  |  |
Current | $ | 302.8 |  |  | $ | 0.4 |  |  | $ | (0.1 | ) |  | $ | 302.5 |
Non-current | 611.9 |  |  | 3.3 |  |  | (0.2 | ) |  | 608.8 |
Government securities |  |  |  |  |  |  |
Current | 845.6 |  |  | 0.4 |  |  | — |  |  | 845.2 |
Non-current | 694.3 |  |  | 0.9 |  |  | — |  |  | 693.4 |
Mortgage and other asset backed securities |  |  |  |  |  |  |
Current | 5.7 |  |  | — |  |  | — |  |  | 5.7 |
Non-current | 435.3 |  |  | 1.6 |  |  | (1.1 | ) |  | 434.8 |
Total marketable debt securities | $ | 2,895.6 |  |  | $ | 6.6 |  |  | $ | (1.4 | ) |  | $ | 2,890.4 |
Marketable equity securities, non-current | $ | 1.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.2 |
As of December 31, 2011 (In millions) | Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Amortized Cost
Available-for-sale: |  |  |  |  |  |  |
Corporate debt securities |  |  |  |  |  |  |
Current | $ | 155.0 |  |  | $ | 0.2 |  |  | $ | (0.1 | ) |  | $ | 154.9 |
Non-current | 447.6 |  |  | 1.2 |  |  | (1.5 | ) |  | 447.9 |
Government securities |  |  |  |  |  |  |
Current | 1,021.0 |  |  | 0.4 |  |  | — |  |  | 1,020.6 |
Non-current | 695.5 |  |  | 0.9 |  |  | (0.2 | ) |  | 694.8 |
Mortgage and other asset backed securities |  |  |  |  |  |  |
Current | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Non-current | 273.7 |  |  | 0.5 |  |  | (1.3 | ) |  | 274.5 |
Total marketable debt securities | $ | 2,592.9 |  |  | $ | 3.2 |  |  | $ | (3.1 | ) |  | $ | 2,592.8 |
Marketable equity securities, non-current | $ | 0.1 |  |  | $ | — |  |  | $ | (0.1 | ) |  | $ | 0.2 |
In the tables above, as of September 30, 2012 and December 31, 2011, government securities included $89.1 million and $214.0 million, respectively, of Federal Deposit Insurance Corporation (FDIC) guaranteed senior notes issued by financial institutions under the Temporary Liquidity Guarantee Programs, which will all mature prior to December 31, 2012. The following table summarizes our financial assets with original maturities of less than 90 days included within cash and cash equivalents on the accompanying condensed consolidated balance sheet:
(In millions) | As of September 30, 2012 |  | As of December 31, 2011
Commercial paper | $ | 16.3 |  |  | $ | — |
Repurchase agreements | 108.7 |  |  | 8.8 |
Short-term debt securities | 184.0 |  |  | 391.0 |
Total | $ | 309.0 |  |  | $ | 399.8 |
The carrying values of our commercial paper, including accrued interest, repurchase agreements and short-term debt securities approximate fair value. Summary of Contractual Maturities: Available-for-Sale Securities The estimated fair value and amortized cost of our marketable debt securities available-for-sale by contractual maturity are summarized as follows:
| As of September 30, 2012 |  | As of December 31, 2011
(In millions) | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost
Due in one year or less | $ | 1,154.0 |  |  | $ | 1,153.4 |  |  | $ | 1,176.1 |  |  | $ | 1,175.6 |
Due after one year through five years | 1,529.8 |  |  | 1,525.5 |  |  | 1,251.6 |  |  | 1,251.4 |
Due after five years | 211.8 |  |  | 211.5 |  |  | 165.2 |  |  | 165.8 |
Total available-for-sale securities | $ | 2,895.6 |  |  | $ | 2,890.4 |  |  | $ | 2,592.9 |  |  | $ | 2,592.8 |
The average maturity of our marketable securities as of September 30, 2012 and December 31, 2011 was 13 months and 14 months, respectively. Proceeds from Marketable Debt Securities The proceeds from maturities and sales of marketable debt securities and resulting realized gains and losses are summarized as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
(In millions) | 2012 |  | 2011 |  | 2012 |  | 2011
Proceeds from maturities and sales | $ | 491.3 |  |  | $ | 306.2 |  |  | $ | 1,913.4 |  |  | $ | 1,476.1 |
Realized gains | $ | 0.4 |  |  | $ | 0.3 |  |  | $ | 1.7 |  |  | $ | 3.4 |
Realized losses | $ | (0.8 | ) |  | $ | (0.4 | ) |  | $ | (2.7 | ) |  | $ | (1.7 | )
Proceeds were generally reinvested. Realized losses for the three and nine months ended September 30, 2012 and 2011 primarily relate to sales of agency mortgage-backed securities. Strategic Investments As of September 30, 2012 and December 31, 2011, our strategic investment portfolio was comprised of investments totaling $60.7 million and $62.8 million, respectively, which are included in investments and other assets in our accompanying condensed consolidated balance sheets. Our strategic investment portfolio includes investments in marketable equity securities of certain biotechnology companies and our investments in venture capital funds accounted for at fair value which totaled $26.4 million and $23.6 million as of September 30, 2012 and December 31, 2011, respectively. Our strategic investment portfolio also includes other equity investments in privately-held companies and additional investments in venture capital funds accounted for under the cost method. The carrying value of these investments totaled $34.3 million and $39.2 million, as of September 30, 2012 and December 31, 2011, respectively. During the three and nine months ended September 30, 2012, we realized net losses, impairments and changes to fair value recorded through income of $1.8 million and net gains of $11.7 million, respectively, on our strategic investment portfolio as compared to net gains, impairments and changes to fair value of $1.1 million and $8.7 million, respectively, in the prior year comparative periods. The gains recognized during the nine months ended September 30, 2012, include a gain of $9.0 million recognized upon our acquisition of Stromedix as we previously held an equity interest. For a more detailed description of this transaction, please read Note 2, Acquisitions to these condensed consolidated financial statements. The gains recognized during the nine months ended September 30, 2011 include a gain of $13.8 million on the sale of one of our marketable equity investments. Impairments For the three and nine months ended September 30, 2012, we recognized $3.5 million and $4.8 million, respectively, as impairment charges of our publicly-held strategic investments, investments in venture capital funds accounted for under the cost method and investments in privately-held companies. For the three and nine months ended September 30, 2011, we recognized $0.8 million and $7.6 million, respectively, as impairment charges of our investments in privately-held companies and our investments in venture capital funds accounted for under the cost method. No impairments were recognized in relation to our publicly-held strategic investments.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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