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.