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2. Fair Value Measurements 2. Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2011
Fair Value Measurements [Abstract] |
Schedule of financial assets and liabilities carried at fair value on a recurring basis | Financial assets and liabilities carried at fair value and measured on a recurring basis as of September 30, 2011 are classified in the hierarchy as follows (in millions):
| Level 1 |  | Level 2 |  | Total
Financial Assets Carried at Fair Value: |  |  |  |  |
Cash equivalents (a): |  |  |  |  |
Commercial paper | $ | — |  |  | $ | 72.4 |  |  | $ | 72.4 |
Foreign government obligations | — |  |  | 5.0 |  |  | 5.0 |
Time deposits | 31.8 |  |  | — |  |  | 31.8 |
Money market funds | 149.7 |  |  | — |  |  | 149.7 |
Total cash equivalents | 181.5 |  |  | 77.4 |  |  | 258.9 |
Available-for-sale investments (b): |  |  |  |  |
Corporate debt securities | — |  |  | 193.9 |  |  | 193.9 |
Brokered certificates of deposit | — |  |  | 6.8 |  |  | 6.8 |
U.S. government sponsored agencies | — |  |  | 18.0 |  |  | 18.0 |
Foreign government obligations | — |  |  | 6.3 |  |  | 6.3 |
Municipal obligations | — |  |  | 5.0 |  |  | 5.0 |
Marketable equity securities | 116.4 |  |  | — |  |  | 116.4 |
Asset-backed securities | — |  |  | 2.7 |  |  | 2.7 |
Total available-for-sale investments | 116.4 |  |  | 232.7 |  |  | 349.1 |
Forward foreign exchange contracts (c) | — |  |  | 3.8 |  |  | 3.8 |
Total financial assets carried at fair value | $ | 297.9 |  |  | $ | 313.9 |  |  | $ | 611.8 |
Financial Liabilities Carried at Fair Value: |  |  |  |  |
Forward foreign exchange contracts (d) | $ | — |  |  | $ | 1.0 |  |  | $ | 1.0 |
Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2010 are classified in the hierarchy as follows (in millions):
| Level 1 |  | Level 2 |  | Total
Financial Assets Carried at Fair Value: |  |  |  |  |
Cash equivalents (a): |  |  |  |  |
Commercial paper | $ | — |  |  | $ | 179.6 |  |  | $ | 179.6 |
Time deposits | 16.7 |  |  | 25.0 |  |  | 41.7 |
Money market funds | 266.3 |  |  | — |  |  | 266.3 |
Total cash equivalents | 283.0 |  |  | 204.6 |  |  | 487.6 |
Available-for-sale investments (b): |  |  |  |  |
Corporate debt securities | — |  |  | 39.8 |  |  | 39.8 |
U.S. government sponsored agencies | — |  |  | 54.7 |  |  | 54.7 |
Foreign government obligations | — |  |  | 4.5 |  |  | 4.5 |
Municipal obligations | — |  |  | 7.7 |  |  | 7.7 |
Marketable equity securities | 102.2 |  |  | — |  |  | 102.2 |
Asset-backed securities: |  |  |  |  |
Collateralized mortgage obligations | — |  |  | 0.1 |  |  | 0.1 |
Other mortgage-backed securities | — |  |  | 2.5 |  |  | 2.5 |
Other | — |  |  | 0.3 |  |  | 0.3 |
Total available-for-sale investments | 102.2 |  |  | 109.6 |  |  | 211.8 |
Forward foreign exchange contracts (c) | — |  |  | 0.5 |  |  | 0.5 |
Total financial assets carried at fair value | $ | 385.2 |  |  | $ | 314.7 |  |  | $ | 699.9 |
Financial Liabilities Carried at Fair Value: |  |  |  |  |
Forward foreign exchange contracts (d) | $ | — |  |  | $ | 3.3 |  |  | $ | 3.3 |
(a) | Cash equivalents are included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets.
(b) | Available-for-sale investments are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):
| September 30, 2011 |  | December 31, 2010
Short-term investments | $ | 239.2 |  |  | $ | 118.6 |
Other assets | 109.9 |  |  | 93.2 |
Total | $ | 349.1 |  |  | $ | 211.8 |
(c) | Forward foreign exchange contracts in an asset position are included in Prepaid expenses, taxes and other current assets in the Condensed Consolidated Balance Sheets.
(d) | Forward foreign exchange contracts in a liability position are included in Other current liabilities in the Condensed Consolidated Balance Sheets.
Discussion of current derivative risk management | The following is a summary of our forward foreign currency exchange contracts (in millions):
| September 30,
| 2011
Contracts maturing in October through December 2011 to sell foreign currency: |
Notional value | $ | 44.7 |
Unrealized loss | $ | (0.2 | )
Contracts maturing in October through December 2011 to purchase foreign currency: |
Notional value | $ | 429.8 |
Unrealized gain | $ | 3.0 |
Schedule of available-for-sale investments | Available-for-sale investments consist of the following (in millions):
| September 30, 2011
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 194.3 |  |  | $ | — |  |  | $ | (0.4 | ) |  | $ | 193.9 |
Brokered certificates of deposit | 6.8 |  |  | — |  |  | — |  |  | 6.8 |
Municipal obligations | 5.0 |  |  | — |  |  | — |  |  | 5.0 |
Asset-backed securities | 2.3 |  |  | — |  |  | — |  |  | 2.3 |
U.S. government sponsored agencies | 18.0 |  |  | — |  |  | — |  |  | 18.0 |
Foreign government obligations | 5.4 |  |  | — |  |  | — |  |  | 5.4 |
Marketable equity securities | 8.0 |  |  | 0.4 |  |  | (0.6 | ) |  | 7.8 |
| 239.8 |  |  | 0.4 |  |  | (1.0 | ) |  | 239.2 |
Long-term investments: |  |  |  |  |  |  |
Marketable equity securities | 55.3 |  |  | 54.8 |  |  | (1.5 | ) |  | 108.6 |
Asset-backed securities | 0.5 |  |  | — |  |  | (0.1 | ) |  | 0.4 |
Foreign government obligations | 0.9 |  |  | — |  |  | — |  |  | 0.9 |
| 56.7 |  |  | 54.8 |  |  | (1.6 | ) |  | 109.9 |
Total | $ | 296.5 |  |  | $ | 55.2 |  |  | $ | (2.6 | ) |  | $ | 349.1 |
| December 31, 2010
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 39.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 39.8 |
Municipal obligations | 7.7 |  |  | — |  |  | — |  |  | 7.7 |
Asset-backed securities | 1.9 |  |  | — |  |  | — |  |  | 1.9 |
U.S. government sponsored agencies | 54.7 |  |  | — |  |  | — |  |  | 54.7 |
Foreign government obligations | 4.5 |  |  | — |  |  | — |  |  | 4.5 |
Marketable equity securities | 8.8 |  |  | 1.3 |  |  | (0.1 | ) |  | 10.0 |
| 117.4 |  |  | 1.3 |  |  | (0.1 | ) |  | 118.6 |
Long-term investments: |  |  |  |  |  |  |
Marketable equity securities | 45.5 |  |  | 47.9 |  |  | (0.9 | ) |  | 92.5 |
Asset-backed securities | 0.7 |  |  | 0.1 |  |  | (0.1 | ) |  | 0.7 |
| 46.2 |  |  | 48.0 |  |  | (1.0 | ) |  | 93.2 |
Total | $ | 163.6 |  |  | $ | 49.3 |  |  | $ | (1.1 | ) |  | $ | 211.8 |
Summary of fair value of gross unrealized losses for investments with unrealized losses | The following is a summary of investments with gross unrealized losses and the associated fair value (in millions):
| September 30, 2011 |  | December 31, 2010
Fair value | $ | 79.9 |  |  | $ | 4.5 |
Gross unrealized losses for investments in a loss position 12 months or more | $ | 0.4 |  |  | $ | 0.6 |
Gross unrealized losses for investments in a loss position less than 12 months | $ | 2.2 |  |  | $ | 0.5 |
Summary of amortized cost and estimated fair value of debt securities by contractual maturity date | The following is a summary of the amortized cost and estimated fair value of our debt securities at September 30, 2011 by contractual maturity date (in millions):
| Amortized Cost |  | Estimated Fair Value
Mature in less than one year | $ | 187.2 |  |  | $ | 187.1 |
Mature in one to five years | 43.2 |  |  | 42.9 |
Mature in more than five years | 2.8 |  |  | 2.7 |
Total | $ | 233.2 |  |  | $ | 232.7 |
Estimated fair value of financial instruments | The estimated fair value of our financial instruments is as follows (in millions):
| September 30, 2011 |  | December 31, 2010
| Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Other assets | $ | 166.6 |  |  | $ | 229.2 |  |  | $ | 145.6 |  |  | $ | 205.6 |
Current maturities of long-term debt, excluding leases | $ | — |  |  | $ | — |  |  | $ | 225.0 |  |  | $ | 228.1 |
Total long-term debt, excluding leases and current maturities | $ | 718.9 |  |  | $ | 756.9 |  |  | $ | 718.2 |  |  | $ | 734.8 |

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- Definition Tabular disclosure of available-for-sale securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS115-1/124-1 -Paragraph 17 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 19, 20, 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-1 -Paragraph 21 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27198-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 + Details
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- Definition Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 14 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15 -Subparagraph b-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13476-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13467-108611 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 18 -Subparagraph c(2), d, e, f -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph a, c(1), c(2), c(3), d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 19 -Subparagraph a, b, c(1), d(1) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 820 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19190-110258 + Details
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