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2. Fair Value Measurements 2. Fair Value Measurements (Tables)

9 Months Ended

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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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.

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