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3. Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2012
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 June 30, 2012 are classified in the hierarchy as follows (in millions):

 
Level 1
 
Level 2
 
Level 3
 
Total
Financial Assets Carried at Fair Value:
 
 
 
 
 
 
 
Cash equivalents (a):
 
 
 
 
 
 
 
Commercial paper
$
—

 
$
81.1

 
$
—

 
$
81.1

Asset-backed securities
—

 
1.4

 
—

 
1.4

 U.S. government sponsored agencies
—

 
12.3

 
—

 
12.3

Time deposits
30.0

 
—

 
—

 
30.0

Money market funds
34.2

 
—

 
—

 
34.2

Total cash equivalents
64.2

 
94.8

 
—

 
159.0

Available-for-sale investments (b):
 
 
 
 
 
 
 
Corporate debt securities
—

 
192.3

 
—

 
192.3

Brokered certificates of deposit
—

 
2.5

 
—

 
2.5

U.S. government sponsored agencies
—

 
86.4

 
—

 
86.4

Foreign government obligations
—

 
4.2

 
—

 
4.2

Municipal obligations
—

 
8.7

 
—

 
8.7

Marketable equity securities
185.8

 
—

 
—

 
185.8

Asset-backed securities
—

 
68.1

 
—

 
68.1

Total available-for-sale investments
185.8

 
362.2

 
—

 
548.0

Forward foreign exchange contracts (c)
—

 
0.5

 
—

 
0.5

Total financial assets carried at fair value
$
250.0

 
$
457.5

 
$
—

 
$
707.5

 
 
 
 
 
 
 
 
Financial Liabilities Carried at Fair Value:
 
 
 
 
 
 
 
Forward foreign exchange contracts (d)
$
—

 
$
3.1

 
$
—

 
$
3.1

Contingent consideration (e)
—

 
—

 
16.6

 
16.6

Total financial liabilities carried at fair value
$
—

 
$
3.1

 
$
16.6

 
$
19.7



Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2011 are classified in the hierarchy as follows (in millions):

 
Level 1
 
Level 2
 
Level 3
 
Total
Financial Assets Carried at Fair Value:
 
 
 
 
 
 
 
Cash equivalents (a):
 
 
 
 
 
 
 
Commercial paper
$
—

 
$
106.0

 
$
—

 
$
106.0

Bonds
—

 
8.6

 
—

 
8.6

Time deposits
21.6

 
—

 
—

 
21.6

Money market funds
58.3

 
—

 
—

 
58.3

Total cash equivalents
79.9

 
114.6

 
—

 
194.5

Available-for-sale investments (b):
 
 
 
 
 
 
 
Corporate debt securities
—

 
170.6

 
—

 
170.6

Brokered certificates of deposit
—

 
1.8

 
—

 
1.8

U.S. government sponsored agencies
—

 
36.9

 
—

 
36.9

Foreign government obligations
—

 
5.7

 
—

 
5.7

Municipal obligations
—

 
5.0

 
—

 
5.0

Marketable equity securities
134.8

 
—

 
—

 
134.8

Asset-backed securities
—

 
11.2

 
—

 
11.2

Total available-for-sale investments
134.8

 
231.2

 
—

 
366.0

Forward foreign exchange contracts (c)
—

 
0.8

 
—

 
0.8

Total financial assets carried at fair value
$
214.7

 
$
346.6

 
$
—

 
$
561.3

 
 
 
 
 
 
 
 
Financial Liabilities Carried at Fair Value:
 
 
 
 
 
 
 
Forward foreign exchange contracts (d)
$
—

 
$
1.2

 
$
—

 
$
1.2

Contingent consideration (e)
—

 
—

 
24.1

 
24.1

Total financial liabilities carried at fair value
$
—

 
$
1.2

 
$
24.1

 
$
25.3



(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):
 
June 30,
2012
 
December 31, 2011
Short-term investments
$
378.8

 
$
238.8

Other assets
169.2

 
127.2

Total
$
548.0

 
$
366.0



(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.

(e)
Contingent consideration liability is included in the following accounts in the Condensed Consolidated Balance Sheet (in millions):

 
June 30, 2012
 
December 31, 2011
Other current liabilities
$
9.8

 
$
8.5

Other long-term liabilities
6.8

 
15.6

   Total
$
16.6

 
$
24.1
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table provides a reconciliation of the Level 3 contingent consideration measured at fair value based on a third party valuation for the period ended June 30, 2012 (in millions):


 
2012
January 1
$
24.1

Decrease in fair value included in Selling, general and administrative expense
(7.5
)
June 30
$
16.6
Discussion of current derivative risk management

The following is a summary of our forward foreign currency exchange contracts (in millions):
 
June 30,
 
2012
 
 
Contracts maturing in July through September 2012 to sell foreign currency:
 
Notional value
$
49.9

Unrealized loss
$
0.8

Contracts maturing in July through September 2012 to purchase foreign currency:
 
Notional value
$
344.6

Unrealized loss
$
1.8
Schedule of available-for-sale investments

Available-for-sale investments consist of the following (in millions):

 
June 30, 2012
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Estimated
Fair
Value
Short-term investments:
 
 
 
 
 
 
 
Corporate debt securities
$
191.8

 
$
0.6

 
$
(0.1
)
 
$
192.3

Brokered certificates of deposit
2.5

 
—

 
—

 
2.5

Municipal obligations
8.7

 
—

 
—

 
8.7

Asset-backed securities
67.6

 
0.2

 
—

 
67.8

U.S. government sponsored agencies
86.3

 
0.2

 
(0.1
)
 
86.4

Foreign government obligations
4.0

 
—

 
—

 
4.0

Marketable equity securities
17.2

 
0.2

 
(0.3
)
 
17.1

 
378.1

 
1.2

 
(0.5
)
 
378.8

Long-term investments:
 
 
 
 
 
 
 
Marketable equity securities
56.9

 
111.8

 
—

 
168.7

Asset-backed securities
0.5

 
—

 
(0.2
)
 
0.3

Foreign government obligations
0.2

 
—

 
—

 
0.2

 
57.6

 
111.8

 
(0.2
)
 
169.2

Total
$
435.7

 
$
113.0

 
$
(0.7
)
 
$
548.0



 
December 31, 2011
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Estimated
Fair
Value
Short-term investments:
 
 
 
 
 
 
 
Corporate debt securities
$
170.9

 
$
0.1

 
$
(0.4
)
 
$
170.6

Brokered certificates of deposit
1.8

 
—

 
—

 
1.8

Municipal obligations
5.0

 
—

 
—

 
5.0

Asset-backed securities
10.8

 
—

 
—

 
10.8

U.S. government sponsored agencies
36.8

 
0.1

 
—

 
36.9

Foreign government obligations
5.4

 
—

 
—

 
5.4

Marketable equity securities
7.7

 
0.6

 
—

 
8.3

 
238.4

 
0.8

 
(0.4
)
 
238.8

Long-term investments:
 
 
 
 
 
 
 
Marketable equity securities
57.2

 
70.0

 
(0.7
)
 
126.5

Asset-backed securities
0.5

 
—

 
(0.1
)
 
0.4

Foreign government obligations
0.3

 
—

 
—

 
0.3

 
58.0

 
70.0

 
(0.8
)
 
127.2

Total
$
296.4

 
$
70.8

 
$
(1.2
)
 
$
366.0
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):

 
June 30,
2012
 
December 31, 2011
Fair value
$
156.1

 
$
77.8

Gross unrealized losses for investments in a loss position 12 months or more
$
0.1

 
$
0.4

Gross unrealized losses for investments in a loss position less than 12 months
$
0.6

 
$
0.8
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 June 30, 2012 by contractual maturity date (in millions):

 
Amortized
Cost
 
Estimated Fair
Value
Mature in less than one year
$
130.8

 
$
130.8

Mature in one to five years
184.1

 
184.4

Mature in more than five years
46.7

 
47.0

Total
$
361.6

 
$
362.2
Estimated fair value of financial instruments

The estimated fair value of our financial instruments and the level of the fair value hierarchy within which the fair value measurements is categorized are as follows (in millions):

 
June 30, 2012
 
December 31, 2011
 
Carrying 
Amount 
 
Estimated 
Fair 
Value 
 
Fair Value Hierarchy Level
 
Carrying 
Amount 
 
Estimated 
Fair 
Value 
 
Fair Value Hierarchy Level
Other assets
$
233.3

 
$
355.6

 
1
 
$
186.6

 
$
252.4

 
1
Total long-term debt, excluding leases
and current maturities
$
719.5

 
$
771.8

 
2
 
$
719.1

 
$
759.1

 
2