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3. Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

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 March 31, 2013 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	$	—			$	41.6			$	—			$	41.6
Asset-backed securities	—				0.3				—				0.3
U.S. government sponsored agencies	—				2.3				—				2.3
Foreign time deposits	9.8				—				—				9.8
Money market funds	8.3				—				—				8.3
Total cash equivalents	18.1				44.2				—				62.3
Available-for-sale investments (b):
Corporate debt securities	—				250.1				—				250.1
Foreign brokered certificates of deposit	—				4.4				—				4.4
U.S. government sponsored agencies	—				80.7				—				80.7
Foreign government obligations	—				5.3				—				5.3
Municipal obligations	—				13.6				—				13.6
Marketable equity securities	289.3				—				—				289.3
Asset-backed securities	—				87.1				—				87.1
Total available-for-sale investments	289.3				441.2				—				730.5
Forward foreign exchange contracts (c)	—				1.3				—				1.3
Total financial assets carried at fair value	$	307.4			$	486.7			$	—			$	794.1
Financial Liabilities Carried at Fair Value:
Forward foreign exchange contracts (d)	$	—			$	0.3			$	—			$	0.3
Contingent consideration (e)	—				—				40.9				40.9
Total financial liabilities carried at fair value	$	—			$	0.3			$	40.9			$	41.2

Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 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	$	—			$	52.8			$	—			$	52.8
Foreign time deposits	10.1				—				—				10.1
U.S. government sponsored agencies	—				1.3				—				1.3
Money market funds	5.5				—				—				5.5
Total cash equivalents	15.6				54.1				—				69.7
Available-for-sale investments (b):
Corporate debt securities	—				240.6				—				240.6
Foreign brokered certificates of deposit	—				0.4				—				0.4
U.S. government sponsored agencies	—				92.7				—				92.7
Foreign government obligations	—				5.6				—				5.6
Municipal obligations	—				12.1				—				12.1
Marketable equity securities	242.1				—				—				242.1
Asset-backed securities	—				82.2				—				82.2
Total available-for-sale investments	242.1				433.6				—				675.7
Forward foreign exchange contracts (c)	—				1.1				—				1.1
Total financial assets carried at fair value	$	257.7			$	488.8			$	—			$	746.5
Financial Liabilities Carried at Fair Value:
Forward foreign exchange contracts (d)	$	—			$	0.8			$	—			$	0.8
Contingent consideration (e)	—				—				52.6				52.6
Total financial liabilities carried at fair value	$	—			$	0.8			$	52.6			$	53.4

(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):

	March 31, 2013				December 31, 2012
Short-term investments	$	468.2			$	457.7
Other assets	262.3				218.0
Total	$	730.5			$	675.7

(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):

	March 31, 2013				December 31, 2012
Other current liabilities	$	16.2			$	27.3
Other long-term liabilities	24.7				25.3
Total	$	40.9			$	52.6

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 liabilities measured at fair value based on third party valuations for the period ended March 31, 2013 (in millions):

	2013
January 1	$	52.6
Payment of development milestone - QuantaLife	(6.0		)
Payment of development milestone - Cell sorting system	(5.0		)
Decrease in fair value of contingent consideration included in Selling, general and administrative expense - QuantaLife	(0.7		)
March 31	$	40.9

Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block]

The following table provides quantitative information about Level 3 inputs for fair value measurement of our contingent consideration liabilities as of March 31, 2013. Significant increases or decreases in these inputs in isolation could result in a significantly lower or higher fair value measurement.

			Range
	Valuation Technique	Unobservable Input	From	To
QuantaLife	Probability-weighted income approach	Sales milestones:
		Credit adjusted discount rates	0.67%	0.88%
		Probability of achieving sales	25.0%	90.0%
Cell sorting system	Probability-weighted income approach	Sales milestones:
		Credit adjusted discount rates	1.0%	1.7%
		Projected volatility of sales	18.0%	N/A
		Market price of risk	1.4%	N/A
		Development milestones:
		Probability	100%	N/A
		Risk-adjusted discount rate	0.9%	1.0%

Discussion of current derivative risk management

The following is a summary of our forward foreign currency exchange contracts (in millions):

	March 31,
	2013
Contracts maturing in April through June 2013 to sell foreign currency:
Notional value	$	76.6
Unrealized gain	$	0.2
Contracts maturing in April through June 2013 to purchase foreign currency:
Notional value	$	385.1
Unrealized gain	$	0.7

Schedule of available-for-sale investments

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

	March 31, 2013
	Amortized Cost				Unrealized Gains				Unrealized Losses				Estimated Fair Value
Short-term investments:
Corporate debt securities	$	248.9			$	1.4			$	(0.2	)		$	250.1
Foreign brokered certificates of deposit	4.4				—				—				4.4
Municipal obligations	13.5				0.1				—				13.6
Asset-backed securities	86.6				0.2				(0.1		)		86.7
U.S. government sponsored agencies	80.6				0.1				—				80.7
Foreign government obligations	5.3				—				—				5.3
Marketable equity securities	25.0				2.4				—				27.4
	464.3				4.2				(0.3		)		468.2
Long-term investments:
Marketable equity securities	54.5				207.4				—				261.9
Asset-backed securities	0.4				—				—				0.4
	54.9				207.4				—				262.3
Total	$	519.2			$	211.6			$	(0.3	)		$	730.5

	December 31, 2012
	Amortized Cost				Unrealized Gains				Unrealized Losses				Estimated Fair Value
Short-term investments:
Corporate debt securities	$	239.3			$	1.4			$	(0.1	)		$	240.6
Foreign brokered certificates of deposit	0.4				—				—				0.4
Municipal obligations	12.0				0.1				—				12.1
Asset-backed securities	81.6				0.4				(0.1		)		81.9
U.S. government sponsored agencies	92.5				0.3				(0.1		)		92.7
Foreign government obligations	5.4				—				—				5.4
Marketable equity securities	24.1				0.7				(0.2		)		24.6
	455.3				2.9				(0.5		)		457.7
Long-term investments:
Marketable equity securities	54.5				163.0				—				217.5
Asset-backed securities	0.4				—				(0.1		)		0.3
Foreign government obligations	0.2				—				—				0.2
	55.1				163.0				(0.1		)		218.0
Total	$	510.4			$	165.9			$	(0.6	)		$	675.7

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):

	March 31, 2013				December 31, 2012
Fair value	$	97.5			$	99.3
Gross unrealized losses for investments in a loss position 12 months or more	$	—			$	0.1
Gross unrealized losses for investments in a loss position less than 12 months	$	0.3			$	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 March 31, 2013 by contractual maturity date (in millions):

	Amortized Cost				Estimated Fair Value
Mature in less than one year	$	169.9			$	169.9
Mature in one to five years	197.7				198.3
Mature in more than five years	72.1				73.0
Total	$	439.7			$	441.2

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 measurement is categorized are as follows (in millions):

	March 31, 2013										December 31, 2012
	Carrying  Amount				Estimated  Fair  Value				Fair Value Hierarchy Level		Carrying  Amount				Estimated  Fair  Value				Fair Value Hierarchy Level
Other assets	$	339.8			$	609.1			1		$	293.6			$	497.8			1
Total long-term debt, excluding leases and current maturities	$	720.2			$	762.1			2		$	720.0			$	778.4			2

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