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3. Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 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
$
—

 
$
14.0

 
$
—

 
$
14.0

Foreign time deposits
11.4

 
—

 
—

 
11.4

Money market funds
0.2

 
—

 
—

 
0.2

Total cash equivalents
11.6

 
14.0

 
—

 
25.6

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

 
120.3

 
—

 
120.3

Foreign brokered certificates of deposit
—

 
8.9

 
—

 
8.9

U.S. government sponsored agencies
—

 
42.3

 
—

 
42.3

Foreign government obligations
—

 
6.9

 
—

 
6.9

Municipal obligations
—

 
10.6

 
—

 
10.6

Marketable equity securities
303.5

 
—

 
—

 
303.5

Asset-backed securities
—

 
51.6

 
—

 
51.6

Total available-for-sale investments
303.5

 
240.6

 
—

 
544.1

Forward foreign exchange contracts (c)
—

 
0.9

 
—

 
0.9

Total financial assets carried at fair value
$
315.1

 
$
255.5

 
$
—

 
$
570.6

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

 
$
1.1

 
$
—

 
$
1.1

Contingent consideration (e)
—

 
—

 
25.2

 
25.2

Total financial liabilities carried at fair value
$
—

 
$
1.1

 
$
25.2

 
$
26.3



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):
 
September 30,
2013
 
December 31, 2012
Short-term investments
$
270.0

 
$
457.7

Other investments
274.1

 
218.0

Total
$
544.1

 
$
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 Sheets (in millions):

 
September 30, 2013
 
December 31, 2012
Other current liabilities
$
6.9

 
$
27.3

Other long-term liabilities
18.3

 
25.3

   Total
$
25.2

 
$
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 estimated fair value based on original valuations and updated quarterly for the nine months ended September 30, 2013 (in millions):

 
 
January 1
$
52.6

Payment of development milestone - QuantaLife
(6.0
)
Payment of development milestone - Cell sorting system
(20.0
)
Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense - QuantaLife
(2.0
)
Increase in estimated fair value of contingent consideration included in Selling, general and administrative expense - Cell sorting system
0.6

September 30
$
25.2
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 liability as of September 30, 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
Cell sorting system
Probability-weighted income approach
Sales milestones:
 
 
 
 
Credit adjusted discount rates
1.1%
2.0%
 
 
Projected volatility of growth rate
15.0%
N/A
 
 
Market price of risk
1.3%
N/A
Discussion of current derivative risk management
The following is a summary of our forward foreign exchange contracts (in millions):
 
September 30,
 
2013
 
 
Contracts maturing in October through December 2013 to sell foreign currency:
 
Notional value
$
75.1

Unrealized loss
$
(0.4
)
Contracts maturing in October through December 2013 to purchase foreign currency:
 
Notional value
$
401.4

Unrealized gain
$
0.2
Schedule of available-for-sale investments

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

 
September 30, 2013
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Estimated
Fair
Value
Short-term investments:
 
 
 
 
 
 
 
Corporate debt securities
$
120.4

 
$
0.3

 
$
(0.4
)
 
$
120.3

Foreign brokered certificates of deposit
8.9

 
—

 
—

 
8.9

Municipal obligations
10.7

 
—

 
(0.1
)
 
10.6

Asset-backed securities
51.5

 
—

 
(0.2
)
 
51.3

U.S. government sponsored agencies
42.2

 
0.1

 
—

 
42.3

Foreign government obligations
6.9

 
—

 
—

 
6.9

Marketable equity securities
25.1

 
4.7

 
(0.1
)
 
29.7

 
265.7

 
5.1

 
(0.8
)
 
270.0

Long-term investments:
 
 
 
 
 
 
 
Marketable equity securities
54.5

 
219.3

 
—

 
273.8

Asset-backed securities
0.4

 
—

 
(0.1
)
 
0.3

 
54.9

 
219.3

 
(0.1
)
 
274.1

Total
$
320.6

 
$
224.4

 
$
(0.9
)
 
$
544.1



 
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):

 
September 30,
2013
 
December 31, 2012
Fair value of investments in a loss position 12 months or more
$
2.1

 
$
0.3

Fair value of investments in a loss position less than 12 months
$
92.3

 
$
99.0

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

 
$
0.1

Gross unrealized losses for investments in a loss position less than 12 months
$
0.8

 
$
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, 2013 by contractual maturity date (in millions):

 
Amortized
Cost
 
Estimated Fair
Value
Mature in less than one year
$
86.1

 
$
86.2

Mature in one to five years
113.0

 
113.0

Mature in more than five years
41.9

 
41.4

Total
$
241.0

 
$
240.6
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):

 
September 30, 2013
 
December 31, 2012
 
Carrying 
Amount 
 
Estimated 
Fair 
Value 
 
Fair Value Hierarchy Level
 
Carrying 
Amount 
 
Estimated 
Fair 
Value 
 
Fair Value Hierarchy Level
Other investments
$
354.7

 
$
635.0

 
1
 
$
293.6

 
$
497.8

 
1
Total long-term debt, excluding leases and current maturities
$
423.2

 
$
440.0

 
2
 
$
720.0

 
$
778.4

 
2