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3. Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2014
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] |
Discussion of Current Derivative Risk Management [Table Text Block] | The following is a summary of our forward foreign currency exchange contracts (in millions):
| December 31,
| 2014
Contracts maturing in January through March 2015 to sell foreign currency: |
Notional value | $ | 81.1 |
Unrealized loss | $ | 1.0 |
Contracts maturing in January through March 2015 to purchase foreign currency: |
Notional value | $ | 285.8 |
Unrealized loss | $ | 0.2 |
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 year ended December 31, 2014 (in millions):
| 2014
January 1 | $ | 20.8 |
Cell sorting system: |
Payment of sales milestone | (2.4 | )
Net decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense | (0.7 | )
GnuBIO: |
Acquisition of GnuBIO | 10.7 |
Net decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense | (0.7 | )
December 31 | $ | 27.7 |
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 December 31, 2014. 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 milestone: |  |
|  | Credit adjusted discount rates | 0.62% | 1.22%
|  | Projected volatility of growth rates | 10.0% | N/A
|  | Market price of risk | 1.75% | N/A
GnuBIO | Probability-weighted income approach | Development/regulatory milestones: |  |
|  | Milestones probability | 50.0% | 75.0%
|  | Discount rate | 0.34% | 0.48%
|  | Sales milestones: |  |
|  | Milestones probability | —% | N/A
|  | Discount rate | 0.92% | 2.04%
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 December 31, 2014 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 | $ | — |  |  | $ | 4.0 |  |  | $ | — |  |  | $ | 4.0 |
Foreign time deposits | 16.5 |  |  | — |  |  | — |  |  | 16.5 |
Money market funds | 2.2 |  |  | — |  |  | — |  |  | 2.2 |
Total cash equivalents | 18.7 |  |  | 4.0 |  |  | — |  |  | 22.7 |
Available-for-sale investments (b): |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 139.9 |  |  | — |  |  | 139.9 |
Foreign brokered certificates of deposit | — |  |  | 5.2 |  |  | — |  |  | 5.2 |
U.S. government sponsored agencies | — |  |  | 47.5 |  |  | — |  |  | 47.5 |
Foreign government obligations | — |  |  | 4.0 |  |  | — |  |  | 4.0 |
Municipal obligations | — |  |  | 6.5 |  |  | — |  |  | 6.5 |
Marketable equity securities | 334.4 |  |  | — |  |  | — |  |  | 334.4 |
Asset-backed securities | — |  |  | 48.4 |  |  | — |  |  | 48.4 |
Total available-for-sale investments | 334.4 |  |  | 251.5 |  |  | — |  |  | 585.9 |
Forward foreign exchange contracts (c) | — |  |  | 0.6 |  |  | — |  |  | 0.6 |
Total financial assets carried at fair value | $ | 353.1 |  |  | $ | 256.1 |  |  | $ | — |  |  | $ | 609.2 |
Financial Liabilities Carried at Fair Value: |  |  |  |  |  |  |
Forward foreign exchange contracts (d) | $ | — |  |  | $ | 1.7 |  |  | $ | — |  |  | $ | 1.7 |
Contingent consideration (e) | — |  |  | — |  |  | 27.7 |  |  | 27.7 |
Total financial liabilities carried at fair value | $ | — |  |  | $ | 1.7 |  |  | $ | 27.7 |  |  | $ | 29.4 |
Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 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 | $ | — |  |  | $ | 7.0 |  |  | — |  |  | $ | 7.0 |
Foreign time deposits | 11.1 |  |  | — |  |  | — |  |  | 11.1 |
U.S. government sponsored agencies | — |  |  | 1.2 |  |  | — |  |  | 1.2 |
Money market funds | 1.2 |  |  | — |  |  | — |  |  | 1.2 |
Total cash equivalents | 12.3 |  |  | 8.2 |  |  | — |  |  | 20.5 |
Available-for-sale investments (b): |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 132.5 |  |  | — |  |  | 132.5 |
Foreign brokered certificates of deposit | — |  |  | 8.9 |  |  | — |  |  | 8.9 |
U.S. government sponsored agencies | — |  |  | 39.1 |  |  | — |  |  | 39.1 |
Foreign government obligations | — |  |  | 5.6 |  |  | — |  |  | 5.6 |
Municipal obligations | — |  |  | 11.0 |  |  | — |  |  | 11.0 |
Marketable equity securities | 325.2 |  |  | — |  |  | — |  |  | 325.2 |
Asset-backed securities | — |  |  | 48.6 |  |  | — |  |  | 48.6 |
Total available-for-sale investments | 325.2 |  |  | 245.7 |  |  | — |  |  | 570.9 |
Forward foreign exchange contracts (c) | — |  |  | 0.6 |  |  | — |  |  | 0.6 |
Total financial assets carried at fair value | $ | 337.5 |  |  | $ | 254.5 |  |  | — |  |  | $ | 592.0 |
Financial Liabilities Carried at Fair Value: |  |  |  |  |  |  |
Forward foreign exchange contracts (d) | $ | — |  |  | $ | 1.1 |  |  | — |  |  | $ | 1.1 |
Contingent consideration (e) | — |  |  | — |  |  | 20.8 |  |  | 20.8 |
Total financial liabilities carried at fair value | $ | — |  |  | $ | 1.1 |  |  | $ | 20.8 |  |  | $ | 21.9 |
(a) | Cash equivalents are included in Cash and cash equivalents in the Consolidated Balance Sheets.
(b) | Available-for-sale investments are included in the following accounts in the Consolidated Balance Sheets (in millions):
| December 31, 2014 |  | December 31, 2013
Short-term investments | $ | 284.4 |  |  | $ | 277.4 |
Other investments | 301.5 |  |  | 293.5 |
Total | $ | 585.9 |  |  | $ | 570.9 |
(c) | Forward foreign exchange contracts in an asset position are included in Other current assets in the Consolidated Balance Sheets.
(d) | Forward foreign exchange contracts in a liability position are included in Other current liabilities in the Consolidated Balance Sheets.
(e) | Contingent consideration liabilities are included in the following accounts in the Consolidated Balance Sheets (in millions):
| December 31, 2014 |  | December 31, 2013
Other current liabilities | $ | 13.1 |  |  | $ | 6.1 |
Other long-term liabilities | 14.6 |  |  | 14.7 |
Total | $ | 27.7 |  |  | $ | 20.8 |
Schedule of available-for-sale investments | Available-for-sale investments consist of the following (in millions):
| December 31, 2014
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 139.7 |  |  | $ | 0.4 |  |  | $ | (0.2 | ) |  | $ | 139.9 |
Foreign brokered certificates of deposit | 5.2 |  |  | — |  |  | — |  |  | 5.2 |
Municipal obligations | 6.5 |  |  | — |  |  | — |  |  | 6.5 |
Asset-backed securities | 48.2 |  |  | — |  |  | (0.2 | ) |  | 48.0 |
U.S. government sponsored agencies | 47.4 |  |  | 0.1 |  |  | — |  |  | 47.5 |
Foreign government obligations | 4.0 |  |  | — |  |  | — |  |  | 4.0 |
Marketable equity securities | 29.0 |  |  | 4.5 |  |  | (0.2 | ) |  | 33.3 |
| 280.0 |  |  | 5.0 |  |  | (0.6 | ) |  | 284.4 |
Long-term investments: |  |  |  |  |  |  |
Marketable equity securities | 54.5 |  |  | 246.6 |  |  | — |  |  | 301.1 |
Asset-backed securities | 0.4 |  |  | — |  |  | — |  |  | 0.4 |
| 54.9 |  |  | 246.6 |  |  | — |  |  | 301.5 |
Total | $ | 334.9 |  |  | $ | 251.6 |  |  | $ | (0.6 | ) |  | $ | 585.9 |
| December 31, 2013
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 132.6 |  |  | $ | 0.3 |  |  | $ | (0.4 | ) |  | $ | 132.5 |
Foreign brokered certificates of deposit | 8.9 |  |  | — |  |  | — |  |  | 8.9 |
Municipal obligations | 11.1 |  |  | — |  |  | (0.1 | ) |  | 11.0 |
Asset-backed securities | 48.4 |  |  | 0.1 |  |  | (0.2 | ) |  | 48.3 |
U.S. government sponsored agencies | 39.1 |  |  | 0.1 |  |  | (0.1 | ) |  | 39.1 |
Foreign government obligations | 5.6 |  |  | — |  |  | — |  |  | 5.6 |
Marketable equity securities | 26.6 |  |  | 5.4 |  |  | — |  |  | 32.0 |
| 272.3 |  |  | 5.9 |  |  | (0.8 | ) |  | 277.4 |
Long-term investments: |  |  |  |  |  |  |
Marketable equity securities | 54.5 |  |  | 238.7 |  |  | — |  |  | 293.2 |
Asset-backed securities | 0.4 |  |  | — |  |  | (0.1 | ) |  | 0.3 |
| 54.9 |  |  | 238.7 |  |  | (0.1 | ) |  | 293.5 |
Total | $ | 327.2 |  |  | $ | 244.6 |  |  | $ | (0.9 | ) |  | $ | 570.9 |
Summary of investments with gross unrealized losses and the associated fair value | The following is a summary of investments with gross unrealized losses and the associated fair value (in millions):
| December 31, 2014 |  | December 31, 2013
Fair value of investments in a loss position 12 months or more | $ | 8.4 |  |  | $ | 2.3 |
Fair value of investments in a loss position less than 12 months | $ | 90.7 |  |  | $ | 73.9 |
Gross unrealized losses for investments in a loss position 12 months or more | $ | 0.2 |  |  | $ | 0.1 |
Gross unrealized losses for investments in a loss position less than 12 months | $ | 0.4 |  |  | $ | 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 December 31, 2014 by contractual maturity date (in millions):
| Amortized Cost |  | Estimated Fair Value
Mature in less than one year | $ | 110.7 |  |  | $ | 110.7 |
Mature in one to five years | 99.9 |  |  | 99.9 |
Mature in more than five years | 40.8 |  |  | 40.9 |
Total | $ | 251.4 |  |  | $ | 251.5 |
Estimated fair value of financial instruments | The estimated fair value of the financial instruments discussed above and the level of the fair value hierarchy within which the fair value measurement is categorized are as follows (in millions):
| December 31, 2014 |  | December 31, 2013
| Carrying Amount |  | Estimated Fair Value |  | Fair Value Hierarchy Level |  | Carrying Amount |  | Estimated Fair Value |  | Fair Value Hierarchy Level
Other investments | $ | 82.6 |  |  | $ | 401.1 |  |  | 2 |  | $ | 77.5 |  |  | $ | 382.9 |  |  | 2
Total long-term debt, excluding leases and current maturities | $ | 423.5 |  |  | $ | 454.9 |  |  | 2 |  | $ | 423.2 |  |  | $ | 433.0 |  |  | 2

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