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3. Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2015
Fair Value Disclosures [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, 2015 are classified in the hierarchy as follows (in millions):

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

 
$
5.1

 
$
—

 
$
5.1

Municipals
—

 
0.3

 
—

 
0.3

Bonds
—

 
0.6

 
—

 
0.6

U.S. government sponsored agencies
—

 
0.8

 
—

 
0.8

Foreign time deposits
55.8

 
—

 
—

 
55.8

Money market funds
1.5

 
—

 
—

 
1.5

Total cash equivalents (a)
57.3

 
6.8

 
—

 
64.1

Available-for-sale investments:
 
 
 
 
 
 
 
Corporate debt securities
—

 
138.7

 
—

 
138.7

Foreign brokered certificates of deposit
—

 
5.2

 
—

 
5.2

U.S. government sponsored agencies
—

 
50.0

 
—

 
50.0

Foreign government obligations
—

 
3.8

 
—

 
3.8

Municipal obligations
—

 
6.5

 
—

 
6.5

Marketable equity securities
345.2

 
—

 
—

 
345.2

Asset-backed securities
—

 
47.1

 
—

 
47.1

Total available-for-sale investments (b)
345.2

 
251.3

 
—

 
596.5

Forward foreign exchange contracts (c)
—

 
1.5

 
—

 
1.5

Total financial assets carried at fair value
$
402.5

 
$
259.6

 
$
—

 
$
662.1

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

 
$
1.6

 
$
—

 
$
1.6

Contingent consideration (e)
—

 
—

 
23.5

 
23.5

Total financial liabilities carried at fair value
$
—

 
$
1.6

 
$
23.5

 
$
25.1



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:
 
 
 
 
 
 
 
Commercial paper
$
—

 
$
4.0

 
$
—

 
$
4.0

Foreign time deposits
16.5

 
—

 
—

 
16.5

Money market funds
2.2

 
—

 
—

 
2.2

Total cash equivalents (a)
18.7

 
4.0

 
—

 
22.7

Available-for-sale investments:
 
 
 
 
 
 
 
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 (b)
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



(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,
2015
 
December 31, 2014
Short-term investments
$
285.0

 
$
284.4

Other investments
311.5

 
301.5

Total
$
596.5

 
$
585.9



(c)
Forward foreign exchange contracts in an asset position are included in 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):

 
March 31, 2015
 
December 31, 2014
Other current liabilities
$
15.6

 
$
13.1

Other long-term liabilities
7.9

 
14.6

   Total
$
23.5

 
$
27.7
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 liability measured at estimated fair value based on original valuations and updated quarterly for the three months ended March 31, 2015 (in millions):

 
2015
January 1
$
27.7

Cell sorting system:
 
Payment of sales milestone
(3.0
)
Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense
(0.2
)
GnuBIO:
 
Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense
(1.0
)
March 31
$
23.5
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 March 31, 2015. 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
0.93%
1.34%
 
 
Projected volatility of growth rate
9%
10%
 
 
Market price of risk
1.25%
N/A
GnuBIO
Probability-weighted income approach
Development/regulatory milestones:
 
 
 
 
Milestones probability
—%
90%
 
 
Discount Rate
0.27%
0.39%
 
 
 
 
 
 
 
Sales milestones:
 
 
 
 
Milestones probability
—%
0.00020%
 
 
Discount Rate
0.76%
1.72%
Schedule of available-for-sale investments

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

 
March 31, 2015
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Estimated
Fair
Value
Short-term investments:
 
 
 
 
 
 
 
Corporate debt securities
$
138.4

 
$
0.4

 
$
(0.1
)
 
$
138.7

Foreign brokered certificates of deposit
5.2

 
—

 
—

 
5.2

Municipal obligations
6.5

 
—

 
—

 
6.5

Asset-backed securities
46.9

 
—

 
(0.1
)
 
46.8

U.S. government sponsored agencies
49.7

 
0.3

 
—

 
50.0

Foreign government obligations
3.8

 
—

 
—

 
3.8

Marketable equity securities
29.3

 
4.9

 
(0.2
)
 
34.0

 
279.8

 
5.6

 
(0.4
)
 
285.0

Long-term investments:
 
 
 
 
 
 
 
Marketable equity securities
54.5

 
256.7

 
—

 
311.2

Asset-backed securities
0.3

 
—

 
—

 
0.3

 
54.8

 
256.7

 
—

 
311.5

Total
$
334.6

 
$
262.3

 
$
(0.4
)
 
$
596.5



 
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
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,
2015
 
December 31, 2014
Fair value of investments in a loss position 12 months or more
$
7.0

 
$
8.4

Fair value of investments in a loss position less than 12 months
$
58.2

 
$
90.7

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

 
$
0.2

Gross unrealized losses for investments in a loss position less than 12 months
$
0.3

 
$
0.4
Discussion of current derivative risk management
The following is a summary of our forward foreign exchange contracts (in millions):
 
March 31,
 
2015
Contracts maturing in April through June 2015 to sell foreign currency:
 
Notional value
$
75.6

Unrealized loss
$
0.8

Contracts maturing in April through June 2015 to purchase foreign currency:
 
Notional value
$
262.3

Unrealized gain
$
0.7
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, 2015 by contractual maturity date (in millions):

 
Amortized
Cost
 
Estimated Fair
Value
Mature in less than one year
$
108.2

 
$
108.3

Mature in one to five years
103.9

 
104.1

Mature in more than five years
38.7

 
38.9

Total
$
250.8

 
$
251.3
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):

 
March 31, 2015
 
December 31, 2014
 
Carrying 
Amount 
 
Estimated 
Fair 
Value 
 
Fair Value Hierarchy Level
 
Carrying 
Amount 
 
Estimated 
Fair 
Value 
 
Fair Value Hierarchy Level
Other investments
$
83.5

 
$
415.4

 
2
 
$
82.6

 
$
401.1

 
2
Total long-term debt, excluding leases and current maturities
$
423.5

 
$
465.6

 
2
 
$
423.5

 
$
454.9

 
2