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3. Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2016
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, 2016 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
$
—

 
$
35.6

 
$
—

 
$
35.6

U.S. government sponsored agencies
—

 
5.4

 
—

 
5.4

Foreign time deposits
9.8

 
—

 
—

 
9.8

Money market funds
4.3

 
—

 
—

 
4.3

Total cash equivalents (a)
14.1

 
41.0

 
—

 
55.1

Restricted investment:
4.2

 
—

 
—

 
4.2

Available-for-sale investments:
 
 
 
 
 
 
 
Corporate debt securities
—

 
149.8

 
—

 
149.8

U.S. government sponsored agencies
—

 
78.5

 
—

 
78.5

Foreign government obligations
—

 
5.0

 
—

 
5.0

Municipal obligations
—

 
10.1

 
—

 
10.1

Marketable equity securities
653.6

 
—

 
—

 
653.6

Asset-backed securities
—

 
68.6

 
—

 
68.6

Total available-for-sale investments (b)
653.6

 
312.0

 
—

 
965.6

Forward foreign exchange contracts (c)
—

 
0.9

 
—

 
0.9

Total financial assets carried at fair value
$
671.9

 
$
353.9

 
$
—

 
$
1,025.8

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

 
$
2.4

 
$
—

 
$
2.4

Contingent consideration (e)
—

 
—

 
43.6

 
43.6

Total financial liabilities carried at fair value
$
—

 
$
2.4

 
$
43.6

 
$
46.0



Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 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
$
—

 
$
33.2

 
$
—

 
$
33.2

Foreign government obligations
—

 
0.6

 
—

 
0.6

Foreign time deposits
11.9

 
—

 
—

 
11.9

U.S. government sponsored agencies
—

 
14.6

 
—

 
14.6

Money market funds
11.3

 
—

 
—

 
11.3

Total cash equivalents (a)
23.2

 
48.4

 
—

 
71.6

Restricted investment:
4.2

 
—

 
—

 
4.2

Available-for-sale investments:
 
 
 
 
 
 
 
Corporate debt securities
—

 
156.9

 
—

 
156.9

U.S. government sponsored agencies
—

 
74.8

 
—

 
74.8

Foreign government obligations
—

 
4.6

 
—

 
4.6

Municipal obligations
—

 
6.4

 
—

 
6.4

Marketable equity securities
660.1

 
—

 
—

 
660.1

Asset-backed securities
—

 
54.8

 
—

 
54.8

Total available-for-sale investments (b)
660.1

 
297.5

 
—

 
957.6

Forward foreign exchange contracts (c)
—

 
0.9

 
—

 
0.9

Total financial assets carried at fair value
$
687.5

 
$
346.8

 
$
—

 
$
1,034.3

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

 
$
1.1

 
$
—

 
$
1.1

Contingent consideration (e)
—

 
—

 
19.1

 
19.1

Total financial liabilities carried at fair value
$
—

 
$
1.1

 
$
19.1

 
$
20.2


(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,
2016
 
December 31, 2015
Short-term investments
$
345.0

 
$
328.7

Other investments
620.6

 
628.9

Total
$
965.6

 
$
957.6



(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, 2016
 
December 31, 2015
Other current liabilities
$
14.3

 
$
13.5

Other long-term liabilities
29.3

 
5.6

   Total
$
43.6

 
$
19.1
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table provides a reconciliation of the Level 3 cell sorting system and analytical flow cytometer platform contingent consideration liabilities measured at estimated fair value based on original valuations and updated quarterly for the three months ended March 31, 2016 (in millions):

 
2016
January 1
$
9.1

Cell sorting system:
 
Payment of sales milestone
(3.5
)
Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense
(1.3
)
 
 
Analytical flow cytometer platform:
 
Acquisition of high performance analytical flow cytometer platform
29.3

March 31
$
33.6
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 cell sorting system and analytical flow cytometer platform contingent consideration liabilities as of March 31, 2016. 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
0.68%
N/A
 
 
Projected volatility of growth rate
15%
N/A
 
 
Market price of risk
1.30%
N/A
 
 
 
 
 
Analytical flow cytometer platform
Probability-weighted income approach
Sales milestones:
 
 
 
 
Market price of risk
6
%
 
 
 
Volatility
10
%
 
 
 
 
 
 
Schedule of available-for-sale investments

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

 
March 31, 2016
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Estimated
Fair
Value
Short-term investments:
 
 
 
 
 
 
 
Corporate debt securities
$
149.3

 
$
0.7

 
$
(0.2
)
 
$
149.8

Municipal obligations
10.0

 
0.1

 
—

 
10.1

Asset-backed securities
68.4

 
0.1

 
(0.2
)
 
68.3

U.S. government sponsored agencies
77.8

 
0.7

 
—

 
78.5

Foreign government obligations
5.0

 
—

 
—

 
5.0

Marketable equity securities
31.2

 
2.7

 
(0.6
)
 
33.3

 
341.7

 
4.3

 
(1.0
)
 
345.0

Long-term investments:
 
 
 
 
 
 
 
Marketable equity securities
54.5

 
565.8

 
—

 
620.3

Asset-backed securities
0.3

 
—

 
—

 
0.3

 
54.8

 
565.8

 
—

 
620.6

Total
$
396.5

 
$
570.1

 
$
(1.0
)
 
$
965.6



 
December 31, 2015
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Estimated
Fair
Value
Short-term investments:
 
 
 
 
 
 
 
Corporate debt securities
$
157.2

 
$
0.1

 
$
(0.4
)
 
$
156.9

Municipal obligations
6.4

 
—

 
—

 
6.4

Asset-backed securities
54.8

 
—

 
(0.2
)
 
54.6

U.S. government sponsored agencies
74.9

 
0.1

 
(0.2
)
 
74.8

Foreign government obligations
4.6

 
—

 
—

 
4.6

Marketable equity securities
29.4

 
2.7

 
(0.7
)
 
31.4

 
327.3

 
2.9

 
(1.5
)
 
328.7

Long-term investments:
 
 
 
 
 
 
 
Marketable equity securities
54.5

 
574.2

 
—

 
628.7

Asset-backed securities
0.3

 
—

 
(0.1
)
 
0.2

 
54.8

 
574.2

 
(0.1
)
 
628.9

Total
$
382.1

 
$
577.1

 
$
(1.6
)
 
$
957.6
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,
2016
 
December 31, 2015
Fair value of investments in a loss position 12 months or more
$
9.5

 
$
10.4

Fair value of investments in a loss position less than 12 months
$
97.6

 
$
204.0

Gross unrealized losses for investments in a loss position 12 months or more
$
0.3

 
$
0.4

Gross unrealized losses for investments in a loss position less than 12 months
$
0.7

 
$
1.2
Discussion of current derivative risk management
The following is a summary of our forward foreign exchange contracts (in millions):
 
March 31,
 
2016
Contracts maturing in April through June 2016 to sell foreign currency:
 
Notional value
$
16.1

Unrealized gain
$
0.1

Contracts maturing in April through June 2016 to purchase foreign currency:
 
Notional value
$
337.2

Unrealized loss
$
(1.6
)
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, 2016 by contractual maturity date (in millions):

 
Amortized
Cost
 
Estimated Fair
Value
Mature in less than one year
$
101.3

 
$
101.4

Mature in one to five years
154.4

 
154.8

Mature in more than five years
55.1

 
55.8

Total
$
310.8

 
$
312.0
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, 2016
 
December 31, 2015
 
Carrying 
Amount 
 
Estimated 
Fair 
Value 
 
Fair Value Hierarchy Level
 
Carrying 
Amount 
 
Estimated 
Fair 
Value 
 
Fair Value Hierarchy Level
Other investments
$
86.5

 
$
831.8

 
2
 
$
86.5

 
$
843.2

 
2
Total long-term debt, excluding leases and current maturities
$
422.0

 
$
455.6

 
2
 
$
421.9

 
$
454.3

 
2