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2. Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2018
Fair Value Disclosures [Abstract] |
Debt Securities, Available-for-sale [Table Text Block] | Available-for-sale investments consist of the following (in millions):
| June 30, 2018
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 224.9 |  |  | $ | 0.1 |  |  | $ | (1.4 | ) |  | $ | 223.6 |
Municipal obligations | 15.7 |  |  | — |  |  | (0.1 | ) |  | 15.6 |
Asset-backed securities | 63.1 |  |  | — |  |  | (0.4 | ) |  | 62.7 |
U.S. government sponsored agencies | 67.2 |  |  | — |  |  | (1.2 | ) |  | 66.0 |
Foreign government obligations | 2.6 |  |  | — |  |  | — |  |  | 2.6 |
| 373.5 |  |  | 0.1 |  |  | (3.1 | ) |  | 370.5 |
Long-term investments: |  |  |  |  |  |  |
Asset-backed securities | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
| 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Total | $ | 373.7 |  |  | $ | 0.1 |  |  | $ | (3.1 | ) |  | $ | 370.7 |
The following is a summary of the amortized cost and estimated fair value of our debt securities at June 30, 2018 by contractual maturity date (in millions):
| Amortized Cost |  | Estimated Fair Value
Mature in less than one year | $ | 156.7 |  |  | $ | 156.4 |
Mature in one to five years | 170.9 |  |  | 169.3 |
Mature in more than five years | 46.1 |  |  | 45.0 |
Total | $ | 373.7 |  |  | $ | 370.7 |
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 June 30, 2018 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 | $ | — |  |  | $ | 68.4 |  |  | $ | — |  |  | $ | 68.4 |
Time deposits | 25.7 |  |  | 10.0 |  |  | — |  |  | 35.7 |
Money market funds | 30.2 |  |  | — |  |  | — |  |  | 30.2 |
Foreign government obligations | — |  |  | 1.8 |  |  | — |  |  | 1.8 |
U.S. government sponsored agencies | — |  |  | 6.0 |  |  | — |  |  | 6.0 |
Total cash equivalents (a) | 55.9 |  |  | 86.2 |  |  | — |  |  | 142.1 |
Restricted investment | 5.6 |  |  | — |  |  | — |  |  | 5.6 |
Equity securities (b) | 3,196.6 |  |  | — |  |  | — |  |  | 3,196.6 |
Available-for-sale investments: |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 223.6 |  |  | — |  |  | 223.6 |
U.S. government sponsored agencies | — |  |  | 66.0 |  |  | — |  |  | 66.0 |
Foreign government obligations | — |  |  | 2.6 |  |  | — |  |  | 2.6 |
Municipal obligations | — |  |  | 15.6 |  |  | — |  |  | 15.6 |
Asset-backed securities | — |  |  | 62.9 |  |  | — |  |  | 62.9 |
Total available-for-sale investments (c) | — |  |  | 370.7 |  |  | — |  |  | 370.7 |
Forward foreign exchange contracts (d) | — |  |  | 0.6 |  |  | — |  |  | 0.6 |
Total financial assets carried at fair value | $ | 3,258.1 |  |  | $ | 457.5 |  |  | $ | — |  |  | $ | 3,715.6 |
Financial Liabilities Carried at Fair Value: |  |  |  |  |  |  |
Forward foreign exchange contracts (e) | $ | — |  |  | $ | 1.0 |  |  | $ | — |  |  | $ | 1.0 |
Contingent consideration (f) | — |  |  | — |  |  | 13.0 |  |  | 13.0 |
Total financial liabilities carried at fair value | $ | — |  |  | $ | 1.0 |  |  | $ | 13.0 |  |  | $ | 14.0 |
As of first quarter 2018, our equity securities are no longer reported as Available-for-sale investments due to the implementation of ASU 2016-01. Changes in fair value of equity securities are now reported on the Condensed Consolidated Statements of Income rather than Other Comprehensive Income (see Note 1). Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2017 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 | $ | — |  |  | $ | 36.0 |  |  | $ | — |  |  | $ | 36.0 |
Time deposits | 43.7 |  |  | 10.0 |  |  | — |  |  | 53.7 |
U.S. government sponsored agencies | — |  |  | 11.2 |  |  | — |  |  | 11.2 |
Money market funds | 3.4 |  |  | — |  |  | — |  |  | 3.4 |
Total cash equivalents (a) | 47.1 |  |  | 57.2 |  |  | — |  |  | 104.3 |
Restricted investment | 5.6 |  |  | — |  |  | — |  |  | 5.6 |
Available-for-sale investments: |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 185.7 |  |  | — |  |  | 185.7 |
U.S. government sponsored agencies | — |  |  | 67.6 |  |  | — |  |  | 67.6 |
Foreign government obligations | — |  |  | 3.4 |  |  | — |  |  | 3.4 |
Brokered certificates of deposit | — |  |  | 0.7 |  |  | — |  |  | 0.7 |
Municipal obligations | — |  |  | 15.0 |  |  | — |  |  | 15.0 |
Marketable equity securities | 973.4 |  |  | — |  |  | — |  |  | 973.4 |
Asset-backed securities | — |  |  | 55.6 |  |  | — |  |  | 55.6 |
Total available-for-sale investments (c) | 973.4 |  |  | 328.0 |  |  | — |  |  | 1,301.4 |
Forward foreign exchange contracts (d) | — |  |  | 0.5 |  |  | — |  |  | 0.5 |
Total financial assets carried at fair value | $ | 1,026.1 |  |  | $ | 385.7 |  |  | $ | — |  |  | $ | 1,411.8 |
Financial Liabilities Carried at Fair Value: |  |  |  |  |  |  |
Forward foreign exchange contracts (e) | $ | — |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | 1.6 |
Contingent consideration (f) | — |  |  | — |  |  | 16.7 |  |  | 16.7 |
Total financial liabilities carried at fair value | $ | — |  |  | $ | 1.6 |  |  | $ | 16.7 |  |  | $ | 18.3 |
(a) | Cash equivalents are included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets.
(b) | Equity securities are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):
| June 30, 2018
Short-term investments | $ | 44.7 |
Other investments | 3,151.9 |
Total | $ | 3,196.6 |
The unrealized gains on our equity securities still held as of June 30, 2018 are $1,102.3 million and are primarily due to our investment in Sartorius AG and is recorded in our Condensed Consolidated Statements of Income due to the adoption of ASU 2016-01 (see Note 1). (c)Available-for-sale investments are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):
| June 30, 2018 |  | December 31, 2017
Short-term investments | $ | 370.5 |  |  | $ | 371.2 |
Other investments | 0.2 |  |  | 930.2 |
Total | $ | 370.7 |  |  | $ | 1,301.4 |
In accordance with our adoption of ASU 2016-01 January 1, 2018, our investment in Sartorius AG preferred shares, which was reported within marketable equity securities as Available-for-sale as of December 31, 2017, is now reported as an Equity security as of June 30, 2018 (see Note 1 and footnote (b) above). (d) Forward foreign exchange contracts in an asset position are included in Other current assets in the Condensed Consolidated Balance Sheets. (e) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the Condensed Consolidated Balance Sheets. (f) Contingent consideration liability is included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):
| June 30, 2018 |  | December 31, 2017
Other current liabilities | $ | 2.6 |  |  | $ | 2.7 |
Other long-term liabilities | 10.4 |  |  | 14.0 |
Total | $ | 13.0 |  |  | $ | 16.7 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table provides a reconciliation of the Level 3 analytical flow cytometer platform contingent consideration liabilities measured at estimated fair value (in millions):
January 1, 2018 | $ | 16.7 |
Analytical flow cytometer platform: |
Payment of sales milestone | (1.3 | )
Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense | (2.4 | )
June 30, 2018 | $ | 13.0 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The following table provides quantitative information about Level 3 inputs for fair value measurement of our analytical flow cytometer platform contingent consideration liability as of June 30, 2018. Significant increases or decreases in these inputs in isolation could result in a significantly lower or higher fair value measurement.
| Valuation Technique | Unobservable Input |
Analytical flow cytometer platform | Probability-weighted income approach | Sales milestones: |
|  | Discount rate | 11.1 | %
|  | Cost of debt | 4.8 | %
Schedule of available-for-sale investments | Available-for-sale investments consist of the following (in millions):
| December 31, 2017
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 185.9 |  |  | $ | 0.3 |  |  | $ | (0.5 | ) |  | $ | 185.7 |
Brokered certificates of deposit | 0.7 |  |  | — |  |  | — |  |  | 0.7 |
Municipal obligations | 15.1 |  |  | — |  |  | (0.1 | ) |  | 15.0 |
Asset-backed securities | 55.6 |  |  | — |  |  | (0.2 | ) |  | 55.4 |
U.S. government sponsored agencies | 68.3 |  |  | — |  |  | (0.7 | ) |  | 67.6 |
Foreign government obligations | 3.4 |  |  | — |  |  | — |  |  | 3.4 |
Marketable equity securities | 34.4 |  |  | 9.0 |  |  | — |  |  | 43.4 |
| 363.4 |  |  | 9.3 |  |  | (1.5 | ) |  | 371.2 |
Long-term investments: |  |  |  |  |  |  |
Marketable equity securities | 54.5 |  |  | 875.5 |  |  | — |  |  | 930.0 |
Asset-backed securities | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
| 54.7 |  |  | 875.5 |  |  | — |  |  | 930.2 |
Total | $ | 418.1 |  |  | $ | 884.8 |  |  | $ | (1.5 | ) |  | $ | 1,301.4 |
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):
| June 30, 2018 |  | December 31, 2017
Fair value of investments in a loss position 12 months or more | $ | 36.9 |  |  | $ | 43.9 |
Fair value of investments in a loss position less than 12 months | $ | 199.4 |  |  | $ | 168.7 |
Gross unrealized losses for investments in a loss position 12 months or more | $ | 0.9 |  |  | $ | 0.7 |
Gross unrealized losses for investments in a loss position less than 12 months | $ | 2.2 |  |  | $ | 0.8 |
Discussion of current derivative risk management | The following is a summary of our forward foreign exchange contracts (in millions):
| June 30,
| 2018
Contracts maturing in July through September 2018 to sell foreign currency: |
Notional value | $ | 37.8 |
Unrealized loss | $ | 0.1 |
Contracts maturing in July through September 2018 to purchase foreign currency: |
Notional value | $ | 327.6 |
Unrealized loss | $ | 0.5 |
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):
| June 30, 2018 |  | December 31, 2017
| Carrying Amount |  | Estimated Fair Value |  | Fair Value Hierarchy Level |  | Carrying Amount |  | Estimated Fair Value |  | Fair Value Hierarchy Level
Other investments | — |  |  | — |  |  |  |  | $ | 91.8 |  |  | $ | 1,249.4 |  |  | 2
Total long-term debt, excluding leases and current maturities | $ | 423.4 |  |  | $ | 439.4 |  |  | 2 |  | $ | 423.1 |  |  | $ | 449.8 |  |  | 2

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
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