XML 32 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
Short-term Investments (Tables)
 6 Months Ended
Jun. 30, 2016
Investments [Abstract]  
Short-term investments
Our short-term investments were as follows:
 
June 30, 2016
 
December 31, 2015
 
(in millions)
Available-for-sale investment securities:
 
 
 
U.S. Treasury and agency debt securities
$
639.4

 
$
527.1

Corporate and other debt securities
396.8

 
360.5

Certificates of deposit and commercial paper
684.8

 
754.0

Asset-backed securities
168.2

 
229.6

Municipal debt securities
121.8

 
121.3

Mutual funds
23.0

 
22.3

Total available-for-sale investment securities
2,034.0

 
2,014.8

Time deposits
762.7

 
809.5

Total short-term investments
$
2,796.7

 
$
2,824.3
Amortized Cost, Gross Unrealized Gains And Losses And Fair Value Of Investment Securities Available-For-Sale
The amortized cost, gross unrealized gains and losses and fair value of available-for-sale investment securities at June 30, 2016 were as follows:
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
U.S. Treasury and agency debt securities
$
636.7

 
$
2.7

 
$
—

 
$
639.4

Corporate and other debt securities
394.9

 
2.0

 
(0.1
)
 
396.8

Certificates of deposit and commercial paper
685.0

 
0.4

 
(0.6
)
 
684.8

Asset-backed securities
167.5

 
0.7

 
—

 
168.2

Municipal debt securities
121.2

 
0.6

 
—

 
121.8

Mutual funds
26.0

 
—

 
(3.0
)
 
23.0

Total available-for-sale investment securities
$
2,031.3

 
$
6.4

 
$
(3.7
)
 
$
2,034.0

The amortized cost, gross unrealized gains and losses and fair value of available-for-sale investment securities at December 31, 2015 were as follows:
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
U.S. Treasury and agency debt securities
$
528.9

 
$
—

 
$
(1.8
)
 
$
527.1

Corporate and other debt securities
361.9

 
0.1

 
(1.5
)
 
360.5

Certificates of deposit and commercial paper
754.0

 
0.1

 
(0.1
)
 
754.0

Asset-backed securities
230.3

 
0.1

 
(0.8
)
 
229.6

Municipal debt securities
121.2

 
0.2

 
(0.1
)
 
121.3

Mutual funds
25.3

 
0.1

 
(3.1
)
 
22.3

Total available-for-sale investment securities
$
2,021.6

 
$
0.6

 
$
(7.4
)
 
$
2,014.8
Available-For-Sale Securities In A Continuous Unrealized Loss Position
The fair value and related unrealized losses of available-for-sale investment securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer were as follows as of June 30, 2016:
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(in millions)
U.S. Treasury and agency debt securities
$
44.5

 
$
—

 
$
—

 
$
—

 
$
44.5

 
$
—

Corporate and other debt securities
71.5

 
(0.1
)
 
0.9

 
—

 
72.4

 
(0.1
)
Certificates of deposit and commercial paper
155.5

 
(0.6
)
 
—

 
—

 
155.5

 
(0.6
)
Asset-backed securities
15.1

 
—

 
0.8

 
—

 
15.9

 
—

Municipal debt securities
9.1

 
—

 
0.6

 
—

 
9.7

 
—

Mutual funds
1.3

 
—

 
21.7

 
(3.0
)
 
23.0

 
(3.0
)
Total
$
297.0

 
$
(0.7
)
 
$
24.0

 
$
(3.0
)
 
$
321.0

 
$
(3.7
)

The fair value and related unrealized losses of available-for-sale investment securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer were as follows as of December 31, 2015:
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(in millions)
U.S. Treasury and agency debt securities
$
475.7

 
$
(1.8
)
 
$
—

 
$
—

 
$
475.7

 
$
(1.8
)
Corporate and other debt securities
315.1

 
(1.5
)
 
3.1

 
—

 
318.2

 
(1.5
)
Certificates of deposit and commercial paper
271.5

 
(0.1
)
 
—

 
—

 
271.5

 
(0.1
)
Asset-backed securities
199.4

 
(0.7
)
 
11.4

 
(0.1
)
 
210.8

 
(0.8
)
Municipal debt securities
56.5

 
(0.1
)
 
—

 
—

 
56.5

 
(0.1
)
Mutual funds
—

 
—

 
21.1

 
(3.1
)
 
21.1

 
(3.1
)
Total
$
1,318.2

 
$
(4.2
)
 
$
35.6

 
$
(3.2
)
 
$
1,353.8

 
$
(7.4
)
Contractual Maturities Of Investments In Debt Securities Available-For-Sale
The contractual maturities of our fixed income available-for-sale investment securities as of June 30, 2016 are set forth in the following table:
 
Amortized
Cost
 
Fair
Value
 
(in millions)
Due within one year
$
877.5

 
$
877.6

Due after one year up to two years
527.5

 
529.3

Due after two years up to three years
334.0

 
336.2

Due after three years up to four years
98.8

 
99.7

Asset-backed securities
167.5

 
168.2

Fixed income available-for-sale investment securities
$
2,005.3

 
$
2,011.0
Gross Gains (Losses) Realized On Sales, Maturities And Other Securities Transactions Related To Investment Securities
Proceeds from sales of available-for-sale investment securities and the gross gains and losses that have been included in earnings as a result of those sales were as follows:
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2016
 
2015
 
2016
 
2015
 
(in millions)
Proceeds from sales of available-for-sale investment securities
$
1,816.6

 
$
246.3

 
$
2,378.2

 
$
428.1

 
 
 
 
 
 
 
 
Gross gains
$
4.2

 
$
0.5

 
$
4.5

 
$
0.9

Gross losses
(0.1
)
 
—

 
(0.4
)
 
(0.1
)
Net realized gains on sales of available-for-sale investment securities
$
4.1

 
$
0.5

 
$
4.1

 
$
0.8