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FAIR VALUE (Tables)
12 Months Ended
Dec. 31, 2012
Financial Instruments Carried at Fair Value on Recurring Basis

The table below presents information about items, which are carried at fair value on a recurring basis at December 31, 2012 and 2011:

 

     Fair Value Measurement as of December 31, 2012  

Description

   Balance      Level 1      Level 2      Level 3  
Assets:            

Derivatives (a)

   $ 15.2      $       $ 15.2      $   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 15.2      $       $ 15.2      $   
  

 

 

    

 

 

    

 

 

    

 

 

 
Liabilities:            

Derivatives (a)

   $ 2.4      $       $ 2.4      $   

Contingent consideration arising from acquisitions (b)

     9.0                        9.0  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 11.4      $       $ 2.4      $ 9.0  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

     Fair Value Measurement as of December 31, 2011  

Description

   Balance      Level 1      Level 2      Level 3  
Assets:            

Derivatives (a)

   $ 12.6      $       $ 12.6      $   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 12.6      $       $ 12.6      $   
  

 

 

    

 

 

    

 

 

    

 

 

 
Liabilities:            

Derivatives (a)

   $ 6.8      $       $ 6.8      $   

Contingent consideration arising from acquisitions (b)

     9.1                        9.1  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 15.9      $       $ 6.8      $ 9.1  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) Represents interest rate swaps and FX forwards on certain assets and liabilities as well as on certain non U.S. dollar net investments in certain foreign subsidiaries more fully discussed in Note 5.
(b) Represents contingent consideration liabilities pursuant to the agreements for certain MA acquisitions which are more fully discussed in Note 7.
Changes in Fair Value of Level Three Liabilities, Contingent Consideration

The following table summarizes the changes in the fair value of the Company’s Level 3 liabilities:

 

     Contingent Consideration
Year Ended December 31,
 
     2012     2011  
Balance as of January 1    $ 9.1     $ 2.1  
Issuances             7.4  
Settlements      (0.5     (0.3
Losses included in earnings      0.1       0.3  
Foreign currency translation adjustments      0.3       (0.4
  

 

 

   

 

 

 
Balance as of December 31    $ 9.0     $ 9.1