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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2017
Fair Value Measurements  
Schedule of assets and liabilities subject to fair value measurements

Our other current assets and our current liabilities have fair values that approximate their carrying values. Assets and liabilities subject to fair value measurements are as follows (in millions):

 

 

 

As of March 31, 2017

 

 

 

Level 1

 

Level 2

 

Level 3

 

Balance

 

Assets

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$
573.6

 

$

—

 

$

—

 

$
573.6

 

Time deposits(2)

 

—

 
25.1

 

—

 
25.1

 

U.S. government and agency securities(2)

 

—

 
317.4

 

—

 
317.4

 

Corporate debt securities(2)

 

—

 
3.8

 

—

 
3.8

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$
573.6

 

$
346.3

 

$

—

 

$
919.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Contingent consideration(3)

 

—

 

—

 
10.4

 
10.4

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

$

—

 

$

—

 

$
10.4

 

$
10.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2016

 

 

 

Level 1

 

Level 2

 

Level 3

 

Balance

 

Assets

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$
534.4

 

$

—

 

$

—

 

$
534.4

 

U.S. government and agency securities(2)

 

—

 
19.3

 

—

 
19.3

 

Corporate debt securities(2)

 

—

 
10.8

 

—

 
10.8

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$
534.4

 

$
30.1

 

$

—

 

$
564.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Contingent consideration(3)

 

—

 

—

 
10.4

 
10.4

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

$

—

 

$

—

 

$
10.4

 

$
10.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Included in cash and cash equivalents on the accompanying consolidated balance sheets.

 

(2)

Included in cash equivalents and current and non-current marketable investments on the accompanying consolidated balance sheets. The fair value of these securities is principally measured or corroborated by trade data for identical securities in which related trading activity is not sufficiently frequent to be considered a Level 1 input or comparable securities that are more actively traded.

 

(3)

Included in other liabilities on the accompanying consolidated balance sheets. The fair value of contingent consideration has been estimated using probability-weighted discounted cash flow models (DCFs). The DCFs incorporate Level 3 inputs including estimated discount rates that we believe market participants would consider relevant in pricing and the projected timing and amount of cash flows, which are estimated and developed, in part, based on the requirements specific to each acquisition agreement.