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Fair Value
12 Months Ended
Dec. 31, 2013
Fair Value Disclosures [Abstract]  
Fair Value
Fair Value
Financial instruments measured at fair value on a recurring basis as of December 31, 2013, consisted of the following:
 
(in millions)
Total
 
Level 1
 
Level 2
 
Level 3
Trading securities
$
9.9

 
$
9.9

 
$

 
$

Interest rate swaps
(1.0
)
 

 
(1.0
)
 

Total financial instruments at fair value
$
8.9

 
$
9.9

 
$
(1.0
)
 
$


Level 1 investments, which use quoted market prices in active markets for identical assets to establish fair value, consist of exchange-traded mutual funds and publicly traded equity investments valued at their current market prices. Level 1 investments consist of trading securities related to a nonqualified deferred compensation plan held in trust for the benefit of plan participants. Level 2 investments consist of interest rate swaps that are further discussed in Note 12, “Debt.” We determined the fair value of the interest rate swaps using standard valuation models with market-based observable inputs including forward and spot exchange rates and interest rate curves. At December 31, 2013, we did not have any investments valued using Level 3 inputs.
On September 4, 2013, we acquired a 100% ownership interest in eScan, a healthcare service business. In connection with this acquisition, the company issued a contingent obligation to the sellers that is a Level 3 instrument. The obligation has a maximum payout of $17.0 million, contingent upon eScan meeting certain performance criteria in future years. We have recorded an estimate of $2.2 million in other liabilities for this contingency and expect to complete the valuation during 2014.