Fair Value

3 Months Ended

Mar. 31, 2012

Fair Value [Abstract]

Fair Value [Text Block]

Fair Value

Financial assets and liabilities measured at fair value on a recurring basis were (in millions):

March 31, 2012	Level 1		Level 2		Level 3	Total		Balance Sheet Classification
Assets:
Cash and cash equivalents	$	1,502.7				$	1,502.7
Short-term investments	5.8					5.8
Available-for-sale securities	3.8					3.8		Other Assets
Liabilities:
Forward foreign exchange contracts			$	0.1		$	0.1	Other Current Liabilities

December 31, 2011	Level 1		Level 2		Level 3	Total		Balance Sheet Classification
Assets:
Cash and cash equivalents	$	1,781.2				$	1,781.2
Short-term investments	23.8					23.8
Available-for-sale securities	3.8					3.8		Other Assets
Liabilities:
Forward foreign exchange contracts			$	0.1		$	0.1	Other Current Liabilities

The carrying amount and fair value of our financial instruments at March 31, 2012 and December 31, 2011 were (in millions):

	2012				2011
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	1,502.7	$	1,502.7	$	1,781.2	$	1,781.2
Short-term investments	5.8		5.8		23.8		23.8
Available-for-sale securities	3.8		3.8		3.8		3.8
Cost method investments	23.7		23.7		23.6		23.6
Liabilities:
Short-term borrowings	$	11.7	$	11.7	$	9.5	$	9.5
Forward foreign exchange contracts	0.1		0.1		0.1		0.1
Debt	3,181.2		3,516.8		3,183.6		3,370.5

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

Short-term investments.Short-term investments primarily consist of time deposits with financial institutions that we expect to convert into cash within our current operating cycle, generally one year. Short-term investments are carried at cost, which approximates fair value.

Available-for-sale securities.Available-for-sale securities are carried at quoted market prices.

Cost method investments.Cost method investments are carried at cost, which approximates or is less than fair value.

Short-term borrowings.Short-term borrowings consist of bank overdrafts and credit lines of our international subsidiaries. Due to the short-term nature of these instruments, carrying value approximates fair value.

Forward foreign exchange contracts.The estimated fair value of derivative positions in forward foreign exchange contracts is determined using model-derived valuations, taking into consideration market rates and counterparty credit risk.

Debt.Debt includes fixed rate debt and convertible debt. The fair value of these instruments is based on quoted market prices.