Items Measured at Fair Value on a Recurring Basis



(In millions)	Balance			Level 1		Level 2			Level 3
March 31, 2014
Assets:
Investments	$	95.3		$	95.3	$	—		$	—
Derivative instruments	*			—		*			—
Liabilities:
Derivative instruments	(130.8		)	—		(130.8		)	—

December 31, 2013
Assets:
Investments	$	91.7		$	91.7	$	—		$	—
Derivative instruments	*			—		*			—
Liabilities:
Derivative instruments	(165.9		)	—		(165.9		)	—

___________________


*	Amount rounds to zero

Investments

Investments consist of equity and debt securities with maturity dates of greater than three months from the date of purchase. The majority of these securities are traded in active markets, have readily determined market values, and use Level 1 inputs. Securities for which there are not active markets or the market values are not readily determinable are valued using Level 2 inputs. All of these investments are included in either prepayments and other current assets or deferred charges and other in our Consolidated Condensed Balance Sheets. The following table shows our investments by type:



(In millions)	March 31, 2014		December 31, 2013
Equity securities	$	14.7	$	19.6
Government bonds	80.6		72.1
Total investments	$	95.3	$	91.7

Gross unrealized gains and losses on marketable securities at March 31, 2014 and December 31, 2013 were not material.

Derivative instruments

The estimated fair values of our derivative instruments are derived from market prices obtained from dealer quotes for similar, but not identical, assets or liabilities. Such quotes represent the estimated amounts we would receive or pay to terminate the contracts. Derivative instruments are included in either deferred charges and other, or deferred credits and other, in our Consolidated Condensed Balance Sheets. Our derivatives are recorded at their fair values, adjusted for the credit rating of the counterparty if the derivative is an asset, or adjusted for the credit rating of the Company if the derivative is a liability. See Note 9, "Derivative Instruments."

Items Measured at Fair Value on a Non-recurring Basis

The following table shows the fair value of our assets and liabilities that are required to be measured at fair value as of March 31, 2014 and the total adjustments recorded on these items during the three months ended March 31, 2014:



(In millions)	Balance		Level 1		Level 2		Level 3		Total Adjustments Loss/(Gain)
Intangible and tangible assets	$	81.4	$	—	$	—	$	81.4	$	97.1
Contingent earnout liabilities	97.3		—		—		97.3		0.7

Market and income approaches were used to value the intangible and tangible assets. Inputs included an expected range of market values, probability estimated by management that each value could be achieved, expected cash flows, recent comparable transactions, discounted cash flows, discounted cash flows, discount rate, royalty rate, growth rate, and tax rate.

The contingent earnout liabilities primarily relate to the CIE acquisitions of Buffalo Studios and Pacific Interactive.