XML 20 R33.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2014
Fair Value Disclosures [Abstract]  
Summary of assets and liabilities recorded at fair value
The tables below present information about our assets and liabilities that are regularly measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques we utilized to determine such fair value:
(In millions)
As of
June 30,
2014
 
Quoted Prices
in Active
Markets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
475.2

 
$

 
$
475.2

 
$

Marketable debt securities:
 
 
 
 
 
 
 
Corporate debt securities
617.2

 

 
617.2

 

Government securities
948.0

 

 
948.0

 

Mortgage and other asset backed securities
155.4

 

 
155.4

 

Marketable equity securities
0.4

 
0.4

 

 

Venture capital investments
21.1

 

 

 
21.1

Derivative contracts
2.1

 

 
2.1

 

Plan assets for deferred compensation
37.0

 

 
37.0

 

Total
$
2,256.4

 
$
0.4

 
$
2,234.9

 
$
21.1

Liabilities:
 
 
 
 
 
 
 
Derivative contracts
$
9.1

 
$

 
$
9.1

 
$

Contingent consideration obligations
279.1

 

 

 
279.1

Total
$
288.2

 
$

 
$
9.1

 
$
279.1


(In millions)
As of
December 31,
2013
 
Quoted Prices
in Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
424.7

 
$

 
$
424.7

 
$

Marketable debt securities:
 
 
 
 
 
 
 
Corporate debt securities
439.8

 

 
439.8

 

Government securities
674.7

 

 
674.7

 

Mortgage and other asset backed securities
131.4

 

 
131.4

 

Marketable equity securities
11.2

 
11.2

 

 

Venture capital investments
21.9

 

 

 
21.9

Derivative contracts
3.8

 

 
3.8

 

Plan assets for deferred compensation
22.7

 

 
22.7

 

Total
$
1,730.2

 
$
11.2

 
$
1,697.1

 
$
21.9

Liabilities:
 
 
 
 
 
 
 
Derivative contracts
$
23.5

 
$

 
$
23.5

 
$

Contingent consideration obligations
280.9

 

 

 
280.9

Total
$
304.4

 
$

 
$
23.5

 
$
280.9

Fair value of venture capital investments
The following table provides a roll forward of the fair value of our venture capital investments, which includes Level 3 measurements:
 
For the Three Months
Ended June 30,
 
For the Six Months
Ended June 30,
(In millions)
2014
 
2013
 
2014
 
2013
Fair value, beginning of period
$
23.6

 
$
18.0

 
$
21.9

 
$
20.3

Unrealized gains included in earnings
2.1

 
6.1

 
5.0

 
6.7

Unrealized losses included in earnings
(0.1
)
 
(0.6
)
 
(1.3
)
 
(2.0
)
Purchases

 

 

 

Settlements
(4.5
)
 

 
(4.5
)
 
(1.5
)
Fair value, end of period
$
21.1

 
$
23.5

 
$
21.1

 
$
23.5

Summary of fair and carrying value of debt instruments
The fair and carrying values of our debt instruments, which are Level 2 liabilities, are summarized as follows:
 
As of June 30, 2014
 
As of December 31, 2013
(In millions)
Fair
Value
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
Notes payable to Fumedica
$
13.8

 
$
12.6

 
$
17.5

 
$
15.8

6.875% Senior Notes due March 1, 2018
645.9

 
576.9

 
647.9

 
580.1

Total
$
659.7

 
$
589.5

 
$
665.4

 
$
595.9

Fair value of contingent consideration obligations
The following table provides a roll forward of the fair values of our contingent consideration obligations which includes Level 3 measurements:
 
For the Three Months
Ended June 30,
 
For the Six Months
Ended June 30,
(In millions)
2014
 
2013
 
2014
 
2013
Fair value, beginning of period
$
275.1

 
$
293.7

 
$
280.9

 
$
293.9

Additions

 

 

 

Changes in fair value
4.0

 
(5.2
)
 
3.2

 
(2.9
)
Payments

 
(7.5
)
 
(5.0
)
 
(10.0
)
Fair value, end of period
$
279.1

 
$
281.0

 
$
279.1

 
$
281.0