Fair Value (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2013:

	Level 1		Level 2		Total
Assets:
Money market funds	$	14.7	$	—	$	14.7
Available-for-sale securities	2.1		—		2.1
Foreign exchange forward contracts	—		.3		.3
Total	$	16.8	$	.3	$	17.1
Liabilities:
Foreign exchange forward contracts	$	—	$	5.3	$	5.3
Total	$	—	$	5.3	$	5.3

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2012:

	Level 1		Level 2		Total
Assets:
Money market funds	$	26.9	$	—	$	26.9
Available-for-sale securities	1.9		—		1.9
Interest-rate swap agreements	—		94.8		94.8
Foreign exchange forward contracts	—		4.9		4.9
Total	$	28.8	$	99.7	$	128.5
Liabilities:
Interest-rate swap agreements	$	—	$	1.7	$	1.7
Foreign exchange forward contracts	—		1.5		1.5
Total	$	—	$	3.2	$	3.2

The money market funds are held in a Healthcare trust in order to fund future benefit payments for both active and retiree benefit plans.

Fair Value Measurements, Nonrecurring [Table Text Block]

Assets and Liabilities Recorded at Fair Value on a Non-recurring Basis

September 30, 2012 - China

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of September 30, 2012, and indicates the placement in the fair value hierarchy of the valuation techniques utilized to determine such fair value:

	Level 1		Level 2		Level 3		Total
Assets:
China goodwill	$	—	$	—	$	37.3	$	37.3
Total	$	—	$	—	$	37.3	$	37.3

In the third quarter of 2012, we completed an interim impairment assessment of the fair value of goodwill related to China and subsequently determined that the goodwill associated with China was impaired. As a result, the carrying amount of China's goodwill was reduced from $81.3 to its estimated fair value of $37.3, resulting in a non-cash impairment charge of $44.0.

Fair Value Measurement - China

The impairment analyses performed for goodwill and intangible assets require several estimates in computing the estimated fair value of a reporting unit, an indefinite-lived intangible asset, and a finite-lived intangible asset. We use a DCF approach to estimate the fair value of a reporting unit, which we believe is the most reliable indicator of fair value of a business, and is most consistent with the approach a marketplace participant would use. The estimation of fair value utilizing a DCF approach includes numerous uncertainties which require our significant judgment when making assumptions of expected growth rates and the selection of discount rates, as well as assumptions regarding general economic and business conditions, among other factors. Key assumptions used in measuring the fair value of China included the discount rate (based on the weighted-average cost of capital) and revenue growth. A significant decline in expected future cash flows and growth rates, which may result from an increased competitive landscape, or a change in the discount rate used to fair value expected future cash flows, may result in future impairment charges.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Our financial instruments include cash and cash equivalents, available-for-sale securities, short-term investments, money market funds, accounts receivable, loans receivable, debt maturing within one year, accounts payable, long-term debt, foreign exchange forwards contracts, and interest-rate swap agreements. The carrying value for cash and cash equivalents, accounts receivable, accounts payable, and short-term investments approximate fair value because of the short-term nature of these instruments. The net asset (liability) amounts recorded in the balance sheet (carrying amount) and the estimated fair values of our remaining financial instruments at June 30, 2013 and December 31, 2012, respectively, consisted of the following:

	June 30, 2013						December 31, 2012
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Available-for-sale securities	$	2.1		$	2.1		$	1.9		$	1.9
Money market funds	14.7			14.7			26.9			26.9
Debt maturing within one year(1)	(263.2		)	(263.2		)	(572.0		)	(572.2		)
Long-term debt(1)	(2,634.8		)	(2,620.6		)	(2,623.8		)	(2,547.7		)
Foreign exchange forward contracts	(5.0		)	(5.0		)	3.4			3.4
Interest-rate swap agreements	—			—			93.1			93.1

(1) The carrying value of debt maturing within one year and long-term debt includes any related discount or premium, unamortized deferred gains on terminated interest-rate swap agreements, and unrealized losses from interest-rate swap agreements.

The methods and assumptions used to estimate fair value are as follows:

Available-for-sale securities and money market funds - The fair values of these investments were the quoted market prices for issues listed on securities exchanges.

Debt maturing within one year and long-term debt - The fair values of all debt and other financing were determined using Level 2 inputs based on indicative market prices.

Foreign exchange forward contracts - The fair values of forward contracts were estimated based on quoted forward foreign exchange prices at the reporting date.

Interest-rate swap agreements - The fair values of interest-rate swap agreements were estimated based on LIBOR yield curves at the reporting date.