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Fair Value (Tables)

12 Months Ended

Dec. 31, 2013

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

Assets and Liabilities Measured at Fair Value on a Recurring Basis

	December 31, 2013								December 31, 2012
	Based on								Based on
			Quoted								Quoted
			prices in		Other						prices in		Other
			active		observable		Unobservable				active		observable		Unobservable
			Markets		Inputs		inputs				markets		inputs		inputs
	Fair value		(Level 1)		(Level 2)		(Level 3)		Fair value		(Level 1)		(Level 2)		(Level 3)
Assets measured at fair value on a recurring basis:
Cash equivalents ⁽¹⁾
Money market funds	$	162.6	$	-	$	162.6	$	-	$	102.3	$	-	$	102.3	$	-
U.S. government and agency securities		12.5		-		12.5		-		6.0		-		6.0		-
Corporate debt securities		-		-		-		-		1.5		-		1.5		-

Available-for-sale marketable securities
Government & agency debt securities		345.8		251.0		94.8		-		334.8		244.2		90.6		-
Corporate debt securities		362.1		7.5		354.6		-		302.1		14.4		282.5		5.2
Asset-backed and mortgage-backed securities		73.6		-		71.8		1.8		56.5		-		53.0		3.5
Total available-for-sale marketable securities - ST		781.5		258.5		521.2		1.8		693.4		258.6		426.1		8.7

Auction rate securities - municipal debt		3.4		-		-		3.4		3.3		-		-		3.3
Auction rate securities - preferred		3.3		-		-		3.3		3.0		-		-		3.0
Total available-for-sale marketable securities - LT		6.7		-		-		6.7		6.3		-		-		6.3

Foreign currency derivatives ⁽²⁾		0.1		-		0.1		-		0.2		-		0.2		-

Total	$	963.4	$	258.5	$	696.4	$	8.5	$	809.7	$	258.6	$	536.1	$	15.0

Liabilities measured at fair value on a recurring basis:
Foreign currency derivatives ⁽²⁾	$	0.2	$	-	$	0.2	$	-	$	0.6	$	-	$	0.6	$	-
Forward starting interest rate swap		-		-		-		-		1.4		-		1.4		-
Total	$	0.2	$	-	$	0.2	$	-	$	2.0	$	-	$	2.0	$	-

(1) Included in Cash and cash equivalents on the Consolidated Statements of Financial Position.

(2) Foreign currency derivative assets and foreign currency derivative liabilities are included in Prepaid expenses and other current assets and Accrued liabilities, respectively, on the Consolidated Statements of Financial Position. Refer to Note 18 of the Notes to Consolidated Financial Statements for disclosure of derivative assets and liabilities on a gross basis.

Schedule Of Level 3 Assets Measured At Fair Value On A Recurring Basis

Available-for-sale marketable securities

							ARS - muni		ARS -
Twelve Months Ended December 31, 2013	Total Level 3		Corporate debt		AB and MB		Debt		preferred
	securities		securities		securities		securities		securities
Balance, beginning of period	$	15.0	$	5.2	$	3.5	$	3.3	$	3.0
Realized and unrealized gains/(losses) included in earnings ⁽¹⁾		-		-		-		-		-
Unrealized gains/(losses) included in OCI - OTTI securities		0.1		-		0.1		-		-
Unrealized gains/(losses) included in OCI - All other		0.5		-		-		0.2		0.3
Purchases		0.2		0.2		-		-		-
Sales		(0.6	)	(0.6	)	-		-		-
Maturities and paydowns		(0.8	)	-		(0.7	)	(0.1	)	-
Transfers out ⁽²⁾		(5.9	)	(4.8	)	(1.1	)	-		-
Balance, end of period	$	8.5	$	-	$	1.8	$	3.4	$	3.3

OCI = Other comprehensive income

OTTI = Other than temporary impairment

AB = Asset-backed

MB = Mortgage-backed

ARS = Auction rate security

(1) Included in Other expense (income), net on the Consolidated Statements of Earnings

(2) Transfers out of Level 3 were on a gross basis. Transfers out of Level 3 resulted from the Company being able to obtain information demonstrating that the prices were observable in the market during the periods shown.

Available-for-sale marketable securities

Twelve Months Ended	Total Level 3		Agency Debt		Corporate debt		AB and MB		ARS - muni		ARS - preferred
December 31, 2012	securities		securities		securities		securities		debt securities		securities
Balance, beginning of period	$	36.3	$	1.5	$	18.5	$	4.8	$	8.2	$	3.3
Realized and unrealized gains/(losses) included in earnings ⁽¹⁾		1.7		-		-		0.1		1.6		-
Unrealized gains/(losses) included in OCI - OTTI securities		(0.9	)	-		-		0.1		(1.0	)	-
Unrealized gains/(losses) included in OCI - All other		1.1		-		0.1		0.3		1.0		(0.3	)
Purchases		3.0		-		3.0		-		-		-
Sales and redemptions		(23.2	)	(4.3	)	(11.2	)	(1.2	)	(6.5	)	-
Maturities		(3.8	)	-		(3.8	)	-		-		-
Transfers in ⁽²⁾		9.4		4.3		5.1		-		-		-
Transfers out ⁽²⁾		(8.6	)	(1.5	)	(6.5	)	(0.6	)	-		-
Balance, end of period	$	15.0	$	-	$	5.2	$	3.5	$	3.3	$	3.0

OCI = Other comprehensive income

OTTI = Other than temporary impairment

AB = Asset-backed

MB = Mortgage-backed

ARS = Auction rate security

(1) Included in Other expense (income), net on the Consolidated Statements of Earnings

(2) Transfers in and out of Level 3 were on a gross basis. Transfers into Level 3 resulted from the Company being unable to corroborate the prices of these securities with a sufficient level of observable market data to maintain Level 2 classification. Transfers out of Level 3 resulted from the Company being able to obtain information demonstrating that the prices were observable in the market during the periods shown.

Schedule Of Quantitative Disclosure Of Key Unobservable Inputs For Auction Rate Securities

Security type	Range of discount rates (including basis point liquidity premium)		Range of estimated forward rates applied to contractual cash flows
	Minimum	Maximum	Minimum	Maximum
Auction rate securities - municipal debt	2.8%	9.9%	0.1%	7.4%
Auction rate securities - preferred	3.1%	6.9%	0.3%	5.1%

Fair Value And Carrying Value Of Senior Notes

	December 31, 2013						December 31, 2012
	Fair		Carrying		Unamortized		Fair		Carrying		Unamortized
	value		value		discount		value		value		discount
2013 senior notes	$	-	$	-	$	-	$	356.7	$	350.0	$	-
2018 senior notes		335.8		299.6		0.4		328.1		299.6		0.4
2020 senior notes		409.3		400.0		-		-		-		-
Total	$	745.1	$	699.6	$	0.4	$	684.8	$	649.6	$	0.4

Schedule Of Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis Subsequent To Initial Recognition

2012

			Fair Value Measurements Using
			Quoted prices in		Other observable		Unobservable		Total gains
	Fair		active markets		inputs		inputs		(losses)
	value		(Level 1)		(Level 2)		(Level 3)		YTD 2012
Long-lived assets held for sale	$	1.6	$	-	$	-	$	1.6	$	(2.1	)

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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