XML 49 R31.htm IDEA: XBRL DOCUMENT v3.3.1.900
Cash Equivalents and Investments (Tables)
 12 Months Ended
Dec. 31, 2015
Cash Equivalents and Investments [Abstract]  
Investments in available-for-sale and trading securities
The following tables summarize the Company's unrealized gains and losses and fair value of investments designated as available-for-sale and trading securities as of December 31, 2015 and December 31, 2014 (in millions):
 
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Estimated Fair
Value
As of December 31, 2015
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
Asset-backed securities
$
312.2

 
$
—

 
$
(0.5
)
 
$
311.7

Certificates of deposit
9.6

 
—

 
—

 
9.6

Commercial paper
17.7

 
—

 
—

 
17.7

Corporate debt securities
913.8

 
0.2

 
(2.6
)
 
911.4

Foreign government debt securities
16.5

 
—

 
—

 
16.5

Government-sponsored enterprise obligations
204.1

 
—

 
(0.4
)
 
203.7

U.S. government securities
278.0

 
—

 
(0.4
)
 
277.6

Total fixed income securities
1,751.9

 
0.2

 
(3.9
)
 
1,748.2

Money market funds
29.7

 
—

 
—

 
29.7

Mutual funds
6.1

 
0.1

 
—

 
6.2

Publicly-traded equity securities
8.7

 
0.8

 
(0.7
)
 
8.8

Total available-for-sale securities
1,796.4

 
1.1

 
(4.6
)
 
1,792.9

Trading securities in mutual funds(1)
17.7

 
—

 
—

 
17.7

Total
$
1,814.1

 
$
1.1

 
$
(4.6
)
 
$
1,810.6

 
 
 
 
 
 
 
 
Reported as:
 
 
 
 
 
 
 
Cash equivalents
$
3.4

 
$
—

 
$
—

 
$
3.4

Restricted investments
35.8

 
0.1

 
—

 
35.9

Short-term investments
527.2

 
0.9

 
(1.0
)
 
527.1

Long-term investments
1,247.7

 
0.1

 
(3.6
)
 
1,244.2

Total
$
1,814.1

 
$
1.1

 
$
(4.6
)
 
$
1,810.6

________________________________
(1)
Balance includes the Company's non-qualified deferred compensation plan assets.

 
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Estimated Fair
Value
As of December 31, 2014
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
Asset-backed securities
$
269.3

 
$
—

 
$
(0.3
)
 
$
269.0

Certificates of deposit
10.6

 
—

 
—

 
10.6

Commercial paper
20.3

 
—

 
—

 
20.3

Corporate debt securities
738.6

 
0.5

 
(1.1
)
 
738.0

Foreign government debt securities
24.6

 
—

 
—

 
24.6

Government-sponsored enterprise obligations
162.2

 
—

 
(0.1
)
 
162.1

U.S. government securities
246.1

 
—

 
(0.1
)
 
246.0

Total fixed income securities
1,471.7

 
0.5

 
(1.6
)
 
1,470.6

Money market funds
594.2

 
—

 
—

 
594.2

Mutual funds
3.9

 
0.1

 
—

 
4.0

Publicly-traded equity securities
2.1

 
—

 
(0.1
)
 
2.0

Total available-for-sale securities
2,071.9

 
0.6

 
(1.7
)
 
2,070.8

Trading securities in mutual funds(1)
16.3

 
—

 
—

 
16.3

Total
$
2,088.2

 
$
0.6

 
$
(1.7
)
 
$
2,087.1

 
 
 
 
 
 
 
 
Reported as:
 
 
 
 
 
 
 
Cash equivalents
$
576.6

 
$
—

 
$
—

 
$
576.6

Restricted investments
45.2

 
—

 
—

 
45.2

Short-term investments
332.2

 
0.2

 
(0.2
)
 
332.2

Long-term investments
1,134.2

 
0.4

 
(1.5
)
 
1,133.1

Total
$
2,088.2

 
$
0.6

 
$
(1.7
)
 
$
2,087.1


_______________________________
(1)
Balance includes the Company's non-qualified deferred compensation plan assets.
Maturities of fixed income securities
The following table presents the contractual maturities of the Company's total fixed income securities as of December 31, 2015 (in millions):
 
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Estimated Fair
Value
Due in less than one year
$
504.1

 
$
0.1

 
$
(0.3
)
 
$
503.9

Due between one and five years
1,247.8

 
0.1

 
(3.6
)
 
1,244.3

Total
$
1,751.9

 
$
0.2

 
$
(3.9
)
 
$
1,748.2
Available-for-sale investments in an unrealized loss position
The following tables present the Company's available-for-sale securities that were in an unrealized loss position as of December 31, 2015 and December 31, 2014 (in millions):
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
As of December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
274.2

 
$
(0.4
)
 
$
30.8

 
$
(0.1
)
 
$
305.0

 
$
(0.5
)
Certificates of deposit(1)
3.3

 
—

 
—

 
—

 
3.3

 
—

Corporate debt securities
687.9

 
(2.3
)
 
58.9

 
(0.3
)
 
746.8

 
(2.6
)
Foreign government debt securities(1)
9.5

 
—

 
—

 
—

 
9.5

 
—

Government-sponsored enterprise obligations
185.3

 
(0.4
)
 
—

 
—

 
185.3

 
(0.4
)
U.S. government securities
259.3

 
(0.4
)
 
—

 
—

 
259.3

 
(0.4
)
Total fixed income securities
1,419.5

 
(3.5
)
 
89.7

 
(0.4
)
 
1,509.2

 
(3.9
)
Publicly-traded equity securities
2.1

 
(0.7
)
 
—

 
—

 
2.1

 
(0.7
)
Total available-for sale securities
$
1,421.6

 
$
(4.2
)
 
$
89.7

 
$
(0.4
)
 
$
1,511.3

 
$
(4.6
)
 ________________________________
(1) 
Balances less than 12 months include investments that were in an immaterial unrealized loss position as of December 31, 2015.

 
Less than 12 Months 
 
12 Months or Greater 
 
Total 
 
Fair
Value 
 
Unrealized
Loss 
 
Fair
Value 
 
Unrealized
Loss 
 
Fair
Value 
 
Unrealized
Loss 
As of December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
221.9

 
$
(0.3
)
 
$
—

 
$
—

 
$
221.9

 
$
(0.3
)
Corporate debt securities
515.9

 
(1.1
)
 
—

 
—

 
515.9

 
(1.1
)
Foreign government debt securities(1)
24.6

 
—

 
—

 
—

 
24.6

 
—

Government-sponsored enterprise obligations
113.8

 
(0.1
)
 
—

 
—

 
113.8

 
(0.1
)
U.S. government securities
189.0

 
(0.1
)
 
—

 
—

 
189.0

 
(0.1
)
Total fixed income securities
1,065.2

 
(1.6
)
 
—

 
—

 
1,065.2

 
(1.6
)
Publicly-traded equity securities
2.0

 
(0.1
)
 
—

 
—

 
2.0

 
(0.1
)
Total available-for-sale securities
$
1,067.2

 
$
(1.7
)
 
$
—

 
$
—

 
$
1,067.2

 
$
(1.7
)
 ________________________________
(1) 
Balances less than 12 months include investments that were in an immaterial unrealized loss position as of December 31, 2014.