XML 44 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727
Short-term Investments (Tables)
 6 Months Ended
Jun. 30, 2015
Investments [Abstract]  
Short-term investments
Our short-term investments were as follows:
 
June 30, 2015
 
December 31, 2014
 
(in millions)
Available-for-sale investment securities:
 
 
 
U.S. Treasury and agency debt securities
$
524.7

 
$
544.7

Corporate and other debt securities
374.0

 
358.6

Certificates of deposit and commercial paper
549.7

 
4.6

Asset-backed securities
231.2

 
220.1

Municipal debt securities
114.3

 
112.8

Mutual funds
22.4

 
21.9

Total available-for-sale investment securities
1,816.3

 
1,262.7

Time deposits
660.9

 
501.9

Total short-term investments
$
2,477.2

 
$
1,764.6
Amortized Cost, Gross Unrealized Gains And Losses And Fair Value Of Investment Securities Available-For-Sale
The amortized cost, gross unrealized gains and losses and fair value of available-for-sale investment securities at June 30, 2015 were as follows:
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
U.S. Treasury and agency debt securities
$
523.6

 
$
1.3

 
$
(0.2
)
 
$
524.7

Corporate and other debt securities
373.9

 
0.5

 
(0.4
)
 
374.0

Certificates of deposit and commercial paper
549.4

 
0.3

 
—

 
549.7

Asset-backed securities
231.2

 
0.2

 
(0.2
)
 
231.2

Municipal debt securities
114.1

 
0.3

 
(0.1
)
 
114.3

Mutual funds
24.6

 
0.2

 
(2.4
)
 
22.4

Total available-for-sale investment securities
$
1,816.8

 
$
2.8

 
$
(3.3
)
 
$
1,816.3

The amortized cost, gross unrealized gains and losses and fair value of available-for-sale investment securities at December 31, 2014 were as follows:
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
U.S. Treasury and agency debt securities
$
544.7

 
$
0.4

 
$
(0.4
)
 
$
544.7

Corporate and other debt securities
359.0

 
0.3

 
(0.7
)
 
358.6

Certificates of deposit and commercial paper
4.6

 
—

 
—

 
4.6

Asset-backed securities
220.4

 
0.1

 
(0.4
)
 
220.1

Municipal debt securities
112.5

 
0.4

 
(0.1
)
 
112.8

Mutual funds
23.9

 
0.3

 
(2.3
)
 
21.9

Total available-for-sale investment securities
$
1,265.1

 
$
1.5

 
$
(3.9
)
 
$
1,262.7
Available-For-Sale Securities In A Continuous Unrealized Loss Position
The fair value and related unrealized losses of available-for-sale investment securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer were as follows as of June 30, 2015:
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(in millions)
U.S. Treasury and agency debt securities
$
155.2

 
$
(0.2
)
 
$
—

 
$
—

 
$
155.2

 
$
(0.2
)
Corporate and other debt securities
175.6

 
(0.4
)
 
—

 
—

 
175.6

 
(0.4
)
Certificates of deposit and commercial paper
35.0

 
—

 
—

 
—

 
35.0

 
—

Asset-backed securities
65.4

 
(0.1
)
 
5.5

 
(0.1
)
 
70.9

 
(0.2
)
Municipal debt securities
43.0

 
(0.1
)
 
—

 
—

 
43.0

 
(0.1
)
Mutual funds
—

 
—

 
21.1

 
(2.4
)
 
21.1

 
(2.4
)
Total
$
474.2

 
$
(0.8
)
 
$
26.6

 
$
(2.5
)
 
$
500.8

 
$
(3.3
)

The fair value and related unrealized losses of available-for-sale investment securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer were as follows as of December 31, 2014:
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(in millions)
U.S. Treasury and agency debt securities
$
256.9

 
$
(0.4
)
 
$
—

 
$
—

 
$
256.9

 
$
(0.4
)
Corporate and other debt securities
229.7

 
(0.7
)
 
—

 
—

 
229.7

 
(0.7
)
Certificates of deposit and commercial paper
3.7

 
—

 
—

 
—

 
3.7

 
—

Asset-backed securities
151.9

 
(0.3
)
 
2.8

 
(0.1
)
 
154.7

 
(0.4
)
Municipal debt securities
28.0

 
(0.1
)
 
—

 
—

 
28.0

 
(0.1
)
Mutual funds
—

 
—

 
20.7

 
(2.3
)
 
20.7

 
(2.3
)
Total
$
670.2

 
$
(1.5
)
 
$
23.5

 
$
(2.4
)
 
$
693.7

 
$
(3.9
)
Contractual Maturities Of Investments In Debt Securities Available-For-Sale
The contractual maturities of our fixed income available-for-sale investment securities as of June 30, 2015 are set forth in the following table:
 
Amortized
Cost
 
Fair
Value
 
(in millions)
Due within one year
$
583.1

 
$
583.5

Due after one year up to two years
499.5

 
500.4

Due after two years up to three years
471.1

 
471.5

Due after three years up to four years
7.3

 
7.3

Asset-backed securities
231.2

 
231.2

Fixed income available-for-sale investment securities
$
1,792.2

 
$
1,793.9
Gross Gains (Losses) Realized On Sales, Maturities And Other Securities Transactions Related To Investment Securities
Proceeds from sales of available-for-sale investment securities and the gross gains and losses that have been included in earnings as a result of those sales were as follows:
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2015
 
2014
 
2015
 
2014
 
(in millions)
Proceeds from sales of available-for-sale investment securities
$
246.3

 
$
178.8

 
$
428.1

 
$
357.8

 
 
 
 
 
 
 
 
Gross gains
$
0.5

 
$
0.4

 
$
0.9

 
$
0.8

Gross losses
—

 
(0.1
)
 
(0.1
)
 
(0.1
)
Net realized gains on sales of available-for-sale investment securities
$
0.5

 
$
0.3

 
$
0.8

 
$
0.7