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Fair Value Measurement of Assets and Liabilities
6 Months Ended
Jun. 30, 2013
Fair Value Disclosures [Abstract]  
Fair Value Measurement of Assets and Liabilities
8.

Fair Value Measurement of Assets and Liabilities

The following assets and liabilities are recorded at fair value on a recurring basis (in millions):

 

     As of June 30, 2013  
            Fair Value Measurements at Reporting Date
Using:
 

Description

   Recorded
Balance
     Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
 

Assets

           

Available-for-sale securities

           

Corporate debt securities

   $ 392.0       $ —       $ 392.0       $ —   

U.S. government and agency debt securities

     271.6         —         271.6         —   

Commercial paper

     49.0         —         49.0         —   

Certificates of deposit

     87.5         —         87.5         —   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total available-for-sale securities

     800.1         —         800.1         —   

Derivatives, current and long-term

           

Foreign currency forward contracts and options

     74.2         —         74.2         —   

Interest rate swaps

     19.8         —         19.8         —   
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 894.1       $ —       $ 894.1       $ —   
  

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities

           

Derivatives, current and long-term

           

Foreign currency forward contracts and options

   $ 2.2       $ —       $ 2.2       $ —   
  

 

 

    

 

 

    

 

 

    

 

 

 
     As of December 31, 2012  
            Fair Value Measurements at Reporting Date
Using:
 

Description

   Recorded
Balance
     Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
 

Assets

           

Available-for-sale securities

           

Corporate debt securities

   $ 383.8       $ —       $ 383.8       $ —   

U.S. government and agency debt securities

     295.9         —         295.9         —   

Foreign government debt securities

     5.0         —         5.0         —   

Commercial paper

     138.7         —         138.7         —   

Certificates of deposit

     92.3         —         92.3         —   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total available-for-sale securities

     915.7         —         915.7         —   

Derivatives, current and long-term

           

Foreign currency forward contracts and options

     28.4         —         28.4         —   

Interest rate swaps

     33.9         —         33.9         —   
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 978.0       $ —       $ 978.0       $ —   
  

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities

           

Derivatives, current and long-term

           

Foreign currency forward contracts and options

   $ 10.8       $ —       $ 10.8       $ —   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

We value our available-for-sale securities using a market approach based on broker prices for identical assets in over-the-counter markets and we perform ongoing assessments of counterparty credit risk.

We value our foreign currency forward contracts and foreign currency options using a market approach based on foreign currency exchange rates obtained from active markets and we perform ongoing assessments of counterparty credit risk.

We value our interest rate swaps using a market approach based on publicly available market yield curves and the terms of our swaps and we perform ongoing assessments of counterparty credit risk.