Fair Value Measurements of Assets and Liabilities

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements of Assets and Liabilities

9. Fair Value Measurements of Assets and Liabilities

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

	As of December 31, 2015
			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	$	245.4	$	–	$	245.4	$	–
U.S. government and agency debt securities		21.5		–		21.5		–
Commercial paper		4.2		–		4.2		–
Certificates of deposit		2.0		–		2.0		–
Total available-for-sale securities		273.1		–		273.1		–
Derivatives, current and long-term
Foreign currency forward contracts		96.9		–		96.9		–
Interest rate swaps		26.8		–		26.8		–
	$	396.8	$	–	$	396.8	$	–
Liabilities
Derivatives, current and long-term
Foreign currency forward contracts		1.6		–		1.6		–
	$	1.6	$	–	$	1.6	$	–

	As of December 31, 2014
			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	$	516.5	$	–	$	516.5	$	–
U.S. government and agency debt securities		194.3		–		194.3		–
Commercial paper		57.8		–		57.8		–
Certificates of deposit		100.3		–		100.3		–
Total available-for-sale securities		868.9		–		868.9		–
Derivatives, current and long-term
Foreign currency forward contracts		125.5		–		125.5		–
Interest rate swaps		24.0		–		24.0		–
	$	1,018.4	$	–	$	1,018.4	$	–
Liabilities
Derivatives, current and long-term
Foreign currency forward contracts		1.7		–		1.7		–
Forward starting interest rate swaps		59.3		–		59.3		–
	$	61.0	$	–	$	61.0	$	–

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.