XML 158 R36.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value Measurement (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2013
Dec. 31, 2012
Fair Value Measurement    
Schedule of carrying value and estimated fair value of financial instruments

 

 

 

 

As of September 30, 2013

 

(in millions)

 

Carrying
Value

 

Fair Value (a)

 

Financial instruments:

 

 

 

 

 

Settlement assets:

 

 

 

 

 

Short-term investment securities

 

$

59.8

 

$

59.8

 

Long-term investment securities

 

$

18.6

 

$

18.6

 

Other current assets:

 

 

 

 

 

Derivative financial instruments

 

$

6.7

 

$

6.7

 

Other long-term assets:

 

 

 

 

 

Long-term investment securities

 

$

0.6

 

$

0.6

 

Cost method investments

 

$

9.1

 

$

9.1

 

Derivative financial instruments

 

$

66.6

 

$

66.6

 

Other current liabilities:

 

 

 

 

 

Derivative financial instruments

 

$

21.6

 

$

21.6

 

Long-term borrowings:

 

 

 

 

 

Long-term borrowings

 

$

22,565.1

 

$

23,359.3

 

Other long-term liabilities:

 

 

 

 

 

Derivative financial instruments

 

$

126.9

 

$

126.9

 

 

(a)                  Represents cost for cost method investments. Refer to Note 10 of these Consolidated Financial Statements for a more detailed discussion of cost method investments.

 

 

 

 

As of December 31, 2012

 

As of December 31, 2011

 

(in millions)

 

Carrying Value

 

Fair Value (a)

 

Carrying Value

 

Fair Value (a)

 

Financial instruments:

 

 

 

 

 

 

 

 

 

Settlement assets:

 

 

 

 

 

 

 

 

 

Short-term investment securities

 

$

125.6

 

$

125.6

 

$

105.7

 

$

105.7

 

Long-term investment securities

 

$

54.3

 

$

54.3

 

$

181.0

 

$

181.0

 

Other current assets:

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

11.1

 

$

11.1

 

$

—

 

$

—

 

Other long-term assets:

 

 

 

 

 

 

 

 

 

Long-term investment securities

 

$

0.5

 

$

0.5

 

$

0.5

 

$

0.5

 

Cost method investments

 

$

13.4

 

$

13.4

 

$

23.7

 

$

23.7

 

Derivative financial instruments

 

$

89.8

 

$

89.8

 

$

76.3

 

$

76.3

 

Other current liabilities:

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

0.3

 

$

0.3

 

$

156.7

 

$

156.7

 

Long-term borrowings:

 

 

 

 

 

 

 

 

 

Long-term borrowings

 

$

22,528.9

 

$

22,732.6

 

$

22,521.7

 

$

20,189.8

 

Other long-term liabilities:

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

171.8

 

$

171.8

 

$

39.7

 

$

39.7

 

 

 

(a)                  Represents cost for cost method investments. Refer to Note 5 of these Consolidated Financial Statements for a more detailed discussion of cost method investments.

 

Schedule of financial instruments carried and measured at fair value on a recurring basis

 

 

 

 

As of September 30, 2013

 

 

 

Fair Value Measurement Using

 

(in millions)

 

Quoted prices in
active markets
for identical
assets
(Level 1)

 

Significant other
observable
inputs
(Level 2)

 

Significant
unobservable
inputs
(Level 3)

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

Settlement assets:

 

 

 

 

 

 

 

 

 

Student loan auction rate securities

 

$

—

 

$

—

 

$

13.6

 

$

13.6

 

Corporate bonds

 

—

 

6.1

 

—

 

6.1

 

State and municipal obligations

 

—

 

56.7

 

—

 

56.7

 

Preferred stock

 

2.0

 

—

 

—

 

2.0

 

Total settlement assets

 

2.0

 

62.8

 

13.6

 

78.4

 

 

 

 

 

 

 

 

 

 

 

Other current assets:

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

—

 

6.7

 

—

 

6.7

 

Other long-term assets:

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

—

 

0.6

 

—

 

0.6

 

Foreign currency derivative contracts

 

—

 

11.1

 

—

 

11.1

 

Interest rate swap contracts

 

—

 

55.5

 

—

 

55.5

 

Total assets at fair value

 

$

2.0

 

$

136.7

 

$

13.6

 

$

152.3

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Other current liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency derivative contracts

 

$

—

 

$

21.1

 

$

—

 

$

21.1

 

Interest rate swap contracts

 

—

 

0.5

 

—

 

0.5

 

Other long-term liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency derivative contracts

 

—

 

10.5

 

—

 

10.5

 

Interest rate swap contracts

 

—

 

116.4

 

—

 

116.4

 

Contingent consideration

 

—

 

—

 

20.0

 

20.0

 

Total liabilities at fair value

 

$

—

 

$

148.5

 

$

20.0

 

$

168.5

 

 

 

 

As of December 31, 2012

 

 

 

Fair Value Measurement Using

 

(in millions)

 

Quoted prices in
active markets
for identical
assets
(Level 1)

 

Significant other
observable
inputs
(Level 2)

 

Significant
unobservable
inputs
(Level 3)

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

Settlement assets:

 

 

 

 

 

 

 

 

 

Student loan auction rate securities

 

$

—

 

$

—

 

$

38.8

 

$

38.8

 

Corporate bonds

 

—

 

6.6

 

—

 

6.6

 

State and municipal obligations

 

—

 

133.9

 

—

 

133.9

 

Preferred stock

 

0.6

 

—

 

—

 

0.6

 

Total settlement assets

 

0.6

 

140.5

 

38.8

 

179.9

 

 

 

 

 

 

 

 

 

 

 

Other current assets:

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

—

 

1.0

 

—

 

1.0

 

Foreign currency derivative contracts

 

—

 

10.1

 

—

 

10.1

 

Other long-term assets:

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

—

 

0.5

 

—

 

0.5

 

Interest rate swap contracts

 

—

 

89.8

 

—

 

89.8

 

Total assets at fair value

 

$

0.6

 

$

241.9

 

$

38.8

 

$

281.3

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Other current liabilities:

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

$

—

 

$

0.3

 

$

—

 

$

0.3

 

Other long-term liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency derivative contracts

 

—

 

34.4

 

—

 

34.4

 

Interest rate swap contracts

 

—

 

137.4

 

—

 

137.4

 

Contingent consideration

 

—

 

—

 

20.0

 

20.0

 

Total liabilities at fair value

 

$

—

 

$

172.1

 

$

20.0

 

$

192.1

 

 

 

 

 

As of December 31, 2012

 

 

 

Fair Value Measurement Using

 

(in millions)

 

Quoted prices in
active markets
for identical assets
(Level 1)

 

Significant other
observable
inputs
(Level 2)

 

Significant
unobservable
inputs
(Level 3)

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

Settlement assets:

 

 

 

 

 

 

 

 

 

Student loan auction rate securities

 

$

—

 

$

—

 

$

38.8

 

$

38.8

 

Corporate bonds

 

—

 

6.6

 

—

 

6.6

 

State and municipal obligations

 

—

 

133.9

 

—

 

133.9

 

Preferred stock

 

0.6

 

—

 

—

 

0.6

 

Total settlement assets

 

0.6

 

140.5

 

38.8

 

179.9

 

 

 

 

 

 

 

 

 

 

 

Other current assets:

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

—

 

1.0

 

—

 

1.0

 

Foreign currency derivative contracts

 

—

 

10.1

 

 

 

10.1

 

Other long-term assets:

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

—

 

0.5

 

—

 

0.5

 

Interest rate swap contracts

 

—

 

89.8

 

—

 

89.8

 

Total assets at fair value

 

$

0.6

 

$

241.9

 

$

38.8

 

$

281.3

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Other current liabilities:

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

$

—

 

$

0.3

 

$

—

 

$

0.3

 

Other long-term liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency derivative contracts

 

—

 

34.4

 

—

 

34.4

 

Interest rate swap contracts

 

—

 

137.4

 

—

 

137.4

 

Contingent consideration

 

—

 

—

 

20.0

 

20.0

 

Total liabilities at fair value

 

$

—

 

$

172.1

 

$

20.0

 

$

192.1

 

 

 

 

As of December 31, 2011

 

 

 

Fair Value Measurement Using

 

(in millions)

 

Quoted prices in
active markets
for identical assets
(Level 1)

 

Significant other
observable
inputs
(Level 2)

 

Significant
unobservable
inputs
(Level 3)

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

Settlement assets:

 

 

 

 

 

 

 

 

 

Student loan auction rate securities

 

$

—

 

$

—

 

$

170.5

 

$

170.5

 

Corporate bonds

 

—

 

10.2

 

—

 

10.2

 

State and municipal obligations

 

—

 

95.5

 

—

 

95.5

 

U.S. Government guaranteed agency securities

 

—

 

10.0

 

—

 

10.0

 

Preferred stock

 

0.5

 

—

 

—

 

0.5

 

Total settlement assets

 

0.5

 

115.7

 

170.5

 

286.7

 

 

 

 

 

 

 

 

 

 

 

Other long-term assets:

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

—

 

0.5

 

—

 

0.5

 

Interest rate swap contracts

 

—

 

65.4

 

—

 

65.4

 

Foreign currency derivative contracts

 

—

 

10.9

 

—

 

10.9

 

Total other long-term assets

 

—

 

76.8

 

—

 

76.8

 

Total assets at fair value

 

$

0.5

 

$

192.5

 

$

170.5

 

$

363.5

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Other current liabilities:

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

$

—

 

$

156.7

 

$

—

 

$

156.7

 

Other long-term liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency derivative contracts

 

—

 

27.8

 

—

 

27.8

 

Forward-starting interest rate contracts

 

—

 

11.9

 

—

 

11.9

 

Total liabilities at fair value

 

$

—

 

$

196.4

 

$

—

 

$

196.4

 

 

Schedule of reconciliation of level 3 financial instruments

 

 

(in millions)

 

Fair Value Measurement
Using Significant Unobservable Inputs
(Level 3)
Student loan auction rate securities

 

Beginning balance as of January 1, 2013

 

$

38.8

 

Total realized gains included in product sales and other

 

1.3

 

Total unrealized losses included in other comprehensive income

 

(0.4

)

Sales

 

(26.1

)

Ending balance as of September 30, 2013

 

$

13.6

 

 

 

(in millions)

 

Fair Value Measurement
Using Significant
Unobservable Inputs
(Level 3)
Student loan auction rate

securities

 

Beginning balance as of January 1, 2011

 

$

341.1

 

Total gains or losses (realized or unrealized):

 

 

 

Included in other comprehensive income

 

1.2

 

Included in product sales and other (a)

 

(4.5

)

Sales

 

(158.4

)

Settlements

 

(8.9

)

Transfers in (out) of Level 3

 

—

 

Ending balance as of December 31, 2011

 

170.5

 

Total realized gains included in product sales and other

 

4.4

 

Sales

 

(135.6

)

Settlements

 

(0.5

)

Transfers in (out) of Level 3

 

—

 

Ending balance as of December 31, 2012

 

$

38.8

 

 

 

(a)         Includes impairments of $5.2 million for the year ended December 31, 2011.

Schedule of reconciliation of level 3 financial instruments related to contingent consideration

 

 

(in millions)

 

Fair Value Measurement
Using Significant
Unobservable Inputs
(Level 3)
Contingent consideration

 

Beginning balance as of January 1, 2013

 

$

20.0

 

Contingent consideration payments

 

—

 

Change in fair value of contingent consideration

 

—

 

Ending balance as of September 30, 2013

 

$

20.0

 

 

 

 

(in millions)

 

Fair Value Measurement
Using Significant
Unobservable Inputs
(Level 3)
Contingent consideration

 

Beginning balance as of January 1, 2012

 

$

—

 

Initial estimate of contingent consideration

 

20.0

 

Contingent consideration payments

 

—

 

Change in fair value of contingent consideration

 

—

 

Ending balance as of December 31, 2012

 

$

20.0