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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2013
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Recorded at Fair Value
(In millions)
As of
March 31,
2013
 
Quoted Prices
in Active
Markets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
358.6

 
$

 
$
358.6

 
$

Reverse repurchase agreements
2,968.0

 

 
2,968.0

 

Marketable debt securities:
 
 
 
 
 
 
 
Corporate debt securities

 

 

 

Government securities

 

 

 

Mortgage and other asset backed securities

 

 

 

Marketable equity securities
11.6

 
11.6

 

 

Venture capital investments
18.0

 

 

 
18.0

Derivative contracts
7.0

 

 
7.0

 

Plan assets for deferred compensation
15.1

 

 
15.1

 

Total
$
3,378.3

 
$
11.6

 
$
3,348.7

 
$
18.0

Liabilities:
 
 
 
 
 
 
 
Derivative contracts
$
3.2

 
$

 
$
3.2

 
$

Contingent consideration obligations
293.7

 

 

 
293.7

Total
$
296.9

 
$

 
$
3.2

 
$
293.7

(In millions)
As of
December 31,
2012
 
Quoted Prices
in Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
439.4

 
$

 
$
439.4

 
$

Marketable debt securities:
 
 
 
 
 
 
 
Corporate debt securities
1,001.0

 

 
1,001.0

 

Government securities
1,657.8

 

 
1,657.8

 

Mortgage and other asset backed securities
512.9

 

 
512.9

 

Marketable equity securities
9.0

 
9.0

 

 

Venture capital investments
20.3

 

 

 
20.3

Derivative contracts
1.8

 

 
1.8

 

Plan assets for deferred compensation
14.3

 

 
14.3

 

Total
$
3,656.5

 
$
9.0

 
$
3,627.2

 
$
20.3

Liabilities:
 
 
 
 
 
 
 
Derivative contracts
$
14.4

 
$

 
$
14.4

 
$

Contingent consideration obligations
293.9

 

 

 
293.9

Total
$
308.3

 
$

 
$
14.4

 
$
293.9

Fair value of venture capital investments
 
For the Three Months
Ended March 31,
(In millions)
2013
 
2012
Fair value, beginning of period
$
20.3

 
$
23.5

Unrealized gains included in earnings
0.6

 
0.4

Unrealized losses included in earnings
(1.4
)
 
(1.8
)
Settlements
(1.5
)
 

Fair value, end of period
$
18.0

 
$
22.1

Summary of fair and carrying value of debt instruments
 
As of March 31, 2013
 
As of December 31, 2012
(In millions)
Fair
Value
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
Notes payable to Fumedica
$
19.3

 
$
17.5

 
$
20.0

 
$
17.9

Credit facility
200.0

 
200.0

 

 

6.0% Senior Notes due March 1, 2013

 

 
453.7

 
450.0

6.875% Senior Notes due March 1, 2018
670.1

 
584.8

 
681.6

 
586.4

Total
$
889.4

 
$
802.3

 
$
1,155.3

 
$
1,054.3

Fair value of contingent consideration obligations
 
For the Three Months
Ended March 31,
(In millions)
2013
 
2012
Fair value, beginning of period
$
293.9

 
$
151.0

Additions

 
117.6

Changes in fair value
2.3

 
1.3

Payments
(2.5
)
 

Fair value, end of period
$
293.7

 
$
269.9