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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Summary of Assets and Liabilities Recorded at Fair Value



(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



(In millions)	As of June 30, 2013		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	261.5	$	—	$	261.5	$	—
Marketable debt securities:
Corporate debt securities	99.6		—		99.6		—
Government securities	273.2		—		273.2		—
Mortgage and other asset backed securities	9.5		—		9.5		—
Marketable equity securities	28.9		28.9		—		—
Venture capital investments	23.5		—		—		23.5
Derivative contracts	5.9		—		5.9		—
Plan assets for deferred compensation	16.1		—		16.1		—
Total	$	718.2	$	28.9	$	665.8	$	23.5
Liabilities:
Derivative contracts	$	5.9	$	—	$	5.9	$	—
Contingent consideration obligations	281.0		—		—		281.0
Total	$	286.9	$	—	$	5.9	$	281.0

Fair value of venture capital investments



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
(In millions)	2013			2012			2013			2012
Fair value, beginning of period	$	18.0		$	22.1		$	20.3		$	23.5
Unrealized gains included in earnings	6.1			3.1			6.7			3.5
Unrealized losses included in earnings	(0.6		)	(0.2		)	(2.0		)	(2.0		)
Purchases	—			0.4			—			0.4
Settlements	—			—			(1.5		)	—
Fair value, end of period	$	23.5		$	25.4		$	23.5		$	25.4

Summary of fair and carrying value of debt instruments



	As of June 30, 2013				As of December 31, 2012
(In millions)	Fair Value		Carrying Value		Fair Value		Carrying Value
Notes payable to Fumedica	$	15.9	$	14.4	$	20.0	$	17.9
Credit facility	—		—		—		—
6.0% Senior Notes due March 1, 2013	—		—		453.7		450.0
6.875% Senior Notes due March 1, 2018	654.3		583.3		681.6		586.4
Total	$	670.2	$	597.7	$	1,155.3	$	1,054.3

Fair value of contingent consideration obligations



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
(In millions)	2013			2012			2013			2012
Fair value, beginning of period	$	293.7		$	269.9		$	293.9		$	151.0
Additions	—			4.6			—			122.2
Changes in fair value	(5.2		)	12.9			(2.9		)	14.1
Payments	(7.5		)	(6.5		)	(10.0		)	(6.5		)
Fair value, end of period	$	281.0		$	280.9		$	281.0		$	280.9

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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