Financial Instruments

9 Months Ended

Sep. 30, 2011

Financial Instruments [Abstract]

Financial Instruments

9.   Financial Instruments

Marketable Securities, including Strategic Investments

The following tables summarize our marketable securities and strategic investments:

			Gross		Gross
	Fair		Unrealized		Unrealized			Amortized
As of September 30, 2011 (In millions)	Value		Gains		Losses			Cost
Available-for-sale
Corporate debt securities
Current	$	141.8	$	0.2	$	(0.1	)	$	141.7
Non-current		400.8		1.2		(1.2	)		400.8
Government securities
Current		800.5		0.2		(0.1	)		800.4
Non-current		681.5		1.1		(0.3	)		680.7
Mortgage and other asset backed securities
Current		2.1		—		—			2.1
Non-current		267.0		0.5		(0.9	)		267.4
Total available-for-sale securities	$	2,293.7	$	3.2	$	(2.6	)	$	2,293.1
Other Investments
Strategic investments, non-current	$	1.2	$	—	$	(0.1	)	$	1.3

			Gross		Gross
	Fair		Unrealized		Unrealized			Amortized
As of December 31, 2010 (In millions)	Value		Gains		Losses			Cost
Available-for-sale
Corporate debt securities
Current	$	93.2	$	0.1	$	—		$	93.1
Non-current		219.8		2.1		(0.5	)		218.2
Government securities
Current		352.8		0.2		—			352.6
Non-current		432.5		0.6		(0.6	)		432.5
Mortgage and other asset backed securities
Current		2.1		—		—			2.1
Non-current		90.8		0.5		(0.2	)		90.5
Total available-for-sale securities	$	1,191.2	$	3.5	$	(1.3	)	$	1,189.0
Other Investments
Strategic investments, non-current	$	44.8	$	17.5	$	—		$	27.3

In the tables above, as of September 30, 2011 and December 31, 2010, government securities included $214.2 million and $163.5 million, respectively, of Federal Deposit Insurance Corporation (FDIC) guaranteed senior notes issued by financial institutions under the Temporary Liquidity Guarantee Program.

The following table summarizes our financial assets with original maturities of less than 90 days included within cash and cash equivalents on the accompanying condensed consolidated balance sheet:

	As of		As of
	September 30,		December 31,
(In millions)	2011		2010
Commercial paper	$	22.1	$	4.0
Repurchase agreements		35.4		26.0
Short-term debt securities		183.8		621.8
Total	$	241.3	$	651.8

The carrying values of our commercial paper, including accrued interest, repurchase agreements, and our short-term debt securities approximate fair value.

Summary of Contractual Maturities: Available-for-Sale Securities

The estimated fair value and amortized cost of securities, excluding strategic investments, available-for-sale by contractual maturity are summarized as follows:

	As of September 30, 2011				As of December 31, 2010
	Estimated		Amortized		Estimated		Amortized
(In millions)	Fair Value		Cost		Fair Value		Cost
Due in one year or less	$	944.4	$	944.1	$	448.1	$	447.8
Due after one year through five years		1,196.9		1,196.3		664.1		662.4
Due after five years		152.4		152.7		79.0		78.8
Total	$	2,293.7	$	2,293.1	$	1,191.2	$	1,189.0

The average maturity of our marketable securities as of September 30, 2011 and December 31, 2010 was 13 months and 11 months, respectively.

Proceeds from Marketable Securities

The proceeds from maturities and sales of marketable securities, excluding strategic investments and resulting realized gains and losses, are generally reinvested, and are summarized as follows:

	For the Three Months				For the Nine Months
	Ended September 30,				Ended September 30,
(In millions)	2011		2010		2011		2010
Proceeds from maturities and sales	$	306.2	$	487.8	$	1,476.1	$	2,490.4
Realized gains	$	0.3	$	5.0	$	3.4	$	18.1
Realized losses	$	0.4	$	0.2	$	1.7	$	2.0

In the first quarter of 2011, we also recognized within other income (expense), a net gain of $13.8 million on the sale of stock within our strategic investment portfolio.

Impairments

We conduct periodic reviews to identify and evaluate each investment that has an unrealized loss in accordance with the meaning of other-than-temporary impairment and its application to certain investments.

For the three and nine months ended September 30, 2011, we recognized $0.8 million and $7.6 million, respectively, in charges for the impairment of our investments in venture capital funds and investments in privately-held companies. No impairments were recognized in relation to our publicly-held strategic investments.

For the three and nine months ended September 30, 2010, we recognized $2.8 million and $19.8 million, respectively, in charges for the impairment of our publicly-held strategic investments, investments in venture capital funds and investments in privately-held companies.