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For purposes of comparison, the following information relates to December 31, 2008.
Fair Value at
December 31,
2008
Quoted
Prices in
Active
Markets
(Level 1)
Other
Observable
Inputs
(Level 2)
Unobservable
Inputs
(Level 3)
Based on
Assets measured at fair value on a
recurring basis:
Available-for-sale marketable securities — ST . . $694.1 $428.0 $264.7 $ 1.4
Available-for-sale marketable securities — LT . . 24.7 — — 24.7
Total................................. $718.8 $428.0 $264.7 $26.1
Liabilities measured at fair value on a
recurring basis:
Foreign currency derivatives
(1)
............. 1.5 — 1.5 —
Total................................. $ 1.5 $ — $ 1.5 $ —
(1)
Foreign currency derivative liabilities are included in Accrued liabilities on the Consolidated Statements of Financial Position.
Excluded from the table above were financial instruments included in Cash and cash equivalents on the
Consolidated Statements of Financial Position. Investments considered cash equivalents, which closely
approximate fair value as described in the Company’s policy above, included roughly $129.9 million of
money market funds and $36.0 million of US agency discount notes at December 31, 2008.
The following table presents additional information about Level 3 assets measured at fair value on a
recurring basis for the years ended December 31, 2009 and December 31, 2008:
Twelve Months
Ended
December 31, 2009
Twelve Months
Ended
December 31, 2008
Available-for-Sale Marketable Securities
Balance, beginning of period .......................... $26.1 $31.9
Pre-tax cumulative effect adj — Retained Earnings* ......... 2.1 —
Pre-tax cumulative effect adj — Accum Other Comp Loss*.... (2.1) —
Realized and unrealized gains/(losses) included in earnings . . (2.9) (7.3)
Unrealized gains/(losses) included in comprehensive income . . 1.0 (1.0)
Purchases, sales, issuances, and settlements, net. ......... (1.5) 0.1
Transfers in and/or out of Level 3....................... 2.7 2.4
Balance, end of period .............................. $25.4 $26.1
*
Adoption of new accounting guidance regarding recognition and presentation of other-than-temporary impairments
See Notes 2 and 6 to the Consolidated Financial Statements regarding the cumulative effect transition
adjustment related to the FASB’s amended guidance for determining other-than-temporary impairment
(“FASB OTTI guidance”).
83