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Assets and Liabilities Measured at Fair Value on a Recurring Basis
December 31, 2011
Based on
December 31, 2010
Based on
Fair
value
Quoted
prices
in active
markets
(Level 1)
Other
observable
inputs
(Level 2)
Unobservable
inputs
(Level 3)
Fair
value
Quoted
prices
in active
markets
(Level 1)
Other
observable
inputs
(Level 2)
Unobservable
inputs
(Level 3)
Assets measured at fair
value on a recurring
basis:
Government & agency debt
securities ............... $342.1 $226.3 $114.3 $ 1.5 $306.8 $243.1 $ 63.7 $ —
Corporate debt securities . . . 377.9 24.6 334.8 18.5 483.7 21.5 459.4 2.8
AB & MB securities ........ 73.3 — 68.5 4.8 89.2 — 82.5 6.7
Total available-for-sale
marketable securities —
ST..................... 793.3 250.9 517.6 24.8 879.7 264.6 605.6 9.5
Foreign currency
derivatives (1) ............ 0.1 — 0.1 — 4.2 — 4.2 —
Auction rate securities —
municipal debt ........... 8.2 — — 8.2 14.5 — — 14.5
Auction rate securities —
preferred ............... 3.3 — — 3.3 3.5 — — 3.5
Total available-for-sale
marketable securities —
LT ..................... 11.5 — — 11.5 18.0 — — 18.0
Total .................... $804.9 $250.9 $517.7 $36.3 $901.9 $264.6 $609.8 $27.5
Liabilities measured at fair
value on a recurring
basis:
Foreign currency
derivatives (1) ............ $ 1.0 $ — $ 1.0 $ — $ — $ — $ — $ —
Total .................... $ 1.0 $ — $ 1.0 $ — $ — $ — $ — $ —
AB = Asset-backed
MB = Mortgage-backed
(1) Foreign currency derivative assets and foreign currency derivative liabilities are included in Prepaid expenses and other
current assets and Accrued Liabilities, respectively, on the Consolidated Statements of Financial Position. See Note 18 of
the Notes to the Consolidated Financial Statements for disclosure of derivative assets and liabilities on a gross basis.
Excluded from the 2011 table above were financial instruments included in Cash and cash equivalents
on the Consolidated Statements of Financial Position. Investments considered cash equivalents
included approximately $235.9 million of money market funds, $6.5 million of U.S. government and
agency securities and $2.0 million of corporate debt securities at December 31, 2011. Excluded from
the 2010 table above were financial instruments included in Cash and cash equivalents on the
Consolidated Statements of Financial Position. Investments considered cash equivalents included
approximately $132.7 million of money market funds, $63.1 million of U.S. government and agency
debt securities and $12.3 million of corporate debt securities at December 31, 2010. The amortized
cost of these investments closely approximates fair value in accordance with the Company’s policy
regarding cash equivalents. Fair value of these instruments is readily determinable using the methods
described below for marketable securities or, in the case of money market funds, based on the fair
value per share (unit) determined and published as the basis for current transactions.
87