Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 27, 2019

Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis

The following tables provide a summary of the significant assets and liabilities that are measured at fair value on a recurring basis at the end of each period:



	September 27, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Debt and equity securities held in rabbi trusts	$	35.7	$	25.9	$	9.8	$	—
Equity securities	11.4		11.4		—		—
	$	47.1	$	37.3	$	9.8	$	—

Liabilities:
Deferred compensation liabilities	$	37.3	$	—	$	37.3	$	—
Contingent consideration and acquired contingent liabilities	105.4		—		—		105.4
	$	142.7	$	—	$	37.3	$	105.4



	December 28, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Debt and equity securities held in rabbi trusts	$	33.1	$	22.4	$	10.7	$	—

Liabilities:
Deferred compensation liabilities	$	38.5	$	—	$	38.5	$	—
Contingent consideration and acquired contingent liabilities	151.4		—		—		151.4
	$	189.9	$	—	$	38.5	$	151.4

Schedule of Reconciliation of Changes in Fair Value of Contingent Liabilities

The following table summarizes the activity for contingent consideration:



Balance as of December 28, 2018	$	151.4
Payments	(25.0		)
Accretion expense	2.5
Fair value adjustments	(23.5		)
Balance as of September 27, 2019	$	105.4

Schedule of Carrying Amount and Fair Value of Long-term Debt

The following table presents the carrying values and estimated fair values of the Company's debt as of the end of each period:



	September 27, 2019				December 28, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Level 1:
4.875% Senior Notes due April 2020	$	698.0	$	457.9	$	700.0	$	676.6
Variable-rate receivable securitization due July 2020	—		—		250.0		250.0
5.75% Senior Notes due August 2022	663.2		250.3		835.2		713.6
4.75% Senior Notes due April 2023	350.1		99.8		500.2		336.7
5.625% Senior Notes due October 2023	659.4		217.9		731.4		557.0
5.50% Senior Notes due April 2025	596.1		179.2		692.1		479.1
Revolving credit facility	900.0		900.0		220.0		220.0
Level 2:
9.50% debentures due May 2022	10.4		5.1		10.4		9.7
8.00% debentures due March 2023	4.4		1.6		4.4		3.8
Term loan due September 2024	1,524.7		1,136.9		1,613.8		1,472.4
Term loan due February 2025	404.6		300.9		597.0		548.0
Level 3:
Other	—		—		2.2		2.2
Total debt	$	5,810.9	$	3,549.6	$	6,156.7	$	5,269.1

Schedules of Concentration of Risk

The following table shows net sales attributable to distributors that accounted for 10.0% or more of the Company's total net sales:



	Three Months Ended				Nine Months Ended
	September 27, 2019		September 28, 2018		September 27, 2019		September 28, 2018
CuraScript, Inc.	31.1	%	35.9	%	30.2	%	35.7	%
AmerisourceBergen Corporation	*		12.3	%	*		*

*Net sales to this distributor were less than 10% of total net sales during the respective periods presented above.

The following table shows accounts receivable attributable to distributors that accounted for 10.0% or more of the Company's gross accounts receivable at the end of each period:



	September 27, 2019		December 28, 2018
AmerisourceBergen Corporation	27.6	%	25.7	%
McKesson Corporation	14.1	%	21.9	%
CuraScript, Inc.	10.3	%	13.1	%

The following table shows net sales attributable to products that accounted for 10.0% or more of the Company's total net sales:



	Three Months Ended				Nine Months Ended
	September 27, 2019		September 28, 2018		September 27, 2019		September 28, 2018
Acthar Gel	30.9	%	36.3	%	30.5	%	34.7	%
Inomax	18.4	%	16.7	%	18.1	%	17.0	%
Ofirmev	11.6	%	10.9	%	11.5	%	10.7	%