Financial Instruments and Risk Management (Tables)

9 Months Ended

Sep. 30, 2015

Financial assets and liabilities carried at fair value are classified in the tables below in one of the three categories described above:



	September 30, 2015
(In millions)	Level 1		Level 2		Level 3		Total
Recurring fair value measurements
Financial Assets
Cash equivalents:
Money market funds	$	76.6	$	—	$	—	$	76.6
Total cash equivalents	76.6		—		—		76.6
Trading securities:
Equity securities — exchange traded funds	21.4		—		—		21.4
Total trading securities	21.4		—		—		21.4
Available-for-sale fixed income investments:
U.S. Treasuries	—		4.5		—		4.5
Corporate bonds	—		15.9		—		15.9
Agency mortgage-backed securities	—		3.7		—		3.7
Asset backed securities	—		2.3		—		2.3
Other	—		1.5		—		1.5
Total available-for-sale fixed income investments	—		27.9		—		27.9
Available-for-sale equity securities:
Marketable securities	27.3		—		—		27.3
Total available-for-sale equity securities	27.3		—		—		27.3
Foreign exchange derivative assets	—		16.4		—		16.4
Interest rate swap derivative assets	—		50.7		—		50.7
Total assets at recurring fair value measurement	$	125.3	$	95.0	$	—	$	220.3
Financial Liabilities
Foreign exchange derivative liabilities	$	—	$	3.0	$	—	$	3.0
Interest rate swap derivative liabilities	—		20.1		—		20.1
Contingent consideration	—		—		498.5		498.5
Total liabilities at recurring fair value measurement	$	—	$	23.1	$	498.5	$	521.6



	December 31, 2014
(In millions)	Level 1		Level 2		Level 3		Total
Recurring fair value measurements
Financial Assets
Cash equivalents:
Money market funds	$	122.2	$	—	$	—	$	122.2
Total cash equivalents	122.2		—		—		122.2
Trading securities:
Equity securities — exchange traded funds	20.2		—		—		20.2
Total trading securities	20.2		—		—		20.2
Available-for-sale fixed income investments:
U.S. Treasuries	—		0.6		—		0.6
Corporate bonds	—		12.0		—		12.0
Agency mortgage-backed securities	—		13.3		—		13.3
Other	—		2.2		—		2.2
Total available-for-sale fixed income investments	—		28.1		—		28.1
Available-for-sale equity securities:
Marketable securities	0.1		—		—		0.1
Total available-for-sale equity securities	0.1		—		—		0.1
Foreign exchange derivative assets	—		18.4		—		18.4
Interest rate swap derivative assets	—		30.4		—		30.4
Purchased cash convertible note hedge	—		1,853.5		—		1,853.5
Total assets at recurring fair value measurement	$	142.5	$	1,930.4	$	—	$	2,072.9
Financial Liabilities
Foreign exchange derivative liabilities	$	—	$	2.3	$	—	$	2.3
Interest rate swap derivative liabilities	—		49.9		—		49.9
Cash conversion feature of Cash Convertible Notes	—		1,853.5		—		1,853.5
Contingent consideration	—		—		470.0		470.0
Total liabilities at recurring fair value measurement	$	—	$	1,905.7	$	470.0	$	2,375.7

The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

Derivatives in Fair Value Hedging Relationships



	Location of Gain Recognized in Earnings on Derivatives	Amount of Gain Recognized in Earnings on Derivatives
(In millions)		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2015		2014		2015		2014
Interest rate swaps	Interest expense	$	29.5	$	2.4	$	34.1	$	50.2
Total		$	29.5	$	2.4	$	34.1	$	50.2



	Location of (Loss) or Gain Recognized in Earnings on Hedged Items	Amount of (Loss) or Gain Recognized in Earnings on Hedged Items
(In millions)		Three Months Ended					Nine Months Ended
		September 30,					September 30,
		2015			2014		2015			2014
2016 Senior Notes (1.800% coupon)	Interest expense	$	—		$	1.0	$	—		$	0.1
2018 Senior Notes (6.000% coupon)	Interest expense	—			2.8		$	—		$	3.9
2023 Senior Notes (3.125% coupon)	Interest expense	(25.0		)	2.3		(20.4		)	(28.6		)
Total		$	(25.0	)	$	6.1	$	(20.4	)	$	(24.6	)

The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

Derivatives in Cash Flow Hedging Relationships



	Amount of Loss Recognized in AOCE (Net of Tax) on Derivative (Effective Portion)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2015			2014			2015			2014
Foreign currency forward contracts	$	(21.3	)	$	(17.7	)	$	(36.5	)	$	(11.8	)
Interest rate swaps	(40.3		)	(7.7		)	(37.0		)	(84.6		)
Total	$	(61.6	)	$	(25.4	)	$	(73.5	)	$	(96.4	)



	Location of Loss Reclassified from AOCE into Earnings (Effective Portion)	Amount of Loss Reclassified from AOCE into Earnings (Effective Portion)
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
(In millions)		2015			2014			2015			2014
Foreign currency forward contracts	Net sales	$	(8.1	)	$	(10.1	)	$	(30.4	)	$	(35.4	)
Interest rate swaps	Interest expense	(0.2		)	(0.2		)	(0.5		)	(0.5		)
Total		$	(8.3	)	$	(10.3	)	$	(30.9	)	$	(35.9	)



	Location of Gain Excluded from the Assessment of Hedge Effectiveness	Amount of Gain Excluded from the Assessment of Hedge Effectiveness
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
(In millions)		2015		2014		2015		2014
Foreign currency forward contracts	Other expense (income), net	$	11.7	$	17.8	$	35.1	$	59.9
Total		$	11.7	$	17.8	$	35.1	$	59.9

Fair Values of Derivative Instruments

Derivatives Designated as Hedging Instruments



	Asset Derivatives
	September 30, 2015			December 31, 2014
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Interest rate swaps	Prepaid expenses and other current assets	$	50.7	Prepaid expenses and other current assets	$	30.4
Foreign currency forward contracts	Prepaid expenses and other current assets	10.5		Prepaid expenses and other current assets	12.9
Total		$	61.2		$	43.3

Fair Values of Derivative Instruments

Derivatives Not Designated as Hedging Instruments



	Asset Derivatives
	September 30, 2015			December 31, 2014
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign currency forward contracts	Prepaid expenses and other current assets	$	5.9	Prepaid expenses and other current assets	$	5.5
Purchased cash convertible note hedge	Prepaid expenses and other current assets	—		Prepaid expenses and other current assets	1,853.5
Total		$	5.9		$	1,859.0



	Liability Derivatives
	September 30, 2015			December 31, 2014
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign currency forward contracts	Other current liabilities	$	3.0	Other current liabilities	$	2.3
Cash conversion feature of Cash Convertible Notes	Current portion of long-term debt and other long-term obligations	—		Current portion of long-term debt and long-term obligations	1,853.5
Total		$	3.0		$	1,855.8

The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

Derivatives Not Designated as Hedging Instruments



	Location of Gain or (Loss) Recognized in Earnings on Derivatives	Amount of Gain or (Loss) Recognized in Earnings on Derivatives
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
(In millions)		2015			2014			2015			2014
Foreign currency forward contracts	Other expense (income), net	$	22.2		$	(60.3	)	$	29.8		$	(52.7	)
Cash conversion feature of Cash Convertible Notes	Other expense (income), net	1,689.3			262.4			1,853.5			(84.6		)
Purchased cash convertible note hedge	Other expense (income), net	(1,689.3		)	(262.4		)	(1,853.5		)	84.6
Total		$	22.2		$	(60.3	)	$	29.8		$	(52.7	)