Debt (Tables)

12 Months Ended

Dec. 31, 2015

A summary of long-term debt is as follows:



(In millions)	Coupon		December 31, 2015			December 31, 2014
2015 Term Loans			$	1,600.0		$	—
2014 Term Loan			800.0			800.0
Cash Convertible Notes^(a)	3.750	%	—			2,405.6
2016 Senior Notes^(b)	1.800	%	500.1			500.2
2016 Senior Notes^(c)	1.350	%	499.9			499.8
2018 Senior Notes^(d)	2.600	%	649.3			649.0
2018 Senior Notes^(d)	3.000	%	499.4			—
2019 Senior Notes^(e)	2.550	%	499.2			499.0
2020 Senior Notes^(f)	3.750	%	499.8			—
2020 Senior Notes^(g)	7.875	%	—			1,010.5
2023 Senior Notes^(e)	3.125	%	785.2			779.1
2023 Senior Notes^(h)	4.200	%	498.4			498.2
2043 Senior Notes^(h)	5.400	%	497.0			497.0
Other			4.3			0.1
Deferred financing fees⁽ⁱ⁾			(38.3		)	(34.4		)
Total long-term debt, including current portion of long-term debt			7,294.3			8,104.1
Less current portion			998.7			2,404.2
Total long-term debt			$	6,295.6		$	5,699.9

____________


^(a)	The Cash Convertible Notes matured on September 15, 2015 and the remaining amount outstanding was repaid in full by the Company utilizing proceeds from the Delayed Draw Loan, included in 2015 Term Loans above. In addition, the convertible note hedge was settled during the third quarter of 2015.

^(b)

Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.20% plus, in each case, accrued and unpaid interest. Instrument is due on June 24, 2016 and is included in current portion of long-term debt and other long-term obligations in the Consolidated Balance Sheets at December 31, 2015.

^(c)

Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.125% plus, in each case, accrued and unpaid interest. Instrument is due on November 29, 2016 and is included in current portion of long-term debt and other long-term obligations in the Consolidated Balance Sheets at December 31, 2015.


^(d)	Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.30% plus, in each case, accrued and unpaid interest.


^(e)	Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.20% plus, in each case, accrued and unpaid interest.


^(f)	Instrument is callable by the Company at any time that is one month prior to the maturity date at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.35% plus, in each case, accrued and unpaid interest.


^(g)	Instrument was called by the Company on July 15, 2015 at a redemption price of 103.938% of the principal amount, together with accrued and unpaid interest at the redemption date.


^(h)	Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.25% plus, in each case, accrued and unpaid interest.

⁽ⁱ⁾

The Company has elected to early adopt ASU 2015-03, as further described in Note 2 Summary of Significant Accounting Policies, as of December 31, 2015. As such, the Company has retrospectively reclassified deferred financing fees related to term debt and Senior Notes from other assets to the current portion of long-term debt and other long-term obligations or long-term debt, dependent on the respective debt instrument, on the Consolidated Balance Sheets for all periods presented. For disclosure purposes, the amount has not been allocated to the individual instruments.

Minimum Repayments on Outstanding Borrowings

Mandatory minimum repayments remaining on the outstanding long-term debt at December 31, 2015, excluding the discounts, premium and conversion features, are as follows for each of the periods ending December 31:



(In millions)	Total
2016	$	1,000
2017	2,400
2018	1,150
2019	500
2020	500
Thereafter	1,750
Total	$	7,300

Cash Convertible Notes | Convertible Debt

Debt Instrument [Line Items]

Summary of Long-Term Debt

Below is the summary of the components of the Cash Convertible Notes as of December 31, 2014:



(In millions)	December 31, 2014
Outstanding principal	$	573.1
Equity component carrying amount	1,853.5
Unamortized discount	(21.0		)
Net debt carrying amount ^(a)	$	2,405.6
Purchased call options ^(b)	$	1,853.5

___________


^(a)	As of December 31, 2014, the cash convertible notes were classified as current portion of long-term debt and other long-term obligations and long-term debt, respectively, on the Consolidated Balance Sheets.


^(b)	As of December 31, 2014, purchased call options were classified as prepaid expenses and other current assets and other assets, respectively, on the Consolidated Balance Sheets.