Financial Instruments and Risk Management (Tables)

6 Months Ended

Jun. 30, 2016

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



	June 30, 2016
(In millions)	Level 1		Level 2		Level 3		Total
Recurring fair value measurements
Financial Assets
Cash equivalents:
Money market funds	$	6,132.0	$	—	$	—	$	6,132.0
Total cash equivalents	6,132.0		—		—		6,132.0
Trading securities:
Equity securities — exchange traded funds	27.5		—		—		27.5
Total trading securities	27.5		—		—		27.5
Available-for-sale fixed income investments:
U.S. Treasuries	—		6.5		—		6.5
Corporate bonds	—		16.1		—		16.1
Agency mortgage-backed securities	—		4.8		—		4.8
Asset backed securities	—		1.9		—		1.9
Other	—		1.3		—		1.3
Total available-for-sale fixed income investments	—		30.6		—		30.6
Available-for-sale equity securities:
Marketable securities	36.1		—		—		36.1
Total available-for-sale equity securities	36.1		—		—		36.1
Foreign exchange derivative assets	—		28.1		—		28.1
Interest rate swap derivative assets	—		76.2		—		76.2
Total assets at recurring fair value measurement	$	6,195.6	$	134.9	$	—	$	6,330.5
Financial Liabilities
Foreign exchange derivative liabilities	$	—	$	97.4	$	—	$	97.4
Contingent consideration	—		—		550.7		550.7
Total liabilities at recurring fair value measurement	$	—	$	97.4	$	550.7	$	648.1



	December 31, 2015
(In millions)	Level 1		Level 2		Level 3		Total
Recurring fair value measurements
Financial Assets
Cash equivalents:
Money market funds	$	923.3	$	—	$	—	$	923.3
Total cash equivalents	923.3		—		—		923.3
Trading securities:
Equity securities — exchange traded funds	22.8		—		—		22.8
Total trading securities	22.8		—		—		22.8
Available-for-sale fixed income investments:
U.S. Treasuries	—		4.7		—		4.7
Corporate bonds	—		15.7		—		15.7
Agency mortgage-backed securities	—		3.9		—		3.9
Asset backed securities	—		2.3		—		2.3
Other	—		1.4		—		1.4
Total available-for-sale fixed income investments	—		28.0		—		28.0
Available-for-sale equity securities:
Marketable securities	26.0		—		—		26.0
Total available-for-sale equity securities	26.0		—		—		26.0
Foreign exchange derivative assets	—		28.4		—		28.4
Interest rate swap derivative assets	—		36.3		—		36.3
Total assets at recurring fair value measurement	$	972.1	$	92.7	$	—	$	1,064.8
Financial Liabilities
Foreign exchange derivative liabilities	$	—	$	9.3	$	—	$	9.3
Interest rate swap derivative liabilities	—		10.5		—		10.5
Contingent consideration	—		—		526.4		526.4
Total liabilities at recurring fair value measurement	$	—	$	19.8	$	526.4	$	546.2

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

Derivatives in Fair Value Hedging Relationships



	Location of Gain (Loss) Recognized in Earnings on Derivatives	Amount of Gain (Loss) Recognized in Earnings on Derivatives
(In millions)		Three Months Ended					Six Months Ended
		June 30,					June 30,
		2016		2015			2016		2015
Interest rate swaps	Interest expense	$	10.3	$	(15.9	)	$	39.9	$	4.6
Total		$	10.3	$	(15.9	)	$	39.9	$	4.6



	Location of Loss (Gain) Recognized in Earnings on Hedged Items	Amount of (Loss) Gain Recognized in Earnings on Hedged Items
(In millions)		Three Months Ended					Six Months Ended
		June 30,					June 30,
		2016			2015		2016			2015
2023 Senior Notes (3.125% coupon)	Interest expense	$	(10.3	)	$	20.5	$	(39.9	)	$	4.6
Total		$	(10.3	)	$	20.5	$	(39.9	)	$	4.6

The Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Earnings

Derivatives in Cash Flow Hedging Relationships



	Amount of (Loss) Gain Recognized in AOCE (Net of Tax) on Derivative (Effective Portion)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In millions)	2016			2015			2016			2015
Foreign currency forward contracts	$	(14.8	)	$	(14.4	)	$	(19.2	)	$	(15.2	)
Interest rate swaps	(1.2		)	35.7			(37.1		)	3.3
Total	$	(16.0	)	$	21.3		$	(56.3	)	$	(11.9	)

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

Derivatives in Cash Flow Hedging Relationships



	Location of Loss Reclassified from AOCE into Earnings (Effective Portion)	Amount of Loss Reclassified from AOCE into Earnings (Effective Portion)
		Three Months Ended						Six Months Ended
		June 30,						June 30,
(In millions)		2016			2015			2016			2015
Foreign currency forward contracts	Net sales	$	(12.9	)	$	(10.6	)	$	(23.5	)	$	(22.3	)
Interest rate swaps	Interest expense	(5.2		)	(0.1		)	(4.3		)	(0.3		)
Total		$	(18.1	)	$	(10.7	)	$	(27.8	)	$	(22.6	)



	Location of Gain Excluded from the Assessment of Hedge Effectiveness	Amount of Gain Excluded from the Assessment of Hedge Effectiveness
		Three Months Ended				Six Months Ended
		June 30,				June 30,
(In millions)		2016		2015		2016		2015
Foreign currency forward contracts	Other expense, net	$	9.8	$	14.8	$	17.1	$	23.4
Total		$	9.8	$	14.8	$	17.1	$	23.4

The Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets

Fair Values of Derivative Instruments

Derivatives Designated as Hedging Instruments



	Asset Derivatives
	June 30, 2016			December 31, 2015
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Interest rate swaps	Prepaid expenses and other current assets	$	76.2	Prepaid expenses and other current assets	$	36.3
Foreign currency forward contracts	Prepaid expenses and other current assets	7.5		Prepaid expenses and other current assets	8.4
Total		$	83.7		$	44.7

The Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets

Fair Values of Derivative Instruments

Derivatives Not Designated as Hedging Instruments



	Asset Derivatives
	June 30, 2016			December 31, 2015
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign currency forward contracts	Prepaid expenses and other current assets	$	20.6	Prepaid expenses and other current assets	$	20.0
Total		$	20.6		$	20.0



	Liability Derivatives
	June 30, 2016			December 31, 2015
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign currency option and forward contracts	Other current liabilities	$	97.4	Other current liabilities	$	9.3
Total		$	97.4		$	9.3

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

Derivatives Not Designated as Hedging Instruments



	Location of (Loss) or Gain Recognized in Earnings on Derivatives	Amount of (Loss) or Gain Recognized in Earnings on Derivatives
		Three Months Ended						Six Months Ended
		June 30,						June 30,
(In millions)		2016			2015			2016			2015
Foreign currency option and forward contracts	Other expense, net	$	(46.5	)	$	7.5		$	(61.5	)	$	7.6
Cash conversion feature of Cash Convertible Notes	Other expense, net	—			291.9			—			164.2
Purchased cash convertible note hedge	Other expense, net	—			(291.9		)	—			(164.2		)
Total		$	(46.5	)	$	7.5		$	(61.5	)	$	7.6