Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]

A rollforward of the activity in the Company’s fair value of contingent consideration from December 31, 2014 to December 31, 2016 is as follows:



(In millions)	Current Portion ⁽¹⁾			Long-Term Portion ⁽²⁾			Total Contingent Consideration
Balance at December 31, 2014	$	20.0		$	450.0		$	470.0
Acquisitions	—			18.0			18.0
Reclassifications	15.0			(15.0		)	—
Accretion	—			38.4			38.4
Balance at December 31, 2015	$	35.0		$	491.4		$	526.4
Acquisitions	21.6			1.2			22.8
Payments	(44.4		)	(0.5		)	(44.9		)
Reclassifications	169.8			(169.8		)	—
Accretion	0.1			41.7			41.8
Fair value loss (gain) ⁽³⁾	74.8			(55.9		)	18.9
Foreign currency translation	—			(0.4		)	(0.4		)
Balance at December 31, 2016	$	256.9		$	307.7		$	564.6

____________


⁽¹⁾	Included in other current liabilities on the Consolidated Balance Sheets.


⁽²⁾	Included in other long-term obligations on the Consolidated Balance Sheets.


⁽³⁾	Included in litigation settlements and other contingencies, net in the Consolidated Statements of Operations.

Financial Assets and Liabilities Carried at Fair Value

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



	December 31, 2016
(In millions)	Level 1		Level 2		Level 3		Total
Recurring fair value measurements
Financial Assets
Cash equivalents:
Money market funds	$	433.7	$	—	$	—	$	433.7
Total cash equivalents	433.7		—		—		433.7
Trading securities:
Equity securities — exchange traded funds	29.6		—		—		29.6
Total trading securities	29.6		—		—		29.6
Available-for-sale fixed income investments:
Corporate bonds	—		17.5		—		17.5
U.S. Treasuries	—		6.0		—		6.0
Agency mortgage-backed securities	—		4.0		—		4.0
Asset backed securities	—		1.6		—		1.6
Other	—		2.3		—		2.3
Total available-for-sale fixed income investments	—		31.4		—		31.4
Available-for-sale equity securities:
Marketable securities	52.3		—		—		52.3
Total available-for-sale equity securities	52.3		—		—		52.3
Foreign exchange derivative assets	—		35.9		—		35.9
Interest rate swap derivative assets	—		26.2		—		26.2
Total assets at recurring fair value measurement	$	515.6	$	93.5	$	—	$	609.1
Financial Liabilities
Foreign exchange derivative liabilities	$	—	$	15.3	$	—	$	15.3
Contingent consideration	—		—		564.6		564.6
Total liabilities at recurring fair value measurement	$	—	$	15.3	$	564.6	$	579.9



	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:
Corporate bonds	—		15.7		—		15.7
U.S. Treasuries	—		4.7		—		4.7
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

Schedule of Available-for-Sale Securities Reconciliation

The amortized cost and estimated fair value of available-for-sale securities, included in prepaid expenses and other current assets, were as follows:



(In millions)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2016
Debt securities	$	31.4	$	—	$	—		$	31.4
Equity securities	28.0		24.6		(0.3		)	52.3
	$	59.4	$	24.6	$	(0.3	)	$	83.7
December 31, 2015
Debt securities	$	28.3	$	—	$	(0.3	)	$	28.0
Equity securities	27.3		—		(1.3		)	26.0
	$	55.6	$	—	$	(1.6	)	$	54.0

Maturities Of Available-for-Sale Debt Securities At Fair Value

Maturities of available-for-sale debt securities at fair value as of December 31, 2016, were as follows:



(In millions)
Mature within one year	$	1.8
Mature in one to five years	16.1
Mature in five years and later	13.5
	$	31.4

Fair value hedging relationships

Derivative [Line Items]

Effect of Derivative Instruments on the Consolidated Statements of Operations

The Effect of Derivative Instruments on the Consolidated Statements of Operations

Derivatives in Fair Value Hedging Relationships



	Location of (Loss) or Gain Recognized in Earnings on Derivatives	Amount of (Loss) or Gain Recognized in Earnings on Derivatives
		Year Ended December 31,
(In millions)		2016			2015		2014
Interest rate swaps	Interest expense	$	(10.0	)	$	5.9	$	35.6
Total		$	(10.0	)	$	5.9	$	35.6



	Location of Gain or (Loss) Recognized in Earnings on Hedged Items	Amount of Gain or (Loss) Recognized in Earnings on Hedging Items
		Year Ended December 31,
(In millions)		2016		2015			2014
2023 Senior Notes (3.125% coupon)	Interest expense	$	10.0	$	(5.9	)	$	(45.7	)
2016 Senior Notes (1.800% coupon)	Interest expense	—		—			(0.9		)
2018 Senior Notes (6.000% coupon)	Other expense, net	—		—			15.0
2018 Senior Notes (6.000% coupon)	Interest expense	—		—			4.6
Total		$	10.0	$	(5.9	)	$	(27.0	)

Net Investment Hedging

Derivative [Line Items]

Effect of Derivative Instruments on the Consolidated Statements of Operations

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

Derivatives in Net Investment Hedging Relationships



	Amount of Loss Recognized in AOCE (Net of Tax) on Derivatives (Effective Portion)
	Year Ended December 31,
(In millions)	2016			2015		2014
Foreign currency borrowings and forward contracts	$	(1.4	)	$	—	$	—
Total	$	(1.4	)	$	—	$	—

Cash flow hedging relationships

Derivative [Line Items]

Effect of Derivative Instruments on the Consolidated Statements of Operations

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

Derivatives in Cash Flow Hedging Relationships



	Amount of (Loss) or Gain Recognized in AOCE (Net of Tax) on Derivatives (Effective Portion)
	Year Ended December 31,
(In millions)	2016			2015			2014
Foreign currency forward contracts	$	(27.5	)	$	(44.5	)	$	(26.8	)
Interest rate swaps	(38.7		)	13.5			(135.1		)
Total	$	(66.2	)	$	(31.0	)	$	(161.9	)

The Effect of Derivative Instruments on the 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)
		Year Ended December 31,
(In millions)		2016			2015			2014
Foreign currency forward contracts	Net sales	$	(44.3	)	$	(40.3	)	$	(47.9	)
Interest rate swaps	Interest expense	(8.7		)	(0.8		)	(0.6		)
Total		$	(53.0	)	$	(41.1	)	$	(48.5	)



	Location of Gain Excluded from the Assessment of Hedge Effectiveness	Amount of Gain Excluded from the Assessment of Hedge Effectiveness
		Year Ended December 31,
(In millions)		2016		2015		2014
Foreign currency forward contracts	Other expense, net	$	33.5	$	45.1	$	82.3
Total		$	33.5	$	45.1	$	82.3

Designated as hedging instrument

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

Fair Values of Derivative Instruments

Derivatives Designated as Hedging Instruments



	Asset Derivatives
	December 31, 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	$	26.2	Prepaid expenses and other current assets	$	36.3
Foreign currency forward contracts	Prepaid expenses and other current assets	21.9		Prepaid expenses and other current assets	8.4
Total		$	48.1		$	44.7



	Liability Derivatives
	December 31, 2016			December 31, 2015
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Interest rate swaps	Other current liabilities	$	—	Other current liabilities	$	10.5
Total		$	—		$	10.5

Not designated as hedging instrument

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

Fair Values of Derivative Instruments

Derivatives Not Designated as Hedging Instruments



	Asset Derivatives
	December 31, 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	$	14.0	Prepaid expenses and other current assets	$	20.0
Total		$	14.0		$	20.0



	Liability Derivatives
	December 31, 2016			December 31, 2015
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign currency forward contracts	Other current liabilities	$	15.3	Other current liabilities	$	9.3
Total		$	15.3		$	9.3

Effect of Derivative Instruments on the Consolidated Statements of Operations

The Effect of Derivative Instruments on the 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
		Year Ended December 31,
(In millions)		2016			2015			2014
Foreign currency option and forward contracts	Other expense, net	$	(104.5	)	$	41.7		$	(78.3	)
Interest rate swaps	Other expense, net	—			(71.2		)	—
Cash conversion feature of Cash Convertible Notes	Other expense, net	—			1,853.5			(550.2		)
Purchased cash convertible note hedge	Other expense, net	—			(1,853.5		)	550.2
Total		$	(104.5	)	$	(29.5	)	$	(78.3	)