Financial Instruments and Risk Management (Tables)

6 Months Ended

Jun. 30, 2017

Derivatives, Fair Value [Line Items]

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, 2016 to June 30, 2017 is as follows:



(In millions)	Current Portion⁽¹⁾			Long-Term Portion ⁽²⁾			Total Contingent Consideration
Balance at December 31, 2016	$	256.9		$	307.7		$	564.6
Payments	(36.1		)	(0.2		)	(36.3		)
Accretion	—			15.8			15.8
Fair value adjustments ⁽³⁾	(62.9		)	(15.2		)	(78.1		)
Balance at June 30, 2017	$	157.9		$	308.1		$	466.0

____________


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


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


⁽³⁾	Included in litigation settlements and other contingencies, net in the Condensed 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:



	June 30, 2017
(In millions)	Level 1		Level 2		Level 3		Total
Recurring fair value measurements
Financial Assets
Cash equivalents:
Money market funds	$	74.2	$	—	$	—	$	74.2
Total cash equivalents	74.2		—		—		74.2
Trading securities:
Equity securities — exchange traded funds	31.5		—		—		31.5
Total trading securities	31.5		—		—		31.5
Available-for-sale fixed income investments:
Corporate bonds	—		16.9		—		16.9
U.S. Treasuries	—		6.9		—		6.9
Agency mortgage-backed securities	—		4.6		—		4.6
Asset backed securities	—		1.6		—		1.6
Other	—		1.7		—		1.7
Total available-for-sale fixed income investments	—		31.7		—		31.7
Available-for-sale equity securities:
Marketable securities	64.2		—		—		64.2
Total available-for-sale equity securities	64.2		—		—		64.2
Foreign exchange derivative assets	—		63.2		—		63.2
Interest rate swap derivative assets	—		27.8		—		27.8
Total assets at recurring fair value measurement	$	169.9	$	122.7	$	—	$	292.6
Financial Liabilities
Foreign exchange derivative liabilities	$	—	$	32.3	$	—	$	32.3
Contingent consideration	—		—		466.0		466.0
Total liabilities at recurring fair value measurement	$	—	$	32.3	$	466.0	$	498.3



	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

Fair Value Hedging Relationships

Derivatives, Fair Value [Line Items]

Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

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

Derivatives in Fair Value Hedging Relationships



	Location of (Loss) Gain Recognized in Earnings on Derivatives	Amount of (Loss) Gain Recognized in Earnings on Derivatives
(In millions)		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2017		2016		2017		2016
Interest rate swaps	Interest expense	$	3.9	$	10.3	$	1.5	$	39.9
Total		$	3.9	$	10.3	$	1.5	$	39.9



	Location of Gain (Loss) Recognized in Earnings on Hedged Items	Amount of Gain (Loss) Recognized in Earnings on Hedged Items
(In millions)		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2017			2016			2017			2016
2023 Senior Notes (3.125% coupon)	Interest expense	$	(3.9	)	$	(10.3	)	$	(1.5	)	$	(39.9	)
Total		$	(3.9	)	$	(10.3	)	$	(1.5	)	$	(39.9	)

Cash Flow Hedging

Derivatives, Fair Value [Line Items]

Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

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

Derivatives in Cash Flow Hedging Relationships



	Amount of Gain (Loss) Recognized in AOCE (Net of Tax) on Derivative (Effective Portion)
	Three Months Ended					Six Months Ended
	June 30,					June 30,
(In millions)	2017		2016			2017		2016
Foreign currency forward contracts	$	2.2	$	(14.8	)	$	16.3	$	(19.2	)
Interest rate swaps	0.6		(1.2		)	1.3		(37.1		)
Total	$	2.8	$	(16.0	)	$	17.6	$	(56.3	)

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) Gain Reclassified from AOCE into Earnings (Effective Portion)
		Three Months Ended						Six Months Ended
		June 30,						June 30,
(In millions)		2017			2016			2017			2016
Foreign currency forward contracts	Net sales	$	(0.6	)	$	(12.9	)	$	(5.8	)	$	(23.5	)
Interest rate swaps	Interest expense	(1.8		)	(5.2		)	(3.6		)	(4.3		)
Total		$	(2.4	)	$	(18.1	)	$	(9.4	)	$	(27.8	)



	Location of (Loss) Gain Excluded from the Assessment of Hedge Effectiveness	Amount of (Loss) Gain Excluded from the Assessment of Hedge Effectiveness
		Three Months Ended				Six Months Ended
		June 30,				June 30,
(In millions)		2017		2016		2017		2016
Foreign currency forward contracts	Other expense, net	$	4.4	$	9.8	$	3.6	$	17.1
Total		$	4.4	$	9.8	$	3.6	$	17.1

Net Investment Hedging

Derivatives, Fair Value [Line Items]

Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

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

Derivatives in Net Investment Hedging Relationships



	Amount of Loss Recognized in AOCE (Net of Tax) on Derivative (Effective Portion)
	Three Months Ended					Six Months Ended
	June 30,					June 30,
(In millions)	2017			2016		2017			2016
Foreign currency borrowings and forward contracts	$	(121.2	)	$	—	$	(131.1	)	$	—
Total	$	(121.2	)	$	—	$	(131.1	)	$	—

Designated as Hedging Instrument

Derivatives, Fair Value [Line Items]

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

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, 2017			December 31, 2016
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Interest rate swaps	Prepaid expenses and other current assets	$	27.8	Prepaid expenses and other current assets	$	26.2
Foreign currency forward contracts	Prepaid expenses and other current assets	55.7		Prepaid expenses and other current assets	21.9
Total		$	83.5		$	48.1

Not Designated as Hedging Instruments

Derivatives, Fair Value [Line Items]

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

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, 2017			December 31, 2016
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign currency forward contracts	Prepaid expenses and other current assets	$	7.5	Prepaid expenses and other current assets	$	14.0
Total		$	7.5		$	14.0



	Liability Derivatives
	June 30, 2017			December 31, 2016
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign currency forward contracts	Other current liabilities	$	32.3	Other current liabilities	$	15.3
Total		$	32.3		$	15.3

Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

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

Derivatives Not Designated as Hedging Instruments



	Location of Loss Recognized in Earnings on Derivatives	Amount of Loss Recognized in Earnings on Derivatives
		Three Months Ended						Six Months Ended
		June 30,						June 30,
(In millions)		2017			2016			2017			2016
Foreign currency option and forward contracts	Other expense, net	$	(16.8	)	$	(46.5	)	$	(17.1	)	$	(61.5	)
Total		$	(16.8	)	$	(46.5	)	$	(17.1	)	$	(61.5	)