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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2015
Derivative [Line Items]  
Schedule of fair value and balance sheet location of derivative instruments
The following table summarizes the fair value and presentation in the Consolidated Balance Sheets for derivative instruments as of December 31, 2015 and 2014:
 
 
 
 
December 31, 2015
 
 
 
 
Fair Value
Instrument
 
Balance Sheet
Location
 
Asset Derivatives
 
Liability Derivatives
Derivatives designated as hedging instruments:
 
Foreign exchange contracts1
 
Other current assets
 
$
356.2

 
$
18.0

 
 
Other non-current assets
 
287.8

 
28.0

Interest rate swap agreements
 
Other current assets
 
30.7

 
—

 
 
Other non-current assets
 
26.1

 
4.7

 
 
Other non-current liabilities
 
0.2

 
0.9

Derivatives not designated as hedging instruments:
 
Foreign exchange contracts1
 
Other current assets
 
46.0

 
5.9

 
 
Other current liabilities
 
2.9

 
7.4

Interest rate swap agreements
 
Other current assets
 
2.4

 
2.3

 
 
Other non-current assets
 
2.4

 
1.4

Total
 
 
 
$
754.7

 
$
68.6

 
 
 
 
December 31, 2014
 
 
 
 
Fair Value
Instrument
 
Balance Sheet
Location
 
Asset Derivatives
 
Liability Derivatives
Derivatives designated as hedging instruments:
 
Foreign exchange contracts1
 
Other current assets
 
$
264.9

 
$
44.9

 
 
Other current liabilities
 
0.1

 
1.7

 
 
Other non-current assets
 
322.3

 
17.5

Interest rate swap agreements
 
Other current assets
 
17.9

 
—

 
 
Other non-current assets
 
4.8

 
0.3

 
 
Other non-current liabilities
 
—

 
3.8

Derivatives not designated as hedging instruments:
 
Foreign exchange contracts1
 
Other current assets
 
39.7

 
6.0

 
 
Other current liabilities
 
0.1

 
1.1

Interest rate swap agreements
 
Other current assets
 
0.1

 
—

 
 
Other non-current assets
 
1.3

 
—

Total
 
 
 
$
651.2

 
$
75.3

1Derivative instruments in this category are subject to master netting arrangements and are presented on a net basis in the Consolidated Balance Sheets in accordance with ASC 210-20.
Schedule of effect of derivative instruments not designated as hedging instruments on Consolidated Statements of Income
The following table summarizes the effect of derivative instruments not designated as hedging instruments on the Consolidated Statements of Income for the years ended December 31, 2015 and 2014:
 
 
Location of Gain (Loss)
Recognized in Income
on Derivative
 
Amount of Gain (Loss)
Recognized in Income
on Derivative
Instrument
 
2015
 
2014
Foreign exchange contracts
 
Other income, net
 
$
81.2

 
$
79.3

Put options sold
 
Other income, net
 
$
(9.9
)
 
$
11.6
Cash flow hedges  
Derivative [Line Items]  
Schedule of effect of derivative instruments designated as hedging instruments on Consolidated Statements of Income
The following table summarizes the effect of derivative instruments designated as cash-flow hedging instruments on the Consolidated Statements of Income for the years ended December 31, 2015 and 2014:
 
 
2015
 
 
 
 
(Effective Portion)
 
(Ineffective Portion and Amount Excluded From Effectiveness Testing)
 
 
Instrument
 
Amount of
Gain/(Loss)
Recognized in OCI
on Derivative1
 
Location of
Gain/(Loss)
Reclassified from
Accumulated OCI
into Income
 
Amount of
Gain/(Loss)
Reclassified from
Accumulated OCI
into Income
 
Location of
Gain/(Loss)
Recognized in
Income on
Derivative
 
Amount of
Gain/(Loss)
Recognized in
Income on
Derivative
 
 
Foreign exchange contracts
 
$
429.4

 
Net product sales
 
$
354.4

 
Other income, net
 
$
20.0

 
2 
Treasury rate lock agreements
 
$
(27.9
)
 
Interest expense
 
$
(4.2
)
 
Other income, net
 
$
(0.2
)
 
3 
Forward starting interest rate swaps
 
$
9.0

 
Interest expense
 
$
(1.5
)
 
Other income, net
 
$
0.3

 
3 

1 
Net gains of $364.8 million are expected to be reclassified from Accumulated OCI into income in the next 12 months.
2 
The amount of net gains recognized in income represents $23.0 million of gains related to amounts excluded from the assessment of hedge effectiveness (fair value adjustments of forward point amounts) and $3.0 million in losses related to the ineffective portion of the hedging relationships.
3 
The amount of net (loss) gain recognized in income relates to the ineffective portion of the hedging relationships.

 
 
2014
 
 
 
 
(Effective Portion)
 
(Ineffective Portion and Amount Excluded From Effectiveness Testing)
 
 
Instrument
 
Amount of
Gain/(Loss)
Recognized in OCI
on Derivative1
 
Location of
Gain/(Loss)
Reclassified from
Accumulated OCI
into Income
 
Amount of
Gain/(Loss)
Reclassified from
Accumulated OCI
into Income
 
Location of
Gain/(Loss)
Recognized in
Income on
Derivative
 
Amount of
Gain/(Loss)
Recognized in
Income on
Derivative
 
 
Foreign exchange contracts
 
$
600.4

 
Net product sales
 
$
27.5

 
Other income, net
 
$
(12.2
)
 
1 
Treasury rate lock agreements
 
$
—

 
Interest expense
 
$
(3.5
)
 
 
 
 

 
 
Forward starting interest rate swaps
 
$
(32.3
)
 
Interest expense
 
$
(0.9
)
 
Other income, net
 
(3.6
)
 
2 

1 
The amount of net gain recognized in income represents $18.0 million in losses related to amounts excluded from the assessment of hedge effectiveness (fair value adjustments of forward point amounts) and $5.8 million of gains related to the ineffective portion of the hedging relationships.
2 
The amount of net loss recognized in income relates to the ineffective portion of the hedging relationships.

The following table summarizes the effect of derivative instruments designated as fair value hedging instruments on the Consolidated Statements of Income for the years ended December 31, 2015 and 2014:
 
 
Location of Gain (Loss)
Recognized in Income
on Derivative
 
Amount of Gain (Loss)
Recognized in Income
on Derivative
Instrument
 
2015
 
2014
Interest rate swaps
 
Interest expense
 
$
60.3

 
$
43.0
Foreign currency forward contracts  
Derivative [Line Items]  
Schedule of notional amount of foreign currency forward contracts
Foreign currency forward contracts entered into to hedge forecasted revenue and expenses were as follows at December 31, 2015 and December 31, 2014:

 
 
Notional Amount
Foreign Currency:
 
2015
 
2014
Australian Dollar
 
$
45.1

 
$
18.8

British Pound
 
289.3

 
304.8

Canadian Dollar
 
135.9

 
43.7

Euro
 
2,934.3

 
3,375.7

Japanese Yen
 
510.4

 
541.1

Total
 
$
3,915.0

 
$
4,284.1
Foreign exchange option contracts  
Derivative [Line Items]  
Foreign currency option contracts entered into to hedge forecasted revenue and expenses
Outstanding foreign currency option contracts entered into to hedge forecasted revenue were as follows at December 31, 2015 and 2014:
 
Notional Amount1
 
2015
 
2014
Foreign currency option contracts designated as hedging activity:
 
 
 
Purchased Put
$
641.5

 
$
152.6

Written Call
$
690.0

 
$
160.9

1 U.S. dollar notional amounts are calculated as the hedged local currency amount multiplied by the strike value of the foreign currency option. The local currency notional amounts of our purchased put and written call that are designated as hedging activities are equal to each other.
Interest rate swaps  
Derivative [Line Items]  
Schedule of notional amount of foreign currency forward contracts
The following table summarizes the notional amounts of our outstanding interest rate swap contracts at December 31, 2015 and December 31, 2014: 
 
 
Notional Amount
 
 
2015
 
2014
Interest rate swap contracts entered into as fair value hedges of the following fixed-rate senior notes:
 
 

 
 

2.450% senior notes due 2015
 
$
—

 
$
300.0

1.900% senior notes due 2017
 
300.0

 
300.0

2.300% senior notes due 2018
 
200.0

 
200.0

2.250% senior notes due 2019
 
500.0

 
500.0

3.950% senior notes due 2020
 
500.0

 
500.0

3.250% senior notes due 2022
 
1,000.0

 
750.0

4.000% senior notes due 2023
 
700.0

 
150.0

3.625% senior notes due 2024
 
100.0

 
—

3.875% senior notes due 2025
 
250.0

 
—

Total
 
$
3,550.0

 
$
2,700.0