Fair Value Measurements and Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 27, 2015

Fair Value Measurements and Fair Value of Financial Instruments Disclosure

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

		The following table presents information about the company’s financial assets and liabilities measured at fair
value on a recurring basis as of June 27, 2015:
			June 27,			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)				2015		(Level 1)		(Level 2)		(Level 3)
Assets
	Cash equivalents			$	69.3	$	69.3	$	—	$	—
	Bank time deposits				2.0		2.0		—		—
	Investments in mutual funds, unit trusts and other    similar instruments				7.7		7.7		—		—
	Insurance contracts				103.6		—		103.6		—
	Derivative contracts				50.3		—		50.3		—
		Total Assets		$	232.9	$	79.0	$	153.9	$	—
Liabilities
	Derivative contracts			$	48.5	$	—	$	48.5	$	—
	Contingent consideration				7.6		—		—		7.6
		Total Liabilities		$	56.1	$	—	$	48.5	$	7.6

		The following table presents information about the company’s financial assets and liabilities measured at fair
value on a recurring basis as of December 31, 2014:
			December 31,			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)				2014		(Level 1)		(Level 2)		(Level 3)
Assets
	Cash equivalents			$	617.3	$	617.3	$	—	$	—
	Bank time deposits				8.5		8.5		—		—
	Investments in mutual funds, unit trusts and other    similar instruments				8.7		8.7		—		—
	Insurance contracts				102.5		—		102.5		—
	Derivative contracts				20.2		—		20.2		—
		Total Assets		$	757.2	$	634.5	$	122.7	$	—
Liabilities
	Derivative contracts			$	10.4	$	—	$	10.4	$	—
	Contingent consideration				29.6		—		—		29.6
		Total Liabilities		$	40.0	$	—	$	10.4	$	29.6

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table provides a rollforward of the fair value, as determined by Level 3 inputs, of the contingent consideration.

			Three Months Ended						Six Months Ended
		June 27,			June 28,			June 27,			June 28,
(In millions)			2015			2014			2015			2014
Contingent Consideration
	Beginning Balance		$	21.0		$	33.1		$	29.6		$	5.1
	Acquisition			—			—			—			29.1
	Payments			—			(5.0)			(8.0)			(6.1)
	Change in fair value included in earnings			—			3.6			(0.5)			3.6
	Sale of a product line			(13.4)			—			(13.4)			—
	Currency translation			—			0.3			(0.1)			0.3
	Ending Balance		$	7.6		$	32.0		$	7.6		$	32.0

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

				Fair Value – Assets					Fair Value – Liabilities
			June 27,			December 31,		June 27,			December 31,
(In millions)				2015		2014			2015		2014
Derivatives Designated as Hedging Instruments
	Interest rate swaps (a)			$	37.1	$	—		$	40.7	$	3.7
Derivatives Not Designated as Hedging Instruments
	Currency exchange contracts (b)				13.2		20.2			7.8		6.7
(a)		The fair value of the interest rate swaps is included in the consolidated balance sheet under the captions other current assets or other long-term liabilities.
(b)		The fair value of the currency exchange contracts is included in the consolidated balance sheet under the captions other current assets or other accrued expenses.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

			Gain (Loss) Recognized
			Three Months Ended						Six Months Ended
			June 27,		June 28,			June 27,			June 28,
(In millions)				2015			2014			2015			2014
Derivatives Designated as Fair Value Hedges
	Interest rate swaps - effective portion		$	9.5		$	1.0		$	16.2		$	2.1
	Interest rate swaps - ineffective portion (a)			(0.2)			1.1			(7.2)			1.8
Derivatives Not Designated as Fair Value Hedges
	Currency exchange contracts
		Included in cost of revenues	$	4.1		$	3.4		$	17.5		$	4.2
		Included in other expense, net		17.1			(0.5)			137.0			0.2
(a)		The ineffective portion of the loss recognized on interest rate swaps during the six months ended June 27, 2015 includes $7.5 million of costs associated with entering into the swap arrangements.

Fair Value, by Balance Sheet Grouping [Table Text Block]

		The carrying value and fair value of the company’s notes receivable and debt obligations are as follows:
			June 27, 2015				December 31, 2014
			Carrying		Fair		Carrying		Fair
(In millions)			Value		Value		Value		Value
Notes Receivable			$	10.8	$	10.8	$	8.3	$	8.3
Debt Obligations:
	Senior notes		$	11,954.7	$	12,072.9	$	13,265.8	$	13,590.6
	Term loan			925.0		925.0		1,275.0		1,275.0
	Commercial paper			1,125.0		1,125.0		—		—
	Other			18.8		18.8		23.2		23.2
			$	14,023.5	$	14,141.7	$	14,564.0	$	14,888.8
		The fair value of debt obligations was determined based on quoted market prices and on borrowing rates
available to the company at the respective period ends which represent level 2 measurements.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

		The carrying value and fair value of the company’s notes receivable and debt obligations are as follows:
			June 27, 2015				December 31, 2014
			Carrying		Fair		Carrying		Fair
(In millions)			Value		Value		Value		Value
Notes Receivable			$	10.8	$	10.8	$	8.3	$	8.3
Debt Obligations:
	Senior notes		$	11,954.7	$	12,072.9	$	13,265.8	$	13,590.6
	Term loan			925.0		925.0		1,275.0		1,275.0
	Commercial paper			1,125.0		1,125.0		—		—
	Other			18.8		18.8		23.2		23.2
			$	14,023.5	$	14,141.7	$	14,564.0	$	14,888.8
		The fair value of debt obligations was determined based on quoted market prices and on borrowing rates
available to the company at the respective period ends which represent level 2 measurements.