Fair value measurements (Tables)

6 Months Ended

Jul. 02, 2016

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The following table summarizes the valuation of our financial instruments carried at fair value and measured at fair value on a recurring basis by the above pricing categories (in millions):

		Fair Value
	Fair Value Hierarchy	July 2, 2016		December 31, 2015
Measured at fair value on a recurring basis:
Assets:
Investment securities	Level 1	$	40.0	$	14.9
Foreign currency forward contracts	Level 2	$	4.3	$	4.8
Funds associated with Israeli post-employment benefits	Level 2	16.3		17.2
Total level 2 assets		$	20.6	$	22.0
Liabilities:
Interest rate swap agreements	Level 2	$	—	$	0.3
Foreign currency forward contracts	Level 2	2.8		3.9
Total level 2 liabilities		$	2.8	$	4.2
Contingent consideration	Level 3	$	44.9	$	17.9

Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]

The following table summarizes the valuation of our financial instruments carried at fair value and measured at fair value on a recurring basis by the above pricing categories (in millions):

		Fair Value
	Fair Value Hierarchy	July 2, 2016		December 31, 2015
Measured at fair value on a recurring basis:
Assets:
Investment securities	Level 1	$	40.0	$	14.9
Foreign currency forward contracts	Level 2	$	4.3	$	4.8
Funds associated with Israeli post-employment benefits	Level 2	16.3		17.2
Total level 2 assets		$	20.6	$	22.0
Liabilities:
Interest rate swap agreements	Level 2	$	—	$	0.3
Foreign currency forward contracts	Level 2	2.8		3.9
Total level 2 liabilities		$	2.8	$	4.2
Contingent consideration	Level 3	$	44.9	$	17.9

There were no transfers between Level 1, 2, and 3 during the three and six months endedJuly 2, 2016 and June 27, 2015. Our policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period. See Note 7 for information on our investment securities. See Note 8 for a discussion of derivatives.

Israeli post-employment benefits represent amounts we have deposited in funds managed by financial institutions designated by management to cover post-employment benefits for our Israeli employees as required by Israeli law. The funds are recorded in Other non-current assets and values are determined using prices for recently traded financial instruments with similar underlying terms, as well as directly or indirectly observable inputs, such as interest rates and yield curves, that are observable at commonly quoted intervals.

Contingent consideration represents milestone payment obligations obtained through product acquisitions, which are valued using estimates based on probability-weighted outcomes, sensitivity analysis, and discount rates reflective of the risk involved. The estimates are updated quarterly and the liabilities are adjusted to fair value depending on a number of assumptions, including the competitive landscape and regulatory approvals that may impact the future sales of a product.

The table below presents a reconciliation for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions). Net realized losses in the table were recorded in Administrative expense.

	Three Months Ended						Six Months Ended
	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Contingent Consideration
Beginning balance:	$	48.0		$	12.4		$	17.9		$	12.4
Net realized (gains) losses	(0.1		)	0.9			—			0.9
Purchases or additions	1.0			—			30.5			—
Impairments	(3.8		)	(13.3		)	(3.8		)	(13.3		)
Foreign currency effect	(0.2		)	—			0.3			—
Ending balance:	$	44.9		$	—		$	44.9		$	—

Certain assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value may not be recoverable. The following table summarizes the valuation of our financial instruments carried at fair value by the above pricing categories (in millions):

		Fair Value
	Fair Value Hierarchy	July 2, 2016		December 31, 2015
Measured at fair value on a non-recurring basis:
Assets:
Goodwill(1)	Level 3	$	1,792.6	$	—
Indefinite-lived intangible assets(2)	Level 3	$	1,082.0	$	1,031.8
Assets held for sale, net	Level 3	70.1		37.5
Total level 3 assets		$	2,944.7	$	1,069.3

(1) Goodwill with a carrying amount of $1,955.9 million was written down to its implied fair value of $1,792.6 million, resulting in total impairment charges of $163.3 million for the six months endedJuly 2, 2016, which are included in Impairment charges (credits) on the Condensed Consolidated Statements of Operations. The implied fair value is as of April 2, 2016, the date of the goodwill impairment test.

(2) Intangible assets estimated fair value at July 2, 2016 is as of April 2, 2016, the date the impairment was taken.

Fair value, inputs, level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of fair value, assets and liabilities measured on recurring and non-recurring basis [Table Text Block]

The table below presents a reconciliation for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions). Net realized losses in the table were recorded in Administrative expense.

	Three Months Ended						Six Months Ended
	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Contingent Consideration
Beginning balance:	$	48.0		$	12.4		$	17.9		$	12.4
Net realized (gains) losses	(0.1		)	0.9			—			0.9
Purchases or additions	1.0			—			30.5			—
Impairments	(3.8		)	(13.3		)	(3.8		)	(13.3		)
Foreign currency effect	(0.2		)	—			0.3			—
Ending balance:	$	44.9		$	—		$	44.9		$	—