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Fair Value Measurements (Tables)
 9 Months Ended
Oct. 01, 2016
Fair Value Disclosures [Abstract]  
Valuation of Financial Instruments Carried at Fair Value
The following table summarizes the valuation of our financial instruments carried at fair value and measured at fair value on a recurring and non-recurring basis by the above pricing categories (in millions):
 
 
 
 
Fair Value
 
 
Fair Value Hierarchy
 
October 1,
2016
 
December 31,
2015
Measured at fair value on a recurring basis:
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
Investment securities
 
Level 1
 
$
53.0

 
$
14.9

 
 
 
 
 
 
 
Foreign currency forward contracts
 
Level 2
 
$
5.2

 
$
4.8

Funds associated with Israeli post-employment benefits
 
Level 2
 
16.5

 
17.2

Total level 2 assets
 
 
 
$
21.7

 
$
22.0

 
 
 
 
 
 
 
Tysabri® royalty stream - at fair value (restated)
 
Level 3
 
$
3,550.0

 
$
5,310.0

 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
Interest rate swap agreements
 
Level 2
 
$
—

 
$
0.3

Foreign currency forward contracts
 
Level 2
 
0.8

 
3.9

Total level 2 liabilities
 
 
 
$
0.8

 
$
4.2

 
 
 
 
 
 
 
Contingent consideration
 
Level 3
 
$
75.0

 
$
17.9

 
 
 
 
 
 
 
Measured at fair value on a non-recurring basis:
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
Goodwill (restated)(1)
 
Level 3
 
$
969.5

 
$
—

Indefinite-lived intangible assets(2)
 
Level 3
 
672.4

 
1,031.8

Definite-lived intangible assets(3)
 
Level 3
 
66.9

 
—

Assets held for sale, net
 
Level 3
 
14.1

 
37.5

Total level 3 assets
 
 
 
$
1,722.9

 
$
1,069.3
Reconciliation of Level 3 Assets

The following table summarizes the change in our Condensed Consolidated Balance Sheet for the royalty rights and our fair value adjustment that is a Level 3 measurement under ASC 820, which is included in our Condensed Consolidated Statement of Operations for the nine months ended October 1, 2016 and the six months ended December 31, 2015 (in millions):
 
Nine Months Ended
 
Six Months Ended
 
October 1,
2016
 
December 31,
2015
Tysabri® royalty stream - at fair value
 
 
 
Beginning balance
$
5,310.0

 
$
5,420.0

Royalties earned
(267.4
)
 
(167.3
)
Change in fair value
(1,492.6
)
 
57.3

Ending balance
$
3,550.0

 
$
5,310.0
Reconciliation of Level 3 Liabilities
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
 
Nine Months Ended
 
October 1,
2016
 
September 26,
2015
 
October 1,
2016
 
September 26,
2015
Contingent consideration
 
 
 
 
 
 
 
Beginning balance
$
44.9

 
$
—

 
$
17.9

 
$
12.4

Net realized (gains) losses
(0.4
)
 
—

 
(4.0
)
 
(12.4
)
Purchases or additions
30.6

 
—

 
61.1

 
—

Foreign currency effect
—

 
—

 
0.1

 
—

Settlements
(0.1
)
 
—

 
(0.1
)
 
—

Ending balance
$
75.0

 
$
—

 
$
75.0

 
$
—