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Investments
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities, Equity Method Investments and Joint Ventures [Abstract]  
Investments INVESTMENTS

The following table summarizes the measurement category, balance sheet location, and balances of our equity securities (in millions):
 
 
 
 
Year Ended
Measurement Category
 
Balance Sheet Location
 
December 31,
2018
 
December 31,
2017(2)
Fair value method
 
Prepaid expenses and other current assets
 
$
9.4

 
$
17.0

Fair value method(1)
 
Other non-current assets
 
$
4.4

 
$
6.3

Equity method
 
Other non-current assets
 
$
15.1

 
$
4.9


(1) The December 31, 2018 equity securities are measured at fair value using the Net Asset Value practical expedient.
(2) The December 31, 2017 balances presented reflect historical recognition and measurement investment categories existing prior to the adoption of ASU 2016-01, which include available for sale and cost method securities.
    
The following table summarizes the expense (income) recognized in earnings of our equity securities (in millions):
 
 
 
 
Year Ended
Measurement Category
 
Income Statement Location
 
December 31,
2018
 
December 31,
2017
 
December 31,
2016
Fair value method
 
Other (income) expense, net
 
$
9.5

 
$
—

 
$
—

Equity method
 
Other (income) expense, net
 
$
(2.7
)
 
$
(0.3
)
 
$
4.1



On January 1, 2018, as a result of the adoption of ASU 2016-01 Financial Instruments - Recognition and Measurement of Financial Assets and Liabilities ("ASU 2016-01"), we made a $1.0 million cumulative-effect adjustment to Retained earnings (accumulated deficit) net of tax that consisted of net unrealized losses on previously classified as available for sale securities from OCI.

During the year ended December 31, 2018, we increased our equity method investment in Zibo Xinhua - Perrigo Pharmaceutical Company Limited by $7.5 million.

During the year ended December 31, 2016, one of our equity method investments became publicly traded. As a result, we transferred the $15.5 million investment to available for sale and recorded an $8.7 million unrealized gain, net of tax in OCI in accordance with the accounting policy prior to the adoption of ASU 2016-01. In addition, due to significant and prolonged losses incurred on one of our equity method investments, we recorded a $22.3 million impairment charge in Other (income) expense, net on the Consolidated Statements of Operations.