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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring and Nonrecurring Basis The table below summarizes the valuation of our financial instruments carried at fair value by the applicable pricing categories (in millions):
 
 
March 30, 2019
 
December 31, 2018
 
 
Level 1
 
Level 2
 
Level 3
 
Level 1
 
Level 2
 
Level 3
Measured at fair value on a recurring basis:
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities
 
$
3.7

 
$
—

 
$
—

 
$
9.4

 
$
—

 
$
—

Foreign currency forward contracts
 
—

 
3.2

 
—

 
—

 
3.8

 
—

Funds associated with Israeli severance liability
 
—

 
13.4

 
—

 
—

 
13.0

 
—

Royalty Pharma contingent milestone payments
 
—

 
—

 
83.6

 
—

 
—

 
323.2

Total assets
 
$
3.7

 
$
16.6

 
$
83.6

 
$
9.4

 
$
16.8

 
$
323.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts
 
$
—

 
$
5.8

 
$
—

 
$
—

 
$
9.2

 
$
—

Contingent consideration
 
—

 
—

 
12.4

 
—

 
—

 
15.3

Total liabilities
 
$
—

 
$
5.8

 
$
12.4

 
$
—

 
$
9.2

 
$
15.3

 
 
 
 
 
 
 
 
 
 
 
 
 
Measured at fair value on a non-recurring basis:
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill(1)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
42.2

Indefinite-lived intangible assets(2)
 
—

 
—

 
—

 
—

 
—

 
10.5

Definite-lived intangible assets(3)
 
—

 
—

 
—

 
—

 
—

 
22.4

Total assets
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
75.1



(1)
As of December 31, 2018, goodwill with a carrying amount of $178.9 million was written down to a fair value of $42.2 million.
(2)
As of December 31, 2018, indefinite-lived intangible assets with a carrying amount of $46.9 million were written down to a fair value of $10.5 million.
(3)
As of December 31, 2018, definite-lived intangible assets with a carrying amount of $72.0 million were written down to a fair value of $22.4 million.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation The table below summarizes the change in fair value of the Royalty Pharma contingent milestone payments (in millions):
 
Three Months Ended
 
March 30,
2019
 
March 31,
2018
Beginning balance
$
323.2

 
$
134.5

Payments received
(250.0
)
 
—

Change in fair value
10.4

 
(9.6
)
Ending balance
$
83.6

 
$
124.9
Reconciliation of Level 3 Liabilities The table below summarizes the change in fair value of contingent consideration (in millions):
 
Three Months Ended
 
March 30,
2019
 
March 31,
2018
Beginning balance
$
15.3

 
$
22.0

Changes in value
1.2

 
0.4

Currency translation adjustments
—

 
0.1

Settlements and other adjustments
(4.1
)
 
(4.4
)
Ending balance
$
12.4

 
$
18.1
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments Our fixed rate long-term debt consisted of the following (in millions):
 
March 30,
2019
 
December 31,
2018
 
Level 1
 
Level 2
 
Level 1
 
Level 2
Public Bonds
 
 
 
 
 
 
 
Carrying Value (excluding discount)
$
2,600.0

 
 
 
$
2,600.0

 
 
Fair value
$
2,472.0

 
 
 
$
2,316.6

 
 
 
 
 
 
 
 
 
 
Retail bond and private placement note
 
 
 
 
 
 
 
Carrying value (excluding premium)
 
 
$
286.1

 
 
 
$
292.5

Fair value
 
 
$
301.9

 
 
 
$
307.9