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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 29, 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):
 
 
June 29, 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
 
$
2.8

 
$
—

 
$
—

 
$
9.4

 
$
—

 
$
—

Foreign currency forward contracts
 
—

 
4.0

 
—

 
—

 
3.8

 
—

Funds associated with Israeli severance liability
 
—

 
14.0

 
—

 
—

 
13.0

 
—

Royalty Pharma contingent milestone payments
 
—

 
—

 
89.1

 
—

 
—

 
323.2

Total assets
 
$
2.8

 
$
18.0

 
$
89.1

 
$
9.4

 
$
16.8

 
$
323.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts
 
$
—

 
$
3.6

 
$
—

 
$
—

 
$
9.2

 
$
—

Contingent consideration
 
—

 
—

 
12.1

 
—

 
—

 
15.3

Total liabilities
 
$
—

 
$
3.6

 
$
12.1

 
$
—

 
$
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
 
Six Months Ended
 
June 29,
2019
 
June 30,
2018
 
June 29,
2019
 
June 30,
2018
Beginning balance
$
83.6

 
$
124.9

 
$
323.2

 
$
134.5

Payments received
—

 
—

 
(250.0
)
 
—

Change in fair value
5.5

 
0.6

 
15.9

 
(9.0
)
Ending balance
$
89.1

 
$
125.5

 
$
89.1

 
$
125.5
Schedule of Fair Value Assumptions The table below represents the volatility and rate of return:
 
Three Months Ended
 
June 29,
2019
 
June 30,
2018
Volatility
30.0
%
 
30.0
%
Rate of return
7.99
%
 
8.09
%
Reconciliation of Level 3 Liabilities
The table below summarizes the change in fair value of contingent consideration (in millions):
 
Three Months Ended
 
Six Months Ended
 
June 29,
2019
 
June 30,
2018
 
June 29,
2019
 
June 30,
2018
Beginning balance
$
12.4

 
$
18.1

 
$
15.3

 
$
22.0

Changes in value
0.9

 
(1.8
)
 
(2.0
)
 
(1.4
)
Currency translation adjustments
—

 
(0.1
)
 
—

 
—

Settlements and other adjustments
(1.2
)
 
—

 
(1.2
)
 
(4.4
)
Ending balance
$
12.1

 
$
16.2

 
$
12.1

 
$
16.2
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
Our fixed rate long-term debt consisted of the following (in millions):
 
June 29,
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
$
2,533.0

 
 
 
$
2,316.6

 
 
 
 
 
 
 
 
 
 
Retail bond and private placement note
 
 
 
 
 
 
 
Carrying value (excluding premium)
 
 
$
153.5

 
 
 
$
292.5

Fair value
 
 
$
167.8

 
 
 
$
307.9