Fair Value Measurements (Tables)

6 Months Ended

Jun. 14, 2014

Fair value measurement on recurring basis

The following table presents assets and liabilities which are measured at fair value on a recurring basis at June 14, 2014 (in millions):



	Fair Value Measurements
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents
Money market	$	1,033.2	$	1,033.2	$	—	$	—
Commercial paper	939.1		—		939.1		—
Other	0.3		—		0.3		—
Short-term investments ¹	71.2		35.9		35.3		—
Non-current investments ²	42.7		—		42.7		—
Total	$	2,086.5	$	1,069.1	$	1,017.4	$	—
Liabilities:
Contingent consideration ³	$	2.7	$	—	$	—	$	2.7
Total	$	2.7	$	—	$	—	$	2.7


(1)	Included in Prepaid Expenses and Other Current Assets on the balance sheet.


(2)	Included in Other Assets on the balance sheet.


(3)	Included in Other Accrued Liabilities and Accrued Claims and Other Liabilities on the balance sheet.

The following table presents assets and liabilities which are measured at fair value on a recurring basis at year-end 2013 (in millions):



	Fair Value Measurements
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents
Term deposits	$	2,818.0	$	—	$	2,818.0	$	—
Money market	449.0		449.0		—		—
Bankers' acceptances	309.6		—		309.6		—
Commercial paper	274.0		—		274.0		—
Short-term investments ¹	81.0		42.0		39.0		—
Non-current investments ²	38.0		—		38.0		—
Total	$	3,969.6	$	491.0	$	3,478.6	$	—
Liabilities:
Contingent consideration ³	$	2.9	$	—	$	—	$	2.9
Total	$	2.9	$	—	$	—	$	2.9


(1)	Included in Prepaid Expenses and Other Current Assets on the balance sheet.


(2)	Included in Other Assets on the balance sheet.


(3)	Included in Other Accrued Liabilities and Accrued Claims and Other Liabilities on the balance sheet.

Reconciliation of the beginning and ending balances for Level 3 liabilities

A reconciliation of the beginning and ending balances for Level 3 liabilities for the first 24 weeks of 2014 follows (in millions):



	Contingent consideration

Balance at December 28, 2013	$	2.9
Settlements	(0.2		)
Balance at June 14, 2014	$	2.7

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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