Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Useful Lives of Property Plant and Equipment

The Company provides for depreciation primarily using the straight-line method in amounts that allocate the cost of property, plant and equipment over the following ranges of useful lives:

Buildings and improvements	5 to 45 years
Machinery, equipment and tooling (includes capitalized software)	3 to 25 years
Furniture and fixtures	3 to 10 years

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes assets and liabilities that are measured at fair value on a recurring basis at December 31, 2015 and 2014:

	2015
	Fair Value Asset (Liability)
(in millions)	Level 1		Level 2			Level 3			Total
Derivatives:
Assets	$	—	$	31.9		$	—		$	31.9
Liabilities		—		(25.9	)		—			(25.9	)
Available-for-sale securities		—		—			—			—
Contingent consideration		—		—			(28.7	)		(28.7	)
	2014
	Fair Value Asset (Liability)
(in millions)	Level 1		Level 2			Level 3			Total
Derivatives:
Assets	$	—	$	29.3		$	—		$	29.3
Liabilities		—		(23.5	)		—			(23.5	)
Available-for-sale securities		—		1.5			—			1.5
Contingent consideration		—		—			(32.6	)		(32.6	)

Assets Measured at Level 3 Fair Values on a Non-Recurring Basis

The following table summarizes the assets that are measured at Level 3 fair value on a non-recurring basis at December 31, 2015 and 2014:

(in millions)	2015		2014
Intangible assets	$	14.9	$	106.7

Changes in Fair Value of Contingent Consideration Obligations

Changes in the fair value of the contingent consideration obligations for 2015 and 2014 were as follows:

(in millions)	2015			2014
Contingent consideration at January 1,	$	32.6		$	43.0
Acquisitions		8.1			1.4
Payments		(6.3	)		(9.2	)
Adjustments and foreign exchange		(5.7	)		(2.6	)
Contingent consideration at December 31,	$	28.7		$	32.6