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Fair Value Measurements and Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 28, 2014

Fair Value Measurements and Fair Value of Financial Instruments Disclosure

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table presents information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of June 28, 2014:

			June 28,			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)				2014		(Level 1)		(Level 2)		(Level 3)

Assets
	Cash equivalents			$	19.7	$	19.7	$	—	$	—
	Bank time deposits				21.0		21.0		—		—
	Investments in mutual funds, unit trusts and other similar instruments				10.0		10.0		—		—
	Insurance contracts				101.8		—		101.8		—
	Derivative contracts				3.9		—		3.9		—

		Total Assets		$	156.4	$	50.7	$	105.7	$	—

Liabilities
	Derivative contracts			$	6.8	$	—	$	6.8	$	—
	Contingent consideration				32.0		—		—		32.0

		Total Liabilities		$	38.8	$	—	$	6.8	$	32.0

		The following table presents information about the company’s financial assets and liabilities measured at fair
value on a recurring basis as of December 31, 2013:

			December 31,			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)				2013		(Level 1)		(Level 2)		(Level 3)

Assets
	Cash equivalents			$	4,859.9	$	4,859.9	$	—	$	—
	Investments in mutual funds, unit trusts and other similar instruments				9.8		9.8		—		—
	Insurance contracts				74.5		—		74.5		—
	Auction rate securities				4.5		—		—		4.5
	Derivative contracts				3.8		—		3.8		—

		Total Assets		$	4,952.5	$	4,869.7	$	78.3	$	4.5

Liabilities
	Derivative contracts			$	6.5	$	—	$	6.5	$	—
	Contingent consideration				5.1		—		—		5.1

		Total Liabilities		$	11.6	$	—	$	6.5	$	5.1

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table provides a rollforward of the fair value, as determined by Level 3 inputs, of the contingent consideration.

			Three Months Ended						Six Months Ended
		June 28,			June 29,			June 28,			June 29,
(In millions)			2014			2013			2014			2013

Contingent Consideration
	Beginning Balance		$	33.1		$	20.0		$	5.1		$	20.1
	Acquisition			—			—			29.1			—
	Payments			(5.0)			—			(6.1)			—
	Change in fair value included in earnings			3.6			13.6			3.6			13.6
	Currency translation			0.3			0.1			0.3			—

	Ending Balance		$	32.0		$	33.7		$	32.0		$	33.7

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

				Fair Value – Assets					Fair Value – Liabilities
			June 28,			December 31,		June 28,			December 31,
(In millions)				2014		2013			2014		2013

Derivatives Designated as Hedging Instruments
	Interest rate swaps (a)			$	—	$	—		$	1.4	$	5.2
Derivatives Not Designated as Hedging Instruments
	Currency exchange contracts (b)				3.9		3.8			5.4		1.3

(a)		The fair value of the interest rate swaps is included in the consolidated balance sheet under the caption other long-term liabilities.
(b)		The fair value of the currency exchange contracts is included in the consolidated balance sheet under the captions other current assets or other accrued expenses.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

				Gain (Loss) Recognized
				Three Months Ended						Six Months Ended
			June 28,			June 29,			June 28,			June 29,
(In millions)					2014			2013			2014			2013

Derivatives Designated as Fair Value Hedges
	Interest rate swaps - effective portion			$	1.0		$	—		$	2.1		$	—
	Interest rate swaps - ineffective portion				1.1			—			1.8			—
Derivatives Not Designated as Fair Value Hedges
	Currency exchange contracts
		Included in cost of revenues		$	3.4		$	(0.5)		$	4.2		$	0.5
		Included in other expense, net			(0.5)			(1.9)			0.2			14.8

Fair Value, by Balance Sheet Grouping [Table Text Block]

Fair Value of Other Financial Instruments

The carrying value and fair value of the company’s notes receivable and debt obligations are as follows:

			June 28, 2014				December 31, 2013
			Carrying		Fair		Carrying		Fair
(In millions)			Value		Value		Value		Value

Notes Receivable			$	6.8	$	6.8	$	7.6	$	7.6

Debt Obligations:
	Senior notes		$	12,126.8	$	12,486.8	$	10,195.4	$	10,304.8
	Term loan			2,850.0		2,850.0		—		—
	Commercial paper			556.2		556.2		250.0		250.0
	Other			44.1		44.1		41.9		41.9

			$	15,577.1	$	15,937.1	$	10,487.3	$	10,596.7

		The fair value of debt obligations was determined based on quoted market prices and on borrowing rates
available to the company at the respective period ends which represent level 2 measurements.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

Fair Value of Other Financial Instruments

The carrying value and fair value of the company’s notes receivable and debt obligations are as follows:

			June 28, 2014				December 31, 2013
			Carrying		Fair		Carrying		Fair
(In millions)			Value		Value		Value		Value

Notes Receivable			$	6.8	$	6.8	$	7.6	$	7.6

Debt Obligations:
	Senior notes		$	12,126.8	$	12,486.8	$	10,195.4	$	10,304.8
	Term loan			2,850.0		2,850.0		—		—
	Commercial paper			556.2		556.2		250.0		250.0
	Other			44.1		44.1		41.9		41.9

			$	15,577.1	$	15,937.1	$	10,487.3	$	10,596.7

		The fair value of debt obligations was determined based on quoted market prices and on borrowing rates
available to the company at the respective period ends which represent level 2 measurements.

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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- 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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