Subsequent Event

6 Months Ended

Jul. 01, 2017

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note 14. Subsequent Event

In July 2017, the company issued €500 million principal amount of Floating Rate Senior Notes due 2019, €700 million principal amount of 1.400% Senior Notes due 2026, €700 million principal amount of 1.950% Senior Notes due 2029 and €700 million principal amount of 2.875% Senior Notes due 2037. The other terms and conditions of these notes are consistent with the company's other outstanding senior notes that are described in Note 8. The net proceeds of these issuances will be used to partially fund the pending acquisition of Patheon (Note 2).

In the event that the company does not consummate the acquisition of Patheon on or prior to February 15, 2018 or the purchase agreement is terminated at any time prior to such date, the company will be required to redeem all of the notes listed above at a redemption price equal to 101% of the aggregate principal amount plus accrued and unpaid interest.