Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2016shares | |
Document Documentand Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | MCD |
Entity Registrant Name | MCDONALDS CORP |
Entity Central Index Key | 63,908 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 877,857,531 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and equivalents | $ 3,310.1 | $ 7,685.5 |
Accounts and notes receivable | 1,162.1 | 1,298.7 |
Inventories, at cost, not in excess of market | 93.7 | 100.1 |
Prepaid expenses and other current assets | 485.7 | 558.7 |
Total current assets | 5,051.6 | 9,643 |
Other assets | ||
Investments in and advances to affiliates | 820.1 | 792.7 |
Goodwill | 2,569.8 | 2,516.3 |
Miscellaneous | 1,932.1 | 1,869.1 |
Total other assets | 5,322 | 5,178.1 |
Property and equipment | ||
Property and equipment, at cost | 38,427.2 | 37,692.4 |
Accumulated depreciation and amortization | (15,005.4) | (14,574.8) |
Net property and equipment | 23,421.8 | 23,117.6 |
Total assets | 33,795.4 | 37,938.7 |
Current liabilities | ||
Accounts payable | 654.5 | 874.7 |
Income taxes | 298.5 | 154.8 |
Other taxes | 342.7 | 309 |
Accrued interest | 290.9 | 233.1 |
Accrued payroll and other liabilities | 1,272.1 | 1,378.8 |
Total current liabilities | 2,858.7 | 2,950.4 |
Long-term debt | 23,352.6 | 24,122.1 |
Other long-term liabilities | 2,060.8 | 2,074 |
Deferred income taxes | 1,660.3 | 1,704.3 |
Shareholders' equity | ||
Preferred stock, no par value; authorized—165.0 million shares; issued—none | 0 | 0 |
Common stock, $.01 par value; authorized—3.5 billion shares; issued—1,660.6 million shares | 16.6 | 16.6 |
Additional paid-in capital | 6,088.7 | 6,533.4 |
Retained earnings | 44,912.4 | 44,594.5 |
Accumulated other comprehensive income | (2,402.6) | (2,879.8) |
Common stock in treasury, at cost; 782.8 and 753.8 million shares | (44,752.1) | (41,176.8) |
Total shareholders' equity | 3,863 | 7,087.9 |
Total liabilities and shareholders' equity | $ 33,795.4 | $ 37,938.7 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, authorized | 165,000,000 | 165,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized | 3,500,000,000 | 3,500,000,000 |
Common stock, issued | 1,660,600,000 | 1,660,600,000 |
Common stock in treasury, shares | 782,800,000 | 753,800,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Net Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues | ||
Sales by Company-operated restaurants | $ 3,753.5 | $ 3,914.1 |
Revenues from franchised restaurants | 2,150.4 | 2,044.8 |
Total revenues | 5,903.9 | 5,958.9 |
Operating costs and expenses | ||
Company-operated restaurant expenses | 3,175.3 | 3,354.3 |
Franchised restaurants-occupancy expenses | 415.1 | 403.6 |
Selling, general & administrative expenses | 578 | 582.8 |
Other operating (income) expense, net | (44.8) | 232.7 |
Total operating costs and expenses | 4,123.6 | 4,573.4 |
Operating income | 1,780.3 | 1,385.5 |
Interest expense | 218.3 | 147.3 |
Nonoperating (income) expense, net | (14.4) | (15.9) |
Income before provision for income taxes | 1,576.4 | 1,254.1 |
Provision for income taxes | 477.8 | 442.6 |
Net income | $ 1,098.6 | $ 811.5 |
Earnings per common share-basic | $ 1.24 | $ 0.84 |
Earnings per common share-diluted | 1.23 | 0.84 |
Dividends declared per common share | $ 0.89 | $ 0.85 |
Weighted average shares outstanding-basic | 888.9 | 960.6 |
Weighted average shares outstanding-diluted | 894.9 | 965.5 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | $ 1,098.6 | $ 811.5 |
Foreign currency translation adjustments: | ||
Gain (loss) recognized in accumulated other comprehensive income (AOCI), including net investment hedges | 479.8 | (979.7) |
Reclassification of (gain) loss to net income | 18.3 | 0 |
Foreign currency translation adjustments-net of tax benefit (expense) of $70.9 and $(159.9) | 498.1 | (979.7) |
Cash flow hedges: | ||
Gain (loss) recognized in AOCI | (10) | 22.2 |
Reclassification of (gain) loss to net income | (10.8) | (5.3) |
Cash flow hedges-net of tax benefit (expense) of $11.8 and $(9.5) | (20.8) | 16.9 |
Defined benefit pension plans: | ||
Gain (loss) recognized in AOCI | (0.9) | (1.4) |
Reclassification of (gain) loss to net income | 0.8 | 1.9 |
Defined benefit pension plans-net of tax benefit (expense) $0.0 and $0.6 | (0.1) | 0.5 |
Total other comprehensive income (loss), net of tax | 477.2 | (962.3) |
Comprehensive income (loss) | $ 1,575.8 | $ (150.8) |
Consolidated Statement of Comp6
Consolidated Statement of Comprehensive Income (parentheticals) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other comprehensive income (loss), foreign currency translation adjustment, tax | $ 70.9 | $ (159.9) |
Other comprehensive income (loss), derivatives qualifying as hedges, tax | 11.8 | (9.5) |
Other comprehensive income (loss), pension and other postretirement benefit plans, tax | $ 0 | $ 0.6 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities | ||
Net income | $ 1,098.6 | $ 811.5 |
Charges and credits: | ||
Depreciation and amortization | 383.7 | 386.1 |
Deferred income taxes | 31.6 | 12.5 |
Share-based compensation | 40.5 | 20 |
Other | (52.5) | 242.9 |
Changes in working capital items | 217.2 | 226.5 |
Cash provided by operations | 1,719.1 | 1,699.5 |
Investing activities | ||
Capital expenditures | (391.8) | (392.6) |
Sales and purchases of restaurant businesses and property sales | 147.7 | 47.6 |
Other | (11.8) | (4.2) |
Cash used for investing activities | (255.9) | (349.2) |
Financing activities | ||
Net short-term borrowings | (809.6) | 255 |
Long-term financing issuances | 0.7 | 0.5 |
Long-term financing repayments | (213.5) | (545.3) |
Treasury stock purchases | (4,311.7) | (606.4) |
Common stock dividends | (780.8) | (816.3) |
Proceeds from stock option exercises | 131.3 | 98.6 |
Excess tax benefit on share-based compensation | 26.1 | 19.4 |
Other | 4.9 | 1.2 |
Cash used for financing activities | (5,952.6) | (1,593.3) |
Effect of exchange rates on cash and cash equivalents | 114 | (200.1) |
Cash and equivalents decrease | (4,375.4) | (443.1) |
Cash and equivalents at beginning of period | 7,685.5 | 2,077.9 |
Cash and equivalents at end of period | $ 3,310.1 | $ 1,634.8 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Company’s December 31, 2015 Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation have been included. The results for the quarter ended March 31, 2016 do not necessarily indicate the results that may be expected for the full year. |
Restaurant Information
Restaurant Information | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Restaurant Information By Ownership Type [Abstract] | |
Restaurant Information | Restaurant Information The following table presents restaurant information by ownership type: Restaurants at March 31, 2016 2015 Conventional franchised 21,209 20,787 Developmental licensed 5,618 5,261 Foreign affiliated 3,370 3,508 Total Franchised 30,197 29,556 Company-operated 6,270 6,734 Systemwide restaurants 36,467 36,290 The results of operations of restaurant businesses purchased and sold in transactions with franchisees were not material either individually or in the aggregate to the condensed consolidated financial statements for the periods prior to purchase and sale. |
Per Common Share Information
Per Common Share Information | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Per Common Share Information | Per Common Share Information Diluted earnings per common share is calculated using net income divided by diluted weighted-average shares. Diluted weighted-average shares include weighted-average shares outstanding plus the dilutive effect of share-based compensation, calculated using the treasury stock method, of 6.0 million shares and 4.9 million shares for the first quarter 2016 and 2015 , respectively. Stock options that would have been antidilutive, and therefore were not included in the calculation of diluted weighted-average shares, totaled 4.2 million shares and 12.7 million shares for the first quarter 2016 and 2015 , respectively. In the first quarter of 2016, the Company paid $2.7 billion under an Accelerated Share Repurchase agreement and received an initial delivery of 18.5 million shares, which represents 80% of the total shares the Company expects to receive based on the market price at the time of initial delivery. The final number of shares delivered upon settlement of the agreement, between April 1, 2016 and May 13, 2016, will be determined with reference to the volume weighted average price per share of the Company's common stock over the term of the agreement, less a negotiated discount. The transaction is accounted for as an equity transaction and is included in Treasury stock when the shares are received, at which time there is an immediate reduction in the weighted average common shares calculation for basic and diluted earnings per share. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company measures certain financial assets and liabilities at fair value. Fair value disclosures are reflected in a three-level hierarchy, maximizing the use of observable inputs and minimizing the use of unobservable inputs. The Company did not have any significant changes to the valuation techniques used to measure fair value as described in the Company's December 31, 2015 Annual Report on Form 10-K. At March 31, 2016 , the fair value of the Company’s debt obligations was estimated at $25.2 billion , compared to a carrying amount of $23.4 billion . The fair value was based upon quoted market prices, Level 2 within the valuation hierarchy. The carrying amounts of cash and equivalents, short-term investments and notes receivable approximate fair value. |
Financial Instruments and Hedgi
Financial Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Hedging Activities | Financial Instruments and Hedging Activities The Company is exposed to global market risks, including the effect of changes in interest rates and foreign currency fluctuations. The Company uses foreign currency denominated debt and derivative instruments to mitigate the impact of these changes. The Company does not hold or issue derivatives for trading purposes. The following table presents the fair values of derivative instruments included on the condensed consolidated balance sheet: Derivative Assets Derivative Liabilities In millions March 31, December 31, March 31, December 31, Total derivatives designated as hedging instruments $ 25.9 $ 60.9 $ (40.8 ) $ (38.9 ) Total derivatives not designated as hedging instruments 157.2 144.4 (18.4 ) (5.5 ) Total derivatives $ 183.1 $ 205.3 $ (59.2 ) $ (44.4 ) The following table presents the pretax amounts affecting income and other comprehensive income ("OCI") for the three months ended March 31, 2016 and 2015 , respectively: Gain (Loss) Recognized in Accumulated OCI Gain (Loss) Reclassified into Income from Accumulated OCI Gain (Loss) Recognized in Income on Derivative (1) In millions 2016 2015 2016 2015 2016 2015 Cash Flow Hedges $ (16.1 ) $ 32.0 $ 16.5 $ 5.6 — $ 10.0 Net Investment Hedges $ (318.2 ) $ 800.5 $ (18.3 ) — Undesignated derivatives $ (5.1 ) $ 9.6 (1) Includes amounts excluded from effectiveness testing, ineffectiveness, and undesignated gains (losses). • Fair Value Hedges The Company enters into fair value hedges that convert a portion of its fixed-rate debt into floating-rate debt by use of interest rate swaps. At March 31, 2016 , $2.2 billion of the Company's outstanding fixed-rate debt was effectively converted. For the three months ended March 31, 2016 , the Company recognized a $9.6 million gain on fair value interest rate swaps, which was exactly offset by a corresponding loss in the fair value of the hedged debt instruments. • Cash Flow Hedges The Company enters into cash flow hedges to reduce the exposure to variability in certain expected future cash flows. To protect against the reduction in value of forecasted foreign currency cash flows (such as royalties denominated in foreign currencies), the Company uses foreign currency forwards and foreign currency options to hedge a portion of anticipated exposures. The hedges cover the next 16 months for certain exposures and are denominated in various currencies. As of March 31, 2016 , the Company had derivatives outstanding with an equivalent notional amount of $550.3 million that hedged a portion of forecasted foreign currency denominated royalties. The Company uses cross-currency swaps to hedge the risk of cash flows associated with certain foreign currency denominated debt, including forecasted interest payments, and has elected cash flow hedge accounting. The hedges cover periods up to 12 months and have an equivalent notional amount of $49.0 million . Based on market conditions at March 31, 2016 , the $0.8 million in cumulative cash flow hedging losses , after tax, is not expected to have a significant effect on earnings over the next 12 months. • Net Investment Hedges The Company primarily uses foreign currency denominated debt (third party and intercompany) to hedge its investments in certain foreign subsidiaries and affiliates. Realized and unrealized translation adjustments from these hedges are included in shareholders' equity in the foreign currency translation component of OCI and offset translation adjustments on the underlying net assets of foreign subsidiaries and affiliates, which also are recorded in OCI. As of March 31, 2016 , $6.2 billion of the Company's third party foreign currency denominated debt, $3.3 billion of intercompany foreign currency denominated debt and $779.5 million of derivatives were designated to hedge investments in certain foreign subsidiaries and affiliates. • Credit Risk The Company is exposed to credit-related losses in the event of non-performance by its derivative counterparties. The Company did not have significant exposure to any individual counterparty at March 31, 2016 and has master agreements that contain netting arrangements. For financial reporting purposes, the Company presents gross derivative balances in the financial statements and supplementary data, including for counterparties subject to netting arrangements. Some of these agreements also require each party to post collateral if credit ratings fall below, or aggregate exposures exceed, certain contractual limits. At March 31, 2016 , the Company was required to post an immaterial amount of collateral due to certain derivatives having negative positions. The Company's counterparties were not required to post collateral on any derivative position, other than on hedges of certain of the Company’s supplemental benefit plan liabilities where the counterparties were required to post collateral on their liability positions. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company franchises and operates McDonald’s restaurants in the global restaurant industry. In September 2015, the Company issued segment summary financial information and segment historical data in accordance with its new reporting structure, effective July 1, 2015, for the previously reported years ended 2010 through 2014 and quarters ended March 31, 2014 through June 30, 2015. The segment information included herein is presented in accordance with the change in reporting structure for all periods presented. The following table presents the Company’s revenues and operating income by segment. Quarters Ended March 31, In millions 2016 2015 Revenues U.S. $ 2,019.9 $ 1,978.1 International Lead Markets 1,728.5 1,790.8 High Growth Markets 1,442.2 1,456.3 Foundational Markets & Corporate 713.3 733.7 Total revenues $ 5,903.9 $ 5,958.9 Operating Income U.S. $ 840.2 $ 731.8 International Lead Markets 654.2 583.5 High Growth Markets 220.9 123.1 Foundational Markets & Corporate 65.0 (52.9 ) Total operating income $ 1,780.3 $ 1,385.5 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Employee Share-Based Payment Accounting In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The goal of this update is to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This update becomes effective beginning January 1, 2017 with early adoption permitted. The Company is currently evaluating the impact of ASU 2016-09. Lease Accounting In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of ASU 2016-02. Revenue Recognition In May 2014, the FASB issued guidance codified in ASC 606, "Revenue Recognition - Revenue from Contracts with Customers," which amends the guidance in former ASC 605, "Revenue Recognition." In July 2015, the FASB made a decision to defer by one year the effective date of its new standard to January 1, 2018, although early adoption is permitted as of January 1, 2017. The Company is currently evaluating the impact of the provisions of ASC 606. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company evaluated subsequent events through the date the financial statements were issued and filed with the Securities and Exchange Commission. In May, the Company issued an aggregate principal amount of €3.0 billion Euro-denominated notes in connection with the Company's previously-announced plans to optimize its capital structure. There were no other subsequent events that required recognition or disclosure. |
Restaurant Information (Tables)
Restaurant Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Restaurant Information By Ownership Type [Abstract] | |
Restaurant Information by Ownership Type | The following table presents restaurant information by ownership type: Restaurants at March 31, 2016 2015 Conventional franchised 21,209 20,787 Developmental licensed 5,618 5,261 Foreign affiliated 3,370 3,508 Total Franchised 30,197 29,556 Company-operated 6,270 6,734 Systemwide restaurants 36,467 36,290 |
Financial Instruments and Hed17
Financial Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Instruments Included on Consolidated Balance Sheet | The following table presents the fair values of derivative instruments included on the condensed consolidated balance sheet: Derivative Assets Derivative Liabilities In millions March 31, December 31, March 31, December 31, Total derivatives designated as hedging instruments $ 25.9 $ 60.9 $ (40.8 ) $ (38.9 ) Total derivatives not designated as hedging instruments 157.2 144.4 (18.4 ) (5.5 ) Total derivatives $ 183.1 $ 205.3 $ (59.2 ) $ (44.4 ) |
Derivatives Pretax Amounts Affecting Income and Other Comprehensive Income | The following table presents the pretax amounts affecting income and other comprehensive income ("OCI") for the three months ended March 31, 2016 and 2015 , respectively: Gain (Loss) Recognized in Accumulated OCI Gain (Loss) Reclassified into Income from Accumulated OCI Gain (Loss) Recognized in Income on Derivative (1) In millions 2016 2015 2016 2015 2016 2015 Cash Flow Hedges $ (16.1 ) $ 32.0 $ 16.5 $ 5.6 — $ 10.0 Net Investment Hedges $ (318.2 ) $ 800.5 $ (18.3 ) — Undesignated derivatives $ (5.1 ) $ 9.6 (1) Includes amounts excluded from effectiveness testing, ineffectiveness, and undesignated gains (losses). |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Revenues and Operating Income by Geographic Segment | The following table presents the Company’s revenues and operating income by segment. Quarters Ended March 31, In millions 2016 2015 Revenues U.S. $ 2,019.9 $ 1,978.1 International Lead Markets 1,728.5 1,790.8 High Growth Markets 1,442.2 1,456.3 Foundational Markets & Corporate 713.3 733.7 Total revenues $ 5,903.9 $ 5,958.9 Operating Income U.S. $ 840.2 $ 731.8 International Lead Markets 654.2 583.5 High Growth Markets 220.9 123.1 Foundational Markets & Corporate 65.0 (52.9 ) Total operating income $ 1,780.3 $ 1,385.5 |
Restaurant Information by Owner
Restaurant Information by Ownership Type (Detail) - Restaurant | Mar. 31, 2016 | Mar. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Number of Restaurants | 36,467 | 36,290 |
Franchised | ||
Segment Reporting Information [Line Items] | ||
Number of Restaurants | 30,197 | 29,556 |
Franchised | Conventional franchised | ||
Segment Reporting Information [Line Items] | ||
Number of Restaurants | 21,209 | 20,787 |
Franchised | Developmental licensed | ||
Segment Reporting Information [Line Items] | ||
Number of Restaurants | 5,618 | 5,261 |
Franchised | Affiliated | ||
Segment Reporting Information [Line Items] | ||
Number of Restaurants | 3,370 | 3,508 |
Company-operated | ||
Segment Reporting Information [Line Items] | ||
Number of Restaurants | 6,270 | 6,734 |
Per Common Share Information (A
Per Common Share Information (Additional Information) (Detail) - USD ($) shares in Millions, $ in Billions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Feb. 12, 2016 | |
Earnings Per Share [Abstract] | |||
Dilutive effect of share-based compensation | 6 | 4.9 | |
Stock options that were not included in diluted weighted-average shares | 4.2 | 12.7 | |
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 2.7 | ||
Treasury Stock Shares Acquired Through Accelerated Share Repurchase | 18.5 | ||
Percent of total shares expected to receive at time of initial delivery | 80.00% |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Information) (Detail) $ in Billions | Mar. 31, 2016USD ($) |
Fair Value Measurements [Line Items] | |
Debt obligations, carrying amount | $ 23.4 |
Level 2 | |
Fair Value Measurements [Line Items] | |
Debt obligations, fair value | $ 25.2 |
Financial Instruments and Hed22
Financial Instruments and Hedging Activities (Fair Values of Derivative Instruments Included on Consolidated Balance Sheet) (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | $ 183.1 | $ 205.3 |
Liability Derivatives Fair Value | (59.2) | (44.4) |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 25.9 | 60.9 |
Liability Derivatives Fair Value | (40.8) | (38.9) |
Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 157.2 | 144.4 |
Liability Derivatives Fair Value | $ (18.4) | $ (5.5) |
(Derivatives Pretax Amounts Aff
(Derivatives Pretax Amounts Affecting Income and Other Comprehensive Income) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivatives in Cash Flow Hedging Relationships | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified into Income from Accumulated OCI (Effective Portion) | $ 16.5 | $ 5.6 |
Gain (Loss) Recognized in Accumulated OCI (Effective Portion) | (16.1) | 32 |
Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing and Ineffective Portion) | 0 | 10 |
Net Investment Hedging Relationships | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified into Income from Accumulated OCI (Effective Portion) | (18.3) | 0 |
Gain (Loss) Recognized in Accumulated OCI (Effective Portion) | (318.2) | 800.5 |
Derivatives Not Designated as Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing and Ineffective Portion) | $ (5.1) | $ 9.6 |
(Financial Instruments and Hedg
(Financial Instruments and Hedging Activities - Additional Information) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Cumulative deferred hedging gain (loss), after tax, included in accumulated other comprehensive income | $ (0.8) |
Foreign currency denominated royalties | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Period covered by hedge | 16 months |
Derivative, notional amount | $ 550.3 |
Cross Currency Swap | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Period covered by hedge | 12 months |
Derivative, notional amount | $ 49 |
Net Investment Hedging [Member] | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Derivative, notional amount | 779.5 |
Interest Rate Swap | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Derivative, notional amount | 2,200 |
Intercompany Debt [Member] | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Foreign currency denominated debt designated to hedge investments in certain foreign subsidiaries and affiliates | 3,300 |
Debt [Member] | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Foreign currency denominated debt designated to hedge investments in certain foreign subsidiaries and affiliates | 6,200 |
Interest Rate Risk [Member] | Fair Value Hedging [Member] | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Derivative instruments, gain (loss) recognized in income, net | $ 9.6 |
Segment Information (Segment an
Segment Information (Segment and Geographic Information) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue, Major Customer [Line Items] | ||
Total revenues | $ 5,903.9 | $ 5,958.9 |
Operating Income | 1,780.3 | 1,385.5 |
U.S. | ||
Revenue, Major Customer [Line Items] | ||
Total revenues | 2,019.9 | 1,978.1 |
Operating Income | 840.2 | 731.8 |
International Lead Markets | ||
Revenue, Major Customer [Line Items] | ||
Total revenues | 1,728.5 | 1,790.8 |
Operating Income | 654.2 | 583.5 |
High Growth Markets | ||
Revenue, Major Customer [Line Items] | ||
Total revenues | 1,442.2 | 1,456.3 |
Operating Income | 220.9 | 123.1 |
Foundational Markets and Corporate | ||
Revenue, Major Customer [Line Items] | ||
Total revenues | 713.3 | 733.7 |
Operating Income | $ 65 | $ (52.9) |
Subsequent Events Debt Issuance
Subsequent Events Debt Issuance (Details) € in Billions | Mar. 31, 2016EUR (€) |
Subsequent Event [Line Items] | |
Debt issuance aggregate principal amount | € 3 |