Guarantor Financials (Notes) | 3 Months Ended |
Sep. 27, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' |
– GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS |
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The Company and certain other of its principal 100% owned subsidiaries (the "Guarantors") fully and unconditionally guaranteed, on a joint and several basis, the Bonds. The following tables present condensed consolidated financial information for (a) the Company (for purposes of this discussion and table, "Parent"); (b) the guarantors of the Bonds, which include substantially all of the U.S., 100% owned subsidiaries of the Parent and specific Elan subsidiaries ("Subsidiary Guarantors"); and (c) the wholly- and partially-owned non-U.S. subsidiaries of the Parent, which do not guarantee the Notes ("Non-Guarantor Subsidiaries"). Separate financial statements of the Subsidiary Guarantors are not presented because they are fully and unconditionally, jointly and severally liable under the guarantees. The consolidating adjustments primarily relate to eliminations of investments in subsidiaries and intercompany balances and transactions. The condensed consolidating financial statements present investments in subsidiaries using the equity method of accounting. |
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Perrigo Company plc, which was formed on December 18, 2013, is the Parent Company. For periods prior to December 18, 2013, the Parent entity is Perrigo Company, which is a guarantor, therefore no Parent column is presented for the three months ended September 28, 2013. |
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CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
For the Three Months Ended September 27, 2014 |
(in millions) |
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| | | | | | | | | | | | | | | | | | | | |
| Unconsolidated | | | | | |
| Perrigo Company plc | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminating Entries | | Consolidated | |
| | | | | | | | | | |
Net sales | $ | — | | | $ | 829.7 | | | $ | 263.7 | | | $ | (141.9 | ) | | $ | 951.5 | | |
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Cost of sales | — | | | 582.1 | | | 169.2 | | | (121.6 | ) | | 629.7 | | |
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Gross profit | — | | | 247.6 | | | 94.5 | | | (20.3 | ) | | 321.8 | | |
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Operating expenses | | | | | | | | | | |
Distribution | — | | | 11 | | | 3.4 | | | — | | | 14.4 | | |
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Research and development | — | | | 21.7 | | | 14.9 | | | — | | | 36.6 | | |
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Selling | — | | | 39.8 | | | 10.6 | | | — | | | 50.4 | | |
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Administration | 13.7 | | | 51.1 | | | 17.2 | | | (0.5 | ) | | 81.5 | | |
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Restructuring | — | | | 1.7 | | | — | | | — | | | 1.7 | | |
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Total operating expenses | 13.7 | | | 125.3 | | | 46.1 | | | (0.5 | ) | | 184.6 | | |
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Operating income (loss) | (13.7 | ) | | 122.3 | | | 48.4 | | | (19.8 | ) | | 137.2 | | |
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Interest expense, net | 23.9 | | | 192.6 | | | (190.5 | ) | | (0.1 | ) | | 25.9 | | |
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Other expense (income), net | — | | | (1.8 | ) | | 3.8 | | | 0.7 | | | 2.7 | | |
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Income (loss) before income taxes and equity in net income (loss) of subsidiaries | (37.6 | ) | | (68.5 | ) | | 235.1 | | | (20.4 | ) | | 108.6 | | |
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Income tax expense | (1.6 | ) | | 3.6 | | | 10.3 | | | — | | | 12.3 | | |
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Income (loss) before equity in net income (loss) of subsidiaries | (36.0 | ) | | (72.1 | ) | | 224.8 | | | (20.4 | ) | | 96.3 | | |
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Equity in net income (loss) of subsidiaries | 132.3 | | | 54.6 | | | 35.8 | | | (222.7 | ) | | — | | |
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Net income (loss) | $ | 96.3 | | | $ | (17.5 | ) | | $ | 260.6 | | | $ | (243.1 | ) | | $ | 96.3 | | |
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CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) |
For the Three Months Ended September 27, 2014 |
(in millions) |
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| | | | | | | | | | | | | | | | | | | | |
| Unconsolidated | | | | | |
| Perrigo Company plc | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminating Entries | | Consolidated | |
| | | | | | | | | | |
Net income (loss) | $ | 96.3 | | | $ | (17.5 | ) | | $ | 260.6 | | | $ | (243.1 | ) | | $ | 96.3 | | |
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Other comprehensive income (loss): | | | | | | | | | | |
Foreign currency translation adjustments | (63.8 | ) | | (0.2 | ) | | (63.6 | ) | | 63.8 | | | (63.8 | ) | |
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Change in fair value of derivative financial instruments, net of tax | (2.1 | ) | | 0.9 | | | (0.5 | ) | | (0.4 | ) | | (2.1 | ) | |
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Change in fair value of investment securities, net of tax | 0.6 | | | (1.3 | ) | | 3 | | | (1.7 | ) | | 0.6 | | |
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Change in post-retirement and pension liability adjustments, net of tax | — | | | — | | | — | | | — | | | — | | |
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Other comprehensive income (loss), net of tax | (65.3 | ) | | (0.6 | ) | | (61.1 | ) | | 61.7 | | | (65.3 | ) | |
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Comprehensive income (loss) | $ | 31 | | | $ | (18.1 | ) | | $ | 199.5 | | | $ | (181.4 | ) | | $ | 31 | | |
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CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
For the Three Months Ended September 28, 2013 |
(in millions) |
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| | | | | | | | | | | | | | | | | | | | |
| Unconsolidated | | | | | | | | | |
| Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminating Entries | | Consolidated | | | | | |
| | | | | | | | | | | | |
Net sales | $ | 802.1 | | | $ | 276.4 | | | $ | (145.1 | ) | | $ | 933.4 | | | | | | |
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Cost of sales | 537 | | | 168.2 | | | (128.1 | ) | | 577.1 | | | | | | |
| | | | |
Gross profit | 265.1 | | | 108.2 | | | (17.0 | ) | | 356.3 | | | | | | |
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Operating expenses | | | | | | | | | | | | |
Distribution | 10.6 | | | 2.6 | | | — | | | 13.2 | | | | | | |
| | | | |
Research and development | 21.8 | | | 10.5 | | | — | | | 32.3 | | | | | | |
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Selling | 39.8 | | | 10.4 | | | — | | | 50.2 | | | | | | |
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Administration | 71 | | | 7.8 | | | — | | | 78.8 | | | | | | |
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Restructuring | 2.1 | | | — | | | — | | | 2.1 | | | | | | |
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Total operating expenses | 145.3 | | | 31.3 | | | — | | | 176.6 | | | | | | |
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Operating income (loss) | 119.8 | | | 76.9 | | | (17.0 | ) | | 179.7 | | | | | | |
| | | | |
| | | | | | | | | | | | |
Interest expense, net | 20.1 | | | 1.3 | | | — | | | 21.4 | | | | | | |
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Other expense (income), net | 0.9 | | | 0.1 | | | — | | | 1 | | | | | | |
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Income (loss) before income taxes and equity in net income (loss) of subsidiaries | 98.8 | | | 75.5 | | | (17.0 | ) | | 157.3 | | | | | | |
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Income tax expense | 42.2 | | | 3.7 | | | — | | | 45.9 | | | | | | |
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Income (loss) before equity in net income (loss) of subsidiaries | 56.6 | | | 71.8 | | | (17.0 | ) | | 111.4 | | | | | | |
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Equity in net income (loss) of subsidiaries | 54.8 | | | 30.8 | | | (85.6 | ) | | — | | | | | | |
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Net income (loss) | $ | 111.4 | | | $ | 102.6 | | | $ | (102.6 | ) | | $ | 111.4 | | | | | | |
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CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME |
For the Three Months Ended September 28, 2013 |
(in millions) |
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| | | | | | | | | | | | | | | | | | | | |
| Unconsolidated | | | | | | | | | |
| Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminating Entries | | Consolidated | | | | | |
| | | | | | | | | | | | |
Net income | $ | 111.4 | | | $ | 102.6 | | | $ | (102.6 | ) | | $ | 111.4 | | | | | | |
| | | | |
Other comprehensive income (loss): | | | | | | | | | | | | |
Foreign currency translation adjustments | 36.6 | | | 37.2 | | | (37.2 | ) | | 36.6 | | | | | | |
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Change in fair value of derivative financial instruments, net of tax | (9.2 | ) | | 0.3 | | | (0.3 | ) | | (9.2 | ) | | | | | |
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Change in fair value of investment securities, net of tax | — | | | — | | | — | | | — | | | | | | |
| | | | |
Change in post-retirement and pension liability adjustments, net of tax | (0.1 | ) | | — | | | — | | | (0.1 | ) | | | | | |
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Other comprehensive income (loss), net of tax | 27.3 | | | 37.5 | | | (37.5 | ) | | 27.3 | | | | | | |
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Comprehensive income | $ | 138.7 | | | $ | 140.1 | | | $ | (140.1 | ) | | $ | 138.7 | | | | | | |
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CONDENSED CONSOLIDATING BALANCE SHEET |
September 27, 2014 |
(in millions) |
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| | | | | | | | | | | | | | | | | | | | |
| Unconsolidated | | | | | |
| Perrigo Company plc | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminating Entries | | Consolidated | |
Assets | | | | | | | | | | |
Cash and cash equivalents | $ | 424.7 | | | $ | 233.6 | | | $ | 233.2 | | | $ | — | | | $ | 891.5 | | |
|
Investment securities | — | | | 16.5 | | | 5.1 | | | — | | | 21.6 | | |
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Accounts receivable, net | 2 | | | 283 | | | 1,822.60 | | | (1,238.2 | ) | | 869.4 | | |
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Inventories | — | | | 658.4 | | | 148.1 | | | (149.7 | ) | | 656.8 | | |
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Current deferred income taxes | — | | | 61.3 | | | 3.3 | | | — | | | 64.6 | | |
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Prepaid expenses and other current assets | 20.6 | | | 60.1 | | | 49.4 | | | — | | | 130.1 | | |
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Total current assets | 447.3 | | | 1,312.90 | | | 2,261.70 | | | (1,387.9 | ) | | 2,634.00 | | |
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Property and equipment, net | — | | | 526.4 | | | 235.3 | | | — | | | 761.7 | | |
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Goodwill and other indefinite-lived intangible assets | — | | | 3,065.30 | | | 437.7 | | | — | | | 3,503.00 | | |
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Other intangible assets, net | — | | | 6,475.40 | | | 196.4 | | | — | | | 6,671.80 | | |
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Non-current deferred income taxes | 14.4 | | | 10.9 | | | 3.2 | | | — | | | 28.5 | | |
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Other non-current assets | 23 | | | 74.5 | | | 84.5 | | | — | | | 182 | | |
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Intercompany loans receivable | 7,300.00 | | | 2,065.70 | | | 14,242.30 | | | (23,608.0 | ) | | — | | |
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Investments in subsidiaries | 6,284.90 | | | 8,538.30 | | | 367.5 | | | (15,190.7 | ) | | — | | |
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Total non-current assets | 13,622.30 | | | 20,756.50 | | | 15,566.90 | | | (38,798.7 | ) | | 11,147.00 | | |
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Total assets | $ | 14,069.60 | | | $ | 22,069.40 | | | $ | 17,828.60 | | | $ | (40,186.6 | ) | | $ | 13,781.00 | | |
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Liabilities and Shareholders’ Equity | | | | | | | | | | | |
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Accounts payable | $ | 40.4 | | | $ | 1,254.00 | | | $ | 252.2 | | | $ | (1,237.6 | ) | | $ | 309 | | |
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Payroll and related taxes | 0.1 | | | 56.2 | | | 20.7 | | | — | | | 77 | | |
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Accrued customer programs | — | | | 35 | | | 239.5 | | | — | | | 274.5 | | |
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Accrued liabilities | 32.5 | | | 102.2 | | | 45.6 | | | (0.4 | ) | | 179.9 | | |
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Accrued income taxes | (0.6 | ) | | 12.7 | | | 19.6 | | | — | | | 31.7 | | |
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Current deferred income taxes | — | | | 4.3 | | | — | | | — | | | 4.3 | | |
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Current portion of long-term debt | 140 | | | 1.5 | | | — | | | — | | | 141.5 | | |
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Total current liabilities | 212.4 | | | 1,465.90 | | | 577.6 | | | (1,238.0 | ) | | 1,017.90 | | |
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Long-term debt, less current portion | 3,049.20 | | | 1.6 | | | — | | | — | | | 3,050.80 | | |
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Non-current deferred income taxes | — | | | 692.2 | | | 16.5 | | | — | | | 708.7 | | |
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Other non-current liabilities | — | | | 192.4 | | | 94.5 | | | — | | | 286.9 | | |
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Intercompany loans payable | 2,091.30 | | | 13,849.00 | | | 7,667.70 | | | (23,608.0 | ) | | — | | |
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Total non-current liabilities | 5,140.50 | | | 14,735.20 | | | 7,778.70 | | | (23,608.0 | ) | | 4,046.40 | | |
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Total liabilities | 5,352.90 | | | 16,201.10 | | | 8,356.30 | | | (24,846.0 | ) | | 5,064.30 | | |
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Shareholders’ equity | 8,716.70 | | | 5,868.30 | | | 9,472.30 | | | (15,340.6 | ) | | 8,716.70 | | |
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Total liabilities and shareholders' equity | $ | 14,069.60 | | | $ | 22,069.40 | | | $ | 17,828.60 | | | $ | (40,186.6 | ) | | $ | 13,781.00 | | |
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CONDENSED CONSOLIDATING BALANCE SHEET |
June 28, 2014 |
(in millions) |
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| | | | | | | | | | | | | | | | | | | | |
| Unconsolidated | | | | | |
| Perrigo Company plc | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminating Entries | | Consolidated | |
Assets | | | | | | | | | | |
Cash and cash equivalents | $ | 323.4 | | | $ | 245.2 | | | $ | 230.9 | | | $ | — | | | $ | 799.5 | | |
|
Investment securities | — | | | — | | | 5.9 | | | — | | | 5.9 | | |
|
Accounts receivable, net | 1.4 | | | 463.9 | | | 4,495.70 | | | (4,025.9 | ) | | 935.1 | | |
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Inventories | — | | | 613.9 | | | 148.1 | | | (130.4 | ) | | 631.6 | | |
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Current deferred income taxes | — | | | 59.8 | | | 3 | | | — | | | 62.8 | | |
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Prepaid expenses and other current assets | 9.9 | | | 62.7 | | | 43.4 | | | — | | | 116 | | |
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Total current assets | 334.7 | | | 1,445.50 | | | 4,927.00 | | | (4,156.3 | ) | | 2,550.90 | | |
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Property and equipment, net | — | | | 532.4 | | | 247.5 | | | — | | | 779.9 | | |
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Goodwill and other indefinite-lived intangible assets | — | | | 3,078.30 | | | 465.5 | | | — | | | 3,543.80 | | |
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Other intangible assets, net | — | | | 6,583.80 | | | 203.2 | | | — | | | 6,787.00 | | |
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Non-current deferred income taxes | 16 | | | — | | | 23.6 | | | (16.0 | ) | | 23.6 | | |
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Other non-current assets | 23.8 | | | 84.5 | | | 86.7 | | | — | | | 195 | | |
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Intercompany loans receivable | 7,300.00 | | | 2,145.70 | | | 11,444.10 | | | (20,889.8 | ) | | — | | |
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Investments in subsidiaries | 6,218.90 | | | 7,826.90 | | | 325.2 | | | (14,371.0 | ) | | — | | |
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Total non-current assets | 13,558.70 | | | 20,251.60 | | | 12,795.80 | | | (35,276.8 | ) | | 11,329.30 | | |
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Total assets | $ | 13,893.40 | | | $ | 21,697.10 | | | $ | 17,722.80 | | | $ | (39,433.1 | ) | | $ | 13,880.20 | | |
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Liabilities and Shareholders’ Equity | | | | | | | | | | | |
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Accounts payable | $ | 35.2 | | | $ | 3,998.00 | | | $ | 487.3 | | | $ | (4,156.2 | ) | | $ | 364.3 | | |
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Short-term debt | — | | | — | | | 2.1 | | | — | | | 2.1 | | |
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Payroll and related taxes | 0.1 | | | 79.9 | | | 32.3 | | | — | | | 112.3 | | |
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Accrued customer programs | — | | | 65.6 | | | 190.9 | | | — | | | 256.5 | | |
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Accrued liabilities | 11.4 | | | 121.8 | | | 46.7 | | | (0.5 | ) | | 179.4 | | |
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Accrued income taxes | — | | | 3.4 | | | 14 | | | — | | | 17.4 | | |
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Current deferred income taxes | — | | | 1.1 | | | — | | | — | | | 1.1 | | |
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Current portion of long-term debt | 140 | | | 1.6 | | | — | | | — | | | 141.6 | | |
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Total current liabilities | 186.7 | | | 4,271.40 | | | 773.3 | | | (4,156.7 | ) | | 1,074.70 | | |
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Long-term debt, less current portion | 3,084.00 | | | 1.9 | | | 4.6 | | | — | | | 3,090.50 | | |
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Non-current deferred income taxes | — | | | 709.6 | | | 34.3 | | | (16.0 | ) | | 727.9 | | |
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Other non-current liabilities | — | | | 182.6 | | | 110.8 | | | — | | | 293.4 | | |
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Intercompany loans payable | 1,929.00 | | | 11,291.50 | | | 7,667.80 | | | (20,888.3 | ) | | — | | |
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Total non-current liabilities | 5,013.00 | | | 12,185.60 | | | 7,817.50 | | | (20,904.3 | ) | | 4,111.80 | | |
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Total liabilities | 5,199.70 | | | 16,457.00 | | | 8,590.80 | | | (25,061.0 | ) | | 5,186.50 | | |
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Controlling interest | 8,693.70 | | | 5,240.10 | | | 9,131.20 | | | (14,372.1 | ) | | 8,692.90 | | |
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Non-controlling interest | — | | | — | | | 0.8 | | | — | | | 0.8 | | |
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Shareholders’ equity | 8,693.70 | | | 5,240.10 | | | 9,132.00 | | | (14,372.1 | ) | | 8,693.70 | | |
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Total liabilities and shareholders' equity | $ | 13,893.40 | | | $ | 21,697.10 | | | $ | 17,722.80 | | | $ | (39,433.1 | ) | | $ | 13,880.20 | | |
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CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
For the Three Months Ended September 27, 2014 |
(in millions) |
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| Unconsolidated | | | | |
| Perrigo Company plc | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminating Entries | | Consolidated |
| | | | | | | | | |
Net cash from (for) operating activities | $ | (91.2 | ) | | $ | 211.3 | | | $ | 75 | | — | | $ | — | | | $ | 195.1 | |
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Cash Flows From (For) Investing Activities | | | | | | | | | |
Additions to property and equipment | — | | | (18.4 | ) | | (13.3 | ) | | — | | | (31.7 | ) |
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(Purchase) return of investment | — | | | 1.2 | | | (1.3 | ) | | — | | | (0.1 | ) |
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Proceeds from sale of business | — | | | — | | | 1.1 | | | — | | | 1.1 | |
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Intercompany notes issued | — | | | (202.1 | ) | | (243.6 | ) | | 445.7 | | | — | |
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Net cash from (for) investing activities | — | | | (219.3 | ) | | (257.1 | ) | | 445.7 | | | (30.7 | ) |
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Cash Flows From (For) Financing Activities | | | | | | | | | — | |
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Repayments of long-term debt | (35.0 | ) | | — | | | (4.5 | ) | | — | | | (39.5 | ) |
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Cash dividends | (14.1 | ) | | — | | | — | | | — | | | (14.1 | ) |
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Repurchase of common stock | (7.5 | ) | | — | | | — | | | — | | | (7.5 | ) |
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Settlements of contingent consideration | — | | | (5.0 | ) | | — | | | — | | | (5.0 | ) |
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Borrowings (repayments) of short-term debt, net | — | | | — | | | (2.1 | ) | | — | | | (2.1 | ) |
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Issuance of common stock | 2.6 | | | — | | | — | | | — | | | 2.6 | |
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Excess tax benefit of stock transactions | 4.3 | | | — | | | — | | | — | | | 4.3 | |
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Intercompany notes borrowed | 242.2 | | | 1.4 | | | 202.1 | | | (445.7 | ) | | — | |
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Net cash from (for) financing activities | 192.5 | | | (3.6 | ) | | 195.5 | | | (445.7 | ) | | (61.3 | ) |
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Effect of exchange rate changes on cash | — | | | — | | | (11.1 | ) | | — | | | (11.1 | ) |
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Net increase (decrease) in cash and cash equivalents | 101.3 | | | (11.6 | ) | | 2.3 | | | — | | | 92 | |
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Cash and cash equivalents, beginning of period | 323.4 | | | 245.2 | | | 230.9 | | | — | | | 799.5 | |
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Cash and cash equivalents, end of period | $ | 424.7 | | | $ | 233.6 | | | $ | 233.2 | | | $ | — | | | $ | 891.5 | |
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CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
For the Three Months Ended September 28, 2013 |
(in millions) |
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| Unconsolidated | | | | | | | | | |
| Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminating Entries | | Consolidated | | | | | |
| | | | | | | | | | | | |
Net cash from (for) operating activities | $ | 52.9 | | | $ | 45.8 | | | $ | — | | | $ | 98.7 | | | | | | |
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Cash Flows From (For) Investing Activities | | | | | | | | | | | | |
Additions to property and equipment | (31.2 | ) | | (9.2 | ) | | — | | | (40.4 | ) | | | | | |
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Proceeds from sale of land | — | | | 4.6 | | | — | | | 4.6 | | | | | | |
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Net cash from (for) investing activities | (31.2 | ) | | (4.6 | ) | | — | | | (35.8 | ) | | | | | |
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Cash Flows From (For) Financing Activities | | | | | | | — | | | | | | |
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Cash dividends | (8.5 | ) | | — | | | — | | | (8.5 | ) | | | | | |
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Repurchase of common stock | (7.3 | ) | | — | | | — | | | (7.3 | ) | | | | | |
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Borrowings (repayments) of short-term debt, net | — | | | 1.1 | | | — | | | 1.1 | | | | | | |
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Issuance of common stock | 3.5 | | | — | | | — | | | 3.5 | | | | | | |
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Excess tax benefit of stock transactions | 7.2 | | | — | | | — | | | 7.2 | | | | | | |
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Deferred financing fees | (24.8 | ) | | — | | | — | | | (24.8 | ) | | | | | |
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Net cash from (for) financing activities | (29.9 | ) | | 1.1 | | | — | | | (28.8 | ) | | | | | |
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Effect of exchange rate changes on cash | — | | | 2.6 | | | — | | | 2.6 | | | | | | |
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Net increase (decrease) in cash and cash equivalents | (8.2 | ) | | 44.9 | | | — | | | 36.7 | | | | | | |
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Cash and cash equivalents, beginning of period | 519.6 | | | 260.3 | | | — | | | 779.9 | | | | | | |
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Cash and cash equivalents, end of period | $ | 511.4 | | | $ | 305.2 | | | $ | — | | | $ | 816.6 | | | | | | |
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