Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Mar. 28, 2015 | Apr. 24, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PERRIGO CO PLC | |
Entity Central Index Key | 1585364 | |
Current Fiscal Year End Date | -21 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 28-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 146,262,983 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | ||
Net sales | $1,049.10 | $1,004.20 | [1] | $3,072.30 | $2,916.60 | [1] |
Cost of sales | 670.3 | 689.2 | 1,988 | 1,884.70 | ||
Gross profit | 378.8 | 315 | 1,084.30 | 1,031.90 | ||
Operating expenses | ||||||
Distribution | 14.7 | 13.9 | 44 | 41.2 | ||
Research and Development | 35.4 | 44.7 | 125.2 | 114.5 | ||
Selling | 48.8 | 52.5 | 144 | 150 | ||
Administration | 79.6 | 81.1 | 245.1 | 314.2 | ||
Write-off of in-process research and development | 0 | 0 | 0 | 6 | ||
Restructuring | 1.1 | 19.5 | 5.3 | 36.5 | ||
Total operating expenses | 179.6 | 211.7 | 563.6 | 662.4 | ||
Operating Income | 199.2 | 103.3 | [1] | 520.7 | 369.5 | [1] |
Interest expense, net | 43.3 | 26.2 | 100 | 77.3 | ||
Other expense, net | 258.6 | 14.4 | 320.5 | 19.5 | ||
Loss on extinguishment of debt | 0 | 0 | 9.6 | 165.8 | ||
Income (loss) before income taxes | -102.7 | 62.7 | 90.6 | 106.9 | ||
Income tax expense (benefit) | -7.8 | 14.6 | 19.1 | 33.5 | ||
Net income (loss) | ($94.90) | $48.10 | $71.50 | $73.40 | ||
Earnings Per Share [Abstract] | ||||||
Basic earnings (loss) per share | ($0.67) | $0.36 | $0.52 | $0.67 | ||
Diluted earnings (loss) per share | ($0.67) | $0.36 | $0.52 | $0.67 | ||
Weighted average shares outstanding | ||||||
Basic | 140.8 | 133.7 | 137 | 108.9 | ||
Diluted | 140.8 | 134.3 | 137.5 | 109.4 | ||
Dividends declared per share | $0.13 | $0.11 | $0.34 | $0.29 | ||
[1] | Amounts may not foot due to rounding. |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Net income (loss) | ($94.90) | $48.10 | $71.50 | $73.40 |
Other Comprehensive Income (loss): | ||||
Foreign currency translation adjustments | -27.9 | 6.2 | -152.1 | 59.3 |
Change in fair value of derivative financial instruments | 0.8 | -1 | -5 | -11.6 |
Change in fair value of investment securities | 1.2 | 10.5 | 0.7 | 5.7 |
Change in post-retirement and pension liability adjustments | -0.4 | 0 | -2.2 | -0.1 |
Other Comprehensive Income (Loss), Net of Tax | -26.3 | 15.7 | -158.6 | 53.3 |
Comprehensive income (loss) | ($121.20) | $63.80 | ($87.10) | $126.70 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 28, 2015 | Jun. 28, 2014 |
In Millions, unless otherwise specified | ||
Current assets | ||
Cash and Cash Equivalents, at Carrying Value | $3,430.40 | $799.50 |
Investment securities | 21.8 | 5.9 |
Accounts Receivable, Net, Current | 881.7 | 935.1 |
Inventories | 637 | 631.6 |
Current deferred income taxes | 69.9 | 62.8 |
Prepaid expenses and other current assets | 89.2 | 116 |
Total current assets | 5,130 | 2,550.90 |
Non-current assets | ||
Property and Equipment, Net | 769.2 | 779.9 |
Goodwill and other indefinite-lived intangible assets | 3,467.30 | 3,543.80 |
Other intangible assets, net | 6,527.80 | 6,787 |
Non-current deferred income taxes | 27.7 | 23.6 |
Other non-current assets | 260.8 | 195 |
Total non-current assets | 11,052.80 | 11,329.30 |
Total Assets | 16,182.80 | 13,880.20 |
Current liabilities | ||
Accounts Payable | 323.2 | 364.3 |
Short-term Debt | 3.4 | 2.1 |
Payroll and related taxes | 85.3 | 112.3 |
Accrued Customer Programs | 282.5 | 256.5 |
Accrued Liabilities | 230.2 | 179.4 |
Accrued Income Taxes | 4 | 17.4 |
Current deferred income taxes | 0 | 1.1 |
Current portion of long-term debt | 355.6 | 141.6 |
Total current liabilities | 1,284.20 | 1,074.70 |
Non-current liabilities | ||
Long-term debt, less current portion | 4,367.80 | 3,090.50 |
Non-current deferred income taxes | 644.6 | 727.9 |
Other non-current liabilities | 300.5 | 293.4 |
Total non-current liabilities | 5,312.90 | 4,111.80 |
Liabilities | 6,597.10 | 5,186.50 |
Commitments and Contingencies | 0 | 0 |
Controlling interest: | ||
Preferred shares, $0.0001 par value, 10 million shares authorized | 0 | 0 |
Common stock, €0.0001 par value, 10 billion shares authorized | 7,704.70 | 6,678.20 |
Accumulated other comprehensive income | -19 | 139.6 |
Retained earnings | 1,900 | 1,875.10 |
Total shareholders' equity | 9,585.70 | 8,692.90 |
Noncontrolling interest | 0 | 0.8 |
Shareholders' equity | 9,585.70 | 8,693.70 |
Total liabilities and shareholders' equity | $16,182.80 | $13,880.20 |
Supplemental Disclosures of Balance Sheet Information | ||
Preferred shares, issued and outstanding | 0 | 0 |
Ordinary shares, issued and outstanding | 140.8 | 133.8 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) | Mar. 28, 2015 | Mar. 28, 2015 | Jun. 28, 2014 | Jun. 28, 2014 |
In Millions, except Per Share data, unless otherwise specified | USD ($) | EUR (€) | USD ($) | EUR (€) |
Shareholders' Equity | ||||
Preferred shares, par value | $0.00 | $0.00 | ||
Preferred shares, authorized | 10 | 10 | 10 | 10 |
Ordinary shares, par value | € 0.00 | € 0.00 | ||
Ordinary shares, authorized | 10,000 | 10,000 | 10,000 | 10,000 |
Preferred shares outstanding | 0 | 0 | 0 | 0 |
Ordinary shares, outstanding | 0 | 0 | 133.8 | 133.8 |
Allowance for Doubtful Accounts Receivable | $1.80 | $2.70 | ||
Commitments and Contingencies | $0 | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Jun. 28, 2014 |
Cash Flows From (For) Operating Activities | |||
Net income | $71.50 | $73.40 | |
Adjustments to derive cash flows | |||
Depreciation and amortization | 381.5 | 237.6 | |
Loss on acquisition-related foreign currency derivatives | 324.5 | 0 | |
Share-based Compensation | 23.7 | 18.5 | |
Loss on extinguishment of debt | 9.6 | 165.8 | 165.8 |
Non-cash restructuring charges | 5.3 | 17.6 | |
Loss on Sale of Investments | 0 | 12.7 | |
Excess tax benefit of stock transactions | 2.5 | 6.4 | |
Deferred income taxes | -84.5 | -27.1 | |
Other non-cash adjustments | 7.1 | 5 | |
Subtotal | 736.2 | 497.1 | |
Increase (decrease) in cash due to | |||
Accounts receivable | 34.9 | -90 | |
Inventories | -15.7 | 19.7 | |
Accounts payable | -28.8 | -52.4 | |
Payroll and related taxes | -27.4 | -40.3 | |
Accrued customer programs | 24 | 82.6 | |
Accrued liabilities | 49.6 | 8.8 | |
Accrued income taxes | -18.8 | -21.3 | |
Other | -18.4 | -3.4 | |
Subtotal | -0.6 | -96.3 | |
Net cash from (for) operating activities | 735.6 | 400.8 | |
Cash Flows (For) From Investing Activities | |||
Acquisitions of businesses, net of cash acquired | -87 | -1,598.30 | |
Payments to Acquire Available-for-sale Securities | 0 | -15 | |
Proceeds from Sale of Available-for-sale Securities | 81.4 | 0 | |
Additions to property and equipment | -79.8 | -120 | |
Settlement of acquisition-related foreign currency derivatives | -324.5 | 0 | |
Other Investing | 0.8 | 6.2 | |
Net cash from (for) investing activities | -490.5 | -1,645.70 | |
Cash Flows (For) From Financing Activities | |||
Issuances of debt | 2,504.30 | 3,293.60 | |
Debt repayments | -948.2 | -2,000 | |
Deferred financing fees | -28.1 | -48.8 | |
Premium on early retirement of debt | 0 | 133.5 | 133.5 |
Issuance of ordinary shares | 1,040.60 | 8.9 | |
Equity issuance costs | -35.7 | 0 | |
Excess tax benefit of stock transactions | 2.5 | 6.4 | |
Repurchase of ordinary shares | -7.7 | -7.5 | |
Cash dividends | -46.5 | -32 | |
Purchase of noncontrolling interest | 0 | 7.2 | |
Other Financing | -3.7 | -5 | |
Net cash from (for) financing activities | 2,477.50 | 1,074.90 | |
Effect of exchange rate changes on cash | -91.7 | -0.5 | |
Net increase (decrease) in cash and cash equivalents | 2,630.90 | -170.5 | |
Cash and cash equivalents, beginning of period | 799.5 | 779.9 | 779.9 |
Cash and cash equivalents, end of period | 3,430.40 | 609.4 | 799.5 |
Cash paid/received during the period for: | |||
Interest paid | 62.1 | 54.7 | |
Interest received | 0.6 | 2.1 | |
Income taxes paid | 113 | 83.3 | |
Income taxes refunded | $9.10 | $3.60 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |
Mar. 28, 2015 | ||
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies and Change in Accounting Principles [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The Company | ||
The Company closed on its acquisition of Omega Pharma Invest NV ("Omega") on March 30, 2015, after the end of its third fiscal quarter. Therefore, Omega is not included in this quarter's results. See Note 16 for further information on the Omega acquisition. | ||
Perrigo Company plc (formerly known as Perrigo Company Limited, and prior thereto, Blisfont Limited) ("Perrigo" or "the Company"), was incorporated under the laws of Ireland on June 28, 2013, and became the successor registrant of Perrigo Company on December 18, 2013 in connection with the consummation of the acquisition of Elan Corporation, plc ("Elan"), which is discussed further in Note 2. With the acquisition of Omega, the Company is now a top five global over-the-counter ("OTC") consumer goods and pharmaceutical company, offering consumers and customers high quality products at affordable prices. From its beginnings in 1887 as a packager of generic home remedies, the Company has grown to become the world's largest manufacturer of OTC products and supplier of infant formulas for the store brand market. The Company is also a leading provider of branded OTC products, generic extended topical prescription products, and receives royalties from Multiple Sclerosis drug Tysabri®. Perrigo provides “Quality Affordable Healthcare Products®” across a wide variety of product categories and geographies, primarily in North America, Europe, and Australia, as well as other key markets including Israel and China. | ||
Basis of Presentation | ||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes included in the Company's Annual Report on Form 10-K for the year ended June 28, 2014. In the opinion of management, all adjustments (consisting of normal recurring accruals and other adjustments) considered necessary for a fair presentation have been included. | ||
The Company’s sales of OTC pharmaceutical products are subject to the seasonal demands for cough/cold/flu and allergy products, and consumer dynamics in the retail environments in which the Company's customers operate. In addition, the Company's animal health products are subject to the seasonal demand for flea and tick products, which typically peaks during the warmer weather months. Accordingly, operating results for the three and nine months ended March 28, 2015 are not necessarily indicative of the results that may be expected for a full fiscal year. | ||
Segment Reporting Change | ||
In conjunction with the closing of the Omega acquisition, the Company changed its reporting segments to better align with the Company's organizational structure. These organizational changes were made to optimize the Company's structure to better serve its customers and to reflect the way in which the Chief Operating Decision Maker now reviews the Company's operating results. Beginning in the fourth quarter of fiscal 2015, the Company's reporting segments are as follows: | ||
• | Consumer Healthcare will include the legacy Consumer Healthcare business and the legacy Nutritionals (Infant nutrition and VMS) business to create one consumer facing segment. This segment will also include the legacy Israel Pharmaceuticals and Diagnostics business, previously reported in the “Other” category. | |
• | Branded Consumer Healthcare will comprise the newly acquired Omega business. | |
• | Rx Pharmaceuticals will continue to comprise the legacy Rx Pharmaceuticals business. | |
• | Specialty Sciences will continue to comprise royalties from Tysabri®. | |
• | Other will comprise the legacy Active Pharmaceutical Ingredients ("API") business. | |
Change in Fiscal Year | ||
In the second quarter of fiscal 2015, the Company announced that its fiscal year-end will begin on January 1 and end on December 31 of each year, starting on January 1, 2016. The Company's current fiscal year will end on June 27, 2015, followed by a transition period from June 28, 2015 to December 31, 2015. The Company plans to disclose the results of the transition period on a Form 10-KT transition report. | ||
Principles of Consolidation | ||
The condensed consolidated financial statements include the accounts of the Company and all majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. | ||
Recent Accounting Standard Pronouncements | ||
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2015-03, "Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"). The amendments in ASU 2015-03 require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. The guidance will be effective for the Company for the transition period ending December 31, 2015, though early adoption is permitted. As of March 28, 2015, the Company had $42.4 million of deferred financing fees recorded in Other long-term assets that would be subject to the reclassification in the future. | ||
In July 2013, the FASB issued Accounting Standards Update 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU 2013-11"). The amendments in ASU 2013-11 provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The Company prospectively adopted this guidance in fiscal 2015, and presented $90.2 million as a reclassification from Non-current deferred income taxes to Other non-current liabilities upon adoption. |
Business_Acquisitions_Notes
Business Acquisitions (Notes) | 9 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Business Combination Disclosure [Text Block] | ACQUISITIONS | |||||||||||
All of the below acquisitions, with the exception of the Vedants transaction, have been accounted for under the acquisition method of accounting, and the related assets acquired and liabilities assumed were recorded at fair value as of the acquisition date. Fair value estimates are based on a complex series of judgments about future events and rely heavily on estimates and assumptions. The judgments used to determine the estimated fair value assigned to each class of assets and liabilities assumed, as well as asset lives, can materially impact the Company's results of operations. | ||||||||||||
The effects of all of the acquisitions described below were included in the Condensed Consolidated Financial Statements prospectively from the date of acquisition. Unless otherwise indicated, acquisition costs incurred were immaterial and were recorded in Administration expense. | ||||||||||||
Fiscal 2015 Acquisitions | ||||||||||||
Lumara Health, Inc. | ||||||||||||
On October 31, 2014, the Company acquired a portfolio of women's healthcare products from Lumara Health, Inc., a privately-held, Chesterfield, Missouri-based specialty pharmaceutical company, for cash consideration of $83.0 million. The acquisition of this portfolio further expanded the Company's women's healthcare product offerings. Operating results attributable to the acquired Lumara products are included in the Rx Pharmaceuticals segment. The intangible assets acquired consisted of three product formulations with useful lives ranging from 8 to 12 years. | ||||||||||||
The below table indicates the final purchase price allocation (in millions): | ||||||||||||
Lumara | ||||||||||||
Total purchase consideration | $ | 83 | ||||||||||
Assets acquired: | ||||||||||||
Accounts receivable, net | 2.9 | |||||||||||
Inventories | 1.5 | |||||||||||
Prepaid expenses and other current assets | 0.4 | |||||||||||
Property and equipment, net | 0.1 | |||||||||||
Intangible assets - formulations | 82 | |||||||||||
Total assets | 86.9 | |||||||||||
Liabilities assumed: | ||||||||||||
Accrued liabilities | 3.9 | |||||||||||
Net assets acquired | $ | 83 | ||||||||||
Fiscal 2014 Acquisitions | ||||||||||||
Aspen Global Inc. | ||||||||||||
On February 28, 2014, the Company acquired a basket of OTC products sold in Australia and New Zealand from Aspen Global Inc. ("Aspen"). The acquisition of this product portfolio broadened the Company's product offering in Australia and New Zealand and furthered the Company's strategy to expand the Consumer Healthcare portfolio outside the U.S. Operating results attributable to the acquired Aspen products are included in the Consumer Healthcare segment. | ||||||||||||
The intangible assets acquired consisted of trademarks and trade names, customer relationships, and non-compete agreements. Customer relationships were assigned a 15-year useful life, trademarks and trade names were assigned a 25-year useful life, and non-compete agreements were assigned a 5-year useful life. The goodwill recorded is not deductible for tax purposes. | ||||||||||||
Fera Pharmaceuticals, LLC | ||||||||||||
On February 18, 2014, the Company acquired a distribution and license agreement for the marketing and sale of methazolomide from Fera Pharmaceuticals, LLC ("Fera"), a privately-held specialty pharmaceutical company. The acquisition of this agreement further expanded the Company's ophthalmic offerings. Operating results attributable to this agreement are included in the Rx Pharmaceuticals segment. The intangible asset acquired was assigned a 15-year useful life. | ||||||||||||
Elan Corporation, plc | ||||||||||||
On December 18, 2013, the Company acquired Elan in a cash and stock transaction as follows (in millions, except per share data): | ||||||||||||
Elan shares outstanding as of December 18, 2013 | 515.7 | |||||||||||
Exchange ratio per share | 0.07636 | |||||||||||
Total Perrigo shares issued to Elan shareholders | 39.4 | |||||||||||
Perrigo per share value at transaction close on December 18, 2013 | $ | 155.34 | ||||||||||
Total value of Perrigo shares issued to Elan shareholders | 6,117.20 | |||||||||||
Cash consideration paid at $6.25 per Elan share | 3,223.20 | |||||||||||
Cash consideration paid for vested Elan stock options and share awards | 111.5 | |||||||||||
Total consideration | $ | 9,451.90 | ||||||||||
In addition, the Company paid cash consideration of $16.1 million to the Elan stock option and share award holders for the unvested portion of their awards, which was charged to earnings during fiscal 2014. | ||||||||||||
At the completion of the transaction, the holder of each Elan ordinary share and each Elan American Depositary Share received from Perrigo $6.25 in cash and 0.07636 of a Perrigo ordinary share. As a result of the transaction, based on the number of outstanding shares of Perrigo and Elan as of December 18, 2013, former Perrigo and Elan shareholders held approximately 71% and 29%, respectively, of Perrigo's ordinary shares immediately after giving effect to the acquisition. | ||||||||||||
Elan, headquartered in Dublin, Ireland, provided the Company with assets focused on the treatment of Multiple Sclerosis (Tysabri®). The Company's management believed the acquisition of Elan would provide recurring annual operational synergies, related cost reductions, and tax savings. Certain of these synergies resulted from the elimination of redundant public company costs while optimizing back-office support. The jurisdictional mix of income and the new corporate structure have, and will continue to, result in a lower worldwide effective tax rate. | ||||||||||||
The operating results for Elan are included in the Specialty Sciences segment. During fiscal 2014, the Company incurred and expensed acquisition-related costs which were recorded in unallocated expenses. The costs related primarily to general transaction costs (legal, banking and other professional fees), financing fees, and debt extinguishment. See Note 8 for further details on the Loss on extinguishment of debt. The table below details these transaction costs and where they were recorded (in millions): | ||||||||||||
Line item | Fiscal 2014 | |||||||||||
Administration | $ | 108.9 | ||||||||||
Interest expense, net | 10 | |||||||||||
Other expense, net | 0.2 | |||||||||||
Loss on extinguishment of debt | 165.8 | |||||||||||
Total acquisition-related costs | $ | 284.9 | ||||||||||
The Company acquired two definite-lived intangible assets in the acquisition, both of which are exclusive technology agreements: | ||||||||||||
• | Tysabri®: The Company is entitled to royalty payments from Biogen Idec Inc. ("Biogen") based on its Tysabri® sales in all indications and geographies. The royalty was 12% for the 12-month period ended May 1, 2014. Subsequent to May 1, 2014, the Company is entitled to 18% royalty payments on annual sales up to $2.0 billion and 25% royalty payments on annual sales above $2.0 billion. The asset's value is $5.8 billion, which is being amortized over a useful life of 20 years. | |||||||||||
• | Prialt: The Company is also entitled to royalty payments based on Prialt sales. The royalty rates range from 7% to 17.5% based on specific levels of annual U.S. sales. The asset's value is $11.0 million, which is being amortized over a useful life of 10 years. | |||||||||||
Additionally, the Company recorded $2.3 billion of goodwill, which is not deductible for tax purposes, representing the expected synergies of the combined company, as described above. The following table reflects the allocation by reportable segment (in millions): | ||||||||||||
Segment | Goodwill | |||||||||||
Consumer Healthcare | $ | 1,110.00 | ||||||||||
Rx Pharmaceuticals | 845.1 | |||||||||||
Nutritionals | 177.4 | |||||||||||
Specialty Sciences | 200.6 | |||||||||||
Total | $ | 2,333.10 | ||||||||||
Purchase Price Allocation of Fiscal 2014 Acquisitions | ||||||||||||
The purchase price allocation for Elan was finalized during the first quarter of fiscal 2015. Since June 28, 2014, revisions included a $13.0 million decrease in net tax-related liabilities, resulting in a corresponding decrease in goodwill. | ||||||||||||
The below table indicates the purchase price allocation for fiscal 2014 acquisitions (in millions): | ||||||||||||
Aspen | Fera | Elan | ||||||||||
Purchase price paid | $ | 53.7 | $ | 17.3 | $ | 9,451.90 | ||||||
Contingent consideration | — | 0.8 | — | |||||||||
Total purchase consideration | $ | 53.7 | $ | 18.1 | $ | 9,451.90 | ||||||
Assets acquired: | ||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 1,807.30 | ||||||
Investment securities | — | — | 100 | |||||||||
Accounts receivable | — | — | 44.2 | |||||||||
Inventories | 2.7 | 0.3 | — | |||||||||
Prepaid expenses and other current assets | — | — | 27.1 | |||||||||
Property and equipment | — | — | 9.2 | |||||||||
Goodwill | 4.6 | — | 2,333.10 | |||||||||
Intangible assets: | ||||||||||||
Trade names and trademarks | 34.8 | — | — | |||||||||
Customer relationships | 9.8 | — | — | |||||||||
Non-competition agreements | 1.8 | — | — | |||||||||
Distribution and license agreements | — | 17.8 | 5,811.00 | |||||||||
Intangible assets | 46.4 | 17.8 | 5,811.00 | |||||||||
Other non-current assets | — | — | 93.4 | |||||||||
Total assets | 53.7 | 18.1 | 10,225.30 | |||||||||
Liabilities assumed: | ||||||||||||
Accounts payable | — | — | 2 | |||||||||
Accrued liabilities | — | — | 120.8 | |||||||||
Deferred tax liabilities | — | — | 631.8 | |||||||||
Other non-current liabilities | — | — | 18.8 | |||||||||
Total liabilities | — | — | 773.4 | |||||||||
Net assets acquired | $ | 53.7 | $ | 18.1 | $ | 9,451.90 | ||||||
Vedants Drug & Fine Chemicals Private Limited | ||||||||||||
To further improve the long-term cost position of its API business, on August 6, 2009, the Company acquired an 85% stake in Vedants Drug & Fine Chemicals Private Limited ("Vedants"), an API manufacturing facility in India, for $11.5 million in cash. The Company purchased the remaining 15% stake in Vedants during the second quarter of fiscal 2014 for $7.2 million in cash. The transaction was accounted for as an equity transaction and resulted in the elimination of the noncontrolling interest. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Other Intangible Assets [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||
Goodwill | |||||||||||||||||
Changes in the carrying amount of goodwill, by reportable segment, were as follows (in millions): | |||||||||||||||||
Reporting Segments: | Balance at June 28, 2014 | Purchase accounting adjustments | Currency translation adjustment | Balance at March 28, 2015 | |||||||||||||
Consumer Healthcare | $ | 1,406.30 | $ | (6.2 | ) | $ | (12.7 | ) | $ | 1,387.40 | |||||||
Nutritionals | 510.1 | (1.0 | ) | — | 509.1 | ||||||||||||
Rx Pharmaceuticals | 1,258.30 | (4.7 | ) | (31.4 | ) | 1,222.20 | |||||||||||
API | 97.6 | — | (13.1 | ) | 84.5 | ||||||||||||
Specialty Sciences | 201.8 | (1.1 | ) | — | 200.7 | ||||||||||||
Total goodwill | $ | 3,474.10 | $ | (13.0 | ) | $ | (57.2 | ) | $ | 3,403.90 | |||||||
Intangible Assets | |||||||||||||||||
Other intangible assets and related accumulated amortization consisted of the following (in millions): | |||||||||||||||||
March 28, 2015 | June 28, 2014 | ||||||||||||||||
Gross | Accumulated Amortization | Gross | Accumulated Amortization | ||||||||||||||
Amortizable intangibles: | |||||||||||||||||
Distribution and license agreements | $ | 6,029.40 | $ | 424.3 | $ | 6,027.30 | $ | 192.1 | |||||||||
Developed product technology/formulation and product rights | 977.2 | 352.4 | 931.7 | 302.5 | |||||||||||||
Customer relationships | 364.9 | 111.1 | 372 | 97.5 | |||||||||||||
Trade names and trademarks | 47.1 | 11.1 | 47.8 | 5.6 | |||||||||||||
Non-compete agreements | 14.6 | 6.5 | 15.3 | 9.4 | |||||||||||||
Total | $ | 7,433.20 | $ | 905.4 | $ | 7,394.10 | $ | 607.1 | |||||||||
Non-amortizable intangibles: | |||||||||||||||||
Trade names and trademarks | $ | 56.4 | $ | — | $ | 59.5 | $ | — | |||||||||
In-process research and development | 7 | — | 10.2 | — | |||||||||||||
Total | 63.4 | — | 69.7 | — | |||||||||||||
Total other intangible assets | $ | 7,496.60 | $ | 905.4 | $ | 7,463.80 | $ | 607.1 | |||||||||
Certain intangible assets are denominated in currencies other than the U.S. dollar; therefore, their gross and net carrying values are subject to foreign currency movements. | |||||||||||||||||
The Company recorded amortization expense of $321.9 million and $181.1 million for the nine months ended March 28, 2015 and March 29, 2014, respectively. The increase in amortization expense was due primarily to the incremental amortization expense incurred on the amortizable intangible assets acquired as part of the Elan acquisition. | |||||||||||||||||
Impairment Testing | |||||||||||||||||
The Company has filed breach of contract litigation against a third party as it believes the third party has wrongfully enabled a competitor against the Company on a new product line in the animal health category. The Company moved for a preliminary injunction to prevent the third party from licensing or otherwise enabling the competitor from entering or staying on the over-the-counter market with a directly competing product. During the third quarter of fiscal 2015, the motion was denied. The Company had goodwill and intangible assets with a total net book value of $434.4 million as of March 28, 2015 attributable to its Animal Heath reporting unit. The Company also had a supply agreement with this third party that expired at the end of calendar year 2014 and has not been renewed. | |||||||||||||||||
The Company deemed the events described above to be indicators of potential impairment of its Animal Health reporting unit's intangible assets, which include goodwill, indefinite-lived intangible assets, and definite-lived intangible assets. The Company performed impairment testing for all of its Animal Health intangible assets as of March 28, 2015 and none were determined to be impaired. The Company will continue to monitor and assess its Animal Health intangible assets for potential impairment should further impairment indicators arise and at least annually as applicable. |
Inventories_Notes
Inventories (Notes) | 9 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory Disclosure [Text Block] | INVENTORIES | |||||||
Major components of inventory at March 28, 2015 and June 28, 2014, were as follows (in millions): | ||||||||
March 28, | June 28, | |||||||
2015 | 2014 | |||||||
Finished goods | $ | 316 | $ | 307 | ||||
Work in process | 150.2 | 146.7 | ||||||
Raw materials | 170.8 | 177.9 | ||||||
Total inventories | $ | 637 | $ | 631.6 | ||||
Fair_value_measurements_Note
Fair value measurements (Note) | 9 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS | |||||||||||||||
Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable. | ||||||||||||||||
Level 1: | Quoted prices for identical instruments in active markets. | |||||||||||||||
Level 2: | Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. | |||||||||||||||
Level 3: | Valuations derived from valuation techniques in which one or more significant inputs are not observable. | |||||||||||||||
The following tables summarize the valuation of the Company’s financial instruments carried at fair value by the above pricing categories at March 28, 2015 and June 28, 2014 (in millions): | ||||||||||||||||
28-Mar-15 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investment securities | $ | 21.8 | $ | — | $ | — | $ | 21.8 | ||||||||
Foreign currency forward contracts | — | 4.9 | — | 4.9 | ||||||||||||
Funds associated with Israeli post employment benefits | — | 16.6 | — | 16.6 | ||||||||||||
Total assets | $ | 21.8 | $ | 21.5 | $ | — | $ | 43.3 | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 12.4 | $ | 12.4 | ||||||||
Interest rate swap agreements | — | 5 | — | 5 | ||||||||||||
Foreign currency forward contracts | — | 8.1 | — | 8.1 | ||||||||||||
Total liabilities | $ | — | $ | 13.1 | $ | 12.4 | $ | 25.5 | ||||||||
28-Jun-14 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investment securities | $ | 20.7 | $ | — | $ | — | $ | 20.7 | ||||||||
Foreign currency forward contracts | — | 3.1 | — | 3.1 | ||||||||||||
Funds associated with Israeli post-employment benefits | — | 19.3 | — | 19.3 | ||||||||||||
Total assets | $ | 20.7 | $ | 22.4 | $ | — | $ | 43.1 | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 17.4 | $ | 17.4 | ||||||||
Interest rate swap agreements | — | 8.3 | — | 8.3 | ||||||||||||
Foreign currency forward contracts | — | 0.8 | — | 0.8 | ||||||||||||
Total liabilities | $ | — | $ | 9.1 | $ | 17.4 | $ | 26.5 | ||||||||
The table below presents changes in the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended March 28, 2015 and March 29, 2014 (in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
28-Mar-15 | 29-Mar-14 | 28-Mar-15 | 29-Mar-14 | |||||||||||||
Contingent Consideration | ||||||||||||||||
Beginning balance: | $ | 12.4 | $ | 17.3 | $ | 17.4 | $ | 22.2 | ||||||||
Net realized losses | — | 5.7 | — | 0.8 | ||||||||||||
Settlements | — | — | (5.0 | ) | — | |||||||||||
Ending balance: | $ | 12.4 | $ | 23 | $ | 12.4 | $ | 23 | ||||||||
Net realized losses in the table above were recorded in Administration expense. During the three and nine months ended March 28, 2015 there were no transfers between Levels 1, 2, and 3. The Company’s policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period. See Note 6 for information on the Company's investment securities. See Note 7 for a discussion of derivatives. | ||||||||||||||||
Israeli post-employment benefits represent amounts the Company has deposited in funds managed by financial institutions designated by management to cover post-employment benefits for its Israeli employees as required by Israeli law. The funds are recorded in Other non-current assets and values are determined using prices for recently traded financial instruments with similar underlying terms, as well as directly or indirectly observable inputs, such as interest rates and yield curves, that are observable at commonly quoted intervals. | ||||||||||||||||
Contingent consideration represents milestone payment obligations obtained through product acquisitions and is valued using estimates based on probability-weighted outcomes, sensitivity analysis, and discount rates reflective of the risk involved. The estimates are updated quarterly and the liabilities are adjusted to fair value depending on a number of assumptions, including the competitive landscape and regulatory approvals that may impact the future sales of a product. | ||||||||||||||||
As of March 28, 2015, the Company’s fixed rate long-term debt consisted of public bonds with a carrying value of $3.9 billion and a fair value of $4.1 billion based on quoted market prices (Level 1). As of June 28, 2014, the Company's fixed rate long-term debt consisted of private placement senior notes with registration rights with a carrying value of $2.3 billion and a fair value of $2.4 billion. The fair value at June 28, 2014 was determined by discounting the future cash flows of the financial instruments to their present value, using interest rates offered for borrowings and deposits of a similar nature and remaining maturities (Level 2). | ||||||||||||||||
The carrying amounts of the Company’s other financial instruments, consisting of cash and cash equivalents, accounts receivable, accounts payable, short-term debt, and variable rate long-term debt, approximate their fair value. |
Investments_Notes
Investments (Notes) | 9 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Investments [Abstract] | ||||||||
Cost and Equity Method Investments Disclosure [Text Block] | INVESTMENTS | |||||||
Available for Sale Securities | ||||||||
The Company's available for sale securities totaled $21.8 million at March 28, 2015 and are reported in Investment securities. At June 28, 2014, available for sale securities totaled $20.7 million, of which $5.9 million are reported in Investment securities and $14.8 million are reported in Other non-current assets. | ||||||||
Net unrealized investment gains (losses) on available for sale securities were as follows (in millions): | ||||||||
March 28, 2015 | June 28, 2014 | |||||||
Equity securities, at cost less impairments | $ | 17.1 | $ | 17.1 | ||||
Gross unrealized gains | 4.9 | 3.8 | ||||||
Gross unrealized losses | (0.2 | ) | (0.2 | ) | ||||
Estimated fair value of equity securities | $ | 21.8 | $ | 20.7 | ||||
During the three months ended March 29, 2014, the Company sold one of its investment securities and recorded a loss of $9.9 million. The loss was reclassified out of accumulated other comprehensive income ("AOCI") and into earnings. | ||||||||
The factors affecting the assessment of impairments include both general financial market conditions and factors specific to a particular company. The equity securities in a gross unrealized loss position at March 28, 2015 were in that position for less than 12 months. | ||||||||
Cost Method Investments | ||||||||
The Company's cost method investments totaled $8.3 million and $9.0 million at March 28, 2015 and June 28, 2014, respectively, and are included in Other non-current assets. | ||||||||
Equity Method Investments | ||||||||
The Company's equity method investments totaled $52.2 million and $57.4 million at March 28, 2015 and June 28, 2014, respectively, and are included in Other non-current assets. The Company recorded net losses of $0.3 million and $6.6 million during the three and nine months ended March 28, 2015, respectively, and net losses of $3.8 million and $5.1 million during the three and nine months ended March 29, 2014, respectively, for the Company's proportionate share of the equity method investment earnings or losses. In addition, during the three months ended March 29, 2014, the Company sold one of its equity method investments and recorded a loss of $2.8 million. The losses noted above are recorded in Other expense, net. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities (Note) | 9 Months Ended | ||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ||||||||||||||||||
The Company enters into certain derivative financial instruments, when available on a cost-effective basis, to mitigate its risk associated with changes in interest rates and foreign currency exchange rates as follows: | |||||||||||||||||||
Interest rate risk management - The Company is exposed to the impact of interest rate changes. The Company's objective is to manage the impact of interest rate changes on cash flows and the market value of the Company's borrowings. The Company utilizes a mix of debt maturities along with both fixed-rate and variable-rate debt to manage changes in interest rates. In addition, the Company may enter into treasury-lock agreements and interest rate swap agreements on certain investing and borrowing transactions to manage its interest rate changes and to reduce its overall cost of borrowing. | |||||||||||||||||||
Foreign currency exchange risk management - The Company conducts business in several major currencies other than the U.S. dollar and is subject to risks associated with changing foreign exchange rates. The Company's objective is to reduce cash flow volatility associated with foreign exchange rate changes on a consolidated basis to allow management to focus its attention on business operations. Accordingly, the Company enters into various contracts that change in value as foreign exchange rates change to protect the value of existing foreign currency assets and liabilities, commitments, and anticipated foreign currency sales and expenses. | |||||||||||||||||||
All derivative instruments are managed on a consolidated basis to efficiently net exposures and thus take advantage of any natural offsets. Gains and losses related to the derivative instruments are expected to be offset largely by gains and losses on the original underlying asset or liability. The Company does not use derivative financial instruments for speculative purposes. | |||||||||||||||||||
All of the Company's designated derivatives were classified as cash flow hedges as of March 28, 2015 and June 28, 2014. Designated derivatives meet hedge accounting criteria, which means the fair value of the hedge is recorded in shareholders’ equity as a component of Other comprehensive income ("OCI"), net of tax. The deferred gains and losses are recognized in income in the period in which the hedged item affects earnings. Any ineffective portion of the change in fair value of the derivative is immediately recognized in earnings. All of the Company's designated derivatives are assessed for hedge effectiveness quarterly. | |||||||||||||||||||
The Company also has economic non-designated derivatives that do not meet hedge accounting criteria. These derivative instruments are adjusted to current market value at the end of each period through earnings. Gains or losses on these instruments are offset substantially by the remeasurement adjustment on the hedged item. | |||||||||||||||||||
Interest Rate Swaps and Treasury Locks | |||||||||||||||||||
Interest rate swap agreements are contracts to exchange floating rate for fixed rate payments (or vice versa) over the life of the agreement without the exchange of the underlying notional amounts. The notional amounts of the interest rate swap agreements are used to measure interest to be paid or received and do not represent the amount of exposure to credit loss. The differential paid or received on the interest rate swap agreements is recognized as an adjustment to interest expense. All of the Company's interest rate swaps qualify for hedge accounting. | |||||||||||||||||||
The Company has term loans with floating interest rates priced off the LIBOR yield curve, as described in Note 8. To hedge the change in the LIBOR rate, the Company has outstanding forward interest rate swap agreements with a notional amount totaling $240.0 million. The effective portion of the hedge remains in AOCI and is being amortized to earnings over the life of the debt. | |||||||||||||||||||
During the second quarter of fiscal 2015, the Company entered into forward interest rate swaps and treasury locks (together "Rate Locks") to hedge against changes in the interest rates between the date the Rate Locks were entered into and the date of the issuance of the Company's 2014 Bonds, discussed in Note 8. These Rate Locks were designated as cash flow hedges of expected future debt issuances with a notional amount totaling $750.0 million. The Rate Locks were settled upon the issuance of an aggregate of $1.6 billion principal amount on December 2, 2014 for a cumulative after-tax loss of $5.8 million after recording $1.1 million of ineffectiveness. | |||||||||||||||||||
During the first quarter of fiscal 2014, the Company entered into forward interest rate swap agreements to hedge against changes in the benchmark interest rate between the date the swap agreements were entered into and the date of the issuance of the 2013 Bonds, discussed in Note 8. These swaps were designated as cash flow hedges of expected future debt issuances with a notional amount totaling $725.0 million. The interest rate swaps were settled upon the issuance of an aggregate of $2.3 billion principal amount on December 18, 2013 for a cumulative after-tax loss of $12.8 million after recording $0.5 million of ineffectiveness. | |||||||||||||||||||
In addition, due to the retirement of the underlying private placement senior notes (described in Note 8 as "the Notes") on December 23, 2013, the Company wrote off the amounts remaining in OCI associated with the cash flow hedges related to the Notes, resulting in a loss of $2.6 million recorded against earnings. | |||||||||||||||||||
Foreign Currency Derivatives | |||||||||||||||||||
The Company enters into foreign currency forward contracts, both designated and non-designated, in order to manage the impact of foreign exchange fluctuations on expected future purchases and related payables denominated in a foreign currency, and to hedge the impact of foreign exchange fluctuations on expected future sales and related receivables denominated in a foreign currency. Both types of forward contracts have a maximum maturity date of 15 months. The total notional amount for these contracts was $329.8 million and $228.5 million as of March 28, 2015 and June 28, 2014, respectively. | |||||||||||||||||||
In November 2014, in order to economically hedge the foreign currency exposure associated with the planned payment of the euro-denominated purchase price of Omega, the Company entered into non-designated option contracts with a total notional amount of €2.0 billion. The option contracts settled in December 2014, resulting in a loss of $26.4 million recorded against earnings. The option contracts were replaced with non-designated forward contracts that matured during third quarter of fiscal year 2015. The Company recorded losses of $259.8 million and $298.1 million during the three and nine months ended March 28, 2015, respectively, in other expense, net related to the settlement of the forward contracts. The losses on the derivatives due to changes in the EUR/USD exchange rates were economically offset at closing in the final settlement of the euro-denominated Omega purchase price. Because these derivatives were economically hedging a future acquisition, the cash outflow associated with their settlement is shown as an investing activity on the Condensed Consolidated Statements of Cash Flows. | |||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||
During the first quarter of 2014, the Company entered into three pay-floating interest rate swaps with a total notional amount of $425.0 million to hedge changes in the fair value of the Company's senior notes from fluctuations in interest rates. These swaps were designated and qualified as fair value hedges of the Company's fixed rate debt. Accordingly, the gain or loss recorded on the pay-floating interest rate swaps was directly offset by the change in fair value of the underlying debt. Both the derivative instrument and the underlying debt were adjusted to market value at the end of each period with any resulting gain or loss recorded in Other expense, net. The hedge was terminated in the second quarter of fiscal year 2014 due to the retirement of the underlying senior notes. | |||||||||||||||||||
Effects of Derivatives on the Financial Statements | |||||||||||||||||||
The below tables indicate the effects of all of the Company's derivative instruments on its consolidated financial statements. All amounts exclude income tax effects and are presented in millions. | |||||||||||||||||||
The balance sheet location and gross fair value of the Company's outstanding derivative instruments at March 28, 2015 and June 28, 2014 were as follows: | |||||||||||||||||||
Asset Derivatives | |||||||||||||||||||
Balance Sheet Location | Fair Value | ||||||||||||||||||
March 28, 2015 | June 28, 2014 | ||||||||||||||||||
Designated derivatives: | |||||||||||||||||||
Foreign currency forward contracts | Other current assets | $ | 3.1 | $ | 2.8 | ||||||||||||||
Total designated derivatives | $ | 3.1 | $ | 2.8 | |||||||||||||||
Non-designated derivatives: | |||||||||||||||||||
Foreign currency forward contracts | Other current assets | $ | 1.8 | $ | 0.3 | ||||||||||||||
Total non-designated derivatives | $ | 1.8 | $ | 0.3 | |||||||||||||||
Liability Derivatives | |||||||||||||||||||
Balance Sheet Location | Fair Value | ||||||||||||||||||
March 28, 2015 | June 28, 2014 | ||||||||||||||||||
Designated derivatives: | |||||||||||||||||||
Foreign currency forward contracts | Accrued liabilities | $ | 2 | $ | 0.7 | ||||||||||||||
Interest rate swap agreements | Other non-current liabilities | 5 | 8.3 | ||||||||||||||||
Total designated derivatives | $ | 7 | $ | 9 | |||||||||||||||
Non-designated derivatives: | |||||||||||||||||||
Foreign currency forward contracts | Accrued liabilities | $ | 6.1 | $ | 0.1 | ||||||||||||||
Total non-designated derivatives | $ | 6.1 | $ | 0.1 | |||||||||||||||
The gains (losses) recognized in OCI for the effective portion of the Company's designated cash flow hedges were as follows: | |||||||||||||||||||
Amount of Gain/(Loss) Recorded in OCI | |||||||||||||||||||
(Effective Portion) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
Designated Cash Flow Hedges | March 28, 2015 | March 29, 2014 | March 28, 2015 | March 29, 2014 | |||||||||||||||
Treasury locks | $ | — | $ | — | $ | (2.7 | ) | $ | — | ||||||||||
Interest rate swap agreements | 2 | (2.1 | ) | 3.9 | 9 | ||||||||||||||
Foreign currency forward contracts | (3.8 | ) | 1 | (10.4 | ) | 6.6 | |||||||||||||
$ | (1.8 | ) | $ | (1.1 | ) | $ | (9.2 | ) | $ | 15.6 | |||||||||
The gains (losses) reclassified from AOCI into earnings for the effective portion of the Company's designated cash flow hedges were as follows: | |||||||||||||||||||
Designated Cash Flow Hedges | Income Statement Location | Amount of Gain/(Loss) Reclassified from AOCI to Income | |||||||||||||||||
(Effective Portion) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
March 28, 2015 | March 29, 2014 | March 28, 2015 | March 29, 2014 | ||||||||||||||||
Treasury locks | Interest expense, net | $ | — | $ | — | $ | — | $ | 0.2 | ||||||||||
Interest rate swap agreements | Interest expense, net | 0.8 | 0.9 | 2.7 | 3 | ||||||||||||||
Foreign currency forward contracts | Net sales | (0.1 | ) | 0.8 | — | 2 | |||||||||||||
Cost of sales | (2.8 | ) | 2.7 | (2.4 | ) | 5.5 | |||||||||||||
Interest expense, net | — | — | — | 0.1 | |||||||||||||||
Other expense, net | (0.4 | ) | 0.2 | (4.3 | ) | 1.9 | |||||||||||||
$ | (2.5 | ) | $ | 4.6 | $ | (4.0 | ) | $ | 12.7 | ||||||||||
The amount expected to be reclassified out of AOCI into earnings during the next 12 months is a$5.6 million loss. | |||||||||||||||||||
The gains (losses) recognized against earnings for the ineffective portion of the Company's designated cash flow hedges were as follows: | |||||||||||||||||||
Designated Cash Flow Hedges | Income Statement Location | Amount of Gain/(Loss) Recognized in Income | |||||||||||||||||
(Ineffective Portion) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
March 28, 2015 | March 29, 2014 | March 28, 2015 | March 29, 2014 | ||||||||||||||||
Treasury locks | Other expense, net | $ | — | $ | — | $ | (0.4 | ) | $ | 2.3 | |||||||||
Interest rate swap agreements | Other expense, net | — | — | (0.7 | ) | (5.4 | ) | ||||||||||||
Foreign currency forward contracts | Net sales | — | 0.2 | (0.1 | ) | 0.1 | |||||||||||||
Cost of sales | (0.1 | ) | (0.2 | ) | 0.1 | (0.3 | ) | ||||||||||||
Total | $ | (0.1 | ) | $ | — | $ | (1.1 | ) | $ | (3.3 | ) | ||||||||
The effects of the Company's fair value hedges on the Condensed Consolidated Statements of Operations were as follows: | |||||||||||||||||||
Designated Fair Value Hedges | Income Statement Location | Amount of Gain/(Loss) Recognized in Income | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
March 28, 2015 | March 29, 2014 | March 28, 2015 | March 29, 2014 | ||||||||||||||||
Interest rate swap agreements | Other expense, net | $ | — | $ | — | $ | — | $ | 0.9 | ||||||||||
Fixed-rate debt | Other expense, net | — | — | — | (4.1 | ) | |||||||||||||
Net hedge | $ | — | $ | — | $ | — | $ | (3.2 | ) | ||||||||||
The effects of the Company's non-designated derivatives on the Condensed Consolidated Statements of Operations were as follows: | |||||||||||||||||||
Non-Designated Derivatives | Income Statement Location | Amount of Gain/(Loss) Recognized in Income | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
March 28, 2015 | March 29, 2014 | March 28, 2015 | March 29, 2014 | ||||||||||||||||
Foreign currency forward contracts | Other expense, net | $ | (255.7 | ) | $ | (0.8 | ) | $ | (300.6 | ) | $ | (0.4 | ) | ||||||
Interest expense, net | (2.5 | ) | (0.1 | ) | (2.4 | ) | 0.1 | ||||||||||||
Foreign exchange option contracts | Other expense, net | — | — | (26.4 | ) | — | |||||||||||||
Total | $ | (258.2 | ) | $ | (0.9 | ) | $ | (329.4 | ) | $ | (0.3 | ) |
Indebtedness_note
Indebtedness (note) | 9 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Aggregate Indebtedness [Abstract] | ||||||||
Indebtedness [Text Block] | INDEBTEDNESS | |||||||
Debt | ||||||||
Total borrowings outstanding are summarized as follows (in millions): | ||||||||
March 28, | June 28, | |||||||
2015 | 2014 | |||||||
Short term debt | $ | 3.4 | $ | 2.1 | ||||
Term loans | ||||||||
2014 Term Loan due December 18, 2015 | 300 | — | ||||||
2014 Euro-Denominated Term Loan due December 5, 2019 | 530.9 | — | ||||||
2013 Term Loan due December 18, 2015 | — | 300 | ||||||
2013 Term Loan due December 18, 2018 | — | 630 | ||||||
830.9 | 930 | |||||||
Senior notes | ||||||||
3.50% Unsecured Senior Notes due December 15, 2021, including unamortized discount of $0.3 million(1) | 499.7 | — | ||||||
3.90% Unsecured Senior Notes due December 15, 2024, including unamortized discount of $2.8 million(1) | 697.2 | — | ||||||
4.90% Unsecured Senior Notes due December 15, 2044, including unamortized discount of $1.2 million(1) | 398.8 | — | ||||||
1.30% Unsecured Senior Notes due November 8, 2016, including unamortized discount of $0.3 million(2) | 499.7 | 499.6 | ||||||
2.30% Unsecured Senior Notes due November 8, 2018, including unamortized discount of $0.6 million(2) | 599.4 | 599.3 | ||||||
4.00% Unsecured Senior Notes due November 15, 2023, including unamortized discount of $3.0 million(2) | 797 | 796.8 | ||||||
5.30% Unsecured Senior Notes due November 15, 2043, including unamortized discount of $1.6 million(2) | 398.4 | 398.3 | ||||||
3,890.20 | 2,294.00 | |||||||
Other financing | 2.3 | 8.1 | ||||||
Total borrowings outstanding | 4,726.80 | 3,234.20 | ||||||
Less short-term debt and current portion of long-term debt | (359.0 | ) | (143.7 | ) | ||||
Total long-term debt, less current portion | $ | 4,367.80 | $ | 3,090.50 | ||||
(1) Public bonds issued on December 2, 2014, discussed below collectively as the "2014 Bonds." | ||||||||
(2) Private placement unsecured senior notes with registration rights as of June 28, 2014 and public bonds as of October 1, 2014, discussed below collectively as the "2013 Bonds." | ||||||||
Unamortized deferred financing fees totaled $42.4 million at March 28, 2015 and $27.4 million at June 28, 2014. | ||||||||
The Company was in compliance with all covenants under its various debt agreements as of March 28, 2015 and June 28, 2014. | ||||||||
Omega Financing | ||||||||
Bridge agreement | ||||||||
In connection with the Omega acquisition, on November 6, 2014, the Company entered into a €1.75 billion senior unsecured 364-day bridge loan facility (the "Bridge Loan Facility"). Upon issuance of the Company's permanent debt financing described below, the Bridge Loan Facility was terminated on December 3, 2014. At no time did the Company draw under the Bridge Loan Facility. | ||||||||
Debt issuance | ||||||||
On December 2, 2014, Perrigo Finance plc, a 100% owned finance subsidiary of the Company ("Perrigo Finance") issued $500.0 million aggregate principal amount of 3.50% senior notes due 2021 (the "2021 Notes”), $700.0 million aggregate principal amount of 3.90% senior notes due 2024 (the “2024 Notes”), and $400.0 million aggregate principal amount of 4.90% senior notes due 2044 (the “2044 Notes” and, together with the 2021 Notes and the 2024 Notes, the “2014 Bonds”). Interest on the 2014 Bonds is payable semiannually in arrears in June and December of each year, beginning in June 2015. The 2014 Bonds are governed by a base indenture and a first supplemental indenture (collectively the "2014 Indenture"). The 2014 Bonds are fully and unconditionally guaranteed on a senior unsecured basis by the Company, and no other subsidiary of the Company guarantees the 2014 Bonds. There are no restrictions under the 2014 Bonds on the Company's ability to obtain funds from its subsidiaries. The Company received net proceeds of approximately $1.6 billion from issuance of the 2014 Bonds after fees and market discount. The Company may redeem the 2014 Bonds in whole or in part at any time for cash at the redemption prices described in the 2014 Indenture. | ||||||||
On December 5, 2014, Perrigo Finance entered into a term loan agreement consisting of a €500.0 million tranche maturing December 5, 2019, and a $600.0 million Revolving Credit Agreement (the "2014 Revolver") (together, the "2014 Credit Agreements") and Perrigo Company entered into a $300.0 million term loan tranche maturing December 18, 2015. The 2014 Credit Agreements allowed for the issuance of an additional €300.0 million term loan tranche and an increase in the borrowing capacity under the 2014 Revolver to $1.0 billion upon closing the Omega acquisition. There were no borrowings outstanding under the 2014 Revolver as of March 28, 2015. | ||||||||
Debt extinguishment | ||||||||
On December 5, 2014, the Company repaid the remaining $895.0 million outstanding under its 2013 Term Loan, then terminated both the 2013 Term Loan and 2013 Revolver described below in "Elan Financing." The Company recorded a $9.6 million loss on extinguishment of debt during the nine months ended March 28, 2015, which consisted of the Bridge Loan Facility interest expense and the 2013 Term Loan and 2013 Revolver deferred financing fees. | ||||||||
Elan Financing | ||||||||
Bridge agreement | ||||||||
In connection with the Elan acquisition, on July 28, 2013, the Company entered into a $2.65 billion debt bridge credit agreement (the "Debt Bridge") and a $1.7 billion cash bridge credit agreement (the "Cash Bridge") (together, the "Bridge Credit Agreements"). The commitments under the Debt Bridge and the Cash Bridge agreements were terminated on November 8, 2013 and December 24, 2013, respectively. At no time did the Company draw under the Bridge Credit Agreements. | ||||||||
Debt issuance | ||||||||
On September 6, 2013, the Company entered into a $1.0 billion term loan agreement (the "2013 Term Loan") and a $600.0 million revolving credit agreement (the "2013 Revolver") (together, the "2013 Credit Agreements"). The 2013 Term Loan consisted of a $300.0 million tranche maturing December 18, 2015 and a $700.0 million tranche maturing December 18, 2018. Both tranches were drawn in full on December 18, 2013. Amounts outstanding under the 2013 Credit Agreements bore interest at the Company’s option (a) at the alternative base rate or (b) the eurodollar rate plus, in either case, applicable margins as set forth in the 2013 Credit Agreements. Obligations of the Company under the 2013 Credit Agreements were guaranteed by Perrigo Company plc, certain U.S. subsidiaries of Perrigo Company plc, Elan, and certain Irish subsidiaries of Elan until November 21, 2014, at which time the terms of the 2013 Credit Agreements were amended to remove all guarantors. | ||||||||
On November 8, 2013, the Company issued $500.0 million aggregate principal amount of its 1.30% senior notes due 2016 (the "2016 Notes"), $600.0 million aggregate principal amount of its 2.30% senior notes due 2018 (the "2018 Notes"), $800.0 million aggregate principal amount of its 4.00% senior notes due 2023 (the "2023 Notes") and $400.0 million aggregate principal amount of its 5.30% senior notes due 2043 (the "2043 Notes" and, together with the 2016 Notes, the 2018 Notes and the 2023 Notes, the "2013 Bonds") in a private placement with registration rights. Interest on the 2013 Bonds is payable semiannually in arrears in May and November of each year, beginning in May 2014. The 2013 Bonds are governed by a base indenture and a first supplemental indenture (collectively the "2013 Indenture"). The 2013 Bonds are the Company’s unsecured and unsubordinated obligations, ranking equally in right of payment to all of the Company’s existing and future unsecured and unsubordinated indebtedness. The Company received net proceeds of $2.3 billion from issuance of the 2013 Bonds after fees and market discount. The 2013 Bonds are not entitled to mandatory redemption or sinking fund payments. The Company may redeem the 2013 Bonds in whole or in part at any time for cash at the redemption prices described in the 2013 Indenture. The 2013 Bonds were guaranteed on an unsubordinated, unsecured basis by the same entities that guaranteed the 2013 Credit Agreement until November 21, 2014, at which time the 2013 Indenture was amended to remove all guarantors. | ||||||||
On September 2, 2014, the Company offered to exchange its private placement senior notes with public bonds (the "Exchange Offer"). The Exchange Offer expired on October 1, 2014, at which time substantially all of the private placement notes had been exchanged for bonds registered with the Securities and Exchange Commission. As a result of the changes in the guarantor structure noted above, the Company is no longer required to present guarantor financial statements. | ||||||||
Debt extinguishment | ||||||||
On December 18, 2013, the Company repaid the remaining principal balance with accrued interest and fees of $360.0 million outstanding under its credit agreement dated as of October 26, 2011, then terminated the agreement in its entirety. | ||||||||
On November 20, 2013, the Company priced a tender offer and consent solicitation in regard to the 2.95% Notes which were issued pursuant to the indenture dated as of May 16, 2013. The total tender consideration was $578.3 million. On December 26, 2013, notice was given to holders that the remaining notes not duly tendered would be redeemed on December 27, 2013 at a redemption price of par plus accrued interest. On December 27, 2013, the redemption was completed for a total payment of $28.5 million. Upon completion of the redemption, the indenture was terminated. | ||||||||
On December 23, 2013, the Company completed the prepayment of all obligations under its private placement senior notes (the "Notes"). All of the Notes were outstanding under the master note purchase agreement dated May 29, 2008 with various institutional investors (the "Note Agreement"). The terms of the Note Agreement provided for prepayment at any time at the Company's option together with applicable make-whole premiums and accrued interest, which totaled $1.1 billion. Upon completion of the prepayment, the Note Agreement was terminated. | ||||||||
As a result of the debt retirements, the Company recorded a loss of $165.8 million during the second quarter of fiscal 2014 as follows (in millions): | ||||||||
Make-whole payments | $ | 133.5 | ||||||
Write-off of financing fees on Bridge Credit Agreements | 19 | |||||||
Write-off of deferred financing fees | 10.5 | |||||||
Write-off of unamortized discount | 2.8 | |||||||
Total loss on extinguishment of debt | $ | 165.8 | ||||||
Accounts Receivable Securitization | ||||||||
The Company has a $200.0 million accounts receivable securitization program, which expires in June 2015. Under the terms of the securitization program, subsidiaries can sell certain eligible trade accounts receivables to a wholly owned bankruptcy-remote special purpose entity, Perrigo Receivables, LLC. There were no borrowings outstanding under the securitization program at March 28, 2015 or June 28, 2014. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings Per Share [Text Block] | EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY | |||||||||||||||
Earnings per Share | ||||||||||||||||
A reconciliation of the numerators and denominators used in the basic and diluted earnings per share ("EPS") calculation is as follows (in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 28, | March 29, | March 28, | March 29, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) | $ | (94.9 | ) | $ | 48.1 | $ | 71.5 | $ | 73.4 | |||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding for basic EPS | 140.8 | 133.7 | 137 | 108.9 | ||||||||||||
Dilutive effect of share-based awards | — | 0.6 | 0.5 | 0.5 | ||||||||||||
Weighted average shares outstanding for diluted EPS | 140.8 | 134.3 | 137.5 | 109.4 | ||||||||||||
Anti-dilutive share-based awards excluded from computation of diluted EPS | 0.7 | — | 0.1 | 0.1 | ||||||||||||
Shareholders' Equity | ||||||||||||||||
Perrigo Company plc (formerly known as Perrigo Company Limited, and prior thereto, Blisfont Limited) was incorporated under the laws of Ireland on June 28, 2013 and became the successor registrant to Perrigo Company on December 18, 2013 in connection with the consummation of the Elan acquisition. Shares of Perrigo Company's common stock were canceled and exchanged for Perrigo Company plc ordinary shares on a one-for-one basis (together with the payment of $0.01 in cash per Perrigo Company share). All the remaining unsold shares of Perrigo Company were deregistered. Perrigo Company plc began trading on the New York Stock Exchange on December 19, 2013 and the Tel Aviv Stock Exchange on December 22, 2013 under the same symbol used by Perrigo Company ("PRGO") prior to December 18, 2013. | ||||||||||||||||
The Company issued 35 thousand and 40 thousand shares related to the exercise and vesting of share-based compensation during the three months ended March 28, 2015 and March 29, 2014, respectively. The Company issued 261 thousand and 374 thousand shares related to the exercise and vesting of share-based compensation during the nine months ended March 28, 2015 and March 29, 2014, respectively. | ||||||||||||||||
In addition, to partially finance the Omega acquisition, the Company issued 6,809,210 ordinary shares at $152.00 per share in a public offering that closed on November 26, 2014. The offering raised approximately $1.0 billion, offset by $35.7 million of issuance costs. | ||||||||||||||||
The Company does not currently have an ordinary share repurchase program. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||||
Changes in the Company's AOCI balances, net of tax, for the nine months ended March 28, 2015 were as follows (in millions): | ||||||||||||||||||||
Foreign | Fair value | Fair value of | Post- | Total AOCI | ||||||||||||||||
currency | of derivative | investment | retirement and pension | |||||||||||||||||
translation | financial | securities, | liability | |||||||||||||||||
adjustments | instruments, | net of tax | adjustments, | |||||||||||||||||
net of tax | net of tax | |||||||||||||||||||
Balance at June 28, 2014 | $ | 164.4 | $ | (16.1 | ) | $ | 2.4 | $ | (11.1 | ) | $ | 139.6 | ||||||||
OCI before reclassifications | (152.1 | ) | (8.2 | ) | 0.7 | (2.2 | ) | (161.8 | ) | |||||||||||
Amounts reclassified from AOCI | — | 3.2 | — | — | 3.2 | |||||||||||||||
Other comprehensive income | (152.1 | ) | (5.0 | ) | 0.7 | (2.2 | ) | (158.6 | ) | |||||||||||
Balance at March 28, 2015 | $ | 12.3 | $ | (21.1 | ) | $ | 3.1 | $ | (13.3 | ) | $ | (19.0 | ) | |||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | – INCOME TAXES |
The effective tax rate for the three months ended March 28, 2015 was a benefit of 7.6% on a net loss reported in the period. For the three months ended March 29, 2014, the effective tax rate on income was 23.3%. The effective tax rates on income for the nine months ended March 28, 2015 and March 29, 2014 were 21.1% and 31.3%, respectively. The effective tax rates for the three and nine months ended March 28, 2015 were impacted by changes to the estimated jurisdictional mix of income. Additionally, the effective tax rate for the nine months ended March 29, 2014 was unfavorably impacted by Israel tax rate changes in the amount of $1.8 million and favorably impacted by United Kingdom tax rate changes in the amount of $4.7 million as discussed further below. | |
In fiscal 2011, Israel enacted new tax legislation that reduced the effective tax rate to 10% for 2011 and 2012, 7% for 2013 and 2014, and 6% thereafter for certain qualifying entities that elect to be taxed under the new legislation. This legislation was rescinded as announced in the Official Gazette on August 5, 2013. The new legislation enacted a 9% rate for certain qualifying entities that elect to be taxed under the new legislation. The Company has two entities that had previously elected the new tax legislation for years after fiscal 2011. For all other entities that do not qualify for this reduced rate, the tax rate has been increased from 25% to 26.5%. These rates were applicable to the Company as of the first quarter of fiscal 2014 and unfavorably impacted the effective tax rate in the amount of $1.8 million. | |
In July 2013, the United Kingdom passed legislation reducing the statutory rate to 21% and 20% effective April 1, 2014 and April 1, 2015, respectively. These rates were applicable to the Company as of the first quarter of fiscal 2014 and favorably impacted the effective tax rate in the amount of $4.7 million. | |
In December 2013, Mexico enacted legislation to rescind the scheduled rate reductions and maintain the 30% corporate tax rate for 2014 and future years. This rate was applicable to the Company as of June 30, 2013. | |
The Company's tax rate is subject to adjustment over the balance of the fiscal year due to, among other things: income tax rate changes by governments; the jurisdictions in which the Company's profits are determined to be earned and taxed, and the relative amounts of income in these jurisdictions; changes in the valuation of the Company's deferred tax assets and liabilities; adjustments to estimated taxes upon finalization of various tax returns; the resolution of any pending or future tax audit, examination or challenge; adjustments to the Company's interpretation of transfer pricing standards, changes in available tax credits, grants and other incentives; changes in stock-based compensation expense; changes in tax laws or the interpretation of such tax laws (for example, proposals for fundamental U.S. international tax reform); changes in U.S. GAAP; expiration or the inability to renew tax rulings or tax holiday incentives; and the repatriation of earnings with respect to which the Company has not previously provided for taxes. | |
The total liability for uncertain tax positions was $313.1 million and $205.4 million as of March 28, 2015 and June 28, 2014, respectively, before considering the federal tax benefit of certain state and local items. This increase is due primarily to the adoption of ASU 2013-11 concerning the offset of applicable deferred tax assets for net operating loss, tax credit or other similar carryforwards. See Note 1 for additional information regarding the adoption. | |
The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense. The total amount accrued for interest and penalties in the liability for uncertain tax positions was $47.1 million and $45.3 million as of March 28, 2015 and June 28, 2014, respectively. | |
The Company's primary income tax jurisdictions are Ireland, the U.S., and Israel. Because the Company files income tax returns in Ireland, the U.S. (including various state and local jurisdictions), Israel, and numerous other jurisdictions, it is subject to audits by tax authorities from several jurisdictions. | |
Although the Company believes that its tax estimates are reasonable and that the Company prepares its tax filings in accordance with all applicable tax laws, the final determination with respect to any tax audit, and any related litigation, could be materially different from its estimates or from its historical income tax provisions and accruals. The results of an audit or litigation could have a material effect on operating results or cash flows in the periods for which that determination is made. In addition, future period earnings may be adversely impacted by litigation costs, settlements, penalties, or interest assessments. | |
The Company is currently under audit by the Israel Tax Authority and the Internal Revenue Service for fiscal 2011 and 2012. The IRS audit of fiscal 2009 and 2010 had previously concluded with the issuance of a statutory notice of deficiency on August 27, 2014. While the Company had previously agreed on certain adjustments and made associated payments of $8.0 million inclusive of interest in November 2014, the statutory notice of deficiency asserted various additional positions, including transfer pricing, relative to the same fiscal 2009 and 2010 audit. The statutory notice asserted an incremental tax obligation of approximately $69.2 million, inclusive of interest and penalties. The Company disagrees with the IRS’s positions asserted in the notice of deficiency and plans to contest them in U.S. Federal court. In January 2015, the Company paid this amount, a prerequisite to being able to contest the IRS’s positions in U.S. Federal court. The payment was recorded in the three months ended March 28, 2015 as a deferred charge on the balance sheet given the Company's anticipated action to recover this amount. An unfavorable resolution of this matter could have a material impact on the Company's consolidated financial statements in future periods. There are numerous other income tax jurisdictions for which tax returns are not yet settled, none of which are individually significant. At this time, the Company cannot predict the outcome of any audit or related litigation. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | COMMITMENTS AND CONTINGENCIES |
In addition to the discussions below, the Company has pending certain other legal actions and claims incurred in the normal course of business. The Company records accruals for such contingencies when it is probable a liability will be incurred and the amount of the loss can be reasonably estimated. As of March 28, 2015, the Company has determined the liabilities associated with certain litigation matters are probable and can be reasonably estimated. The Company has accrued for these matters and will continue to monitor each related legal issue and adjust accruals for new information and further development. Other than the items disclosed below, the Company considers the remainder of litigation matters to be immaterial individually and in the aggregate. | |
Texas Medicaid | |
In June 2013, the Company received notices from the Office of the Attorney General for the State of Texas, of civil investigative demands to two of the Company’s affiliates, Perrigo Pharmaceuticals Company and Paddock Laboratories, LLC, for information under the Texas Medicaid Fraud Prevention Act relating to the submission of prices to Texas Medicaid in claims for reimbursement for drugs. The Company has cooperated with requests for information and is in the process of evaluating this and other information. While the Company does not know the full extent of its potential liability at this time and intends to vigorously defend against any claims, the Company could be subject to material penalties and damages. The Company previously established a contingency loss accrual of $15.0 million to cover potential settlement or other outcomes. Due to changes in circumstances, during the three months ended March 28, 2015 the Company accrued an additional $9.0 million. In addition, the Company recorded a receivable of $7.0 million that it expects to collect from the previous owners of Paddock Laboratories, LLC. The Company cannot predict whether it will obtain a settlement on terms it deems acceptable, or whether a settlement or potential liability for these claims will be higher than the amount recorded. | |
Eltroxin | |
During October and November 2011, nine applications to certify a class action lawsuit were filed in various courts in Israel related to Eltroxin, a prescription thyroid medication manufactured by a third party and distributed in Israel by Perrigo Israel Agencies Ltd. The respondents include Perrigo Israel Pharmaceuticals Ltd. and/or Perrigo Israel Agencies Ltd., the manufacturers of the product, and various health care providers who provide health care services as part of the compulsory health care system in Israel. | |
The nine applications arose from the 2011 launch of a reformulated version of Eltroxin in Israel. The applications generally alleged the respondents (a) failed to timely inform patients, pharmacists and physicians about the change in the formulation; and (b) failed to inform physicians about the need to monitor patients taking the new formulation in order to confirm patients were receiving the appropriate dose of the drug. As a result, claimants allege they incurred the following damages: (a) purchases of product that otherwise would not have been made by patients had they been aware of the reformulation; (b) adverse events to some patients resulting from an imbalance of thyroid functions that could have been avoided; and (c) harm resulting from the patients' lack of informed consent prior to the use of the reformulation. | |
All nine applications were transferred to one court in order to determine whether to consolidate any of the nine applications. On July 19, 2012, the court dismissed one of the applications and ordered the remaining eight applications be consolidated into one application. On September 19, 2012, a consolidated motion to certify the eight individual motions was filed by lead counsel for the claimants. Generally, the allegations in the consolidated motion are the same as those set forth in the individual motions; however, the consolidated motion excluded the manufacturer of the reformulated Eltroxin as a respondent. Several hearings on whether or not to certify the consolidated application took place in December 2013 and January 2014. The court has not yet made a decision regarding whether or not to approve the consolidated application as a class action. As this matter is in its early stages, the Company cannot reasonably predict at this time the outcome or the liability, if any, associated with these claims. | |
Tysabri® Product Liability Lawsuits | |
The Company and collaborator Biogen are co-defendants in product liability lawsuits arising out of the occurrence of Progressive Multifocal Leukoencephalopathy ("PML"), a serious brain infection, and serious adverse events, including deaths, which occurred in patients taking Tysabri®. The Company and Biogen will each be responsible for 50% of losses and expenses arising out of any Tysabri® product liability claims. While these lawsuits will be vigorously defended, management cannot predict how these cases will be resolved. Adverse results in one or more of these lawsuits could result in substantial judgments against the Company. | |
Neot Hovav | |
In March and June of 2007, lawsuits were filed by three separate groups against both the State of Israel and the Council of Neot Hovav in connection with waste disposal and pollution from several companies, including the Company, that have operations in the Neot Hovav region of Israel. These lawsuits were subsequently consolidated into a single proceeding in the District Court of Beer-Sheva. The Council of Neot Hovav, in June 2008, and the State of Israel, in November 2008, asserted third-party claims against several companies, including the Company. The pleadings alleged a variety of personal injuries arising out of the alleged environmental pollution. Neither the plaintiffs nor the third-party claimants were required to specify a maximum amount of damages, but the pleadings alleged damages in excess of $72.5 million, subject to foreign currency fluctuations between the Israeli shekel and the U.S. dollar. On January 9, 2013, the District Court of Beer-Sheva ruled in favor of the Company. On September 29, 2014, the Supreme Court of Israel affirmed the ruling of the District Court in favor of the Company and as a result, the matter is now closed. |
Restructuring
Restructuring | 9 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Restructuring Charges [Abstract] | ||||||||||||||||
Restructuring [Text Block] | RESTRUCTURING CHARGES | |||||||||||||||
The Company periodically takes actions to reduce redundant expenses and improve operating efficiencies, typically in connection with its business acquisitions. The following summarizes the Company's restructuring activity for the three and nine months ended March 28, 2015 and March 29, 2014 (in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 28, | March 29, | March 28, | March 29, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Beginning balance | $ | 3.2 | $ | 14.3 | $ | 16.4 | $ | 2.9 | ||||||||
Additional charges | 1.1 | 19.5 | 5.3 | 36.5 | ||||||||||||
Payments | (0.7 | ) | (17.0 | ) | (16.7 | ) | (22.6 | ) | ||||||||
Non-cash adjustments | — | (4.1 | ) | (1.4 | ) | (4.1 | ) | |||||||||
Ending balance | $ | 3.6 | $ | 12.7 | $ | 3.6 | $ | 12.7 | ||||||||
Restructuring activity includes severance, lease exit costs, and asset impairments. Charges are reported in Restructuring expense. The charges during the three and nine months ended March 29, 2014 were due primarily to Elan. Substantially all of the liability remaining at March 28, 2015 is expected to be paid by the end of the fiscal year. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION | |||||||||||||||
The Company has five reportable segments, aligned primarily by type of product: Consumer Healthcare, Nutritionals, Rx Pharmaceuticals, API, and Specialty Sciences, along with an Other category. In conjunction with the Elan acquisition on December 18, 2013, the Company expanded its operating segments to include the Specialty Sciences segment, which is comprised of assets focused on the treatment of Multiple Sclerosis (Tysabri®). The majority of corporate expenses, which generally represent shared services, are charged to operating segments as part of a corporate allocation. Unallocated expenses relate to certain corporate services not allocated to the segments. | ||||||||||||||||
The below tables show select financial measures by reporting segment (in millions): | ||||||||||||||||
Three Months Ended | Balance at March 28, 2015 | |||||||||||||||
28-Mar-15 | ||||||||||||||||
Net Sales | Operating Income (Loss) | Amortization of Intangibles | Total Assets | |||||||||||||
Consumer Healthcare | $ | 537.3 | $ | 91.8 | $ | 8.6 | $ | 6,143.30 | ||||||||
Nutritionals | 129.9 | 11.2 | 7.2 | 1,037.80 | ||||||||||||
Rx Pharmaceuticals | 251.6 | 100 | 18.3 | 2,605.90 | ||||||||||||
API | 30.7 | 10.5 | 0.5 | 252.2 | ||||||||||||
Specialty Sciences | 81.9 | 5.5 | 72.8 | 6,055.80 | ||||||||||||
Other | 17.7 | 1.3 | 0.4 | 87.8 | ||||||||||||
Unallocated expenses | — | (21.1 | ) | — | — | |||||||||||
Total | $ | 1,049.10 | $ | 199.2 | $ | 107.8 | $ | 16,182.80 | ||||||||
Three Months Ended (1) | Balance at March 29, 2014 | |||||||||||||||
29-Mar-14 | ||||||||||||||||
Net Sales | Operating Income (Loss) | Amortization of Intangibles | Total Assets | |||||||||||||
Consumer Healthcare | $ | 537.3 | $ | 84.4 | $ | 5.3 | $ | 2,555.20 | ||||||||
Nutritionals | 137.8 | 7.3 | 7.3 | 1,011.50 | ||||||||||||
Rx Pharmaceuticals | 223.4 | 77 | 17.5 | 1,985.40 | ||||||||||||
API | 32 | 6.8 | 0.5 | 286.8 | ||||||||||||
Specialty Sciences | 53.4 | (54.5 | ) | 76.4 | 7,799.50 | |||||||||||
Other | 20.2 | 0.8 | 0.4 | 104.4 | ||||||||||||
Unallocated expenses | — | (18.5 | ) | — | — | |||||||||||
Total | $ | 1,004.20 | $ | 103.3 | $ | 107.4 | $ | 13,742.80 | ||||||||
Nine Months Ended | ||||||||||||||||
28-Mar-15 | ||||||||||||||||
Net Sales | Operating Income (Loss) | Amortization of Intangibles | ||||||||||||||
Consumer Healthcare | $ | 1,560.20 | $ | 232 | $ | 26 | ||||||||||
Nutritionals | 385.7 | 26.9 | 21.6 | |||||||||||||
Rx Pharmaceuticals | 722.8 | 274.4 | 53.3 | |||||||||||||
API | 85.5 | 24.9 | 1.5 | |||||||||||||
Specialty Sciences | 260.4 | 29.8 | 218.4 | |||||||||||||
Other | 57.7 | 3.4 | 1.1 | |||||||||||||
Unallocated expenses | — | (70.7 | ) | — | ||||||||||||
Total | $ | 3,072.30 | $ | 520.7 | $ | 321.9 | ||||||||||
Nine Months Ended (1) | ||||||||||||||||
29-Mar-14 | ||||||||||||||||
Net Sales | Operating Income (Loss) | Amortization of Intangibles | ||||||||||||||
Consumer Healthcare | $ | 1,612.10 | $ | 263.8 | $ | 15.9 | ||||||||||
Nutritionals | 406.6 | 28.3 | 22.1 | |||||||||||||
Rx Pharmaceuticals | 673.6 | 260.5 | 55.2 | |||||||||||||
API | 105.2 | 37.4 | 1.6 | |||||||||||||
Specialty Sciences (2) | 60.8 | (73.5 | ) | 85 | ||||||||||||
Other | 58.3 | 2.6 | 1.3 | |||||||||||||
Unallocated expenses | — | (149.7 | ) | — | ||||||||||||
Total | $ | 2,916.60 | $ | 369.5 | $ | 181.1 | ||||||||||
(1) Amounts may not foot due to rounding. | ||||||||||||||||
(2) Specialty Sciences represents activity for the period beginning on December 18, 2013 and ending March 29, 2014. | ||||||||||||||||
In conjunction with the closing of the Omega acquisition on March 30, 2015, the Company changed its reporting segments to better align with the Company's organizational structure and reflect the way in which the Chief Operating Decision Maker now reviews the Company's operating results. This reporting change will take effect starting in the fourth quarter of fiscal 2015. See Note 1 for more information. |
Collaborative_Arrangements_Not
Collaborative Arrangements (Notes) | 9 Months Ended |
Mar. 28, 2015 | |
Collaborative Agreement [Abstract] | |
Collaborative Arrangement Disclosure [Text Block] | COLLABORATIVE ARRANGEMENTS |
In December 2014, the Company entered into a collaboration agreement with a clinical stage biotechnology company, pursuant to which the parties will collaborate in the ongoing development of a topical OTC drug product. The Company will provide assistance including non-clinical, clinical, and manufacturing activities in support of an NDA submission to the FDA. As part of the agreement, the Company paid $10.0 million for an exclusive option to purchase and license certain assets as specified in separate asset purchase and license agreements. The $10.0 million fee is reported in Research and development expense. If the product is successful in Phase 3 clinical trials, the Company is required to make an additional option payment of $5.0 million. If the Company exercises its purchase option, it will be required to pay a purchase price of $10.0 million as well as certain contingent milestone payments, which could total $50.0 million in aggregate. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 9 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Subsequent Events [Abstract] | |||||||||
Subsequent Events [Text Block] | SUBSEQUENT EVENTS | ||||||||
Rejection of Unsolicited Proposal from Mylan | |||||||||
On April 6, 2015, Mylan N.V. ("Mylan") sent the Company a letter containing an unsolicited proposal to acquire all of the outstanding ordinary shares of Perrigo for $205.00 per share (the "Proposal"), which Mylan made public on April 8. Following a comprehensive review, the Company's Board of Directors unanimously rejected the Proposal, concluding that it substantially undervalued the Company and its future growth prospects, and was not in the best interests of Perrigo’s shareholders. | |||||||||
On April 24, 2015 Mylan provided a firm offer to acquire all of the outstanding ordinary shares of Perrigo for $60.00 per share in cash and 2.2 Mylan ordinary shares for each Perrigo ordinary share (the “Offer”). The same day, the Company announced its rejection of the Offer, citing the same reasons as its rejection of the Proposal. | |||||||||
On April 29, 2015, Mylan announced a revised offer to acquire all of the outstanding ordinary shares of Perrigo for $75.00 per share in cash and 2.3 Mylan ordinary shares for each Perrigo ordinary share (the “Revised Offer”). The same day, the Company announced its rejection of the Revised Offer. | |||||||||
Prior to making the Proposal, Mylan was the subject of market speculation related to a possible offer for Mylan from Teva Pharmaceutical Industries Ltd. ("Teva"). On April 21, 2015, Teva announced an unsolicited proposal to acquire all of the outstanding shares of Mylan for $82.00 per share, with the consideration to be comprised of approximately 50 percent cash and 50 percent stock. On April 27, 2015, Mylan announced that its Board of Directors had rejected this proposal, following which Teva announced that it reiterated its commitment to its proposal. | |||||||||
Omega Acquisition Closing | |||||||||
On March 30, 2015, the Company completed its acquisition of Omega, a limited liability company incorporated under the laws of Belgium (the "Acquisition"). The Company purchased 95.77% of the issued and outstanding share capital of Omega (685,348,257 shares) from Alychlo NV (“Alychlo”) and Holdco I BE NV (“Holdco” and, together with Alychlo, the “Sellers”), limited liability companies incorporated under the laws of Belgium under the terms of the Share Purchase Agreement dated November 6, 2014 (the "Share Purchase Agreement"). Omega holds the remaining 30,243,983 shares as treasury shares. | |||||||||
The Sellers have agreed to indemnify the Company for certain potential future losses. The Sellers’ indemnification and other obligations to the Company under the Share Purchase Agreement are secured up to $268.7 million(1). Under the terms of the Share Purchase Agreement, Alychlo and its affiliates are subject to a three-year non-compete in Europe, and the Sellers are subject to a two-year non-solicit, in each case subject to certain exceptions. The Share Purchase Agreement contains other customary representations, warranties, and covenants of the parties thereto. | |||||||||
Consideration paid totaled $4.4 billion, and consisted of $2.1 billion of cash (inclusive of $67.7 million in interest incurred from November 6, 2014, the date on which the Company entered into the agreement to purchase Omega, through the closing date), the assumption of $1.4 billion of Omega debt as detailed below, and the issuance of 5,397,711 Perrigo shares. The cash consideration was financed by a combination of debt and equity issued by the Company, as further described in Notes 8 and 9. | |||||||||
In connection with the Acquisition, the Company assumed all outstanding indebtedness of Omega and its subsidiaries, which included: | |||||||||
i. | Senior notes: $146.3 million(1) of 5.1045% senior notes due 2023 and $20.0 million of 6.19% senior notes due 2016; | ||||||||
ii. | Retail bonds: $325.0 million(1) of 5.125% retail bonds due 2017, $195.0 million(1) of 4.500% retail bonds due 2017, and $130.0 million(1) of 5.000% retail bonds due 2019; | ||||||||
iii. | Revolving credit facility with $541.7 million(1) outstanding; and | ||||||||
iv. | Certain overdraft facilities totaling $54.2 million(1). | ||||||||
On April 8, 2015, the Company repaid the amount outstanding under Omega's revolving credit facility described above ($539.1 million at the April 8, 2015 exchange rate of €1 =1.0782) and terminated the facility. | |||||||||
Omega is a leading European OTC Company and is expected to provide the Company several key benefits including advancing the Company's growth strategy outside the U.S. by providing access across a larger global platform with critical mass in key European countries, establishing commercial infrastructure in the high-barrier to entry European OTC marketplace, strengthening the Company's product portfolio while enhancing scale and distribution, enhancing the Company's financial profile, and expanding the Company's international management capabilities. | |||||||||
The initial accounting for the Acquisition is incomplete. Significant relevant information needed to complete the accounting is not available because the valuation for the assets acquired and liabilities assumed is not complete. As a result, determining those values is not practicable and the Company is unable to disclose these values or provide other relevant disclosures at this time. | |||||||||
The Company incurred costs in connection with the Acquisition related to general transaction costs (legal, banking and other professional fees), financing fees, and debt extinguishment. The amounts recorded were not allocated to a reporting segment. The table below details the transaction costs, as well as losses on hedging activities associated with the Acquisition, and where they were recorded for the three and nine months ended March 28, 2015 (in millions): | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
Line item | March 28, 2015 | ||||||||
Administration | $ | 2 | $ | 13.6 | |||||
Interest expense, net | 18.7 | 23.7 | |||||||
Other expense, net | 258.2 | 323.9 | |||||||
Loss on extinguishment of debt | — | 9.6 | |||||||
Total Acquisition-related costs | $ | 278.9 | $ | 370.8 | |||||
See Note 7 for further details on losses on Omega-related hedging activities shown above in Other expense, net, and Note 8 for details on the loss on extinguishment of debt. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies and Change in Accounting Principles (Policies) | 9 Months Ended | |
Mar. 28, 2015 | ||
Accounting Policies [Abstract] | ||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes included in the Company's Annual Report on Form 10-K for the year ended June 28, 2014. In the opinion of management, all adjustments (consisting of normal recurring accruals and other adjustments) considered necessary for a fair presentation have been included. | ||
The Company’s sales of OTC pharmaceutical products are subject to the seasonal demands for cough/cold/flu and allergy products, and consumer dynamics in the retail environments in which the Company's customers operate. In addition, the Company's animal health products are subject to the seasonal demand for flea and tick products, which typically peaks during the warmer weather months. Accordingly, operating results for the three and nine months ended March 28, 2015 are not necessarily indicative of the results that may be expected for a full fiscal year. | ||
Segment Reporting, Policy [Policy Text Block] | Segment Reporting Change | |
In conjunction with the closing of the Omega acquisition, the Company changed its reporting segments to better align with the Company's organizational structure. These organizational changes were made to optimize the Company's structure to better serve its customers and to reflect the way in which the Chief Operating Decision Maker now reviews the Company's operating results. Beginning in the fourth quarter of fiscal 2015, the Company's reporting segments are as follows: | ||
• | Consumer Healthcare will include the legacy Consumer Healthcare business and the legacy Nutritionals (Infant nutrition and VMS) business to create one consumer facing segment. This segment will also include the legacy Israel Pharmaceuticals and Diagnostics business, previously reported in the “Other” category. | |
• | Branded Consumer Healthcare will comprise the newly acquired Omega business. | |
• | Rx Pharmaceuticals will continue to comprise the legacy Rx Pharmaceuticals business. | |
• | Specialty Sciences will continue to comprise royalties from Tysabri®. | |
• | Other will comprise the legacy Active Pharmaceutical Ingredients ("API") business. | |
Change in Fiscal Year [Text Block] | Change in Fiscal Year | |
In the second quarter of fiscal 2015, the Company announced that its fiscal year-end will begin on January 1 and end on December 31 of each year, starting on January 1, 2016. The Company's current fiscal year will end on June 27, 2015, followed by a transition period from June 28, 2015 to December 31, 2015. The Company plans to disclose the results of the transition period on a Form 10-KT transition report. | ||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation | |
The condensed consolidated financial statements include the accounts of the Company and all majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. | ||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recent Accounting Standard Pronouncements | |
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2015-03, "Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"). The amendments in ASU 2015-03 require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. The guidance will be effective for the Company for the transition period ending December 31, 2015, though early adoption is permitted. As of March 28, 2015, the Company had $42.4 million of deferred financing fees recorded in Other long-term assets that would be subject to the reclassification in the future. | ||
In July 2013, the FASB issued Accounting Standards Update 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU 2013-11"). The amendments in ASU 2013-11 provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The Company prospectively adopted this guidance in fiscal 2015, and presented $90.2 million as a reclassification from Non-current deferred income taxes to Other non-current liabilities upon adoption. |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Policies) | 9 Months Ended |
Mar. 28, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Policy [Policy Text Block] | The Company enters into certain derivative financial instruments, when available on a cost-effective basis, to mitigate its risk associated with changes in interest rates and foreign currency exchange rates as follows: |
Interest rate risk management - The Company is exposed to the impact of interest rate changes. The Company's objective is to manage the impact of interest rate changes on cash flows and the market value of the Company's borrowings. The Company utilizes a mix of debt maturities along with both fixed-rate and variable-rate debt to manage changes in interest rates. In addition, the Company may enter into treasury-lock agreements and interest rate swap agreements on certain investing and borrowing transactions to manage its interest rate changes and to reduce its overall cost of borrowing. | |
Foreign currency exchange risk management - The Company conducts business in several major currencies other than the U.S. dollar and is subject to risks associated with changing foreign exchange rates. The Company's objective is to reduce cash flow volatility associated with foreign exchange rate changes on a consolidated basis to allow management to focus its attention on business operations. Accordingly, the Company enters into various contracts that change in value as foreign exchange rates change to protect the value of existing foreign currency assets and liabilities, commitments, and anticipated foreign currency sales and expenses. | |
All derivative instruments are managed on a consolidated basis to efficiently net exposures and thus take advantage of any natural offsets. Gains and losses related to the derivative instruments are expected to be offset largely by gains and losses on the original underlying asset or liability. The Company does not use derivative financial instruments for speculative purposes. | |
All of the Company's designated derivatives were classified as cash flow hedges as of March 28, 2015 and June 28, 2014. Designated derivatives meet hedge accounting criteria, which means the fair value of the hedge is recorded in shareholders’ equity as a component of Other comprehensive income ("OCI"), net of tax. The deferred gains and losses are recognized in income in the period in which the hedged item affects earnings. Any ineffective portion of the change in fair value of the derivative is immediately recognized in earnings. All of the Company's designated derivatives are assessed for hedge effectiveness quarterly. | |
The Company also has economic non-designated derivatives that do not meet hedge accounting criteria. These derivative instruments are adjusted to current market value at the end of each period through earnings. Gains or losses on these instruments are offset substantially by the remeasurement adjustment on the hedged item. |
Business_Acquisitions_Tables
Business Acquisitions (Tables) | 9 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Combination, Separately Recognized Transactions [Table Text Block] | The below table indicates the purchase price allocation for fiscal 2014 acquisitions (in millions): | |||||||||||
Aspen | Fera | Elan | ||||||||||
Purchase price paid | $ | 53.7 | $ | 17.3 | $ | 9,451.90 | ||||||
Contingent consideration | — | 0.8 | — | |||||||||
Total purchase consideration | $ | 53.7 | $ | 18.1 | $ | 9,451.90 | ||||||
Assets acquired: | ||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 1,807.30 | ||||||
Investment securities | — | — | 100 | |||||||||
Accounts receivable | — | — | 44.2 | |||||||||
Inventories | 2.7 | 0.3 | — | |||||||||
Prepaid expenses and other current assets | — | — | 27.1 | |||||||||
Property and equipment | — | — | 9.2 | |||||||||
Goodwill | 4.6 | — | 2,333.10 | |||||||||
Intangible assets: | ||||||||||||
Trade names and trademarks | 34.8 | — | — | |||||||||
Customer relationships | 9.8 | — | — | |||||||||
Non-competition agreements | 1.8 | — | — | |||||||||
Distribution and license agreements | — | 17.8 | 5,811.00 | |||||||||
Intangible assets | 46.4 | 17.8 | 5,811.00 | |||||||||
Other non-current assets | — | — | 93.4 | |||||||||
Total assets | 53.7 | 18.1 | 10,225.30 | |||||||||
Liabilities assumed: | ||||||||||||
Accounts payable | — | — | 2 | |||||||||
Accrued liabilities | — | — | 120.8 | |||||||||
Deferred tax liabilities | — | — | 631.8 | |||||||||
Other non-current liabilities | — | — | 18.8 | |||||||||
Total liabilities | — | — | 773.4 | |||||||||
Net assets acquired | $ | 53.7 | $ | 18.1 | $ | 9,451.90 | ||||||
Lumara [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Combination, Separately Recognized Transactions [Table Text Block] | The below table indicates the final purchase price allocation (in millions): | |||||||||||
Lumara | ||||||||||||
Total purchase consideration | $ | 83 | ||||||||||
Assets acquired: | ||||||||||||
Accounts receivable, net | 2.9 | |||||||||||
Inventories | 1.5 | |||||||||||
Prepaid expenses and other current assets | 0.4 | |||||||||||
Property and equipment, net | 0.1 | |||||||||||
Intangible assets - formulations | 82 | |||||||||||
Total assets | 86.9 | |||||||||||
Liabilities assumed: | ||||||||||||
Accrued liabilities | 3.9 | |||||||||||
Net assets acquired | $ | 83 | ||||||||||
Elan Corporation [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of acquisition-related costs [Table Text Block] | ||||||||||||
Line item | Fiscal 2014 | |||||||||||
Administration | $ | 108.9 | ||||||||||
Interest expense, net | 10 | |||||||||||
Other expense, net | 0.2 | |||||||||||
Loss on extinguishment of debt | 165.8 | |||||||||||
Total acquisition-related costs | $ | 284.9 | ||||||||||
Fair value of consideration transferred in business acquisition [Table Text Block] | Elan Corporation, plc | |||||||||||
On December 18, 2013, the Company acquired Elan in a cash and stock transaction as follows (in millions, except per share data): | ||||||||||||
Elan shares outstanding as of December 18, 2013 | 515.7 | |||||||||||
Exchange ratio per share | 0.07636 | |||||||||||
Total Perrigo shares issued to Elan shareholders | 39.4 | |||||||||||
Perrigo per share value at transaction close on December 18, 2013 | $ | 155.34 | ||||||||||
Total value of Perrigo shares issued to Elan shareholders | 6,117.20 | |||||||||||
Cash consideration paid at $6.25 per Elan share | 3,223.20 | |||||||||||
Cash consideration paid for vested Elan stock options and share awards | 111.5 | |||||||||||
Total consideration | $ | 9,451.90 | ||||||||||
Business Combination, Segment Allocation [Table Text Block] | The following table reflects the allocation by reportable segment (in millions): | |||||||||||
Segment | Goodwill | |||||||||||
Consumer Healthcare | $ | 1,110.00 | ||||||||||
Rx Pharmaceuticals | 845.1 | |||||||||||
Nutritionals | 177.4 | |||||||||||
Specialty Sciences | 200.6 | |||||||||||
Total | $ | 2,333.10 | ||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill, by reportable segment, were as follows (in millions): | ||||||||||||||||
Reporting Segments: | Balance at June 28, 2014 | Purchase accounting adjustments | Currency translation adjustment | Balance at March 28, 2015 | |||||||||||||
Consumer Healthcare | $ | 1,406.30 | $ | (6.2 | ) | $ | (12.7 | ) | $ | 1,387.40 | |||||||
Nutritionals | 510.1 | (1.0 | ) | — | 509.1 | ||||||||||||
Rx Pharmaceuticals | 1,258.30 | (4.7 | ) | (31.4 | ) | 1,222.20 | |||||||||||
API | 97.6 | — | (13.1 | ) | 84.5 | ||||||||||||
Specialty Sciences | 201.8 | (1.1 | ) | — | 200.7 | ||||||||||||
Total goodwill | $ | 3,474.10 | $ | (13.0 | ) | $ | (57.2 | ) | $ | 3,403.90 | |||||||
Schedule of Finite and Indefinite-Lived Intangible Assets [Table Text Block] | Other intangible assets and related accumulated amortization consisted of the following (in millions): | ||||||||||||||||
March 28, 2015 | June 28, 2014 | ||||||||||||||||
Gross | Accumulated Amortization | Gross | Accumulated Amortization | ||||||||||||||
Amortizable intangibles: | |||||||||||||||||
Distribution and license agreements | $ | 6,029.40 | $ | 424.3 | $ | 6,027.30 | $ | 192.1 | |||||||||
Developed product technology/formulation and product rights | 977.2 | 352.4 | 931.7 | 302.5 | |||||||||||||
Customer relationships | 364.9 | 111.1 | 372 | 97.5 | |||||||||||||
Trade names and trademarks | 47.1 | 11.1 | 47.8 | 5.6 | |||||||||||||
Non-compete agreements | 14.6 | 6.5 | 15.3 | 9.4 | |||||||||||||
Total | $ | 7,433.20 | $ | 905.4 | $ | 7,394.10 | $ | 607.1 | |||||||||
Non-amortizable intangibles: | |||||||||||||||||
Trade names and trademarks | $ | 56.4 | $ | — | $ | 59.5 | $ | — | |||||||||
In-process research and development | 7 | — | 10.2 | — | |||||||||||||
Total | 63.4 | — | 69.7 | — | |||||||||||||
Total other intangible assets | $ | 7,496.60 | $ | 905.4 | $ | 7,463.80 | $ | 607.1 | |||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | Major components of inventory at March 28, 2015 and June 28, 2014, were as follows (in millions): | |||||||
March 28, | June 28, | |||||||
2015 | 2014 | |||||||
Finished goods | $ | 316 | $ | 307 | ||||
Work in process | 150.2 | 146.7 | ||||||
Raw materials | 170.8 | 177.9 | ||||||
Total inventories | $ | 637 | $ | 631.6 | ||||
Fair_value_measurements_Tables
Fair value measurements (Tables) | 9 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables summarize the valuation of the Company’s financial instruments carried at fair value by the above pricing categories at March 28, 2015 and June 28, 2014 (in millions): | |||||||||||||||
28-Mar-15 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investment securities | $ | 21.8 | $ | — | $ | — | $ | 21.8 | ||||||||
Foreign currency forward contracts | — | 4.9 | — | 4.9 | ||||||||||||
Funds associated with Israeli post employment benefits | — | 16.6 | — | 16.6 | ||||||||||||
Total assets | $ | 21.8 | $ | 21.5 | $ | — | $ | 43.3 | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 12.4 | $ | 12.4 | ||||||||
Interest rate swap agreements | — | 5 | — | 5 | ||||||||||||
Foreign currency forward contracts | — | 8.1 | — | 8.1 | ||||||||||||
Total liabilities | $ | — | $ | 13.1 | $ | 12.4 | $ | 25.5 | ||||||||
28-Jun-14 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investment securities | $ | 20.7 | $ | — | $ | — | $ | 20.7 | ||||||||
Foreign currency forward contracts | — | 3.1 | — | 3.1 | ||||||||||||
Funds associated with Israeli post-employment benefits | — | 19.3 | — | 19.3 | ||||||||||||
Total assets | $ | 20.7 | $ | 22.4 | $ | — | $ | 43.1 | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 17.4 | $ | 17.4 | ||||||||
Interest rate swap agreements | — | 8.3 | — | 8.3 | ||||||||||||
Foreign currency forward contracts | — | 0.8 | — | 0.8 | ||||||||||||
Total liabilities | $ | — | $ | 9.1 | $ | 17.4 | $ | 26.5 | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The table below presents changes in the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended March 28, 2015 and March 29, 2014 (in millions): | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
28-Mar-15 | 29-Mar-14 | 28-Mar-15 | 29-Mar-14 | |||||||||||||
Contingent Consideration | ||||||||||||||||
Beginning balance: | $ | 12.4 | $ | 17.3 | $ | 17.4 | $ | 22.2 | ||||||||
Net realized losses | — | 5.7 | — | 0.8 | ||||||||||||
Settlements | — | — | (5.0 | ) | — | |||||||||||
Ending balance: | $ | 12.4 | $ | 23 | $ | 12.4 | $ | 23 | ||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Investments [Abstract] | ||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | Net unrealized investment gains (losses) on available for sale securities were as follows (in millions): | |||||||
March 28, 2015 | June 28, 2014 | |||||||
Equity securities, at cost less impairments | $ | 17.1 | $ | 17.1 | ||||
Gross unrealized gains | 4.9 | 3.8 | ||||||
Gross unrealized losses | (0.2 | ) | (0.2 | ) | ||||
Estimated fair value of equity securities | $ | 21.8 | $ | 20.7 | ||||
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The balance sheet location and gross fair value of the Company's outstanding derivative instruments at March 28, 2015 and June 28, 2014 were as follows: | ||||||||||||||||||
Asset Derivatives | |||||||||||||||||||
Balance Sheet Location | Fair Value | ||||||||||||||||||
March 28, 2015 | June 28, 2014 | ||||||||||||||||||
Designated derivatives: | |||||||||||||||||||
Foreign currency forward contracts | Other current assets | $ | 3.1 | $ | 2.8 | ||||||||||||||
Total designated derivatives | $ | 3.1 | $ | 2.8 | |||||||||||||||
Non-designated derivatives: | |||||||||||||||||||
Foreign currency forward contracts | Other current assets | $ | 1.8 | $ | 0.3 | ||||||||||||||
Total non-designated derivatives | $ | 1.8 | $ | 0.3 | |||||||||||||||
Liability Derivatives | |||||||||||||||||||
Balance Sheet Location | Fair Value | ||||||||||||||||||
March 28, 2015 | June 28, 2014 | ||||||||||||||||||
Designated derivatives: | |||||||||||||||||||
Foreign currency forward contracts | Accrued liabilities | $ | 2 | $ | 0.7 | ||||||||||||||
Interest rate swap agreements | Other non-current liabilities | 5 | 8.3 | ||||||||||||||||
Total designated derivatives | $ | 7 | $ | 9 | |||||||||||||||
Non-designated derivatives: | |||||||||||||||||||
Foreign currency forward contracts | Accrued liabilities | $ | 6.1 | $ | 0.1 | ||||||||||||||
Total non-designated derivatives | $ | 6.1 | $ | 0.1 | |||||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The gains (losses) recognized in OCI for the effective portion of the Company's designated cash flow hedges were as follows: | ||||||||||||||||||
Amount of Gain/(Loss) Recorded in OCI | |||||||||||||||||||
(Effective Portion) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
Designated Cash Flow Hedges | March 28, 2015 | March 29, 2014 | March 28, 2015 | March 29, 2014 | |||||||||||||||
Treasury locks | $ | — | $ | — | $ | (2.7 | ) | $ | — | ||||||||||
Interest rate swap agreements | 2 | (2.1 | ) | 3.9 | 9 | ||||||||||||||
Foreign currency forward contracts | (3.8 | ) | 1 | (10.4 | ) | 6.6 | |||||||||||||
$ | (1.8 | ) | $ | (1.1 | ) | $ | (9.2 | ) | $ | 15.6 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The gains (losses) reclassified from AOCI into earnings for the effective portion of the Company's designated cash flow hedges were as follows: | ||||||||||||||||||
Designated Cash Flow Hedges | Income Statement Location | Amount of Gain/(Loss) Reclassified from AOCI to Income | |||||||||||||||||
(Effective Portion) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
March 28, 2015 | March 29, 2014 | March 28, 2015 | March 29, 2014 | ||||||||||||||||
Treasury locks | Interest expense, net | $ | — | $ | — | $ | — | $ | 0.2 | ||||||||||
Interest rate swap agreements | Interest expense, net | 0.8 | 0.9 | 2.7 | 3 | ||||||||||||||
Foreign currency forward contracts | Net sales | (0.1 | ) | 0.8 | — | 2 | |||||||||||||
Cost of sales | (2.8 | ) | 2.7 | (2.4 | ) | 5.5 | |||||||||||||
Interest expense, net | — | — | — | 0.1 | |||||||||||||||
Other expense, net | (0.4 | ) | 0.2 | (4.3 | ) | 1.9 | |||||||||||||
$ | (2.5 | ) | $ | 4.6 | $ | (4.0 | ) | $ | 12.7 | ||||||||||
Schedule of hedge ineffectiveness [Table Text Block] | The gains (losses) recognized against earnings for the ineffective portion of the Company's designated cash flow hedges were as follows: | ||||||||||||||||||
Designated Cash Flow Hedges | Income Statement Location | Amount of Gain/(Loss) Recognized in Income | |||||||||||||||||
(Ineffective Portion) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
March 28, 2015 | March 29, 2014 | March 28, 2015 | March 29, 2014 | ||||||||||||||||
Treasury locks | Other expense, net | $ | — | $ | — | $ | (0.4 | ) | $ | 2.3 | |||||||||
Interest rate swap agreements | Other expense, net | — | — | (0.7 | ) | (5.4 | ) | ||||||||||||
Foreign currency forward contracts | Net sales | — | 0.2 | (0.1 | ) | 0.1 | |||||||||||||
Cost of sales | (0.1 | ) | (0.2 | ) | 0.1 | (0.3 | ) | ||||||||||||
Total | $ | (0.1 | ) | $ | — | $ | (1.1 | ) | $ | (3.3 | ) | ||||||||
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The effects of the Company's fair value hedges on the Condensed Consolidated Statements of Operations were as follows: | ||||||||||||||||||
Designated Fair Value Hedges | Income Statement Location | Amount of Gain/(Loss) Recognized in Income | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
March 28, 2015 | March 29, 2014 | March 28, 2015 | March 29, 2014 | ||||||||||||||||
Interest rate swap agreements | Other expense, net | $ | — | $ | — | $ | — | $ | 0.9 | ||||||||||
Fixed-rate debt | Other expense, net | — | — | — | (4.1 | ) | |||||||||||||
Net hedge | $ | — | $ | — | $ | — | $ | (3.2 | ) | ||||||||||
Schedule of non-designated derivatives | The effects of the Company's non-designated derivatives on the Condensed Consolidated Statements of Operations were as follows: | ||||||||||||||||||
Non-Designated Derivatives | Income Statement Location | Amount of Gain/(Loss) Recognized in Income | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
March 28, 2015 | March 29, 2014 | March 28, 2015 | March 29, 2014 | ||||||||||||||||
Foreign currency forward contracts | Other expense, net | $ | (255.7 | ) | $ | (0.8 | ) | $ | (300.6 | ) | $ | (0.4 | ) | ||||||
Interest expense, net | (2.5 | ) | (0.1 | ) | (2.4 | ) | 0.1 | ||||||||||||
Foreign exchange option contracts | Other expense, net | — | — | (26.4 | ) | — | |||||||||||||
Total | $ | (258.2 | ) | $ | (0.9 | ) | $ | (329.4 | ) | $ | (0.3 | ) |
Indebtedness_Tables
Indebtedness (Tables) | 9 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Aggregate Indebtedness [Abstract] | ||||||||
Schedule of Debt [Table Text Block] | Total borrowings outstanding are summarized as follows (in millions): | |||||||
March 28, | June 28, | |||||||
2015 | 2014 | |||||||
Short term debt | $ | 3.4 | $ | 2.1 | ||||
Term loans | ||||||||
2014 Term Loan due December 18, 2015 | 300 | — | ||||||
2014 Euro-Denominated Term Loan due December 5, 2019 | 530.9 | — | ||||||
2013 Term Loan due December 18, 2015 | — | 300 | ||||||
2013 Term Loan due December 18, 2018 | — | 630 | ||||||
830.9 | 930 | |||||||
Senior notes | ||||||||
3.50% Unsecured Senior Notes due December 15, 2021, including unamortized discount of $0.3 million(1) | 499.7 | — | ||||||
3.90% Unsecured Senior Notes due December 15, 2024, including unamortized discount of $2.8 million(1) | 697.2 | — | ||||||
4.90% Unsecured Senior Notes due December 15, 2044, including unamortized discount of $1.2 million(1) | 398.8 | — | ||||||
1.30% Unsecured Senior Notes due November 8, 2016, including unamortized discount of $0.3 million(2) | 499.7 | 499.6 | ||||||
2.30% Unsecured Senior Notes due November 8, 2018, including unamortized discount of $0.6 million(2) | 599.4 | 599.3 | ||||||
4.00% Unsecured Senior Notes due November 15, 2023, including unamortized discount of $3.0 million(2) | 797 | 796.8 | ||||||
5.30% Unsecured Senior Notes due November 15, 2043, including unamortized discount of $1.6 million(2) | 398.4 | 398.3 | ||||||
3,890.20 | 2,294.00 | |||||||
Other financing | 2.3 | 8.1 | ||||||
Total borrowings outstanding | 4,726.80 | 3,234.20 | ||||||
Less short-term debt and current portion of long-term debt | (359.0 | ) | (143.7 | ) | ||||
Total long-term debt, less current portion | $ | 4,367.80 | $ | 3,090.50 | ||||
(1) Public bonds issued on December 2, 2014, discussed below collectively as the "2014 Bonds." | ||||||||
(2) Private placement unsecured senior notes with registration rights as of June 28, 2014 and public bonds as of October 1, 2014, discussed below collectively as the "2013 Bonds." | ||||||||
Schedule of Extinguishment of Debt [Table Text Block] | As a result of the debt retirements, the Company recorded a loss of $165.8 million during the second quarter of fiscal 2014 as follows (in millions): | |||||||
Make-whole payments | $ | 133.5 | ||||||
Write-off of financing fees on Bridge Credit Agreements | 19 | |||||||
Write-off of deferred financing fees | 10.5 | |||||||
Write-off of unamortized discount | 2.8 | |||||||
Total loss on extinguishment of debt | $ | 165.8 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of the numerators and denominators used in the basic and diluted earnings per share ("EPS") calculation is as follows (in millions): | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 28, | March 29, | March 28, | March 29, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) | $ | (94.9 | ) | $ | 48.1 | $ | 71.5 | $ | 73.4 | |||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding for basic EPS | 140.8 | 133.7 | 137 | 108.9 | ||||||||||||
Dilutive effect of share-based awards | — | 0.6 | 0.5 | 0.5 | ||||||||||||
Weighted average shares outstanding for diluted EPS | 140.8 | 134.3 | 137.5 | 109.4 | ||||||||||||
Anti-dilutive share-based awards excluded from computation of diluted EPS | 0.7 | — | 0.1 | 0.1 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in the Company's AOCI balances, net of tax, for the nine months ended March 28, 2015 were as follows (in millions): | |||||||||||||||||||
Foreign | Fair value | Fair value of | Post- | Total AOCI | ||||||||||||||||
currency | of derivative | investment | retirement and pension | |||||||||||||||||
translation | financial | securities, | liability | |||||||||||||||||
adjustments | instruments, | net of tax | adjustments, | |||||||||||||||||
net of tax | net of tax | |||||||||||||||||||
Balance at June 28, 2014 | $ | 164.4 | $ | (16.1 | ) | $ | 2.4 | $ | (11.1 | ) | $ | 139.6 | ||||||||
OCI before reclassifications | (152.1 | ) | (8.2 | ) | 0.7 | (2.2 | ) | (161.8 | ) | |||||||||||
Amounts reclassified from AOCI | — | 3.2 | — | — | 3.2 | |||||||||||||||
Other comprehensive income | (152.1 | ) | (5.0 | ) | 0.7 | (2.2 | ) | (158.6 | ) | |||||||||||
Balance at March 28, 2015 | $ | 12.3 | $ | (21.1 | ) | $ | 3.1 | $ | (13.3 | ) | $ | (19.0 | ) | |||||||
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Restructuring Charges [Abstract] | ||||||||||||||||
Restructuring and Related Costs [Table Text Block] | The following summarizes the Company's restructuring activity for the three and nine months ended March 28, 2015 and March 29, 2014 (in millions): | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 28, | March 29, | March 28, | March 29, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Beginning balance | $ | 3.2 | $ | 14.3 | $ | 16.4 | $ | 2.9 | ||||||||
Additional charges | 1.1 | 19.5 | 5.3 | 36.5 | ||||||||||||
Payments | (0.7 | ) | (17.0 | ) | (16.7 | ) | (22.6 | ) | ||||||||
Non-cash adjustments | — | (4.1 | ) | (1.4 | ) | (4.1 | ) | |||||||||
Ending balance | $ | 3.6 | $ | 12.7 | $ | 3.6 | $ | 12.7 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The below tables show select financial measures by reporting segment (in millions): | |||||||||||||||
Three Months Ended | Balance at March 28, 2015 | |||||||||||||||
28-Mar-15 | ||||||||||||||||
Net Sales | Operating Income (Loss) | Amortization of Intangibles | Total Assets | |||||||||||||
Consumer Healthcare | $ | 537.3 | $ | 91.8 | $ | 8.6 | $ | 6,143.30 | ||||||||
Nutritionals | 129.9 | 11.2 | 7.2 | 1,037.80 | ||||||||||||
Rx Pharmaceuticals | 251.6 | 100 | 18.3 | 2,605.90 | ||||||||||||
API | 30.7 | 10.5 | 0.5 | 252.2 | ||||||||||||
Specialty Sciences | 81.9 | 5.5 | 72.8 | 6,055.80 | ||||||||||||
Other | 17.7 | 1.3 | 0.4 | 87.8 | ||||||||||||
Unallocated expenses | — | (21.1 | ) | — | — | |||||||||||
Total | $ | 1,049.10 | $ | 199.2 | $ | 107.8 | $ | 16,182.80 | ||||||||
Three Months Ended (1) | Balance at March 29, 2014 | |||||||||||||||
29-Mar-14 | ||||||||||||||||
Net Sales | Operating Income (Loss) | Amortization of Intangibles | Total Assets | |||||||||||||
Consumer Healthcare | $ | 537.3 | $ | 84.4 | $ | 5.3 | $ | 2,555.20 | ||||||||
Nutritionals | 137.8 | 7.3 | 7.3 | 1,011.50 | ||||||||||||
Rx Pharmaceuticals | 223.4 | 77 | 17.5 | 1,985.40 | ||||||||||||
API | 32 | 6.8 | 0.5 | 286.8 | ||||||||||||
Specialty Sciences | 53.4 | (54.5 | ) | 76.4 | 7,799.50 | |||||||||||
Other | 20.2 | 0.8 | 0.4 | 104.4 | ||||||||||||
Unallocated expenses | — | (18.5 | ) | — | — | |||||||||||
Total | $ | 1,004.20 | $ | 103.3 | $ | 107.4 | $ | 13,742.80 | ||||||||
Nine Months Ended | ||||||||||||||||
28-Mar-15 | ||||||||||||||||
Net Sales | Operating Income (Loss) | Amortization of Intangibles | ||||||||||||||
Consumer Healthcare | $ | 1,560.20 | $ | 232 | $ | 26 | ||||||||||
Nutritionals | 385.7 | 26.9 | 21.6 | |||||||||||||
Rx Pharmaceuticals | 722.8 | 274.4 | 53.3 | |||||||||||||
API | 85.5 | 24.9 | 1.5 | |||||||||||||
Specialty Sciences | 260.4 | 29.8 | 218.4 | |||||||||||||
Other | 57.7 | 3.4 | 1.1 | |||||||||||||
Unallocated expenses | — | (70.7 | ) | — | ||||||||||||
Total | $ | 3,072.30 | $ | 520.7 | $ | 321.9 | ||||||||||
Nine Months Ended (1) | ||||||||||||||||
29-Mar-14 | ||||||||||||||||
Net Sales | Operating Income (Loss) | Amortization of Intangibles | ||||||||||||||
Consumer Healthcare | $ | 1,612.10 | $ | 263.8 | $ | 15.9 | ||||||||||
Nutritionals | 406.6 | 28.3 | 22.1 | |||||||||||||
Rx Pharmaceuticals | 673.6 | 260.5 | 55.2 | |||||||||||||
API | 105.2 | 37.4 | 1.6 | |||||||||||||
Specialty Sciences (2) | 60.8 | (73.5 | ) | 85 | ||||||||||||
Other | 58.3 | 2.6 | 1.3 | |||||||||||||
Unallocated expenses | — | (149.7 | ) | — | ||||||||||||
Total | $ | 2,916.60 | $ | 369.5 | $ | 181.1 | ||||||||||
(1) Amounts may not foot due to rounding. | ||||||||||||||||
(2) Specialty Sciences represents activity for the period beginning on December 18, 2013 and ending March 29, 2014. |
Subsequent_Events_Tables
Subsequent Events (Tables) (Omega [Member]) | 9 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Omega [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Schedule of acquisition-related costs [Table Text Block] | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
Line item | March 28, 2015 | ||||||||
Administration | $ | 2 | $ | 13.6 | |||||
Interest expense, net | 18.7 | 23.7 | |||||||
Other expense, net | 258.2 | 323.9 | |||||||
Loss on extinguishment of debt | — | 9.6 | |||||||
Total Acquisition-related costs | $ | 278.9 | $ | 370.8 | |||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies and Basis of Presentation Summary of Significant Accounting Policies - Tax (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Jun. 28, 2014 |
Income Tax Disclosure [Abstract] | ||
Increase (Decrease) in Deferred Income Taxes | $90.20 | |
Deferred financing fee | $42.40 | $27.40 |
Business_Acquisitions_Details
Business Acquisitions (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2014 | Mar. 28, 2015 | Feb. 28, 2014 | Feb. 18, 2014 | Dec. 18, 2013 | Jun. 28, 2014 | Jun. 27, 2009 | 1-May-14 | Dec. 28, 2013 | Aug. 06, 2009 | |
products | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Cash Exchange per share | $6.25 | |||||||||
Goodwill | $3,403,900,000 | $3,474,100,000 | ||||||||
Contingent consideration | 12,400,000 | 17,400,000 | ||||||||
Lumara [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Effective Date of Acquisition | 31-Oct-14 | |||||||||
Payments to Acquire Businesses, Gross | 83,000,000 | |||||||||
Number of formulations | 3 | |||||||||
Business Combination, Total Consideration Transferred | 83,000,000 | |||||||||
Assets acquired - receivables | 2,900,000 | |||||||||
Assets acquired, Inventory | 1,500,000 | |||||||||
Assets acquired - prepaids | 400,000 | |||||||||
Assets acquired - Property and equipment, net | 100,000 | |||||||||
Assets acquired, Noncurrent Assets | 86,900,000 | |||||||||
Liabilities assumed, Accounts Payable | 3,900,000 | |||||||||
Net assets acquired and liabilities assumed | 83,000,000 | |||||||||
Perrigo Company [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 71.00% | |||||||||
Share Price | 0.01 | |||||||||
Aspen Global [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Effective Date of Acquisition | 28-Feb-14 | |||||||||
Payments to Acquire Businesses, Gross | 53,700,000 | |||||||||
Goodwill | 4,600,000 | |||||||||
Contingent consideration | 0 | |||||||||
Business Combination, Total Consideration Transferred | 53,700,000 | |||||||||
Assets acquired, Cash and Equivalents | 0 | |||||||||
Acquired assets - Investments | 0 | |||||||||
Assets acquired - receivables | 0 | |||||||||
Assets acquired, Inventory | 2,700,000 | |||||||||
Assets acquired - prepaids | 0 | |||||||||
Assets acquired - Property and equipment, net | 0 | |||||||||
Assets acquired - Finite-Lived Intangibles | 46,400,000 | |||||||||
Assets acquired, Noncurrent Assets | 0 | |||||||||
Assets acquired - Total Assets | 53,700,000 | |||||||||
Liabilities assumed, Accounts Payable | 0 | |||||||||
Liabilities assumed - Current Liabilities | 0 | |||||||||
Liabilities assumed, Deferred Tax Liabilities | 0 | |||||||||
Liabilities assumed, Noncurrent Liabilities | 0 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | |||||||||
Net assets acquired and liabilities assumed | 53,700,000 | |||||||||
Fera (methazolomide) [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Effective Date of Acquisition | 18-Feb-14 | |||||||||
Payments to Acquire Businesses, Gross | 17,300,000 | |||||||||
Goodwill | 0 | |||||||||
Contingent consideration | 800,000 | |||||||||
Business Combination, Total Consideration Transferred | 18,100,000 | |||||||||
Assets acquired, Cash and Equivalents | 0 | |||||||||
Acquired assets - Investments | 0 | |||||||||
Assets acquired - receivables | 0 | |||||||||
Assets acquired, Inventory | 300,000 | |||||||||
Assets acquired - prepaids | 0 | |||||||||
Assets acquired - Property and equipment, net | 0 | |||||||||
Assets acquired - Finite-Lived Intangibles | 17,800,000 | |||||||||
Assets acquired, Noncurrent Assets | 0 | |||||||||
Assets acquired - Total Assets | 18,100,000 | |||||||||
Liabilities assumed, Accounts Payable | 0 | |||||||||
Liabilities assumed - Current Liabilities | 0 | |||||||||
Liabilities assumed, Deferred Tax Liabilities | 0 | |||||||||
Liabilities assumed, Noncurrent Liabilities | 0 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | |||||||||
Net assets acquired and liabilities assumed | 18,100,000 | |||||||||
Elan Corporation [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Effective Date of Acquisition | 18-Dec-13 | |||||||||
Payments to Acquire Businesses, Gross | 9,451,900,000 | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 29.00% | |||||||||
Share Price | 3,223,200,000 | |||||||||
Total Company shares issued to acquired company shareholders | 39,400,000 | |||||||||
Shares, Outstanding | 515,700,000 | |||||||||
Business Acquisition, Share Exchange Ratio | 0.07636 | |||||||||
Business Acquisition, Share Price | $155.34 | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 6,117,200,000 | |||||||||
Business acquisition, cash consideration paid for vested stock options and awards | 111,500,000 | |||||||||
Business acquisition, cash consideration paid on unvested stock options and awards | 16,100,000 | |||||||||
Business Combination, Acquisition Related Costs | 284,900,000 | |||||||||
Goodwill | 2,333,100,000 | 2,333,100,000 | ||||||||
Business combination provisional adjustment, initial valuation incomplete, non-current liabilities | 13,000,000 | |||||||||
Contingent consideration | 0 | |||||||||
Business Combination, Total Consideration Transferred | 9,451,900,000 | |||||||||
Assets acquired, Cash and Equivalents | 1,807,300,000 | |||||||||
Acquired assets - Investments | 100,000,000 | |||||||||
Assets acquired - receivables | 44,200,000 | |||||||||
Assets acquired, Inventory | 0 | |||||||||
Assets acquired - prepaids | 27,100,000 | |||||||||
Assets acquired - Property and equipment, net | 9,200,000 | |||||||||
Assets acquired - Finite-Lived Intangibles | 5,811,000,000 | |||||||||
Assets acquired, Noncurrent Assets | 93,400,000 | |||||||||
Assets acquired - Total Assets | 10,225,300,000 | |||||||||
Liabilities assumed, Accounts Payable | 2,000,000 | |||||||||
Liabilities assumed - Current Liabilities | 120,800,000 | |||||||||
Liabilities assumed, Deferred Tax Liabilities | 631,800,000 | |||||||||
Liabilities assumed, Noncurrent Liabilities | 18,800,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 773,400,000 | |||||||||
Net assets acquired and liabilities assumed | 9,451,900,000 | |||||||||
Vedants Drug and Fine Chemicals Private Ltd [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 15.00% | 85.00% | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 7,200,000 | 11,500,000 | ||||||||
Trademarks and Trade Names [Member] | Aspen Global [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Assets acquired - Finite-Lived Intangibles | 34,800,000 | |||||||||
Trademarks and Trade Names [Member] | Fera (methazolomide) [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Assets acquired - Finite-Lived Intangibles | 0 | |||||||||
Trademarks and Trade Names [Member] | Elan Corporation [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Assets acquired - Finite-Lived Intangibles | 0 | |||||||||
Customer Relationships [Member] | Aspen Global [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Assets acquired - Finite-Lived Intangibles | 9,800,000 | |||||||||
Customer Relationships [Member] | Fera (methazolomide) [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Assets acquired - Finite-Lived Intangibles | 0 | |||||||||
Customer Relationships [Member] | Elan Corporation [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Assets acquired - Finite-Lived Intangibles | 0 | |||||||||
Noncompete Agreements [Member] | Aspen Global [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Assets acquired - Finite-Lived Intangibles | 1,800,000 | |||||||||
Noncompete Agreements [Member] | Fera (methazolomide) [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Assets acquired - Finite-Lived Intangibles | 0 | |||||||||
Noncompete Agreements [Member] | Elan Corporation [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Assets acquired - Finite-Lived Intangibles | 0 | |||||||||
Product Formulations [Member] | Lumara [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Assets acquired - Finite-Lived Intangibles | 82,000,000 | |||||||||
Tysabri [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percent of royalty revenues generated by specific agreement | 12.00% | |||||||||
Finite-lived Intangible Assets Acquired | 5,800,000,000 | |||||||||
Prialt [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | 11,000,000 | |||||||||
Distribution And License Agreements [Member] | Aspen Global [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Assets acquired - Finite-Lived Intangibles | 0 | |||||||||
Distribution And License Agreements [Member] | Fera (methazolomide) [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Assets acquired - Finite-Lived Intangibles | 17,800,000 | |||||||||
Distribution And License Agreements [Member] | Elan Corporation [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Assets acquired - Finite-Lived Intangibles | 5,811,000,000 | |||||||||
Minimum [Member] | Lumara [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | |||||||||
Minimum [Member] | Tysabri [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percent of royalty revenues generated by specific agreement | 18.00% | |||||||||
Sales Revenue, Goods, Net | 2,000,000,000 | |||||||||
Minimum [Member] | Prialt [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percent of royalty revenues generated by specific agreement | 7.00% | |||||||||
Maximum [Member] | Lumara [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | |||||||||
Maximum [Member] | Tysabri [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percent of royalty revenues generated by specific agreement | 25.00% | |||||||||
Sales Revenue, Goods, Net | 2,000,000,000 | |||||||||
Maximum [Member] | Prialt [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percent of royalty revenues generated by specific agreement | 17.50% | |||||||||
Consumer Healthcare [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 1,387,400,000 | 1,406,300,000 | ||||||||
Consumer Healthcare [Member] | Elan Corporation [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 1,110,000,000 | |||||||||
Rx Pharmaceuticals [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 1,222,200,000 | 1,258,300,000 | ||||||||
Rx Pharmaceuticals [Member] | Elan Corporation [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 845,100,000 | |||||||||
Nutritionals [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 509,100,000 | 510,100,000 | ||||||||
Nutritionals [Member] | Elan Corporation [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 177,400,000 | |||||||||
Specialty Sciences [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 200,700,000 | 201,800,000 | ||||||||
Specialty Sciences [Member] | Elan Corporation [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 200,600,000 | |||||||||
General and Administrative Expense [Member] | Elan Corporation [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Acquisition Related Costs | 108,900,000 | |||||||||
Interest expense, net [Member] | Elan Corporation [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Acquisition Related Costs | 10,000,000 | |||||||||
Other expense (income), net [member] | Elan Corporation [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Acquisition Related Costs | 200,000 | |||||||||
Loss on extinguishment of debt [Member] | Elan Corporation [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Acquisition Related Costs | $165,800,000 | |||||||||
Aspen Global [Member] | Customer Relationships [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |||||||||
Aspen Global [Member] | Trademarks and Trade Names [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 25 years | |||||||||
Aspen Global [Member] | Noncompete Agreements [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||||
Elan Corporation [Member] | Tysabri [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |||||||||
Elan Corporation [Member] | Prialt [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||||||
Fera (methazolomide) [Member] | Customer Relationships [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Goodwill (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Mar. 28, 2015 |
Goodwill [Line Items] | |
Intangible Assets, Net (Including Goodwill) | $434.40 |
Goodwill [Roll Forward] | |
Beginning balance | 3,474.10 |
Purchase Accounting Adjustments | -13 |
Currency translation adjustment | -57.2 |
Ending balance | 3,403.90 |
Consumer Healthcare [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 1,406.30 |
Purchase Accounting Adjustments | -6.2 |
Currency translation adjustment | -12.7 |
Ending balance | 1,387.40 |
Nutritionals [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 510.1 |
Purchase Accounting Adjustments | -1 |
Currency translation adjustment | 0 |
Ending balance | 509.1 |
Rx Pharmaceuticals [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 1,258.30 |
Purchase Accounting Adjustments | -4.7 |
Currency translation adjustment | -31.4 |
Ending balance | 1,222.20 |
API [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 97.6 |
Purchase Accounting Adjustments | 0 |
Currency translation adjustment | -13.1 |
Ending balance | 84.5 |
Specialty Sciences [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 201.8 |
Purchase Accounting Adjustments | -1.1 |
Currency translation adjustment | 0 |
Ending balance | $200.70 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Intangible categories (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Jun. 28, 2014 | ||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||
Intangible assets subject to amortization, Gross | $7,433.20 | $7,433.20 | $7,394.10 | ||||
Intangible assets subject to amortization, Accumulated Amortization | 905.4 | 905.4 | 607.1 | ||||
Intangible assets not subject to amortization | 63.4 | 63.4 | 69.7 | ||||
Total other intangible assets | 7,496.60 | 7,496.60 | 7,463.80 | ||||
Intangible assets amortization expense | 107.8 | 107.4 | [1] | 321.9 | 181.1 | [1] | |
Intangible Assets, Net (Including Goodwill) | 434.4 | 434.4 | |||||
Trade names and trademarks [Member] | |||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||
Intangible assets not subject to amortization | 56.4 | 56.4 | 59.5 | ||||
In Process Research and Development [Member] | |||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||
Intangible assets not subject to amortization | 7 | 7 | 10.2 | ||||
Distribution And License Agreements [Member] | |||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||
Intangible assets subject to amortization, Gross | 6,029.40 | 6,029.40 | 6,027.30 | ||||
Intangible assets subject to amortization, Accumulated Amortization | 424.3 | 424.3 | 192.1 | ||||
Developed Product Technology/Formulation and Product Rights [Member] | |||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||
Intangible assets subject to amortization, Gross | 977.2 | 977.2 | 931.7 | ||||
Intangible assets subject to amortization, Accumulated Amortization | 352.4 | 352.4 | 302.5 | ||||
Customer Relationships [Member] | |||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||
Intangible assets subject to amortization, Gross | 364.9 | 364.9 | 372 | ||||
Intangible assets subject to amortization, Accumulated Amortization | 111.1 | 111.1 | 97.5 | ||||
Trade names and trademarks [Member] | |||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||
Intangible assets subject to amortization, Gross | 47.1 | 47.1 | 47.8 | ||||
Intangible assets subject to amortization, Accumulated Amortization | 11.1 | 11.1 | 5.6 | ||||
Noncompete Agreements [Member] | |||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||
Intangible assets subject to amortization, Gross | 14.6 | 14.6 | 15.3 | ||||
Intangible assets subject to amortization, Accumulated Amortization | $6.50 | $6.50 | $9.40 | ||||
[1] | Amounts may not foot due to rounding. |
Inventories_Details
Inventories (Details) (USD $) | Mar. 28, 2015 | Jun. 28, 2014 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished Goods | $316 | $307 |
Work in Process | 150.2 | 146.7 |
Raw Materials | 170.8 | 177.9 |
Total inventories | $637 | $631.60 |
Fair_value_measurements_assets
Fair value measurements - assets and liabilities on a recurring basis (Details) (USD $) | Mar. 28, 2015 | Jun. 28, 2014 | Nov. 08, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Senior Notes | $3,890,200,000 | $2,294,000,000 | $2,300,000,000 |
Assets: | |||
Investment securities | 21,800,000 | 20,700,000 | |
Foreign currency forward contracts | 4,900,000 | 3,100,000 | |
Funds associated with Israeli post employment benefits | 16,600,000 | 19,300,000 | |
Total assets | 43,300,000 | 43,100,000 | |
Liabilities: | |||
Contingent consideration | 12,400,000 | 17,400,000 | |
Interest rate swap agreements | 5,000,000 | 8,300,000 | |
Foreign currency forward contracts | 8,100,000 | 800,000 | |
Total liabilities | 25,500,000 | 26,500,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Investment securities | 21,800,000 | 20,700,000 | |
Foreign currency forward contracts | 0 | 0 | |
Funds associated with Israeli post employment benefits | 0 | 0 | |
Total assets | 21,800,000 | 20,700,000 | |
Liabilities: | |||
Contingent consideration | 0 | 0 | |
Interest rate swap agreements | 0 | 0 | |
Foreign currency forward contracts | 0 | 0 | |
Total liabilities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets: | |||
Investment securities | 0 | 0 | |
Foreign currency forward contracts | 4,900,000 | 3,100,000 | |
Funds associated with Israeli post employment benefits | 16,600,000 | 19,300,000 | |
Total assets | 21,500,000 | 22,400,000 | |
Liabilities: | |||
Contingent consideration | 0 | 0 | |
Interest rate swap agreements | 5,000,000 | 8,300,000 | |
Foreign currency forward contracts | 8,100,000 | 800,000 | |
Total liabilities | 13,100,000 | 9,100,000 | |
Fair Value, Inputs, Level 3 [Member] | |||
Assets: | |||
Investment securities | 0 | 0 | |
Foreign currency forward contracts | 0 | 0 | |
Funds associated with Israeli post employment benefits | 0 | 0 | |
Total assets | 0 | 0 | |
Liabilities: | |||
Contingent consideration | 12,400,000 | 17,400,000 | |
Interest rate swap agreements | 0 | 0 | |
Foreign currency forward contracts | 0 | 0 | |
Total liabilities | 12,400,000 | 17,400,000 | |
Senior Notes and Public Bond [Domain] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Senior Notes | 3,900,000,000 | ||
Debt Instrument, Fair Value Disclosure | 4,100,000,000 | 2,400,000,000 | |
Senior Notes and Public Bond [Domain] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Senior Notes | $2,300,000,000 |
Fair_value_measurements_level_
Fair value measurements - level 3 roll (Details) (Contingent Consideration Classified as Equity [Member], Fair Value, Inputs, Level 3 [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 29, 2013 |
Contingent Consideration Classified as Equity [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $12.40 | $23 | $12.40 | $23 | $12.40 | $17.40 | $17.30 | $22.20 |
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 5.7 | 0 | 0.8 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $0 | $0 | ($5) | $0 |
Fair_Value_Measurements_Fair_v
Fair Value Measurements Fair value measurements - items not carried at fair value (Details) (USD $) | Mar. 28, 2015 | Jun. 28, 2014 | Nov. 08, 2013 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Senior Notes | $3,890,200,000 | $2,294,000,000 | $2,300,000,000 |
Senior Notes and Public Bond [Domain] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Senior Notes | 3,900,000,000 | ||
Debt Instrument, Fair Value Disclosure | 4,100,000,000 | 2,400,000,000 | |
Senior Notes and Public Bond [Domain] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Senior Notes | $2,300,000,000 |
Investments_Details
Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Jun. 28, 2014 |
Schedule of Equity Method Investments [Line Items] | |||||
Available-for-sale Securities | $20.70 | ||||
Unrealized loss on equity method investments | -0.3 | -6.6 | |||
Loss from Equity Method Investments | -3.8 | -5.1 | |||
Unrealized Gain (Loss) on Investments [Abstract] | |||||
Equity securities, at cost less impairments | 17.1 | 17.1 | 17.1 | ||
Gross unrealized gains | 4.9 | 4.9 | 3.8 | ||
Gross unrealized losses | -0.2 | -0.2 | -0.2 | ||
Estimated fair value of equity securities | 21.8 | 21.8 | 20.7 | ||
Other Noncurrent Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Available-for-sale Securities | 14.8 | ||||
Cost Method Investments | 8.3 | 8.3 | 9 | ||
Equity Method Investments | 52.2 | 52.2 | 57.4 | ||
Available-for-sale Securities [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Available-for-sale Securities, Gross Realized Losses | 9.9 | ||||
Available-for-sale Securities | 21.8 | 21.8 | 5.9 | ||
Equity Method Investments [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Loss from Equity Method Investments | ($2.80) |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities - text links (Details) | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||
Dec. 02, 2014 | Dec. 18, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 18, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 18, 2013 | Dec. 02, 2014 | Dec. 02, 2014 | Dec. 23, 2013 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Jun. 28, 2014 | Mar. 28, 2015 | Mar. 28, 2015 | Dec. 02, 2014 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Sep. 28, 2013 | Mar. 28, 2015 | |
USD ($) | USD ($) | USD ($) | USD ($) | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Option [Member] | Foreign Exchange Option [Member] | Foreign Exchange Option [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Perrigo Co plc [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | USD ($) | USD ($) | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | USD ($) | USD ($) | USD ($) | USD ($) | Foreign Exchange Option [Member] | ||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
USD ($) | ||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | ($324,500,000) | $0 | ($258,200,000) | ($900,000) | ($329,400,000) | ($300,000) | $259,800,000 | ($26,400,000) | $298,100,000 | |||||||||||||||||||||||||||
Derivative, Notional Amount | 240,000,000 | 240,000,000 | 725,000,000 | 750,000,000 | 329,800,000 | 228,500,000 | 2,000,000,000 | 425,000,000 | ||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | 1,600,000,000 | 2,300,000,000 | ||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -1,800,000 | -1,100,000 | -9,200,000 | 15,600,000 | 12,800,000 | 2,000,000 | -2,100,000 | 3,900,000 | 9,000,000 | 5,800,000 | -3,800,000 | 1,000,000 | -10,400,000 | 6,600,000 | ||||||||||||||||||||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | -500,000 | -1,100,000 | -2,600,000 | 0 | 0 | 3,200,000 | ||||||||||||||||||||||||||||||
Maximum Remaining Maturity of Foreign Currency Derivatives | 15 months | |||||||||||||||||||||||||||||||||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $5,600,000 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - balance sheet location (Details) (USD $) | Mar. 28, 2015 | Jun. 28, 2014 |
In Millions, unless otherwise specified | ||
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | $3.10 | $2.80 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 7 | 9 |
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 3.1 | 2.8 |
Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 2 | 0.7 |
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 5 | 8.3 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 6.1 | 0.1 |
Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 1.8 | 0.3 |
Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 1.8 | 0.3 |
Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $6.10 | $0.10 |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities - other comprehensive income movement (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 18, 2013 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | ($0.10) | $0 | ($1.10) | ($3.30) | |
Other Nonoperating Income (Expense) [Member] | Treasury Lock [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | -0.4 | 2.3 | |
Other Nonoperating Income (Expense) [Member] | Interest Rate Swap [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | -0.7 | -5.4 | |
Net sales [Member] | Foreign Exchange Forward [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0.2 | -0.1 | 0.1 | |
Cost of Sales [Member] | Foreign Exchange Forward [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -0.1 | -0.2 | 0.1 | -0.3 | |
Designated as Hedging Instrument [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -1.8 | -1.1 | -9.2 | 15.6 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -2.5 | 4.6 | -4 | 12.7 | |
Designated as Hedging Instrument [Member] | Treasury Lock [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | 0 | -2.7 | 0 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 12.8 | 2 | -2.1 | 3.9 | 9 |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -3.8 | 1 | -10.4 | 6.6 | |
Designated as Hedging Instrument [Member] | Interest Expense [Member] | Treasury Lock [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0.2 | |
Designated as Hedging Instrument [Member] | Interest Expense [Member] | Interest Rate Swap [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.8 | 0.9 | 2.7 | 3 | |
Designated as Hedging Instrument [Member] | Interest Expense [Member] | Foreign Exchange Forward [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0.1 | |
Designated as Hedging Instrument [Member] | Other Nonoperating Income (Expense) [Member] | Foreign Exchange Forward [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -0.4 | 0.2 | -4.3 | 1.9 | |
Designated as Hedging Instrument [Member] | Net sales [Member] | Foreign Exchange Forward [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -0.1 | 0.8 | 0 | 2 | |
Designated as Hedging Instrument [Member] | Cost of Sales [Member] | Foreign Exchange Forward [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ($2.80) | $2.70 | ($2.40) | $5.50 |
Derivative_Instruments_and_Hed6
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities -Fair value hedges (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | ($324.50) | $0 | ||
Fair Value Hedging [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | |||
Fair Value Hedging [Member] | Other Nonoperating Income (Expense) [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0.9 |
Fair Value Hedging [Member] | Other Nonoperating Income (Expense) [Member] | Fixed-rate Debt [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $0 | $0 | $0 | ($4.10) |
Derivative_Instruments_and_Hed7
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities- Non-designated derivatives (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | ($324.50) | $0 | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | -258.2 | -0.9 | -329.4 | -0.3 |
Foreign Exchange Forward [Member] | Other Nonoperating Income (Expense) [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | -255.7 | -0.8 | -300.6 | -0.4 |
Foreign Exchange Forward [Member] | Interest Expense [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | -2.5 | -0.1 | -2.4 | 0.1 |
Foreign Exchange Option [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 259.8 | -26.4 | ||
Foreign Exchange Option [Member] | Other Nonoperating Income (Expense) [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $0 | $0 | $0 |
Indebtedness_Debt_arrangements
Indebtedness (Debt arrangements) (details) | Mar. 28, 2015 | Nov. 06, 2014 | Jun. 28, 2014 | Nov. 08, 2013 | Sep. 06, 2013 | Mar. 28, 2015 | Jun. 28, 2014 | Mar. 28, 2015 | Jun. 28, 2014 | Mar. 28, 2015 | Jun. 28, 2014 | Sep. 06, 2013 | Mar. 28, 2015 | Jun. 28, 2014 | Sep. 06, 2013 | Mar. 28, 2015 | Dec. 02, 2014 | Jun. 28, 2014 | Mar. 28, 2015 | Dec. 02, 2014 | Jun. 28, 2014 | Mar. 28, 2015 | Dec. 02, 2014 | Jun. 28, 2014 | Mar. 28, 2015 | Jun. 28, 2014 | Nov. 08, 2013 | Mar. 28, 2015 | Jun. 28, 2014 | Nov. 08, 2013 | Mar. 28, 2015 | Jun. 28, 2014 | Nov. 08, 2013 | Mar. 28, 2015 | Jun. 28, 2014 | Nov. 08, 2013 | Dec. 05, 2014 | Dec. 05, 2014 | Nov. 06, 2014 | Jul. 28, 2013 | Mar. 28, 2015 | Jul. 28, 2013 | Dec. 05, 2014 | Dec. 05, 2014 | Nov. 06, 2014 | ||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | 2014 Term Loan due December 18, 2015 [Member] | 2014 Term Loan due December 18, 2015 [Member] | 2014 Term Loan due December 5, 2019 [Member] | 2014 Term Loan due December 5, 2019 [Member] | 2013 Term Loan due December 18, 2015 [Member] | 2013 Term Loan due December 18, 2015 [Member] | 2013 Term Loan due December 18, 2015 [Member] | 2013 Term Loan due December 18, 2018 [Member] | 2013 Term Loan due December 18, 2018 [Member] | 2013 Term Loan due December 18, 2018 [Member] | 3.5% Unsecured Senior Notes due November, 2021 [Member] | 3.5% Unsecured Senior Notes due November, 2021 [Member] | 3.5% Unsecured Senior Notes due November, 2021 [Member] | 3.90% Unsecured Senior Notes due November, 2024 [Member] | 3.90% Unsecured Senior Notes due November, 2024 [Member] | 3.90% Unsecured Senior Notes due November, 2024 [Member] | 4.90% Unsecured Senior Notes due November, 2044 [Member] | 4.90% Unsecured Senior Notes due November, 2044 [Member] | 4.90% Unsecured Senior Notes due November, 2044 [Member] | 1.30% Unsecured Senior Notes due November 8, 2016 [Member] | 1.30% Unsecured Senior Notes due November 8, 2016 [Member] | 1.30% Unsecured Senior Notes due November 8, 2016 [Member] | 2.30% Unsecured Senior notes November 8, 2018 [Member] | 2.30% Unsecured Senior notes November 8, 2018 [Member] | 2.30% Unsecured Senior notes November 8, 2018 [Member] | 4.00% Unsecured Senior Notes due November 15, 2023 [Member] | 4.00% Unsecured Senior Notes due November 15, 2023 [Member] | 4.00% Unsecured Senior Notes due November 15, 2023 [Member] | 5.30% Unsecured Senior Notes due November 15, 2043 [Member] | 5.30% Unsecured Senior Notes due November 15, 2043 [Member] | 5.30% Unsecured Senior Notes due November 15, 2043 [Member] | Tranche December 18, 2015 [Member] | 2014 Revolver [Member] | Debt Bridge Credit Agreement [Member] | Debt Bridge Credit Agreement [Member] | 2014 Bonds [Member] | Cash Bridge Credit Agreement [Member] | Euro Member Countries, Euro | Euro Member Countries, Euro | Euro Member Countries, Euro | |||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Tranche December 5, 2019 [Member] | 2014 Revolver [Member] | Debt Bridge Credit Agreement [Member] | ||||||||||||||||||||||||
EUR (€) | EUR (€) | EUR (€) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | 3.90% | 3.90% | 4.90% | 4.90% | 1.30% | 1.30% | 2.30% | 2.30% | 4.00% | 4.00% | 5.30% | 5.30% | |||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt | $3,400,000 | $2,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term loans | 830,900,000 | 930,000,000 | 1,000,000,000 | 300,000,000 | 0 | 530,900,000 | 0 | 0 | 300,000,000 | 300,000,000 | 0 | 630,000,000 | 700,000,000 | 300,000,000 | 600,000,000 | 500,000,000 | 300,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 3,890,200,000 | 2,294,000,000 | 2,300,000,000 | 499,700,000 | [1] | 0 | [1] | 697,200,000 | [1] | 0 | [1] | 398,800,000 | [1] | 0 | [1] | 499,700,000 | [2] | 499,600,000 | [2] | 599,400,000 | [2] | 599,300,000 | [2] | 797,000,000 | [2] | 796,800,000 | [2] | 398,400,000 | [2] | 398,300,000 | [2] | 1,600,000,000 | |||||||||||||||||||||||||||
Other financing | 2,300,000 | 8,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total borrowings outstanding | 4,726,800,000 | 3,234,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt, Short Term and Current Portion of Long Term | 359,000,000 | 143,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, less current portion | 4,367,800,000 | 3,090,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred financing fee | 42,400,000 | 27,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000,000 | 2,650,000,000 | 1,700,000,000 | 1,750,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Expiration Period | 364 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 500,000,000 | 700,000,000 | 400,000,000 | 500,000,000 | 600,000,000 | 800,000,000 | 400,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | 18-Dec-15 | 5-Dec-19 | 18-Dec-15 | 18-Dec-15 | 18-Dec-18 | 18-Dec-18 | 15-Dec-21 | 15-Dec-24 | 15-Dec-44 | 8-Nov-16 | 8-Nov-16 | 8-Nov-18 | 8-Nov-18 | 15-Nov-23 | 15-Nov-23 | 15-Nov-43 | 15-Nov-43 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Unamortized Discount | $300,000 | $2,900,000 | $1,200,000 | $300,000 | $700,000 | $3,000,000 | $1,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Public bonds issued on December 2, 2014, discussed below collectively as the "2014 Bonds." | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Private placement unsecured senior notes with registration rights as of June 28, 2014 and public bonds as of October 1, 2014, discussed below collectively as the "2013 Bonds." |
Indebtedness_Extinguishment_of
Indebtedness (Extinguishment of debt) (details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Jun. 28, 2014 | Dec. 05, 2014 | Dec. 18, 2013 | Nov. 30, 2013 | Dec. 27, 2013 | Dec. 23, 2013 | Nov. 06, 2014 | Dec. 02, 2014 |
Extinguishment of Debt [Line Items] | ||||||||||||
Make-whole payments | $0 | $133.50 | $133.50 | |||||||||
Loss on extinguishment of debt | 0 | 0 | 9.6 | 165.8 | 165.8 | |||||||
Write off of Deferred Debt Issuance Cost | 10.5 | |||||||||||
Write off of Unamortized Discount | 2.8 | |||||||||||
2013 Term Loans [Member] | ||||||||||||
Extinguishment of Debt [Line Items] | ||||||||||||
Principal amount of debt extinguished | 895 | |||||||||||
2011 Term Loan due October 26, 2016 [Member] | ||||||||||||
Extinguishment of Debt [Line Items] | ||||||||||||
Principal amount of debt extinguished | 360 | |||||||||||
2.95% Unsecured Senior Notes due May 15, 2023 [Member] | Tender Offer [Member] | ||||||||||||
Extinguishment of Debt [Line Items] | ||||||||||||
Repayments of Debt | 578.3 | |||||||||||
2.95% Unsecured Senior Notes due May 15, 2023 [Member] | Redemption [Member] | ||||||||||||
Extinguishment of Debt [Line Items] | ||||||||||||
Repayments of Debt | 28.5 | |||||||||||
Senior Notes [Member] | ||||||||||||
Extinguishment of Debt [Line Items] | ||||||||||||
Repayments of Debt | 1,100 | |||||||||||
Debt Bridge Credit Agreement [Member] | ||||||||||||
Extinguishment of Debt [Line Items] | ||||||||||||
Debt Instrument, Issuance Date | 6-Nov-14 | |||||||||||
Bridge Credit Agreements [Member] | ||||||||||||
Extinguishment of Debt [Line Items] | ||||||||||||
Write off of Deferred Debt Issuance Cost | $19 | |||||||||||
Term Loans [Member] | ||||||||||||
Extinguishment of Debt [Line Items] | ||||||||||||
Debt Instrument, Issuance Date | 5-Dec-14 | |||||||||||
2014 Bonds [Member] | ||||||||||||
Extinguishment of Debt [Line Items] | ||||||||||||
Debt Instrument, Issuance Date | 2-Dec-14 |
Indebtedness_Indebtetedness_Ac
Indebtedness Indebtetedness (Accounts receivable securitization) (details) (USD $) | Mar. 28, 2015 | Jun. 28, 2014 |
Proceeds from (Repayments of) Accounts Receivable Securitization [Abstract] | ||
Borrowings Outstanding Under Securitization Program | $0 | $0 |
Maximum Borrowings Under Securitization Program | $200,000,000 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | |
Numerator: | ||||
Net income (loss) | ($94,900,000) | $48,100,000 | $71,500,000 | $73,400,000 |
Denominator: | ||||
Basic | 140,800,000 | 133,700,000 | 137,000,000 | 108,900,000 |
Dilutive effect of share-based awards | 0 | 600,000 | 500,000 | 500,000 |
Weighted average shares outstanding for diluted EPS | 140,800,000 | 134,300,000 | 137,500,000 | 109,400,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 700,000 | 0 | 100,000 | 100,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 35,000 | 40,000 | 261,000 | 374,000 |
Shares, Issued | 6,809,210 | 6,809,210 | ||
Shares Issued, Price Per Share | $152 | $152 | ||
Stock Issued During Period, Value, New Issues | 1,000,000,000 | |||
Payments of Stock Issuance Costs | $35,700,000 | $0 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Balance at June 28, 2014 | $139.60 | |||
OCI before reclassifications (net of tax) | -161.8 | |||
Amounts reclassified from AOCI (net of tax) | 3.2 | |||
Other Comprehensive Income (Loss), Net of Tax | -26.3 | 15.7 | -158.6 | 53.3 |
Balance as of September 27, 2014 | -19 | -19 | ||
Accumulated Translation Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Balance at June 28, 2014 | 164.4 | |||
OCI before reclassifications (net of tax) | -152.1 | |||
Amounts reclassified from AOCI (net of tax) | 0 | |||
Other Comprehensive Income (Loss), Net of Tax | -152.1 | |||
Balance as of September 27, 2014 | 12.3 | 12.3 | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Balance at June 28, 2014 | -16.1 | |||
OCI before reclassifications (net of tax) | -8.2 | |||
Amounts reclassified from AOCI (net of tax) | 3.2 | |||
Other Comprehensive Income (Loss), Net of Tax | -5 | |||
Balance as of September 27, 2014 | -21.1 | -21.1 | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Balance at June 28, 2014 | 2.4 | |||
OCI before reclassifications (net of tax) | 0.7 | |||
Amounts reclassified from AOCI (net of tax) | 0 | |||
Other Comprehensive Income (Loss), Net of Tax | 0.7 | |||
Balance as of September 27, 2014 | 3.1 | 3.1 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Balance at June 28, 2014 | -11.1 | |||
OCI before reclassifications (net of tax) | -2.2 | |||
Amounts reclassified from AOCI (net of tax) | 0 | |||
Other Comprehensive Income (Loss), Net of Tax | -2.2 | |||
Balance as of September 27, 2014 | ($13.30) | ($13.30) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 25, 2011 |
Income Taxes [Line Items] | ||||||||
Effective tax rate on income from continuing operations | 7.60% | 23.30% | 21.10% | 31.30% | ||||
Unrecognized Tax Benefits, Including Income Tax Penalties And Interest Accrued | $313.10 | $313.10 | 205.4 | |||||
Unrecognized tax benefits liability, interest and penalties accrued | 47.1 | 47.1 | 45.3 | |||||
Income Tax Examination, Penalties and Interest Expense | 8 | |||||||
Israeli Holding Company Subsidiary [Member] | ||||||||
Income Taxes [Line Items] | ||||||||
Foreign Statutory Corporate Tax Rate, Prior To Change, Prior Year | 7.00% | 7.00% | 10.00% | 10.00% | ||||
Foreign Statutory Corporate Tax Rate, Thereafter | 6.00% | |||||||
Foreign Statutory Corporate Tax Rate, Year One | 9.00% | |||||||
All Other Israel Entities [Member] | ||||||||
Income Taxes [Line Items] | ||||||||
Foreign Statutory Corporate Tax Rate, Current Year | 25.00% | |||||||
Foreign Statutory Corporate Tax Rate, Year One | 26.50% | |||||||
All Other Entities [Member] | ||||||||
Income Taxes [Line Items] | ||||||||
Income Tax Examination, Estimate of Possible Loss | 69.2 | |||||||
ISRAEL | ||||||||
Income Taxes [Line Items] | ||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | -1.8 | |||||||
UNITED KINGDOM | ||||||||
Income Taxes [Line Items] | ||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 4.7 | |||||||
Foreign Statutory Corporate Tax Rate, Current Year | 21.00% | |||||||
Foreign Statutory Corporate Tax Rate, Year One | 20.00% | |||||||
MEXICO | ||||||||
Income Taxes [Line Items] | ||||||||
Foreign Statutory Corporate Tax Rate, Current Year | 30.00% |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Mar. 28, 2015 |
Loss Contingencies [Line Items] | |
Loss Contingency Accrual | $9 |
Other Receivables | 7 |
Loss Contingency, Damages Sought, Value | 72.5 |
Texas Medicaid [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency Accrual | $15 |
Restructuring_Details
Restructuring (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | $3.20 | $14.30 | $16.40 | $2.90 |
Additional charges | 1.1 | 19.5 | 5.3 | 36.5 |
Payments | -0.7 | -17 | -16.7 | -22.6 |
Non-cash adjustments | 0 | -4.1 | -1.4 | -4.1 |
Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Ending balance | $3.60 | $12.70 | $3.60 | $12.70 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Jun. 28, 2014 | ||
segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Number of Reportable Segments | 5 | ||||||
Net sales | $1,049.10 | $1,004.20 | [1] | $3,072.30 | $2,916.60 | [1] | |
Operating Income (Loss) | 199.2 | 103.3 | [1] | 520.7 | 369.5 | [1] | |
Intangible assets amortization expense | 107.8 | 107.4 | [1] | 321.9 | 181.1 | [1] | |
Total Assets | 16,182.80 | 13,742.80 | [1] | 16,182.80 | 13,742.80 | [1] | 13,880.20 |
Consumer Healthcare [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 537.3 | 537.3 | [1] | 1,560.20 | 1,612.10 | [1] | |
Operating Income (Loss) | 91.8 | 84.4 | [1] | 232 | 263.8 | [1] | |
Intangible assets amortization expense | 8.6 | 5.3 | [1] | 26 | 15.9 | [1] | |
Total Assets | 6,143.30 | 2,555.20 | [1] | 6,143.30 | 2,555.20 | [1] | |
Nutritionals [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 129.9 | 137.8 | [1] | 385.7 | 406.6 | [1] | |
Operating Income (Loss) | 11.2 | 7.3 | [1] | 26.9 | 28.3 | [1] | |
Intangible assets amortization expense | 7.2 | 7.3 | [1] | 21.6 | 22.1 | [1] | |
Total Assets | 1,037.80 | 1,011.50 | [1] | 1,037.80 | 1,011.50 | [1] | |
Rx Pharmaceuticals [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 251.6 | 223.4 | [1] | 722.8 | 673.6 | [1] | |
Operating Income (Loss) | 100 | 77 | [1] | 274.4 | 260.5 | [1] | |
Intangible assets amortization expense | 18.3 | 17.5 | [1] | 53.3 | 55.2 | [1] | |
Total Assets | 2,605.90 | 1,985.40 | [1] | 2,605.90 | 1,985.40 | [1] | |
API [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 30.7 | 32 | [1] | 85.5 | 105.2 | [1] | |
Operating Income (Loss) | 10.5 | 6.8 | [1] | 24.9 | 37.4 | [1] | |
Intangible assets amortization expense | 0.5 | 0.5 | [1] | 1.5 | 1.6 | [1] | |
Total Assets | 252.2 | 286.8 | [1] | 252.2 | 286.8 | [1] | |
Specialty Sciences [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 81.9 | 53.4 | [1] | 260.4 | 60.8 | [1],[2] | |
Operating Income (Loss) | 5.5 | -54.5 | [1] | 29.8 | -73.5 | [1],[2] | |
Intangible assets amortization expense | 72.8 | 76.4 | [1] | 218.4 | 85 | [1],[2] | |
Total Assets | 6,055.80 | 7,799.50 | [1] | 6,055.80 | 7,799.50 | [1] | |
Other Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 17.7 | 20.2 | [1] | 57.7 | 58.3 | [1] | |
Operating Income (Loss) | 1.3 | 0.8 | [1] | 3.4 | 2.6 | [1] | |
Intangible assets amortization expense | 0.4 | 0.4 | [1] | 1.1 | 1.3 | [1] | |
Total Assets | 87.8 | 104.4 | [1] | 87.8 | 104.4 | [1] | |
Segment Reconciling Items [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 0 | 0 | [1] | 0 | 0 | [1] | |
Operating Income (Loss) | -21.1 | -18.5 | [1] | -70.7 | -149.7 | [1] | |
Intangible assets amortization expense | 0 | 0 | [1] | 0 | 0 | [1] | |
Total Assets | $0 | $0 | [1] | $0 | $0 | [1] | |
[1] | Amounts may not foot due to rounding. | ||||||
[2] | Specialty Sciences represents activity for the period beginning on December 18, 2013 and ending March 29, 2014. |
Collaborative_Arrangements_Det
Collaborative Arrangements (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Collaborative Agreement Transaction | $35.40 | $44.70 | $125.20 | $114.50 |
Biotech [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Collaborative Agreement Transaction | 10 | |||
Potential Contingent Milestone Payments | 50 | |||
Phase Three [Member] | Biotech [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Collaborative Agreement Transaction | 5 | |||
Final Phase [Member] | Biotech [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Collaborative Agreement Transaction | $10 |
Subsequent_Events_Details
Subsequent Events (Details) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 28, 2015 | Apr. 08, 2015 | Mar. 30, 2015 | Mar. 30, 2015 | Dec. 31, 2014 | Apr. 08, 2015 | Mar. 30, 2015 | Mar. 30, 2015 | Mar. 30, 2015 | Mar. 30, 2015 | Mar. 30, 2015 | Mar. 30, 2015 | Mar. 30, 2015 | Mar. 30, 2015 | Mar. 30, 2015 | Mar. 30, 2015 | Mar. 30, 2015 | Mar. 30, 2015 | Mar. 30, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 30, 2015 | Mar. 30, 2015 | Apr. 24, 2015 | Apr. 06, 2015 | Apr. 21, 2015 | Apr. 21, 2015 | Apr. 21, 2015 | Mar. 30, 2015 | ||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Omega [Member] | Noncompete Agreements [Member] | Non-solicit agreement [Member] | Perrigo Co plc [Member] | Perrigo Co plc [Member] | Mylan [Member] | Mylan [Member] | Mylan [Member] | Maximum [Member] | ||||||||||
USD ($) | USD ($) | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Euro Member Countries, Euro | Euro Member Countries, Euro | Euro Member Countries, Euro | 5.0% Retail Bond [Member] | 5.0% Retail Bond [Member] | 5.125% Retail Bond [Member] | 5.125% Retail Bond [Member] | 4.5% Retail Bond [Member] | 4.5% Retail Bond [Member] | 5.1045% Senior Note [Member] | 5.1045% Senior Note [Member] | 6.19% Senior Note [Member] | 6.19% Senior Note [Member] | over draft [Member] | Credit facility indebtedness [Member] | Interest expense, net [Member] | Interest expense, net [Member] | Other expense (income), net [member] | Other expense (income), net [member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | Discharge of Debt [Member] | Discharge of Debt [Member] | Omega [Member] | Omega [Member] | Mylan [Member] | Mylan [Member] | Teva [Member] | Teva [Member] | Teva [Member] | Omega [Member] | ||||||||||||||
EUR (€) | USD ($) | USD ($) | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Cash [Member] | Common Stock [Member] | Subsequent Event [Member] | |||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Subsequent Event [Member] | Subsequent Event [Member] | USD ($) | |||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Business acquisition - proposed price per share | $60 | $205 | $82 | ||||||||||||||||||||||||||||||||||||||||||||||
Consideration percentage in proposed business acquisition | 50.00% | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Share Exchange Ratio | 2.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Escrow Deposit Disbursements Related to Property Acquisition | $268,700,000 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | 2 years | |||||||||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | 4,400,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Cash Exchange | 2,100,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, interest paid | 67,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, total debt | 1,400,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Acquisition Related Costs | 278,900,000 | 370,800,000 | 18,700,000 | 23,700,000 | 258,200,000 | 323,900,000 | 2,000,000 | 13,600,000 | 0 | 9,600,000 | |||||||||||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | 539,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 95.77% | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Company shares issued to acquired company shareholders | 5,397,711 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 146,300,000 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||
Acquired company shares outstanding on acquisition date | 685,348,257 | ||||||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock, Shares, Acquired | 30,243,983 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.13% | 4.50% | 5.10% | 6.19% | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | 1-Jan-19 | 1-Jan-17 | 1-Jan-17 | 1-Jan-23 | 1-Jan-16 | ||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 130,000,000 | [1] | 325,000,000 | [1] | 195,000,000 | [1] | 20,000,000 | 54,200,000 | [1] | 541,700,000 | [1] | ||||||||||||||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | 30-Mar-15 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | 1,049,100,000 | 1,004,200,000 | [2] | 3,072,300,000 | 2,916,600,000 | [2] | |||||||||||||||||||||||||||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $735,600,000 | $400,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Exchange Rate, Remeasurement | 0.909 | 0.927 | 0.923 | ||||||||||||||||||||||||||||||||||||||||||||||
[1] | Amounts are denominated in euros and are shown translated at an exchange rate of €1 =1.0834 as of March 30, 2015. | ||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Amounts may not foot due to rounding. |