Document and Entity Information
Document and Entity Information - USD ($) | 6 Months Ended | |
Dec. 31, 2015 | Feb. 19, 2016 | |
Entity Information [Line Items] | ||
Entity Registrant Name | PERRIGO CO PLC | |
Entity Central Index Key | 1,585,364 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-KT | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 143,198,631 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 20,712,935,064 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 31, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | [1] | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | ||||||||||||||
Net sales | $ 1,424.8 | $ 1,344.7 | $ 1,531.6 | $ 1,049.1 | $ 1,071.7 | $ 951.5 | $ 1,144.2 | $ 1,004.2 | $ 979 | $ 933.4 | $ 2,769.5 | $ 2,023.1 | $ 4,603.9 | $ 4,060.8 | $ 3,539.8 | |||||||||||||||
Cost of sales | 1,661.4 | 1,317.6 | 2,891.4 | 2,613.1 | 2,259.8 | |||||||||||||||||||||||||
Gross profit | 559.3 | 548.8 | 628.1 | 378.8 | 383.8 | 321.8 | 415.7 | 315 | 360.7 | 356.3 | 1,108.1 | 705.5 | 1,712.5 | 1,447.7 | 1,280 | |||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||
Distribution | 47.9 | 29.2 | 67.7 | 55.3 | 47.5 | |||||||||||||||||||||||||
Research and development | 88.2 | 89.8 | 187.8 | 152.5 | 115.2 | |||||||||||||||||||||||||
Selling | 325.9 | 95.3 | 319 | 208.6 | 186.1 | |||||||||||||||||||||||||
Administration | 309.1 | 165.5 | 385.2 | 411.3 | 240.2 | |||||||||||||||||||||||||
Impairment charges | 215.6 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Write-off of in-process research and development | 0 | 0 | 6 | 9 | ||||||||||||||||||||||||||
Restructuring | 24.7 | 10.5 | 19.5 | 14.9 | 26.9 | 4.2 | 5.1 | 47 | 2.9 | |||||||||||||||||||||
Total operating expenses | 1,013.6 | 384 | 964.8 | 880.7 | 600.9 | |||||||||||||||||||||||||
Operating income | 94.5 | [1] | 321.5 | $ 567 | 747.7 | [1] | 567 | 679.1 | [1] | |||||||||||||||||||||
Interest expense, Net | 89.9 | 56.7 | 146 | 103.5 | 65.8 | |||||||||||||||||||||||||
Other expenses, net | 26.9 | 61.9 | 343.2 | 25.1 | 5.6 | |||||||||||||||||||||||||
Loss on extinguishment of debt | (9.6) | (165.8) | 0.9 | 9.6 | 10.5 | 165.8 | 0 | |||||||||||||||||||||||
Income (loss) before income taxes | (23.2) | 193.3 | 248 | 272.6 | 607.7 | |||||||||||||||||||||||||
Income tax expense (benefit) | (28.8) | 26.8 | 120 | 67.3 | 165.8 | |||||||||||||||||||||||||
Net income (loss) | $ (107) | [2] | $ 112.6 | [3] | $ 56.4 | [4] | $ (94.9) | [5] | $ 70.2 | [6] | $ 96.3 | $ 131.7 | [7] | $ 48.1 | [8] | $ (86) | [9] | $ 111.4 | [10] | $ 5.6 | $ 166.5 | $ 128 | $ 205.3 | $ 441.9 | ||||||
Basic | ||||||||||||||||||||||||||||||
Earnings (loss) per share, basic | $ (0.74) | [2],[11] | $ 0.77 | [3],[11] | $ 0.39 | [4],[11] | $ (0.67) | [5],[11] | $ 0.52 | [6],[11] | $ 0.72 | [11] | $ 0.98 | [7],[11] | $ 0.36 | [8],[11] | $ (0.87) | [9],[11] | $ 1.18 | [10],[11] | $ 0.04 | $ 1.23 | $ 0.92 | $ 1.78 | $ 4.71 | |||||
Diluted | ||||||||||||||||||||||||||||||
Earnings (loss) per share, diluted | $ (0.74) | [2],[11] | $ 0.77 | [3],[11] | $ 0.38 | [4],[11] | $ (0.67) | [5],[11] | $ 0.51 | [6],[11] | $ 0.72 | [11] | $ 0.98 | [7],[11] | $ 0.36 | [8],[11] | $ (0.87) | [9],[11] | $ 1.18 | [10],[11] | $ 0.04 | $ 1.23 | $ 0.92 | $ 1.77 | $ 4.68 | |||||
Weighted average shares outstanding | ||||||||||||||||||||||||||||||
Basic | 144.9 | 146.3 | 146.3 | 140.8 | 136.3 | 133.9 | 133.8 | 133.7 | 98.7 | 94.2 | 145.6 | 135.1 | 139.3 | 115.1 | 93.9 | |||||||||||||||
Diluted | 144.9 | 146.9 | 146.8 | 140.8 | 136.8 | 134.4 | 134.3 | 134.3 | 98.7 | 94.7 | 146.1 | 135.6 | 139.8 | 115.6 | 94.5 | |||||||||||||||
Dividends declared per share | $ 0.25 | $ 0.21 | $ 0.46 | $ 0.39 | $ 0.35 | |||||||||||||||||||||||||
[1] | Amounts may not cross-foot due to rounding. | |||||||||||||||||||||||||||||
[2] | Includes an intangible asset impairment charge of $185.1 million, Mylan defense-related fees of $71.3 million, an impairment charge on our India API held for sale assets of $29.0 million, restructuring charges of $24.7 million, and an investment impairment charge of $10.7 million. | |||||||||||||||||||||||||||||
[3] | Includes Mylan defense-related fees of $15.6 million. | |||||||||||||||||||||||||||||
[4] | Includes acquisition costs of $18.5 million, an initial payment made in connection with an R&D agreement of $18.0 million, an inventory step up related to the Omega acquisition totaling $15.6 million, and $13.4 million of Mylan defense-related fees.Twelve Months Ended June 28, 2014FirstQuarter(2) SecondQuarter(3) ThirdQuarter(4) FourthQuarter(5)Net sales$933.4 $979.0 $1,004.2 $1,144.2Gross profit$356.3 $360.7 $315.0 $415.7Net income (loss)$111.4 $(86.0) $48.1 $131.7Earnings (loss) per share(1): Basic$1.18 $(0.87) $0.36 $0.98Diluted$1.18 $(0.87) $0.36 $0.98Weighted average shares outstanding Basic94.2 98.7 133.7 133.8Diluted94.7 98.7 134.3 134.3 | |||||||||||||||||||||||||||||
[5] | Includes losses on derivatives associated with the Omega acquisition of $258.2 million and Omega financing fees of $18.6 million. | |||||||||||||||||||||||||||||
[6] | Includes losses on derivatives associated with the Omega acquisition of $64.7 million, Omega transaction expenses of $17.8 million, an R&D payment made in connection with a collaborative agreement of $10.0 million, a $9.6 million loss on extinguishment of debt, partially offset by income from transfer of rights agreement of $12.5 million | |||||||||||||||||||||||||||||
[7] | Includes a loss contingency of $15.0 million related to Texas Medicaid and restructuring charges totaling $10.5 million | |||||||||||||||||||||||||||||
[8] | Includes restructuring charges totaling $19.5 million | |||||||||||||||||||||||||||||
[9] | Includes loss on extinguishment of debt of $165.8 million, Elan transaction costs of $103.2 million, and restructuring charges totaling $14.9 million | |||||||||||||||||||||||||||||
[10] | Includes Elan transactions costs of $12.0 million | |||||||||||||||||||||||||||||
[11] | The sum of individual per share amounts may not equal due to rounding. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | ||
Net income (loss) | $ 5.6 | $ 128 | $ 205.3 | $ 441.9 | |
Other comprehensive income (loss) | |||||
Foreign currency translation adjustments | (135.3) | (33.5) | 83.8 | 26.9 | |
Change in fair value of derivative financial instruments, net of tax | [1] | 2.1 | (0.2) | (11.6) | 6 |
Change in fair value of investment securities, net of tax | [2] | 9.3 | (5.4) | 2.4 | 4.4 |
Change in post-retirement and pension liability, net of tax | [3] | 6 | 1.9 | (12) | 0.3 |
Other Comprehensive Income (loss), net of tax | (117.9) | (37.2) | 62.6 | 37.6 | |
Comprehensive Income | (112.3) | 90.8 | 267.9 | 479.6 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax, Portion Attributable to Parent | 0.4 | 5.7 | (1.2) | 3.2 | |
Other Comprehensive Income (Loss), Available for Sale Securities, Tax | 3.6 | 2.7 | 1.2 | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $ 2.9 | $ 0.6 | $ 0 | $ 0.2 | |
[1] | Includes tax effect of $0.4 million for the six months ended December 31, 2015, and $5.7 million, $(1.2) million, and $3.2 million for the fiscal years ended June 27, 2015, June 28, 2014, and June 29, 2013, respectively. | ||||
[2] | Includes tax effect of $3.6 million for the six months ended December 31, 2015, and $2.7 million, $1.2 million, and $0.0 million for the fiscal years ended June 27, 2015, June 28, 2014, and June 29, 2013, respectively. | ||||
[3] | Includes tax effect of $2.9 million for the six months ended December 31, 2015, and $0.6 million, $0.0 million, and $0.2 million for the fiscal years ended June 27, 2015, June 28, 2014, and June 29, 2013, respectively. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions | Dec. 31, 2015 | Jun. 27, 2015 | Jun. 28, 2014 | |
Assets | ||||
Cash and cash equivalents | $ 417.8 | $ 785.6 | $ 799.5 | |
Accounts receivable, net | 1,193.1 | 1,282.1 | 935.1 | |
Inventories | 844.4 | 838.9 | 631.6 | |
Current deferred income taxes | 0 | 122.3 | 62.8 | |
Prepaid expenses and other current assets | 289.1 | 154 | 121.9 | |
Total current assets | 2,744.4 | 3,182.9 | 2,550.9 | |
Property and equipment, net | [1] | 886.2 | 932.4 | 779.9 |
Goodwill and other indefinite-lived intangible assets | 7,281.2 | 7,235 | 3,543.8 | |
Other intangible assets, net | 8,190.5 | 8,105.6 | 6,787 | |
Non-current deferred income taxes | 54.6 | 39.6 | 23.6 | |
Other non-current assets | 237 | 225.1 | 167.6 | |
Total non-current assets | 16,649.5 | 16,537.7 | 11,301.9 | |
Total assets | [1] | 19,393.9 | 19,720.6 | 13,852.8 |
Liabilities | ||||
Accounts payable | 554.9 | 747.5 | 364.3 | |
Payroll and related taxes | 125.3 | 133.9 | 112.3 | |
Accrued customer programs | 398 | 368.1 | 256.5 | |
Accrued liabilities | 308.4 | 246.4 | 179.4 | |
Accrued income taxes | 85.2 | 52.6 | 17.4 | |
Current deferred income taxes | 0 | 80.6 | 1.1 | |
Current indebtness | 1,018.3 | 64.6 | 143.7 | |
Total current liabilities | 2,490.1 | 1,693.7 | 1,074.7 | |
Long-term debt, less current portion | 4,971.6 | 5,246.9 | 3,063.1 | |
Non-current deferred income taxes | 1,563.7 | 1,745.1 | 727.9 | |
Other non-current liabilities | 332.4 | 372.1 | 293.4 | |
Total non-current liabilities | 6,867.7 | 7,364.1 | 4,084.4 | |
Total liabilities | 9,357.8 | 9,057.8 | 5,159.1 | |
Shareholders' Equity | ||||
Preferred stock, without par value, 10 million shares authorized | 0 | 0 | 0 | |
Ordinary shares, 0.001 euro par value, 10 billion shares authorized | 8,144.6 | 8,621.9 | 6,678.2 | |
Accumulated other comprehensive income | (15.5) | 102.4 | 139.6 | |
Retained earnings | 1,907.6 | 1,938.3 | 1,875.1 | |
Total controlling interest | 10,036.7 | 10,662.6 | 8,692.9 | |
Noncontrolling interest | (0.6) | 0.2 | 0.8 | |
Total shareholders' equity | 10,036.1 | 10,662.8 | 8,693.7 | |
Total liabilities and shareholders' equity | $ 19,393.9 | $ 19,720.6 | $ 13,852.8 | |
Supplemental Disclosures of Balance Sheet Information | ||||
Preferred shares, issued and outstanding | 0 | 0 | 0 | |
Ordinary shares, issued and outstanding | 143.1 | 146.3 | 133.8 | |
[1] | Amounts may not cross-foot due to rounding. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) shares in Millions, $ in Millions | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2015€ / shares | Jun. 27, 2015USD ($)$ / sharesshares | Jun. 27, 2015€ / shares | Jun. 28, 2014USD ($)$ / sharesshares | Jun. 28, 2014€ / shares |
Allowance for Doubtful Accounts Receivable | $ | $ 3 | $ 2.4 | $ 2.7 | |||
Commitments and Contingencies | $ | $ 0 | $ 0 | $ 0 | |||
Shareholders' Equity | ||||||
Preferred shares, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Preferred shares, shares authorized | shares | 10 | 10 | 0 | |||
Ordinary shares, par value | € / shares | € 0.001 | € 0.001 | € 0.001 | |||
Ordinary shares, shares authorized | shares | 10,000 | 10,000 | 10,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | |
Cash Flows From (For) Operating Activities | ||||
Net income (loss) | $ 5.6 | $ 128 | $ 205.3 | $ 441.9 |
Adjustments to derive cash flows | ||||
Depreciation and amortization | 328 | 548.8 | 358.9 | 160.2 |
Loss on acquisition-related foreign currency derivatives | 0 | 326.4 | 0 | 0 |
Share-based compensation | 24.8 | 31.6 | 24.6 | 18.4 |
Impairment charges | 215.6 | 0 | 0 | 0 |
Loss on extinguishment of debt | 0.9 | 10.5 | 165.8 | 0 |
Non-cash restructuring charges | 26.9 | 5.1 | 47 | 2.9 |
Deferred income taxes | (141.8) | (16.4) | (53.8) | 5.7 |
Other non-cash adjustments | 17.5 | 17 | 10.5 | (3.4) |
Subtotal | 477.5 | 1,051 | 758.3 | 625.6 |
Increase (decrease) in cash due to: | ||||
Accounts receivable | 86.1 | (81.7) | (226.7) | (37) |
Inventories | (70) | 10.7 | 83 | (94.6) |
Accounts payable | (199.5) | 140.6 | (24.9) | 6.5 |
Payroll and related taxes | (38.2) | (30.2) | (55.5) | (11.9) |
Accrued customer programs | 27 | 69.9 | 113.1 | 12.6 |
Accrued liabilities | 75.6 | 37.3 | 23 | 8.4 |
Accrued income taxes | (30.5) | 17.5 | (10.7) | 28.9 |
Other | (4.8) | (16.8) | 33.9 | 15.3 |
Subtotal | (154.3) | 147.3 | (64.8) | (71.8) |
Net cash from (for) operating activities | 323.2 | 1,198.3 | 693.5 | 553.8 |
Cash Flows From (For) Investing Activities | ||||
Acquisitions of businesses, net of cash acquired | (791.6) | (2,181.8) | (1,605.8) | (852.3) |
Settlement of acquisition-related foreign currency derivatives | 0 | (329.9) | 0 | 0 |
Proceeds from sale of securities | 0 | 0 | 81.4 | 8.6 |
Additions to property and equipment | (77.8) | (137) | (171.6) | (104.1) |
Other investing | (5) | 1.8 | (8.8) | 0 |
Net cash from (for) investing activities | (874.4) | (2,646.9) | (1,704.8) | (947.8) |
Cash Flows From (For) Financing Activities | ||||
Borrowings (repayments) of revolving credit agreements and other financing, net | 762 | (52.5) | (3) | 5 |
Issuances of long-term debt | 0 | 2,504.3 | 3,293.6 | 637.3 |
Payments on long-term debt | (28.3) | (1,823.5) | (2,035) | (40) |
Premium on early debt retirement | 0 | 0 | (133.5) | 0 |
Deferred financing fees | (0.3) | (28.1) | (48.8) | (6) |
Issuance of ordinary shares | 4.9 | 1,043.4 | 9.8 | 10.7 |
Equity issuance costs | 0 | (35.7) | 0 | 0 |
Repurchase of ordinary shares | (500) | 0 | 0 | 0 |
Cash dividends | (36.3) | (64.8) | (46.1) | (33) |
Other financing | (8.4) | (19.2) | (9) | 3.3 |
Net cash from (for) financing activities | 193.6 | 1,523.9 | 1,028 | 577.2 |
Effect of exchange rate changes on cash | (10.2) | (89.2) | 2.9 | (5.8) |
Net increase (decrease) in cash and cash equivalents | (367.8) | (13.9) | 19.6 | 177.4 |
Cash and cash equivalents, beginning of period | 785.6 | 799.5 | 779.9 | 602.5 |
Cash paid/received during the year for: | ||||
Interest paid | 84.2 | 143.2 | 98.4 | 58.5 |
Interest received | 0.7 | 1.1 | 2.4 | 3.9 |
Income taxes paid | 87.8 | 131 | 93.2 | 133.2 |
Income taxes refunded | $ 1.7 | $ 9.6 | $ 4.3 | $ 1.3 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock [Member] | Accumulated Other Comprehensive Income (loss) [Member] | Retained Earnings [Member] |
Balance, shares at Jun. 30, 2012 | 93,500 | |||
Balance at Jun. 30, 2012 | $ 1,851 | $ 504.7 | $ 39.4 | $ 1,306.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 441.9 | 0 | 0 | 441.9 |
Other comprehensive income (loss) | 37.6 | $ 0 | 37.6 | 0 |
Issuance of Common Stock Under | ||||
Stock options, shares | 400 | |||
Stock options, value | 10.7 | $ 10.7 | 0 | 0 |
Restricted stock plan, shares | 400 | |||
Restricted stock plan (value) | 0 | $ 0 | 0 | 0 |
Compensation for stock options | 6.1 | 6.1 | 0 | 0 |
Compensation for resticted stock | 12.3 | 12.3 | 0 | 0 |
Cash dividends | (33) | 0 | 0 | (33) |
Tax effect from stock transactions | 17.1 | $ 17.1 | 0 | 0 |
Repurchases of common stock, shares | (100) | |||
Repurchases of common stock, value | (12.4) | $ (12.4) | 0 | 0 |
Balance, shares at Jun. 29, 2013 | 94,100 | |||
Balance at Jun. 29, 2013 | 2,331.4 | $ 538.5 | 77 | 1,715.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 205.3 | 0 | 0 | 205.3 |
Other comprehensive income (loss) | 62.6 | $ 0 | 62.6 | 0 |
Issuance of Common Stock Under | ||||
Stock Issued During Period, Shares, Acquisitions | 39,400 | |||
Stock Issued During Period, Value, Acquisitions | 6,117.2 | $ 6,117.2 | 0 | 0 |
Stock options, shares | 200 | |||
Stock options, value | 9.8 | $ 9.8 | 0 | 0 |
Restricted stock plan, shares | 200 | |||
Restricted stock plan (value) | 0 | 0 | 0 | |
Compensation for stock options | 6.5 | $ 6.5 | 0 | 0 |
Compensation for resticted stock | 18.1 | 18.1 | 0 | 0 |
Cash dividends | (46.1) | 0 | 0 | (46.1) |
Tax effect from stock transactions | 8.2 | $ 8.2 | 0 | 0 |
Repurchases of common stock, shares | (100) | |||
Repurchases of common stock, value | (7.5) | $ (7.5) | 0 | 0 |
Equity issuance costs | (5.4) | (5.4) | 0 | 0 |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (7.2) | $ (7.2) | 0 | 0 |
Balance, shares at Jun. 28, 2014 | 133,800 | |||
Balance at Jun. 28, 2014 | 8,692.9 | $ 6,678.2 | 139.6 | 1,875.1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 128 | 0 | 0 | 128 |
Other comprehensive income (loss) | (37.2) | $ 0 | (37.2) | 0 |
Issuance of Common Stock Under | ||||
Stock Issued During Period, Shares, New Issues | 6,800 | |||
Stock Issued During Period, Value, New Issues | 1,035 | $ 1,035 | ||
Stock Issued During Period, Shares, Acquisitions | 5,400 | |||
Stock Issued During Period, Value, Acquisitions | $ 904.9 | $ 904.9 | 0 | 0 |
Stock options, shares | 170 | 200 | ||
Stock options, value | $ 8.5 | $ 8.5 | 0 | 0 |
Restricted stock plan, shares | 200 | |||
Restricted stock plan (value) | 0 | $ 0 | 0 | 0 |
Compensation for stock options | 6.9 | 6.9 | 0 | 0 |
Compensation for resticted stock | 24.7 | 24.7 | 0 | 0 |
Cash dividends | (64.8) | 0 | 0 | (64.8) |
Tax effect from stock transactions | 7 | $ 7 | 0 | 0 |
Repurchases of common stock, shares | (100) | |||
Repurchases of common stock, value | (7.6) | $ (7.6) | 0 | 0 |
Equity issuance costs | (35.7) | $ (35.7) | 0 | 0 |
Balance, shares at Jun. 27, 2015 | 146,300 | |||
Balance at Jun. 27, 2015 | 10,662.6 | $ 8,621.9 | 102.4 | 1,938.3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 5.6 | 0 | 0 | 5.6 |
Other comprehensive income (loss) | $ (117.9) | $ 0 | (117.9) | 0 |
Issuance of Common Stock Under | ||||
Stock options, shares | 72 | 100 | ||
Stock options, value | $ 4.9 | $ 4.9 | 0 | 0 |
Restricted stock plan, shares | 100 | |||
Restricted stock plan (value) | 0 | $ 0 | 0 | 0 |
Compensation for stock options | 2.5 | 2.5 | 0 | 0 |
Compensation for resticted stock | 22.3 | 22.3 | 0 | 0 |
Cash dividends | (36.3) | 0 | 0 | (36.3) |
Tax effect from stock transactions | 3.3 | $ 3.3 | 0 | 0 |
Repurchases of common stock, shares | (100) | |||
Repurchases of common stock, value | (10.3) | $ (10.3) | 0 | 0 |
Stock Repurchased During Period, Shares | 3,300 | |||
Proceeds from (Repurchase of) Equity | 500 | $ 500 | 0 | 0 |
Balance, shares at Dec. 31, 2015 | 143,100 | |||
Balance at Dec. 31, 2015 | $ 10,036.7 | $ 8,144.6 | $ (15.5) | $ 1,907.6 |
Consolidated Statements of Sha8
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 27, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | |
Dividends declared per share | $ 0.25 | $ 0.21 | $ 0.46 | $ 0.39 | $ 0.35 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of significant accounting policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. General Information The Company Perrigo Company plc was incorporated under the laws of Ireland on June 28, 2013. We became the successor registrant of Perrigo Company, a Michigan corporation, on December 18, 2013 in connection with the acquisition of Elan Corporation, plc ("Elan"), which is discussed further in Note 2 . Unless the context requires otherwise, the terms "Perrigo", the "Company", "we," "our," "us," and similar pronouns used herein refer to Perrigo Company plc, its subsidiaries, and all predecessors of Perrigo Company plc and its subsidiaries. We are a leading global over-the-counter ("OTC") consumer goods and specialty pharmaceutical company, offering patients and customers high quality products at affordable prices. From our beginning in 1887 as a packager of home remedies, we have grown to become the world's largest manufacturer of OTC healthcare products and supplier of infant formulas for the store brand market. We are also a leading provider of generic extended topical prescription products, and we receive royalties from sales of the multiple sclerosis drug Tysabri ® . We provide “Quality Affordable Healthcare Products ® ” across a wide variety of product categories and geographies, primarily in North America, Europe, and Australia, as well as in other markets, including Israel and China. Basis of Presentation Our fiscal year previously consisted of a 52- or 53-week year ending on or around June 30 of each year with each quarter ending on the Saturday closest to each calendar quarter end. Beginning on January 1, 2016, we are changing our fiscal year to begin on January 1 and end on December 31 of each year. This transition report on Form 10-KT discloses the results of our operations for the transition period from June 28, 2015 to December 31, 2015, which is referred to in this document as the six months ended December 31, 2015. Going forward, we will continue to cut off our quarterly accounting periods on the Saturday closest to the end of the calendar quarter, with the fourth quarter ending on December 31 of each year. Segment Reporting Our reportable segments are as follows: • Consumer Healthcare ( "CHC" ) is focused primarily on the global sale of OTC store brand products including cough, cold, allergy, and sinus, analgesic, gastrointestinal, smoking cessation, infant formula and food, Vitamins, Minerals and Supplements ("VMS"), animal health, and diagnostic products. • Branded Consumer Healthcare ( "BCH" ) develops, manufactures, markets and distributes many well-known European OTC brands in the natural health and VMS, cough, cold and allergy, smoking cessation, personal care and derma-therapeutics, lifestyle, and anti-parasite categories. • Prescription Pharmaceuticals ( "Rx" ) develops, manufactures and markets a portfolio of generic and specialty pharmaceutical prescription drugs primarily for the U.S. and United Kingdom ("U.K.") markets. • Specialty Sciences is comprised primarily of royalties received from assets focused on the management of multiple sclerosis (Tysabri ® ). We also have an Other reporting segment that consists of our Active Pharmaceutical Ingredients ("API") business, which does not meet the quantitative threshold required to be a separately reportable segment. Financial information related to our business segments and geographic locations can be found in Note 19 . Our segments reflect the way in which our chief operating decision maker reviews our operating results and allocates resources. Principles of Consolidation The consolidated financial statements include our accounts and accounts of all majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. Unconsolidated Variable Interest Entities We have research and development ("R&D") arrangements with certain biotechnology companies that we determined to be variable interest entities ("VIEs"). We did not consolidate the VIEs in our financial statements because we lack the power to direct the activities that most significantly impact their economic performance and thus are not considered the primary beneficiaries of these entities. These arrangements provide us with certain rights and obligations to purchase product candidates from the VIEs, dependent upon the outcome of the development activities. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions, which affect the reported earnings, financial position and various disclosures. Although the estimates are considered reasonable, actual results could differ from the estimates. Non-U.S. Operations We translate our non-U.S. dollar-denominated operations’ assets and liabilities denominated in foreign currencies into U.S. dollars at current rates of exchange as of the balance sheet date and income and expense items at the average exchange rate for the reporting period. Translation adjustments resulting from exchange rate fluctuations are recorded in the cumulative translation account, a component of Accumulated Other Comprehensive Income ("AOCI"). Gains or losses from foreign currency transactions are included in Other expense, net. b. Revenues We generally record revenues from product sales when the goods are shipped to the customer. For customers with Free on Board destination terms, a provision is recorded to exclude shipments estimated to be in-transit to these customers at the end of the reporting period. A sales allowance is recorded and accounts receivable are reduced as revenues are recognized for estimated losses on credit sales due to customer claims for discounts, price discrepancies, returned goods and other items. Revenue is also reduced for any contractual customer program arrangements and related liabilities are recorded concurrently. We maintain customer-related accruals and allowances that consist primarily of chargebacks, rebates, sales returns, shelf stock allowances, administrative fees and other incentive programs. Some of these adjustments relate specifically to the Rx segment while others relate only to the CHC and BCH segments. Certain of these accruals and allowances are recorded in the balance sheet as current liabilities and others are recorded as a reduction in accounts receivable. Changes in these estimates and assumptions related to customer programs may result in additional accruals or allowances. Customer-related accruals and allowances were $465.6 million , $434.9 million , and $318.0 million at December 31, 2015 , June 27, 2015 , and June 28, 2014 , respectively. Revenues from service and royalty arrangements, including revenues from collaborative agreements, consist primarily of royalty payments, payments for research and development services, up-front fees and milestone payments. If an arrangement requires the delivery or performance of multiple deliverables or service elements, we determine whether the individual elements represent separate units of accounting. If the separate elements represent separate units of accounting, we recognize the revenue associated with each element separately and revenue is allocated among elements based on their relative selling prices. If the elements within a multiple deliverable arrangement are not considered separate units of accounting, the delivery of an individual element is considered not to have occurred if there are undelivered elements that are considered essential to the arrangement. To the extent such arrangements contain refund clauses triggered by non-performance or other adverse circumstances, revenue is not recognized until all contractual obligations are satisfied. Non-refundable up-front fees are deferred and amortized to revenue over the related performance period. We estimate the performance period based on the specific terms of each collaborative agreement. Revenue associated with research and development services is recognized on a proportional performance basis over the period that we perform the related activities under the terms of the agreement. Revenue resulting from the achievement of contingent milestone events stipulated in the agreements is recognized when the milestone is achieved. Milestones are based upon the occurrence of a substantive element specified in the contract. Tysabri ® represented 93% of our royalty revenue for the six months ended December 31, 2015 . Shipping and handling costs billed to customers are included in net sales. Conversely, shipping and handling expenses we incur are included in cost of sales. c. Cash and Cash Equivalents Cash and cash equivalents consist primarily of demand deposits and other short-term investments with maturities of three months or less at the date of purchase. The carrying amount of cash and cash equivalents approximates its fair value. d. Accounts Receivable We maintain an allowance for doubtful accounts that reduces our receivables to amounts that are expected to be collected. In estimating the allowance, management considers factors such as current overall and industry-specific economic conditions, statutory requirements, historical and anticipated customer performance, historical experience with write-offs and the level of past-due amounts. Changes in these conditions may result in additional allowances. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. e. Inventories Inventories are stated at the lower of cost or market. Cost is determined using the first-in first-out method. Inventory related to research and development is expensed at the point when it is determined the materials have no alternative future use. We maintain reserves for estimated obsolete or unmarketable inventory based on the difference between the cost of the inventory and its estimated net realizable value. In estimating the reserves, management considers factors such as excess or slow-moving inventories, product expiration dating, products on quality hold, current and future customer demand and market conditions. Changes in these conditions may result in additional reserves. See Note 5 for additional information on our inventory. f. Investments Available for Sale Investments We determine the appropriate classification of securities as held-to-maturity, available-for-sale, or trading. The classification depends on the purpose for which the financial assets were acquired. Marketable equity securities are classified as available-for-sale. These securities are carried at fair value with unrealized gains and losses included in AOCI. The assessment for impairment of marketable securities classified as available-for-sale is based on established financial methodologies, including quoted market prices for publicly traded securities. If we determine that a loss in the value of an investment is other than temporary, the investment is written down to its estimated fair value. Any such losses are recorded in Other expense, net. See Note 7 for more information on our available for sale investments. Cost Method Investments Non-marketable equity securities are carried at cost, less any write down for impairments, and are adjusted for impairment based on methodologies, an assessment of the impact of general private equity market conditions, and discounted projected future cash flows. Non-marketable equity securities are recorded in Other non-current assets. See Note 7 for more information on our cost method investments. Equity Method Investments The equity method of accounting is used for unconsolidated entities over which we have significant influence; generally this represents ownership interests of at least 20% and not more than 50%. Under the equity method of accounting, we record the investments at carrying value and adjust for a proportionate share of the profits and losses of these entities each period. We evaluate our equity method investments for recoverability. If we determine that a loss in the value of an investment is other than temporary, the investment is written down to its estimated fair value. Any such losses are recorded in Other expense, net. Evaluations of recoverability are based primarily on projected cash flows. Due to uncertainties in the estimation process, actual results could differ from such estimates. Equity method investments are recorded in Other non-current assets. See Note 7 for more information on our equity method investments. g. Derivative Instruments We record derivative instruments on the balance sheet on a gross basis as either an asset or liability measured at fair value. See Note 8 for a table indicating where each component is recorded on the Consolidated Balance Sheets. Additionally, changes in a derivative's fair value, which are measured at the end of each period, are recognized in earnings unless specific hedge accounting criteria are met. If hedge accounting criteria are met for cash flow hedges, the changes in a derivative’s fair value are recorded in shareholders’ equity as a component of other comprehensive income ("OCI"), net of tax. These deferred gains and losses are recognized in income in the period in which the hedged item and hedging instrument affect earnings. Any ineffective portion of the change in fair value is immediately recognized in earnings. We are exposed to credit loss in the event of nonperformance by the counterparties on derivative contracts. It is our policy to manage our credit risk on these transactions by dealing only with financial institutions having a long-term credit rating of "A" or better and by distributing the contracts among several financial institutions to diversify credit concentration risk. Should a counterparty default, our maximum exposure to loss is the asset balance of the instrument. The maximum term of the forward currency exchange contracts at December 31, 2015 , June 27, 2015 , and June 28, 2014 was 15 months. h. Property, Plant and Equipment, net Property, plant and equipment, net are recorded at cost and are depreciated using the straight-line method. Useful lives for financial reporting range from 2 to 15 years for machinery and equipment and 10 to 45 years for buildings. Maintenance and repair costs are charged to earnings, while expenditures that increase asset lives are capitalized. Depreciation expense includes amortization of assets recorded under capital leases and totaled $53.8 million for the six months ended December 31, 2015 and $84.3 million , $77.9 million , and $66.2 million for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. We held the following property, plant and equipment, net (in millions): December 31, June 27, June 28, Land $ 47.5 $ 48.7 $ 36.1 Buildings 508.2 528.3 430.3 Machinery and equipment 1,103.3 1,094.0 1,001.4 Gross property and equipment 1,659.0 1,671.0 1,467.8 Less accumulated depreciation (772.8 ) (738.6 ) (687.9 ) Property and equipment, net $ 886.2 $ 932.4 $ 779.9 i. Goodwill and Intangible Assets Goodwill represents amounts paid for an acquisition in excess of the fair value of net assets received. We test goodwill for impairment annually, or more frequently if changes in circumstances or the occurrence of events suggest an impairment exists. Effective in the transition period ended December 31, 2015, we voluntarily changed our accounting policy to conduct our annual goodwill and indefinite-lived intangible asset impairment test on the first day of the fourth fiscal quarter of the calendar year ended December 31, in order to align the testing date with our new fiscal year. For the transition period of June 28, 2015 through December 31, 2015, we tested both our goodwill and indefinite-lived assets (discussed further below) for impairment as of September 27, 2015, the first day of the second quarter of the transition period. Our annual impairment test was performed as of March 29, 2015, March 30, 2014, and March 31, 2013 during our fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. The test for impairment requires us to make several estimates about fair value, most of which are based on projected future cash flows and market valuation multiples. The estimates associated with the goodwill impairment tests are considered critical due to the judgments required in determining fair value amounts, including projected discounted future cash flows. Changes in these estimates may result in the recognition of an impairment loss. We have intangible assets that we have acquired through various business acquisitions and that include trademarks, trade names and brands, in-process research and development ("IPR&D"), developed product technology/formulation and product rights, distribution and license agreements, customer relationships and distribution networks, and non-compete agreements. The assets are typically initially valued using one of the following valuation methods: • Relief from royalty method : This method assumes that if the acquired company did not own the intangible asset or intellectual property, it would be willing to pay a royalty for its use. The benefit of ownership of the intellectual property is valued as the relief from the royalty expense that would otherwise be incurred. We typically use this method for valuing readily transferable intangible assets that have licensing appeal, such as trade names and trademarks and certain technology assets. • Multi-period excess earnings method : This method starts with a forecast of the net cash flows expected to be generated by the asset over its estimated useful life. These cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams. We typically use this method for valuing intangible assets such as developed product technology, customer relationships, product formulations and IPR&D. • Lost income method : This method estimates the fair value of an asset by comparing the value of the business, inclusive of the asset, to the hypothetical value of the same business excluding the asset. Indefinite-lived intangible assets include IPR&D and certain trademarks, trade names, and brands. IPR&D assets are recognized at fair value and are classified as indefinite-lived assets until the successful completion or abandonment of the associated research and development efforts. If the associated research and development is completed, the IPR&D asset becomes a definite-lived intangible asset and is amortized over the asset's assigned useful life. If it is abandoned, an impairment loss is recorded. We test indefinite-lived trademarks, trade names, and brands for impairment annually, or more frequently if changes in circumstances or the occurrence of events suggest impairment exists, by comparing the carrying value of the assets to their estimated fair values. An impairment loss is recognized if the carrying amount of the asset is not recoverable and its carrying amount exceeds its fair value. Definite-lived intangible assets consist of a portfolio of developed product technology/formulation and product rights, distribution and license agreements, customer relationships, non-compete agreements, and certain trademarks, trade names, and brands. The assets are amortized on either a straight-line basis or proportionately to the benefits derived from those relationships or agreements. Useful lives vary by asset type and are determined based on the period over which the intangible asset is expected to contribute directly or indirectly to our future cash flows. We also review all other long-lived assets that have finite lives and that are not held for sale for impairment when indicators of impairment are evident by comparing the carrying value of the assets to their estimated future undiscounted cash flows. See Note 3 for further information on our goodwill and intangible assets. j. Assets Held for Sale We classify assets as "held for sale" when management approves and commits to a formal plan of sale with the expectation the sale will be completed within one year. The net assets of the business held for sale are then recorded at the lower of their current carrying value and the fair market value, less costs to sell. See Note 9 for further information on our assets held for sale. k. Deferred Financing Fees We record deferred financing fees as a reduction of long-term debt. l. Share-Based Awards We measure and record compensation expense for all share-based awards based on estimated grant date fair values, and net of any estimated forfeitures over the vesting period of the awards. Forfeiture rates are estimated at the grant date based on historical experience and adjusted in subsequent periods for any differences in actual forfeitures from those estimates. We estimate the fair value of stock option awards granted based on the Black-Scholes option pricing model, which requires the use of subjective and complex assumptions. These assumptions include estimating the expected term that awards granted are expected to be outstanding, the expected volatility of our stock price for a period commensurate with the expected term of the related options, and the risk-free rate with a maturity closest to the expected term of the related awards. Restricted stock and restricted stock units are valued based on our stock price on the day the awards are granted. See Note 12 for further information on our share-based awards. m. Income Taxes Due to a change in accounting guidance described further below, we changed our accounting policy as of December 31, 2015 to record deferred income tax assets and liabilities on the balance sheet as noncurrent based upon the difference between the financial reporting and the tax reporting basis of assets and liabilities using the enacted tax rates. The policy change is applied prospectively, thus historical financial statements have not been reclassified to reflect the reclassification of deferred tax assets and liabilities from current to noncurrent. To the extent that available evidence raises doubt about the realization of a deferred income tax asset, a valuation allowance is established. We have not made a provision for U.S. or additional non-U.S. taxes on undistributed post-acquisition earnings of non-U.S. subsidiaries because those earnings are considered permanently reinvested in the operations of those subsidiaries. We record reserves for uncertain tax positions to the extent it is more likely than not that the tax position will be sustained on audit, based on the technical merits of the position. Periodic changes in reserves for uncertain tax positions are reflected in the provision for income taxes. We include interest and penalties attributable to uncertain tax positions and income taxes as a component of our income tax provision. n. Legal Contingencies We are involved in product liability, patent, commercial, regulatory and other legal proceedings that arise in the normal course of business. We record a liability when a loss is considered probable and the amount can be reasonably estimated. If the reasonable estimate of a probable loss is a range and no amount within that range is a better estimate, the minimum amount in the range is accrued. If a loss is not probable or a probable loss cannot be reasonably estimated, no liability is recorded. We have established reserves for certain of our legal matters, as described in Note 16 . We also separately record any insurance recoveries that are probable of occurring. o. Research and Development All R&D costs, including payments related to products under development and research consulting agreements, are expensed as incurred. We may continue to make non-refundable payments to third parties for new technologies and for R&D work that has been completed. These payments may be expensed at the time of payment depending on the nature of the payment made. R&D spending was $88.2 million for the six months ended December 31, 2015 , and $187.8 million , $152.5 million , and $115.2 million for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. The six months ended December 31, 2015 included incremental R&D expense due to the Omega acquisition. The fiscal year ended June 27, 2015 included incremental R&D expenses related to the collaboration agreement entered into as a result of our acquisition of Omega Pharma Invest N.V. ("Omega"). The fiscal year ended June 28, 2014 included incremental R&D expenses due to the Sergeant's, Velcera, and Aspen acquisitions, as discussed in Note 2 , as well as R&D expenses related to the novel therapeutic agent for Alzheimer's disease ("ELND005") Phase 2 clinical program in collaboration with Transition Therapeutics Inc. ("Transition") that we acquired in our acquisition of Elan Corporation, plc ("Elan"). We ended our collaboration with Transition during the third quarter of the fiscal year ended June 28, 2014 and are no longer responsible for ongoing development activities and costs associated with ELND005. See Note 17 for additional information on collaboration agreements. The fiscal year ended June 29, 2013 included incremental R&D expenses attributable to the Sergeant's, Rosemont, and Velcera acquisitions as discussed in Note 2 . We actively collaborate with other pharmaceutical companies to develop, manufacture and market certain products or groups of products. We may choose to enter into these types of agreements to, among other things, leverage our or others’ scientific research and development expertise or utilize our extensive marketing and distribution resources. Our policy on accounting for costs of strategic collaborations determines the timing of the recognition of certain development costs. In addition, this policy determines whether the cost is classified as development expense or capitalized as an asset. Management is required to form judgments with respect to the commercial status of such products in determining whether development costs meet the criteria for immediate expense or capitalization. For example, when we acquire certain products for which there is already an Abbreviated New Drug Application ("ANDA") or New Drug Application ("NDA") approval directly related to the product, and there is net realizable value based on projected sales for these products, we capitalize the amount paid as an intangible asset. If we acquire product rights that are in the development phase and as to which we have no assurance that the third-party will successfully complete its development milestones, we expense the amount paid. See Note 17 for more information on our current collaboration agreements. p. Advertising Costs We expense advertising costs as incurred. Advertising costs were $77.5 million for the six months ended December 31, 2015 , and $55.7 million , $41.4 million , and $26.1 million for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. Advertising costs relate primarily to print advertising, direct mail, on-line advertising and social media communications, and are incurred primarily by our CHC and BCH segments. For the six months ended December 31, 2015 , 88% of advertising expenses were attributable to our BCH segment. q. Earnings per Share ("EPS") Basic EPS is calculated using the weighted-average number of ordinary shares outstanding during each period. It excludes both the dilutive effects of additional common shares that would have been outstanding if the shares issued under stock incentive plans had been exercised and the dilutive effect of restricted shares and restricted share units, to the extent those shares and units have not vested. Diluted EPS is calculated including the effects of shares and potential shares issued under stock incentive plans, following the treasury stock method. r. Defined Benefit Plans As part of the Omega acquisition during the fiscal year ended June 27, 2015 , we assumed the liabilities under a number of defined benefit plans for employees based primarily in the Netherlands, Germany, France and Norway. Omega companies operate various pension plans across each country. As part of the Elan acquisition during the fiscal year ended June 28, 2014 , we assumed responsibility for the funding of two Irish defined benefit plans, which were subsequently combined. Two significant assumptions, the discount rate and the expected rate of return on plan assets, are important elements of expense and liability measurement. We evaluate these assumptions annually. Other assumptions involve employee demographic factors, such as retirement patterns, mortality, turnover, and the rate of compensation increase. The liability recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. The defined benefit obligation is calculated periodically by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability. Actuarial gains and losses are recognized using the corridor method. Under the corridor method, to the extent that any cumulative unrecognized net actuarial gain or loss exceeds 10% of the greater of the present value of the defined benefit obligation and the fair value of the plan assets, that portion is recognized over the expected average remaining working lives of the plan participants. Otherwise, the net actuarial gain or loss is recorded in OCI. We recognize the funded status of benefit plans on the Consolidated Balance Sheets. In addition, we recognize the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic pension cost of the period as a component of OCI. See Note 15 for further information on our defined benefit plans. s. Recent Accounting Standard Pronouncements Recently Adopted Accounting Standards Accounting Standard Update Description Date of Adoption Effect on the Financial Statements or Other Significant Matters Balance Sheet Classification of Deferred Taxes Accounting rules formerly required deferred taxes to be aggregated on a jurisdiction-by-jurisdiction basis and presented as a net current asset/liability and a net noncurrent asset/liability. To simplify presentation, this update requires all deferred tax assets and liabilities to be classified as noncurrent on the balance sheet. December 31, 2015 Deferred tax assets and liabilities will be classified as noncurrent on the balance sheet on a prospective basis. Simplifying the Accounting for Measurement-Period Adjustments The updated guidance eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The guidance is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. September 26, 2015 Provisional amounts that occur on or after the adoption date will be recognized in the period in which they are determined. See Note 2 for the new disclosures. Recently Issued Accounting Standards Not Yet Adopted Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters Revenue from Contracts with Customers The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: identify the contract(s) with a customer; identify the performance obligations in the contract; determine the transaction price; allocate the transaction price to the performance obligations in the contract; and recognize revenue when (or as) the entity s |
Acquisitions
Acquisitions | 6 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | All of the below acquisitions have been accounted for under the acquisition method of accounting based on our analysis of the acquired inputs and processes, 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 our results of operations. For those acquisitions for which the purchase price allocation is preliminary, we will continue to refine the allocation during the measurement period. As we obtain the information to finalize our purchase accounting assessments, it is reasonably possible that there will be changes in the valuation of assets acquired and liabilities assumed that may have a material impact on our results of operations and financial position. The effects of all of the acquisitions described below were included in the Consolidated Financial Statements prospectively from the date of each acquisition. Unless otherwise indicated, acquisition costs incurred were immaterial and were recorded in Administration expense. Acquisitions Completed During the Six Months Ended December 31, 2015 Entocort ® On December 15, 2015 , we completed our acquisition of Entocort ® (budesonide) capsules, as well as the authorized generic capsules, for sale within the U.S., from AstraZeneca plc for $380.2 million cash. Entocort ® is a gastroenterology medicine for patients with mild to moderate Crohn's disease and the acquisition complemented our Rx portfolio. Operating results attributable to the acquisition are included within our Rx segment. The intangible assets included the branded and authorized generic products classified as developed product technology with useful lives of seven and 15 years, respectively. The intangible assets were valued with the multi-period excess earnings method. Naturwohl Pharma GmbH On September 15, 2015 , we completed our acquisition of 100% of Naturwohl Pharma GmbH ("Naturwohl"), a Munich, Germany-based nutritional business known for its leading German dietary supplement brand, Yokebe ® . The acquisition built on our BCH segment's leading OTC product portfolio and European commercial infrastructure. The assets were purchased through an all-cash transaction valued at €133.5 million ( $150.4 million ). Operating results attributable to Naturwohl are included in the BCH segment. The intangible assets acquired included a trademark with a 20 -year useful life, customer relationships with a 15 -year useful life, non-compete agreements with a three -year useful life, and a licensing agreement with a three -year useful life. We utilized the relief from royalty method for valuing the trademark, the multi-period excess earnings method for valuing the customer relationships, and the lost income method for valuing the non-compete agreements and the licensing agreement. The goodwill acquired is not deductible for tax purposes. ScarAway ® On August 28, 2015 , we acquired ScarAway ® , a leading U.S. OTC scar management brand portfolio comprised of five products, from Enaltus, LLC, for $26.7 million in cash. This acquisition served as our entry into the niche branded OTC business in the U.S. Operating results attributable to ScarAway ® are included in the CHC segment. The intangible assets acquired included a trademark with a 25 -year useful life, non-compete agreements with a four -year useful life, developed product technology with an eight -year useful life, and customer relationships with a 15 -year useful life. We utilized the relief from royalty method for valuing the trademark and developed product technology, the multi-period excess earnings method for valuing the customer relationships, and the lost income method for valuing the non-compete agreements. The goodwill acquired is deductible for tax purposes. GlaxoSmithKline Consumer Healthcare On August 28, 2015 , we completed the acquisition of a portfolio of well-established OTC brands from GlaxoSmithKline Consumer Healthcare (“GSK”). This acquisition further leveraged our European market share and expands our product offerings. The assets were purchased through an all-cash transaction valued at €200.0 million ( $223.6 million ). Operating results attributable to GSK are included primarily in the BCH segment. The intangible assets acquired included trademarks with 20 -year useful lives and customer relationships with a 15 -year useful life. We utilized the relief from royalty method for valuing the trademarks and the multi-period excess earnings method for valuing the customer relationships. The goodwill acquired is deductible for tax purposes and recorded primarily in the BCH segment. Purchase Price Allocation of Current Period Acquisitions The Entocort ® and GSK opening balance sheets are preliminary and are based on valuation information, estimates, and assumptions available at December 31, 2015 . As we finalize the fair value estimates of assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period. Intangible assets have not yet been finalized for either the Entocort ® or GSK acquisitions as we are still evaluating the valuation assumptions. All other acquisitions completed during the six months ended December 31, 2015 are final. The below table indicates the purchase price allocation for acquisitions completed during the six months ended December 31, 2015 (in millions): Entocort ® * Naturwohl ScarAway ® GSK* All Other (1) Purchase price paid $ 380.2 $ 150.4 $ 26.7 $ 223.6 $ 15.3 Contingent consideration — — — — 13.9 Total purchase consideration $ 380.2 $ 150.4 $ 26.7 $ 223.6 $ 29.2 Assets acquired: Cash and cash equivalents $ — $ 4.6 $ — $ — $ — Accounts receivable — 3.3 — — — Inventories 0.2 1.5 1.0 — — Goodwill — 61.0 3.5 32.6 — Definite-lived intangibles : Distribution and license agreements, supply agreements — 21.4 — — — Developed product technology, formulations, and product rights 380.0 — 0.5 — — Customer relationships and distribution networks — 25.9 9.8 61.5 — Trademarks, trade names, and brands — 64.2 11.4 129.5 — Non-compete agreements — 0.3 0.5 — — Indefinite-lived intangibles : In-process research and development — — — — 29.2 Total intangible assets 380.0 111.8 22.2 191.0 29.2 Total assets 380.2 182.2 26.7 223.6 29.2 Liabilities assumed: Accounts payable — 2.8 — — — Accrued liabilities — 1.6 — — — Net deferred income tax liabilities — 27.4 — — — Total liabilities — 31.8 — — — Net assets acquired $ 380.2 $ 150.4 $ 26.7 $ 223.6 $ 29.2 * Opening balance sheet is preliminary. (1) Consists of eight product acquisitions in our CHC, BCH and Rx segments. Acquisitions Completed During the Fiscal Year Ended June 27, 2015 Gelcaps Exportadora de Mexico, S.A. de C.V. On May 12, 2015 , we acquired 100% of Gelcaps Exportadora de Mexico, S.A. de C.V. ("Gelcaps"), the Mexican operations of Durham, North Carolina-based Patheon Inc., for $37.9 million in cash. The purchase price was adjusted during the six months ended December 31, 2015 to account for working capital adjustments with the seller. The acquisition added softgel manufacturing technology to our supply chain capabilities and broadened our presence, product portfolio, and customer network in Mexico. Operating results attributable to Gelcaps are included in the CHC segment. The intangible assets acquired included a trademark with a 25 -year useful life and customer relationships with a 20 -year useful life. We utilized the relief from royalty method for valuing the trademark and the multi-period excess earnings method for valuing the customer relationships. Based on valuation estimates utilizing the comparative sales method, a step-up in the value of inventory of $0.6 million was recorded in the opening balance sheet, which was charged to cost of goods sold during the six months ended December 31, 2015 . In addition, property, plant and equipment were written up by $0.9 million to their estimated fair market value based on a valuation method that included both the cost and market approaches. This additional step-up in value is being depreciated over the estimated remaining useful lives of the assets. The goodwill recorded is not deductible for tax purposes. Omega Pharma Invest N.V. On March 30, 2015 , we completed our acquisition of Omega, a limited liability company incorporated under the laws of Belgium. Omega was a leading European OTC company, and is providing us several key benefits, including advancing our 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 our product portfolio while enhancing scale and distribution, enhancing our financial profile, and expanding our international management capabilities. We purchased 95.77% of the issued and outstanding share capital of Omega ( 685,348,257 shares) from Alychlo N.V. (“Alychlo”) and Holdco I BE N.V., 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 acquisition was a cash and stock transaction made up of the following consideration (in millions except per share data): Perrigo ordinary shares issued 5.4 Perrigo share price at transaction close on March 30, 2015 $ 167.64 Total value of Perrigo ordinary shares issued $ 904.9 Cash consideration 2,078.3 Total consideration $ 2,983.2 The cash consideration shown in the above table was financed by a combination of debt and equity. We issued $1.6 billion of debt as described in Note 10 , and issued 6.8 million ordinary shares, which raised $999.3 million net of issuance costs. The Sellers have agreed to indemnify us for certain potential future losses. The Sellers’ indemnification and other obligations to us under the Share Purchase Agreement are secured up to €248.0 million ( $277.0 million ). 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. The operating results attributable to Omega are included in the BCH segment. We incurred costs in connection with the Omega 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 acquisition costs, as well as losses on hedging activities associated with the acquisition purchase price, and where they were recorded (in millions): Fiscal Year Ended Line item June 27, 2015 Administration $ 29.7 Interest expense, net 23.7 Other expense, net 324.0 Loss on extinguishment of debt 9.6 Total acquisition-related costs $ 387.0 See Note 8 for further details on losses on Omega-related hedging activities shown above in Other expense, net, and Note 10 for details on the loss on extinguishment of debt. We acquired the following intangible assets: indefinite-lived brands, a definite-lived trade name with an eight -year useful life, definite-lived brands with a 22 -year useful life, a distribution network with a 21 -year useful life, and developed product technology with useful lives ranging from four to 13 years. We also recorded goodwill, which is not deductible for tax purposes and represents the value we assigned to the expected synergies described above, and was recorded in our BCH segment. We utilized the multi-period excess earnings method for the indefinite-lived brands, the definite-lived brands, and distribution network. We utilized the relief from royalty method for the developed product technology and definite-lived trade name. Based on valuation estimates utilizing the comparative sales method, a step-up in the value of inventory of $15.1 million was recorded in the opening balance sheet and was charged to cost of goods sold during the fourth quarter of the fiscal year ended June 27, 2015. In addition, property, plant and equipment were written up $41.5 million to their estimated fair market value based on a valuation method that included both the cost and market approaches. This additional step-up in value is being depreciated over the estimated remaining useful lives of the assets. Additionally, the fair value of the debt assumed on the date of acquisition exceeded par value by $101.9 million , which was recorded as part of the carrying value of the underlying debt and will be amortized as a reduction of interest expense over the remaining terms of the respective debt instruments. For more information on the debt we assumed from Omega and our subsequent payments on the debt, see Note 10 . Lumara Health, Inc. On October 31, 2014 , we acquired a portfolio of women's healthcare products from Lumara Health, Inc., ("Lumara") a privately-held, Chesterfield, Missouri-based specialty pharmaceutical company, for cash consideration of $83.0 million . The acquisition of this portfolio further expanded our women's healthcare product offerings. Operating results attributable to the acquired Lumara products are included in the Rx segment. The intangible assets acquired consisted of three product formulations with useful lives ranging from eight to 12 years. The assets were valued utilizing the multi-period excess earnings method. Purchase Price Allocation of Acquisitions Completed During the Fiscal Year Ended June 27, 2015 The Gelcaps, Omega, and Lumara opening balance sheets are final. Measurement period adjustments to the Gelcaps opening balance sheet were not material and the Lumara opening balance sheet was finalized prior to June 27, 2015. Since the initial valuation, revisions to the Omega allocation were as follows: June 27, Measurement Period Adjustments December 31, Accounts receivable $ 264.7 $ (4.6 ) $ 260.1 Inventories $ 214.4 $ (11.9 ) $ 202.5 Property and equipment $ 121.2 $ 9.6 $ 130.8 Goodwill $ 1,513.1 $ 387.3 $ 1,900.4 Intangible assets: Developed product technology, formulations, and product rights $ 32.7 $ (5.5 ) $ 27.2 Customer relationships and distribution networks 1,342.7 (286.4 ) 1,056.3 Definite-lived trademarks, trade names, and brands 282.0 5.5 287.5 Indefinite-lived trademarks, trade names, and brands 2,145.2 (141.4 ) 2,003.8 Total intangible assets $ 3,802.6 $ (427.8 ) $ 3,374.8 Accrued liabilities $ 44.5 $ (0.6 ) $ 43.9 Net deferred income tax liabilities $ 1,032.3 $ (17.8 ) $ 1,014.5 Other non-current liabilities $ 82.5 $ (29.0 ) $ 53.5 The changes in the Omega purchase accounting were due primarily to refinements in the underlying valuation assumptions for the intangible assets, including updates to the allocations of projected cash flows to the intangible assets and the related jurisdictional tax rates that were used in those projections, the accounting of intangible assets as definite-lived versus indefinite-lived assets, and finalization of the related deferred taxes. Valuation adjustments made during the measurement period resulted in a $10.2 million reduction of amortization expense (recorded primarily in Selling expense) for the six months ended December 31, 2015 that related to the fiscal year ended June 27, 2015 . The below table indicates the purchase price allocation for acquisitions completed during the fiscal year ended June 27, 2015 (in millions): Gelcaps Omega Lumara Total purchase consideration $ 37.9 $ 2,983.2 $ 83.0 Assets acquired: Cash and cash equivalents $ 4.6 $ 14.7 $ — Accounts receivable 7.3 260.1 2.9 Inventories 7.2 202.5 1.5 Prepaid expenses and other current assets 2.1 39.2 0.4 Property and equipment 6.0 130.8 0.1 Goodwill 6.0 1,900.4 — Definite-lived intangibles : Developed product technology, formulations, and product rights — 27.2 82.0 Customer relationships and distribution networks 6.6 1,056.3 — Trademarks, trade names, and brands — 287.5 — Indefinite-lived intangibles : Trademarks, trade names, and brands 4.4 2,003.8 — Total intangible assets 11.0 3,374.8 82.0 Other non-current assets 0.4 2.4 — Total assets 44.6 5,924.9 86.9 Liabilities assumed: Accounts payable 3.3 243.1 — Short-term debt — 24.6 — Accrued liabilities 1.6 43.9 3.9 Payroll and related taxes — 51.3 — Accrued customer programs — 39.8 — Long-term debt — 1,471.0 — Net deferred income tax liabilities 1.4 1,014.5 — Other non-current liabilities 0.4 53.5 — Total liabilities 6.7 2,941.7 3.9 Net assets acquired $ 37.9 $ 2,983.2 $ 83.0 Acquisitions Completed During the Fiscal Year Ended June 28, 2014 Aspen Global Inc. On February 28, 2014 , we acquired a basket of value-brand OTC products sold in Australia and New Zealand from Aspen Global Inc. ("Aspen"). The acquisition of this product portfolio broadened our product offering in Australia and New Zealand and furthered our strategy to expand the CHC portfolio internationally. Operating results attributable to the acquired Aspen products are included in the CHC 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 five -year useful life. Goodwill is deductible for tax purposes. Fera Pharmaceuticals, LLC On February 18, 2014 , we 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 our ophthalmic offerings. Operating results attributable to this agreement are included in the Rx segment. The intangible asset acquired was assigned a 15 -year useful life. Elan Corporation, plc On December 18, 2013 , we acquired Elan, which led to our new corporate structure headquartered in Dublin, Ireland. We have utilized this new structure to continue to grow in our core markets and further expand outside of the U.S. The acquisition also provided us with our Tysabri ® royalty stream, enhancing our operating cash flows and diversifying our revenues, and 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 are expected to provide tax benefits to the worldwide structure. The acquisition was 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 $ 6,117.2 Cash consideration paid at $6.25 per Elan share 3,223.2 Cash consideration paid for vested Elan stock options and share awards 111.5 Total consideration $ 9,451.9 In addition, we paid cash consideration of $16.1 million to the Elan stock option and share award holders for the unvested portion of their awards. This amount was charged to earnings during the fiscal year ended June 28, 2014 . At the completion of the transaction, the holder of each Elan ordinary share and each Elan American Depositary Share received $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. The operating results for Elan are included in the Specialty Sciences segment. During the fiscal year ended June 28, 2014 , we incurred and expensed acquisition-related costs, which were not allocated to a reporting segment. The costs related primarily to general transaction costs (legal, banking and other professional fees), financing fees, and debt extinguishment. See Note 10 for further details on the loss on extinguishment of debt. The table below details these transaction costs and where they were recorded (in millions): Fiscal Year Ended Line item June 28, 2014 Administration expense $ 108.9 Interest, net 10.0 Other expense, net 0.2 Loss on extinguishment of debt 165.8 Total acquisition-related costs $ 284.9 We acquired two definite-lived intangible assets in the acquisition, both of which are exclusive technology agreements: Tysabri ® : We are entitled to royalty payments from Biogen Idec Inc. ("Biogen") based on its Tysabri ® revenues in all indications and geographies. The royalty was 12% for the 12-month period ended May 1, 2014. Subsequent to May 1, 2014, we are 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 was assigned a value of $5.8 billion and a useful life of 20 years. Prialt ® : We are also entitled to royalty payments based on Prialt ® revenues. The royalty rates range from 7% to 17.5% based on specific levels of annual U.S. sales. The asset was assigned a value of $11.0 million and a useful life of 10 years. Additionally, we recorded $2.3 billion of goodwill which represents the expected synergies of the combined company, as described above. The goodwill is not deductible for tax purposes. The following table reflects the allocation by reportable segment (in millions): Segment Goodwill CHC $ 1,287.4 Rx 845.1 Specialty Sciences 200.6 Total $ 2,333.1 Purchase Price Allocation of Acquisitions Completed During the Fiscal Year Ended June 28, 2014 The purchase price allocations for acquisitions completed during the fiscal year ended June 28, 2014 are final. We finalized the purchase price allocation for Elan during the fiscal year ended June 27, 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 acquisitions completed during the fiscal year ended June 28, 2014 (in millions): Elan All Other (1) Purchase price paid $ 9,451.9 $ 71.0 Contingent consideration — 0.8 Total purchase consideration $ 9,451.9 $ 71.8 Assets acquired: Cash and cash equivalents $ 1,807.3 $ — Investment securities 100.0 — Accounts receivable 44.2 — Inventories — 3.0 Prepaid expenses and other current assets 27.1 — Property and equipment 9.2 — Goodwill 2,333.1 4.6 Definite-lived intangibles : Distribution and license agreements, supply agreements 5,811.0 17.8 Customer relationships and distribution networks — 9.8 Trademarks, trade names, and brands — 34.8 Non-compete agreements — 1.8 Total intangible assets 5,811.0 64.2 Other non-current assets 93.4 — Total assets 10,225.3 71.8 Liabilities assumed: Accounts payable 2.0 — Accrued liabilities 120.8 — Deferred tax liabilities 631.8 — Other non-current liabilities 18.8 — Total liabilities 773.4 — Net assets acquired $ 9,451.9 $ 71.8 (1) Includes opening balance sheet of the Aspen and Fera (Methazolomide) product acquisitions. Vedants Drug & Fine Chemicals Private Limited To further improve the long-term cost position of its API business, on August 6, 2009 , we acquired an 85% stake in Vedants Drug & Fine Chemicals Private Limited ("Vedants"), an API manufacturing facility in India, for $11.5 million in cash. We purchased the remaining 15% stake in Vedants during the fiscal year ended June 28, 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. Actual and Unaudited Pro Forma Impact of Acquisitions Our Consolidated Financial Statements include operating results from the Entocort ® , Naturwohl, GSK, ScarAway ® , Omega, Gelcaps, Lumara, Aspen, Fera (Methazolomide), and Elan acquisitions, from the date of each acquisition through December 31, 2015 . Net sales and operating income attributable to the Entocort ® , Naturwohl, ScarAway ® , and GSK acquisitions included in our financial statements for the six months ended December 31, 2015 totaled $51.0 million and $20.6 million , respectively. Net sales and operating income attributable to the Omega, Gelcaps, and Lumara acquisitions included in our financial statements for the fiscal year ended June 27, 2015 totaled $418.2 million and $18.9 million , respectively. Net sales and operating loss attributable to the Elan, Aspen, and Fera (Methazolomide) acquisitions included in our financial statements for the fiscal year ended June 28, 2014 totaled $168.5 million and $53.9 million , respectively. The following unaudited pro forma information gives effect to the Entocort ® , Naturwohl, GSK, ScarAway ® , Omega, Gelcaps, Lumara, Aspen, Fera (Methazolomide), and Elan acquisitions, as if the acquisitions had occurred on June 30, 2013 and had been included in our Results of Operations for all periods presented thereafter (in millions): Six Months Ended Fiscal Year Ended (Unaudited) December 31, 2015 June 27, 2015 June 28, 2014 Net sales $ 2,852.4 $ 5,971.9 $ 6,200.0 Net income $ 38.3 $ 214.8 $ 374.6 The historical consolidated financial information of Perrigo, and the Entocort ® , Naturwohl, GSK, ScarAway ® , Omega, Gelcaps, Lumara, Aspen, Fera (Methazolomide), and Elan acquisitions, has been adjusted in the pro forma information to give effect to pro forma events that are (1) directly attributable to the transactions, (2) factually supportable and (3) expected to have a continuing impact on combined results. In order to reflect the occurrence of the acquisitions on June 30, 2013 as required, the unaudited pro forma results include adjustments to reflect the incremental amortization expense to be incurred based on the current values of each acquisition's identifiable intangible and tangible assets, along with the reclassification of acquisition-related costs from the period ended December 31, 2015 to the period ended June 28, 2014. The unaudited pro forma results do not reflect future events that have occurred or may occur after the acquisitions, including but not limited to, the anticipated realization of ongoing savings from operating synergies and tax savings in subsequent periods. The decline in the euro relative to the U.S. dollar negatively impacted pro forma net sales attributed to Omega for the fiscal year ended June 27, 2015 . If the euro to U.S. dollar exchange rate had remained constant from the fiscal year ended June 28, 2014 to the fiscal year ended June 27, 2015 , pro forma net sales attributed to Omega would have increased by an estimated $189.3 million (unaudited) for the fiscal year ended June 27, 2015 . Acquisitions Completed During the Fiscal Year Ended June 29, 2013 Fera Pharmaceuticals, LLC On June 17, 2013 , we acquired an ophthalmic sterile ointment and solution product portfolio from Fera. The acquisition of this product portfolio expanded our ophthalmic offerings and position within the Rx extended topical space. Operating results attributable to this agreement are included in the Rx segment. The intangible assets were assigned a 15 -year useful life. Goodwill is deductible for tax purposes. Velcera, Inc. On April 1, 2013 , we completed the acquisition of 100% of the shares of privately-held Velcera, Inc. ("Velcera"). Velcera, through its FidoPharm subsidiary, was a leading companion pet health product company committed to providing consumers with best-in-class companion pet health products that contain the same active ingredients as branded veterinary products, but at a significantly lower cost. FidoPharm products, including the PetArmor ® flea and tick products, are available at major retailers nationwide, offering consumers the benefits of convenience and cost savings to ensure the highest quality care for their pets. The acquisition helped establish our animal health category. The operating results for Velcera are included in the CHC segment. The intangible assets acquired consisted of a distribution and license agreement, customer relationships, trade name and trademarks, and non-compete agreements. The distribution and license agreement was assigned a 10 -year useful life. The customer relationships were assigned a 20 -year useful life, the trademarks and trade names were assigned a 25 -year useful life, and the non-compete agreements were assigned a three -year useful life. Goodwill is not deductible for tax purposes. Rosemont Pharmaceuticals Ltd. On February 11, 2013 , we acquired 100% of the shares of privately-held Rosemont Pharmaceuticals Ltd. ("Rosemont"). Based in Leeds, U.K., Rosemont was a specialty and generic prescription pharmaceutical company focused on the manufacturing and marketing of oral liquid formulations. The acquisition expanded our Rx product offering into the U.K. and Europe. The operating results for Rosemont are included in the Rx segment. The intangible assets acquired consisted of developed product technology, IPR&D, trademarks and trade names, distribution and license agreements, and non-compete agreements. The developed product technology has a useful life of seven years. IPR&D is considered to have an indefinite life until such time as the research is completed (at which time it becomes a definite-lived intangible asset) or is determined to have no future use (at which time it is impaired). The trademarks and trade names were assigned an indefinite useful life. The distribution and license agreements were assigned a 14 -year useful life and the non-compete agreements were assigned a three -year useful life. Goodwill is not deductible for tax purposes. Cobrek Pharmaceuticals, Inc. On December 28, 2012 , we acquired the remaining 81.5% interest of Cobrek Pharmaceuticals, Inc. ("Cobrek"), a privately-held drug development company, for $42.0 million in cash. In May 2008, we acquired the initial 18.5% minority stake in Cobrek for $12.6 million in conjunction with entering into a product development collaborative agreement focused on generic pharmaceutical foam dosage form products. As of the acquisition date, the partnership had successfully yielded two commercialized foam-based products and had an additional two U.S. Food and Drug Administration ("FDA") approved foam-based products, both of which were launched during the fiscal year ended June 29, 2013 . Cobrek derived its earnings stream primarily from exclusive technology agreements, which were assigned useful lives of 12 years. The Cobrek acquisition further strengthened our position in foam-based technologies for existing and future U.S. Rx products. Goodwill is not deductible for tax purposes. Sergeant's Pet Care Products, Inc. On October 1, 2012 , we completed the acquisition of substantially all of the assets of privately-held Sergeant's Pet Care Products, Inc. ("Sergeant's"). Sergeant's was a leading supplier of animal health products, including flea and tick remedies, health and well-being products, natural and formulated treats, and consumable products. The acquisition expanded our CHC product portfolio into the animal health category. The intangible assets acquired include developed product technology, trademarks and trade names, favorable supply agreements, customer relationships, and non-compete agreements. The developed product technology was assigned a 10 -year useful life; trademarks and trade names have an indefinite useful life; the favorable supply agreements were assigned a seven -year useful life; customer relationships were assigned a 20 -year useful life; and non-compete agreements were assigned useful lives ranging from one to three years. Goodwill is not deductible for tax purposes. At the time of the acquisition, a step-up in the value of inventory of $7.7 million was recorded in the opening balance sheet as assets acquired based on valuation estimates and was charged to cost of sales during the fiscal year ended June 29, 2013 as the acquired inventory was sold. In addition, property, plant and equipment were written up by $6.1 million to their estimated fair market value based on a valuation method |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Changes in the carrying amount of goodwill, by reportable segment, were as follows (in millions): CHC BCH Rx Specialty Sciences Other Total Balance at June 29, 2013 $ 611.6 $ — $ 385.4 $ — $ 92.2 $ 1,089.2 Business acquisitions 1,297.2 — 851.0 201.8 — 2,350.0 Currency translation adjustment 7.6 — 21.9 — 5.4 34.9 Balance at June 28, 2014 1,916.4 — 1,258.3 201.8 97.6 3,474.1 Business acquisitions 4.8 1,513.1 — — — 1,517.9 Impairments (6.8 ) — — — — (6.8 ) Currency translation adjustment (9.7 ) 38.8 (20.0 ) — (9.4 ) (0.3 ) Purchase accounting adjustments (7.2 ) — (4.7 ) (1.1 ) — (13.0 ) Balance at June 27, 2015 1,897.5 1,551.9 1,233.6 200.7 88.2 4,971.9 Business acquisitions 9.7 87.4 — — — 97.1 Transfers to assets held for sale (13.0 ) — — — (14.5 ) (27.5 ) Currency translation adjustment (5.1 ) (46.1 ) (11.4 ) — (2.2 ) (64.8 ) Purchase accounting adjustments 0.9 387.3 — — — 388.2 Balance at December 31, 2015 $ 1,890.0 $ 1,980.5 $ 1,222.2 $ 200.7 $ 71.5 $ 5,364.9 The increase in goodwill in the six months ended December 31, 2015 in the BCH segment was due primarily to purchase accounting adjustments to the Omega acquisition described in Note 2 , as well as the Naturwohl and GSK acquisitions. The increase in goodwill in the fiscal year ended June 27, 2015 was due primarily to the Omega acquisition, which was recorded in the BCH segment. The increase in goodwill in the fiscal year ended June 28, 2014 was due primarily to the acquisition of Elan, which contributed $2.3 billion of goodwill. We allocated $2.1 billion of goodwill to the reporting units that are expected to benefit from the synergies related to the Elan transaction. See Note 2 for additional information. No impairment charges were recorded as a result of the goodwill impairment testing during the six months ended December 31, 2015 , however our Specialty Sciences reporting unit's fair value exceeded the carrying value by less than 10%. Management evaluated the primary source of cash flow in this segment, the Tysabri ® royalty stream, based on a combination of factors including independent external research, information provided from our royalty partner, and internal estimates. Based on this information, management’s assessment of future cash flow from this royalty stream have been reduced primarily due to anticipated new competitors entering the market and unfavorable currency exchange effects. Future performance different from the assumptions utilized in our quantitative analysis may further reduce the fair value of the reporting unit, which may result in the fair value no longer exceeding the carrying value. Step one of our annual goodwill impairment testing in the fiscal year ended June 27, 2015 indicated that our CHC Mexico reporting unit's goodwill fair value was below its net book value as of March 28, 2015. As a result, we initiated the second step of the goodwill impairment test to measure the amount of impairment. Refer to Note 1 for our impairment process. We concluded that the goodwill was fully impaired and recorded an impairment of $6.8 million in our CHC segment during the three months ended June 27, 2015 in Other expense, net. No other segments were affected by this impairment charge. No impairment charge was recorded as a result of the annual goodwill impairment testing during the fiscal years ended June 28, 2014 and June 29, 2013 . Intangible Assets Other intangible assets and the related accumulated amortization consisted of the following (in millions): December 31, 2015 June 27, 2015 June 28, 2014 Gross Accumulated Amortization Gross Accumulated Amortization Gross Accumulated Amortization Definite-lived intangibles : Distribution and license agreements, supply agreements $ 6,053.4 $ 667.2 $ 6,029.9 $ 502.3 $ 6,027.3 $ 192.1 Developed product technology, formulations, and product rights 1,383.5 426.0 1,025.3 383.1 931.7 302.5 Customer relationships and distribution networks 1,520.7 193.0 1,749.9 146.2 372.0 97.5 Trademarks, trade names, and brands 539.4 22.8 340.8 11.5 47.8 5.6 Non-compete agreements 15.2 12.7 14.7 11.9 15.3 9.4 Total definite-lived intangibles $ 9,512.2 $ 1,321.7 $ 9,160.6 $ 1,055.0 $ 7,394.1 $ 607.1 Indefinite-lived intangibles : Trademarks, trade names, and brands $ 1,868.1 $ — $ 2,257.3 $ — $ 59.5 $ — In-process research and development 48.2 — 5.8 — 10.2 — Total indefinite-lived intangibles 1,916.3 — 2,263.1 — 69.7 — Total other intangible assets $ 11,428.5 $ 1,321.7 $ 11,423.7 $ 1,055.0 $ 7,463.8 $ 607.1 Certain intangible assets are denominated in currencies other than the U.S. dollars; therefore, their gross and net carrying values are subject to foreign currency movements. The increase in gross amortizable intangible assets during the six months ended December 31, 2015 was due to the Entocort ® , GSK, Naturwohl, and ScarAway ® acquisitions, offset partially by purchase price adjustments to the Omega intangible assets discussed in Note 2 . The increase during the fiscal year ended June 27, 2015 was due primarily to the Omega acquisition. During our impairment testing for the six months ended December 31, 2015 , we identified an impairment of certain indefinite-lived intangible assets based on management’s expectations of the prospects for future revenues, profits, and cash flows associated with these assets. The indefinite-lived intangible assets were purchased in conjunction with the Omega acquisition and are included in the BCH segment. The assessment utilized the excess earnings method to determine fair value and resulted in an impairment charge of $185.1 million , which represents the difference between the carrying amount of the intangible assets and their estimated fair value. The amount was recorded in Impairment charges on the Consolidated Statements of Operations within the BCH segment. The primary assumptions supporting the fair value of these assets and cash flow projections assume modest revenue growth based on product line extensions, product life cycle strategies, and geographical expansion within the markets in which the BCH segment currently distributes products, and gross margins and advertising and promotion investments largely consistent with historical trends. Actual performance different from the assumptions utilized in our quantitative analysis may result in additional changes in fair value of these assets. No material impairment charges were recorded as a result of the annual intangible asset impairment testing during the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 . We did record an impairment charge of $6.0 million and $9.0 million on certain IPR&D assets during the fiscal years ended June 28, 2014 and June 29, 2013 , respectively, due to changes in the projected development and regulatory timelines for various projects. During the fiscal year ended June 28, 2014 , the remaining $13.0 million of IPR&D assets acquired as part of the Paddock acquisition was reclassified to a definite-lived developed product technology intangible asset and is being amortized on a proportionate basis consistent with the economic benefits derived therefrom over an estimated useful life of 12 years. The remaining weighted-average useful life for our amortizable intangible assets by asset class at December 31, 2015 was as follows: Amortizable Intangible Asset Category Remaining Weighted-Average Useful Life (Years) Distribution and license agreements, supply agreements 19 Developed product technology, formulations, and product rights 10 Customer relationships and distribution networks 17 Trademarks, trade names, and brands 21 Non-compete agreements 2 We recorded amortization expense of $274.1 million during the six months ended December 31, 2015 , and $464.5 million , $281.0 million , and $94.0 million during the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. The increase in amortization expense in the six months ended December 31, 2015 was due primarily to definite-lived assets acquired from Omega. The increase in amortization expense in the fiscal year ended June 27, 2015 was due primarily to the incremental amortization expense incurred on the definite-lived intangible assets acquired from Elan, as well the inclusion of one quarter of amortization expense related to the intangible assets acquired from Omega. The increase in amortization expense during the fiscal year ended June 28, 2014 was due to the Elan acquisition. Estimated future amortization expense includes the additional amortization related to recently acquired intangible assets subject to amortization. Our estimated future amortization expense is as follows (in millions): Year Amount 2016 $ 603.1 2017 595.6 2018 582.6 2019 558.3 2020 522.5 Thereafter 5,328.4 |
Accounts Receivable Factoring (
Accounts Receivable Factoring (Notes) | 6 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable Factoring [Abstract] | |
Transfers and servicing of financial assets [Text Block] | ACCOUNTS RECEIVABLE FACTORING We assumed multiple accounts receivable factoring arrangements with non-related third-party financial institutions (the “Factors”) in connection with the Omega acquisition. Pursuant to the terms of the arrangements, we sell to the Factors certain of our accounts receivable balances on a non-recourse basis for credit approved accounts. An administrative fee ranging from 0.14% to 0.15% per invoice is charged on the gross amount of accounts receivables assigned to the Factors, plus interest is calculated at the applicable EUR LIBOR rate plus 70 basis points. The total amount factored and excluded from accounts receivable was $106.7 million and $171.6 million at December 31, 2015 and June 27, 2015 , respectively. |
Inventories (Notes)
Inventories (Notes) | 6 Months Ended |
Dec. 31, 2015 | |
Inventory [Abstract] | |
Inventory disclosure [Text Block] | INVENTORIES Major components of inventory were as follows (in millions): Six Months Ended Fiscal Year Ended December 31, June 27, June 28, Finished goods $ 483.4 $ 468.9 $ 307.0 Work in process 151.4 158.2 146.7 Raw materials 209.6 211.8 177.9 Total inventories $ 844.4 $ 838.9 $ 631.6 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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 our financial instruments carried at fair value by the above pricing categories (in millions): December 31, 2015 Level 1 Level 2 Level 3 Total Measured at fair value on a recurring basis: Assets: Investment securities $ 14.9 $ — $ — $ 14.9 Foreign currency forward contracts — 4.8 — 4.8 Funds associated with Israeli post-employment benefits — 17.2 — 17.2 Total assets $ 14.9 $ 22.0 $ — $ 36.9 Liabilities: Contingent consideration $ — $ — $ 17.9 $ 17.9 Interest rate swap agreements — 0.3 — 0.3 Foreign currency forward contracts — 3.9 — 3.9 Total liabilities $ — $ 4.2 $ 17.9 $ 22.1 Measured at fair value on a non-recurring basis: Assets: Indefinite-lived intangible assets $ — $ — $ 1,813.8 $ 1,813.8 Assets held for sale, net — — 37.5 37.5 Total assets $ — $ — $ 1,851.3 $ 1,851.3 June 27, 2015 Level 1 Level 2 Level 3 Total Measured at fair value on a recurring basis: Assets: Investment securities $ 12.7 $ — $ — $ 12.7 Foreign currency forward contracts — 12.4 — 12.4 Funds associated with Israeli post-employment benefits — 17.3 — 17.3 Total assets $ 12.7 $ 29.7 $ — $ 42.4 Liabilities: Foreign currency forward contracts $ — $ 4.6 $ — $ 4.6 Total liabilities $ — $ 4.6 $ — $ 4.6 June 28, 2014 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 a reconciliation for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions): Six Months Ended Fiscal Year Ended December 31, June 27, June 28, Contingent Consideration Beginning balance: $ — $ 17.4 $ 22.2 Net realized losses — 0.9 1.1 Purchases or additions 17.9 — 0.8 Settlements — (18.3 ) (6.7 ) Ending balance: $ 17.9 $ — $ 17.4 Net realized gains (losses) in the table above were recorded in Administrative expense. There were no transfers between Level 1, 2, and 3 during the six months ended December 31, 2015 or the fiscal years ended June 27, 2015 , and June 28, 2014 . Our policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period. See Note 7 for information on our investment securities. See Note 8 for a discussion of derivatives. Israeli post-employment benefits represent amounts we have 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 which are 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 December 31, 2015 and June 27, 2015 , our fixed rate long-term debt consisted of public bonds, a private placement note, and retail bonds that were assumed with the Omega acquisition. As of December 31, 2015 , the public bonds and private placement note had a carrying value of $3.9 billion and fair value of $3.8 billion , based on quoted market prices (Level 1). At June 27, 2015 , the public bonds and private placement note had a carrying value and fair value of $3.9 billion , based on quoted market prices (Level 1). As of December 31, 2015 our retail bonds had a carrying value of $798.3 million (excluding a premium of $82.5 million ) and a fair value of $859.8 million . As of June 27, 2015 , our retail bonds had a carrying value of $820.9 million (excluding a premium of $97.1 million ) and a fair value of $902.4 million . The fair value for both periods was based on interest rates offered for borrowings of a similar nature and remaining maturities (Level 2). As of June 28, 2014 , our 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 of a similar nature and remaining maturities (Level 2). Certain assets are required to be recorded at fair value on a non-recurring basis even when events and circumstances indicate that the carrying value may not be recoverable. The non-recurring fair values included in the table above represent only those assets whose carrying values were adjusted to fair value as of the respective balance sheet dates. See Note 3 for a more detailed discussion of the impaired indefinite-lived intangible assets and the valuation methods used. See Note 9 for information on our assets and liabilities held for sale. The carrying amounts of our 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) | 6 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities, Equity Method Investments and Joint Ventures [Abstract] | |
Investments | INVESTMENTS Available for Sale Securities Our available for sale securities totaled $14.9 million and $12.7 million at December 31, 2015 and June 27, 2015 , respectively, and were reported in Prepaid expenses and other current assets . At June 28, 2014 , available for sale securities totaled $20.7 million , of which $5.9 million were reported in Prepaid expenses and other current assets and $14.8 million were reported in Other non-current assets . Net unrealized investment gains (losses) on available for sale securities were as follows (in millions): Six Months Ended Fiscal Year Ended December 31, June 27, June 28, Net unrealized investment gains (losses): Equity securities, at cost less impairments $ 6.4 $ 17.1 $ 17.1 Gross unrealized gains 9.3 5.7 3.8 Gross unrealized losses (0.8 ) (10.1 ) (0.2 ) Estimated fair value of equity securities $ 14.9 $ 12.7 $ 20.7 The factors affecting the assessment of impairments include both general financial market conditions and factors specific to a particular company. We recorded an impairment charge of $10.7 million related to an other-than-temporary impairment of one of our marketable equity securities during the six months ended December 31, 2015 . The equity securities in a gross unrealized loss position at December 31, 2015 were in that position for less than 12 months. We have evaluated the near-term prospects of the equity securities in relation to the severity and duration of the unrealized impairments, and based on that evaluation, we have the ability and intent to hold the investments until a recovery of fair value. During the fiscal year ended June 28, 2014 , we sold one of our investment securities and recorded a loss of $9.9 million . The loss was reclassified out of AOCI and into earnings. Cost Method Investments Our cost method investments totaled $6.9 million , $6.8 million , and $9.0 million at December 31, 2015 , June 27, 2015 , and June 28, 2014 , respectively, and were included in Other non-current assets . Equity Method Investments Our equity method investments totaled $45.5 million , $48.9 million , and $57.4 million at December 31, 2015 , June 27, 2015 , and June 28, 2014 , respectively, and were included in Other non-current assets . We recorded net losses of $7.1 million , $9.9 million , and $8.7 million during the six months ended December 31, 2015 and the fiscal years ended June 27, 2015 and June 28, 2014 , respectively, for our proportionate share of the equity method investment earnings or losses. In addition, during the fiscal year ended June 28, 2014 we sold one of our equity method investments and recorded a loss of $2.8 million . All of the losses noted above were recorded in Other expense, net. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES We enter into certain derivative financial instruments, when available on a cost-effective basis, to mitigate our risk associated with changes in interest rates and foreign currency exchange rates as follows: Interest rate risk management - We are exposed to the impact of interest rate changes through our cash investments and borrowings. We utilize a variety of strategies to manage the impact of changes in interest rates including using a mix of debt maturities along with both fixed-rate and variable-rate debt. In addition, we may enter into treasury-lock agreements and interest rate swap agreements on certain investing and borrowing transactions to manage our exposure to interest rate changes and our overall cost of borrowing. Foreign currency exchange risk management - We conduct business in several major currencies other than the U.S. dollar and are subject to risks associated with changing foreign exchange rates. Our 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, we enter 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. We do not use derivative financial instruments for speculative purposes. All of our designated derivatives were classified as cash flow hedges as of December 31, 2015 , June 27, 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 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, recorded in Other expense, net. All of our designated derivatives are assessed for hedge effectiveness quarterly. We also have 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 our interest rate swaps qualify for hedge accounting treatment. During the six months ended December 31, 2015 , we entered into a forward interest rate swap to hedge against changes in the benchmark interest rate between the date the interest rate swap was entered into and the date of expected future debt issuance. The interest rate swap was designated as a cash flow hedge and had a notional amount totaling $200.0 million . We had a $300.0 million term loan with floating interest rates priced off the LIBOR yield curve, which was repaid during the fiscal year ended June 27, 2015 , as described in Note 10 . As a result of the term loan repayment on June 24, 2015, the forward interest rate swap agreements with notional amounts totaling $240.0 million that were in place to hedge the change in the LIBOR rate were terminated as well. We recorded a loss of $3.6 million in Other expense, net, during the fiscal year ended June 27, 2015 for the amount remaining in AOCI when the hedges were terminated. In connection with the Omega acquisition, we assumed a $20.0 million private placement note. We also assumed an interest rate swap agreement with a notional amount totaling $20.0 million that was in place to hedge the cross currency exchange differences between the U.S. dollar and the euro on the above-mentioned debt. On May 29, 2015, we repaid the loan and the interest rate swap. We also assumed €500.0 million ( $544.5 million ) of debt under Omega's revolving credit facility, as well as an interest rate swap agreement with a notional amount of €135.0 million ( $147.0 million ) that was in place to hedge the change in the floating rate on that credit facility. On April 8, 2015, we repaid the loan and terminated the interest rate swap. Because both interest rate swaps mentioned above were recorded at fair market value on the date of termination, no gain or loss was recorded. For more information on the acquired debt and termination, see Note 10 . During the three months ended December 27, 2014 , we 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 our 2014 Bonds, discussed in Note 10 . 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 $1.6 billion principal amount of our 2014 Bonds on December 2, 2014 for a cumulative after-tax loss of $5.8 million in OCI after recording $1.1 million of ineffectiveness to Other expense, net, during the fiscal year ended June 27, 2015 . During the three months ended September 28, 2013, we 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 our 2013 Bonds, discussed in Note 10 . 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 $2.3 billion principal amount of our 2013 Bonds on December 18, 2013 for a cumulative after-tax loss of $12.8 million in OCI after recording $0.5 million of ineffectiveness to Other expense, net, during the fiscal year ended June 28, 2014 . In addition, due to the retirement of the underlying private placement senior notes (described in Note 10 as the "Private Placement Notes") on December 23, 2013, we wrote off the amounts remaining in AOCI associated with the cash flow hedges related to the Private Placement Notes, resulting in an after-tax loss of $2.6 million recorded to Other expense, net, during the fiscal year ended June 28, 2014 . Foreign Currency Derivatives We enter 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, as well as 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 $755.5 million , $452.3 million , and $228.5 million as of December 31, 2015 , June 27, 2015 , and June 28, 2014 , respectively. In June 2015, in order to economically hedge the foreign currency exposure associated with the planned payment of the euro-denominated GSK acquisition discussed in Note 2 , we entered into a non-designated option contract to protect against a strengthening of the euro relative to the U.S. dollar. We recorded losses of $1.9 million for the change in fair value of the option contract during the fiscal year ended June 27, 2015 in Other expense, net. Because these derivatives were economically hedging a future acquisition, the cash outflow associated with their settlement is shown as an investing activity on the Consolidated Statements of Cash Flows. The GSK acquisition closed on August 28, 2015 and therefore, the non-designated option contract was terminated. 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, we 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 . The option contracts were replaced with non-designated forward contracts that matured during the three months ended March 28, 2015. We recorded losses of $298.1 million during the fiscal year ended June 27, 2015 related to the settlement of the forward contracts. Both losses were recorded primarily in Other expense, net. The losses on the derivatives due to changes in the euro to U.S. dollar 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 Consolidated Statements of Cash Flows. Fair Value Hedges During the three months ended September 28, 2013, we 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 our private placement notes from fluctuations in interest rates. These swaps were designated and qualified as fair value hedges of our 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 during the three months ended December 28, 2013 due to the retirement of the underlying notes. Effects of Derivatives on the Financial Statements The below tables indicate the effects of all of our derivative instruments on our consolidated financial statements. All amounts are shown gross of income tax effects and are presented in millions. The balance sheet location and gross fair value of our outstanding derivative instruments were as follows: Asset Derivatives Fair Value Balance Sheet Location December 31, June 27, June 28, Designated derivatives: Foreign currency forward contracts Other current assets $ 3.8 $ 3.3 $ 2.8 Total designated derivatives $ 3.8 $ 3.3 $ 2.8 Non-designated derivatives: Foreign currency forward contracts Other current assets $ 1.0 $ 9.1 $ 0.3 Total non-designated derivatives $ 1.0 $ 9.1 $ 0.3 Liability Derivatives Fair Value Balance Sheet Location December 31, June 27, June 28, Designated derivatives: Foreign currency forward contracts Accrued liabilities $ 2.0 $ 2.0 $ 0.7 Interest rate swap agreements Other non-current liabilities 0.3 — 8.3 Total designated derivatives $ 2.3 $ 2.0 $ 9.0 Non-designated derivatives: Foreign currency forward contracts Accrued liabilities $ 1.9 $ 2.6 $ 0.1 Total non-designated derivatives $ 1.9 $ 2.6 $ 0.1 The gains (losses) recognized in OCI for the effective portion of our designated cash flow hedges were as follows: Amount of Gain/(Loss) Recorded in OCI Six Months Ended Fiscal Year Ended Designated Cash Flow Hedges December 31, June 27, June 28, June 29, Treasury locks $ — $ (2.7 ) $ — $ — Interest rate swap agreements (0.3 ) (10.1 ) 7.2 (1.3 ) Foreign currency forward contracts 1.7 (7.7 ) 15.1 (10.6 ) $ 1.4 $ (20.5 ) $ 22.3 $ (11.9 ) The gains (losses) reclassified from AOCI into earnings for the effective portion of our designated cash flow hedges were as follows: Amount of Gain/(Loss) Reclassified from AOCI to Income Six Months Ended Fiscal Year Ended Designated Cash Flow Hedges Income Statement Location December 31, June 27, June 28, June 29, Treasury locks Interest expense, net $ — $ (0.1 ) $ 0.2 $ (0.4 ) Interest rate swap agreements Interest expense, net (0.8 ) (16.4 ) 3.9 5.0 Foreign currency forward contracts Net sales (0.8 ) 2.0 (2.5 ) (2.9 ) Cost of sales 0.8 (4.2 ) (6.3 ) 4.3 Interest expense, net (0.4 ) — (0.2 ) (0.1 ) Other expense, net 0.1 (4.5 ) (2.2 ) (3.2 ) $ (1.1 ) $ (23.2 ) $ (7.1 ) $ 2.7 The net of tax amount expected to be reclassified out of AOCI into earnings during the next 12 months is a $0.4 million gain. The gains (losses) recognized against earnings for the ineffective portion of our designated cash flow hedges were as follows: Amount of Gain/(Loss) Recognized in Income Six Months Ended Fiscal Year Ended Designated Cash Flow Hedges Income Statement Location December 31, June 27, June 28, June 29, 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 (0.1 ) (0.1 ) (0.1 ) — Cost of sales 0.2 0.2 0.3 0.2 Total $ 0.1 $ (1.0 ) $ (2.9 ) $ 0.2 The effects of our fair value hedges on the Consolidated Statements of Operations were as follows: Amount of Gain/(Loss) Recognized in Income Six Months Ended Fiscal Year Ended Designated Fair Value Hedges Income Statement Location December 31, June 27, June 28, June 29, Interest rate swap agreements Other expense, net $ — $ — $ 0.9 $ — Fixed-rate debt Other expense, net — — (4.1 ) — Net hedge $ — $ — $ (3.2 ) $ — The effects of our non-designated derivatives on the Consolidated Statements of Operations were as follows: Amount of Gain/(Loss) Recognized in Income Six Months Ended Fiscal Year Ended Non-Designated Derivatives Income Statement Location December 31, June 27, June 28, June 29, Foreign currency forward contracts Other expense, net $ (8.0 ) $ (295.4 ) $ (0.1 ) $ 4.7 Interest expense, net (0.7 ) (3.4 ) — — Foreign exchange option contracts Other expense, net — (26.4 ) — — Total $ (8.7 ) $ (325.2 ) $ (0.1 ) $ 4.7 |
Derivatives, Policy [Policy Text Block] | Derivative Instruments We record derivative instruments on the balance sheet on a gross basis as either an asset or liability measured at fair value. See Note 8 for a table indicating where each component is recorded on the Consolidated Balance Sheets. Additionally, changes in a derivative's fair value, which are measured at the end of each period, are recognized in earnings unless specific hedge accounting criteria are met. If hedge accounting criteria are met for cash flow hedges, the changes in a derivative’s fair value are recorded in shareholders’ equity as a component of other comprehensive income ("OCI"), net of tax. These deferred gains and losses are recognized in income in the period in which the hedged item and hedging instrument affect earnings. Any ineffective portion of the change in fair value is immediately recognized in earnings. We are exposed to credit loss in the event of nonperformance by the counterparties on derivative contracts. It is our policy to manage our credit risk on these transactions by dealing only with financial institutions having a long-term credit rating of "A" or better and by distributing the contracts among several financial institutions to diversify credit concentration risk. Should a counterparty default, our maximum exposure to loss is the asset balance of the instrument. The maximum term of the forward currency exchange contracts at December 31, 2015 , June 27, 2015 , and June 28, 2014 was 15 months. We enter into certain derivative financial instruments, when available on a cost-effective basis, to mitigate our risk associated with changes in interest rates and foreign currency exchange rates as follows: Interest rate risk management - We are exposed to the impact of interest rate changes through our cash investments and borrowings. We utilize a variety of strategies to manage the impact of changes in interest rates including using a mix of debt maturities along with both fixed-rate and variable-rate debt. In addition, we may enter into treasury-lock agreements and interest rate swap agreements on certain investing and borrowing transactions to manage our exposure to interest rate changes and our overall cost of borrowing. Foreign currency exchange risk management - We conduct business in several major currencies other than the U.S. dollar and are subject to risks associated with changing foreign exchange rates. Our 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, we enter 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. We do not use derivative financial instruments for speculative purposes. All of our designated derivatives were classified as cash flow hedges as of December 31, 2015 , June 27, 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 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, recorded in Other expense, net. All of our designated derivatives are assessed for hedge effectiveness quarterly. We also have 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. |
Assets Held for Sale
Assets Held for Sale | 6 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale | ASSETS HELD FOR SALE During the six months ended December 31, 2015 , management committed to a plan to sell our VMS and India API businesses. When a group of assets is classified as held for sale, the book value is evaluated and adjusted to the lower of its carrying amount or fair value less cost to sell. We determined that the fair value less cost to sell the VMS business exceeded its carrying value. We determined that the carrying value of the India API business exceeded the fair value less cost to sell, resulting in an impairment charge of $29.0 million within our Other segment, which is shown in Impairment charges on the Consolidated Statements of Operations. Assets and liabilities associated with the VMS and India API held for sale businesses were reclassified as held for sale at December 31, 2015 . The assets held for sale were reported within Prepaid expenses and other current assets and liabilities held for sale were reported in Accrued liabilities . The amounts consisted of the following at December 31, 2015 (in millions): December 31, 2015 CHC Other Assets held for sale Current assets $ 55.1 $ 13.6 Goodwill 13.0 14.5 Property, plant and equipment 18.8 37.4 Other assets — 3.2 Less: impairments — (29.0 ) Total assets held for sale $ 86.9 $ 39.7 Liabilities held for sale Current liabilities $ 30.5 $ 0.5 Other liabilities — 1.7 Total liabilities held for sale $ 30.5 $ 2.2 |
Indebtedness
Indebtedness | 6 Months Ended |
Dec. 31, 2015 | |
Indebtedness [Abstract] | |
Indebtedness | INDEBTEDNESS Total borrowings outstanding are summarized as follows (in millions): December 31, June 27, June 28, Revolving credit agreements 2015 Revolver $ 380.0 $ — $ — 2014 Revolver 300.0 — — Total revolving credit agreements 680.0 — — Term loans 2013 Term loan due December 18, 2015 — — 300.0 2013 Term loan due December 18, 2018 — — 630.0 * 2014 Term loan due December 5, 2019 488.8 530.5 — Total term loans 488.8 530.5 930.0 Notes and bonds Coupon Due 1.300% November 8, 2016 (2) 500.0 500.0 500.0 * 4.500% May 23, 2017 (3) 195.5 201.0 — * 5.125% December 12, 2017 (3) 325.8 335.0 — 2.300% November 8, 2018 (2) 600.0 600.0 600.0 * 5.000% May 23, 2019 (3) 130.3 134.1 — 3.500% December 15, 2021 (1) 500.0 500.0 — * 5.105% July 19, 2023 (3) 146.7 150.8 — 4.000% November 15, 2023 (2) 800.0 800.0 800.0 3.900% December 15, 2024 (1) 700.0 700.0 — 5.300% November 15, 2043 (2) 400.0 400.0 400.0 4.900% December 15, 2044 (1) 400.0 400.0 — Total notes and bonds 4,698.3 4,720.9 2,300.0 Other financing 86.0 13.0 10.2 Unamortized premium (discount), net 73.4 87.5 (6.0 ) Deferred financing fees (36.6 ) (40.5 ) (27.4 ) Total borrowings outstanding 5,989.9 5,311.4 3,206.8 Current indebtedness (1,018.3 ) (64.6 ) (143.7 ) Total long-term debt less current portion $ 4,971.6 $ 5,246.8 $ 3,063.1 (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." (3) Debt assumed from Omega. * Debt denominated in euros subject to fluctuations in the euro to U.S. dollar exchange rate. We were in compliance with all covenants under our various debt agreements as of December 31, 2015 , June 27, 2015 , and June 28, 2014 . On December 9, 2015, Perrigo Finance Unlimited Company, formerly Perrigo Finance plc ("Perrigo Finance"), entered into a $750.0 million revolving credit agreement (the "2015 Revolver"). There were $380.0 million of borrowings outstanding under the 2015 Revolver as of December 31, 2015 . Omega Financing Bridge Agreement In connection with the Omega acquisition, on November 6, 2014 , we entered into a €1.75 billion ( $2.2 billion ) senior unsecured 364 -day bridge loan facility (the "Bridge Loan Facility"). Upon issuance of our permanent debt financing described below, the Bridge Loan Facility was terminated on December 3, 2014. At no time did we draw upon the Bridge Loan Facility. Debt Issuance On December 2, 2014 , Perrigo Finance, our 100% owned finance subsidiary, issued $500.0 million in aggregate principal amount of 3.50% senior notes due 2021 (the "2021 Notes”), $700.0 million in aggregate principal amount of 3.90% senior notes due 2024 (the “2024 Notes”), and $400.0 million in 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 Perrigo and no other subsidiary of Perrigo guarantees the 2014 Bonds. There are no restrictions under the 2014 Bonds on our ability to obtain funds from our subsidiaries. Perrigo Finance received net proceeds of approximately $1.6 billion from issuance of the 2014 Bonds after fees and market discount. Perrigo Finance may redeem the 2014 Bonds in whole or in part at any time for cash at the make-whole 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 ( $614.3 million ) tranche, with the ability to draw an additional €300.0 million ( $368.6 million ) tranche, maturing December 5, 2019, and a $600.0 million revolving credit agreement which increased to $1.0 billion upon the closing of the Omega acquisition (the "2014 Revolver") (together, the "2014 Credit Agreements"), and Perrigo Company entered into a $300.0 million term loan tranche maturing December 18, 2015. We allowed the undrawn €300.0 million term loan tranche to expire. There was $300.0 million of borrowings outstanding under the 2014 Revolver as of December 31, 2015 . There were no borrowings outstanding under the 2014 Revolver as of June 27, 2015 , and June 28, 2014 . During the six months ended December 31, 2015 , we made $28.3 million in scheduled principal payments on our euro-denominated term loan. Debt Extinguishment On December 5, 2014, we repaid the remaining $895.0 million outstanding under our 2013 Term Loan, then terminated both the 2013 Term Loan and 2013 Revolver described below in "Elan Financing." On June 25, 2015, we repaid the $300.0 million 2014 Term Loan. We recorded a $10.5 million loss on extinguishment of debt during the fiscal year ended June 27, 2015 , which consisted of the Bridge Loan Facility interest expense and deferred financing fees related to the 2013 Term Loan, 2013 Revolver, and 2014 Term Loan. Assumed Debt and Repayment In connection with the Omega acquisition, we assumed $20.0 million in aggregate principal amount of 6.19% senior notes due 2016 (the "6.19% 2016 Notes"), €135.0 million ( $147.0 million ) in aggregate principal amount of 5.1045% senior notes due 2023 ("2023 Notes"), €300.0 million ( $326.7 million ) in aggregate principal amount of 5.125% retail bonds due 2017 , €180.0 million ( $196.0 million ) in aggregate principal amount of 4.500% retail bonds due 2017 , €120.0 million ( $130.7 million ) in aggregate principal amount of 5.000% retail bonds due 2019 (collectively, the "Retail Bonds"), a revolving credit facility with €500.0 million ( $544.5 million ) outstanding, and certain overdraft facilities totaling €51.4 million ( $56.0 million ). The fair value of the 2023 Notes and Retail Bonds exceeded par value by €93.6 million ( $101.9 million ) on the date of the acquisition. As a result, a fair value adjustment was recorded as part of the carrying value of the underlying debt and will be amortized as a reduction of interest expense over the remaining terms of the respective debt instruments. The adjustment does not affect cash interest payments. On April 8, 2015 , we repaid the €500.0 million ( $539.1 million ) outstanding under the assumed Omega's revolving credit facility and terminated the facility. On May 29, 2015, we repaid the $20.0 million of the outstanding 6.19% 2016 Notes in full. On March 30, 2015 we repaid the €51.4 million ( $56.0 million ) outstanding under certain overdraft facilities. Our BCH segment regularly utilizes overdraft facilities to meet its short-term liquidity needs and its balances fluctuate on a day-to-day basis. While the assumed overdraft facilities balance noted above was repaid as of June 27, 2015, additional borrowings were made as of December 31, 2015 and make up the majority of the "Other financing" section in the table above. The balance outstanding under the facilities was $82.9 million at December 31, 2015 . Elan Financing Bridge Agreement In connection with the Elan acquisition, on July 28, 2013 , we 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 we draw under the Bridge Credit Agreements. Debt Issuance On September 6, 2013 , Perrigo 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 our 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. Our obligations 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, Perrigo Company issued $500.0 million aggregate principal amount of its 1.30% senior notes due 2016 (the "1.30% 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 1.30% 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 Perrigo Company existing and future unsecured and unsubordinated indebtedness. Perrigo 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. We may redeem the 2013 Bonds in whole or in part at any time for cash at the make-whole 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, we offered to exchange our private placement senior notes for 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, we are no longer required to present guarantor financial statements. Debt Extinguishment On December 18, 2013, we repaid the remaining principal balance with accrued interest and fees of $360.0 million outstanding under our credit agreement dated as of October 26, 2011, then terminated the agreement. On November 20, 2013, we priced a tender offer and consent solicitation with regard to our 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, we completed the prepayment of all obligations under our Private Placement 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 our 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, we recorded a loss of $165.8 million during the fiscal year ended June 28, 2014 (in millions): Make-whole payments $ 133.5 Write-off of financing fees on Bridge Credit Agreements 19.0 Write-off of deferred financing fees 10.5 Write-off of unamortized discount 2.8 Total loss on extinguishment of debt $ 165.8 Future Maturities The annual future maturities of our short-term and long-term debt, including capitalized leases, are as follows (in millions): Payment Due Amount 2016 $ 1,019.7 2017 576.6 2018 667.9 2019 742.6 2020 — Thereafter 2,946.5 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY Earnings per Share A reconciliation of the numerators and denominators used in our basic and diluted EPS calculation is as follows (in millions): Six Months Ended Fiscal Year Ended December 31, June 27, June 28, June 29, Numerator: Net income $ 5.6 $ 128.0 $ 205.3 $ 441.9 Denominator: Weighted average shares outstanding for basic EPS 145.6 139.3 115.1 93.9 Dilutive effect of share-based awards 0.5 0.5 0.5 0.6 Weighted average shares outstanding for diluted EPS 146.1 139.8 115.6 94.5 Anti-dilutive share-based awards excluded from computation of diluted EPS 0.1 0.1 0.1 0.2 Shareholder's Equity On and prior to December 18, 2013, our common stock consisted of common stock of Perrigo Company, a Michigan Corporation, and since December 19, 2013, our common stock has consisted of ordinary shares of Perrigo Company plc, a public limited company incorporated under the laws of Ireland. Prior to June 6, 2013, our common stock traded on the NASDAQ Global Select Market under the symbol PRGO. Since June 6, 2013, our ordinary shares have traded on the New York Stock Exchange under the symbol PRGO. In association with the acquisition of Agis Industries (1983) Ltd., our ordinary shares have been trading on the Tel Aviv Stock Exchange since March 16, 2005. Dividends In January 2003, the Board of Directors adopted a policy of paying quarterly dividends. We paid dividends as follows: Six Months Ended Fiscal Year Ended December 31, June 27, June 28, June 29, Dividends paid (in millions) $ 36.3 $ 64.8 46.1 $ 33.0 Dividends paid per share $ 0.25 $ 0.46 $ 0.39 $ 0.35 The declaration and payment of dividends and the amount paid, if any, are subject to the discretion of the Board of Directors and depend on our earnings, financial condition, capital and surplus requirements and other factors the Board of Directors may consider relevant. Share Repurchases In October 2015, the Board of Directors approved a share repurchase plan of up to $2.0 billion . During the six months ended December 31, 2015 , we repurchased 3.3 million ordinary shares at an average repurchase price of $151.59 per share, for a total of $500.0 million . |
Share-based compensation (Notes
Share-based compensation (Notes) | 6 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | SHARE-BASED COMPENSATION PLANS All share-based compensation for employees and directors is granted under the 2013 Long-Term Incentive Plan (the "Plan"), as amended. The Plan has been approved by our shareholders and provides for the granting of awards to our employees and directors. As of December 31, 2015 , there were 5.0 million shares available to be granted. The purpose of the Plan is to attract and retain individuals of exceptional talent and encourage these individuals to acquire a vested interest in the Company's success and prosperity. The awards that are granted under this program include non-qualified stock options, restricted shares, and restricted share units. Restricted shares are generally service-based, requiring a certain length of service before vesting occurs, while restricted share units can be either service-based or performance-based. Performance-based restricted share units require a certain length of service until vesting; however, they contain an additional performance feature, which can vary the amount of shares ultimately paid out based on certain performance criteria specified in the Plan. Awards granted under the Plan vest and may be exercised and/or sold from one to ten years after the date of grant based on a vesting schedule. Share-based compensation expense was $24.8 million for the six months ended December 31, 2015 , and $31.6 million , $24.6 million , and $18.4 million for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. As of December 31, 2015 , unrecognized share-based compensation expense was $52.1 million , and the weighted-average period over which the expense is expected to be recognized was approximately 1.7 years. Proceeds from the exercise of stock options and excess income tax benefits attributable to stock options exercised are credited to ordinary shares. Stock Options A summary of activity related to stock options is presented below (options in thousands): Number of Weighted-Average Weighted- Aggregate Options outstanding at June 28, 2014 850 $ 77.26 Granted 181 $ 147.75 Exercised (170 ) $ 49.26 Forfeited or expired (4 ) $ 128.76 Options outstanding at June 27, 2015 857 $ 97.49 6.6 $ 79.8 Granted — $ — Exercised (72 ) $ 69.62 Forfeited or expired (2 ) $ 131.91 Options outstanding at December 31, 2015 783 $ 99.93 6.3 $ 35.6 Options exercisable 614 $ 89.08 5.7 $ 34.3 Options expected to vest 165 $ 139.21 8.3 $ 1.3 The aggregate intrinsic value for options exercised during the year was $6.7 million f or the six months ended December 31, 2015 , and $20.7 million , $17.8 million , and $29.5 million for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. There were no options granted during the six months ended December 31, 2015 . The weighted-average fair value per share at the grant date for options granted during the year $39.96 , $38.28 , and $34.24 for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. The fair values were estimated using the Black-Scholes option pricing model with the following weighted-average assumptions: Fiscal Year Ended June 27, June 28, June 29, Dividend yield 0.3 % 0.3 % 0.3 % Volatility, as a percent 27.1 % 32.7 % 34.9 % Risk-free interest rate 1.7 % 1.8 % 0.8 % Expected life in years 5.3 5.3 5.4 The valuation model utilizes historical volatility. The risk-free interest rate is based on the yield of U.S. government securities with a maturity date that coincides with the expected term of the option. The expected life in years is estimated based on past exercise behavior of employees. Non-Vested Restricted Shares A summary of activity related to non-vested restricted shares is presented below (shares in thousands): Number of Weighted- Weighted- Aggregate Non-vested restricted shares outstanding at June 28, 2014 9 $ 100.84 Granted — $ — Vested (9 ) $ 100.84 Forfeited — $ — Non-vested restricted shares outstanding at June 27, 2015 — $ — 0.0 $ — There were no restricted shares granted, vested or outstanding for the six months ended December 31, 2015 . There were no shares granted during the fiscal year ended June 27, 2015 .The weighted-average fair value per share at the date of grant for restricted shares granted was $145.19 for the fiscal year ended June 28, 2014 and $100.84 for the fiscal year ended June 29, 2013 . The total fair value of restricted shares that vested was $0.9 million , $2.3 million , and $0.6 million for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. Non-Vested Service-Based Restricted Share Units A summary of activity related to non-vested service-based restricted share units is presented below (units in thousands): Number of Weighted- Weighted- Aggregate Non-vested service-based share units outstanding at June 28, 2014 247 $ 112.89 Granted 135 $ 153.99 Vested (91 ) $ 99.54 Forfeited (8 ) $ 126.13 Non-vested service-based share units outstanding at June 27, 2015 283 $ 136.48 1.2 $ 53.9 Granted 199 $ 165.64 Vested (94 ) $ 125.03 Forfeited (6 ) $ 164.56 Non-vested service-based share units outstanding at December 31, 2015 382 $ 154.07 2.2 $ 55.3 The weighted-average fair value per share at the date of grant for service-based restricted share units granted was $165.64 for the six months ended December 31, 2015 , and $153.99 , $133.08 , and $109.20 for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. The total fair value of service-based restricted share units that vested during the period was $11.7 million for the six months ended December 31, 2015 , and $9.1 million , $6.8 million , and $5.7 million for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. Non-Vested Performance-Based Restricted Share Units A summary of activity related to non-vested performance-based restricted share units is presented below (units in thousands): Number of Weighted- Weighted- Aggregate Non-vested performance-based share units outstanding at June 28, 2014 182 $ 109.63 Granted 106 $ 150.14 Vested (56 ) $ 91.14 Forfeited (3 ) $ 126.96 Non-vested performance-based share units outstanding at June 27, 2015 229 $ 129.77 1.38 $ 43.6 Granted 55 $ 184.49 Vested (58 ) $ 109.20 Forfeited (3 ) $ 144.73 Non-vested performance-based share units outstanding at December 31, 2015 223 $ 146.31 1.49 $ 32.3 The weighted-average fair value per share at the date of grant for performance-based restricted share units granted during the period was $184.49 for the six months ended December 31, 2015 , and $150.14 , $119.85 , and $108.60 for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. The weighted-average fair value of performance-based restricted share units can fluctuate depending upon the success or failure of the achievement of performance criteria as set forth in the Plan. The total fair value of performance-based restricted share units that vested during the period was $6.4 million for the six months ended December 31, 2015 , and $5.1 million , $4.6 million , and $5.0 million for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Dec. 31, 2015 | |
Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE INCOME Changes in our AOCI balances, net of tax, were as follows (in millions): Fair value of derivative financial instruments, net of tax Foreign currency translation adjustments Fair value of investment securities, net of tax Post-retirement and pension liability adjustments, net of tax Total AOCI Balance at June 29, 2013 $ (4.5 ) $ 80.6 $ — $ 0.9 $ 77.0 OCI before reclassifications (18.2 ) 83.8 (4.3 ) (12.0 ) 49.3 Amounts reclassified from AOCI 6.6 — 6.7 — 13.3 Other comprehensive income (loss) (11.6 ) 83.8 2.4 (12.0 ) 62.6 Balance at June 28, 2014 (16.1 ) 164.4 2.4 (11.1 ) 139.6 OCI before reclassifications (15.1 ) (33.5 ) (5.4 ) 1.9 (52.1 ) Amounts reclassified from AOCI 14.9 — — — 14.9 Other comprehensive income (loss) (0.2 ) (33.5 ) (5.4 ) 1.9 (37.2 ) Balance at June 27, 2015 (16.3 ) 130.9 (3.0 ) (9.2 ) 102.4 OCI before reclassifications 1.1 (135.3 ) (1.4 ) 7.4 (128.2 ) Amounts reclassified from AOCI 1.0 — 10.7 (1.4 ) 10.3 Other comprehensive income (loss) 2.1 (135.3 ) 9.3 6.0 (117.9 ) Balance at December 31, 2015 $ (14.2 ) $ (4.4 ) $ 6.3 $ (3.2 ) $ (15.5 ) |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | INCOME TAXES Pre-tax income and the provision for income taxes from continuing operations are summarized as follows (in millions): Six Months Ended Fiscal Year End December 31, June 27, June 28, June 29, Pre-tax income (loss): Ireland $ (346.9 ) $ (821.2 ) $ (369.3 ) $ — Other 323.7 1,069.2 641.9 607.7 Total pre-tax income (loss) (23.2 ) 248.0 272.6 607.7 Provision for income taxes: Current: Ireland 1.4 (2.0 ) 2.2 — United States - federal 59.2 77.0 44.0 125.0 United States - state 3.2 6.9 9.3 10.7 Other foreign 40.4 54.1 49.1 24.3 Subtotal 104.2 136.0 104.6 160.1 Deferred (credit): Ireland (27.7 ) 7.5 (24.2 ) — United States - federal (32.5 ) (17.5 ) 7.8 16.6 United States - state (3.3 ) (0.8 ) (5.8 ) — Other foreign (69.5 ) (5.2 ) (15.1 ) (10.9 ) Subtotal (133.0 ) (16.0 ) (37.3 ) 5.7 Total provision for income taxes $ (28.8 ) $ 120.0 $ 67.3 $ 165.8 A reconciliation of the provision based on the Federal statutory income tax rate to our effective income tax rate is as follows: Six Months Ended Fiscal Year Ended December 31, June 27, June 28, June 29, Provision at statutory rate 12.5 % 12.5 % 12.5 % 35.0 % Ireland tax on non-trading differences 80.8 (10.3 ) 2.8 — Expenses not deductible for tax purposes/ deductions not expensed for book, net (151.7 ) 15.5 12.1 (0.6 ) U.S. Operations: State income taxes, net of federal benefit (15.3 ) (1.0 ) (0.2 ) 1.1 Foreign tax credit — — 0.2 (0.1 ) Research and development credit 5.1 (0.8 ) (0.5 ) (0.5 ) Other (43.3 ) 5.6 (0.8 ) (1.0 ) Other foreign differences (earnings taxed at other than applicable statutory rate) 394.8 (16.6 ) (16.0 ) (8.7 ) Worldwide operations: Valuation allowance changes (148.6 ) 25.0 2.9 — Audit impacts — — — (1.2 ) Change in unrecognized taxes (10.1 ) 18.5 15.0 3.3 Rate change impacts — — (3.3 ) — Effective income tax rate 124.2 % 48.4 % 24.7 % 27.3 % We have provided a provision for income taxes through opening balance sheet accounting on a portion of pre-acquisition earnings of the Omega group of companies. No further provision has been made for income taxes on remaining undistributed earnings of foreign subsidiaries, of approximately $3.7 billion at December 31, 2015 , since it is our intention to indefinitely reinvest undistributed earnings of our foreign subsidiaries. Due to the number of legal entities and taxing jurisdictions involved and the complexity of the legal entity structure, the complexity of tax laws in the various jurisdictions, including, but not limited to the rules pertaining to the utilization of foreign tax credits in the U.S. and the impact of income projections to calculations, we believe it is not practicable to estimate, within any reasonable range, the additional income taxes may be payable on the remittance of such undistributed earnings. Deferred income taxes arise from temporary differences between the financial reporting and the tax reporting basis of assets and liabilities and operating loss and tax credit carryforwards for tax purposes. The components of our net deferred income tax asset (liability) were as follows: Six Months Ended Fiscal Year Ended December 31, June 27, June 28, Deferred income tax asset (liability): Depreciation and amortization $ (1,808.5 ) $ (1,889.0 ) $ (982.6 ) Inventory basis differences 21.0 30.2 43.9 Accrued liabilities 58.1 67.2 84.3 Allowance for doubtful accounts 1.3 0.9 0.9 Research and development 63.7 62.8 3.7 Loss carryforwards 243.6 242.7 47.1 Share-based compensation 20.6 14.3 14.3 Foreign tax credit 10.6 10.6 10.6 Federal benefit of unrecognized tax positions 22.8 26.3 20.7 Interest carryforwards 334.6 259.7 253.3 Other, net 14.7 29.7 59.6 Subtotal (1,017.5 ) (1,144.6 ) (444.2 ) Valuation allowance for loss and credit carryforwards (491.6 ) (519.2 ) (198.4 ) Net deferred income tax asset (liability): $ (1,509.1 ) $ (1,663.8 ) $ (642.6 ) The above amounts are classified on the Consolidated Balance Sheets as follows (in millions): Six Months Ended Fiscal Year Ended December 31, June 27, June 28, Assets $ 54.6 $ 161.9 $ 86.4 Liabilities (1,563.7 ) (1,825.7 ) (729.0 ) Net deferred income tax (liability) asset $ (1,509.1 ) $ (1,663.8 ) $ (642.6 ) At December 31, 2015 , we had gross carryforwards as follows: worldwide federal net operating losses, excluding U.S. states, of $823.7 million , U.S. state net operating losses of $422.5 million , worldwide federal capital losses of $19.3 million , U.S. state credits of $1.5 billion , and U.S. federal credits of $269.1 million . At December 31, 2015 , gross valuation allowances had been provided for worldwide federal net operating loss carryforwards, excluding U.S. states, in the amount of $603.6 million , $388.4 million for U.S. state net operating loss carryforwards, $19.3 million for worldwide federal capital loss carryforwards, $1.5 billion for U.S. state credit carryforwards and $198.2 million for U.S. federal credit carryforward as utilization of such carryforwards within the applicable statutory periods is uncertain. The U.S. federal net operating loss carryforwards expire through 2034 , U.S. capital loss carryforward expires through 2016 and U.S. federal credit carryforwards of $30.2 million , $167.8 million and $37.2 million expire through 2022 , 2025 and 2027 , respectively, with the remaining U.S. credits having no expiration. U.S. state net operating loss carryforwards expire through 2034 , and U.S. state credit carryforwards expire through 2029 . Of the non-U.S. net operating loss carryforwards, $10.2 million , $2.1 million , $22.0 million , $2.6 million , $0.1 million and $3.4 million expire through 2017 , 2018 , 2020 , 2022 , 2023 , and 2025, respectively, while the remaining amounts of non U.S. net operating loss carryforwards and non-U.S. capital loss carryforwards have no expiration. The valuation allowances for these net operating loss carryforwards are adjusted annually, as necessary. After application of the valuation allowances described above, we anticipate no limitations will apply with respect to the realization of our net deferred income tax assets. The following table summarizes the activity related to amounts recorded for uncertain tax positions, excluding interest and penalties (in millions): Unrecognized Tax Benefits Balance at June 29, 2013 $ 110.1 Additions: Positions related to the current year 28.8 Positions related to prior years 22.7 Reductions: Lapse of statutes of limitation (1.5 ) Balance at June 28, 2014 160.1 Additions: Positions related to the current year 38.9 Positions related to prior years 122.7 Reductions: Settlements with taxing authorities (1.4 ) Lapse of statutes of limitation (1.7 ) Balance at June 27, 2015 318.6 Additions: Positions related to the current year 17.9 Reductions: Positions related to prior years (38.8 ) Settlements with taxing authorities (15.3 ) Balance at December 31, 2015 $ 282.4 We recognize 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 $52.1 million , $65.7 million , and $45.3 million as of December 31, 2015 , June 27, 2015 , and June 28, 2014 , respectively. The total liability for uncertain tax positions was $334.7 million , $384.3 million , and $205.4 million as of December 31, 2015 , June 27, 2015 , and June 28, 2014 , respectively, before considering the federal tax benefit of certain state and local items, of which $206.1 million , $217.6 million , and $170.2 million , respectively, would impact the effective tax rate in future periods, if recognized. This increase is due primarily to acquisitions and the current year impact related to prior year positions. We file income tax returns in numerous jurisdictions and are therefore subject to audits by tax authorities. Our primary income tax jurisdictions are Ireland, the U.S., Israel, Belgium, France, and the United Kingdom. Although we believe that our tax estimates are reasonable and that we prepare our 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 our estimates or from our historical income tax provisions and accruals. The results of an audit or litigation could have a material effect on operating results and/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, and/or interest assessments. The IRS audit of fiscal years 2009 and 2010 had previously concluded with the issuance of a statutory notice of deficiency on August 27, 2014. While we 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 audit of fiscal years ended June 27, 2009 and June 26, 2010. The statutory notice asserted an incremental tax obligation of approximately $68.9 million , inclusive of interest and penalties. We disagree with the IRS’s positions asserted in the notice of deficiency. In January 2015, we paid this amount, a prerequisite to being able to contest the IRS’s positions in U.S. Federal court, and in June 2015, we filed a request for a refund. The IRS denied our request for a refund. In the next several months we are likely to file a complaint in federal district court claiming a refund for these amounts. The payment was recorded in the third quarter of fiscal year 2015 as a deferred charge on the balance sheet given our anticipated action to recover this amount. An unfavorable resolution of this matter could have a material impact on our 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, we cannot predict the outcome of any audit or related litigation. The IRS is auditing our fiscal years ended June 25, 2011 and June 30, 2012, and may make adjustments consistent with their claims for the 2009-10 audit period. Subsequent to December 31, 2015 the Belgium Tax Authority notified us that all Belgium locations will be audited for the years ending December 31, 2013 and December 31, 2014. Based on the final resolution of tax examinations, judicial or administrative proceedings, changes in facts or law, expirations of statute of limitations in specific jurisdictions or other resolutions of, or changes in, tax positions, it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those represented on the financial statements as of December 31, 2015 . During the next 12 months, it is reasonably possible that such circumstances may occur that would have a material effect on previously unrecognized tax benefits. As a result, the total net amount of unrecognized tax benefits may decrease, which would reduce the provision for taxes on earnings by a range estimated at $2.0 million to $3.0 million . Tax Rate Changes In fiscal year 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. For all other entities that do not qualify for this reduced rate, the tax rate was increased from 25% to 26.5% . However, additional legislation was passed in January 2016, effective immediately, reducing the tax rate from 26.5% back to 25% . 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 are applicable to Perrigo as of June 30, 2013 and favorably impacted the effective tax rate in the amount of $4.7 million for our fiscal year ended June 28, 2014. Additionally, in November 2015, the United Kingdom passed legislation further reducing the statutory rate to 19% and 18% beginning April 1, 2017 and April 1, 2020, respectively. These rates are applicable to Perrigo as of December 31, 2015 and favorably impacted the effective tax rate in the amount of $1.4 million for the six months ended December 31, 2015 . 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 Perrigo as of June 30, 2013. |
Post Employment Plans
Post Employment Plans | 6 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Post Employment Plans | POST EMPLOYMENT PLANS Defined Contribution Plans We have a qualified profit-sharing and investment plan under Section 401(k) of the IRS, which covers substantially all U.S. employees. Our contributions to the plan include an annual nondiscretionary contribution of 3% of an employee's eligible compensation and a discretionary contribution at the option of the Board of Directors. Additionally, we match a portion of employees' contributions. Our contributions to the plan were $15.8 million for the six months ended December 31, 2015 , and $24.6 million , $25.6 million , and $23.0 million for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. We also have a defined contribution plan that covers our Ireland employees. We contribute up to 18% of each participating employee’s annual eligible salary on a monthly basis. In connection with matching contributions under the Irish defined contribution plan, we recorded expense of $0.2 million during the six months ended December 31, 2015 , and $0.7 million and $0.5 million during the fiscal years ended June 27, 2015 , and June 28, 2014 , respectively. We assumed a number of defined contribution plans associated with the Omega acquisition and we pay contributions to the pension insurance plans. We recorded expense of $2.9 million for the six months ended December 31, 2015 and $0.6 million for the three months ended June 27, 2015, in connection with matching contributions to the defined contribution plans. Pension and Post-Retirement Healthcare Benefit Plans We assumed the liability of two defined benefit plans (staff and executive plan) for employees based in Ireland with the Elan acquisition in 2013. These plans were closed to new entrants from March 31, 2009, and a defined contribution plan was established for employees in Ireland hired after this date. In January 2013, Elan ceased the future accrual of benefits to the active members of the defined benefit pension plans. Active members became deferred members of the defined benefit plans on January 31, 2013 and became members of the defined contribution plan on February 1, 2013. As of March 11, 2015, both plans (staff and executive plan) were merged and all plan assets and liabilities were transferred from the executive scheme to the staff scheme as a result of a plan combination. The value of plan assets and liabilities transferred were derived by reference to market conditions and assumptions as of March 11, 2015. In general, upon retirement, eligible Ireland employees in the staff plan are entitled to a pension calculated at 1/60 th (1/52 nd for the executive plan) of their final salary for each year of service, subject to a maximum of 40 years. The investments of the plans at December 31, 2015 consisted of units held in independently administered funds. In connection with the Omega acquisition, we also assumed the liability of a number of defined benefit plans as well as a post-retirement healthcare plan. The defined benefit plans cover employees based primarily in the Netherlands, Germany, France, and Norway. Omega companies operate various pension plans across each country. Our defined benefit pension plans are managed externally and the related pension costs and liabilities are assessed at least annually in accordance with the advice of a qualified professional actuary. We use a December 31, 2015 (previously June 27, 2015) measurement date and all plan assets and liabilities are reported as of that date. Finally, we provide certain healthcare benefits to eligible U.S. employees and their dependents who meet certain age and service requirements when they retire. Generally, benefits are provided to eligible retirees after age 65 and to their dependents. Increases in our contribution for benefits are limited to increases in the Consumer Price Index. Additional healthcare cost increases are paid through participant contributions. We accrue the expected costs of such benefits during a portion of the employees’ years of service. The plan is not funded. Under current plan provisions, the plan is not eligible for any U.S. federal subsidy related to the Medicare Modernization Act of 2003 Part D Subsidy. The change in the projected benefit obligation and plan assets consisted of the following (in millions): Pension Benefits Other Benefits Six Months Ended Fiscal Year Ended Six Months Ended Fiscal Year Ended December 31, June 27, 2015 * June 28, 2014 ** December 31, June 27, 2015 * June 28, 2014 Projected benefit obligation at beginning of period $ 140.3 $ 89.0 $ — $ 6.0 $ 4.6 $ 3.9 Acquisitions 5.6 70.4 84.4 — 1.0 — Service costs 2.2 0.9 — 0.3 0.3 0.5 Interest cost 1.7 2.4 1.4 0.1 0.2 0.3 Actuarial (gain) loss (10.1 ) (6.8 ) 12.1 0.5 — — Benefits paid (0.6 ) (0.9 ) (0.2 ) (0.1 ) (0.1 ) (0.1 ) Settlements — — (8.0 ) — — — Foreign currency translation (4.1 ) (14.7 ) (0.7 ) 0.1 — — Projected benefit obligation at end of period $ 135.0 $ 140.3 $ 89.0 $ 7.0 $ 6.0 $ 4.6 Fair value of plan assets at beginning of period 133.3 99.6 — — — — Acquisitions 3.2 49.9 107.3 — — — Actual return on plan assets (0.6 ) (1.0 ) 5.4 — — — Benefits paid (0.6 ) (0.1 ) (0.2 ) — — — Settlements — — (12.1 ) — — — Employer contributions 3.3 2.4 — — — — Foreign currency translation (3.7 ) (17.5 ) (0.8 ) — — — Fair value of plan assets at end of period $ 134.9 $ 133.3 $ 99.6 $ — $ — $ — Funded (unfunded) status $ (0.1 ) $ (7.0 ) $ 10.6 $ (7.0 ) $ (6.0 ) $ (4.6 ) Presented as: Other non-current assets $ 16.5 $ 12.8 $ 10.6 $ — $ — $ — Other non-current liabilities $ (16.6 ) $ (19.8 ) $ — $ (7.0 ) $ (6.0 ) $ (4.0 ) * Includes Omega activity from March 30, 2015 to June 27, 2015. ** Includes Elan activity from December 18, 2013 to June 28, 2014. The total accumulated benefit obligation for the defined benefit pension plans was $109.4 million , $136.6 million , and $89.0 million at December 31, 2015 , June 27, 2015 , and June 28, 2014 , respectively. An unrecognized actuarial loss of $0.4 million , gain of $0.1 million , loss of $0.1 million , and gain of $0.3 million for the other benefits liability for the six months ended December 31, 2015 and fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively, was included in OCI, net of tax. As of December 31, 2015 , June 27, 2015 , and June 28, 2014 the unamortized net actuarial loss in AOCI for defined benefit pension and other benefits was $3.2 million , $9.2 million , and $11.9 million , respectively. The total estimated amount to be recognized from AOCI into net periodic cost during the next twelve months is $0.7 million . At December 31, 2015 , the total estimated future benefit payments to be paid by the plans for the next five years is approximately $6.9 million for pension benefits and $0.9 million for other benefits as follows (in millions): Payment Due Pension Benefits Other Benefits 2016 $ 1.0 $ 0.1 2017 1.0 0.2 2018 1.2 0.2 2019 1.7 0.2 2020 2.0 0.2 Thereafter 12.5 2.0 The expected benefits to be paid are based on the same assumptions used to measure our benefit obligation at December 31, 2015 , including the expected future employee service. We expect to contribute $4.5 million to the defined benefit plans within the next year. Net periodic pension cost consisted of the following (in millions): Pension Benefits Other Benefits Six Months Ended Fiscal Year Ended Six Months Ended Fiscal Year Ended December 31, June 27, 2015 * June 28, 2014 ** December 31, June 27, 2015 * June 28, Service cost $ 2.2 $ 0.9 $ — $ 0.3 $ 0.3 $ 0.5 Interest cost 1.7 2.4 1.4 0.1 0.2 0.3 Expected return on plan assets (1.8 ) (2.7 ) (1.9 ) — — 0.6 Net actuarial loss 0.4 1.0 0.7 — 0.1 Net periodic pension cost $ 2.5 $ 1.6 $ 0.2 $ 0.4 $ 0.6 $ 1.4 * Includes Omega activity from March 30, 2015 to June 27, 2015. ** Includes Elan activity from December 18, 2013 to June 28, 2014. The weighted-average assumptions used to determine net periodic pension cost and benefit obligation were: Pension Benefits Other Benefits Six Months Ended Fiscal Year Ended Six Months Ended Fiscal Year Ended December 31, June 27, 2015 * June 28, 2014 ** December 31, June 27, 2015 * June 28, Discount rate 2.22 % 2.11 % 2.90 % 4.25 % 4.25 % 4.25 % Inflation 2.25 % 1.93 % 2.00 % Expected return on assets 2.93 % 2.85 % 2.92 % * Includes Omega activity from March 30, 2015 to June 27, 2015. ** Includes Elan activity from December 18, 2013 to June 28, 2014. The discount rate is based on market yields at the valuation date and chosen with reference to the yields available on high quality corporate bonds, having regard to the duration of the plan's liabilities. As of December 31, 2015 , the expected weighted-average long-term rate of return on assets of 2.9% was calculated based on the assumptions of the following returns for each asset class: Equities 6.0 % Bonds 0.9 % Absolute return fund 3.5 % Insurance contracts 2.9 % Property 5.0 % The investment mix of the pension plans' assets is a blended asset allocation, with a diversified portfolio of shares listed and traded on recognized exchanges. As of December 31, 2015 , the current long-term asset allocation ranges of the trusts are as follows: Equities 10%-20% Bonds 20%-30% Property 0%-10% Absolute return 20%-30% Insurance contracts 30%-40% The purpose of the pension funds is to provide a flow of income for members in retirement. A flow of income delivered through fixed interest bonds provides a costly but close match to this objective. Equities are held within the portfolio as a means of reducing this cost, but holding equities creates a strategic risk because they give a very different pattern of return. Property investments are held to help diversify the portfolio. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies, and investment portfolio reviews. The following table sets forth the fair value of the pension plan assets, as of December 31, 2015 (in millions): Quoted Prices in Active Markets Other Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Equities $ 15.9 $ — $ — $ 15.9 Bonds 39.6 — — 39.6 Property — — 0.8 0.8 Insurance contracts — — 44.9 44.9 Absolute return fund 33.7 — — 33.7 Total $ 89.2 $ — $ 45.7 $ 134.9 The following table sets forth the fair value of the pension plan assets, as of June 27, 2015 (in millions): Quoted Prices in Active Markets Other Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Equities $ 16.7 $ — $ — $ 16.7 Bonds 49.7 — — 49.7 Property — — 0.4 0.4 Insurance contracts — — 31.5 31.5 Absolute return fund 34.8 — — 34.8 Other 0.2 — — 0.2 Total $ 101.4 $ — $ 31.9 $ 133.3 The following table sets forth the fair value of the pension plan assets, as of June 28, 2014 (in millions): Quoted Prices in Active Markets Other Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Equities $ 20.8 $ — $ — $ 20.8 Bonds 48.3 — — 48.3 Property — — 0.8 0.8 Absolute return fund 29.6 — — 29.6 Other 0.1 — — 0.1 Total $ 98.8 $ — $ 0.8 $ 99.6 For a discussion of the fair value levels and the valuation methodologies used to measure equities, bonds, and the absolute return fund, see Note 6 . The following table sets forth a summary of the changes in the fair value of the Level 3 pension plan assets, which were measured at fair value on a recurring basis (in millions): Six Months Ended Fiscal Year Ended December 31, June 27, 2015 * June 28, 2014 ** Level 3 assets held at beginning of year $ 31.9 $ 0.8 $ — Acquisitions 13.1 31.5 0.7 Unrealized gains 0.7 (0.4 ) 0.1 Level 3 assets held at end of year $ 45.7 $ 31.9 $ 0.8 * Includes Omega activity from March 30, 2015 to June 27, 2015. ** Includes Elan activity from December 18, 2013 to June 28, 2014. All properties in the fund are valued by independent valuation experts by forecasting the returns of the market at regular intervals. The inputs to the forecasts include gross national product growth, interest rates and inflation. The fair value of the insurance contracts is an estimate of the amount that would be received in an orderly sale to a market participant at the measurement date. The amount the plan would receive from the contract holder if the contracts were terminated is the primary input and is unobservable. The insurance contracts are therefore classified as Level 3 investments. Deferred Compensation Plans We have non-qualified plans related to deferred compensation and executive retention that allow certain employees and directors to defer compensation subject to specific requirements. Although the plans are not formally funded, we own insurance policies that had a cash surrender value of $34.6 million , $32.7 million and $28.0 million at December 31, 2015 , June 27, 2015 , and June 28, 2014 , respectively, that are intended as a long-term funding source for these plans. The assets, which are recorded in Other non-current assets, are not a committed funding source and may, under certain circumstances, be subject to claims from creditors. The deferred compensation liability of $34.5 million , $32.3 million , and $28.1 million at December 31, 2015 , June 27, 2015 , and June 28, 2014 , respectively, was recorded in Other non-current liabilities. Israeli Post Employment Benefits Israeli labor laws and agreements require us to pay benefits to employees dismissed or retiring under certain circumstances. Severance pay is calculated on the basis of the most recent employee salary levels and the length of employee service. Our Israeli subsidiaries also provide retirement bonuses to certain managerial employees. We make regular deposits to retirement funds and purchase insurance policies to partially fund these liabilities. The deposited funds may be withdrawn only upon the fulfillment of requirements pursuant to Israeli labor laws. The liability related to these post employment benefits, which is recorded in Other non-current liabilities, was $21.8 million , $21.3 million , and $24.0 million at December 31, 2015 , June 27, 2015 , and June 28, 2014 , respectively. We funded $17.2 million , $17.3 million , and $19.3 million of this amount, which is recorded in Other non-current assets, as of December 31, 2015 , June 27, 2015 , and June 28, 2014 , respectively. Our contributions to the above plans were $0.6 million for the six months ended December 31, 2015 , and $1.0 million , $0.4 million , and $0.9 million for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES We lease certain assets, principally warehouse facilities and computer equipment, under agreements that expire at various dates through the year ended December 31, 2024. Certain leases contain provisions for renewal and purchase options and require us to pay various related expenses. Future non-cancelable minimum operating lease commitments are as follows (in millions): Due Amount 2016 $ 45.8 2017 34.1 2018 31.7 2019 20.2 2020 16.1 Thereafter 21.7 Rent expense under all leases was $26.2 million for the six months ended December 31, 2015 , and $39.2 million , $34.5 million , and $27.6 million for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. At December 31, 2015 we had non-cancelable purchase obligations totaling $403.7 million consisting of contractual commitments to purchase materials and services to support operations. The obligations are expected to be paid within one year. In addition to the discussions below, we have pending certain other legal actions and claims incurred in the normal course of business. We record accruals for such contingencies when it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated. As of December 31, 2015 , we have determined that the liabilities associated with certain litigation matters are probable and can be reasonably estimated. We have accrued for these matters and will continue to monitor each related legal issue and adjust accruals for new information and further development. Other than what is disclosed below, we do not expect the outcome of the litigation matters to which we may be subject to, individually or in the aggregate, have a material adverse effect on our financial condition, results of operations, or cash flows. Texas Medicaid In June 2013, we received notices from the Office of the Attorney General for the State of Texas, of civil investigative demands to two of our subsidiaries, Perrigo Pharmaceuticals Company and Paddock Laboratories, LLC ("Paddock"), for information under the Texas Medicaid Fraud Prevention Act relating to the submission of prices to Texas Medicaid in claims for reimbursement for drugs. We accrued $24.0 million prior to settlement. In addition, we recorded a receivable of $7.0 million representing the amount we expected to collect from the previous owners of Paddock. During the six months ended December 31, 2015 , we settled the case for $15.0 million and the previous owners of Paddock settled their case with the state of Texas. We therefore removed the accrual and the receivable, which resulted in $2.0 million of income recorded in Other expense, net, during the six months ended December 31, 2015 . 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 our subsidiary, Perrigo Israel Agencies Ltd. The respondents included our subsidiaries, Perrigo Israel Pharmaceuticals Ltd. and/or Perrigo Israel Agencies Ltd., the manufacturers of the product, and various healthcare providers who provide healthcare services as part of the compulsory healthcare system in Israel. One of the applications was dismissed and the remaining eight applications were consolidated into one application. The applications arose from the 2011 launch of a reformulated version of Eltroxin in Israel. The consolidated application generally alleges that 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. Several hearings on whether or not to certify the consolidated application took place in December 2013 and January 2014. On May 17, 2015, the District Court certified the motion against Perrigo Israel Agencies Ltd. and dismissed it against the remaining respondents, including Perrigo Israel Pharmaceuticals Ltd. On June 16, 2015, Perrigo submitted a motion for permission to appeal the decision to certify to the Israeli Supreme Court together with a motion to stay the proceedings of the class action until the motion for permission to appeal is adjudicated. Perrigo has filed its statement of defense to the underlying proceedings and the underlying proceedings have been stayed pending a decision on the motion to appeal. At this stage, we cannot reasonably predict the outcome or the liability, if any, associated with these claims. Tysabri ® Product Liability Lawsuits Perrigo and collaborator Biogen are co-defendants in product liability lawsuits arising out of the occurrence of Progressive Multifocal Leukoencephalopathy, a serious brain infection, and serious adverse events, including deaths, which occurred in patients taking Tysabri ® . Perrigo 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 us. |
Collaboration Agreements
Collaboration Agreements | 6 Months Ended |
Dec. 31, 2015 | |
Collaboration Agreements [Abstract] | |
Collaboration agreements [Text Block] | COLLABORATION AGREEMENTS AND OTHER CONTRACTUAL ARRANGEMENTS We actively collaborate with other pharmaceutical companies to develop, manufacture and market certain products or groups of products. These types of agreements are common in the pharmaceutical industry. We may choose to enter into these types of agreements to, among other things, leverage our or others’ scientific research and development expertise or utilize our extensive marketing and distribution resources. Terms of the various collaboration agreements may require us to make or receive milestone payments upon the achievement of certain product research and development objectives and pay or receive royalties on the future sale, if any, of commercial products resulting from the collaboration. Milestone and up-front payments made are generally recorded in research and development expense if the payments relate to drug candidates that have not yet received regulatory approval. Milestone and up-front payments made related to approved drugs will generally be capitalized and amortized to cost of goods sold over the economic life of the product. Royalties received are generally reflected as revenues, and royalties paid are generally reflected as cost of goods sold. We enter into a number of collaboration agreements in the ordinary course of business. Although we do not consider these arrangements to be material, the following is a brief description of notable agreements entered into during the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 . We did not enter into any collaborative arrangements during the six months ended December 31, 2015 . Fiscal Year Ended June 27, 2015 In May 2015, we entered into a development agreement wherein we transferred the ownership rights to two pharmaceutical products to a clinical stage development company to fund and conduct development activities for the products. We do not expect to incur any expense related to the development of either product. If the products are approved by the FDA, we will execute a buy-back agreement to purchase each product for a multiple of the development costs incurred. Based on the initial development budget for each product, the estimated purchase price for both products is approximately $78.0 million . If development costs exceed the initial budgeted amounts, the purchase price will increase but will not exceed approximately $105.0 million . If the products are approved by the FDA and we purchase the products, we estimate the acquisitions will occur in 2019 and 2020. In May 2015, we entered into an agreement with a clinical stage biotechnology company for the development of two specialty pharmaceutical products. We paid $18.0 million for an option to acquire the two products after the completion of Phase 3 clinical trials for one of the products. The $18.0 million fee is reported in research and development expense. If we exercise the purchase option to acquire both products, we would expect to make contingent payments if we obtain regulatory approval and achieve certain sales milestones. The contingent milestone payments could total $30.0 million in aggregate. If we do not exercise the purchase option for the first product, we may elect to acquire only the second product and would be subject to potential milestone payments up to $17.5 million . We will also be obligated to make certain royalty payments over periods ranging from seven to ten years from the launch of each product. In December 2014, we 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. We will provide assistance including non-clinical, clinical, and manufacturing activities in support of an NDA submission to the FDA. As part of the agreement, we 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, we are required to make an additional option payment of $5.0 million . If we exercise our purchase option, we 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. Fiscal Year Ended June 28, 2014 As a result of the Elan acquisition, we acquired a collaborative arrangement with Transition related to the joint development and commercialization of ELND005 (Scyllo-inositol). During the third quarter of the fiscal year ended June 28, 2014 , we announced that we had entered into an agreement with Transition to progress the clinical development of ELND005 in a number of important indications including Alzheimer's disease, bipolar disorder and Down syndrome. As part of the agreement, Transition acquired all of the shares of a wholly owned, indirect Irish subsidiary of Perrigo, which had previously been responsible for carrying out all development activities associated with ELND005. Upon closing on February 28, 2014, Transition is solely responsible for all ongoing development activities and costs associated with ELND005. We are eligible to receive milestone payments ranging from $10.0 million to $15.0 million should ELND005 achieve approval of the ANDA as well as specific worldwide net sales hurdles. If a product were to be commercialized, we would be entitled to receive a royalty of 6.5% of net sales for the life of the product. Fiscal Year Ended June 29, 2013 In November 2012, we entered into a joint development agreement with another generic pharmaceutical company pursuant to which we are to provide research and development and future manufacturing services for a generic version of a specified prescription pharmaceutical. We are entitled to receive various milestone payments throughout the development period, which will be recognized in accordance with the milestone method. During the fiscal year ended June 29, 2013 , we recognized revenue of $0.8 million upon completion of a milestone under this agreement. We are entitled to receive additional individual milestone payments ranging from $0.5 million to $2.0 million for achieving other specified milestones, including but not limited to completion of bioequivalence studies, FDA acceptance of the ANDA, and FDA approval of the ANDA. If the product is approved, we may receive combined total milestone payments ranging from $3.8 million to $5.5 million depending upon various market conditions at the time of generic market formation. Also in accordance with the agreement, the parties will share in development costs and future profits associated with the manufacture and sale of the generic prescription pharmaceutical product. Additional future milestone payments and receipts related to agreements not specifically discussed above are not material. |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Dec. 31, 2015 | |
Restructuring Charges [Abstract] | |
Restructuring charges | RESTRUCTURING CHARGES We periodically take action to reduce redundant expenses and improve operating efficiencies, typically in connection with business acquisitions. The following reflects our restructuring activity (in millions): Balance at June 30, 2012 $ 1.7 Additional charges 2.9 Payments (1.7 ) Balance at June 29, 2013 2.9 Additional charges 47.0 Payments (28.7 ) Non-cash adjustments (4.8 ) Balance at June 28, 2014 16.4 Additional charges 5.1 Payments (18.5 ) Non-cash adjustments (1.4 ) Balance at June 27, 2015 1.6 Additional charges 26.9 Payments (6.4 ) Non-cash adjustments (1.4 ) Balance at December 31, 2015 $ 20.7 Restructuring activity includes severance, lease exit costs, and asset impairments. The charges incurred during the six months ended December 31, 2015 were primarily associated with actions we took to streamline our organization as announced on October 22, 2015 and did not materially impact any one reportable segment. The charges during the fiscal year ended June 28, 2014 were due primarily to Elan. There were no other material restructuring programs in any of the periods presented. All charges are recorded in Restructuring expense. All of the remaining liability for employee severance benefits will be paid within the next year, while cash expenditures related to the remaining liability for lease exit costs will be incurred over the remaining terms of the applicable leases. Asset impairments are non-cash charges recorded when the carrying amount of a discontinued fixed asset exceeds its fair value. |
Segment and Geographic Informat
Segment and Geographic Information | 6 Months Ended |
Dec. 31, 2015 | |
Segments and Geographic Information [Abstract] | |
Segment and Geographic Information | SEGMENT AND GEOGRAPHIC INFORMATION As discussed in Note 1 , we have the following reportable segments: Consumer Healthcare , Branded Consumer Healthcare , Prescription Pharmaceuticals , Specialty Sciences , and Other . The accounting policies of each segment are the same as those described in Note 1 . 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 that are not allocated to the segments. We generated third-party net sales in the following geographic locations (1) during each of the periods presented below (in millions): Six Months Ended Fiscal Year Ended December 31, 2015 June 27, June 28, June 29, Ireland $ 177.8 $ 344.0 $ 146.7 $ — U.S. 1,695.1 3,303.6 3,291.6 2,978.1 Europe 720.1 613.6 217.2 164.0 All other countries (2) 176.5 342.7 405.3 397.7 $ 2,769.5 $ 4,603.9 $ 4,060.8 $ 3,539.8 (1) We attribute net sales to countries based on sales location. (2) Includes sales generated primarily in Israel, Mexico, Australia, and Canada. The net book value of property and equipment by location was as follows (in millions): December 31, June 27, June 28, Ireland $ 1.3 $ 1.4 $ 2.0 U.S. 555.0 558.6 530.7 Europe 157.2 153.8 31.7 Israel 115.7 119.8 119.6 All other countries 57.0 98.8 95.9 $ 886.2 $ 932.4 $ 779.9 Sales to Walmart accounted for 13% of consolidated net sales for the six months ended December 31, 2015 and 15% , 19% , and 19% for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 . Sales to Walmart are reported primarily in our CHC segment. Below is a summary of our results by reporting segment (in millions): CHC BCH (1) Rx Specialty Sciences (2) Other Unallocated Total (3) Six Months Ended December 31, 2015 Net sales $ 1,384.7 $ 627.9 $ 543.4 $ 168.4 $ 45.1 $ — $ 2,769.5 Operating income (loss) (4) $ 209.2 $ (155.3 ) $ 195.3 $ 15.8 $ (19.5 ) $ (151.0 ) $ 94.5 Operating income (loss) % 15.1 % (24.7 )% 35.9 % 9.4 % (43.3 )% — % 3.4 % Total assets $ 4,007.8 $ 6,324.0 $ 3,015.5 $ 5,833.5 $ 213.1 $ — $ 19,393.9 Capital expenditures $ 45.2 $ 18.4 $ 12.8 $ — $ 1.4 $ — $ 77.8 Property and equip, net $ 586.5 $ 123.4 $ 129.0 $ — $ 47.3 $ — $ 886.2 Depreciation/amortization $ 66.8 $ 66.5 $ 43.8 $ 145.6 $ 5.3 $ — $ 328.0 Fiscal Year Ended June 27, 2015 Net sales $ 2,750.0 $ 401.1 $ 1,001.1 $ 344.0 $ 107.7 $ — $ 4,603.9 Operating income (loss) $ 405.6 $ 26.6 $ 373.9 $ 36.3 $ 26.8 $ (121.5 ) $ 747.7 Operating income (loss) % 14.7 % 6.6 % 37.3 % 10.6 % 24.9 % — % 16.2 % Total assets $ 4,381.6 $ 6,441.1 $ 2,667.9 $ 5,979.0 $ 251.0 $ — $ 19,720.6 Capital expenditures $ 80.5 $ 3.6 $ 42.9 $ 0.5 $ 6.4 $ 3.1 $ 137.0 Property and equip, net $ 600.0 $ 122.5 $ 124.1 $ — $ 85.8 $ — $ 932.4 Depreciation/amortization $ 123.2 $ 38.3 $ 85.1 $ 291.6 $ 10.6 $ — $ 548.8 Fiscal Year Ended June 28, 2014 Net sales $ 2,849.4 $ — $ 927.1 $ 146.7 $ 137.6 $ — $ 4,060.8 Operating income (loss) $ 413.1 $ — $ 349.8 $ (68.6 ) $ 46.1 $ (173.4 ) $ 567.0 Operating income (loss) % 14.5 % — % 37.7 % (46.7 )% 33.5 % — % 14.0 % Total assets $ 4,931.0 $ — $ 2,537.2 $ 6,096.6 $ 288.0 $ — $ 13,852.8 Capital expenditures $ 128.3 $ — $ 32.9 $ — $ 10.4 $ — $ 171.6 Property and equip, net $ 577.3 $ — $ 104.8 $ 2.1 $ 95.7 $ — $ 779.9 Depreciation/amortization $ 106.6 $ — $ 86.5 $ 154.4 $ 11.4 $ — $ 358.9 Fiscal Year Ended June 29, 2013 Net sales $ 2,671.0 $ — $ 709.5 $ — $ 159.3 $ — $ 3,539.8 Operating income (loss) $ 401.8 $ — $ 263.2 $ — $ 48.9 $ (34.7 ) $ 679.1 Operating income (loss) % 15.0 % — % 37.1 % — % 30.7 % — % 19.2 % Total assets $ 3,447.5 $ — $ 1,604.9 $ — $ 284.5 $ — $ 5,336.9 Capital expenditures $ 97.1 $ — $ 17.7 $ — $ 17.3 $ — $ 132.2 Property and equip, net $ 508.0 $ — $ 80.8 $ — $ 92.7 $ — $ 681.4 Depreciation/amortization $ 96.1 $ — $ 54.9 $ — $ 9.1 $ — $ 160.2 (1) BCH includes activity subsequent to March 30, 2015. (2) Specialty Sciences includes activity subsequent to December 18, 2013. (3) Amounts may not cross-foot due to rounding. (4) The BCH segment operating loss included a $185.1 million impairment charge on indefinite-lived intangible assets purchased in conjunction with the Omega acquisition (See Note 3 for more information). The Other operating loss included a $29.0 million impairment charge related to our India API held for sale assets (See Note 9 for more information). The following is a summary of our net sales by category (in millions): Six Months Ended Fiscal Year Ended December 31, 2015 June 27, June 28, 2014 June 29, CHC Cough/Cold/Allergy/Sinus (1) $ 259.2 $ 486.2 $ 510.1 $ 500.6 Analgesics (1) 200.3 441.7 504.0 536.0 Gastrointestinal (1) 204.2 395.3 400.1 388.8 Infant nutritionals 200.2 383.9 374.8 350.1 Smoking cessation 159.7 299.4 236.8 193.2 Vitamins, minerals and dietary supplements (1) 110.6 185.6 176.9 158.3 Animal health 62.3 156.9 178.0 123.2 Other CHC (1),(2) 188.2 401.0 468.7 420.9 Total CHC 1,384.7 2,750.0 2,849.4 2,671.1 BCH branded OTC products 627.9 401.1 — — Generic prescription drugs 543.4 1,001.1 927.1 709.5 Tysabri ® royalties 168.4 344.0 146.7 — Active pharmaceutical ingredients 45.1 107.7 137.6 159.3 Total net sales $ 2,769.5 $ 4,603.9 $ 4,060.8 $ 3,539.8 (1) Includes sales from our OTC contract manufacturing business. (2) Consists primarily of feminine hygiene, diabetes care, dermatological care, diagnostic products, and other miscellaneous or otherwise uncategorized product lines and markets, none of which is greater than 10% of the CHC segment. |
Quarterly Financial Data
Quarterly Financial Data | 6 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (unaudited) [Text Block] | QUARTERLY FINANCIAL DATA (unaudited) The following table presents unaudited quarterly consolidated operating results for each of our last ten quarters. The information below has been prepared on a basis consistent with our audited consolidated financial statements (in millions, except per share amounts). Three Months Ended September 26, 2015 (2) December 31, 2015 (3) Net sales $ 1,344.7 $ 1,424.8 Gross profit $ 548.8 $ 559.3 Net income (loss) $ 112.6 $ (107.0 ) Earnings (loss) per share (1): Basic $ 0.77 $ (0.74 ) Diluted $ 0.77 $ (0.74 ) Weighted average shares outstanding Basic 146.3 144.9 Diluted 146.9 144.9 (1) The sum of individual per share amounts may not equal due to rounding. (2) Includes Mylan defense-related fees of $15.6 million . (3) Includes an intangible asset impairment charge of $185.1 million , Mylan defense-related fees of $71.3 million , an impairment charge on our India API held for sale assets of $29.0 million , restructuring charges of $24.7 million , and an investment impairment charge of $10.7 million . Twleve Months Ended June 27, 2015 First Second (2) Third (3) Fourth (4) Net sales $ 951.5 $ 1,071.7 $ 1,049.1 $ 1,531.6 Gross profit $ 321.8 $ 383.8 $ 378.8 $ 628.1 Net income (loss) $ 96.3 $ 70.2 $ (94.9 ) $ 56.4 Earnings (loss) per share (1) : Basic $ 0.72 $ 0.52 $ (0.67 ) $ 0.39 Diluted $ 0.72 $ 0.51 $ (0.67 ) $ 0.38 Weighted average shares outstanding Basic 133.9 136.3 140.8 146.3 Diluted 134.4 136.8 140.8 146.8 (1) The sum of individual per share amounts may not equal due to rounding. (2) Includes losses on derivatives associated with the Omega acquisition of $64.7 million , Omega transaction expenses of $17.8 million , an R&D payment made in connection with a collaborative agreement of $10.0 million , a $9.6 million loss on extinguishment of debt, partially offset by income from transfer of rights agreement of $12.5 million . (3) Includes losses on derivatives associated with the Omega acquisition of $258.2 million and Omega financing fees of $18.6 million . (4) Includes acquisition costs of $18.5 million , an initial payment made in connection with an R&D agreement of $18.0 million , an inventory step up related to the Omega acquisition totaling $15.6 million , and $13.4 million of Mylan defense-related fees. Twelve Months Ended June 28, 2014 First (2) Second (3) Third (4) Fourth (5) Net sales $ 933.4 $ 979.0 $ 1,004.2 $ 1,144.2 Gross profit $ 356.3 $ 360.7 $ 315.0 $ 415.7 Net income (loss) $ 111.4 $ (86.0 ) $ 48.1 $ 131.7 Earnings (loss) per share (1) : Basic $ 1.18 $ (0.87 ) $ 0.36 $ 0.98 Diluted $ 1.18 $ (0.87 ) $ 0.36 $ 0.98 Weighted average shares outstanding Basic 94.2 98.7 133.7 133.8 Diluted 94.7 98.7 134.3 134.3 (1) The sum of individual per share amounts may not equal due to rounding. (2) Includes Elan transactions costs of $12.0 million . (3) Includes loss on extinguishment of debt of $165.8 million , Elan transaction costs of $103.2 million , and restructuring charges totaling $14.9 million . (4) Includes restructuring charges totaling $19.5 million . (5) Includes a loss contingency of $15.0 million related to Texas Medicaid and restructuring charges totaling $10.5 million . |
Transition period financial dat
Transition period financial data (Notes) | 6 Months Ended |
Dec. 31, 2015 | |
Transition period financial data [Abstract] | |
Transition period comparative data [Text Block] | TRANSITION PERIOD COMPARATIVE DATA The following table presents certain financial information (in millions, except per share amounts): Six Months Ended December 31, 2015 December 27, 2014 (Unaudited) Net sales $ 2,769.5 $ 2,023.1 Cost of sales 1,661.4 1,317.6 Gross profit 1,108.1 705.5 Operating expenses Distribution 47.9 29.2 Research and development 88.2 89.8 Selling 325.9 95.3 Administration 309.1 165.5 Impairment charges 215.6 — Restructuring 26.9 4.2 Total operating expenses 1,013.6 384.0 Operating income 94.5 321.5 Interest expense, net 89.9 56.7 Other expense, net 26.9 61.9 Loss on extinguishment of debt 0.9 9.6 Income (loss) before income taxes (23.2 ) 193.3 Income tax expense (benefit) (28.8 ) 26.8 Net income $ 5.6 $ 166.5 Earnings per share Basic $ 0.04 $ 1.23 Diluted $ 0.04 $ 1.23 Weighted-average shares outstanding Basic 145.6 135.1 Diluted 146.1 135.6 Dividends declared per share $ 0.25 $ 0.21 |
Subsequent events (Notes)
Subsequent events (Notes) | 6 Months Ended |
Dec. 31, 2015 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS Matawan Pharmaceuticals, LLC portfolio On January 22, 2016 , we acquired a portfolio of generic dosage forms and strengths of Retin-A ® (tretinoin), which is a topical prescription acne treatment, from Matawan Pharmaceuticals, LLC, for $415.0 million in cash, which was funded primarily by borrowings under our 2014 Revolver and 2015 Revolver. We were the authorized generic distributor of these products from 2005 to 2013. The acquisition complements our Rx portfolio, furthering our "extended topicals" strategy. A preliminary valuation and purchase price allocation will be completed for the acquisition during the first quarter of 2016. We expect the majority of the purchase price to be allocated to the acquired definite-lived intangible assets. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jun. 27, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS PERRIGO COMPANY PLC (in millions) Six Months Ended Fiscal Year Ended Allowance for doubtful accounts December 31, June 27, June 28, June 29, Balance at beginning of period $ 2.4 $ 2.7 $ 2.1 $ 2.6 Net bad debt expenses (1) 2.4 0.6 (0.5 ) — Additions/(deductions) (2) (1.8 ) (0.9 ) 1.1 (0.4 ) Balance at end of period $ 3.0 $ 2.4 $ 2.7 $ 2.1 (1) Includes effects of changes in foreign exchange rates. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation [Policy Text Block] | Basis of Presentation Our fiscal year previously consisted of a 52- or 53-week year ending on or around June 30 of each year with each quarter ending on the Saturday closest to each calendar quarter end. Beginning on January 1, 2016, we are changing our fiscal year to begin on January 1 and end on December 31 of each year. This transition report on Form 10-KT discloses the results of our operations for the transition period from June 28, 2015 to December 31, 2015, which is referred to in this document as the six months ended December 31, 2015. Going forward, we will continue to cut off our quarterly accounting periods on the Saturday closest to the end of the calendar quarter, with the fourth quarter ending on December 31 of each year. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting Our reportable segments are as follows: • Consumer Healthcare ( "CHC" ) is focused primarily on the global sale of OTC store brand products including cough, cold, allergy, and sinus, analgesic, gastrointestinal, smoking cessation, infant formula and food, Vitamins, Minerals and Supplements ("VMS"), animal health, and diagnostic products. • Branded Consumer Healthcare ( "BCH" ) develops, manufactures, markets and distributes many well-known European OTC brands in the natural health and VMS, cough, cold and allergy, smoking cessation, personal care and derma-therapeutics, lifestyle, and anti-parasite categories. • Prescription Pharmaceuticals ( "Rx" ) develops, manufactures and markets a portfolio of generic and specialty pharmaceutical prescription drugs primarily for the U.S. and United Kingdom ("U.K.") markets. • Specialty Sciences is comprised primarily of royalties received from assets focused on the management of multiple sclerosis (Tysabri ® ). We also have an Other reporting segment that consists of our Active Pharmaceutical Ingredients ("API") business, which does not meet the quantitative threshold required to be a separately reportable segment. Financial information related to our business segments and geographic locations can be found in Note 19 . Our segments reflect the way in which our chief operating decision maker reviews our operating results and allocates resources. |
Principles of Consolidation [Policy Text Block] | Principles of Consolidation The consolidated financial statements include our accounts and accounts of all majority-owned subsidiaries. |
Reclassifications [Text Block] | Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Unconsolidated Variable Interest Entities We have research and development ("R&D") arrangements with certain biotechnology companies that we determined to be variable interest entities ("VIEs"). We did not consolidate the VIEs in our financial statements because we lack the power to direct the activities that most significantly impact their economic performance and thus are not considered the primary beneficiaries of these entities. These arrangements provide us with certain rights and obligations to purchase product candidates from the VIEs, dependent upon the outcome of the development activities. |
Use of Estimates [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions, which affect the reported earnings, financial position and various disclosures. Although the estimates are considered reasonable, actual results could differ from the estimates. |
Non-U.S. Operations [Policy Text Block] | Non-U.S. Operations We translate our non-U.S. dollar-denominated operations’ assets and liabilities denominated in foreign currencies into U.S. dollars at current rates of exchange as of the balance sheet date and income and expense items at the average exchange rate for the reporting period. Translation adjustments resulting from exchange rate fluctuations are recorded in the cumulative translation account, a component of Accumulated Other Comprehensive Income ("AOCI"). Gains or losses from foreign currency transactions are included in Other expense, net. |
Revenues [Policy Text Block] | Revenues We generally record revenues from product sales when the goods are shipped to the customer. For customers with Free on Board destination terms, a provision is recorded to exclude shipments estimated to be in-transit to these customers at the end of the reporting period. A sales allowance is recorded and accounts receivable are reduced as revenues are recognized for estimated losses on credit sales due to customer claims for discounts, price discrepancies, returned goods and other items. Revenue is also reduced for any contractual customer program arrangements and related liabilities are recorded concurrently. We maintain customer-related accruals and allowances that consist primarily of chargebacks, rebates, sales returns, shelf stock allowances, administrative fees and other incentive programs. Some of these adjustments relate specifically to the Rx segment while others relate only to the CHC and BCH segments. Certain of these accruals and allowances are recorded in the balance sheet as current liabilities and others are recorded as a reduction in accounts receivable. Changes in these estimates and assumptions related to customer programs may result in additional accruals or allowances. Customer-related accruals and allowances were $465.6 million , $434.9 million , and $318.0 million at December 31, 2015 , June 27, 2015 , and June 28, 2014 , respectively. Revenues from service and royalty arrangements, including revenues from collaborative agreements, consist primarily of royalty payments, payments for research and development services, up-front fees and milestone payments. If an arrangement requires the delivery or performance of multiple deliverables or service elements, we determine whether the individual elements represent separate units of accounting. If the separate elements represent separate units of accounting, we recognize the revenue associated with each element separately and revenue is allocated among elements based on their relative selling prices. If the elements within a multiple deliverable arrangement are not considered separate units of accounting, the delivery of an individual element is considered not to have occurred if there are undelivered elements that are considered essential to the arrangement. To the extent such arrangements contain refund clauses triggered by non-performance or other adverse circumstances, revenue is not recognized until all contractual obligations are satisfied. Non-refundable up-front fees are deferred and amortized to revenue over the related performance period. We estimate the performance period based on the specific terms of each collaborative agreement. Revenue associated with research and development services is recognized on a proportional performance basis over the period that we perform the related activities under the terms of the agreement. Revenue resulting from the achievement of contingent milestone events stipulated in the agreements is recognized when the milestone is achieved. Milestones are based upon the occurrence of a substantive element specified in the contract. Tysabri ® represented 93% of our royalty revenue for the six months ended December 31, 2015 . Shipping and handling costs billed to customers are included in net sales. Conversely, shipping and handling expenses we incur are included in cost of sales. |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents consist primarily of demand deposits and other short-term investments with maturities of three months or less at the date of purchase. The carrying amount of cash and cash equivalents approximates its fair value. |
Trade and Other Accounts Receivable, Unbilled Receivables, Policy [Policy Text Block] | Accounts Receivable We maintain an allowance for doubtful accounts that reduces our receivables to amounts that are expected to be collected. In estimating the allowance, management considers factors such as current overall and industry-specific economic conditions, statutory requirements, historical and anticipated customer performance, historical experience with write-offs and the level of past-due amounts. Changes in these conditions may result in additional allowances. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or market. Cost is determined using the first-in first-out method. Inventory related to research and development is expensed at the point when it is determined the materials have no alternative future use. We maintain reserves for estimated obsolete or unmarketable inventory based on the difference between the cost of the inventory and its estimated net realizable value. In estimating the reserves, management considers factors such as excess or slow-moving inventories, product expiration dating, products on quality hold, current and future customer demand and market conditions. Changes in these conditions may result in additional reserves. See Note 5 for additional information on our inventory. |
Available for sale [Policy Text Block] | Available for Sale Investments We determine the appropriate classification of securities as held-to-maturity, available-for-sale, or trading. The classification depends on the purpose for which the financial assets were acquired. Marketable equity securities are classified as available-for-sale. These securities are carried at fair value with unrealized gains and losses included in AOCI. The assessment for impairment of marketable securities classified as available-for-sale is based on established financial methodologies, including quoted market prices for publicly traded securities. If we determine that a loss in the value of an investment is other than temporary, the investment is written down to its estimated fair value. Any such losses are recorded in Other expense, net. See Note 7 for more information on our available for sale investments. |
Cost Method Investments, Policy [Policy Text Block] | Cost Method Investments Non-marketable equity securities are carried at cost, less any write down for impairments, and are adjusted for impairment based on methodologies, an assessment of the impact of general private equity market conditions, and discounted projected future cash flows. Non-marketable equity securities are recorded in Other non-current assets. See Note 7 for more information on our cost method investments. |
Equity Method Investments, Policy [Policy Text Block] | Equity Method Investments The equity method of accounting is used for unconsolidated entities over which we have significant influence; generally this represents ownership interests of at least 20% and not more than 50%. Under the equity method of accounting, we record the investments at carrying value and adjust for a proportionate share of the profits and losses of these entities each period. We evaluate our equity method investments for recoverability. If we determine that a loss in the value of an investment is other than temporary, the investment is written down to its estimated fair value. Any such losses are recorded in Other expense, net. Evaluations of recoverability are based primarily on projected cash flows. Due to uncertainties in the estimation process, actual results could differ from such estimates. Equity method investments are recorded in Other non-current assets. See Note 7 for more information on our equity method investments. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments We record derivative instruments on the balance sheet on a gross basis as either an asset or liability measured at fair value. See Note 8 for a table indicating where each component is recorded on the Consolidated Balance Sheets. Additionally, changes in a derivative's fair value, which are measured at the end of each period, are recognized in earnings unless specific hedge accounting criteria are met. If hedge accounting criteria are met for cash flow hedges, the changes in a derivative’s fair value are recorded in shareholders’ equity as a component of other comprehensive income ("OCI"), net of tax. These deferred gains and losses are recognized in income in the period in which the hedged item and hedging instrument affect earnings. Any ineffective portion of the change in fair value is immediately recognized in earnings. We are exposed to credit loss in the event of nonperformance by the counterparties on derivative contracts. It is our policy to manage our credit risk on these transactions by dealing only with financial institutions having a long-term credit rating of "A" or better and by distributing the contracts among several financial institutions to diversify credit concentration risk. Should a counterparty default, our maximum exposure to loss is the asset balance of the instrument. The maximum term of the forward currency exchange contracts at December 31, 2015 , June 27, 2015 , and June 28, 2014 was 15 months. We enter into certain derivative financial instruments, when available on a cost-effective basis, to mitigate our risk associated with changes in interest rates and foreign currency exchange rates as follows: Interest rate risk management - We are exposed to the impact of interest rate changes through our cash investments and borrowings. We utilize a variety of strategies to manage the impact of changes in interest rates including using a mix of debt maturities along with both fixed-rate and variable-rate debt. In addition, we may enter into treasury-lock agreements and interest rate swap agreements on certain investing and borrowing transactions to manage our exposure to interest rate changes and our overall cost of borrowing. Foreign currency exchange risk management - We conduct business in several major currencies other than the U.S. dollar and are subject to risks associated with changing foreign exchange rates. Our 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, we enter 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. We do not use derivative financial instruments for speculative purposes. All of our designated derivatives were classified as cash flow hedges as of December 31, 2015 , June 27, 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 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, recorded in Other expense, net. All of our designated derivatives are assessed for hedge effectiveness quarterly. We also have 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. |
Fixed Assets [Policy Text Block] | Property, Plant and Equipment, net Property, plant and equipment, net are recorded at cost and are depreciated using the straight-line method. Useful lives for financial reporting range from 2 to 15 years for machinery and equipment and 10 to 45 years for buildings. Maintenance and repair costs are charged to earnings, while expenditures that increase asset lives are capitalized. Depreciation expense includes amortization of assets recorded under capital leases and totaled $53.8 million for the six months ended December 31, 2015 and $84.3 million , $77.9 million , and $66.2 million for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. We held the following property, plant and equipment, net (in millions): December 31, June 27, June 28, Land $ 47.5 $ 48.7 $ 36.1 Buildings 508.2 528.3 430.3 Machinery and equipment 1,103.3 1,094.0 1,001.4 Gross property and equipment 1,659.0 1,671.0 1,467.8 Less accumulated depreciation (772.8 ) (738.6 ) (687.9 ) Property and equipment, net $ 886.2 $ 932.4 $ 779.9 |
Goodwill and Intangible Assets [Policy Text Block] | Goodwill and Intangible Assets Goodwill represents amounts paid for an acquisition in excess of the fair value of net assets received. We test goodwill for impairment annually, or more frequently if changes in circumstances or the occurrence of events suggest an impairment exists. Effective in the transition period ended December 31, 2015, we voluntarily changed our accounting policy to conduct our annual goodwill and indefinite-lived intangible asset impairment test on the first day of the fourth fiscal quarter of the calendar year ended December 31, in order to align the testing date with our new fiscal year. For the transition period of June 28, 2015 through December 31, 2015, we tested both our goodwill and indefinite-lived assets (discussed further below) for impairment as of September 27, 2015, the first day of the second quarter of the transition period. Our annual impairment test was performed as of March 29, 2015, March 30, 2014, and March 31, 2013 during our fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. The test for impairment requires us to make several estimates about fair value, most of which are based on projected future cash flows and market valuation multiples. The estimates associated with the goodwill impairment tests are considered critical due to the judgments required in determining fair value amounts, including projected discounted future cash flows. Changes in these estimates may result in the recognition of an impairment loss. We have intangible assets that we have acquired through various business acquisitions and that include trademarks, trade names and brands, in-process research and development ("IPR&D"), developed product technology/formulation and product rights, distribution and license agreements, customer relationships and distribution networks, and non-compete agreements. The assets are typically initially valued using one of the following valuation methods: • Relief from royalty method : This method assumes that if the acquired company did not own the intangible asset or intellectual property, it would be willing to pay a royalty for its use. The benefit of ownership of the intellectual property is valued as the relief from the royalty expense that would otherwise be incurred. We typically use this method for valuing readily transferable intangible assets that have licensing appeal, such as trade names and trademarks and certain technology assets. • Multi-period excess earnings method : This method starts with a forecast of the net cash flows expected to be generated by the asset over its estimated useful life. These cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams. We typically use this method for valuing intangible assets such as developed product technology, customer relationships, product formulations and IPR&D. • Lost income method : This method estimates the fair value of an asset by comparing the value of the business, inclusive of the asset, to the hypothetical value of the same business excluding the asset. Indefinite-lived intangible assets include IPR&D and certain trademarks, trade names, and brands. IPR&D assets are recognized at fair value and are classified as indefinite-lived assets until the successful completion or abandonment of the associated research and development efforts. If the associated research and development is completed, the IPR&D asset becomes a definite-lived intangible asset and is amortized over the asset's assigned useful life. If it is abandoned, an impairment loss is recorded. We test indefinite-lived trademarks, trade names, and brands for impairment annually, or more frequently if changes in circumstances or the occurrence of events suggest impairment exists, by comparing the carrying value of the assets to their estimated fair values. An impairment loss is recognized if the carrying amount of the asset is not recoverable and its carrying amount exceeds its fair value. Definite-lived intangible assets consist of a portfolio of developed product technology/formulation and product rights, distribution and license agreements, customer relationships, non-compete agreements, and certain trademarks, trade names, and brands. The assets are amortized on either a straight-line basis or proportionately to the benefits derived from those relationships or agreements. Useful lives vary by asset type and are determined based on the period over which the intangible asset is expected to contribute directly or indirectly to our future cash flows. We also review all other long-lived assets that have finite lives and that are not held for sale for impairment when indicators of impairment are evident by comparing the carrying value of the assets to their estimated future undiscounted cash flows. See Note 3 for further information on our goodwill and intangible assets. |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Assets Held for Sale We classify assets as "held for sale" when management approves and commits to a formal plan of sale with the expectation the sale will be completed within one year. The net assets of the business held for sale are then recorded at the lower of their current carrying value and the fair market value, less costs to sell. See Note 9 for further information on our assets held for sale. |
Debt, Policy [Policy Text Block] | Deferred Financing Fees We record deferred financing fees as a reduction of long-term debt. |
Share-Based Awards [Policy Text Block] | Share-Based Awards We measure and record compensation expense for all share-based awards based on estimated grant date fair values, and net of any estimated forfeitures over the vesting period of the awards. Forfeiture rates are estimated at the grant date based on historical experience and adjusted in subsequent periods for any differences in actual forfeitures from those estimates. We estimate the fair value of stock option awards granted based on the Black-Scholes option pricing model, which requires the use of subjective and complex assumptions. These assumptions include estimating the expected term that awards granted are expected to be outstanding, the expected volatility of our stock price for a period commensurate with the expected term of the related options, and the risk-free rate with a maturity closest to the expected term of the related awards. Restricted stock and restricted stock units are valued based on our stock price on the day the awards are granted. See Note 12 for further information on our share-based awards. |
Income Taxes [Policy Text Block] | Income Taxes Due to a change in accounting guidance described further below, we changed our accounting policy as of December 31, 2015 to record deferred income tax assets and liabilities on the balance sheet as noncurrent based upon the difference between the financial reporting and the tax reporting basis of assets and liabilities using the enacted tax rates. The policy change is applied prospectively, thus historical financial statements have not been reclassified to reflect the reclassification of deferred tax assets and liabilities from current to noncurrent. To the extent that available evidence raises doubt about the realization of a deferred income tax asset, a valuation allowance is established. We have not made a provision for U.S. or additional non-U.S. taxes on undistributed post-acquisition earnings of non-U.S. subsidiaries because those earnings are considered permanently reinvested in the operations of those subsidiaries. We record reserves for uncertain tax positions to the extent it is more likely than not that the tax position will be sustained on audit, based on the technical merits of the position. Periodic changes in reserves for uncertain tax positions are reflected in the provision for income taxes. We include interest and penalties attributable to uncertain tax positions and income taxes as a component of our income tax provision. |
Contingent Liability Reserve Estimate, Policy [Policy Text Block] | Legal Contingencies We are involved in product liability, patent, commercial, regulatory and other legal proceedings that arise in the normal course of business. We record a liability when a loss is considered probable and the amount can be reasonably estimated. If the reasonable estimate of a probable loss is a range and no amount within that range is a better estimate, the minimum amount in the range is accrued. If a loss is not probable or a probable loss cannot be reasonably estimated, no liability is recorded. We have established reserves for certain of our legal matters, as described in Note 16 . We also separately record any insurance recoveries that are probable of occurring. |
Research and Development [Policy Text Block] | Research and Development All R&D costs, including payments related to products under development and research consulting agreements, are expensed as incurred. We may continue to make non-refundable payments to third parties for new technologies and for R&D work that has been completed. These payments may be expensed at the time of payment depending on the nature of the payment made. R&D spending was $88.2 million for the six months ended December 31, 2015 , and $187.8 million , $152.5 million , and $115.2 million for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. The six months ended December 31, 2015 included incremental R&D expense due to the Omega acquisition. The fiscal year ended June 27, 2015 included incremental R&D expenses related to the collaboration agreement entered into as a result of our acquisition of Omega Pharma Invest N.V. ("Omega"). The fiscal year ended June 28, 2014 included incremental R&D expenses due to the Sergeant's, Velcera, and Aspen acquisitions, as discussed in Note 2 , as well as R&D expenses related to the novel therapeutic agent for Alzheimer's disease ("ELND005") Phase 2 clinical program in collaboration with Transition Therapeutics Inc. ("Transition") that we acquired in our acquisition of Elan Corporation, plc ("Elan"). We ended our collaboration with Transition during the third quarter of the fiscal year ended June 28, 2014 and are no longer responsible for ongoing development activities and costs associated with ELND005. See Note 17 for additional information on collaboration agreements. The fiscal year ended June 29, 2013 included incremental R&D expenses attributable to the Sergeant's, Rosemont, and Velcera acquisitions as discussed in Note 2 . We actively collaborate with other pharmaceutical companies to develop, manufacture and market certain products or groups of products. We may choose to enter into these types of agreements to, among other things, leverage our or others’ scientific research and development expertise or utilize our extensive marketing and distribution resources. Our policy on accounting for costs of strategic collaborations determines the timing of the recognition of certain development costs. In addition, this policy determines whether the cost is classified as development expense or capitalized as an asset. Management is required to form judgments with respect to the commercial status of such products in determining whether development costs meet the criteria for immediate expense or capitalization. For example, when we acquire certain products for which there is already an Abbreviated New Drug Application ("ANDA") or New Drug Application ("NDA") approval directly related to the product, and there is net realizable value based on projected sales for these products, we capitalize the amount paid as an intangible asset. If we acquire product rights that are in the development phase and as to which we have no assurance that the third-party will successfully complete its development milestones, we expense the amount paid. See Note 17 for more information on our current collaboration agreements. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs We expense advertising costs as incurred. Advertising costs were $77.5 million for the six months ended December 31, 2015 , and $55.7 million , $41.4 million , and $26.1 million for the fiscal years ended June 27, 2015 , June 28, 2014 , and June 29, 2013 , respectively. Advertising costs relate primarily to print advertising, direct mail, on-line advertising and social media communications, and are incurred primarily by our CHC and BCH segments. For the six months ended December 31, 2015 , 88% of advertising expenses were attributable to our BCH segment. |
Earnings per Share (EPS) [Policy Text Block] | Earnings per Share ("EPS") Basic EPS is calculated using the weighted-average number of ordinary shares outstanding during each period. It excludes both the dilutive effects of additional common shares that would have been outstanding if the shares issued under stock incentive plans had been exercised and the dilutive effect of restricted shares and restricted share units, to the extent those shares and units have not vested. Diluted EPS is calculated including the effects of shares and potential shares issued under stock incentive plans, following the treasury stock method. |
Postemployment Benefit Plans, Policy [Policy Text Block] | Defined Benefit Plans As part of the Omega acquisition during the fiscal year ended June 27, 2015 , we assumed the liabilities under a number of defined benefit plans for employees based primarily in the Netherlands, Germany, France and Norway. Omega companies operate various pension plans across each country. As part of the Elan acquisition during the fiscal year ended June 28, 2014 , we assumed responsibility for the funding of two Irish defined benefit plans, which were subsequently combined. Two significant assumptions, the discount rate and the expected rate of return on plan assets, are important elements of expense and liability measurement. We evaluate these assumptions annually. Other assumptions involve employee demographic factors, such as retirement patterns, mortality, turnover, and the rate of compensation increase. The liability recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. The defined benefit obligation is calculated periodically by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability. Actuarial gains and losses are recognized using the corridor method. Under the corridor method, to the extent that any cumulative unrecognized net actuarial gain or loss exceeds 10% of the greater of the present value of the defined benefit obligation and the fair value of the plan assets, that portion is recognized over the expected average remaining working lives of the plan participants. Otherwise, the net actuarial gain or loss is recorded in OCI. We recognize the funded status of benefit plans on the Consolidated Balance Sheets. In addition, we recognize the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic pension cost of the period as a component of OCI. See Note 15 for further information on our defined benefit plans. |
Recently adopted accounting standards | Recent Accounting Standard Pronouncements Recently Adopted Accounting Standards Accounting Standard Update Description Date of Adoption Effect on the Financial Statements or Other Significant Matters Balance Sheet Classification of Deferred Taxes Accounting rules formerly required deferred taxes to be aggregated on a jurisdiction-by-jurisdiction basis and presented as a net current asset/liability and a net noncurrent asset/liability. To simplify presentation, this update requires all deferred tax assets and liabilities to be classified as noncurrent on the balance sheet. December 31, 2015 Deferred tax assets and liabilities will be classified as noncurrent on the balance sheet on a prospective basis. Simplifying the Accounting for Measurement-Period Adjustments The updated guidance eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The guidance is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. September 26, 2015 Provisional amounts that occur on or after the adoption date will be recognized in the period in which they are determined. See Note 2 for the new disclosures. Recently Issued Accounting Standards Not Yet Adopted Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters Revenue from Contracts with Customers The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: identify the contract(s) with a customer; identify the performance obligations in the contract; determine the transaction price; allocate the transaction price to the performance obligations in the contract; and recognize revenue when (or as) the entity satisfies a performance obligation. This guidance allows for two adoption methods, full retrospective approach or modified retrospective approach. January 1, 2018 We are currently evaluating the possible adoption methodologies and the implications of adoption on our consolidated financial statements. |
Recently issued accounting standards not yet adopted | Recently Issued Accounting Standards Not Yet Adopted Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters Revenue from Contracts with Customers The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: identify the contract(s) with a customer; identify the performance obligations in the contract; determine the transaction price; allocate the transaction price to the performance obligations in the contract; and recognize revenue when (or as) the entity satisfies a performance obligation. This guidance allows for two adoption methods, full retrospective approach or modified retrospective approach. January 1, 2018 We are currently evaluating the possible adoption methodologies and the implications of adoption on our consolidated financial statements. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Property, Plant and Equipment | We held the following property, plant and equipment, net (in millions): December 31, June 27, June 28, Land $ 47.5 $ 48.7 $ 36.1 Buildings 508.2 528.3 430.3 Machinery and equipment 1,103.3 1,094.0 1,001.4 Gross property and equipment 1,659.0 1,671.0 1,467.8 Less accumulated depreciation (772.8 ) (738.6 ) (687.9 ) Property and equipment, net $ 886.2 $ 932.4 $ 779.9 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
business acquisition [Line Items] | |
Schedule of Prior Period Adjustments [Table Text Block] | Since the initial valuation, revisions to the Omega allocation were as follows: June 27, Measurement Period Adjustments December 31, Accounts receivable $ 264.7 $ (4.6 ) $ 260.1 Inventories $ 214.4 $ (11.9 ) $ 202.5 Property and equipment $ 121.2 $ 9.6 $ 130.8 Goodwill $ 1,513.1 $ 387.3 $ 1,900.4 Intangible assets: Developed product technology, formulations, and product rights $ 32.7 $ (5.5 ) $ 27.2 Customer relationships and distribution networks 1,342.7 (286.4 ) 1,056.3 Definite-lived trademarks, trade names, and brands 282.0 5.5 287.5 Indefinite-lived trademarks, trade names, and brands 2,145.2 (141.4 ) 2,003.8 Total intangible assets $ 3,802.6 $ (427.8 ) $ 3,374.8 Accrued liabilities $ 44.5 $ (0.6 ) $ 43.9 Net deferred income tax liabilities $ 1,032.3 $ (17.8 ) $ 1,014.5 Other non-current liabilities $ 82.5 $ (29.0 ) $ 53.5 |
Business Combination, Segment Allocation | The following table reflects the allocation by reportable segment (in millions): Segment Goodwill CHC $ 1,287.4 Rx 845.1 Specialty Sciences 200.6 Total $ 2,333.1 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma information gives effect to the Entocort ® , Naturwohl, GSK, ScarAway ® , Omega, Gelcaps, Lumara, Aspen, Fera (Methazolomide), and Elan acquisitions, as if the acquisitions had occurred on June 30, 2013 and had been included in our Results of Operations for all periods presented thereafter (in millions): Six Months Ended Fiscal Year Ended (Unaudited) December 31, 2015 June 27, 2015 June 28, 2014 Net sales $ 2,852.4 $ 5,971.9 $ 6,200.0 Net income $ 38.3 $ 214.8 $ 374.6 |
Stub period 2015 acquisitions [Member] | |
business acquisition [Line Items] | |
Business Combination, Separately Recognized Transactions | The below table indicates the purchase price allocation for acquisitions completed during the six months ended December 31, 2015 (in millions): Entocort ® * Naturwohl ScarAway ® GSK* All Other (1) Purchase price paid $ 380.2 $ 150.4 $ 26.7 $ 223.6 $ 15.3 Contingent consideration — — — — 13.9 Total purchase consideration $ 380.2 $ 150.4 $ 26.7 $ 223.6 $ 29.2 Assets acquired: Cash and cash equivalents $ — $ 4.6 $ — $ — $ — Accounts receivable — 3.3 — — — Inventories 0.2 1.5 1.0 — — Goodwill — 61.0 3.5 32.6 — Definite-lived intangibles : Distribution and license agreements, supply agreements — 21.4 — — — Developed product technology, formulations, and product rights 380.0 — 0.5 — — Customer relationships and distribution networks — 25.9 9.8 61.5 — Trademarks, trade names, and brands — 64.2 11.4 129.5 — Non-compete agreements — 0.3 0.5 — — Indefinite-lived intangibles : In-process research and development — — — — 29.2 Total intangible assets 380.0 111.8 22.2 191.0 29.2 Total assets 380.2 182.2 26.7 223.6 29.2 Liabilities assumed: Accounts payable — 2.8 — — — Accrued liabilities — 1.6 — — — Net deferred income tax liabilities — 27.4 — — — Total liabilities — 31.8 — — — Net assets acquired $ 380.2 $ 150.4 $ 26.7 $ 223.6 $ 29.2 * Opening balance sheet is preliminary. (1) Consists of eight product acquisitions in our CHC, BCH and Rx segments. |
Omega [Member] | |
business acquisition [Line Items] | |
Fair value of consideration transferred in business acquisition | The acquisition was a cash and stock transaction made up of the following consideration (in millions except per share data): Perrigo ordinary shares issued 5.4 Perrigo share price at transaction close on March 30, 2015 $ 167.64 Total value of Perrigo ordinary shares issued $ 904.9 Cash consideration 2,078.3 Total consideration $ 2,983.2 |
Schedule of acquisition-related costs | The table below details the acquisition costs, as well as losses on hedging activities associated with the acquisition purchase price, and where they were recorded (in millions): Fiscal Year Ended Line item June 27, 2015 Administration $ 29.7 Interest expense, net 23.7 Other expense, net 324.0 Loss on extinguishment of debt 9.6 Total acquisition-related costs $ 387.0 |
Elan Corporation [Member] | |
business acquisition [Line Items] | |
Fair value of consideration transferred in business acquisition | On December 18, 2013 , we acquired Elan, which led to our new corporate structure headquartered in Dublin, Ireland. We have utilized this new structure to continue to grow in our core markets and further expand outside of the U.S. The acquisition also provided us with our Tysabri ® royalty stream, enhancing our operating cash flows and diversifying our revenues, and 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 are expected to provide tax benefits to the worldwide structure. The acquisition was 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 $ 6,117.2 Cash consideration paid at $6.25 per Elan share 3,223.2 Cash consideration paid for vested Elan stock options and share awards 111.5 Total consideration $ 9,451.9 |
Schedule of acquisition-related costs | The table below details these transaction costs and where they were recorded (in millions): Fiscal Year Ended Line item June 28, 2014 Administration expense $ 108.9 Interest, net 10.0 Other expense, net 0.2 Loss on extinguishment of debt 165.8 Total acquisition-related costs $ 284.9 |
Fiscal 2015 acquisitions [Member] | |
business acquisition [Line Items] | |
Business Combination, Separately Recognized Transactions | The below table indicates the purchase price allocation for acquisitions completed during the fiscal year ended June 27, 2015 (in millions): Gelcaps Omega Lumara Total purchase consideration $ 37.9 $ 2,983.2 $ 83.0 Assets acquired: Cash and cash equivalents $ 4.6 $ 14.7 $ — Accounts receivable 7.3 260.1 2.9 Inventories 7.2 202.5 1.5 Prepaid expenses and other current assets 2.1 39.2 0.4 Property and equipment 6.0 130.8 0.1 Goodwill 6.0 1,900.4 — Definite-lived intangibles : Developed product technology, formulations, and product rights — 27.2 82.0 Customer relationships and distribution networks 6.6 1,056.3 — Trademarks, trade names, and brands — 287.5 — Indefinite-lived intangibles : Trademarks, trade names, and brands 4.4 2,003.8 — Total intangible assets 11.0 3,374.8 82.0 Other non-current assets 0.4 2.4 — Total assets 44.6 5,924.9 86.9 Liabilities assumed: Accounts payable 3.3 243.1 — Short-term debt — 24.6 — Accrued liabilities 1.6 43.9 3.9 Payroll and related taxes — 51.3 — Accrued customer programs — 39.8 — Long-term debt — 1,471.0 — Net deferred income tax liabilities 1.4 1,014.5 — Other non-current liabilities 0.4 53.5 — Total liabilities 6.7 2,941.7 3.9 Net assets acquired $ 37.9 $ 2,983.2 $ 83.0 |
Fiscal 2014 acquisitions [Member] | |
business acquisition [Line Items] | |
Business Combination, Separately Recognized Transactions | The below table indicates the purchase price allocation for acquisitions completed during the fiscal year ended June 28, 2014 (in millions): Elan All Other (1) Purchase price paid $ 9,451.9 $ 71.0 Contingent consideration — 0.8 Total purchase consideration $ 9,451.9 $ 71.8 Assets acquired: Cash and cash equivalents $ 1,807.3 $ — Investment securities 100.0 — Accounts receivable 44.2 — Inventories — 3.0 Prepaid expenses and other current assets 27.1 — Property and equipment 9.2 — Goodwill 2,333.1 4.6 Definite-lived intangibles : Distribution and license agreements, supply agreements 5,811.0 17.8 Customer relationships and distribution networks — 9.8 Trademarks, trade names, and brands — 34.8 Non-compete agreements — 1.8 Total intangible assets 5,811.0 64.2 Other non-current assets 93.4 — Total assets 10,225.3 71.8 Liabilities assumed: Accounts payable 2.0 — Accrued liabilities 120.8 — Deferred tax liabilities 631.8 — Other non-current liabilities 18.8 — Total liabilities 773.4 — Net assets acquired $ 9,451.9 $ 71.8 (1) Includes opening balance sheet of the Aspen and Fera (Methazolomide) product acquisitions. |
Fiscal 2013 acquisitions [Member] | |
business acquisition [Line Items] | |
Business Combination, Separately Recognized Transactions | The purchase price allocations for all acquisitions completed during the fiscal year ended June 29, 2013 are final. The below table indicates the final purchase price allocation for each acquisition (in millions): Sergeant's Rosemont Velcera All Other (1) Purchase price paid $ 285.0 $ 282.9 $ 175.1 $ 139.9 Contingent consideration — — — 22.2 Total purchase consideration $ 285.0 $ 282.9 $ 175.1 $ 162.1 Assets acquired: Cash and cash equivalents $ — $ 2.1 $ 18.9 $ — Accounts receivable 19.7 10.6 6.3 — Inventories 37.7 9.6 9.7 1.3 Property and equipment 25.4 13.1 0.6 — Goodwill 80.2 147.0 62.5 18.1 Definite-lived intangibles : Distribution and license agreements, supply agreements 25.0 3.6 116.0 — Developed product technology, formulations, and product rights 66.1 114.6 — 158.1 Customer relationships and distribution networks 10.0 — 8.7 — Trademarks, trade names, and brands — — 7.6 — Non-compete agreements 1.3 1.5 3.0 — Indefinite-lived intangibles : Trademarks, trade names, and brands 33.0 17.3 — — In-process research and development — 11.2 — — Total intangible assets 135.4 148.2 135.3 158.1 Deferred tax assets 1.5 0.2 7.9 3.6 Other non-current assets 3.0 0.8 0.4 0.3 Total assets 302.9 331.6 241.6 181.4 Liabilities assumed: Accounts payable 13.7 2.6 6.5 — Accrued liabilities 4.2 7.6 4.8 0.5 Deferred tax liabilities — 36.0 48.2 18.8 Other non-current liabilities — 2.5 7.0 — Total liabilities 17.9 48.7 66.5 19.3 Net assets acquired $ 285.0 $ 282.9 $ 175.1 $ 162.1 (1) Includes opening balance sheet of the Cobrek acquisition and Fera product acquisition. |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | Changes in the carrying amount of goodwill, by reportable segment, were as follows (in millions): CHC BCH Rx Specialty Sciences Other Total Balance at June 29, 2013 $ 611.6 $ — $ 385.4 $ — $ 92.2 $ 1,089.2 Business acquisitions 1,297.2 — 851.0 201.8 — 2,350.0 Currency translation adjustment 7.6 — 21.9 — 5.4 34.9 Balance at June 28, 2014 1,916.4 — 1,258.3 201.8 97.6 3,474.1 Business acquisitions 4.8 1,513.1 — — — 1,517.9 Impairments (6.8 ) — — — — (6.8 ) Currency translation adjustment (9.7 ) 38.8 (20.0 ) — (9.4 ) (0.3 ) Purchase accounting adjustments (7.2 ) — (4.7 ) (1.1 ) — (13.0 ) Balance at June 27, 2015 1,897.5 1,551.9 1,233.6 200.7 88.2 4,971.9 Business acquisitions 9.7 87.4 — — — 97.1 Transfers to assets held for sale (13.0 ) — — — (14.5 ) (27.5 ) Currency translation adjustment (5.1 ) (46.1 ) (11.4 ) — (2.2 ) (64.8 ) Purchase accounting adjustments 0.9 387.3 — — — 388.2 Balance at December 31, 2015 $ 1,890.0 $ 1,980.5 $ 1,222.2 $ 200.7 $ 71.5 $ 5,364.9 |
Schedule of Finite and Indefinite-Lived Intangible Assets | Other intangible assets and the related accumulated amortization consisted of the following (in millions): December 31, 2015 June 27, 2015 June 28, 2014 Gross Accumulated Amortization Gross Accumulated Amortization Gross Accumulated Amortization Definite-lived intangibles : Distribution and license agreements, supply agreements $ 6,053.4 $ 667.2 $ 6,029.9 $ 502.3 $ 6,027.3 $ 192.1 Developed product technology, formulations, and product rights 1,383.5 426.0 1,025.3 383.1 931.7 302.5 Customer relationships and distribution networks 1,520.7 193.0 1,749.9 146.2 372.0 97.5 Trademarks, trade names, and brands 539.4 22.8 340.8 11.5 47.8 5.6 Non-compete agreements 15.2 12.7 14.7 11.9 15.3 9.4 Total definite-lived intangibles $ 9,512.2 $ 1,321.7 $ 9,160.6 $ 1,055.0 $ 7,394.1 $ 607.1 Indefinite-lived intangibles : Trademarks, trade names, and brands $ 1,868.1 $ — $ 2,257.3 $ — $ 59.5 $ — In-process research and development 48.2 — 5.8 — 10.2 — Total indefinite-lived intangibles 1,916.3 — 2,263.1 — 69.7 — Total other intangible assets $ 11,428.5 $ 1,321.7 $ 11,423.7 $ 1,055.0 $ 7,463.8 $ 607.1 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | The remaining weighted-average useful life for our amortizable intangible assets by asset class at December 31, 2015 was as follows: Amortizable Intangible Asset Category Remaining Weighted-Average Useful Life (Years) Distribution and license agreements, supply agreements 19 Developed product technology, formulations, and product rights 10 Customer relationships and distribution networks 17 Trademarks, trade names, and brands 21 Non-compete agreements 2 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Our estimated future amortization expense is as follows (in millions): Year Amount 2016 $ 603.1 2017 595.6 2018 582.6 2019 558.3 2020 522.5 Thereafter 5,328.4 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Inventory [Abstract] | |
Schedule of inventory, current [Table Text Block] | Major components of inventory were as follows (in millions): Six Months Ended Fiscal Year Ended December 31, June 27, June 28, Finished goods $ 483.4 $ 468.9 $ 307.0 Work in process 151.4 158.2 146.7 Raw materials 209.6 211.8 177.9 Total inventories $ 844.4 $ 838.9 $ 631.6 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize the valuation of our financial instruments carried at fair value by the above pricing categories (in millions): December 31, 2015 Level 1 Level 2 Level 3 Total Measured at fair value on a recurring basis: Assets: Investment securities $ 14.9 $ — $ — $ 14.9 Foreign currency forward contracts — 4.8 — 4.8 Funds associated with Israeli post-employment benefits — 17.2 — 17.2 Total assets $ 14.9 $ 22.0 $ — $ 36.9 Liabilities: Contingent consideration $ — $ — $ 17.9 $ 17.9 Interest rate swap agreements — 0.3 — 0.3 Foreign currency forward contracts — 3.9 — 3.9 Total liabilities $ — $ 4.2 $ 17.9 $ 22.1 Measured at fair value on a non-recurring basis: Assets: Indefinite-lived intangible assets $ — $ — $ 1,813.8 $ 1,813.8 Assets held for sale, net — — 37.5 37.5 Total assets $ — $ — $ 1,851.3 $ 1,851.3 June 27, 2015 Level 1 Level 2 Level 3 Total Measured at fair value on a recurring basis: Assets: Investment securities $ 12.7 $ — $ — $ 12.7 Foreign currency forward contracts — 12.4 — 12.4 Funds associated with Israeli post-employment benefits — 17.3 — 17.3 Total assets $ 12.7 $ 29.7 $ — $ 42.4 Liabilities: Foreign currency forward contracts $ — $ 4.6 $ — $ 4.6 Total liabilities $ — $ 4.6 $ — $ 4.6 June 28, 2014 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 |
Rollforward of the Assets Measured at Fair Value Using Unobservable Inputs | The table below presents a reconciliation for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions): Six Months Ended Fiscal Year Ended December 31, June 27, June 28, Contingent Consideration Beginning balance: $ — $ 17.4 $ 22.2 Net realized losses — 0.9 1.1 Purchases or additions 17.9 — 0.8 Settlements — (18.3 ) (6.7 ) Ending balance: $ 17.9 $ — $ 17.4 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities, Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Unrealized Gains (Losses) on Available for Sale Securities | Net unrealized investment gains (losses) on available for sale securities were as follows (in millions): Six Months Ended Fiscal Year Ended December 31, June 27, June 28, Net unrealized investment gains (losses): Equity securities, at cost less impairments $ 6.4 $ 17.1 $ 17.1 Gross unrealized gains 9.3 5.7 3.8 Gross unrealized losses (0.8 ) (10.1 ) (0.2 ) Estimated fair value of equity securities $ 14.9 $ 12.7 $ 20.7 |
Derivative Instruments and He39
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The balance sheet location and gross fair value of our outstanding derivative instruments were as follows: Asset Derivatives Fair Value Balance Sheet Location December 31, June 27, June 28, Designated derivatives: Foreign currency forward contracts Other current assets $ 3.8 $ 3.3 $ 2.8 Total designated derivatives $ 3.8 $ 3.3 $ 2.8 Non-designated derivatives: Foreign currency forward contracts Other current assets $ 1.0 $ 9.1 $ 0.3 Total non-designated derivatives $ 1.0 $ 9.1 $ 0.3 Liability Derivatives Fair Value Balance Sheet Location December 31, June 27, June 28, Designated derivatives: Foreign currency forward contracts Accrued liabilities $ 2.0 $ 2.0 $ 0.7 Interest rate swap agreements Other non-current liabilities 0.3 — 8.3 Total designated derivatives $ 2.3 $ 2.0 $ 9.0 Non-designated derivatives: Foreign currency forward contracts Accrued liabilities $ 1.9 $ 2.6 $ 0.1 Total non-designated derivatives $ 1.9 $ 2.6 $ 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 our designated cash flow hedges were as follows: Amount of Gain/(Loss) Recorded in OCI Six Months Ended Fiscal Year Ended Designated Cash Flow Hedges December 31, June 27, June 28, June 29, Treasury locks $ — $ (2.7 ) $ — $ — Interest rate swap agreements (0.3 ) (10.1 ) 7.2 (1.3 ) Foreign currency forward contracts 1.7 (7.7 ) 15.1 (10.6 ) $ 1.4 $ (20.5 ) $ 22.3 $ (11.9 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The gains (losses) reclassified from AOCI into earnings for the effective portion of our designated cash flow hedges were as follows: Amount of Gain/(Loss) Reclassified from AOCI to Income Six Months Ended Fiscal Year Ended Designated Cash Flow Hedges Income Statement Location December 31, June 27, June 28, June 29, Treasury locks Interest expense, net $ — $ (0.1 ) $ 0.2 $ (0.4 ) Interest rate swap agreements Interest expense, net (0.8 ) (16.4 ) 3.9 5.0 Foreign currency forward contracts Net sales (0.8 ) 2.0 (2.5 ) (2.9 ) Cost of sales 0.8 (4.2 ) (6.3 ) 4.3 Interest expense, net (0.4 ) — (0.2 ) (0.1 ) Other expense, net 0.1 (4.5 ) (2.2 ) (3.2 ) $ (1.1 ) $ (23.2 ) $ (7.1 ) $ 2.7 |
Schedule of hedge ineffectiveness [Table Text Block] | The gains (losses) recognized against earnings for the ineffective portion of our designated cash flow hedges were as follows: Amount of Gain/(Loss) Recognized in Income Six Months Ended Fiscal Year Ended Designated Cash Flow Hedges Income Statement Location December 31, June 27, June 28, June 29, 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 (0.1 ) (0.1 ) (0.1 ) — Cost of sales 0.2 0.2 0.3 0.2 Total $ 0.1 $ (1.0 ) $ (2.9 ) $ 0.2 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The effects of our fair value hedges on the Consolidated Statements of Operations were as follows: Amount of Gain/(Loss) Recognized in Income Six Months Ended Fiscal Year Ended Designated Fair Value Hedges Income Statement Location December 31, June 27, June 28, June 29, Interest rate swap agreements Other expense, net $ — $ — $ 0.9 $ — Fixed-rate debt Other expense, net — — (4.1 ) — Net hedge $ — $ — $ (3.2 ) $ — |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The effects of our non-designated derivatives on the Consolidated Statements of Operations were as follows: Amount of Gain/(Loss) Recognized in Income Six Months Ended Fiscal Year Ended Non-Designated Derivatives Income Statement Location December 31, June 27, June 28, June 29, Foreign currency forward contracts Other expense, net $ (8.0 ) $ (295.4 ) $ (0.1 ) $ 4.7 Interest expense, net (0.7 ) (3.4 ) — — Foreign exchange option contracts Other expense, net — (26.4 ) — — Total $ (8.7 ) $ (325.2 ) $ (0.1 ) $ 4.7 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Assets Held for Sale | The amounts consisted of the following at December 31, 2015 (in millions): December 31, 2015 CHC Other Assets held for sale Current assets $ 55.1 $ 13.6 Goodwill 13.0 14.5 Property, plant and equipment 18.8 37.4 Other assets — 3.2 Less: impairments — (29.0 ) Total assets held for sale $ 86.9 $ 39.7 Liabilities held for sale Current liabilities $ 30.5 $ 0.5 Other liabilities — 1.7 Total liabilities held for sale $ 30.5 $ 2.2 |
Indebtedness (Tables)
Indebtedness (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Indebtedness [Abstract] | |
Schedule of Debt | Total borrowings outstanding are summarized as follows (in millions): December 31, June 27, June 28, Revolving credit agreements 2015 Revolver $ 380.0 $ — $ — 2014 Revolver 300.0 — — Total revolving credit agreements 680.0 — — Term loans 2013 Term loan due December 18, 2015 — — 300.0 2013 Term loan due December 18, 2018 — — 630.0 * 2014 Term loan due December 5, 2019 488.8 530.5 — Total term loans 488.8 530.5 930.0 Notes and bonds Coupon Due 1.300% November 8, 2016 (2) 500.0 500.0 500.0 * 4.500% May 23, 2017 (3) 195.5 201.0 — * 5.125% December 12, 2017 (3) 325.8 335.0 — 2.300% November 8, 2018 (2) 600.0 600.0 600.0 * 5.000% May 23, 2019 (3) 130.3 134.1 — 3.500% December 15, 2021 (1) 500.0 500.0 — * 5.105% July 19, 2023 (3) 146.7 150.8 — 4.000% November 15, 2023 (2) 800.0 800.0 800.0 3.900% December 15, 2024 (1) 700.0 700.0 — 5.300% November 15, 2043 (2) 400.0 400.0 400.0 4.900% December 15, 2044 (1) 400.0 400.0 — Total notes and bonds 4,698.3 4,720.9 2,300.0 Other financing 86.0 13.0 10.2 Unamortized premium (discount), net 73.4 87.5 (6.0 ) Deferred financing fees (36.6 ) (40.5 ) (27.4 ) Total borrowings outstanding 5,989.9 5,311.4 3,206.8 Current indebtedness (1,018.3 ) (64.6 ) (143.7 ) Total long-term debt less current portion $ 4,971.6 $ 5,246.8 $ 3,063.1 (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." (3) Debt assumed from Omega. * Debt denominated in euros subject to fluctuations in the euro to U.S. dollar exchange rate. |
Schedule of Extinguishment of Debt | As a result of the debt retirements, we recorded a loss of $165.8 million during the fiscal year ended June 28, 2014 (in millions): Make-whole payments $ 133.5 Write-off of financing fees on Bridge Credit Agreements 19.0 Write-off of deferred financing fees 10.5 Write-off of unamortized discount 2.8 Total loss on extinguishment of debt $ 165.8 |
Schedule of Maturities of Short-term and Long-term Debt | The annual future maturities of our short-term and long-term debt, including capitalized leases, are as follows (in millions): Payment Due Amount 2016 $ 1,019.7 2017 576.6 2018 667.9 2019 742.6 2020 — Thereafter 2,946.5 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | A reconciliation of the numerators and denominators used in our basic and diluted EPS calculation is as follows (in millions): Six Months Ended Fiscal Year Ended December 31, June 27, June 28, June 29, Numerator: Net income $ 5.6 $ 128.0 $ 205.3 $ 441.9 Denominator: Weighted average shares outstanding for basic EPS 145.6 139.3 115.1 93.9 Dilutive effect of share-based awards 0.5 0.5 0.5 0.6 Weighted average shares outstanding for diluted EPS 146.1 139.8 115.6 94.5 Anti-dilutive share-based awards excluded from computation of diluted EPS 0.1 0.1 0.1 0.2 |
Schedule of Dividends Payable [Table Text Block] | In January 2003, the Board of Directors adopted a policy of paying quarterly dividends. We paid dividends as follows: Six Months Ended Fiscal Year Ended December 31, June 27, June 28, June 29, Dividends paid (in millions) $ 36.3 $ 64.8 46.1 $ 33.0 Dividends paid per share $ 0.25 $ 0.46 $ 0.39 $ 0.35 |
Share-based compensation (Table
Share-based compensation (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activiy | A summary of activity related to stock options is presented below (options in thousands): Number of Weighted-Average Weighted- Aggregate Options outstanding at June 28, 2014 850 $ 77.26 Granted 181 $ 147.75 Exercised (170 ) $ 49.26 Forfeited or expired (4 ) $ 128.76 Options outstanding at June 27, 2015 857 $ 97.49 6.6 $ 79.8 Granted — $ — Exercised (72 ) $ 69.62 Forfeited or expired (2 ) $ 131.91 Options outstanding at December 31, 2015 783 $ 99.93 6.3 $ 35.6 Options exercisable 614 $ 89.08 5.7 $ 34.3 Options expected to vest 165 $ 139.21 8.3 $ 1.3 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values were estimated using the Black-Scholes option pricing model with the following weighted-average assumptions: Fiscal Year Ended June 27, June 28, June 29, Dividend yield 0.3 % 0.3 % 0.3 % Volatility, as a percent 27.1 % 32.7 % 34.9 % Risk-free interest rate 1.7 % 1.8 % 0.8 % Expected life in years 5.3 5.3 5.4 |
Schedule of Nonvested Share Activity | A summary of activity related to non-vested restricted shares is presented below (shares in thousands): Number of Weighted- Weighted- Aggregate Non-vested restricted shares outstanding at June 28, 2014 9 $ 100.84 Granted — $ — Vested (9 ) $ 100.84 Forfeited — $ — Non-vested restricted shares outstanding at June 27, 2015 — $ — 0.0 $ — |
Schedule of Nonvested Service-based Units Activity | A summary of activity related to non-vested service-based restricted share units is presented below (units in thousands): Number of Weighted- Weighted- Aggregate Non-vested service-based share units outstanding at June 28, 2014 247 $ 112.89 Granted 135 $ 153.99 Vested (91 ) $ 99.54 Forfeited (8 ) $ 126.13 Non-vested service-based share units outstanding at June 27, 2015 283 $ 136.48 1.2 $ 53.9 Granted 199 $ 165.64 Vested (94 ) $ 125.03 Forfeited (6 ) $ 164.56 Non-vested service-based share units outstanding at December 31, 2015 382 $ 154.07 2.2 $ 55.3 |
Schedule of Nonvested Performance-based Units Activity | A summary of activity related to non-vested performance-based restricted share units is presented below (units in thousands): Number of Weighted- Weighted- Aggregate Non-vested performance-based share units outstanding at June 28, 2014 182 $ 109.63 Granted 106 $ 150.14 Vested (56 ) $ 91.14 Forfeited (3 ) $ 126.96 Non-vested performance-based share units outstanding at June 27, 2015 229 $ 129.77 1.38 $ 43.6 Granted 55 $ 184.49 Vested (58 ) $ 109.20 Forfeited (3 ) $ 144.73 Non-vested performance-based share units outstanding at December 31, 2015 223 $ 146.31 1.49 $ 32.3 |
Accumulated Other Comprehensi44
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in our AOCI balances, net of tax, were as follows (in millions): Fair value of derivative financial instruments, net of tax Foreign currency translation adjustments Fair value of investment securities, net of tax Post-retirement and pension liability adjustments, net of tax Total AOCI Balance at June 29, 2013 $ (4.5 ) $ 80.6 $ — $ 0.9 $ 77.0 OCI before reclassifications (18.2 ) 83.8 (4.3 ) (12.0 ) 49.3 Amounts reclassified from AOCI 6.6 — 6.7 — 13.3 Other comprehensive income (loss) (11.6 ) 83.8 2.4 (12.0 ) 62.6 Balance at June 28, 2014 (16.1 ) 164.4 2.4 (11.1 ) 139.6 OCI before reclassifications (15.1 ) (33.5 ) (5.4 ) 1.9 (52.1 ) Amounts reclassified from AOCI 14.9 — — — 14.9 Other comprehensive income (loss) (0.2 ) (33.5 ) (5.4 ) 1.9 (37.2 ) Balance at June 27, 2015 (16.3 ) 130.9 (3.0 ) (9.2 ) 102.4 OCI before reclassifications 1.1 (135.3 ) (1.4 ) 7.4 (128.2 ) Amounts reclassified from AOCI 1.0 — 10.7 (1.4 ) 10.3 Other comprehensive income (loss) 2.1 (135.3 ) 9.3 6.0 (117.9 ) Balance at December 31, 2015 $ (14.2 ) $ (4.4 ) $ 6.3 $ (3.2 ) $ (15.5 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule of Income before Income Tax and Components of Income Tax Expense (Benefit) | Pre-tax income and the provision for income taxes from continuing operations are summarized as follows (in millions): Six Months Ended Fiscal Year End December 31, June 27, June 28, June 29, Pre-tax income (loss): Ireland $ (346.9 ) $ (821.2 ) $ (369.3 ) $ — Other 323.7 1,069.2 641.9 607.7 Total pre-tax income (loss) (23.2 ) 248.0 272.6 607.7 Provision for income taxes: Current: Ireland 1.4 (2.0 ) 2.2 — United States - federal 59.2 77.0 44.0 125.0 United States - state 3.2 6.9 9.3 10.7 Other foreign 40.4 54.1 49.1 24.3 Subtotal 104.2 136.0 104.6 160.1 Deferred (credit): Ireland (27.7 ) 7.5 (24.2 ) — United States - federal (32.5 ) (17.5 ) 7.8 16.6 United States - state (3.3 ) (0.8 ) (5.8 ) — Other foreign (69.5 ) (5.2 ) (15.1 ) (10.9 ) Subtotal (133.0 ) (16.0 ) (37.3 ) 5.7 Total provision for income taxes $ (28.8 ) $ 120.0 $ 67.3 $ 165.8 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the provision based on the Federal statutory income tax rate to our effective income tax rate is as follows: Six Months Ended Fiscal Year Ended December 31, June 27, June 28, June 29, Provision at statutory rate 12.5 % 12.5 % 12.5 % 35.0 % Ireland tax on non-trading differences 80.8 (10.3 ) 2.8 — Expenses not deductible for tax purposes/ deductions not expensed for book, net (151.7 ) 15.5 12.1 (0.6 ) U.S. Operations: State income taxes, net of federal benefit (15.3 ) (1.0 ) (0.2 ) 1.1 Foreign tax credit — — 0.2 (0.1 ) Research and development credit 5.1 (0.8 ) (0.5 ) (0.5 ) Other (43.3 ) 5.6 (0.8 ) (1.0 ) Other foreign differences (earnings taxed at other than applicable statutory rate) 394.8 (16.6 ) (16.0 ) (8.7 ) Worldwide operations: Valuation allowance changes (148.6 ) 25.0 2.9 — Audit impacts — — — (1.2 ) Change in unrecognized taxes (10.1 ) 18.5 15.0 3.3 Rate change impacts — — (3.3 ) — Effective income tax rate 124.2 % 48.4 % 24.7 % 27.3 % |
Schedule of Deferred Tax Assets and Liabilities | The components of our net deferred income tax asset (liability) were as follows: Six Months Ended Fiscal Year Ended December 31, June 27, June 28, Deferred income tax asset (liability): Depreciation and amortization $ (1,808.5 ) $ (1,889.0 ) $ (982.6 ) Inventory basis differences 21.0 30.2 43.9 Accrued liabilities 58.1 67.2 84.3 Allowance for doubtful accounts 1.3 0.9 0.9 Research and development 63.7 62.8 3.7 Loss carryforwards 243.6 242.7 47.1 Share-based compensation 20.6 14.3 14.3 Foreign tax credit 10.6 10.6 10.6 Federal benefit of unrecognized tax positions 22.8 26.3 20.7 Interest carryforwards 334.6 259.7 253.3 Other, net 14.7 29.7 59.6 Subtotal (1,017.5 ) (1,144.6 ) (444.2 ) Valuation allowance for loss and credit carryforwards (491.6 ) (519.2 ) (198.4 ) Net deferred income tax asset (liability): $ (1,509.1 ) $ (1,663.8 ) $ (642.6 ) The above amounts are classified on the Consolidated Balance Sheets as follows (in millions): Six Months Ended Fiscal Year Ended December 31, June 27, June 28, Assets $ 54.6 $ 161.9 $ 86.4 Liabilities (1,563.7 ) (1,825.7 ) (729.0 ) Net deferred income tax (liability) asset $ (1,509.1 ) $ (1,663.8 ) $ (642.6 ) |
Summary of Income Tax Contingencies | The following table summarizes the activity related to amounts recorded for uncertain tax positions, excluding interest and penalties (in millions): Unrecognized Tax Benefits Balance at June 29, 2013 $ 110.1 Additions: Positions related to the current year 28.8 Positions related to prior years 22.7 Reductions: Lapse of statutes of limitation (1.5 ) Balance at June 28, 2014 160.1 Additions: Positions related to the current year 38.9 Positions related to prior years 122.7 Reductions: Settlements with taxing authorities (1.4 ) Lapse of statutes of limitation (1.7 ) Balance at June 27, 2015 318.6 Additions: Positions related to the current year 17.9 Reductions: Positions related to prior years (38.8 ) Settlements with taxing authorities (15.3 ) Balance at December 31, 2015 $ 282.4 |
Post Employment Plans - (Tables
Post Employment Plans - (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | The change in the projected benefit obligation and plan assets consisted of the following (in millions): Pension Benefits Other Benefits Six Months Ended Fiscal Year Ended Six Months Ended Fiscal Year Ended December 31, June 27, 2015 * June 28, 2014 ** December 31, June 27, 2015 * June 28, 2014 Projected benefit obligation at beginning of period $ 140.3 $ 89.0 $ — $ 6.0 $ 4.6 $ 3.9 Acquisitions 5.6 70.4 84.4 — 1.0 — Service costs 2.2 0.9 — 0.3 0.3 0.5 Interest cost 1.7 2.4 1.4 0.1 0.2 0.3 Actuarial (gain) loss (10.1 ) (6.8 ) 12.1 0.5 — — Benefits paid (0.6 ) (0.9 ) (0.2 ) (0.1 ) (0.1 ) (0.1 ) Settlements — — (8.0 ) — — — Foreign currency translation (4.1 ) (14.7 ) (0.7 ) 0.1 — — Projected benefit obligation at end of period $ 135.0 $ 140.3 $ 89.0 $ 7.0 $ 6.0 $ 4.6 Fair value of plan assets at beginning of period 133.3 99.6 — — — — Acquisitions 3.2 49.9 107.3 — — — Actual return on plan assets (0.6 ) (1.0 ) 5.4 — — — Benefits paid (0.6 ) (0.1 ) (0.2 ) — — — Settlements — — (12.1 ) — — — Employer contributions 3.3 2.4 — — — — Foreign currency translation (3.7 ) (17.5 ) (0.8 ) — — — Fair value of plan assets at end of period $ 134.9 $ 133.3 $ 99.6 $ — $ — $ — Funded (unfunded) status $ (0.1 ) $ (7.0 ) $ 10.6 $ (7.0 ) $ (6.0 ) $ (4.6 ) Presented as: Other non-current assets $ 16.5 $ 12.8 $ 10.6 $ — $ — $ — Other non-current liabilities $ (16.6 ) $ (19.8 ) $ — $ (7.0 ) $ (6.0 ) $ (4.0 ) * Includes Omega activity from March 30, 2015 to June 27, 2015. ** Includes Elan activity from December 18, 2013 to June 28, 2014. |
Schedule of Expected Benefit Payments | At December 31, 2015 , the total estimated future benefit payments to be paid by the plans for the next five years is approximately $6.9 million for pension benefits and $0.9 million for other benefits as follows (in millions): Payment Due Pension Benefits Other Benefits 2016 $ 1.0 $ 0.1 2017 1.0 0.2 2018 1.2 0.2 2019 1.7 0.2 2020 2.0 0.2 Thereafter 12.5 2.0 |
Schedule of Costs of Retirement Plans | Net periodic pension cost consisted of the following (in millions): Pension Benefits Other Benefits Six Months Ended Fiscal Year Ended Six Months Ended Fiscal Year Ended December 31, June 27, 2015 * June 28, 2014 ** December 31, June 27, 2015 * June 28, Service cost $ 2.2 $ 0.9 $ — $ 0.3 $ 0.3 $ 0.5 Interest cost 1.7 2.4 1.4 0.1 0.2 0.3 Expected return on plan assets (1.8 ) (2.7 ) (1.9 ) — — 0.6 Net actuarial loss 0.4 1.0 0.7 — 0.1 Net periodic pension cost $ 2.5 $ 1.6 $ 0.2 $ 0.4 $ 0.6 $ 1.4 * Includes Omega activity from March 30, 2015 to June 27, 2015. ** Includes Elan activity from December 18, 2013 to June 28, 2014. |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | The weighted-average assumptions used to determine net periodic pension cost and benefit obligation were: Pension Benefits Other Benefits Six Months Ended Fiscal Year Ended Six Months Ended Fiscal Year Ended December 31, June 27, 2015 * June 28, 2014 ** December 31, June 27, 2015 * June 28, Discount rate 2.22 % 2.11 % 2.90 % 4.25 % 4.25 % 4.25 % Inflation 2.25 % 1.93 % 2.00 % Expected return on assets 2.93 % 2.85 % 2.92 % * Includes Omega activity from March 30, 2015 to June 27, 2015. ** Includes Elan activity from December 18, 2013 to June 28, 2014. |
Schedule of Assumptions Used | s of December 31, 2015 , the expected weighted-average long-term rate of return on assets of 2.9% was calculated based on the assumptions of the following returns for each asset class: Equities 6.0 % Bonds 0.9 % Absolute return fund 3.5 % Insurance contracts 2.9 % Property 5.0 % |
Schedule of Allocation of Plan Assets | As of December 31, 2015 , the current long-term asset allocation ranges of the trusts are as follows: Equities 10%-20% Bonds 20%-30% Property 0%-10% Absolute return 20%-30% Insurance contracts 30%-40% |
schedule of allocation - fair value of the pension plan assets [Table Text Block] | The following table sets forth the fair value of the pension plan assets, as of December 31, 2015 (in millions): Quoted Prices in Active Markets Other Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Equities $ 15.9 $ — $ — $ 15.9 Bonds 39.6 — — 39.6 Property — — 0.8 0.8 Insurance contracts — — 44.9 44.9 Absolute return fund 33.7 — — 33.7 Total $ 89.2 $ — $ 45.7 $ 134.9 The following table sets forth the fair value of the pension plan assets, as of June 27, 2015 (in millions): Quoted Prices in Active Markets Other Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Equities $ 16.7 $ — $ — $ 16.7 Bonds 49.7 — — 49.7 Property — — 0.4 0.4 Insurance contracts — — 31.5 31.5 Absolute return fund 34.8 — — 34.8 Other 0.2 — — 0.2 Total $ 101.4 $ — $ 31.9 $ 133.3 The following table sets forth the fair value of the pension plan assets, as of June 28, 2014 (in millions): Quoted Prices in Active Markets Other Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Equities $ 20.8 $ — $ — $ 20.8 Bonds 48.3 — — 48.3 Property — — 0.8 0.8 Absolute return fund 29.6 — — 29.6 Other 0.1 — — 0.1 Total $ 98.8 $ — $ 0.8 $ 99.6 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following table sets forth a summary of the changes in the fair value of the Level 3 pension plan assets, which were measured at fair value on a recurring basis (in millions): Six Months Ended Fiscal Year Ended December 31, June 27, 2015 * June 28, 2014 ** Level 3 assets held at beginning of year $ 31.9 $ 0.8 $ — Acquisitions 13.1 31.5 0.7 Unrealized gains 0.7 (0.4 ) 0.1 Level 3 assets held at end of year $ 45.7 $ 31.9 $ 0.8 * Includes Omega activity from March 30, 2015 to June 27, 2015. ** Includes Elan activity from December 18, 2013 to June 28, 2014. |
Commitments and Contingencies O
Commitments and Contingencies Operating Leases, Future Minimum Payments Due (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future non-cancelable minimum operating lease commitments are as follows (in millions): Due Amount 2016 $ 45.8 2017 34.1 2018 31.7 2019 20.2 2020 16.1 Thereafter 21.7 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Restructuring Charges [Abstract] | |
Schedule of Restructuring Charges | The following reflects our restructuring activity (in millions): Balance at June 30, 2012 $ 1.7 Additional charges 2.9 Payments (1.7 ) Balance at June 29, 2013 2.9 Additional charges 47.0 Payments (28.7 ) Non-cash adjustments (4.8 ) Balance at June 28, 2014 16.4 Additional charges 5.1 Payments (18.5 ) Non-cash adjustments (1.4 ) Balance at June 27, 2015 1.6 Additional charges 26.9 Payments (6.4 ) Non-cash adjustments (1.4 ) Balance at December 31, 2015 $ 20.7 |
Segment and Geographic Inform49
Segment and Geographic Information (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Segments and Geographic Information [Abstract] | |
Schedule of Revenue by Geographic Location | We generated third-party net sales in the following geographic locations (1) during each of the periods presented below (in millions): Six Months Ended Fiscal Year Ended December 31, 2015 June 27, June 28, June 29, Ireland $ 177.8 $ 344.0 $ 146.7 $ — U.S. 1,695.1 3,303.6 3,291.6 2,978.1 Europe 720.1 613.6 217.2 164.0 All other countries (2) 176.5 342.7 405.3 397.7 $ 2,769.5 $ 4,603.9 $ 4,060.8 $ 3,539.8 (1) We attribute net sales to countries based on sales location. (2) Includes sales generated primarily in Israel, Mexico, Australia, and Canada. |
Schedule of Property and Equipment by Geographic Location | The net book value of property and equipment by location was as follows (in millions): December 31, June 27, June 28, Ireland $ 1.3 $ 1.4 $ 2.0 U.S. 555.0 558.6 530.7 Europe 157.2 153.8 31.7 Israel 115.7 119.8 119.6 All other countries 57.0 98.8 95.9 $ 886.2 $ 932.4 $ 779.9 |
Schedule of Segment Reporting Information, by Segment | Below is a summary of our results by reporting segment (in millions): CHC BCH (1) Rx Specialty Sciences (2) Other Unallocated Total (3) Six Months Ended December 31, 2015 Net sales $ 1,384.7 $ 627.9 $ 543.4 $ 168.4 $ 45.1 $ — $ 2,769.5 Operating income (loss) (4) $ 209.2 $ (155.3 ) $ 195.3 $ 15.8 $ (19.5 ) $ (151.0 ) $ 94.5 Operating income (loss) % 15.1 % (24.7 )% 35.9 % 9.4 % (43.3 )% — % 3.4 % Total assets $ 4,007.8 $ 6,324.0 $ 3,015.5 $ 5,833.5 $ 213.1 $ — $ 19,393.9 Capital expenditures $ 45.2 $ 18.4 $ 12.8 $ — $ 1.4 $ — $ 77.8 Property and equip, net $ 586.5 $ 123.4 $ 129.0 $ — $ 47.3 $ — $ 886.2 Depreciation/amortization $ 66.8 $ 66.5 $ 43.8 $ 145.6 $ 5.3 $ — $ 328.0 Fiscal Year Ended June 27, 2015 Net sales $ 2,750.0 $ 401.1 $ 1,001.1 $ 344.0 $ 107.7 $ — $ 4,603.9 Operating income (loss) $ 405.6 $ 26.6 $ 373.9 $ 36.3 $ 26.8 $ (121.5 ) $ 747.7 Operating income (loss) % 14.7 % 6.6 % 37.3 % 10.6 % 24.9 % — % 16.2 % Total assets $ 4,381.6 $ 6,441.1 $ 2,667.9 $ 5,979.0 $ 251.0 $ — $ 19,720.6 Capital expenditures $ 80.5 $ 3.6 $ 42.9 $ 0.5 $ 6.4 $ 3.1 $ 137.0 Property and equip, net $ 600.0 $ 122.5 $ 124.1 $ — $ 85.8 $ — $ 932.4 Depreciation/amortization $ 123.2 $ 38.3 $ 85.1 $ 291.6 $ 10.6 $ — $ 548.8 Fiscal Year Ended June 28, 2014 Net sales $ 2,849.4 $ — $ 927.1 $ 146.7 $ 137.6 $ — $ 4,060.8 Operating income (loss) $ 413.1 $ — $ 349.8 $ (68.6 ) $ 46.1 $ (173.4 ) $ 567.0 Operating income (loss) % 14.5 % — % 37.7 % (46.7 )% 33.5 % — % 14.0 % Total assets $ 4,931.0 $ — $ 2,537.2 $ 6,096.6 $ 288.0 $ — $ 13,852.8 Capital expenditures $ 128.3 $ — $ 32.9 $ — $ 10.4 $ — $ 171.6 Property and equip, net $ 577.3 $ — $ 104.8 $ 2.1 $ 95.7 $ — $ 779.9 Depreciation/amortization $ 106.6 $ — $ 86.5 $ 154.4 $ 11.4 $ — $ 358.9 Fiscal Year Ended June 29, 2013 Net sales $ 2,671.0 $ — $ 709.5 $ — $ 159.3 $ — $ 3,539.8 Operating income (loss) $ 401.8 $ — $ 263.2 $ — $ 48.9 $ (34.7 ) $ 679.1 Operating income (loss) % 15.0 % — % 37.1 % — % 30.7 % — % 19.2 % Total assets $ 3,447.5 $ — $ 1,604.9 $ — $ 284.5 $ — $ 5,336.9 Capital expenditures $ 97.1 $ — $ 17.7 $ — $ 17.3 $ — $ 132.2 Property and equip, net $ 508.0 $ — $ 80.8 $ — $ 92.7 $ — $ 681.4 Depreciation/amortization $ 96.1 $ — $ 54.9 $ — $ 9.1 $ — $ 160.2 (1) BCH includes activity subsequent to March 30, 2015. (2) Specialty Sciences includes activity subsequent to December 18, 2013. (3) Amounts may not cross-foot due to rounding. (4) The BCH segment operating loss included a $185.1 million impairment charge on indefinite-lived intangible assets purchased in conjunction with the Omega acquisition (See Note 3 for more information). The Other operating loss included a $29.0 million impairment charge related to our India API held for sale assets (See Note 9 for more information). |
Schedule of Sales by Major Product Category | The following is a summary of our net sales by category (in millions): Six Months Ended Fiscal Year Ended December 31, 2015 June 27, June 28, 2014 June 29, CHC Cough/Cold/Allergy/Sinus (1) $ 259.2 $ 486.2 $ 510.1 $ 500.6 Analgesics (1) 200.3 441.7 504.0 536.0 Gastrointestinal (1) 204.2 395.3 400.1 388.8 Infant nutritionals 200.2 383.9 374.8 350.1 Smoking cessation 159.7 299.4 236.8 193.2 Vitamins, minerals and dietary supplements (1) 110.6 185.6 176.9 158.3 Animal health 62.3 156.9 178.0 123.2 Other CHC (1),(2) 188.2 401.0 468.7 420.9 Total CHC 1,384.7 2,750.0 2,849.4 2,671.1 BCH branded OTC products 627.9 401.1 — — Generic prescription drugs 543.4 1,001.1 927.1 709.5 Tysabri ® royalties 168.4 344.0 146.7 — Active pharmaceutical ingredients 45.1 107.7 137.6 159.3 Total net sales $ 2,769.5 $ 4,603.9 $ 4,060.8 $ 3,539.8 (1) Includes sales from our OTC contract manufacturing business. (2) Consists primarily of feminine hygiene, diabetes care, dermatological care, diagnostic products, and other miscellaneous or otherwise uncategorized product lines and markets, none of which is greater than 10% of the CHC segment. |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The following table presents unaudited quarterly consolidated operating results for each of our last ten quarters. The information below has been prepared on a basis consistent with our audited consolidated financial statements (in millions, except per share amounts). Three Months Ended September 26, 2015 (2) December 31, 2015 (3) Net sales $ 1,344.7 $ 1,424.8 Gross profit $ 548.8 $ 559.3 Net income (loss) $ 112.6 $ (107.0 ) Earnings (loss) per share (1): Basic $ 0.77 $ (0.74 ) Diluted $ 0.77 $ (0.74 ) Weighted average shares outstanding Basic 146.3 144.9 Diluted 146.9 144.9 (1) The sum of individual per share amounts may not equal due to rounding. (2) Includes Mylan defense-related fees of $15.6 million . (3) Includes an intangible asset impairment charge of $185.1 million , Mylan defense-related fees of $71.3 million , an impairment charge on our India API held for sale assets of $29.0 million , restructuring charges of $24.7 million , and an investment impairment charge of $10.7 million . Twleve Months Ended June 27, 2015 First Second (2) Third (3) Fourth (4) Net sales $ 951.5 $ 1,071.7 $ 1,049.1 $ 1,531.6 Gross profit $ 321.8 $ 383.8 $ 378.8 $ 628.1 Net income (loss) $ 96.3 $ 70.2 $ (94.9 ) $ 56.4 Earnings (loss) per share (1) : Basic $ 0.72 $ 0.52 $ (0.67 ) $ 0.39 Diluted $ 0.72 $ 0.51 $ (0.67 ) $ 0.38 Weighted average shares outstanding Basic 133.9 136.3 140.8 146.3 Diluted 134.4 136.8 140.8 146.8 (1) The sum of individual per share amounts may not equal due to rounding. (2) Includes losses on derivatives associated with the Omega acquisition of $64.7 million , Omega transaction expenses of $17.8 million , an R&D payment made in connection with a collaborative agreement of $10.0 million , a $9.6 million loss on extinguishment of debt, partially offset by income from transfer of rights agreement of $12.5 million . (3) Includes losses on derivatives associated with the Omega acquisition of $258.2 million and Omega financing fees of $18.6 million . (4) Includes acquisition costs of $18.5 million , an initial payment made in connection with an R&D agreement of $18.0 million , an inventory step up related to the Omega acquisition totaling $15.6 million , and $13.4 million of Mylan defense-related fees. Twelve Months Ended June 28, 2014 First (2) Second (3) Third (4) Fourth (5) Net sales $ 933.4 $ 979.0 $ 1,004.2 $ 1,144.2 Gross profit $ 356.3 $ 360.7 $ 315.0 $ 415.7 Net income (loss) $ 111.4 $ (86.0 ) $ 48.1 $ 131.7 Earnings (loss) per share (1) : Basic $ 1.18 $ (0.87 ) $ 0.36 $ 0.98 Diluted $ 1.18 $ (0.87 ) $ 0.36 $ 0.98 Weighted average shares outstanding Basic 94.2 98.7 133.7 133.8 Diluted 94.7 98.7 134.3 134.3 (1) The sum of individual per share amounts may not equal due to rounding. (2) Includes Elan transactions costs of $12.0 million . (3) Includes loss on extinguishment of debt of $165.8 million , Elan transaction costs of $103.2 million , and restructuring charges totaling $14.9 million . (4) Includes restructuring charges totaling $19.5 million . (5) Includes a loss contingency of $15.0 million related to Texas Medicaid and restructuring charges totaling $10.5 million . |
Transition period financial d51
Transition period financial data (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Transition period financial data [Abstract] | |
Transition period comparative income statement [Table Text Block] | The following table presents certain financial information (in millions, except per share amounts): Six Months Ended December 31, 2015 December 27, 2014 (Unaudited) Net sales $ 2,769.5 $ 2,023.1 Cost of sales 1,661.4 1,317.6 Gross profit 1,108.1 705.5 Operating expenses Distribution 47.9 29.2 Research and development 88.2 89.8 Selling 325.9 95.3 Administration 309.1 165.5 Impairment charges 215.6 — Restructuring 26.9 4.2 Total operating expenses 1,013.6 384.0 Operating income 94.5 321.5 Interest expense, net 89.9 56.7 Other expense, net 26.9 61.9 Loss on extinguishment of debt 0.9 9.6 Income (loss) before income taxes (23.2 ) 193.3 Income tax expense (benefit) (28.8 ) 26.8 Net income $ 5.6 $ 166.5 Earnings per share Basic $ 0.04 $ 1.23 Diluted $ 0.04 $ 1.23 Weighted-average shares outstanding Basic 145.6 135.1 Diluted 146.1 135.6 Dividends declared per share $ 0.25 $ 0.21 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies Policy (Details) $ in Millions | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015USD ($)segments | Dec. 27, 2014USD ($) | Jun. 27, 2015USD ($) | Jun. 28, 2014USD ($) | Jun. 29, 2013USD ($) | |||
Summary of Significant Accounting Policies [Line Items] | |||||||
Deferred Finance Costs, Net | $ 0 | $ 40.5 | $ 0 | ||||
Variable Interest Entity, Nonexistence Flag | No | No | No | No | |||
Number of Reportable Segments | segments | 4 | ||||||
Customer Related Accruals and Allowances | $ 465.6 | $ 434.9 | $ 318 | ||||
Percent of royalty revenues generated by specific agreement | 93.00% | ||||||
Depreciation | $ 53.8 | 84.3 | 77.9 | $ 66.2 | |||
Land | 47.5 | 48.7 | 36.1 | ||||
Buildings and Improvements, Gross | 508.2 | 528.3 | 430.3 | ||||
Machinery and Equipment, Gross | 1,103.3 | 1,094 | 1,001.4 | ||||
Property, Plant and Equipment, Gross | 1,659 | 1,671 | 1,467.8 | ||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (772.8) | (738.6) | (687.9) | ||||
Property, Plant and Equipment, Net | [1] | 886.2 | 932.4 | 779.9 | 681.4 | ||
Research and development | 88.2 | $ 89.8 | 187.8 | 152.5 | 115.2 | ||
Advertising Expense | $ 77.5 | $ 55.7 | $ 41.4 | $ 26.1 | |||
Debt Instrument, Fee | 0 | 90.2 | |||||
Minimum [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Current year fiscal period (in weeks) | P52W | ||||||
Maximum [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Current year fiscal period (in weeks) | P53W | ||||||
Machinery and Equipment [Member] | Minimum [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, useful life, minimum (in years) | 2 years | ||||||
Machinery and Equipment [Member] | Maximum [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, useful life, minimum (in years) | 15 years | ||||||
Building [Member] | Minimum [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, useful life, minimum (in years) | 10 years | ||||||
Building [Member] | Maximum [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, useful life, minimum (in years) | 45 years | ||||||
Foreign Exchange Forward [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Maximum Remaining Maturity of Foreign Currency Derivatives | 15 months | 15 months | 15 months | 15 months | |||
BCH [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Property, Plant and Equipment, Net | $ 123.4 | $ 122.5 | [2] | $ 0 | $ 0 | ||
Omega advertising percentage [Line Items] | 88.00% | ||||||
[1] | Amounts may not cross-foot due to rounding. | ||||||
[2] | BCH includes activity subsequent to March 30, 2015. |
Acquisitions Business Combinati
Acquisitions Business Combination (Details) $ / shares in Units, € in Millions | Dec. 15, 2015USD ($) | Sep. 15, 2015USD ($) | Sep. 15, 2015EUR (€) | Aug. 28, 2015USD ($) | May. 12, 2015USD ($) | Mar. 30, 2015USD ($)shares | Mar. 30, 2015EUR (€)shares | Oct. 31, 2014USD ($)products | Feb. 28, 2014 | Feb. 18, 2014 | Dec. 18, 2013USD ($)$ / sharesshares | Feb. 11, 2013USD ($) | Feb. 01, 2013USD ($) | Oct. 01, 2012USD ($) | Dec. 31, 2015USD ($)shares | Sep. 26, 2015USD ($) | Jun. 27, 2015USD ($)shares | Mar. 28, 2015USD ($) | Dec. 27, 2014USD ($) | Sep. 27, 2014USD ($) | Jun. 28, 2014USD ($)shares | Mar. 29, 2014USD ($) | Dec. 28, 2013USD ($) | Sep. 28, 2013USD ($) | Dec. 29, 2012USD ($) | Dec. 31, 2015USD ($)shares | Dec. 27, 2014USD ($) | Dec. 28, 2013USD ($) | Mar. 28, 2015USD ($) | Jun. 27, 2015USD ($)shares | Jun. 28, 2014USD ($)shares | May. 01, 2014 | Jun. 29, 2013USD ($)shares | Jun. 27, 2009USD ($) | Nov. 08, 2013USD ($) | Apr. 01, 2013 | Dec. 28, 2012USD ($) | Jun. 30, 2012shares | Aug. 06, 2009 | May. 29, 2008USD ($) | ||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Percent of royalty revenues generated by specific agreement | 93.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Sales Revenue, Goods, Net | $ 1,424,800,000 | $ 1,344,700,000 | $ 1,531,600,000 | $ 1,049,100,000 | $ 1,071,700,000 | $ 951,500,000 | $ 1,144,200,000 | $ 1,004,200,000 | $ 979,000,000 | $ 933,400,000 | $ 2,769,500,000 | $ 2,023,100,000 | $ 4,603,900,000 | $ 4,060,800,000 | $ 3,539,800,000 | |||||||||||||||||||||||||||||||||||
Operating income | 94,500,000 | [1] | $ 321,500,000 | $ 567,000,000 | [1] | 747,700,000 | [1] | 567,000,000 | 679,100,000 | [1] | ||||||||||||||||||||||||||||||||||||||||
Senior Notes | 4,698,300,000 | 4,720,900,000 | 2,300,000,000 | 4,698,300,000 | 4,720,900,000 | 2,300,000,000 | $ 2,300,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Goodwill, Purchase Accounting Adjustments | 388,200,000 | (13,000,000) | ||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 7,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 5,364,900,000 | 4,971,900,000 | 3,474,100,000 | 5,364,900,000 | 4,971,900,000 | 3,474,100,000 | 1,089,200,000 | |||||||||||||||||||||||||||||||||||||||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 1,916,300,000 | 2,263,100,000 | 69,700,000 | 1,916,300,000 | 2,263,100,000 | 69,700,000 | ||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Gross | 9,512,200,000 | 9,160,600,000 | 7,394,100,000 | 9,512,200,000 | 9,160,600,000 | 7,394,100,000 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | 999,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Cash Exchange per share | $ / shares | $ 6.25 | |||||||||||||||||||||||||||||||||||||||||||||||||
In Process Research and Development [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 0 | [2] | 0 | $ 0 | [2] | 48,200,000 | 5,800,000 | 10,200,000 | $ 48,200,000 | 5,800,000 | 10,200,000 | |||||||||||||||||||||||||||||||||||||||
Distribution And License Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Gross | 6,053,400,000 | 6,029,900,000 | 6,027,300,000 | $ 6,053,400,000 | 6,029,900,000 | 6,027,300,000 | ||||||||||||||||||||||||||||||||||||||||||||
Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Gross | $ 0 | 1,383,500,000 | 1,025,300,000 | 931,700,000 | $ 1,383,500,000 | 1,025,300,000 | 931,700,000 | |||||||||||||||||||||||||||||||||||||||||||
Customer Relationships [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Gross | 1,520,700,000 | 1,749,900,000 | 372,000,000 | $ 1,520,700,000 | 1,749,900,000 | 372,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Noncompete Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Gross | 15,200,000 | 14,700,000 | 15,300,000 | $ 15,200,000 | 14,700,000 | 15,300,000 | ||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Entocort [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price paid | [2] | 380,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total purchase consideration | [2] | 380,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | [2] | 200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2] | 380,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | [2] | 380,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | [2] | 380,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Entocort [Member] | Distribution And License Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Entocort [Member] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Gross | [2] | 380,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Entocort [Member] | Customer Relationships [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Entocort [Member] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Entocort [Member] | Noncompete Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2] | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Naturwohl Pharma [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Sep. 15, 2015 | Sep. 15, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price paid | $ 150,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total purchase consideration | 150,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 4,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 3,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 1,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 61,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 111,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 182,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 2,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 1,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 27,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 31,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 150,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Naturwohl Pharma [Member] | Distribution And License Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 21,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Naturwohl Pharma [Member] | Customer Relationships [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | 15 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 25,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Naturwohl Pharma [Member] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | 20 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 64,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Naturwohl Pharma [Member] | Noncompete Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
ScarAway [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Aug. 28, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price paid | $ 26,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total purchase consideration | 26,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 3,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 22,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 26,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 26,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
ScarAway [Member] | Distribution And License Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
ScarAway [Member] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 8 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Gross | $ 500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
ScarAway [Member] | Customer Relationships [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 9,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
ScarAway [Member] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 25 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 11,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
ScarAway [Member] | Noncompete Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
GSK [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Aug. 28, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price paid | [2] | $ 223,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total purchase consideration | [2] | 223,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | [2] | 32,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2] | 191,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | [2] | 223,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | [2] | 223,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
GSK [Member] | Distribution And License Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
GSK [Member] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Gross | [2] | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
GSK [Member] | Customer Relationships [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2] | $ 61,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
GSK [Member] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2] | $ 129,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
GSK [Member] | Noncompete Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
All other acquisitions [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business acquisitions, number of products purchased | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price paid | 15,300,000 | [3] | 71,000,000 | [4] | 139,900,000 | [5] | ||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration | 13,900,000 | [3] | 800,000 | [4] | 13,900,000 | [3] | 800,000 | [4] | 22,200,000 | [5] | ||||||||||||||||||||||||||||||||||||||||
Total purchase consideration | 29,200,000 | [3] | 71,800,000 | [4] | 162,100,000 | [5] | ||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] | 0 | [5] | ||||||||||||||||||||||||||||||||||||||||
business combination, recognized identifiable assets acquired and liabilities assumed, investment securities | [4] | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] | 0 | [5] | ||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 0 | [3] | 3,000,000 | [4] | 0 | [3] | 3,000,000 | [4] | 1,300,000 | [5] | ||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | [4] | 0 | [4] | 0 | [5] | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 0 | [3] | 4,600,000 | [4] | 0 | [3] | 4,600,000 | [4] | 18,100,000 | [5] | ||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 29,200,000 | [3] | 64,200,000 | [4] | 29,200,000 | [3] | 64,200,000 | [4] | ||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | [5] | 158,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | [5] | 3,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 0 | [4] | 0 | [4] | 300,000 | [5] | ||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 29,200,000 | [3] | 71,800,000 | [4] | 29,200,000 | [3] | 71,800,000 | [4] | 181,400,000 | [5] | ||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] | 0 | [5] | ||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] | 500,000 | [5] | ||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] | 18,800,000 | [5] | ||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 0 | [4] | 0 | [4] | 0 | [5] | ||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] | 19,300,000 | [5] | ||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 29,200,000 | [3] | 71,800,000 | [4] | 29,200,000 | [3] | 71,800,000 | [4] | 162,100,000 | [5] | ||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | [4] | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
All other acquisitions [Member] | In Process Research and Development [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | [5] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | [3] | 29,200,000 | 29,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||
All other acquisitions [Member] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
All other acquisitions [Member] | Distribution And License Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | [3] | 17,800,000 | [4] | 0 | [3] | 17,800,000 | [4] | 0 | [5] | ||||||||||||||||||||||||||||||||||||||||
All other acquisitions [Member] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [5] | 158,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Gross | [3] | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
All other acquisitions [Member] | Customer Relationships [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | [3] | 9,800,000 | [4] | 0 | [3] | 9,800,000 | [4] | 0 | [5] | ||||||||||||||||||||||||||||||||||||||||
All other acquisitions [Member] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | [3] | 34,800,000 | [4] | 0 | [3] | 34,800,000 | [4] | 0 | [5] | ||||||||||||||||||||||||||||||||||||||||
All other acquisitions [Member] | Noncompete Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | [3] | 1,800,000 | [4] | 0 | [3] | $ 1,800,000 | [4] | $ 0 | [5] | ||||||||||||||||||||||||||||||||||||||||
Gelcaps [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | May 12, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price paid | $ 37,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 4,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 7,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 7,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 6,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 11,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 44,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 3,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, short term debt | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 1,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 1,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 6,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 37,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 2,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, accrued payroll | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, accrued customer programs | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gelcaps [Member] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gelcaps [Member] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gelcaps [Member] | Customer Relationships [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 6,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gelcaps [Member] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 25 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Omega [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 95.77% | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Mar. 30, 2015 | Mar. 30, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price paid | $ 2,983,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 14,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 260,100,000 | 260,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 202,500,000 | 202,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 130,800,000 | 130,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 1,900,400,000 | 1,900,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 3,374,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 2,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 5,924,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 243,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, short term debt | 24,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 43,900,000 | 43,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 1,014,500,000 | 1,014,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 53,500,000 | 53,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 2,941,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 2,983,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 39,200,000 | 39,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, accrued payroll | 51,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, accrued customer programs | 39,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 1,471,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares, Outstanding | shares | 685,348,257 | |||||||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock, Shares, Acquired | shares | 30,243,983 | 30,243,983 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 10,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Omega [Member] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2,003,800,000 | 2,003,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Omega [Member] | Brands [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 22 years | 22 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Omega [Member] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 27,200,000 | 27,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Omega [Member] | Customer Relationships [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 21 years | 21 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,056,300,000 | 1,056,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Omega [Member] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 8 years | 8 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 287,500,000 | 287,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Omega [Member] | Noncompete Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Omega [Member] | Non-solicit agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | 2 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Fera Pharmaceuticals, LLC [Domain] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Jun. 17, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fera Pharmaceuticals, LLC [Domain] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Lumara [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Oct. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price paid | $ 83,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of formulations | products | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 2,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 1,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 82,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 86,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, short term debt | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 3,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 3,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 83,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, accrued payroll | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, accrued customer programs | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Lumara [Member] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Lumara [Member] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 82,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Lumara [Member] | Customer Relationships [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Lumara [Member] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Elan Corporation [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 29.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Dec. 18, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price paid | $ 9,451,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total purchase consideration | 9,451,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 1,807,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
business combination, recognized identifiable assets acquired and liabilities assumed, investment securities | 100,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 44,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 2,333,100,000 | $ 2,300,000,000 | $ 2,300,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 5,811,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 93,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 10,225,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 120,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 631,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 18,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 773,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 9,451,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | $ 27,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares, Outstanding | shares | 515,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business acquisition, cash consideration paid on unvested stock options and awards | $ 16,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Elan Corporation [Member] | Distribution And License Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 5,811,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Elan Corporation [Member] | Customer Relationships [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Elan Corporation [Member] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Elan Corporation [Member] | Noncompete Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fera (methazolomide) [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Feb. 18, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fera (methazolomide) [Member] | Customer-Related Intangible Assets [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Aspen Global [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Feb. 28, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Aspen Global [Member] | Customer-Related Intangible Assets [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Aspen Global [Member] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 25 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Aspen Global [Member] | Noncompete Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Vedants Drug & Fine Chemicals [Domain] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 15.00% | 15.00% | 85.00% | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 7,200,000 | $ 11,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Aug. 6, 2009 | |||||||||||||||||||||||||||||||||||||||||||||||||
Perrigo Company [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 71.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Sergeant's Pet Care Products, Inc. [Domain] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Oct. 1, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price paid | $ 285,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total purchase consideration | $ 285,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 19,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 37,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 25,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 80,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 135,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 1,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 302,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 13,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 4,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 17,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 285,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sergeant's Pet Care Products, Inc. [Domain] | In Process Research and Development [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sergeant's Pet Care Products, Inc. [Domain] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 33,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sergeant's Pet Care Products, Inc. [Domain] | Distribution And License Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 25,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sergeant's Pet Care Products, Inc. [Domain] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 66,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sergeant's Pet Care Products, Inc. [Domain] | favorable supply agreement [Domain] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Sergeant's Pet Care Products, Inc. [Domain] | Customer Relationships [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sergeant's Pet Care Products, Inc. [Domain] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sergeant's Pet Care Products, Inc. [Domain] | Noncompete Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rosemont Pharmaceuticals Ltd. [Domain] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Dec. 28, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price paid | $ 282,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total purchase consideration | $ 282,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 2,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 10,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 9,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 13,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 147,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 148,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 331,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 2,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 7,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 36,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 2,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 48,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 282,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rosemont Pharmaceuticals Ltd. [Domain] | In Process Research and Development [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 11,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rosemont Pharmaceuticals Ltd. [Domain] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 17,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rosemont Pharmaceuticals Ltd. [Domain] | Distribution And License Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 3,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rosemont Pharmaceuticals Ltd. [Domain] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 14 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 114,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rosemont Pharmaceuticals Ltd. [Domain] | Customer Relationships [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rosemont Pharmaceuticals Ltd. [Domain] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rosemont Pharmaceuticals Ltd. [Domain] | Noncompete Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cobrek Pharmaceuticals, Inc. [Domain] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Feb. 11, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 81.50% | 18.50% | ||||||||||||||||||||||||||||||||||||||||||||||||
Payment for Business Combination, Cash Payment | $ 42,000,000 | $ 12,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cobrek Pharmaceuticals, Inc. [Domain] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 12 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Velcera, Inc. [Domain] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Apr. 1, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price paid | $ 175,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total purchase consideration | $ 175,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 18,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 6,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 9,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 62,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 135,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 7,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 241,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 6,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 4,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 48,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 7,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 66,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 175,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Velcera, Inc. [Domain] | In Process Research and Development [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Velcera, Inc. [Domain] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Velcera, Inc. [Domain] | Distribution And License Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 116,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Velcera, Inc. [Domain] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Velcera, Inc. [Domain] | Customer Relationships [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 8,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Velcera, Inc. [Domain] | Trademarks and Trade Names [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 25 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 7,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Velcera, Inc. [Domain] | Noncompete Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stub period 2015 acquisitions [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sales Revenue, Goods, Net | 51,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ 20,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2015 acquisitions [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sales Revenue, Goods, Net | $ 418,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ 18,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2014 acquisitions [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sales Revenue, Goods, Net | $ 168,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ (53,900,000) | |||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Member] | Gelcaps [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | $ 600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Member] | Omega [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | $ 15,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Member] | Sergeant's Pet Care Products, Inc. [Domain] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | $ 7,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Member] | Gelcaps [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | $ 900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Member] | Omega [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 41,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Member] | Sergeant's Pet Care Products, Inc. [Domain] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | $ 6,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt [Member] | Omega [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business combination fair value adjustment | $ 101,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
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% | |||||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | Entocort [Member] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | Omega [Member] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | 4 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | Lumara [Member] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 8 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | Sergeant's Pet Care Products, Inc. [Domain] | Noncompete Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 1 year | |||||||||||||||||||||||||||||||||||||||||||||||||
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% | |||||||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | Entocort [Member] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | Omega [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Indemnification available from acquired company's sellers | € | € 277 | |||||||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | Omega [Member] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 13 years | 13 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | Lumara [Member] | Developed Technology Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 12 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | Sergeant's Pet Care Products, Inc. [Domain] | Noncompete Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Euro Member Countries, Euro | Naturwohl Pharma [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price paid | € | € 133.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Euro Member Countries, Euro | GSK [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price paid | $ 200,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Euro Member Countries, Euro | Maximum [Member] | Omega [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Indemnification available from acquired company's sellers | $ 248,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
2014 bonds [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes | $ 1,600,000,000 | $ 1,600,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 7,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares, Outstanding | shares | 143,100,000 | 146,300,000 | 133,800,000 | 143,100,000 | 146,300,000 | 133,800,000 | 94,100,000 | 93,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Treasury Stock, Shares, Acquired | shares | 100,000 | 100,000 | 100,000 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 6,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Level 3 | Contingent Consideration Classified as Equity [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements | $ 0 | $ (18,300,000) | $ (6,700,000) | |||||||||||||||||||||||||||||||||||||||||||||||
Elan Corporation [Member] | Tysabri [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Elan Corporation [Member] | Prialt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Amounts may not cross-foot due to rounding. | |||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Opening balance sheet is preliminary. | |||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Consists of eight product acquisitions in our CHC, BCH and Rx segments. | |||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Includes opening balance sheet of the Aspen and Fera (Methazolomide) product acquisitions. | |||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Includes opening balance sheet of the Cobrek acquisition and Fera product acquisition. |
Fair value of consideration pai
Fair value of consideration paid (Details) $ / shares in Units, $ in Millions | Mar. 30, 2015USD ($)$ / sharesshares | Dec. 18, 2013USD ($)shares$ / shares |
Omega [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Shares, Issued | shares | 5,400,000 | |
Business Acquisition, Share Price | $ / shares | $ 167.64 | |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 904.9 | |
Business Acquisition, Cash Exchange | 2,078.3 | |
Payments to Acquire Businesses, Gross | $ 2,983.2 | |
Shares, Outstanding | shares | 685,348,257 | |
Elan Corporation [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Business Acquisition, Share Price | $ / shares | $ 155.34 | |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 6,117.2 | |
Business Acquisition, Cash Exchange | 3,223.2 | |
Payments to Acquire Businesses, Gross | $ 9,451.9 | |
Shares, Outstanding | shares | 515,700,000 | |
Business Acquisition, Share Exchange Ratio | shares | 0.07636 | |
Business acquisition, cash consideration paid for vested stock options and awards | $ 111.5 | |
Total Company shares issued to acquired company shareholders | shares | 39,400,000 |
Acquisitions Schedule of acquis
Acquisitions Schedule of acquisition costs (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 27, 2015 | Dec. 27, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
schedule of acquisition expenses [Line Items] | ||||
Business combination, acquisition related costs | $ 18.5 | $ 17.8 | ||
Omega [Member] | ||||
schedule of acquisition expenses [Line Items] | ||||
Business combination, acquisition related costs | $ 387 | |||
Omega [Member] | Administration | ||||
schedule of acquisition expenses [Line Items] | ||||
Business combination, acquisition related costs | 29.7 | |||
Omega [Member] | Interest expense, net [Member] | ||||
schedule of acquisition expenses [Line Items] | ||||
Business combination, acquisition related costs | 23.7 | |||
Omega [Member] | Other expense, net [Member] | ||||
schedule of acquisition expenses [Line Items] | ||||
Business combination, acquisition related costs | 324 | |||
Omega [Member] | Loss on extinguishment of debt | ||||
schedule of acquisition expenses [Line Items] | ||||
Business combination, acquisition related costs | $ 9.6 | |||
Elan Corporation [Member] | ||||
schedule of acquisition expenses [Line Items] | ||||
Business combination, acquisition related costs | $ 284.9 | |||
Elan Corporation [Member] | Administration | ||||
schedule of acquisition expenses [Line Items] | ||||
Business combination, acquisition related costs | 108.9 | |||
Elan Corporation [Member] | Interest expense, net [Member] | ||||
schedule of acquisition expenses [Line Items] | ||||
Business combination, acquisition related costs | 10 | |||
Elan Corporation [Member] | Other expense, net [Member] | ||||
schedule of acquisition expenses [Line Items] | ||||
Business combination, acquisition related costs | 0.2 | |||
Elan Corporation [Member] | Loss on extinguishment of debt | ||||
schedule of acquisition expenses [Line Items] | ||||
Business combination, acquisition related costs | $ 165.8 |
Acquisitions Goodwill allocatio
Acquisitions Goodwill allocation (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Jun. 27, 2015 | Jun. 28, 2014 | Dec. 18, 2013 | Jun. 29, 2013 |
Business Combination Segment Allocation [Line Items] | |||||
Goodwill | $ 5,364.9 | $ 4,971.9 | $ 3,474.1 | $ 1,089.2 | |
CHC [Member] | |||||
Business Combination Segment Allocation [Line Items] | |||||
Goodwill | 1,890 | 1,897.5 | 1,916.4 | 611.6 | |
Rx | |||||
Business Combination Segment Allocation [Line Items] | |||||
Goodwill | 1,222.2 | 1,233.6 | 1,258.3 | 385.4 | |
Specialty Sciences [Member] | |||||
Business Combination Segment Allocation [Line Items] | |||||
Goodwill | $ 200.7 | $ 200.7 | 201.8 | $ 0 | |
Elan Corporation [Member] | |||||
Business Combination Segment Allocation [Line Items] | |||||
Goodwill | $ 2,300 | $ 2,333.1 | |||
Elan Corporation [Member] | CHC [Member] | |||||
Business Combination Segment Allocation [Line Items] | |||||
Goodwill | 1,287.4 | ||||
Elan Corporation [Member] | Rx | |||||
Business Combination Segment Allocation [Line Items] | |||||
Goodwill | 845.1 | ||||
Elan Corporation [Member] | Specialty Sciences [Member] | |||||
Business Combination Segment Allocation [Line Items] | |||||
Goodwill | $ 200.6 |
Acquisitions Pro forma (Details
Acquisitions Pro forma (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 31, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | [1] | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | ||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||||||||||||||
Business Acquisition, Pro Forma Revenue | $ 2,852.4 | $ 5,971.9 | $ 6,200 | |||||||||||||||||
Net sales | $ 1,424.8 | $ 1,344.7 | $ 1,531.6 | $ 1,049.1 | $ 1,071.7 | $ 951.5 | $ 1,144.2 | $ 1,004.2 | $ 979 | $ 933.4 | 2,769.5 | $ 2,023.1 | 4,603.9 | 4,060.8 | $ 3,539.8 | |||||
Business Acquisition, Pro Forma Net Income (Loss) | 38.3 | 214.8 | 374.6 | |||||||||||||||||
Operating income | 94.5 | [1] | $ 321.5 | $ 567 | 747.7 | [1] | 567 | $ 679.1 | [1] | |||||||||||
Stub period 2015 acquisitions [Member] | ||||||||||||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||||||||||||||
Net sales | 51 | |||||||||||||||||||
Operating income | $ 20.6 | |||||||||||||||||||
Fiscal 2015 acquisitions [Member] | ||||||||||||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||||||||||||||
Net sales | 418.2 | |||||||||||||||||||
Operating income | 18.9 | |||||||||||||||||||
Fiscal 2014 acquisitions [Member] | ||||||||||||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||||||||||||||
Net sales | 168.5 | |||||||||||||||||||
Operating income | $ (53.9) | |||||||||||||||||||
Omega [Member] | ||||||||||||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||||||||||||||
Foreign exchange impact on pro forma net sales | $ 189.3 | |||||||||||||||||||
[1] | Amounts may not cross-foot due to rounding. |
Acquisitions Measurement period
Acquisitions Measurement period adjustments (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Jun. 27, 2015 | Mar. 30, 2015 | Jun. 28, 2014 | Jun. 29, 2013 |
Measurement period adjustments | |||||
Goodwill | $ 5,364.9 | $ 4,971.9 | $ 3,474.1 | $ 1,089.2 | |
Intangible Assets, Net (Excluding Goodwill) | 11,428.5 | 11,423.7 | $ 7,463.8 | ||
Omega [Member] | |||||
Measurement period adjustments | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 260.1 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 202.5 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 130.8 | ||||
Goodwill | 1,900.4 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,374.8 | ||||
Intangible Assets, Net (Excluding Goodwill) | 3,374.8 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 43.9 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 1,014.5 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 53.5 | ||||
Scenario, Adjustment [Member] | Omega [Member] | |||||
Measurement period adjustments | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | (4.6) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | (11.9) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9.6 | ||||
Goodwill | 387.3 | ||||
Intangible Assets, Net (Excluding Goodwill) | (427.8) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (0.6) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (17.8) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (29) | ||||
Scenario, Previously Reported [Member] | Omega [Member] | |||||
Measurement period adjustments | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 264.7 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 214.4 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 121.2 | ||||
Goodwill | 1,513.1 | ||||
Intangible Assets, Net (Excluding Goodwill) | 3,802.6 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 44.5 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 1,032.3 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 82.5 | ||||
Developed Technology Rights [Member] | Omega [Member] | |||||
Measurement period adjustments | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 27.2 | ||||
Developed Technology Rights [Member] | Scenario, Adjustment [Member] | Omega [Member] | |||||
Measurement period adjustments | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | (5.5) | ||||
Developed Technology Rights [Member] | Scenario, Previously Reported [Member] | Omega [Member] | |||||
Measurement period adjustments | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 32.7 | ||||
Customer Relationships [Member] | Omega [Member] | |||||
Measurement period adjustments | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,056.3 | ||||
Customer Relationships [Member] | Scenario, Adjustment [Member] | Omega [Member] | |||||
Measurement period adjustments | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | (286.4) | ||||
Customer Relationships [Member] | Scenario, Previously Reported [Member] | Omega [Member] | |||||
Measurement period adjustments | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,342.7 | ||||
Trademarks and Trade Names [Member] | Omega [Member] | |||||
Measurement period adjustments | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 287.5 | ||||
Trademarks and Trade Names [Member] | Scenario, Adjustment [Member] | Omega [Member] | |||||
Measurement period adjustments | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 5.5 | ||||
Trademarks and Trade Names [Member] | Scenario, Previously Reported [Member] | Omega [Member] | |||||
Measurement period adjustments | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 282 | ||||
Trademarks and Trade Names [Member] | Omega [Member] | |||||
Measurement period adjustments | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2,003.8 | ||||
Trademarks and Trade Names [Member] | Scenario, Adjustment [Member] | Omega [Member] | |||||
Measurement period adjustments | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ (141.4) | ||||
Trademarks and Trade Names [Member] | Scenario, Previously Reported [Member] | Omega [Member] | |||||
Measurement period adjustments | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,145.2 |
Goodwill and Other Intangible59
Goodwill and Other Intangible Assets Goodwill (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 27, 2015 | Dec. 31, 2015 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | |
Goodwill [Line Items] | |||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 2,263,100,000 | $ 1,916,300,000 | $ 2,263,100,000 | $ 69,700,000 | |
Write-off of in-process research and development | 0 | 0 | 6,000,000 | $ 9,000,000 | |
Goodwill [Roll Forward] | |||||
Beginning balance | 4,971,900,000 | 3,474,100,000 | 1,089,200,000 | ||
Goodwill, acquired during period | 97,100,000 | 1,517,900,000 | 2,350,000,000 | ||
Goodwill impairment charge | 0 | (6,800,000) | 0 | 0 | |
Goodwill, Transfers | (27,500,000) | ||||
Currency translation adjustment | (64,800,000) | (300,000) | 34,900,000 | ||
Purchase Accounting Adjustments | 388,200,000 | (13,000,000) | |||
Ending balance | 4,971,900,000 | 5,364,900,000 | 4,971,900,000 | 3,474,100,000 | 1,089,200,000 |
CHC [Member] | |||||
Goodwill [Roll Forward] | |||||
Beginning balance | 1,897,500,000 | 1,916,400,000 | 611,600,000 | ||
Goodwill, acquired during period | 9,700,000 | 4,800,000 | 1,297,200,000 | ||
Goodwill impairment charge | (6,800,000) | ||||
Goodwill, Transfers | (13,000,000) | ||||
Currency translation adjustment | (5,100,000) | (9,700,000) | 7,600,000 | ||
Purchase Accounting Adjustments | 900,000 | (7,200,000) | |||
Ending balance | 1,897,500,000 | 1,890,000,000 | 1,897,500,000 | 1,916,400,000 | 611,600,000 |
BCH [Member] | |||||
Goodwill [Roll Forward] | |||||
Beginning balance | 1,551,900,000 | 0 | 0 | ||
Goodwill, acquired during period | 87,400,000 | 1,513,100,000 | 0 | ||
Goodwill impairment charge | 0 | ||||
Goodwill, Transfers | 0 | ||||
Currency translation adjustment | (46,100,000) | 38,800,000 | 0 | ||
Purchase Accounting Adjustments | 387,300,000 | 0 | |||
Ending balance | 1,551,900,000 | 1,980,500,000 | 1,551,900,000 | 0 | 0 |
Rx | |||||
Goodwill [Roll Forward] | |||||
Beginning balance | 1,233,600,000 | 1,258,300,000 | 385,400,000 | ||
Goodwill, acquired during period | 0 | 0 | 851,000,000 | ||
Goodwill impairment charge | 0 | ||||
Goodwill, Transfers | 0 | ||||
Currency translation adjustment | (11,400,000) | (20,000,000) | 21,900,000 | ||
Purchase Accounting Adjustments | 0 | (4,700,000) | |||
Ending balance | 1,233,600,000 | 1,222,200,000 | 1,233,600,000 | 1,258,300,000 | 385,400,000 |
Specialty Sciences [Member] | |||||
Goodwill [Roll Forward] | |||||
Beginning balance | 200,700,000 | 201,800,000 | 0 | ||
Goodwill, acquired during period | 0 | 0 | 201,800,000 | ||
Goodwill impairment charge | 0 | ||||
Goodwill, Transfers | 0 | ||||
Currency translation adjustment | 0 | 0 | 0 | ||
Purchase Accounting Adjustments | 0 | (1,100,000) | |||
Ending balance | 200,700,000 | 200,700,000 | 200,700,000 | 201,800,000 | 0 |
Other [Member] | |||||
Goodwill [Roll Forward] | |||||
Beginning balance | 88,200,000 | 97,600,000 | 92,200,000 | ||
Goodwill, acquired during period | 0 | 0 | 0 | ||
Goodwill impairment charge | 0 | ||||
Goodwill, Transfers | (14,500,000) | ||||
Currency translation adjustment | (2,200,000) | (9,400,000) | 5,400,000 | ||
Purchase Accounting Adjustments | 0 | 0 | |||
Ending balance | 88,200,000 | 71,500,000 | 88,200,000 | 97,600,000 | $ 92,200,000 |
Elan Corporation [Member] | |||||
Goodwill [Line Items] | |||||
Amount of goodwill allocated to other business segments | 2,100,000,000 | ||||
Goodwill [Roll Forward] | |||||
Beginning balance | 2,300,000,000 | ||||
Ending balance | 2,300,000,000 | ||||
Mexico | CHC [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill impairment charge | (6,800,000) | ||||
Trade names and trademarks [Member] | |||||
Goodwill [Line Items] | |||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 2,257,300,000 | $ 1,868,100,000 | $ 2,257,300,000 | $ 59,500,000 |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets Intangible Assets (Details) - USD ($) | Mar. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 15, 2015 | [1] | Sep. 15, 2015 | Aug. 28, 2015 | [1] |
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||||||
Goodwill, acquired during period | $ 97,100,000 | $ 1,517,900,000 | $ 2,350,000,000 | ||||||||
Finite-Lived Intangible Assets, Gross | $ 9,512,200,000 | 9,512,200,000 | 9,160,600,000 | 7,394,100,000 | |||||||
Intangible assets subject to amortization, Accumulated Amortization | 1,321,700,000 | 1,321,700,000 | 1,055,000,000 | 607,100,000 | |||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 1,916,300,000 | 1,916,300,000 | 2,263,100,000 | 69,700,000 | |||||||
Total other intangible assets | 11,428,500,000 | 11,428,500,000 | 11,423,700,000 | 7,463,800,000 | |||||||
Write-off of in-process research and development | 0 | 0 | 6,000,000 | $ 9,000,000 | |||||||
Amortization of Intangible Assets | 274,100,000 | 464,500,000 | 281,000,000 | 94,000,000 | |||||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||||||||
2,016 | 603,100,000 | 603,100,000 | |||||||||
2,017 | 595,600,000 | 595,600,000 | |||||||||
2,018 | 582,600,000 | 582,600,000 | |||||||||
2,019 | 558,300,000 | 558,300,000 | |||||||||
2,020 | 522,500,000 | 522,500,000 | |||||||||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 5,328,400,000 | 5,328,400,000 | |||||||||
Impairment of Intangible Assets, Finite-lived | 0 | 0 | $ 0 | ||||||||
In Process Research and Development [Member] | |||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 48,200,000 | 48,200,000 | 5,800,000 | 10,200,000 | $ 0 | $ 0 | $ 0 | ||||
Distribution And License Agreements [Member] | |||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||||||
Finite-Lived Intangible Assets, Gross | 6,053,400,000 | 6,053,400,000 | 6,029,900,000 | 6,027,300,000 | |||||||
Intangible assets subject to amortization, Accumulated Amortization | 667,200,000 | $ 667,200,000 | 502,300,000 | 192,100,000 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years | ||||||||||
Developed Technology Rights [Member] | |||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||||||
Finite-Lived Intangible Assets, Gross | 1,383,500,000 | $ 1,383,500,000 | 1,025,300,000 | 931,700,000 | $ 0 | ||||||
Intangible assets subject to amortization, Accumulated Amortization | 426,000,000 | $ 426,000,000 | 383,100,000 | 302,500,000 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||||
Customer Relationships [Member] | |||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||||||
Finite-Lived Intangible Assets, Gross | 1,520,700,000 | $ 1,520,700,000 | 1,749,900,000 | 372,000,000 | |||||||
Intangible assets subject to amortization, Accumulated Amortization | 193,000,000 | $ 193,000,000 | 146,200,000 | 97,500,000 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years | ||||||||||
Trade names and trademarks [Member] | |||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||||||
Finite-Lived Intangible Assets, Gross | 539,400,000 | $ 539,400,000 | 340,800,000 | 47,800,000 | |||||||
Intangible assets subject to amortization, Accumulated Amortization | 22,800,000 | $ 22,800,000 | 11,500,000 | 5,600,000 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 21 years | ||||||||||
Noncompete Agreements [Member] | |||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||||||
Finite-Lived Intangible Assets, Gross | 15,200,000 | $ 15,200,000 | 14,700,000 | 15,300,000 | |||||||
Intangible assets subject to amortization, Accumulated Amortization | 12,700,000 | $ 12,700,000 | 11,900,000 | 9,400,000 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | ||||||||||
Omega [Member] | |||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||||||
Total other intangible assets | 3,374,800,000 | $ 3,374,800,000 | |||||||||
Omega [Member] | Brands [Member] | |||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||||||
Impairment of Intangible Assets, Finite-lived | $ 185,100,000 | 185,100,000 | |||||||||
Omega [Member] | Trademarks and Trade Names [Member] | |||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 8 years | ||||||||||
Omega [Member] | Customer Relationships [Member] | |||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 21 years | ||||||||||
Omega [Member] | Noncompete Agreements [Member] | |||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | ||||||||||
Paddock Laboratories Inc [Member] | |||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||||||
Reclass of IPR&D to Developed Product Technology | $ 13,000,000 | ||||||||||
Paddock Laboratories Inc [Member] | Developed Technology Rights [Member] | |||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 12 years | ||||||||||
CHC [Member] | |||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | |||||||||||
Goodwill, acquired during period | $ 9,700,000 | $ 4,800,000 | $ 1,297,200,000 | ||||||||
[1] | Opening balance sheet is preliminary. |
Goodwill and Other Intangible61
Goodwill and Other Intangible Assets Intangible asset useful lives (Details) $ in Millions | Dec. 31, 2015USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 603.1 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 595.6 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 582.6 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 558.3 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 522.5 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 5,328.4 |
Goodwill and Other Intangible62
Goodwill and Other Intangible Assets Future amortization expense (Details) $ in Millions | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 603.1 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 595.6 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 582.6 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 558.3 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 522.5 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 5,328.4 |
Accounts Receivable Factoring63
Accounts Receivable Factoring (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Jun. 27, 2015 | |
Balance of non recourse receivables sold | $ 106.7 | $ 171.6 |
Minimum [Member] | ||
Financial asset servicing fees paid | 0.14% | |
Maximum [Member] | ||
Financial asset servicing fees paid | 0.15% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Jun. 27, 2015 | Jun. 28, 2014 |
Inventory [Abstract] | |||
Finished goods | $ 483.4 | $ 468.9 | $ 307 |
Work in process | 151.4 | 158.2 | 146.7 |
Raw materials | 209.6 | 211.8 | 177.9 |
Total inventory | $ 844.4 | $ 838.9 | $ 631.6 |
Fair Value Measurements Fair va
Fair Value Measurements Fair value on recurring and nonrecurring basis (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 15, 2015 | Jun. 27, 2015 | Jun. 28, 2014 |
Liabilities: | ||||
Contingent consideration | $ 0 | |||
Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Investments | $ 14.9 | $ 12.7 | $ 20.7 | |
Foreign currency forward contracts (asset) | 4.8 | 12.4 | 3.1 | |
Funds Associated With Israeli Post Employment Benefits Fair Value Disclosure | 17.2 | 17.3 | 19.3 | |
Total Fair Value Assets | 36.9 | 42.4 | 43.1 | |
Liabilities: | ||||
Contingent consideration | 17.9 | 17.4 | ||
Interest rate swap agreements | 0.3 | 8.3 | ||
Foreign currency forward contracts | 3.9 | 4.6 | 0.8 | |
Total Fair Value Liabilities | 22.1 | 4.6 | 26.5 | |
Fair Value, Measurements, Recurring [Member] | Level 1 | ||||
Assets: | ||||
Investments | 14.9 | 12.7 | 20.7 | |
Foreign currency forward contracts (asset) | 0 | 0 | 0 | |
Funds Associated With Israeli Post Employment Benefits Fair Value Disclosure | 0 | 0 | 0 | |
Total Fair Value Assets | 14.9 | 12.7 | 20.7 | |
Liabilities: | ||||
Contingent consideration | 0 | 0 | ||
Interest rate swap agreements | 0 | 0 | ||
Foreign currency forward contracts | 0 | 0 | 0 | |
Total Fair Value Liabilities | 0 | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 2 | ||||
Assets: | ||||
Investments | 0 | 0 | 0 | |
Foreign currency forward contracts (asset) | 4.8 | 12.4 | 3.1 | |
Funds Associated With Israeli Post Employment Benefits Fair Value Disclosure | 17.2 | 17.3 | 19.3 | |
Total Fair Value Assets | 22 | 29.7 | 22.4 | |
Liabilities: | ||||
Contingent consideration | 0 | 0 | ||
Interest rate swap agreements | 0.3 | 8.3 | ||
Foreign currency forward contracts | 3.9 | 4.6 | 0.8 | |
Total Fair Value Liabilities | 4.2 | 4.6 | 9.1 | |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||||
Assets: | ||||
Investments | 0 | 0 | 0 | |
Foreign currency forward contracts (asset) | 0 | 0 | 0 | |
Funds Associated With Israeli Post Employment Benefits Fair Value Disclosure | 0 | 0 | 0 | |
Total Fair Value Assets | 0 | 0 | 0 | |
Liabilities: | ||||
Contingent consideration | 17.9 | 17.4 | ||
Interest rate swap agreements | 0 | 0 | ||
Foreign currency forward contracts | 0 | 0 | 0 | |
Total Fair Value Liabilities | 17.9 | $ 0 | $ 17.4 | |
Fair Value, Measurements, Nonrecurring [Member] | ||||
Assets: | ||||
Indefinite-lived intangible assets | 1,813.8 | |||
Assets held for sale, net | 37.5 | |||
Total Fair Value Assets | 1,851.3 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 | ||||
Assets: | ||||
Indefinite-lived intangible assets | 0 | |||
Assets held for sale, net | 0 | |||
Total Fair Value Assets | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||||
Assets: | ||||
Indefinite-lived intangible assets | 0 | |||
Assets held for sale, net | 0 | |||
Total Fair Value Assets | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||||
Assets: | ||||
Indefinite-lived intangible assets | 1,813.8 | |||
Assets held for sale, net | 37.5 | |||
Total Fair Value Assets | $ 1,851.3 |
Fair Value Measurements Level 3
Fair Value Measurements Level 3 recurring basis (Details 2) - Contingent Consideration Classified as Equity [Member] - Level 3 - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Jun. 27, 2015 | Jun. 28, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | $ 0 | $ 17.4 | $ 22.2 |
Net realized losses | 0 | 0.9 | 1.1 |
Purchases or additions | 17.9 | 0 | 0.8 |
Settlements | 0 | (18.3) | (6.7) |
Ending balance | $ 17.9 | $ 0 | $ 17.4 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details 3) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Jun. 27, 2015 | Jun. 28, 2014 | Nov. 08, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Assets, Level 1, Level 2, Level 3 Transfers, Amount | $ 0 | $ 0 | $ 0 | |
Senior Notes | 4,698,300,000 | 4,720,900,000 | 2,300,000,000 | $ 2,300,000,000 |
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of fixed-rate long-term debt | 3,900,000,000 | |||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of fixed-rate long-term debt | $ 2,400,000,000 | |||
Public Bonds and Private Placement [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Senior Notes | 3,900,000,000 | 3,900,000,000 | ||
Public Bonds and Private Placement [Member] | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of fixed-rate long-term debt | 3,800,000,000 | |||
Retail Bonds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term Debt | 798,300,000 | 820,900,000 | ||
Debt Instrument, Unamortized Premium | 82,500,000 | 97,100,000 | ||
Retail Bonds [Member] | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of fixed-rate long-term debt | $ 859,800,000 | $ 902,400,000 |
Investments Available for Sale
Investments Available for Sale Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 10.7 | $ 10.7 | ||
Net unrealized investment gains (losses): | ||||
Equity securities, at cost less impairments | 6.4 | 6.4 | $ 17.1 | $ 17.1 |
Gross unrealized gains | 9.3 | 9.3 | 3.8 | 5.7 |
Gross unrealized losses | (0.8) | (0.8) | (0.2) | (10.1) |
Available-for-sale Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Gross Realized Losses | 9.9 | |||
Net unrealized investment gains (losses): | ||||
Estimated fair value of equity securities | $ 14.9 | $ 14.9 | 20.7 | $ 12.7 |
Other Current Assets [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 5.9 | |||
Other Noncurrent Assets [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | $ 14.8 |
Investments Equity Method Inves
Investments Equity Method Investments (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Jun. 27, 2015 | Jun. 28, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Net loss from equity method investment | $ (7.1) | $ (9.9) | $ (8.7) |
Realized loss on sale of equity method investment | (2.8) | ||
Other Noncurrent Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Cost Method Investments | 6.9 | 6.8 | 9 |
Equity method investments | $ 45.5 | $ 48.9 | $ 57.4 |
Derivative Instruments and He70
Derivative Instruments and Hedging Activities (Details) € in Millions, $ in Millions | Mar. 30, 2015USD ($) | Dec. 02, 2014USD ($) | Dec. 23, 2013USD ($) | Dec. 18, 2013USD ($) | Mar. 28, 2015USD ($) | Dec. 27, 2014USD ($) | Dec. 31, 2015USD ($) | Mar. 28, 2015USD ($) | Jun. 27, 2015USD ($) | Jun. 28, 2014USD ($) | Jun. 29, 2013USD ($) | Mar. 30, 2015EUR (€) | Dec. 05, 2014EUR (€) | Dec. 02, 2014EUR (€) | Sep. 28, 2013USD ($) | Sep. 06, 2013USD ($) |
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Loans Payable | $ 488.8 | $ 530.5 | $ 930 | $ 1,000 | ||||||||||||
Derivative, loss on derivative | $ 258.2 | $ 64.7 | 0 | 326.4 | 0 | $ 0 | ||||||||||
Investment Owned, Balance, Principal Amount | $ 1,600 | $ 2,300 | ||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | (5.8) | |||||||||||||||
Gain (loss) on ineffective portion, net | 0.1 | (1) | (2.9) | 0.2 | ||||||||||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 0.4 | |||||||||||||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 1.1 | |||||||||||||||
Other expense, net [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, loss on derivative | 3.6 | |||||||||||||||
Treasury lock [Member] | Other Nonoperating Income (Expense) [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Gain (loss) on ineffective portion, net | 0 | (0.4) | 2.3 | $ 0 | ||||||||||||
Foreign Exchange Contract [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Notional Amount | $ 755.5 | $ 452.3 | $ 228.5 | |||||||||||||
Foreign Exchange Forward [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Maximum Remaining Maturity of Foreign Currency Derivatives | 15 months | 15 months | 15 months | 15 months | ||||||||||||
Foreign Exchange Forward [Member] | Sales Revenue, Goods, Net [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Gain (loss) on ineffective portion, net | $ (0.1) | $ (0.1) | $ (0.1) | $ 0 | ||||||||||||
Foreign Exchange Forward [Member] | Cost of Sales [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Gain (loss) on ineffective portion, net | 0.2 | 0.2 | 0.3 | 0.2 | ||||||||||||
Interest Rate Swap [Member] | Other Nonoperating Income (Expense) [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Gain (loss) on ineffective portion, net | 0 | (0.7) | (5.4) | 0 | ||||||||||||
Interest Rate Swap [Member] | Other Nonoperating Income (Expense) [Member] | Fair Value Hedging [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0.9 | 0 | ||||||||||||
Fixed-rate Debt [Member] | Other Nonoperating Income (Expense) [Member] | Fair Value Hedging [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | (4.1) | 0 | ||||||||||||
Fair Value Hedging [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Notional Amount | $ 425 | |||||||||||||||
Fair Value Hedging [Member] | Fair Value Hedging [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | 0 | (3.2) | 0 | ||||||||||||
Designated as Hedging Instrument [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 3.8 | 3.3 | 2.8 | |||||||||||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 2.3 | 2 | 9 | |||||||||||||
Derivative, Gain (Loss) on Derivative, Net | (1.1) | (23.2) | (7.1) | 2.7 | ||||||||||||
Unrealized Gain (Loss) on Price Risk Cash Flow Derivatives, before Tax | 1.4 | (20.5) | 22.3 | (11.9) | ||||||||||||
Designated as Hedging Instrument [Member] | Foreign Exchange Option [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | $ (26.4) | (1.9) | ||||||||||||||
Designated as Hedging Instrument [Member] | Treasury lock [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Unrealized Gain (Loss) on Price Risk Cash Flow Derivatives, before Tax | 0 | (2.7) | 0 | 0 | ||||||||||||
Designated as Hedging Instrument [Member] | Treasury lock [Member] | Interest expense, net [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | (0.1) | 0.2 | (0.4) | ||||||||||||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Unrealized Gain (Loss) on Price Risk Cash Flow Derivatives, before Tax | 1.7 | (7.7) | 15.1 | (10.6) | ||||||||||||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Interest expense, net [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | (0.4) | 0 | (0.2) | (0.1) | ||||||||||||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Nonoperating Income (Expense) [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | 0.1 | (4.5) | (2.2) | (3.2) | ||||||||||||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Sales Revenue, Goods, Net [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | (0.8) | 2 | (2.5) | (2.9) | ||||||||||||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Cost of Sales [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | 0.8 | (4.2) | (6.3) | 4.3 | ||||||||||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Notional Amount | $ 750 | 725 | 200 | 240 | € 135 | |||||||||||
Derivative, Gain (Loss) on Derivative, Net | 12.8 | |||||||||||||||
Unrealized Gain (Loss) on Price Risk Cash Flow Derivatives, before Tax | (0.3) | (10.1) | 7.2 | (1.3) | ||||||||||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | $ 0.5 | |||||||||||||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest expense, net [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | (0.8) | (16.4) | 3.9 | 5 | ||||||||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | $ 2.6 | |||||||||||||||
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Foreign Exchange Forward [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 2 | 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 | 0.3 | 0 | 8.3 | |||||||||||||
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Foreign Exchange Forward [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 3.8 | 3.3 | 2.8 | |||||||||||||
Not Designated as Hedging Instrument [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1.9 | 2.6 | 0.1 | |||||||||||||
Derivative, Gain (Loss) on Derivative, Net | (8.7) | (325.2) | (0.1) | 4.7 | ||||||||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Option [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Notional Amount | € | € 2,000 | |||||||||||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Option [Member] | Other Nonoperating Income (Expense) [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | (26.4) | 0 | 0 | ||||||||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Interest expense, net [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | (0.7) | (3.4) | 0 | 0 | ||||||||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Nonoperating Income (Expense) [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | (8) | (295.4) | (0.1) | $ 4.7 | ||||||||||||
Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Foreign Exchange Forward [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1.9 | 2.6 | 0.1 | |||||||||||||
Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 1 | 9.1 | 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, Amount Not Offset Against Collateral | 1 | 9.1 | 0.3 | |||||||||||||
Omega [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Notional Amount | $ 20 | |||||||||||||||
Perrigo Co PLC [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Option [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | 298.1 | |||||||||||||||
Omega [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Mar. 30, 2015 | |||||||||||||||
Omega [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Notional Amount | $ 147 | |||||||||||||||
2013 Term Loan due December 18, 2015 [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Loans Payable | $ 0 | $ 0 | $ 300 | $ 300 | ||||||||||||
6.19% Senior Note [Member] | Omega [Member] | Omega [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 20 | |||||||||||||||
Credit facility indebtedness [Member] | Omega [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | $ 544.5 | |||||||||||||||
2014 Euro-Denominated Term Loan due December 5, 2019 [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | € | € 614.3 |
Assets Held for Sale (Details)
Assets Held for Sale (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 27, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | |
Assets held for sale | ||||||
Less: impairments | $ 215.6 | $ 0 | $ 0 | $ 0 | $ 0 | |
API [Member] | Discontinued Operations, Held-for-sale [Member] | Operating Expense [Member] | ||||||
Assets held for sale | ||||||
Less: impairments | $ 29 | 29 | ||||
CHC [Member] | ||||||
Assets held for sale | ||||||
Current assets | 55.1 | 55.1 | ||||
Goodwill | 13 | 13 | ||||
Property, plant and equipment | 18.8 | 18.8 | ||||
Other assets | 0 | 0 | ||||
Less: impairments | 0 | |||||
Total assets held for sale | 86.9 | 86.9 | ||||
Liabilities held for sale | ||||||
Current liabilities | 30.5 | 30.5 | ||||
Other liabilities | 0 | 0 | ||||
Total liabilities held for sale | 30.5 | 30.5 | ||||
Other [Member] | ||||||
Assets held for sale | ||||||
Current assets | 13.6 | 13.6 | ||||
Goodwill | 14.5 | 14.5 | ||||
Property, plant and equipment | 37.4 | 37.4 | ||||
Other assets | 3.2 | 3.2 | ||||
Less: impairments | 29 | |||||
Total assets held for sale | 39.7 | 39.7 | ||||
Liabilities held for sale | ||||||
Current liabilities | 0.5 | 0.5 | ||||
Other liabilities | 1.7 | 1.7 | ||||
Total liabilities held for sale | $ 2.2 | $ 2.2 |
Indebtedness (Details)
Indebtedness (Details) € in Millions, $ in Millions | Apr. 08, 2015USD ($) | Apr. 08, 2015EUR (€) | Mar. 30, 2015USD ($) | Mar. 30, 2015EUR (€) | Dec. 05, 2014USD ($) | Dec. 02, 2014USD ($) | Nov. 06, 2014EUR (€) | Jul. 28, 2014 | Dec. 27, 2013USD ($) | Dec. 23, 2013USD ($) | Dec. 18, 2013USD ($) | Sep. 06, 2013USD ($) | Nov. 30, 2013USD ($) | Sep. 26, 2015 | Dec. 27, 2014USD ($) | Dec. 28, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 27, 2014USD ($) | Jun. 27, 2015USD ($) | Jun. 28, 2014USD ($) | Jun. 29, 2013USD ($) | Mar. 30, 2015EUR (€) | Dec. 05, 2014EUR (€) | Nov. 08, 2013USD ($) | Jul. 28, 2013USD ($) | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Annual maturities of debt, next twelve months | $ 1,019.7 | ||||||||||||||||||||||||||
Annual maturities of debt, year two | 576.6 | ||||||||||||||||||||||||||
Annual maturities of debt, year three | 667.9 | ||||||||||||||||||||||||||
Annual maturities of debt, year four | 742.6 | ||||||||||||||||||||||||||
Annual maturities of debt, year five | 0 | ||||||||||||||||||||||||||
Annual maturities of debt: Thereafter | 2,946.5 | ||||||||||||||||||||||||||
Term loans | $ 1,000 | 488.8 | $ 530.5 | $ 930 | |||||||||||||||||||||||
Long-term Line of Credit | 680 | 0 | 0 | ||||||||||||||||||||||||
Senior notes | 4,698.3 | 4,720.9 | 2,300 | $ 2,300 | |||||||||||||||||||||||
Other financing | 86 | 13 | 10.2 | ||||||||||||||||||||||||
Unamortized premium, net | 73.4 | 87.5 | (6) | ||||||||||||||||||||||||
Deferred financing fees | (36.6) | (40.5) | (27.4) | ||||||||||||||||||||||||
Total borrowings outstanding | 5,989.9 | 5,311.4 | 3,206.8 | ||||||||||||||||||||||||
Debt, Short Term and Current Portion of Long Term | (1,018.3) | (64.6) | (143.7) | ||||||||||||||||||||||||
Total long-term debt, less current portion | 4,971.6 | 5,246.9 | 3,063.1 | ||||||||||||||||||||||||
Payments for Deposits Applied to Debt Retirements | 133.5 | ||||||||||||||||||||||||||
Write off of financing fees on bridge credit agreements | 19 | ||||||||||||||||||||||||||
Line of Credit Facility, Collateral | 364 days | ||||||||||||||||||||||||||
Debt Instrument, Issuance Date | Dec. 5, 2014 | Nov. 6, 2014 | Jul. 28, 2013 | Sep. 6, 2013 | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | € | € 1,000 | ||||||||||||||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 300 | 0 | 0 | ||||||||||||||||||||||||
Repayments of Long-term Debt | 28.3 | 1,823.5 | 2,035 | $ 40 | |||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 895 | ||||||||||||||||||||||||||
Write off of financing fees | 10.5 | ||||||||||||||||||||||||||
Write-off of unamortized discount | 2.8 | ||||||||||||||||||||||||||
Total loss on extinguishment of debt | $ (9.6) | $ (165.8) | 0.9 | $ 9.6 | $ 10.5 | $ 165.8 | $ 0 | ||||||||||||||||||||
12.09.2015 Revolving credit facility [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 380 | ||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | 750 | ||||||||||||||||||||||||||
2014 Euro-Denominated Term Loan due December 5, 2019 additional draw [Domain] | |||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | € | 368.6 | ||||||||||||||||||||||||||
2014 term loan due December 18, 2015 [Member] | |||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | 300 | ||||||||||||||||||||||||||
2014 Euro-Denominated Term Loan due December 5, 2019 [Member] | |||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | € | 614.3 | ||||||||||||||||||||||||||
3.5% Senior note due 2021 [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 15, 2021 | ||||||||||||||||||||||||||
Debt Instrument, Issuance Date | Dec. 2, 2014 | ||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 500 | ||||||||||||||||||||||||||
3.9% senior note due 2024 [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | 3.90% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 15, 2024 | ||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 700 | ||||||||||||||||||||||||||
4.9% Senior Loan due 2044 [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | 4.90% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 15, 2044 | ||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 400 | ||||||||||||||||||||||||||
1.30% Unsecured Senior Notes due November 8, 2016 [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.30% | 1.30% | 1.30% | ||||||||||||||||||||||||
Debt Instrument, Maturity Date | Nov. 8, 2016 | Nov. 8, 2016 | Nov. 8, 2016 | ||||||||||||||||||||||||
2.30% Unsecured Senior notes November 8, 2018 [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.30% | 2.30% | 2.30% | ||||||||||||||||||||||||
Debt Instrument, Maturity Date | Nov. 8, 2018 | Nov. 8, 2018 | Nov. 8, 2018 | ||||||||||||||||||||||||
4.00% Unsecured Senior Notes due November 15, 2023 [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | 4.00% | ||||||||||||||||||||||||
Debt Instrument, Maturity Date | Nov. 15, 2023 | Nov. 15, 2023 | Nov. 15, 2023 | ||||||||||||||||||||||||
5.30% Unsecured Senior Notes due November 15, 2043 [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.30% | 5.30% | 5.30% | ||||||||||||||||||||||||
Debt Instrument, Maturity Date | Nov. 15, 2043 | Nov. 15, 2043 | Nov. 15, 2043 | ||||||||||||||||||||||||
Bridge Credit Agreements [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | € | € 2,200 | ||||||||||||||||||||||||||
2014 bonds [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Senior notes | $ 1,600 | ||||||||||||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 600 | ||||||||||||||||||||||||||
Debt Bridge Credit Agreement [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,650 | ||||||||||||||||||||||||||
Cash Bridge Credit Agreement [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,700 | ||||||||||||||||||||||||||
2014 Revolver [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Term loans | $ 300 | $ 0 | |||||||||||||||||||||||||
2013 Term Loan due December 18, 2015 [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 18, 2015 | Dec. 18, 2015 | Dec. 18, 2015 | ||||||||||||||||||||||||
Term loans | $ 300 | $ 0 | $ 0 | $ 300 | |||||||||||||||||||||||
2013 Term Loan due December 18, 2018 [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 18, 2018 | Dec. 18, 2018 | Dec. 18, 2018 | ||||||||||||||||||||||||
Term loans | $ 700 | $ 0 | $ 0 | $ 630 | |||||||||||||||||||||||
2014 Euro-Denominated Term Loan due December 5, 2019 [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 5, 2019 | Dec. 5, 2019 | Dec. 5, 2019 | ||||||||||||||||||||||||
Term loans | $ 488.8 | $ 530.5 | $ 0 | ||||||||||||||||||||||||
1.30% Unsecured Senior Notes due November 8, 2016 [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Senior notes | [1] | $ 500 | 500 | 500 | |||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | 500 | ||||||||||||||||||||||||||
4.500% Unsecured Senior Notes due May 23, 2017 [Domain] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||||||||||||||||||||||||
Debt Instrument, Maturity Date | May 23, 2017 | ||||||||||||||||||||||||||
Senior notes | [2] | $ 195.5 | [3] | 201 | 0 | ||||||||||||||||||||||
5.125% Unsecured Senior Notes due December 12, 2017 [Domain] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | ||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 12, 2017 | ||||||||||||||||||||||||||
Senior notes | [2] | $ 325.8 | [3] | 335 | 0 | ||||||||||||||||||||||
2.30% Unsecured Senior notes November 8, 2018 [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Senior notes | [1] | $ 600 | 600 | 600 | |||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | 600 | ||||||||||||||||||||||||||
5.000% Unsecured Senior notes due May 23, 2019 [Domain] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||||||||||||||||||||||
Debt Instrument, Maturity Date | May 23, 2019 | ||||||||||||||||||||||||||
Senior notes | [2] | $ 130.3 | [3] | 134.1 | 0 | ||||||||||||||||||||||
3.5% Senior note due 2021 [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Senior notes | [4] | $ 500 | 500 | 0 | |||||||||||||||||||||||
5.105% Senior note due July 19, 2023 [Domain] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.105% | ||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Jul. 19, 2023 | ||||||||||||||||||||||||||
Senior notes | [2] | $ 146.7 | [3] | 150.8 | 0 | ||||||||||||||||||||||
4.00% Unsecured Senior Notes due November 15, 2023 [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Senior notes | [1] | 800 | 800 | 800 | |||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | 800 | ||||||||||||||||||||||||||
3.9% senior note due 2024 [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Senior notes | [4] | 700 | 700 | 0 | |||||||||||||||||||||||
5.30% Unsecured Senior Notes due November 15, 2043 [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Senior notes | [1] | 400 | 400 | 400 | |||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 400 | ||||||||||||||||||||||||||
4.9% Senior Loan due 2044 [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Senior notes | [4] | 400 | 400 | 0 | |||||||||||||||||||||||
2011 Term Loan due October 26, 2016 [Member] | |||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 360 | ||||||||||||||||||||||||||
2.95% Unsecured Senior Notes due May 15, 2023 [Member] | Tender Offer [Member] | |||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Repayments of Debt | $ 578.3 | ||||||||||||||||||||||||||
2.95% Unsecured Senior Notes due May 15, 2023 [Member] | Redemption [Member] | |||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Repayments of Debt | $ 28.5 | ||||||||||||||||||||||||||
Senior notes [Member] | |||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Repayments of Debt | $ 1,100 | ||||||||||||||||||||||||||
2015 Revolver [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Short term debt | 380 | 0 | 0 | ||||||||||||||||||||||||
Omega [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Jan. 1, 2016 | Jan. 1, 2016 | |||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 1,471 | ||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 539.1 | ||||||||||||||||||||||||||
Omega [Member] | 4.5% Retail Bond [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date | Jan. 1, 2017 | Jan. 1, 2017 | |||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | $ 196 | ||||||||||||||||||||||||||
Omega [Member] | Over Draft [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | $ 56 | ||||||||||||||||||||||||||
Omega [Member] | 5.0% Retail Bond [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date | Jan. 1, 2019 | Jan. 1, 2019 | |||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | $ 130.7 | ||||||||||||||||||||||||||
Omega [Member] | Credit facility indebtedness [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | $ 544.5 | ||||||||||||||||||||||||||
Omega [Member] | 5.125% Retail Bond [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | 5.125% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date | Jan. 1, 2017 | Jan. 1, 2017 | |||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | $ 326.7 | ||||||||||||||||||||||||||
Omega [Member] | 6.19% Senior Note [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.19% | 6.19% | |||||||||||||||||||||||||
Omega [Member] | 5.1045% Senior Note [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.1045% | 5.1045% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date | Jan. 1, 2023 | Jan. 1, 2023 | |||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 147 | ||||||||||||||||||||||||||
Perrigo Co PLC [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Total long-term debt, less current portion | 4,971.6 | $ 5,246.8 | $ 3,063.1 | ||||||||||||||||||||||||
Omega [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Amount debt exceeded par value | 101.9 | ||||||||||||||||||||||||||
Omega [Member] | Omega [Member] | 6.19% Senior Note [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | $ 20 | ||||||||||||||||||||||||||
Euro Member Countries, Euro | 2014 Euro-Denominated Term Loan due December 5, 2019 additional draw [Domain] | |||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | € | 300 | ||||||||||||||||||||||||||
Euro Member Countries, Euro | 2014 Euro-Denominated Term Loan due December 5, 2019 [Member] | |||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Debt Instrument, Face Amount | € | € 500 | ||||||||||||||||||||||||||
Euro Member Countries, Euro | Bridge Credit Agreements [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | € | € 1,750 | ||||||||||||||||||||||||||
Euro Member Countries, Euro | Omega [Member] | |||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt [Abstract] | |||||||||||||||||||||||||||
Extinguishment of Debt, Amount | € | € 500 | ||||||||||||||||||||||||||
Euro Member Countries, Euro | Omega [Member] | 4.5% Retail Bond [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | € | € 180 | ||||||||||||||||||||||||||
Euro Member Countries, Euro | Omega [Member] | Over Draft [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | € | 51.4 | ||||||||||||||||||||||||||
Euro Member Countries, Euro | Omega [Member] | 5.0% Retail Bond [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | € | 120 | ||||||||||||||||||||||||||
Euro Member Countries, Euro | Omega [Member] | Credit facility indebtedness [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | € | 500 | ||||||||||||||||||||||||||
Euro Member Countries, Euro | Omega [Member] | 5.125% Retail Bond [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | € | 300 | ||||||||||||||||||||||||||
Euro Member Countries, Euro | Omega [Member] | 5.1045% Senior Note [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | € | € 135 | ||||||||||||||||||||||||||
Euro Member Countries, Euro | Omega [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Amount debt exceeded par value | € | € 93.6 | ||||||||||||||||||||||||||
BCH [Member] | |||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||
Line of Credit, Current | $ 82.9 | ||||||||||||||||||||||||||
[1] | (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." | ||||||||||||||||||||||||||
[2] | Debt assumed from Omega. | ||||||||||||||||||||||||||
[3] | Debt denominated in euros subject to fluctuations in the euro to U.S. dollar exchange rate. | ||||||||||||||||||||||||||
[4] | (1) Public bonds issued on December 2, 2014, discussed below collectively as the "2014 Bonds." |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 31, 2015 | Dec. 27, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | Oct. 22, 2015 | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 3.3 | $ 3.3 | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||
Net income (loss) | $ (107) | [1] | $ 112.6 | [2] | $ 56.4 | [3] | $ (94.9) | [4] | $ 70.2 | [5] | $ 96.3 | $ 131.7 | [6] | $ 48.1 | [7] | $ (86) | [8] | $ 111.4 | [9] | $ 5.6 | $ 166.5 | $ 128 | $ 205.3 | $ 441.9 | |
Denominator: | |||||||||||||||||||||||||
Weighted average shares outstanding for basic EPS | 144.9 | 146.3 | 146.3 | 140.8 | 136.3 | 133.9 | 133.8 | 133.7 | 98.7 | 94.2 | 145.6 | 135.1 | 139.3 | 115.1 | 93.9 | ||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0.5 | 0.5 | 0.5 | 0.6 | |||||||||||||||||||||
Weighted average shares outstanding for diluted EPS | 144.9 | 146.9 | 146.8 | 140.8 | 136.8 | 134.4 | 134.3 | 134.3 | 98.7 | 94.7 | 146.1 | 135.6 | 139.8 | 115.6 | 94.5 | ||||||||||
Antidilutive share-based awards oustanding | 0 | 0.1 | 0.1 | 0.2 | |||||||||||||||||||||
Payments of Dividends | $ 36.3 | $ 64.8 | $ 46.1 | $ 33 | |||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | $ 0.21 | $ 0.46 | $ 0.39 | $ 0.35 | ||||||||||||||||||||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 151.59 | ||||||||||||||||||||||||
Proceeds from (Repurchase of) Equity | $ 500 | ||||||||||||||||||||||||
Perrigo Co PLC [Member] | |||||||||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 2,000 | ||||||||||||||||||||||||
[1] | Includes an intangible asset impairment charge of $185.1 million, Mylan defense-related fees of $71.3 million, an impairment charge on our India API held for sale assets of $29.0 million, restructuring charges of $24.7 million, and an investment impairment charge of $10.7 million. | ||||||||||||||||||||||||
[2] | Includes Mylan defense-related fees of $15.6 million. | ||||||||||||||||||||||||
[3] | Includes acquisition costs of $18.5 million, an initial payment made in connection with an R&D agreement of $18.0 million, an inventory step up related to the Omega acquisition totaling $15.6 million, and $13.4 million of Mylan defense-related fees.Twelve Months Ended June 28, 2014FirstQuarter(2) SecondQuarter(3) ThirdQuarter(4) FourthQuarter(5)Net sales$933.4 $979.0 $1,004.2 $1,144.2Gross profit$356.3 $360.7 $315.0 $415.7Net income (loss)$111.4 $(86.0) $48.1 $131.7Earnings (loss) per share(1): Basic$1.18 $(0.87) $0.36 $0.98Diluted$1.18 $(0.87) $0.36 $0.98Weighted average shares outstanding Basic94.2 98.7 133.7 133.8Diluted94.7 98.7 134.3 134.3 | ||||||||||||||||||||||||
[4] | Includes losses on derivatives associated with the Omega acquisition of $258.2 million and Omega financing fees of $18.6 million. | ||||||||||||||||||||||||
[5] | Includes losses on derivatives associated with the Omega acquisition of $64.7 million, Omega transaction expenses of $17.8 million, an R&D payment made in connection with a collaborative agreement of $10.0 million, a $9.6 million loss on extinguishment of debt, partially offset by income from transfer of rights agreement of $12.5 million | ||||||||||||||||||||||||
[6] | Includes a loss contingency of $15.0 million related to Texas Medicaid and restructuring charges totaling $10.5 million | ||||||||||||||||||||||||
[7] | Includes restructuring charges totaling $19.5 million | ||||||||||||||||||||||||
[8] | Includes loss on extinguishment of debt of $165.8 million, Elan transaction costs of $103.2 million, and restructuring charges totaling $14.9 million | ||||||||||||||||||||||||
[9] | Includes Elan transactions costs of $12.0 million |
Share-based compensation (Detai
Share-based compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available to be granted | 5,000 | |||
Share-based compensation | $ 24,800 | $ 31,600 | $ 24,600 | $ 18,400 |
Unrecognized share-based compensation expense | $ 52,100 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Beginning options outstanding, number of options | 857 | 850 | ||
Granted, number of options | 0 | 181 | ||
Exercised, number of options | (72) | (170) | ||
Forfeited or expired, number of options | (2) | (4) | ||
Ending options outstanding, number of options | 783 | 857 | 850 | |
Beginning options outstanding, weighted average exercise price | $ 97.49 | $ 77.26 | ||
Granted, weighted average exercise price | 0 | 147.75 | ||
Exercised, weighted average exercise price | 69.62 | 49.26 | ||
Forfeited or expired, weighted average exercise price | 131.91 | 128.76 | ||
Ending options outstanding, weighted average exercise price | $ 99.93 | $ 97.49 | $ 77.26 | |
Options exercisable, number of options | 614 | |||
Options expected to vest, number of options | 165 | |||
Options exercisable, weighted average exercise price | $ 89.08 | |||
Options expected to vest, weighted average exercise price | $ 139.21 | |||
Options expected to vest, weighted average remaining term in years | 8 years 4 months 24 days | |||
Options outstanding, aggregate intrinsic value | $ 35,600 | $ 79,800 | ||
Options exercisable, aggregate intrinsic value | 34,300 | |||
Options expected to vest, aggregate intrinsic value | 1,300 | |||
Options exercised, aggregate intrinsic value | $ 6,700 | $ 20,700 | $ 17,800 | $ 29,500 |
Options granted, weighted average grant date fair value | $ 39.96 | $ 38.28 | $ 34.24 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Dividend yield | 0.30% | 0.30% | 0.30% | |
Volatility, as a percent | 27.10% | 32.70% | 34.90% | |
Risk-free interest rate | 1.70% | 1.80% | 0.80% | |
Expected life in years after vest date | 5 years 3 months 24 days | 5 years 3 months 24 days | 5 years 4 months 24 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 7 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 4 months 24 days | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Beginning non-vested shares/units outstanding, number of shares/units | 0 | 9 | ||
Granted, number of shares/units | 0 | 0 | ||
Vested, number of shares/units | 0 | (9) | ||
Cancelled, number of shares/units | 0 | 0 | ||
Ending non-vested shares/units outstanding, number of shares/units | 0 | 0 | 9 | |
Beginning non-vested shares/units, weighted average grant date fair value | $ 0 | $ 100.84 | ||
Granted, weighted average grant date fair value | 0 | 0 | $ 145.19 | $ 100.84 |
Vested, weighted average grant date fair value | 0 | 100.84 | ||
Cancelled, weighted average grant date fair value | 0 | 0 | ||
Ending non-vested shares/units, weighted average grant date fair value | $ 0 | $ 0 | $ 100.84 | |
Non-vested shares/units, weighted average remaining term in years | 0 years | 0 days | ||
Non-vested shares/units, aggregate intrinsic value | $ 0 | $ 0 | ||
Vested, total fair value | $ 900 | $ 2,300 | $ 600 | |
Service-based Restricted Share Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Beginning non-vested shares/units outstanding, number of shares/units | 283 | 247 | ||
Granted, number of shares/units | 199 | 135 | ||
Vested, number of shares/units | (94) | (91) | ||
Cancelled, number of shares/units | (6) | (8) | ||
Ending non-vested shares/units outstanding, number of shares/units | 382 | 283 | 247 | |
Beginning non-vested shares/units, weighted average grant date fair value | $ 136.48 | $ 112.89 | ||
Granted, weighted average grant date fair value | 165.64 | 153.99 | $ 133.08 | $ 109.20 |
Vested, weighted average grant date fair value | 125.03 | 99.54 | ||
Cancelled, weighted average grant date fair value | 164.56 | 126.13 | ||
Ending non-vested shares/units, weighted average grant date fair value | $ 154.07 | $ 136.48 | $ 112.89 | |
Non-vested shares/units, weighted average remaining term in years | 1 year 2 months 12 days | |||
Non-vested shares/units, aggregate intrinsic value | $ 55,300 | $ 53,900 | ||
Vested, total fair value | $ 11,700 | $ 9,100 | $ 6,800 | $ 5,700 |
Performance-based Restricted Share Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Beginning non-vested shares/units outstanding, number of shares/units | 229 | 182 | ||
Granted, number of shares/units | 55 | 106 | ||
Vested, number of shares/units | (58) | (56) | ||
Cancelled, number of shares/units | (3) | (3) | ||
Ending non-vested shares/units outstanding, number of shares/units | 223 | 229 | 182 | |
Beginning non-vested shares/units, weighted average grant date fair value | $ 129.77 | $ 109.63 | ||
Granted, weighted average grant date fair value | 184.49 | 150.14 | $ 119.85 | $ 108.60 |
Vested, weighted average grant date fair value | 109.20 | 91.14 | ||
Cancelled, weighted average grant date fair value | 144.73 | 126.96 | ||
Ending non-vested shares/units, weighted average grant date fair value | $ 146.31 | $ 129.77 | $ 109.63 | |
Non-vested shares/units, weighted average remaining term in years | 1 year 4 months 17 days | |||
Non-vested shares/units, aggregate intrinsic value | $ 32,300 | $ 43,600 | ||
Vested, total fair value | $ 6,400 | $ 5,100 | $ 4,600 | $ 5,000 |
Accumulated Other Comprehensi75
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Balance, beginning | $ 102.4 | $ 139.6 | $ 77 | |
OCI before reclassifications | (128.2) | (52.1) | 49.3 | |
Amounts reclassified from AOCI | 10.3 | 14.9 | 13.3 | |
Other comprehensive income (loss) | (117.9) | (37.2) | 62.6 | $ 37.6 |
Balance,ending | (15.5) | 102.4 | 139.6 | 77 |
Fair value of derivative financial instruments, net of tax [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Balance, beginning | (16.3) | (16.1) | (4.5) | |
OCI before reclassifications | 1.1 | (15.1) | (18.2) | |
Amounts reclassified from AOCI | 1 | 14.9 | 6.6 | |
Other comprehensive income (loss) | 2.1 | (0.2) | (11.6) | |
Balance,ending | (14.2) | (16.3) | (16.1) | (4.5) |
Foreign currency translation adjustments [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Balance, beginning | 130.9 | 164.4 | 80.6 | |
OCI before reclassifications | (135.3) | (33.5) | 83.8 | |
Amounts reclassified from AOCI | 0 | 0 | 0 | |
Other comprehensive income (loss) | (135.3) | (33.5) | 83.8 | |
Balance,ending | (4.4) | 130.9 | 164.4 | 80.6 |
Fair value of investment securities, net of tax [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Balance, beginning | (3) | 2.4 | 0 | |
OCI before reclassifications | (1.4) | (5.4) | (4.3) | |
Amounts reclassified from AOCI | 10.7 | 0 | 6.7 | |
Other comprehensive income (loss) | 9.3 | (5.4) | 2.4 | |
Balance,ending | 6.3 | (3) | 2.4 | 0 |
Post- retirement and pension liability adjustments, net of tax [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Balance, beginning | (9.2) | (11.1) | 0.9 | |
OCI before reclassifications | 7.4 | 1.9 | (12) | |
Amounts reclassified from AOCI | (1.4) | 0 | 0 | |
Other comprehensive income (loss) | 6 | 1.9 | (12) | |
Balance,ending | $ (3.2) | $ (9.2) | $ (11.1) | $ 0.9 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | Apr. 01, 2020 | Apr. 01, 2017 | Apr. 01, 2015 | Apr. 01, 2014 | Dec. 31, 2015 | Dec. 27, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 |
Income Taxes [Line Items] | |||||||||
Deferred Tax Assets, Net of Valuation Allowance | $ 54.6 | $ 161.9 | $ 86.4 | ||||||
Deferred Tax Liabilities, Gross | 1,563.7 | 1,825.7 | 729 | ||||||
Pre-tax income: | |||||||||
Foreign | 323.7 | 1,069.2 | 641.9 | $ 607.7 | |||||
Income from continuing operations before income taxes | (23.2) | 248 | 272.6 | 607.7 | |||||
Current: | |||||||||
Federal | 59.2 | 77 | 44 | 125 | |||||
State | 3.2 | 6.9 | 9.3 | 10.7 | |||||
Foreign | 40.4 | 54.1 | 49.1 | 24.3 | |||||
Subtotal | 104.2 | 136 | 104.6 | 160.1 | |||||
Deferred: | |||||||||
Federal | (32.5) | (17.5) | 7.8 | 16.6 | |||||
State | (3.3) | (0.8) | (5.8) | 0 | |||||
Foreign | (69.5) | (5.2) | (15.1) | (10.9) | |||||
Subtotal | (133) | (16) | (37.3) | 5.7 | |||||
Total | $ (28.8) | $ 26.8 | $ 120 | $ 67.3 | $ 165.8 | ||||
Effective Income Tax Rate Reconciliation | |||||||||
Provision at statutory rate | 12.50% | 12.50% | 12.50% | 35.00% | |||||
Ireland tax on non-trading differences | 80.80% | (10.30%) | 2.80% | 0.00% | |||||
Expenses not deductible for tax purposes/ deductions not expensed for book, net | (151.70%) | 15.50% | 12.10% | (0.60%) | |||||
State income taxes, net of Federal benefit | (15.30%) | (1.00%) | (0.20%) | 1.10% | |||||
Foreign tax credit | 0.00% | 0.00% | 0.20% | (0.10%) | |||||
Research and development credit | 5.10% | (0.80%) | (0.50%) | (0.50%) | |||||
Other | (43.30%) | 5.60% | (0.80%) | (1.00%) | |||||
Foreign tax rate differences | 394.80% | (16.60%) | (16.00%) | (8.70%) | |||||
Valuation allowance changes | (148.60%) | 25.00% | 2.90% | 0.00% | |||||
Audit impacts | 0.00% | 0.00% | 0.00% | (1.20%) | |||||
Change in unrecognized taxes | (10.10%) | 18.50% | 15.00% | 3.30% | |||||
Rate change impacts | 0.00% | 0.00% | (3.30%) | 0.00% | |||||
Effective income tax rate | 124.20% | 48.40% | 24.70% | 27.30% | |||||
Undistributed earnings of foreign subsidiaries reinvested indefinitely for which no provision have been provided | $ 3,700 | ||||||||
Deferred income tax asset (liability): | |||||||||
Depreciation and amortization | (1,808.5) | $ (1,889) | $ (982.6) | ||||||
Inventory basis differences | 21 | 30.2 | 43.9 | ||||||
Accrued liabilities | 58.1 | 67.2 | 84.3 | ||||||
Allowance for doubtful accounts | 1.3 | 0.9 | 0.9 | ||||||
Research and development | 63.7 | 62.8 | 3.7 | ||||||
Loss carryforwards | 243.6 | 242.7 | 47.1 | ||||||
Share-based compensation | 20.6 | 14.3 | 14.3 | ||||||
Foreign Tax Credit | 10.6 | 10.6 | 10.6 | ||||||
Federal benefit of unrecognized tax positions | 22.8 | 26.3 | 20.7 | ||||||
Interest carryforwards | 334.6 | 259.7 | 253.3 | ||||||
Other, net | 14.7 | 29.7 | 59.6 | ||||||
Deferred Tax Assets, Gross | (1,017.5) | (1,144.6) | (444.2) | ||||||
Valuation allowance for loss and credit carry forwards | (491.6) | (519.2) | (198.4) | ||||||
Liabilities | (1,509.1) | (1,663.8) | (642.6) | ||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||||||
Unrecognized tax benefits, beginning balance | 318.6 | $ 160.1 | 160.1 | 110.1 | |||||
Additions: Positions related to the current year | 17.9 | 38.9 | 28.8 | ||||||
Additions: Positions of prior years | 122.7 | 22.7 | |||||||
Reductions: Positions of prior years | (38.8) | ||||||||
Reductions: Settlements with taxing authorities | (15.3) | (1.4) | |||||||
Reductions: Lapse of statutes of limitation | (1.7) | (1.5) | |||||||
Unrecognized tax benefits, ending balance | 282.4 | 318.6 | 160.1 | $ 110.1 | |||||
Unrecognized tax benefits liability, interest and penalties accrued | 52.1 | 65.7 | 45.3 | ||||||
Unrecognized tax benefits, including income tax penalties and interest accrued | 334.7 | 384.3 | 205.4 | ||||||
Unrecognized tax benefits that would impact effective tax rate | 206.1 | 217.6 | 170.2 | ||||||
Income Tax Examination, Penalties and Interest Expense | 8 | ||||||||
Incremental tax obligation | $ 68.9 | ||||||||
All Other Entities [Member] | |||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||||||
Israel statutory corporate tax rate under new law: 2013 | 25.00% | ||||||||
Israel statutory corporate tax rate under new law: 2014 | 26.50% | ||||||||
Revenue Commissioners, Ireland [Member] | |||||||||
Pre-tax income: | |||||||||
Foreign | $ (346.9) | (821.2) | (369.3) | 0 | |||||
Current: | |||||||||
Foreign | 1.4 | (2) | 2.2 | 0 | |||||
Deferred: | |||||||||
Foreign | (27.7) | 7.5 | $ (24.2) | $ 0 | |||||
Domestic Tax Authority [Member] | |||||||||
Deferred income tax asset (liability): | |||||||||
Tax credit carryforwards | 269.1 | ||||||||
Tax credit carryforwards, valuation allowance | 1,455.1 | ||||||||
Domestic Tax Authority [Member] | Capital Loss Carryforward [Member] | |||||||||
Deferred income tax asset (liability): | |||||||||
Tax credit carryforwards, valuation allowance | 19.3 | ||||||||
Foreign Tax Authority [Member] | |||||||||
Deferred income tax asset (liability): | |||||||||
Net operating loss carryforwards | 422.5 | ||||||||
Operating loss carryforwards, valuation allowance | 400 | ||||||||
Foreign Tax Authority [Member] | Capital Loss Carryforward [Member] | |||||||||
Deferred income tax asset (liability): | |||||||||
Tax credit carryforwards | 19.3 | ||||||||
State and Local Jurisdiction [Member] | |||||||||
Deferred income tax asset (liability): | |||||||||
Net operating loss carryforwards | 823.7 | ||||||||
Tax credit carryforwards | 1,500 | ||||||||
Operating loss carryforwards, valuation allowance | 603.6 | ||||||||
Tax credit carryforwards, valuation allowance | 198.2 | ||||||||
Minimum [Member] | |||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 2 | ||||||||
Maximum [Member] | |||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 3 | ||||||||
2017 [Member] | Foreign Tax Authority [Member] | |||||||||
Deferred income tax asset (liability): | |||||||||
Tax credit carryforwards | 10.2 | ||||||||
2018 [Member] | Foreign Tax Authority [Member] | |||||||||
Deferred income tax asset (liability): | |||||||||
Tax credit carryforwards | 2.1 | ||||||||
2020 [Member] | Foreign Tax Authority [Member] | |||||||||
Deferred income tax asset (liability): | |||||||||
Tax credit carryforwards | 22 | ||||||||
2022 [Member] | Foreign Tax Authority [Member] | |||||||||
Deferred income tax asset (liability): | |||||||||
Tax credit carryforwards | 2.6 | ||||||||
2023 [Member] | Foreign Tax Authority [Member] | |||||||||
Deferred income tax asset (liability): | |||||||||
Tax credit carryforwards | 0.1 | ||||||||
2025 [Member] | Foreign Tax Authority [Member] | |||||||||
Deferred income tax asset (liability): | |||||||||
Tax credit carryforwards | 3.4 | ||||||||
Internal Revenue Service (IRS) [Member] | Expires Tax Year 2022 [Member] | Domestic Tax Authority [Member] | |||||||||
Deferred income tax asset (liability): | |||||||||
Tax credit carryforwards | 30.2 | ||||||||
Internal Revenue Service (IRS) [Member] | Expires Tax year 2025 [Member] | Domestic Tax Authority [Member] | |||||||||
Deferred income tax asset (liability): | |||||||||
Tax credit carryforwards | 167.8 | ||||||||
Internal Revenue Service (IRS) [Member] | Expires Tax Year 2027 [Member] | Domestic Tax Authority [Member] | |||||||||
Deferred income tax asset (liability): | |||||||||
Tax credit carryforwards | $ 37.2 | ||||||||
Israel Tax Authority [Member] | Foreign Tax Authority [Member] | |||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||||||
Foreign Statutory Corporate Tax Rate, Prior To Change, Prior Two Years | 10.00% | ||||||||
Foreign Statutory Corporate Tax Rate, Prior To Change, Prior Year | 7.00% | ||||||||
Israel statutory corporate tax rate under new law: 2013 | 6.00% | ||||||||
Her Majesty's Revenue and Customs (HMRC) [Member] | Foreign Tax Authority [Member] | |||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||||||
Foreign Statutory Corporate Tax Rate | 20.00% | 21.00% | |||||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | $ (1.4) | $ 4.7 | |||||||
Mexican Tax Authority [Member] | Foreign Tax Authority [Member] | |||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||||||
Foreign Statutory Corporate Tax Rate | 30.00% | ||||||||
Scenario, Forecast [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | Foreign Tax Authority [Member] | |||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||||||
Foreign Statutory Corporate Tax Rate | 18.00% | 19.00% |
Post Employment Plans - Additio
Post Employment Plans - Additional Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 27, 2015USD ($) | Dec. 31, 2015USD ($)years | Jun. 27, 2015USD ($) | Jun. 28, 2014USD ($) | Jun. 29, 2013USD ($) | |||||||
Postemployment Benefits [Abstract] | |||||||||||
Expected Return on Assets, percent | 2.90% | ||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 1 | ||||||||||
Defined Benefit Plan, Service Cost | $ 2.2 | $ 0.9 | [1] | $ 0 | [2] | ||||||
Employer Nondiscretionary Contribution to Plan | 3.00% | ||||||||||
Company's contributions to the plan | $ 3.3 | 2.4 | [1] | ||||||||
Post employment benefits, non-current liabilities | $ 140.3 | 135 | 140.3 | 89 | [1] | ||||||
Post employment benefits, non-current assets | (133.3) | [1] | (134.9) | (133.3) | [1] | (99.6) | [1] | ||||
Unfunded accumulated projected benefit obligation | 136.6 | 109.4 | 136.6 | 89 | |||||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 9.2 | 3.2 | 9.2 | 11.9 | |||||||
Amount to be amortized from accumulated other comprehensive income (loss) next fiscal year | 0.7 | ||||||||||
Estimated future employer contributions in next fiscal year | 4.5 | ||||||||||
Interest cost | 1.7 | 2.4 | [1] | 1.4 | [2] | ||||||
Defined Benefit Plan, Expected Return on Plan Assets | (1.8) | (2.7) | [1] | (1.9) | [2] | ||||||
Defined Benefit Plan, Actuarial Gain (Loss) | 0.4 | 1 | [1] | 0.7 | [2] | ||||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 1 | ||||||||||
Defined benefit plan, expected future benefit payments, year three | 1.2 | ||||||||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 1.7 | ||||||||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 2 | ||||||||||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 12.5 | ||||||||||
United States | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Company's contributions to the plan | 15.8 | 24.6 | 25.6 | $ 23 | |||||||
Ireland | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined Benefit Plan, Service Cost | [2] | 0 | |||||||||
Company's contributions to the plan | [2] | 0 | |||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 0.2 | 0.7 | 0.5 | ||||||||
Post employment benefits, non-current liabilities | 140.3 | [1] | 140.3 | [1] | 89 | [2] | 0 | [2] | |||
Post employment benefits, non-current assets | (133.3) | $ 0 | [2] | (133.3) | (99.6) | [2] | |||||
Employer matching contribution, percent of employees' gross pay | 18.00% | ||||||||||
Interest cost | [2] | 1.4 | |||||||||
Europe | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 0.6 | $ 2.9 | |||||||||
Foreign Post Employment Benefits [Member] | Israel | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Company's contributions to the plan | 0.6 | 1 | 0.4 | 0.9 | |||||||
Post employment benefits, non-current liabilities | 21.3 | 21.8 | 21.3 | 24 | |||||||
Post employment benefits, non-current assets | (17.3) | (17.3) | (19.3) | ||||||||
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits [Member] | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Cash surrender value of insurance policies | 32.7 | 34.6 | 32.7 | 28 | |||||||
Deferred compensation liability, non-current | 32.3 | 34.5 | 32.3 | 28.1 | |||||||
Postretirement Medical Benefits [Member] | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 0.1 | ||||||||||
Defined Benefit Plan, Service Cost | 0.3 | 0.3 | [1] | 0.5 | |||||||
Company's contributions to the plan | 0 | 0 | [1] | ||||||||
Post employment benefits, non-current liabilities | 6 | [1] | 7 | 6 | [1] | 4.6 | [1] | 3.9 | |||
Post employment benefits, non-current assets | 0 | [1] | $ 0 | 0 | [1] | 0 | [1] | ||||
Retiree eligible age | years | 65 | ||||||||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (0.1) | $ (0.4) | (0.1) | 0.1 | $ (0.3) | ||||||
Interest cost | 0.1 | 0.2 | [1] | 0.3 | |||||||
Defined Benefit Plan, Expected Return on Plan Assets | 0 | 0 | [1] | 0.6 | |||||||
Defined Benefit Plan, Actuarial Gain (Loss) | 0 | 0.1 | [1] | ||||||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 0.2 | ||||||||||
Defined benefit plan, expected future benefit payments, year three | 0.2 | ||||||||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 0.2 | ||||||||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 0.2 | ||||||||||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 2 | ||||||||||
Level 2 | Ireland | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Post employment benefits, non-current assets | $ 0 | $ 0 | $ 0 | ||||||||
[1] | *Includes Omega activity from March 30, 2015 to | ||||||||||
[2] | **Includes Elan activity from December 18, 2013 to June 28, 2014. |
Post Employment Plans - Project
Post Employment Plans - Projected Benefit Obligation (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | ||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||||||
Projected benefit obligation, beginning | $ 140.3 | $ 89 | [1] | ||||||
Defined Benefit Plan, Service Cost | 2.2 | 0.9 | [1] | $ 0 | [2] | ||||
Interest cost | 1.7 | 2.4 | [1] | 1.4 | [2] | ||||
Actuarial loss | 10.1 | 6.8 | [1] | ||||||
Defined Benefit Plan, Benefits Paid | (0.6) | (0.1) | [1] | ||||||
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 0 | [1] | ||||||
Foreign currency translation | 4.1 | 14.7 | [1] | ||||||
Projected benefit obligation, ending | 135 | $ 89 | [1] | 140.3 | 89 | [1] | |||
Change in Fair Value of Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets, beginning | [1] | 133.3 | 99.6 | ||||||
Company's contributions to the plan | 3.3 | 2.4 | [1] | ||||||
Defined Benefit Plan, Actual Return on Plan Assets | (0.6) | (1) | [1] | ||||||
Defined Benefit Plan, Benefits Paid | (0.6) | (0.1) | [1] | ||||||
Settlements | 0 | 0 | [1] | ||||||
Fair value of plan assets, ending | 134.9 | 99.6 | [1] | 133.3 | [1] | 99.6 | [1] | ||
Funded status recognized in Other Assets | (0.1) | (7) | [1] | ||||||
Postretirement Health Coverage [Member] | |||||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||||||
Projected benefit obligation, beginning | 6 | [1] | 4.6 | [1] | 3.9 | ||||
Defined Benefit Plan, Service Cost | 0.3 | 0.3 | [1] | 0.5 | |||||
Interest cost | 0.1 | 0.2 | [1] | 0.3 | |||||
Actuarial loss | 0.5 | 0 | [1] | ||||||
Defined Benefit Plan, Benefits Paid | 0 | 0 | [1] | ||||||
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 0 | [1] | ||||||
Foreign currency translation | (0.1) | 0 | [1] | ||||||
Projected benefit obligation, ending | 7 | 4.6 | [1] | 6 | [1] | 4.6 | [1] | ||
Change in Fair Value of Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets, beginning | [1] | 0 | 0 | ||||||
Company's contributions to the plan | 0 | 0 | [1] | ||||||
Defined Benefit Plan, Actual Return on Plan Assets | 0 | 0 | [1] | ||||||
Defined Benefit Plan, Benefits Paid | 0 | 0 | [1] | ||||||
Settlements | 0 | 0 | [1] | ||||||
Fair value of plan assets, ending | 0 | 0 | [1] | ||||||
Funded status recognized in Other Assets | (4.6) | (6) | [1] | (4.6) | |||||
Ireland | |||||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||||||
Projected benefit obligation, beginning | 140.3 | [1] | 89 | [2] | 0 | [2] | |||
Defined Benefit Plan, Service Cost | [2] | 0 | |||||||
Interest cost | [2] | 1.4 | |||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 0.2 | 0.7 | 0.5 | ||||||
Actuarial loss | [2] | 12.1 | |||||||
Defined Benefit Plan, Benefits Paid | [2] | (0.2) | |||||||
Defined Benefit Plan, Settlements, Benefit Obligation | [2] | (8) | |||||||
Foreign currency translation | [2] | 0.7 | |||||||
Projected benefit obligation, ending | 89 | [2] | 140.3 | [1] | 89 | [2] | |||
Change in Fair Value of Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets, beginning | 133.3 | 99.6 | [2] | ||||||
Company's contributions to the plan | [2] | 0 | |||||||
Defined Benefit Plan, Actual Return on Plan Assets | [2] | 5.4 | |||||||
Defined Benefit Plan, Benefits Paid | [2] | (0.2) | |||||||
Settlements | [2] | (12.1) | |||||||
Fair value of plan assets, ending | $ 0 | [2] | 99.6 | [2] | $ 133.3 | 99.6 | [2] | ||
Funded status recognized in Other Assets | [2] | $ 10.6 | $ 10.6 | ||||||
[1] | *Includes Omega activity from March 30, 2015 to | ||||||||
[2] | **Includes Elan activity from December 18, 2013 to June 28, 2014. |
Post Employment Plans - Expecte
Post Employment Plans - Expected Future Minimum Benefit Payment (Details) $ in Millions | Dec. 31, 2015USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Year One Through Five | $ 6.9 |
Estimated future benefit payments, June 25, 2016 | 1 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 1 |
Defined benefit plan, expected future benefit payments, year three | 1.2 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 1.7 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 2 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 12.5 |
Postretirement Medical Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Year One Through Five | 0.9 |
Estimated future benefit payments, June 25, 2016 | 0.1 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 0.2 |
Defined benefit plan, expected future benefit payments, year three | 0.2 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 0.2 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 0.2 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 2 |
Post Employment Plans - Net Per
Post Employment Plans - Net Periodic Pension Cost (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined Benefit Plan, Benefit Obligation | $ 135 | $ 89 | [1] | $ 140.3 | $ 89 | [1] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 134.9 | 99.6 | [1] | 133.3 | [1] | 99.6 | [1] | ||||
Defined Benefit Plan, Funded Status of Plan | (0.1) | (7) | [1] | ||||||||
Defined Benefit Plan, Contributions by Employer | 3.3 | 2.4 | [1] | ||||||||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 3.2 | 49.9 | [1] | ||||||||
Defined Benefit Plan, Service Cost | 2.2 | 0.9 | [1] | 0 | [2] | ||||||
Interest cost | 1.7 | 2.4 | [1] | 1.4 | [2] | ||||||
Actuarial loss | (10.1) | (6.8) | [1] | ||||||||
Defined Benefit Plan, Expected Return on Plan Assets | (1.8) | (2.7) | [1] | (1.9) | [2] | ||||||
Net actuarial (gain)/loss | 0.4 | 1 | [1] | 0.7 | [2] | ||||||
Net periodic pension cost | 2.5 | 1.6 | [1] | 0.2 | [2] | ||||||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 5.6 | 70.4 | [1] | ||||||||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | 0.6 | 0.9 | [1] | ||||||||
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 0 | [1] | ||||||||
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | (4.1) | (14.7) | [1] | ||||||||
Defined Benefit Plan, Actual Return on Plan Assets | (0.6) | (1) | [1] | ||||||||
Defined Benefit Plan, Benefits Paid | (0.6) | (0.1) | [1] | ||||||||
Defined Benefit Plan, Purchases, Sales, and Settlements | 0 | 0 | [1] | ||||||||
Postretirement Medical Benefits [Member] | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined Benefit Plan, Benefit Obligation | 7 | 4.6 | [1] | 6 | [1] | 4.6 | [1] | $ 3.9 | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | [1] | 0 | [1] | ||||||
Defined Benefit Plan, Funded Status of Plan | (4.6) | (6) | [1] | (4.6) | |||||||
Defined Benefit Plan, Contributions by Employer | 0 | 0 | [1] | ||||||||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 0 | 0 | [1] | ||||||||
Defined Benefit Plan, Service Cost | 0.3 | 0.3 | [1] | 0.5 | |||||||
Interest cost | 0.1 | 0.2 | [1] | 0.3 | |||||||
Actuarial loss | (0.5) | 0 | [1] | ||||||||
Defined Benefit Plan, Expected Return on Plan Assets | 0 | 0 | [1] | 0.6 | |||||||
Net actuarial (gain)/loss | 0 | 0.1 | [1] | ||||||||
Net periodic pension cost | 0.4 | 0.6 | [1] | 1.4 | |||||||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 0 | 1 | [1] | 0 | |||||||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | 0.1 | 0.1 | [1] | 0.1 | |||||||
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 0 | [1] | ||||||||
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0.1 | 0 | [1] | ||||||||
Defined Benefit Plan, Actual Return on Plan Assets | 0 | 0 | [1] | ||||||||
Defined Benefit Plan, Benefits Paid | 0 | 0 | [1] | ||||||||
Defined Benefit Plan, Purchases, Sales, and Settlements | 0 | 0 | [1] | ||||||||
Ireland | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined Benefit Plan, Benefit Obligation | 89 | [2] | 140.3 | [1] | 89 | [2] | $ 0 | [2] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [2] | 99.6 | [2] | 133.3 | 99.6 | [2] | ||||
Defined Benefit Plan, Funded Status of Plan | [2] | 10.6 | 10.6 | ||||||||
Defined Benefit Plan, Contributions by Employer | [2] | 0 | |||||||||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | [2] | 107.3 | |||||||||
Defined Benefit Plan, Service Cost | [2] | 0 | |||||||||
Interest cost | [2] | 1.4 | |||||||||
Actuarial loss | [2] | (12.1) | |||||||||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | [2] | 84.4 | |||||||||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | [2] | 0.2 | |||||||||
Defined Benefit Plan, Settlements, Benefit Obligation | [2] | 8 | |||||||||
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | [2] | (0.7) | |||||||||
Defined Benefit Plan, Actual Return on Plan Assets | [2] | 5.4 | |||||||||
Defined Benefit Plan, Benefits Paid | [2] | (0.2) | |||||||||
Defined Benefit Plan, Purchases, Sales, and Settlements | [2] | 12.1 | |||||||||
Other Noncurrent Assets [Member] | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined Benefit Plan, Funded Status of Plan | 16.5 | 10.6 | [2] | 12.8 | [1] | 10.6 | [2] | ||||
Other Noncurrent Assets [Member] | Postretirement Medical Benefits [Member] | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined Benefit Plan, Funded Status of Plan | 0 | 0 | 0 | [1] | 0 | ||||||
Other Noncurrent Liabilities [Member] | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined Benefit Plan, Funded Status of Plan | (16.6) | 0 | [2] | (19.8) | [1] | 0 | [2] | ||||
Other Noncurrent Liabilities [Member] | Postretirement Medical Benefits [Member] | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined Benefit Plan, Funded Status of Plan | $ (7) | $ (4) | $ (6) | [1] | $ (4) | ||||||
[1] | *Includes Omega activity from March 30, 2015 to | ||||||||||
[2] | **Includes Elan activity from December 18, 2013 to June 28, 2014. |
Post Employment Plans - Weighte
Post Employment Plans - Weighted Average Assumptions (Details) | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Jun. 27, 2015 | [1] | Jun. 28, 2014 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 2.90% | ||||
Pension Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Discount Rate, percent | 2.22% | 2.11% | 2.90% | [2] | |
Inflation, percent | 2.25% | 1.93% | 2.00% | [2] | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 2.93% | 2.85% | 2.92% | [2] | |
Postretirement Medical Benefits [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Discount Rate, percent | 4.25% | 4.25% | 4.25% | ||
[1] | *Includes Omega activity from March 30, 2015 to | ||||
[2] | **Includes Elan activity from December 18, 2013 to June 28, 2014. |
Post Employment Plans - Expec82
Post Employment Plans - Expected Long-term Rate of Return (Details) | 6 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected Return on Assets, percent | 2.90% |
Equities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected Return on Assets, percent | 6.00% |
Bonds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected Return on Assets, percent | 0.90% |
Absolute return fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected Return on Assets, percent | 3.50% |
Insurance Contract, Rights and Obligations [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected Return on Assets, percent | 2.90% |
Property [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected Return on Assets, percent | 5.00% |
Post Employment Plans - Target
Post Employment Plans - Target Asset Allocation Ranges (Details) - USD ($) $ in Millions | 6 Months Ended | |||||||
Dec. 31, 2015 | Jun. 27, 2015 | Jun. 28, 2014 | Dec. 18, 2013 | [2] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 134.9 | $ 133.3 | [1] | $ 99.6 | [1] | |||
Equities [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Long-term asset allocation range, minimum | 10.00% | |||||||
Long-term asset allocation range, maximum | 20.00% | |||||||
Bonds [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Long-term asset allocation range, minimum | 20.00% | |||||||
Long-term asset allocation range, maximum | 30.00% | |||||||
Absolute return fund [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Long-term asset allocation range, minimum | ||||||||
Long-term asset allocation range, maximum | 10.00% | |||||||
Insurance Contract, Rights and Obligations [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Long-term asset allocation range, minimum | ||||||||
Long-term asset allocation range, maximum | ||||||||
Property [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Long-term asset allocation range, minimum | 20.00% | |||||||
Long-term asset allocation range, maximum | 30.00% | |||||||
Cash and Cash Equivalents [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Long-term asset allocation range, minimum | 30.00% | |||||||
Long-term asset allocation range, maximum | 40.00% | |||||||
Assets [Member] | Equities [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 15.9 | 16.7 | 20.8 | |||||
Assets [Member] | Absolute return fund [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 33.7 | 34.8 | 29.6 | |||||
Assets [Member] | Insurance Contract, Rights and Obligations [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 44.9 | 31.5 | ||||||
Assets [Member] | Property [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0.8 | 0.4 | 0.8 | |||||
Assets [Member] | Level 1 | Equities [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 15.9 | 16.7 | 20.8 | |||||
Assets [Member] | Level 1 | Bonds [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 39.6 | 49.7 | 48.3 | |||||
Assets [Member] | Level 1 | Absolute return fund [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 29.6 | |||||||
Assets [Member] | Level 1 | Property [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||||
Assets [Member] | Level 3 | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 45.7 | 31.9 | [1] | 0.8 | [1],[2] | $ 0 | ||
Assets [Member] | Level 3 | Absolute return fund [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 | |||||
Assets [Member] | Level 3 | Insurance Contract, Rights and Obligations [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 44.9 | 31.5 | ||||||
Assets [Member] | Level 3 | Property [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0.8 | 0.4 | 0.8 | |||||
Ireland | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [2] | 133.3 | 99.6 | [2] | |||
Ireland | Bonds [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 49.7 | 48.3 | ||||||
Ireland | Cash and Cash Equivalents [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0.2 | 0.1 | ||||||
Ireland | Level 1 | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 101.4 | 98.8 | ||||||
Ireland | Level 1 | Insurance Contract, Rights and Obligations [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||||
Ireland | Level 1 | Property [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||||
Ireland | Level 1 | Cash and Cash Equivalents [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0.2 | 0.1 | ||||||
Ireland | Level 2 | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||||
Ireland | Level 2 | Equities [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||||
Ireland | Level 2 | Bonds [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||||
Ireland | Level 2 | Absolute return fund [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||||
Ireland | Level 2 | Insurance Contract, Rights and Obligations [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||||
Ireland | Level 2 | Property [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||||
Ireland | Level 2 | Cash and Cash Equivalents [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||||
Ireland | Level 3 | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 31.9 | 0.8 | ||||||
Ireland | Level 3 | Equities [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||||
Ireland | Level 3 | Bonds [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||||
Ireland | Level 3 | Cash and Cash Equivalents [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | $ 0 | ||||||
Ireland | Assets [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 134.9 | |||||||
Ireland | Assets [Member] | Bonds [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 39.6 | |||||||
Ireland | Assets [Member] | Level 1 | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 89.2 | |||||||
Ireland | Assets [Member] | Level 1 | Absolute return fund [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 33.7 | 34.8 | ||||||
Ireland | Assets [Member] | Level 1 | Insurance Contract, Rights and Obligations [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||||
Ireland | Assets [Member] | Level 1 | Property [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||||
Ireland | Assets [Member] | Level 2 | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||||
Ireland | Assets [Member] | Level 2 | Equities [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||||
Ireland | Assets [Member] | Level 2 | Bonds [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||||
Ireland | Assets [Member] | Level 2 | Absolute return fund [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | $ 0 | ||||||
Ireland | Assets [Member] | Level 2 | Insurance Contract, Rights and Obligations [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||||
Ireland | Assets [Member] | Level 2 | Property [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||||
Ireland | Assets [Member] | Level 3 | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 45.7 | |||||||
Ireland | Assets [Member] | Level 3 | Equities [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||||
Ireland | Assets [Member] | Level 3 | Bonds [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | |||||||
[1] | *Includes Omega activity from March 30, 2015 to | |||||||
[2] | **Includes Elan activity from December 18, 2013 to June 28, 2014. |
Post Employment Plans - Fair Va
Post Employment Plans - Fair Value of Pension Plan Assets (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Dec. 18, 2013 | [2] | Jun. 29, 2013 | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Defined Benefit Plan, Interest Cost | $ 1.7 | $ 2.4 | [1] | $ 1.4 | [2] | ||||||||
Fair value of pension plan assets | 134.9 | $ 99.6 | [1] | 133.3 | [1] | 99.6 | [1] | ||||||
Defined Benefit Plan, Funded Status of Plan | (0.1) | (7) | [1] | ||||||||||
Unfunded accumulated projected benefit obligation | 109.4 | 89 | 136.6 | 89 | |||||||||
Defined Benefit Plan, Actual Return on Plan Assets | (0.6) | (1) | [1] | ||||||||||
Actuarial loss | (10.1) | (6.8) | [1] | ||||||||||
Defined Benefit Plan, Benefits Paid | (0.6) | (0.1) | [1] | ||||||||||
Defined Benefit Plan, Purchases, Sales, and Settlements | 0 | 0 | [1] | ||||||||||
Defined Benefit Plan, Contributions by Employer | (3.3) | (2.4) | [1] | ||||||||||
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 3.7 | 17.5 | [1] | 0.8 | [2] | ||||||||
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 0 | [1] | ||||||||||
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 4.1 | 14.7 | [1] | ||||||||||
Defined Benefit Plan, Benefit Obligation | 135 | 89 | [1] | 140.3 | 89 | [1] | |||||||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 5.6 | 70.4 | [1] | ||||||||||
Defined Benefit Plan, Service Cost | 2.2 | 0.9 | [1] | 0 | [2] | ||||||||
Ireland | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Defined Benefit Plan, Interest Cost | [2] | 1.4 | |||||||||||
Fair value of pension plan assets | 0 | [2] | 99.6 | [2] | 133.3 | 99.6 | [2] | ||||||
Defined Benefit Plan, Funded Status of Plan | [2] | 10.6 | 10.6 | ||||||||||
Defined Benefit Plan, Actual Return on Plan Assets | [2] | 5.4 | |||||||||||
Actuarial loss | [2] | (12.1) | |||||||||||
Defined Benefit Plan, Benefits Paid | [2] | (0.2) | |||||||||||
Defined Benefit Plan, Purchases, Sales, and Settlements | [2] | (12.1) | |||||||||||
Defined Benefit Plan, Contributions by Employer | [2] | 0 | |||||||||||
Defined Benefit Plan, Settlements, Benefit Obligation | [2] | (8) | |||||||||||
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | [2] | 0.7 | |||||||||||
Defined Benefit Plan, Benefit Obligation | 89 | [2] | 140.3 | [1] | 89 | [2] | $ 0 | [2] | |||||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | [2] | 84.4 | |||||||||||
Defined Benefit Plan, Service Cost | [2] | 0 | |||||||||||
Ireland | Level 1 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 98.8 | 101.4 | 98.8 | ||||||||||
Ireland | Level 2 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | 0 | 0 | ||||||||||
Ireland | Level 3 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0.8 | 31.9 | 0.8 | ||||||||||
Ireland | Equities [Member] | Level 2 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | 0 | 0 | ||||||||||
Ireland | Equities [Member] | Level 3 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | 0 | 0 | ||||||||||
Ireland | Bonds [Member] | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 48.3 | 49.7 | 48.3 | ||||||||||
Ireland | Bonds [Member] | Level 2 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | 0 | 0 | ||||||||||
Ireland | Bonds [Member] | Level 3 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | 0 | 0 | ||||||||||
Ireland | Property [Member] | Level 1 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | ||||||||||||
Ireland | Property [Member] | Level 2 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | 0 | 0 | ||||||||||
Ireland | Insurance Contract, Rights and Obligations [Member] | Level 1 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | ||||||||||||
Ireland | Insurance Contract, Rights and Obligations [Member] | Level 2 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | ||||||||||||
Ireland | Cash and Cash Equivalents [Member] | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0.1 | 0.2 | 0.1 | ||||||||||
Ireland | Cash and Cash Equivalents [Member] | Level 1 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0.1 | 0.2 | 0.1 | ||||||||||
Ireland | Cash and Cash Equivalents [Member] | Level 2 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | 0 | 0 | ||||||||||
Ireland | Cash and Cash Equivalents [Member] | Level 3 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | 0 | 0 | ||||||||||
Ireland | Absolute return fund [Member] | Level 2 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | 0 | |||||||||||
Assets [Member] | Level 3 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 45.7 | 0.8 | [1],[2] | 31.9 | [1] | 0.8 | [1],[2] | $ 0 | |||||
Assets [Member] | Equities [Member] | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 15.9 | 20.8 | 16.7 | 20.8 | |||||||||
Assets [Member] | Equities [Member] | Level 1 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 15.9 | 20.8 | 16.7 | 20.8 | |||||||||
Assets [Member] | Bonds [Member] | Level 1 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 39.6 | 48.3 | 49.7 | 48.3 | |||||||||
Assets [Member] | Property [Member] | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0.8 | 0.8 | 0.4 | 0.8 | |||||||||
Assets [Member] | Property [Member] | Level 1 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | 0 | |||||||||||
Assets [Member] | Property [Member] | Level 3 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0.8 | 0.8 | 0.4 | 0.8 | |||||||||
Assets [Member] | Insurance Contract, Rights and Obligations [Member] | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 44.9 | 31.5 | |||||||||||
Assets [Member] | Insurance Contract, Rights and Obligations [Member] | Level 3 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 44.9 | 31.5 | |||||||||||
Assets [Member] | Absolute return fund [Member] | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 33.7 | 29.6 | 34.8 | 29.6 | |||||||||
Assets [Member] | Absolute return fund [Member] | Level 1 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 29.6 | 29.6 | |||||||||||
Assets [Member] | Absolute return fund [Member] | Level 3 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 | |||||||||
Assets [Member] | Ireland | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 134.9 | ||||||||||||
Assets [Member] | Ireland | Level 1 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 89.2 | ||||||||||||
Assets [Member] | Ireland | Level 2 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | ||||||||||||
Assets [Member] | Ireland | Level 3 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 45.7 | ||||||||||||
Assets [Member] | Ireland | Equities [Member] | Level 2 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | ||||||||||||
Assets [Member] | Ireland | Equities [Member] | Level 3 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | ||||||||||||
Assets [Member] | Ireland | Bonds [Member] | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 39.6 | ||||||||||||
Assets [Member] | Ireland | Bonds [Member] | Level 2 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | ||||||||||||
Assets [Member] | Ireland | Bonds [Member] | Level 3 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | ||||||||||||
Assets [Member] | Ireland | Property [Member] | Level 1 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | ||||||||||||
Assets [Member] | Ireland | Property [Member] | Level 2 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | ||||||||||||
Assets [Member] | Ireland | Insurance Contract, Rights and Obligations [Member] | Level 1 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | ||||||||||||
Assets [Member] | Ireland | Insurance Contract, Rights and Obligations [Member] | Level 2 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | ||||||||||||
Assets [Member] | Ireland | Absolute return fund [Member] | Level 1 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 33.7 | 34.8 | |||||||||||
Assets [Member] | Ireland | Absolute return fund [Member] | Level 2 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Fair value of pension plan assets | 0 | 0 | |||||||||||
Postretirement Medical Benefits [Member] | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Defined Benefit Plan, Interest Cost | 0.1 | 0.2 | [1] | 0.3 | |||||||||
Fair value of pension plan assets | 0 | 0 | [1] | 0 | [1] | ||||||||
Defined Benefit Plan, Funded Status of Plan | (4.6) | (6) | [1] | (4.6) | |||||||||
Defined Benefit Plan, Actual Return on Plan Assets | 0 | 0 | [1] | ||||||||||
Actuarial loss | (0.5) | 0 | [1] | ||||||||||
Defined Benefit Plan, Benefits Paid | 0 | 0 | [1] | ||||||||||
Defined Benefit Plan, Purchases, Sales, and Settlements | 0 | 0 | [1] | ||||||||||
Defined Benefit Plan, Contributions by Employer | 0 | 0 | [1] | ||||||||||
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | [1] | ||||||||||
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 0 | [1] | ||||||||||
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | (0.1) | 0 | [1] | ||||||||||
Defined Benefit Plan, Benefit Obligation | 7 | $ 4.6 | [1] | 6 | [1] | 4.6 | [1] | $ 3.9 | |||||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 0 | 1 | [1] | 0 | |||||||||
Defined Benefit Plan, Service Cost | $ 0.3 | $ 0.3 | [1] | $ 0.5 | |||||||||
[1] | *Includes Omega activity from March 30, 2015 to | ||||||||||||
[2] | **Includes Elan activity from December 18, 2013 to June 28, 2014. |
Post Employment Plans - Changes
Post Employment Plans - Changes in Fair Value of Level 3 Pension Plan Assets (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Jun. 27, 2015 | Jun. 28, 2014 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | $ 3.2 | $ 49.9 | [1] | |||
Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value of plan assets, beginning | [1] | 133.3 | 99.6 | |||
Fair value of plan assets, ending | 134.9 | 133.3 | [1] | $ 99.6 | [1] | |
Assets [Member] | Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 13.1 | 31.5 | [1] | 0.7 | [2] | |
Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value of plan assets, beginning | [1] | 31.9 | 0.8 | [2] | ||
Unrealized gains | 0.7 | (0.4) | [1] | 0.1 | [2] | |
Fair value of plan assets, ending | $ 45.7 | $ 31.9 | [1] | $ 0.8 | [1],[2] | |
[1] | *Includes Omega activity from March 30, 2015 to | |||||
[2] | **Includes Elan activity from December 18, 2013 to June 28, 2014. |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 27, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | Mar. 28, 2015 | |
Loss Contingencies [Line Items] | ||||||
Purchase obligation | $ 403.7 | |||||
Loss contingency accrual, payments | 15 | |||||
Other expenses, net | (26.9) | $ (61.9) | $ (343.2) | $ (25.1) | $ (5.6) | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||
2,016 | 45.8 | |||||
2,017 | 34.1 | |||||
2,018 | 31.7 | |||||
2,019 | 20.2 | |||||
2,020 | 16.1 | |||||
Thereafter | 21.7 | |||||
Rent expense under all leases | 26.2 | $ 39.2 | 34.5 | $ 27.6 | ||
Texas Medicaid [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency receivable | $ 7 | |||||
Loss contingency accrual | $ 15 | $ 24 | ||||
Other expenses, net | $ 2 |
Collaboration Agreements (Detai
Collaboration Agreements (Details) - USD ($) $ in Millions | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 27, 2014 | Mar. 29, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Research and development | $ 88.2 | $ 89.8 | $ 187.8 | $ 152.5 | $ 115.2 | |
Potential contingent milestone payments | 30 | |||||
Royalty revenue, percent of net sales | 6.50% | |||||
Revenues | 0.8 | |||||
Minimum [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Potential contingent milestone payments | $ 10 | 0.5 | ||||
Maximum [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Potential contingent milestone payments | $ 15 | 2 | ||||
Gelcaps [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Research and development | 78 | |||||
Biotech [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Research and development | 10 | |||||
Potential contingent milestone payments | 50 | |||||
Phase three [Member] | Biotech [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Research and development | 5 | |||||
Final phase [Member] | Minimum [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Potential contingent milestone payments | 3.8 | |||||
Final phase [Member] | Maximum [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Potential contingent milestone payments | $ 5.5 | |||||
Final phase [Member] | Gelcaps [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Research and development | 105 | |||||
Final phase [Member] | Biotech [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Research and development | 10 | |||||
Topical product [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Potential contingent milestone payments | 17.5 | |||||
Contractual arrangement [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Research and development | $ 18 |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Dec. 31, 2015 | Dec. 27, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | |
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring | $ 24.7 | $ 10.5 | $ 19.5 | $ 14.9 | $ 26.9 | $ 4.2 | $ 5.1 | $ 47 | $ 2.9 |
Payments | (6.4) | (18.5) | (28.7) | (1.7) | |||||
Non-cash adjustments | (1.4) | (1.4) | (4.8) | ||||||
Severance [Member] | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Beginning balance | 1.6 | $ 16.4 | 16.4 | 2.9 | 1.7 | ||||
Ending balance | $ 20.7 | $ 16.4 | $ 20.7 | $ 1.6 | $ 16.4 | $ 2.9 |
Segment and Geographic Inform89
Segment and Geographic Information (Details) $ in Millions | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($)customerssegments | Dec. 27, 2014USD ($) | Dec. 28, 2013USD ($) | Jun. 27, 2015USD ($)customers | Jun. 28, 2014USD ($)customers | Jun. 29, 2013USD ($)customers | |||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of Reportable Segments | segments | 4 | |||||||||||
Net sales | $ 2,769.5 | [1] | $ 4,060.8 | [1] | $ 4,603.9 | [1] | $ 4,060.8 | $ 3,539.8 | [1] | |||
Operating income | $ 94.5 | [1] | $ 321.5 | $ 567 | [1] | $ 747.7 | [1] | 567 | $ 679.1 | [1] | ||
Operating income % | [1] | 3.40% | 14.00% | 16.20% | 19.20% | |||||||
Assets | [1] | $ 19,393.9 | $ 19,720.6 | 13,852.8 | $ 5,336.9 | |||||||
Capital expenditures | [1] | 77.8 | $ 171.6 | 137 | 132.2 | |||||||
Property and equip, net | [1] | 886.2 | 932.4 | 779.9 | 681.4 | |||||||
Depreciation/amortization | [1] | 328 | 358.9 | 548.8 | 160.2 | |||||||
Impairment charges | 215.6 | $ 0 | 0 | 0 | 0 | |||||||
All Countries [Domain] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | [2] | 2,769.5 | 4,603.9 | 4,060.8 | 3,539.8 | |||||||
CHC [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1,384.7 | 2,849.4 | 2,750 | 2,671 | ||||||||
Operating income | $ 209.2 | $ 413.1 | $ 405.6 | $ 401.8 | ||||||||
Operating income % | 15.10% | 14.50% | 14.70% | 15.00% | ||||||||
Assets | $ 4,007.8 | $ 4,381.6 | 4,931 | $ 3,447.5 | ||||||||
Capital expenditures | 45.2 | $ 128.3 | 80.5 | 97.1 | ||||||||
Property and equip, net | 586.5 | 600 | 577.3 | 508 | ||||||||
Depreciation/amortization | 66.8 | 106.6 | 123.2 | 96.1 | ||||||||
Impairment charges | 0 | |||||||||||
CHC [Member] | Cough/Cold [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | [3] | 259.2 | 486.2 | 510.1 | 500.6 | |||||||
CHC [Member] | Analgesics [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | [3] | 200.3 | 441.7 | 504 | 536 | |||||||
CHC [Member] | Gastrointestinal [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | [3] | 204.2 | 395.3 | 400.1 | 388.8 | |||||||
CHC [Member] | Infant Nutritionals [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 200.2 | 383.9 | 374.8 | 350.1 | ||||||||
CHC [Member] | Smoking Cessation [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 159.7 | 299.4 | 236.8 | 193.2 | ||||||||
CHC [Member] | Vitamins, Minerals, and Dietary Supplements [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 110.6 | 185.6 | 176.9 | 158.3 | ||||||||
CHC [Member] | Animal Health [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 62.3 | 156.9 | 178 | 123.2 | ||||||||
CHC [Member] | Other CHC [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | [3],[4] | 188.2 | 401 | 468.7 | 420.9 | |||||||
CHC [Member] | CHC [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1,384.7 | 2,750 | 2,849.4 | 2,671.1 | ||||||||
BCH [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 627.9 | 0 | 401.1 | [5] | 0 | |||||||
Operating income | $ (155.3) | [6] | $ 0 | $ 26.6 | [5] | $ 0 | ||||||
Operating income % | (24.70%) | 0.00% | 6.60% | [5] | 0.00% | |||||||
Assets | $ 6,324 | $ 6,441.1 | [5] | 0 | $ 0 | |||||||
Capital expenditures | 18.4 | $ 0 | 3.6 | [5] | 0 | |||||||
Property and equip, net | 123.4 | 122.5 | [5] | 0 | 0 | |||||||
Depreciation/amortization | 66.5 | 0 | 38.3 | [5] | 0 | |||||||
BCH [Member] | BCH [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 627.9 | 401.1 | 0 | 0 | ||||||||
Rx | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 543.4 | 927.1 | 1,001.1 | 709.5 | ||||||||
Operating income | $ 195.3 | $ 349.8 | $ 373.9 | $ 263.2 | ||||||||
Operating income % | 35.90% | 37.70% | 37.30% | 37.10% | ||||||||
Assets | $ 3,015.5 | $ 2,667.9 | 2,537.2 | $ 1,604.9 | ||||||||
Capital expenditures | 12.8 | $ 32.9 | 42.9 | 17.7 | ||||||||
Property and equip, net | 129 | 124.1 | 104.8 | 80.8 | ||||||||
Depreciation/amortization | 43.8 | 86.5 | 85.1 | 54.9 | ||||||||
Rx | Rx | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 543.4 | 1,001.1 | 927.1 | 709.5 | ||||||||
Specialty Sciences [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 168.4 | 146.7 | [7] | 344 | 0 | |||||||
Operating income | $ 15.8 | $ (68.6) | [7] | $ 36.3 | $ 0 | |||||||
Operating income % | 9.40% | (46.70%) | [7] | 10.60% | 0.00% | |||||||
Assets | $ 5,833.5 | $ 5,979 | 6,096.6 | [7] | $ 0 | |||||||
Capital expenditures | 0 | $ 0 | [7] | 0.5 | 0 | |||||||
Property and equip, net | 0 | 0 | 2.1 | [7] | 0 | |||||||
Depreciation/amortization | 145.6 | 154.4 | [7] | 291.6 | 0 | |||||||
Specialty Sciences [Member] | Tysabri [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 168.4 | 344 | 146.7 | 0 | ||||||||
All Other Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 45.1 | 137.6 | 107.7 | 159.3 | ||||||||
Operating income | $ (19.5) | $ 46.1 | $ 26.8 | $ 48.9 | ||||||||
Operating income % | (43.30%) | 33.50% | 24.90% | 30.70% | ||||||||
Assets | $ 213.1 | $ 251 | 288 | $ 284.5 | ||||||||
Capital expenditures | 1.4 | $ 10.4 | 6.4 | 17.3 | ||||||||
Property and equip, net | 47.3 | 85.8 | 95.7 | 92.7 | ||||||||
Depreciation/amortization | 5.3 | 11.4 | 10.6 | 9.1 | ||||||||
All Other Segments [Member] | Active Pharmaceutical Ingredients [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 45.1 | 107.7 | 137.6 | 159.3 | ||||||||
Significant Reconciling Items [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 0 | 0 | 0 | 0 | ||||||||
Operating income | $ (151) | $ (173.4) | $ (121.5) | $ (34.7) | ||||||||
Operating income % | 0.00% | 0.00% | 0.00% | 0.00% | ||||||||
Assets | $ 0 | $ 0 | 0 | $ 0 | ||||||||
Capital expenditures | 0 | $ 0 | 3.1 | 0 | ||||||||
Property and equip, net | 0 | 0 | $ 0 | 0 | ||||||||
Depreciation/amortization | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Net Sales [Member] | Customer Concentration Risk [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Segment Reporting, Number of Major Customers | customers | 1 | 1 | 1 | 1 | ||||||||
Concentration risk percentage | 13.00% | 15.00% | 19.00% | 19.00% | ||||||||
Ireland | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | [2] | $ 177.8 | $ 344 | $ 146.7 | $ 0 | |||||||
Property and equip, net | 1.3 | 1.4 | 2 | |||||||||
United States | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | [2] | 1,695.1 | 3,303.6 | 3,291.6 | 2,978.1 | |||||||
Property and equip, net | 555 | 558.6 | 530.7 | |||||||||
Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | [2] | 720.1 | 613.6 | 217.2 | 164 | |||||||
Property and equip, net | 157.2 | 153.8 | 31.7 | |||||||||
Israel | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property and equip, net | 115.7 | 119.8 | 119.6 | |||||||||
Outside United States [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | [2],[8] | 176.5 | 342.7 | 405.3 | $ 397.7 | |||||||
Property and equip, net | $ 57 | $ 98.8 | $ 95.9 | |||||||||
[1] | Amounts may not cross-foot due to rounding. | |||||||||||
[2] | (1) We attribute net sales to countries based on sales location. | |||||||||||
[3] | Includes sales from our OTC contract manufacturing business. | |||||||||||
[4] | Consists primarily of feminine hygiene, diabetes care, dermatological care, diagnostic products, and other miscellaneous or otherwise uncategorized product lines and markets, none of which is greater than 10% of the CHC segment. | |||||||||||
[5] | BCH includes activity subsequent to March 30, 2015. | |||||||||||
[6] | (4) The BCH segment operating loss included a $185.1 million impairment charge on indefinite-lived intangible assets purchased in conjunction with the Omega acquisition (See Note 3 for more information). The Other operating loss included a $29.0 million impairment charge related to our India API held for sale assets (See Note 9 for more information). | |||||||||||
[7] | Specialty Sciences includes activity subsequent to December 18, 2013. | |||||||||||
[8] | (2) Includes sales generated primarily in Israel, Mexico, Australia, and Canada. |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 31, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | |||||||||||||||
Sales Revenue, Goods, Net | $ 1,424,800,000 | $ 1,344,700,000 | $ 1,531,600,000 | $ 1,049,100,000 | $ 1,071,700,000 | $ 951,500,000 | $ 1,144,200,000 | $ 1,004,200,000 | $ 979,000,000 | $ 933,400,000 | $ 2,769,500,000 | $ 2,023,100,000 | $ 4,603,900,000 | $ 4,060,800,000 | $ 3,539,800,000 | |||||||||||||||
Net sales | 2,769,500,000 | [1] | $ 4,060,800,000 | [1] | 4,603,900,000 | [1] | 4,060,800,000 | 3,539,800,000 | [1] | |||||||||||||||||||||
Gross profit | 559,300,000 | 548,800,000 | 628,100,000 | 378,800,000 | 383,800,000 | 321,800,000 | 415,700,000 | 315,000,000 | 360,700,000 | 356,300,000 | 1,108,100,000 | 705,500,000 | 1,712,500,000 | 1,447,700,000 | 1,280,000,000 | |||||||||||||||
Net income (loss) | $ (107,000,000) | [2] | $ 112,600,000 | [3] | $ 56,400,000 | [4] | $ (94,900,000) | [5] | $ 70,200,000 | [6] | $ 96,300,000 | $ 131,700,000 | [7] | $ 48,100,000 | [8] | $ (86,000,000) | [9] | $ 111,400,000 | [10] | $ 5,600,000 | $ 166,500,000 | $ 128,000,000 | $ 205,300,000 | $ 441,900,000 | ||||||
Earnings (loss) per share: | ||||||||||||||||||||||||||||||
Earnings (loss) per share, basic | $ (0.74) | [2],[11] | $ 0.77 | [3],[11] | $ 0.39 | [4],[11] | $ (0.67) | [5],[11] | $ 0.52 | [6],[11] | $ 0.72 | [11] | $ 0.98 | [7],[11] | $ 0.36 | [8],[11] | $ (0.87) | [9],[11] | $ 1.18 | [10],[11] | $ 0.04 | $ 1.23 | $ 0.92 | $ 1.78 | $ 4.71 | |||||
Earnings (loss) per share, diluted | $ (0.74) | [2],[11] | $ 0.77 | [3],[11] | $ 0.38 | [4],[11] | $ (0.67) | [5],[11] | $ 0.51 | [6],[11] | $ 0.72 | [11] | $ 0.98 | [7],[11] | $ 0.36 | [8],[11] | $ (0.87) | [9],[11] | $ 1.18 | [10],[11] | $ 0.04 | $ 1.23 | $ 0.92 | $ 1.77 | $ 4.68 | |||||
Weighted average shares outstanding | ||||||||||||||||||||||||||||||
Basic | 144.9 | 146.3 | 146.3 | 140.8 | 136.3 | 133.9 | 133.8 | 133.7 | 98.7 | 94.2 | 145.6 | 135.1 | 139.3 | 115.1 | 93.9 | |||||||||||||||
Diluted | 144.9 | 146.9 | 146.8 | 140.8 | 136.8 | 134.4 | 134.3 | 134.3 | 98.7 | 94.7 | 146.1 | 135.6 | 139.8 | 115.6 | 94.5 | |||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||||||||||||||||
Business acquisition, transaction costs | $ 103,200,000 | $ 12,000,000 | $ 103,200,000 | |||||||||||||||||||||||||||
Goodwill impairment charge | $ 0 | $ 6,800,000 | $ 0 | $ 0 | ||||||||||||||||||||||||||
Derivative, loss on derivative | $ 258,200,000 | $ 64,700,000 | 0 | 326,400,000 | 0 | 0 | ||||||||||||||||||||||||
Net loss from equity method investment | (7,100,000) | (9,900,000) | (8,700,000) | |||||||||||||||||||||||||||
Proceeds from collaborators | 12,500,000 | |||||||||||||||||||||||||||||
Inventory step-up | $ 15,600,000 | |||||||||||||||||||||||||||||
Cost of services, licenses and maintenance agreements | 18,000,000 | 10,000,000 | ||||||||||||||||||||||||||||
Restructuring | $ 24,700,000 | $ 10,500,000 | $ 19,500,000 | 14,900,000 | 26,900,000 | $ 4,200,000 | 5,100,000 | 47,000,000 | 2,900,000 | |||||||||||||||||||||
Available-for-sale Securities, Gross Realized Gain (Loss) | 10,700,000 | 10,700,000 | ||||||||||||||||||||||||||||
Legal fees | 71,300,000 | $ 15,600,000 | 13,400,000 | |||||||||||||||||||||||||||
Impairment charges | 215,600,000 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Business combination, acquisition related costs | $ 18,500,000 | 17,800,000 | ||||||||||||||||||||||||||||
Loss on extinguishment of debt | $ 9,600,000 | $ 165,800,000 | (900,000) | $ (9,600,000) | (10,500,000) | (165,800,000) | $ 0 | |||||||||||||||||||||||
Texas Medicaid [Member] | ||||||||||||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||||||||||||||||
Loss contingency accrual | 24,000,000 | $ 15,000,000 | $ 15,000,000 | |||||||||||||||||||||||||||
Omega [Member] | ||||||||||||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||||||||||||||||
Business combination, acquisition related costs | $ 18,600,000 | |||||||||||||||||||||||||||||
Omega [Member] | ||||||||||||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||||||||||||||||
Business combination, acquisition related costs | $ 387,000,000 | |||||||||||||||||||||||||||||
Omega [Member] | Brands [Member] | ||||||||||||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||||||||||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 185,100,000 | 185,100,000 | ||||||||||||||||||||||||||||
Operating Expense [Member] | Discontinued Operations, Held-for-sale [Member] | API [Member] | ||||||||||||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||||||||||||||||
Impairment charges | $ 29,000,000 | $ 29,000,000 | ||||||||||||||||||||||||||||
[1] | Amounts may not cross-foot due to rounding. | |||||||||||||||||||||||||||||
[2] | Includes an intangible asset impairment charge of $185.1 million, Mylan defense-related fees of $71.3 million, an impairment charge on our India API held for sale assets of $29.0 million, restructuring charges of $24.7 million, and an investment impairment charge of $10.7 million. | |||||||||||||||||||||||||||||
[3] | Includes Mylan defense-related fees of $15.6 million. | |||||||||||||||||||||||||||||
[4] | Includes acquisition costs of $18.5 million, an initial payment made in connection with an R&D agreement of $18.0 million, an inventory step up related to the Omega acquisition totaling $15.6 million, and $13.4 million of Mylan defense-related fees.Twelve Months Ended June 28, 2014FirstQuarter(2) SecondQuarter(3) ThirdQuarter(4) FourthQuarter(5)Net sales$933.4 $979.0 $1,004.2 $1,144.2Gross profit$356.3 $360.7 $315.0 $415.7Net income (loss)$111.4 $(86.0) $48.1 $131.7Earnings (loss) per share(1): Basic$1.18 $(0.87) $0.36 $0.98Diluted$1.18 $(0.87) $0.36 $0.98Weighted average shares outstanding Basic94.2 98.7 133.7 133.8Diluted94.7 98.7 134.3 134.3 | |||||||||||||||||||||||||||||
[5] | Includes losses on derivatives associated with the Omega acquisition of $258.2 million and Omega financing fees of $18.6 million. | |||||||||||||||||||||||||||||
[6] | Includes losses on derivatives associated with the Omega acquisition of $64.7 million, Omega transaction expenses of $17.8 million, an R&D payment made in connection with a collaborative agreement of $10.0 million, a $9.6 million loss on extinguishment of debt, partially offset by income from transfer of rights agreement of $12.5 million | |||||||||||||||||||||||||||||
[7] | Includes a loss contingency of $15.0 million related to Texas Medicaid and restructuring charges totaling $10.5 million | |||||||||||||||||||||||||||||
[8] | Includes restructuring charges totaling $19.5 million | |||||||||||||||||||||||||||||
[9] | Includes loss on extinguishment of debt of $165.8 million, Elan transaction costs of $103.2 million, and restructuring charges totaling $14.9 million | |||||||||||||||||||||||||||||
[10] | Includes Elan transactions costs of $12.0 million | |||||||||||||||||||||||||||||
[11] | The sum of individual per share amounts may not equal due to rounding. |
Transition period financial d91
Transition period financial data (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 31, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | [1] | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | ||||||||||||||
Net sales | $ 1,424.8 | $ 1,344.7 | $ 1,531.6 | $ 1,049.1 | $ 1,071.7 | $ 951.5 | $ 1,144.2 | $ 1,004.2 | $ 979 | $ 933.4 | $ 2,769.5 | $ 2,023.1 | $ 4,603.9 | $ 4,060.8 | $ 3,539.8 | |||||||||||||||
Cost of sales | 1,661.4 | 1,317.6 | 2,891.4 | 2,613.1 | 2,259.8 | |||||||||||||||||||||||||
Gross profit | 559.3 | 548.8 | 628.1 | 378.8 | 383.8 | 321.8 | 415.7 | 315 | 360.7 | 356.3 | 1,108.1 | 705.5 | 1,712.5 | 1,447.7 | 1,280 | |||||||||||||||
Distribution | 47.9 | 29.2 | 67.7 | 55.3 | 47.5 | |||||||||||||||||||||||||
Research and development | 88.2 | 89.8 | 187.8 | 152.5 | 115.2 | |||||||||||||||||||||||||
Selling | 325.9 | 95.3 | 319 | 208.6 | 186.1 | |||||||||||||||||||||||||
Administration | 309.1 | 165.5 | 385.2 | 411.3 | 240.2 | |||||||||||||||||||||||||
Impairment charges | 215.6 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Restructuring | 24.7 | 10.5 | 19.5 | 14.9 | 26.9 | 4.2 | 5.1 | 47 | 2.9 | |||||||||||||||||||||
Total operating expenses | 1,013.6 | 384 | 964.8 | 880.7 | 600.9 | |||||||||||||||||||||||||
Operating income | 94.5 | [1] | 321.5 | $ 567 | 747.7 | [1] | 567 | 679.1 | [1] | |||||||||||||||||||||
Interest expense, Net | (89.9) | (56.7) | (146) | (103.5) | (65.8) | |||||||||||||||||||||||||
Other expenses, net | 26.9 | 61.9 | 343.2 | 25.1 | 5.6 | |||||||||||||||||||||||||
Loss on extinguishment of debt | (9.6) | (165.8) | 0.9 | 9.6 | 10.5 | 165.8 | 0 | |||||||||||||||||||||||
Income (loss) before income taxes | (23.2) | 193.3 | 248 | 272.6 | 607.7 | |||||||||||||||||||||||||
Income tax expense (benefit) | (28.8) | 26.8 | 120 | 67.3 | 165.8 | |||||||||||||||||||||||||
Net income (loss) | $ (107) | [2] | $ 112.6 | [3] | $ 56.4 | [4] | $ (94.9) | [5] | $ 70.2 | [6] | $ 96.3 | $ 131.7 | [7] | $ 48.1 | [8] | $ (86) | [9] | $ 111.4 | [10] | $ 5.6 | $ 166.5 | $ 128 | $ 205.3 | $ 441.9 | ||||||
Earnings (loss) per share, basic | $ (0.74) | [2],[11] | $ 0.77 | [3],[11] | $ 0.39 | [4],[11] | $ (0.67) | [5],[11] | $ 0.52 | [6],[11] | $ 0.72 | [11] | $ 0.98 | [7],[11] | $ 0.36 | [8],[11] | $ (0.87) | [9],[11] | $ 1.18 | [10],[11] | $ 0.04 | $ 1.23 | $ 0.92 | $ 1.78 | $ 4.71 | |||||
Earnings (loss) per share, diluted | $ (0.74) | [2],[11] | $ 0.77 | [3],[11] | $ 0.38 | [4],[11] | $ (0.67) | [5],[11] | $ 0.51 | [6],[11] | $ 0.72 | [11] | $ 0.98 | [7],[11] | $ 0.36 | [8],[11] | $ (0.87) | [9],[11] | $ 1.18 | [10],[11] | $ 0.04 | $ 1.23 | $ 0.92 | $ 1.77 | $ 4.68 | |||||
Basic | 144.9 | 146.3 | 146.3 | 140.8 | 136.3 | 133.9 | 133.8 | 133.7 | 98.7 | 94.2 | 145.6 | 135.1 | 139.3 | 115.1 | 93.9 | |||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 144.9 | 146.9 | 146.8 | 140.8 | 136.8 | 134.4 | 134.3 | 134.3 | 98.7 | 94.7 | 146.1 | 135.6 | 139.8 | 115.6 | 94.5 | |||||||||||||||
Dividends declared per share | $ 0.25 | $ 0.21 | $ 0.46 | $ 0.39 | $ 0.35 | |||||||||||||||||||||||||
[1] | Amounts may not cross-foot due to rounding. | |||||||||||||||||||||||||||||
[2] | Includes an intangible asset impairment charge of $185.1 million, Mylan defense-related fees of $71.3 million, an impairment charge on our India API held for sale assets of $29.0 million, restructuring charges of $24.7 million, and an investment impairment charge of $10.7 million. | |||||||||||||||||||||||||||||
[3] | Includes Mylan defense-related fees of $15.6 million. | |||||||||||||||||||||||||||||
[4] | Includes acquisition costs of $18.5 million, an initial payment made in connection with an R&D agreement of $18.0 million, an inventory step up related to the Omega acquisition totaling $15.6 million, and $13.4 million of Mylan defense-related fees.Twelve Months Ended June 28, 2014FirstQuarter(2) SecondQuarter(3) ThirdQuarter(4) FourthQuarter(5)Net sales$933.4 $979.0 $1,004.2 $1,144.2Gross profit$356.3 $360.7 $315.0 $415.7Net income (loss)$111.4 $(86.0) $48.1 $131.7Earnings (loss) per share(1): Basic$1.18 $(0.87) $0.36 $0.98Diluted$1.18 $(0.87) $0.36 $0.98Weighted average shares outstanding Basic94.2 98.7 133.7 133.8Diluted94.7 98.7 134.3 134.3 | |||||||||||||||||||||||||||||
[5] | Includes losses on derivatives associated with the Omega acquisition of $258.2 million and Omega financing fees of $18.6 million. | |||||||||||||||||||||||||||||
[6] | Includes losses on derivatives associated with the Omega acquisition of $64.7 million, Omega transaction expenses of $17.8 million, an R&D payment made in connection with a collaborative agreement of $10.0 million, a $9.6 million loss on extinguishment of debt, partially offset by income from transfer of rights agreement of $12.5 million | |||||||||||||||||||||||||||||
[7] | Includes a loss contingency of $15.0 million related to Texas Medicaid and restructuring charges totaling $10.5 million | |||||||||||||||||||||||||||||
[8] | Includes restructuring charges totaling $19.5 million | |||||||||||||||||||||||||||||
[9] | Includes loss on extinguishment of debt of $165.8 million, Elan transaction costs of $103.2 million, and restructuring charges totaling $14.9 million | |||||||||||||||||||||||||||||
[10] | Includes Elan transactions costs of $12.0 million | |||||||||||||||||||||||||||||
[11] | The sum of individual per share amounts may not equal due to rounding. |
Subsequent events (Details)
Subsequent events (Details) $ in Millions | 6 Months Ended |
Dec. 31, 2015USD ($) | |
Tretinoin [Member] | |
Subsequent Event [Line Items] | |
Payments to Acquire Businesses, Gross | $ 415 |
Schedule II - Valuation and Q93
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | ||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Valuation Allowances and Reserves, Balance at Beginning of Period | $ 2.4 | $ 2.7 | $ 2.1 | $ 2.6 | |
Valuation Allowances and Reserves, Net Bad Debt Expenses | 2.4 | 0.6 | (0.5) | 0 | |
Valuation Allowances and Reserves, Deductions | [1] | (1.8) | 0.9 | 1.1 | (0.4) |
Valuation Allowances and Reserves, Balance at End of Period | $ 3 | $ 2.4 | $ 2.7 | $ 2.1 | |
[1] | (1) Includes effects of changes in foreign exchange rates |