Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Apr. 02, 2016 | May. 06, 2016 | |
Document and Entity Information [Abstract] | ||
Entity registrant name | PERRIGO CO PLC | |
Entity central index key | 1,585,364 | |
Current calendar year end date | --12-31 | |
Entity filer category | Large Accelerated Filer | |
Document type | 10-Q | |
Document period end date | Apr. 2, 2016 | |
Document calendar year focus | 2,016 | |
Document calendar period focus | Q1 | |
Amendment flag | false | |
Entity common stock, shares outstanding | 143,222,633 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Net sales | $ 1,383.2 | $ 1,049.1 |
Cost of sales | 860.3 | 670.3 |
Gross profit | 522.9 | 378.8 |
Operating expenses | ||
Distribution | 21.8 | 14.7 |
Research and development | 45.3 | 35.4 |
Selling | 180.8 | 48.8 |
Administration | 106.4 | 79.6 |
Impairment charges | 467 | 0 |
Restructuring | 5.4 | 1.1 |
Total operating expenses | 826.7 | 179.6 |
Operating income (loss) | (303.8) | 199.2 |
Interest expense, net | 51.2 | 43.3 |
Other expense, net | 3.8 | 258.6 |
Loss on extinguishment of debt | (0.4) | 0 |
Loss before Income Taxes | (359.2) | (102.7) |
Income tax benefit | (24.6) | (7.8) |
Net loss | $ (334.6) | $ (94.9) |
Loss Per Share [Abstract] | ||
Basic loss per share | $ (2.34) | $ (0.67) |
Diluted loss per share | $ (2.34) | $ (0.67) |
Weighted average shares outstanding | ||
Basic | 143.2 | 140.8 |
Diluted | 143.2 | 140.8 |
Dividends declared per share | $ 0.145 | $ 0.125 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Net loss | $ (334.6) | $ (94.9) |
Other Comprehensive Income (loss): | ||
Foreign currency translation adjustments | 150.9 | (27.9) |
Change in fair value of derivative financial instruments, net of tax | (5.7) | 0.8 |
Change in fair value of investment securities, net of tax | 6.2 | 1.2 |
Change in post-retirement and pension liability adjustments, net of tax | 0.8 | (0.4) |
Other comprehensive income (loss), net of tax | 152.2 | (26.3) |
Comprehensive loss | $ (182.4) | $ (121.2) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions | Apr. 02, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 588.9 | $ 417.8 |
Accounts receivable, net, current | 1,184.2 | 1,193.1 |
Inventories | 868.8 | 844.4 |
Prepaid expenses and other current assets | 332.6 | 289.1 |
Total current assets | 2,974.5 | 2,744.4 |
Property and equipment, net | 896.3 | 886.2 |
Goodwill and other indefinite-lived intangible assets | 7,033 | 7,281.2 |
Other intangible assets, net | 8,519.1 | 8,190.5 |
Non-current deferred income taxes | 78 | 54.6 |
Other non-current assets | 225.3 | 237 |
Total non-current assets | 16,751.7 | 16,649.5 |
Total assets | 19,726.2 | 19,393.9 |
Liabilities and Shareholders' Equity | ||
Accounts payable | 559.9 | 554.9 |
Payroll and related taxes | 92.2 | 125.3 |
Accrued customer programs | 331 | 398 |
Accrued liabilities | 307.5 | 308.4 |
Accrued income taxes | 179.4 | 85.2 |
Current indebtness | 619.2 | 1,018.3 |
Total current liabilities | 2,089.2 | 2,490.1 |
Long-term debt, less current portion | 5,902.7 | 4,971.6 |
Non-current deferred income taxes | 1,487 | 1,563.7 |
Other non-current liabilities | 400.6 | 332.4 |
Total non-current liabilities | 7,790.3 | 6,867.7 |
Total liabilities | 9,879.5 | 9,357.8 |
Commitments and contingencies disclosure [Abstract] | ||
Preferred shares, $0.0001 par value, 10 million shares authorized | 0 | 0 |
Common shares, €0.0001 par value, 10 billion shares authorized | 8,160.8 | 8,144.6 |
Accumulated other comprehensive income | 136.7 | (15.5) |
Retained earnings | 1,549.8 | 1,907.6 |
Total controlling interest | 9,847.3 | 10,036.7 |
Noncontrolling interest | (0.6) | (0.6) |
Total shareholders' equity | 9,846.7 | 10,036.1 |
Total liabilities and shareholders' equity | $ 19,726.2 | $ 19,393.9 |
Supplemental Disclosures of Balance Sheet Information | ||
Preferred shares, issued and outstanding | 0 | 0 |
Ordinary shares, issued and outstanding | 143.2 | 143.1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) shares in Millions, $ in Millions | Apr. 02, 2016€ / shares | Apr. 02, 2016USD ($)$ / sharesshares | Dec. 31, 2015€ / shares | Dec. 31, 2015USD ($)$ / sharesshares |
Shareholders' Equity | ||||
Preferred shares, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||
Preferred shares, authorized | 10 | 10 | ||
Ordinary shares, par value | € / shares | € 0.001 | € 0.001 | ||
Ordinary shares, authorized | 10,000 | 10,000 | ||
Preferred shares outstanding | 0 | 0 | ||
Ordinary shares, outstanding | 143.2 | 143.1 | ||
Allowance for Doubtful Accounts Receivable | $ | $ 3.4 | $ 3 | ||
Commitments and Contingencies | $ | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Cash Flows From (For) Operating Activities | ||
Net loss | $ (334.6) | $ (94.9) |
Adjustments to derive cash flows | ||
Depreciation and amortization | 182.5 | 127.7 |
Loss on acquisition-related foreign currency derivatives | 0 | 298.1 |
Share-based Compensation | 13.8 | 7.5 |
Impairment charges | 467 | 0 |
Loss on extinguishment of debt | (0.4) | 0 |
Non-cash restructuring charges | 5.4 | 1.1 |
Deferred income taxes | (138) | (46.3) |
Other non-cash adjustments | 1.6 | (0.2) |
Subtotal | 198.1 | 293 |
Increase (decrease) in cash due to | ||
Accounts receivable | 23 | 39.4 |
Inventories | (14.8) | 2.1 |
Accounts payable | 0.3 | 18 |
Payroll and related taxes | (37.4) | (1) |
Accrued customer programs | (69.7) | (27.8) |
Accrued liabilities | (3.4) | (2.5) |
Accrued income taxes | 99.5 | (51.2) |
Other | (25.3) | (2) |
Subtotal | (27.8) | (25) |
Net cash from (for) operating activities | 170.3 | 268 |
Cash Flows (For) From Investing Activities | ||
Acquisitions of business, net of cash acquired | (416.4) | (4) |
Additions to property and equipment | (34.7) | (31.9) |
Settlement of acquisition-related foreign currency derivatives | 0 | (298.1) |
Other investing | 1 | 0 |
Net cash from (for) investing activities | (452.1) | (334) |
Cash Flows (For) From Financing Activities | ||
Issuance of ling-term debt | 1,190.3 | 0 |
Payments on long-term debt | (14.3) | (13.6) |
Borrowings (repayments) of revolving credit agreements and other financing, net | $ (704.3) | 3.4 |
Goodwill and Other Intangible Assets [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Changes in the carrying amount of goodwill, by reportable segment, were as follows (in millions): Reporting Segments: December 31, 2015 Business acquisitions Impairments Changes in assets held for sale Currency translation adjustment April 2, CHC $ 1,890.0 $ — $ — $ 4.8 $ (1.3 ) $ 1,893.5 BCH 1,980.5 — (193.6 ) — 100.7 1,887.6 Rx 1,222.2 2.2 — — (2.7 ) 1,221.7 Specialty Sciences 200.7 — — — — 200.7 Other 71.5 — — 3.7 2.5 77.7 Total goodwill $ 5,364.9 $ 2.2 $ (193.6 ) $ 8.5 $ 99.2 $ 5,281.2 In connection with the preparation of our financial statements for the three month period ended April 2, 2016, we identified indicators of goodwill impairment in our BCH - rest of world (“BCH - ROW”) reporting unit, which comprises primarily of operations attributable to the Omega acquisition in all geographic regions except for Belgium. The primary impairment indicators included the decline in our 2016 performance expectations and a reduction in our long range revenue growth forecast. In step one of the goodwill impairment testing, the fair value of the BCH - ROW reporting unit did not exceed its carrying value. The fair value of the reporting unit was determined using a discounted cash flow technique. The main assumptions supporting the cash flow projections assume revenue growth based on product line extensions, product life cycle strategies, and geographical expansion within the markets in which the reporting unit distributes products, gross margins consistent with historical trends, and advertising and promotion investments largely consistent with the reporting unit's growth plans. The second step of the test requires that we determine the fair value of the BCH - ROW reporting unit’s goodwill, which involves determining the value of the reporting unit’s assets and liabilities. Based on our evaluation and initial estimates of the fair values of the assets and liabilities and the deficit of the fair value when compared to the related book value, we recorded an estimated impairment charge of $193.6 million in Impairment charges on the Condensed Consolidated Statements of Operations for the three months ended April 2, 2016. The change in fair value from previous estimates was due primarily to the changes in the current market and performance of the brands such that the evaluation of brand prioritization and product extensions or launches in new regions are being more focused to maximize the potential of all brands in the segment's portfolio. We expect to finalize the fair value calculation during the second quarter of 2016, which could result in an adjustment to the estimated impairment charge. As of April 2, 2016, the implied fair value of the impaired goodwill is $1.8 billion . While no impairment charges were recorded as a result of the goodwill impairment testing for the transition period of June 28, 2015 to December 31, 2015 , 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 has 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. In February 2016, a competitor's pipeline product, Roche's Ocrelizumab, received “Breakthrough Therapy Designation in Primary Progressive Multiple Sclerosis” from the FDA and could potentially be approved in 2017. The product would compete with Tysabri ® and could have a significant impact on the royalty we receive. We will continue to monitor the progress of the potential competing product and assess the reporting unit for potential impairment should impairment indicators arise and at least annually as applicable. Intangible Assets Other intangible assets and related accumulated amortization consisted of the following (in millions): April 2, 2016 December 31, 2015 Gross Accumulated Amortization Gross Accumulated Amortization Definite-lived intangibles : Distribution and license agreements, supply agreements $ 6,054.8 $ 749.8 $ 6,053.4 $ 667.2 Developed product technology, formulations, and product rights 1,795.7 462.3 1,383.5 426.0 Customer relationships and distribution networks 1,573.2 229.0 1,520.7 193.0 Trademarks, trade names, and brands 563.6 31.2 539.4 22.8 Non-compete agreements 17.6 13.5 15.2 12.7 Total definite-lived intangibles $ 10,004.9 $ 1,485.8 $ 9,512.2 $ 1,321.7 Indefinite-lived intangibles : Trademarks, trade names, and brands* $ 1,682.3 $ — $ 1,868.1 $ — In-process research and development 69.5 — 48.2 — Total indefinite-lived intangibles 1,751.8 — 1,916.3 — Total other intangible assets $ 11,756.7 $ 1,485.8 $ 11,428.5 $ 1,321.7 * Inc ludes impairment charges of $273.4 million and $185.1 million at April 2, 2016 and December 31, 2015, respectively, as described further below. Certain intangible assets are denominated in currencies other than the U.S. dollar; therefore, their gross and net carrying values are subject to foreign currency movements. We recorded amortization expense of $158.0 million and $107.8 million for the three months ended April 2, 2016 and March 28, 2015 , respectively. The increase in amortization expense was due primarily to the incremental amortization expense incurred on the definite-lived intangible assets acquired from Omega. During our impairment testing for the transition period of June 28, 2015 to December 31, 2015 , we identified an impairment of certain indefinite-lived intangible assets purchased in conjunction with the Omega acquisition based on management’s expectations of the prospects for future revenues, profits, and cash flows associated with these assets. The assessment resulted in an impairment charge of $185.1 million within our BCH segment, which represented the difference between the carrying amount of the intangible assets and their estimated fair value. See our Transition Report on Form 10-KT filed on February 25, 2016 for a further discussion of this impairment charge. In connection with the preparation of our financial statements for the three month period ended April 2, 2016, we identified indicators of impairment associated with certain indefinite-lived intangible assets acquired in conjunction with the Omega acquisition. The primary impairment indicators included the decline in our 2016 performance expectations and a reduction in our long range revenue growth forecast. The assessment utilized the excess earnings method to determine fair value and resulted in an impairment charge of $273.4 million in Impairment charges on the Condensed Consolidated Statements of Operations within our BCH segment, which represented the difference between the carrying amount of the intangible assets and their estimated fair value. The change in fair value from previous estimates was due primarily to the changes in the current market and performance of the brands such that the evaluation of brand prioritization and product extensions or launches in new regions are being more focused to maximize the potential of all brands in the segment's portfolio. The main assumptions supporting the fair value of these assets and cash flow projections assume revenue growth based on product line extensions, product life cycle strategies, and geographical expansion within the markets in which the BCH segment distributes products, gross margins consistent with historical trends, and advertising and promotion investments largely consistent with the segment's growth plans. The carrying value for certain intangible assets and goodwill equals fair value, as such, any further deterioration in those assets' fair value would lead to a further impairment charge. Future performance different from the assumptions utilized in our quantitative analyses may result in additional changes in the fair value. We will continue to monitor and assess these assets for potential impairment should further impairment indicators arise, as applicable, and at least annually during our fourth quarter annual impairment testing. In addition, due to the reprioritization of certain brands in the BCH segment and change in performance expectations for our impaired lifestyle brands previously recorded as indefinite-lived assets, we reclassified the remaining asset balance of $364.5 million to definite-lived assets with a useful life of 20 years as of April 3, 2016. | |
Deferred financing fees | $ 1.5 | 3.3 |
Issuance of ordinary shares | 3.1 | 1.2 |
Repurchase of ordinary shares | 0 | (0.1) |
Cash dividends | (20.8) | (17.6) |
Other Financing | (3.5) | (1.6) |
Net cash from (for) financing activities | 449 | (31.6) |
Effect of exchange rate changes on cash | 3.9 | (68.1) |
Net increase (decrease) in cash and cash equivalents | 171.1 | (165.7) |
Cash and cash equivalents, beginning of period | 417.8 | 3,596.1 |
Cash and cash equivalents, end of period | 588.9 | 3,430.4 |
Cash paid/received during the period for: | ||
Interest paid | 11.9 | 5.2 |
Interest received | 0.4 | 0.2 |
Income taxes paid | 34.5 | 92.2 |
Income taxes refunded | $ 0.2 | $ 1.6 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 02, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Change in Accounting Principles [Text Block] | 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"). 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, China, and Latin America. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and footnotes included in our Transition Report on Form 10-KT for the transition period from June 28, 2015 to December 31, 2015 . In the opinion of management, all adjustments (consisting of normal recurring accruals and other adjustments) considered necessary for a fair presentation have been included. The Condensed Consolidated Financial Statements include our accounts and the accounts of all majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. 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 changed our fiscal year to begin on January 1 and end on December 31 of each year. 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. During the three months ended April 2, 2016, we identified certain errors in our consolidated financial statements for the transition period of June 28, 2015 to December 31, 2015, primarily related to the accrual estimates associated with product returns and tax related items in our BCH segment. These errors were corrected during the three months ended April 2, 2016 by increasing the consolidated operating loss by $14.5 million , which when combined with tax-related items increased the consolidated net loss by $13.7 million within the Condensed Consolidated Statements of Operations. We concluded that these errors were not material to the consolidated financial statements for the transition period of June 28, 2015 to December 31, 2015 and are not expected to be material to the consolidated financial statements for the year ended December 31, 2016. b. Recent Accounting Standard Pronouncements Below are recent accounting standard updates that we are still assessing to determine the effect on our consolidated financial statements. We do not believe that any other recently issued accounting standards could have a material effect on our consolidated financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances. Recently Issued Accounting Standards Not Yet Adopted Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters Improvements to Employee Share-Based Payment Accounting This guidance is intended to simplify several aspects of the accounting for share-based payment award transactions. It will require all income tax effects of awards to be recorded through the income statement when they vest or settle as opposed to certain amounts being recorded in additional paid-in capital. An entity will also have to elect whether to account for forfeitures as they occur or by estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change (as currently required). The guidance will also increase the amount an employer can withhold to cover income taxes on awards. Early adoption is permitted. January 1, 2017 We are currently evaluating the implications of adoption on our consolidated financial statements and considering whether to early adopt the standard. 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. Early adoption is not permitted. January 1, 2018 We are currently evaluating the possible adoption methodologies and the implications of adoption on our consolidated financial statements. Leases This guidance was issued to increase transparency and comparability among organizations by requiring recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. For leases with a term of 12 months or less, lessees are permitted to make an election to not recognize right-of-use assets and lease liabilities. Upon adoption, lessees will apply the new standard as of the beginning of the earliest comparative period presented in the financial statements, however lessees will be able to exclude leases that expire as of the implementation date. Early adoption is permitted. January 1, 2019 We are currently evaluating the implications of adoption on our consolidated financial statements and considering whether to early adopt the standard. |
Business Acquisitions (Notes)
Business Acquisitions (Notes) | 3 Months Ended |
Apr. 02, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 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 Condensed Consolidated Financial Statements prospectively from the date of each acquisition. Unless otherwise indicated, acquisition costs incurred were immaterial and were recorded in Administration expense. Current Year Acquisitions Tretinoin Product Portfolio On January 22, 2016 , we acquired a portfolio of generic dosage forms and strengths of Retin-A ® (tretinoin), a topical prescription acne treatment, from Matawan Pharmaceuticals, LLC, for $416.4 million in cash ("Tretinoin Products"), which further expanded our extended topicals portfolio. We were the authorized generic distributor of these products from 2005 to 2013. Operating results attributable to the acquisition are included within our Prescription Pharmaceuticals ("Rx") segment. The generic product rights were valued using the multi-period excess earnings method and assigned a 20 -year useful life. The non-compete agreements were valued using the lost income method and assigned a five -year useful life. The goodwill acquired is deductible for tax purposes. Development-Stage Rx Products In May 2015, we entered into an agreement with a clinical stage biotechnology company for two specialty pharmaceutical products in development ("Development-Stage Rx Products"). We paid $18.0 million for an option to acquire the two products, which was recorded in research and development expense. On March 1, 2016 , to further invest in our specialty Rx portfolio, we exercised the option for both products, which requires us to make contingent payments if we obtain regulatory approval and achieve certain sales milestones. We will also be obligated to make certain royalty payments over periods ranging from seven to ten years from the launch of each product. We accounted for the option exercise as a business acquisition within our Rx segment, recording in-process research and development assets ("IPR&D"), goodwill, and contingent consideration on the balance sheet. The IPR&D was valued using the multi-period excess earnings method and has an indefinite useful 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 contingent consideration is an estimate of the future milestone payments and royalties based on probability-weighted outcomes, sensitivity analysis, and discount rates reflective of the risk involved. The preliminary amount of contingent consideration recognized as of the acquisition date was $29.5 million and is recorded in Other non-current liabilities . The amount is subject to change as the valuation assumptions are refined over the measurement period. Once the purchase accounting has been finalized, the contingent consideration will continue to be updated quarterly to adjust the liability to fair value depending on a number of assumptions, including the competitive landscape and regulatory approvals that may impact future sales of the products. Any change in the liability after the purchase accounting is finalized will be recorded in Administration expense. The goodwill acquired is deductible for tax purposes. Purchase Price Allocation of Current Year Acquisitions The purchase accounting allocation for the acquisitions of the Tretinoin Products and Development-Stage Rx Products is preliminary and is based on the valuation information, estimates, and assumptions available at April 2, 2016 . The Tretinoin Products intangible assets and the Development-Stage Rx Products contingent consideration have not yet been finalized as we are still evaluating the valuation assumptions. As we finalize the fair value estimates for these items, additional purchase price adjustments may be recorded during the measurement period to these line items as well as goodwill. The below table indicates the purchase price allocation for the above-mentioned acquisitions as of April 2, 2016 (in millions): Tretinoin Products* Development-Stage Rx Products* Purchase price paid $ 416.4 $ — Contingent consideration — 29.5 Total purchase consideration $ 416.4 $ 29.5 Assets acquired: Inventories $ 1.4 $ — Goodwill 1.7 0.5 Definite-lived intangibles : Developed product technology, formulations, and product rights 411.0 — Non-compete agreements 2.3 — Indefinite-lived intangibles : In-process research and development — 29.0 Total intangible assets 413.3 29.0 Total assets $ 416.4 $ 29.5 * Opening balance sheet is preliminary Prior Year Acquisitions 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 in 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 product rights with useful lives of 10 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 Branded Consumer Healthcare ("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 completed our acquisition of 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 Consumer Healthcare ("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 Product Portfolio On August 28, 2015 , we completed our acquisition of a portfolio of well-established OTC brands from GlaxoSmithKline Consumer Healthcare (“GSK Products”). This acquisition further leveraged our European market share and expanded our product offerings. The assets were purchased through an all-cash transaction valued at €200.0 million ( $223.6 million ). Operating results attributable to the acquired GSK Products are included primarily in the BCH segment. The intangible assets acquired included trademarks with a 20 -year useful life 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. Gelcaps Exportadora de Mexico, S.A. de C.V. On May 12, 2015 , we completed our acquisition of 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 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 three months ended June 27, 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 Pharma Invest N.V. ("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, 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 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 general transaction costs (legal, banking and other professional fees), financing fees, and debt extinguishment charges in connection with the Omega acquisition. 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 for the three months ended March 28, 2015 (in millions): Three months ended Line item March 28, 2015 Administration $ 2.0 Interest expense, net 18.7 Other expense, net 258.2 Total acquisition-related costs $ 278.9 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, 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 three months 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 . Purchase Price Allocation of Prior Year Acquisitions The purchase accounting allocations for the Entocort ® and GSK Products acquisitions were finalized during the three months ended April 2, 2016 . Changes to the allocations were due to adjustments to the intangible asset assumptions. The purchase accounting for all other prior year acquisitions was final as of December 31, 2015 . The below table indicates the purchase price allocation for acq uisitions completed during the year ended December 31, 2015 (in millions): Entocort ® Naturwohl ScarAway ® GSK Products Gelcaps Omega All Other (1) Purchase price paid $ 380.2 $ 150.4 $ 26.7 $ 223.6 $ 37.9 $ 2,983.2 $ 15.3 Contingent consideration — — — — — — 13.9 Total purchase consideration $ 380.2 $ 150.4 $ 26.7 $ 223.6 $ 37.9 $ 2,983.2 $ 29.2 Assets acquired: Cash and cash equivalents $ — $ 4.6 $ — $ — $ 4.6 $ 14.7 $ — Accounts receivable — 3.3 — — 7.3 260.1 — Inventories 0.2 1.5 1.0 — 7.2 202.5 — Prepaid expenses and other current assets — — — — 2.1 39.2 — Property and equipment — — — — 6.0 130.8 — Goodwill — 61.0 3.5 32.6 6.0 1,900.4 — Definite-lived intangibles : Distribution and license agreements, supply agreements — 21.4 — — — — — Developed product technology, formulations, and product rights 380.0 — 0.5 — — 27.2 — Customer relationships and distribution networks — 25.9 9.8 61.5 6.6 1,056.3 — Trademarks, trade names, and brands — 64.2 11.4 129.5 — 287.5 — Non-compete agreements — 0.3 0.5 — — — — Indefinite-lived intangibles : Trademarks, trade names, and brands — — — — 4.4 2,003.8 — In-process research and development — — — — — — 29.2 Total intangible assets 380.0 111.8 22.2 191.0 11.0 3,374.8 29.2 Other non-current assets — — — — 0.4 2.4 — Total assets 380.2 182.2 26.7 223.6 44.6 5,924.9 29.2 Liabilities assumed: Accounts payable — 2.8 — — 3.3 243.1 — Short-term debt — — — — — 24.6 — Accrued liabilities — 1.6 — — 1.6 43.9 — Payroll and related taxes — — — — — 51.3 — Accrued customer programs — — — — — 39.8 — Long-term debt — — — — — 1,471.0 — Net deferred income tax liabilities — 27.4 — — 1.4 1,014.5 — Other non-current liabilities — — — — 0.4 53.5 — Total liabilities — 31.8 — — 6.7 2,941.7 — Net assets acquired $ 380.2 $ 150.4 $ 26.7 $ 223.6 $ 37.9 $ 2,983.2 $ 29.2 (1) Consists of eight product acquisitions in our CHC, BCH and Rx segments. Actual and Unaudited Pro Forma Impact of Acquisitions Our Condensed Consolidated Financial Statements include operating results from the Tretinoin Products, Entocort ® , Naturwohl, GSK Products, ScarAway ® , Omega, Gelcaps, and two small product acquisitions (included in "All Other" in the above table) from the date of each acquisition through April 2, 2016 . Net sales and operating income attributable to the Tretinoin Products acquisition included in our financial statements for the three months ended April 2, 2016 totaled $15.9 million and $11.4 million , respectively. The following unaudited pro forma information gives effect to the Tretinoin Products, Entocort ® , Naturwohl, GSK Products, ScarAway ® , Omega, Gelcaps, and two small product acquisitions, as if the acquisitions had occurred on the first day of the three months ended March 28, 2015 and had been included in our Results of Operations for all periods presented thereafter (in millions): Three Months Ended (Unaudited) April 2, 2016 March 28, 2015 Net sales $ 1,386.5 $ 1,377.3 Net loss $ (333.1 ) $ (75.4 ) The historical consolidated financial information of Perrigo, and the Tretinoin Products, Entocort ® , Naturwohl, GSK Products, ScarAway ® , Omega, Gelcaps, and two small product 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 the first day of the three months ended March 28, 2015 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 three months ended April 2, 2016 to the three months ended March 28, 2015 . The unaudited pro forma results do not reflect future events that have occurred or may occur after the acquisitions. |
Accounts Receivable Factoring (
Accounts Receivable Factoring (Notes) | 3 Months Ended |
Apr. 02, 2016 | |
Accounts Receivable Factoring [Abstract] | |
Transfers and servicing of financial assets [Text Block] | ACCOUNTS RECEIVABLE FACTORING We have multiple accounts receivable factoring arrangements with non-related third-party financial institutions (the “Factors”). 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 $110.0 million and $106.7 million at April 2, 2016 and December 31, 2015 , respectively. |
Inventories (Notes)
Inventories (Notes) | 3 Months Ended |
Apr. 02, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES Major components of inventory were as follows (in millions): April 2, December 31, Finished goods $ 506.1 $ 483.4 Work in process 144.6 151.4 Raw materials 218.1 209.6 Total inventories $ 868.8 $ 844.4 |
Fair value measurements (Note)
Fair value measurements (Note) | 3 Months Ended |
Apr. 02, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value disclosures [Text Block] | FAIR VALUE MEASUREMENTS Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable. Level 1: Quoted prices for identical instruments in active markets. Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level 3: Valuations derived from valuation techniques in which one or more significant inputs are not observable. The following tables summarize the valuation of our financial instruments carried at fair value by the above pricing categories (in millions): Fair Value Fair Value Hierarchy April 2, December 31, Measured at fair value on a recurring basis: Assets: Investment securities Level 1 $ 38.6 $ 14.9 Foreign currency forward contracts Level 2 $ 9.4 $ 4.8 Funds associated with Israeli post-employment benefits Level 2 17.6 17.2 Total level 2 assets $ 27.0 $ 22.0 Liabilities: Interest rate swap agreements Level 2 $ — $ 0.3 Foreign currency forward contracts Level 2 3.4 3.9 Total level 2 liabilities $ 3.4 $ 4.2 Contingent consideration Level 3 $ 48.0 $ 17.9 Measured at fair value on a non-recurring basis: Assets: Goodwill* Level 3 $ 1,761.6 $ — Indefinite-lived intangible assets Level 3 1,082.0 1,031.8 Assets held for sale, net Level 3 — 37.5 Total level 3 assets $ 2,843.6 $ 1,069.3 * Goodwill with a carrying amount of $1,955.2 million was written down to its implied fair value of $1,761.6 million , resulting in an impairment charge of $193.6 million , which was included in Impairment charges on the Condensed Consolidated Statements of Operations for the three months ended April 2, 2016. The table below presents a reconciliation for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions): Three Months Ended April 2, March 28, Contingent Consideration Beginning balance: $ 17.9 $ 12.4 Net realized losses 0.3 — Purchases or additions 29.5 — Foreign currency effect 0.3 — Ending balance: $ 48.0 $ 12.4 Net realized losses in the table above were recorded in Administrative expense. There were no transfers between Level 1, 2, and 3 during the three months ended April 2, 2016 and March 28, 2015 . 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 our 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 April 2, 2016 and December 31, 2015 , our fixed rate long-term debt consisted of public bonds, a private placement note, and retail bonds. As of April 2, 2016 , the public bonds and private placement note had a carrying value and fair value of $5.1 billion , based on quoted market prices (Level 1). 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). As of April 2, 2016 , our retail bonds had a carrying value of $837.1 million (excluding a premium of $76.5 million ) and a fair value of $905.5 million . 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 . The fair value for both periods was based on 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 goodwill and indefinite-lived intangible assets and the valuation methods used. 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) | 3 Months Ended |
Apr. 02, 2016 | |
Investments [Abstract] | |
Cost and equity method investments disclosure [Text Block] | INVESTMENTS Available for Sale Securities Our available for sale securities are reported in Prepaid expenses and other current assets . Unrealized investment gains (losses) on available for sale securities were as follows (in millions): April 2, December 31, 2015 Equity securities, at cost less impairments $ 21.9 $ 6.4 Gross unrealized gains 19.2 9.3 Gross unrealized losses (2.5 ) (0.8 ) Estimated fair value of equity securities $ 38.6 $ 14.9 The factors affecting the assessment of impairments include both general financial market conditions and factors specific to a particular company. The equity securities in a gross unrealized loss position at April 2, 2016 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. Cost Method Investments Our cost method investments totaled $7.1 million and $6.9 million at April 2, 2016 and December 31, 2015 , respectively, and are included in Other non-current assets . Equity Method Investments Our equity method investments totaled $28.7 million and $45.5 million at April 2, 2016 and December 31, 2015 , respectively, and are included in Other non-current assets . We recorded net losses of $2.4 million and $0.3 million during the three months ended April 2, 2016 and March 28, 2015 , respectively, for our proportionate share of the equity method investment earnings or losses. The losses were recorded in Other expense, net. During the three months ended April 2, 2016 , one of our equity method investments became publicly traded. As a result, we transferred the $15.5 million investment to available for sale and recorded an $8.7 million unrealized gain, net of tax, in OCI, as reflected in the table above. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities (Note) | 3 Months Ended |
Apr. 02, 2016 | |
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 April 2, 2016 and December 31, 2015 . 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 and 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. 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 . The interest rate swap was settled upon the issuance of an aggregate $1.2 billion principal amount on March 7, 2016 for a cumulative after-tax loss of $7.0 million in OCI during the three months ended April 2, 2016 . 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 . 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 $611.4 million and $755.5 million as of April 2, 2016 and December 31, 2015 , respectively. 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 forward contracts that matured during the three months ended March 28, 2015. We recorded losses of $259.8 million during the three months ended March 28, 2015 related to the settlement of the forward contracts 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. Effects of Derivatives on the Financial Statements The below tables indicate the effects of all derivative instruments on the Condensed Consolidated Financial Statements. All amounts exclude 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 Balance Sheet Location Fair Value April 2, December 31, 2015 Designated derivatives: Foreign currency forward contracts Other current assets $ 4.5 $ 3.8 Total designated derivatives $ 4.5 $ 3.8 Non-designated derivatives: Foreign currency forward contracts Other current assets $ 4.9 $ 1.0 Total non-designated derivatives $ 4.9 $ 1.0 Liability Derivatives Balance Sheet Location Fair Value April 2, December 31, 2015 Designated derivatives: Foreign currency forward contracts Accrued liabilities $ 1.7 $ 2.0 Interest rate swap agreements Other non-current liabilities — 0.3 Total designated derivatives $ 1.7 $ 2.3 Non-designated derivatives: Foreign currency forward contracts Accrued liabilities $ 1.7 $ 1.9 Total non-designated derivatives $ 1.7 $ 1.9 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 Three Months Ended Designated Cash Flow Hedges April 2, March 28, 2015 Interest rate swap agreements $ (9.0 ) $ 2.0 Foreign currency forward contracts 1.6 (3.8 ) $ (7.4 ) $ (1.8 ) The gains (losses) reclassified from Accumulated Other Comprehensive Income ("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 Three Months Ended Designated Cash Flow Hedges Income Statement Location April 2, March 28, 2015 Interest rate swap agreements Interest expense, net $ (0.5 ) $ 0.8 Foreign currency forward contracts Net sales 0.6 (0.1 ) Cost of sales 0.3 (2.8 ) Interest expense, net (0.4 ) — Other expense, net 0.1 (0.4 ) $ 0.1 $ (2.5 ) 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 Three Months Ended Designated Cash Flow Hedges Income Statement Location April 2, March 28, Interest rate swap agreements Other expense, net $ (0.1 ) $ — Foreign currency forward contracts Net sales (0.1 ) — Cost of sales 0.1 (0.1 ) Total $ (0.1 ) $ (0.1 ) The effects of our non-designated derivatives on the Condensed Consolidated Statements of Operations were as follows: Amount of Gain/(Loss) Recognized in Income Three Months Ended Non-Designated Derivatives Income Statement Location April 2, March 28, Foreign currency forward contracts Other expense, net $ (6.9 ) $ (255.7 ) Interest expense, net 0.1 (2.5 ) Total $ (6.8 ) $ (258.2 ) |
Derivatives, Policy [Policy Text Block] | 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 April 2, 2016 and December 31, 2015 . 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 and 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 (Notes)
Assets Held for Sale (Notes) | 3 Months Ended |
Apr. 02, 2016 | |
Assets held for sale [Abstract] | |
Disposal groups, including discontinued operations, disclosure [Text Block] | ASSETS HELD FOR SALE During the six months ended December 31, 2015 , management committed to a plan to sell our U.S. Vitamins, Minerals, and Supplements ("VMS") and India Active Pharmaceutical Ingredients ("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. At December 31, 2015, 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 . Assets and liabilities associated with the U.S. VMS and India API held for sale businesses were classified as held for sale at April 2, 2016 and 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 (in millions): April 2, December 31, CHC Other CHC Other Assets held for sale Current assets $ 56.8 $ 8.7 $ 55.1 $ 13.6 Goodwill 8.2 10.9 13.0 14.5 Property, plant and equipment 18.9 33.7 18.8 37.4 Other assets 0.9 3.1 — 3.2 Less: impairment reserves — (28.2 ) — (29.0 ) Total assets held for sale $ 84.8 $ 28.2 $ 86.9 $ 39.7 Liabilities held for sale Current liabilities $ 28.5 $ 2.8 $ 30.5 $ 0.5 Other liabilities — 1.8 — 1.7 Total liabilities held for sale $ 28.5 $ 4.6 $ 30.5 $ 2.2 |
Indebtedness (note)
Indebtedness (note) | 3 Months Ended |
Apr. 02, 2016 | |
Aggregate Indebtedness [Abstract] | |
Indebtedness [Text Block] | INDEBTEDNESS Total borrowings outstanding are summarized as follows (in millions): April 2, December 31, Revolving credit agreements 2015 Revolver $ — $ 380.0 2014 Revolver — 300.0 Total revolving credit agreements — 680.0 Term loans * 2014 Term loan due December 5, 2019 498.3 488.8 Notes and Bonds Coupon Due 1.300% November 8, 2016 (2) 500.0 500.0 * 4.500% May 23, 2017 (3) 205.0 195.5 * 5.125% December 12, 2017 (3) 341.7 325.8 2.300% November 8, 2018 (2) 600.0 600.0 * 5.000% May 23, 2019 (3) 136.7 130.3 3.500% March 15, 2021 (4) 500.0 — 3.500% December 15, 2021 (1) 500.0 500.0 * 5.105% July 19, 2023 (3) 153.7 146.7 4.000% November 15, 2023 (2) 800.0 800.0 3.900% December 15, 2024 (1) 700.0 700.0 4.375% March 15, 2026 (4) 700.0 — 5.300% November 15, 2043 (2) 400.0 400.0 4.900% December 15, 2044 (1) 400.0 400.0 Total notes and bonds 5,937.1 4,698.3 Other financing 65.6 86.0 Unamortized premium (discount), net 58.0 73.4 Deferred financing fees (37.1 ) (36.6 ) Total borrowings outstanding 6,521.9 5,989.9 Current indebtedness (619.2 ) (1,018.3 ) Total long-term debt less current portion $ 5,902.7 $ 4,971.6 (1) Discussed below collectively as the "2014 Notes." (2) Discussed below collectively as the "2013 Notes." (3) Debt assumed from Omega. (4) Discussed below collectively as the "2016 Notes." * 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 April 2, 2016 and December 31, 2015 . Revolving Credit Agreements On December 9, 2015, our 100% owned finance subsidiary, Perrigo Finance Unlimited Company (formerly Perrigo Finance plc) ("Perrigo Finance"), entered into a $750.0 million revolving credit agreement (the "2015 Revolver"). On March 15, 2016, we used the proceeds of the long-term debt issuance described below under "2016 Notes" to repay the $750.0 million then outstanding under the 2015 Revolver and terminated the facility. On March 30, 2015, we assumed a revolving credit facility with €500.0 million ( $544.5 million ) outstanding from Omega. On April 8, 2015 , the €500.0 million ( $539.1 million ) outstanding under the assumed revolving credit facility was repaid and the facility was terminated. On December 5, 2014 , Perrigo Finance entered into a $600.0 million revolving credit agreement, which we increased to $1.0 billion on March 30, 2015 (the "2014 Revolver"). On March 15, 2016, we used the proceeds of the long-term debt issuance described below under "2016 Notes" to repay the $435.0 million then outstanding under the 2014 Revolver. There were no borrowings outstanding under the 2014 Revolver as of April 2, 2016 . Term Loans 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. During the three months ended April 2, 2016 , we made a $14.3 million scheduled principal payment on the euro-denominated term loan. Notes and Bonds 2016 Notes On March 7, 2016, Perrigo Finance issued $500.0 million in aggregate principal amount of 3.500% senior notes due 2021 and $700.0 million in aggregate principal amount of 4.375% senior notes due 2026 (together, the "2016 Notes") and received net proceeds of $1.2 billion after fees and market discount. Interest on the 2016 Notes is payable semiannually in arrears on March 15 and September 15 of each year, beginning September 15, 2016. The 2016 Notes are governed by a base indenture and a second supplemental indenture (collectively, the "2016 Indenture"). The 2016 Notes are fully and unconditionally guaranteed on a senior basis by Perrigo, and no other subsidiary of Perrigo guarantees the 2016 Notes. The proceeds were used to repay amounts borrowed under the 2015 Revolver and the 2014 Revolver, as mentioned above. There are no restrictions under the 2016 Notes on our ability to obtain funds from our subsidiaries. Perrigo Finance may redeem the 2016 Notes in whole or in part at any time for cash at the make-whole redemption prices described in the 2016 Indenture. Notes and Bonds Assumed from Omega In connection with the Omega acquisition, on March 30, 2015, we assumed: • $20.0 million in aggregate principal amount of 6.19% senior notes due 2016 , which was repaid on May 29, 2015 in full; • €135.0 million ( $147.0 million ) in aggregate principal amount of 5.1045% senior notes due 2023 (the "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 ; and €120.0 million ( $130.7 million ) in aggregate principal amount of 5.000% retail bonds due 2019 (collectively, the "Retail Bonds"). 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 Omega 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. 2014 Notes On December 2, 2014 , Perrigo Finance issued $500.0 million in aggregate principal amount of 3.500% senior notes due 2021 (the "2021 Notes”), $700.0 million in aggregate principal amount of 3.900% senior notes due 2024 (the “2024 Notes”), and $400.0 million in aggregate principal amount of 4.900% senior notes due 2044 (the “2044 Notes” and, together with the 2021 Notes and the 2024 Notes, the “2014 Notes”) and received net proceeds of $1.6 billion after fees and market discount. Interest on the 2014 Notes is payable semiannually in arrears in June and December of each year, beginning in June 2015. The 2014 Notes are governed by a base indenture and a first supplemental indenture (collectively, the "2014 Indenture"). The 2014 Notes are fully and unconditionally guaranteed on a senior unsecured basis by Perrigo, and no other subsidiary of Perrigo guarantees the 2014 Notes. There are no restrictions under the 2014 Notes on our ability to obtain funds from our subsidiaries. Perrigo Finance may redeem the 2014 Notes in whole or in part at any time for cash at the make-whole redemption prices described in the 2014 Indenture. 2013 Notes On November 8, 2013, Perrigo Company issued $500.0 million aggregate principal amount of its 1.300% senior notes due 2016 (the "1.300% 2016 Notes"), $600.0 million aggregate principal amount of its 2.300% senior notes due 2018 (the "2018 Notes"), $800.0 million aggregate principal amount of its 4.000% senior notes due 2023 (the "4.000% 2023 Notes") and $400.0 million aggregate principal amount of its 5.300% senior notes due 2043 (the "2043 Notes" and, together with the 1.300% 2016 Notes, the 2018 Notes and the 4.000% 2023 Notes, the "2013 Notes") in a private placement with registration rights. We received net proceeds of $2.3 billion from the issuance of the 2013 Notes after fees and market discount. Interest on the 2013 Notes is payable semiannually in arrears in May and November of each year, beginning in May 2014. The 2013 Notes are governed by a base indenture and a first supplemental indenture (collectively, the "2013 Indenture"). The 2013 Notes are our unsecured and unsubordinated obligations, ranking equally in right of payment to all of our existing and future unsecured and unsubordinated indebtedness. The 2013 Notes are not entitled to mandatory redemption or sinking fund payments. We may redeem the 2013 Notes in whole or in part at any time for cash at the make-whole redemption prices described in the 2013 Indenture. The 2013 Notes were guaranteed on an unsubordinated, unsecured basis by the same entities that guaranteed our then-outstanding credit agreement until November 21, 2014, at which time the 2013 Indenture was amended to remove all guarantors. Other Financing Overdraft Facilities On March 30, 2015, we assumed and repaid certain overdraft facilities totaling €51.4 million ( $56.0 million ) with the Omega acquisition. Our BCH segment continues to utilize the overdraft facilities to meet its short-term liquidity needs, and its balances fluctuate on a day-to-day basis. Borrowings make up the majority of the "Other financing" section in the table above. The balance outstanding under the facilities was $60.4 million and $82.9 million at April 2, 2016 and December 31, 2015 , respectively. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Apr. 02, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per share [Text Block] | EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY Earnings per Share A reconciliation of the numerators and denominators used in the basic and diluted earnings per share ("EPS") calculation is as follows (in millions): Three Months Ended April 2, March 28, Numerator: Net loss $ (334.6 ) $ (94.9 ) Denominator: Weighted average shares outstanding for basic EPS 143.2 140.8 Dilutive effect of share-based awards* — — Weighted average shares outstanding for diluted EPS 143.2 140.8 Anti-dilutive share-based awards excluded from computation of diluted EPS 0.3 0.7 * In the period of a net loss, diluted shares equal basic shares. Shareholders' Equity Shares We issued 79,000 and 35,000 shares related to the exercise and vesting of share-based compensation during the three months ended April 2, 2016 and March 28, 2015 , respectively. Share Repurchases In October 2015, the Board of Directors approved a share repurchase plan of up to $2.0 billion , of which $1.5 billion is still available to be repurchased through December 31, 2018. We did not repurchase any shares under the share repurchase plan during the three months ended April 2, 2016 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Apr. 02, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive income (loss) note [Text Block] | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Changes in our AOCI balances, net of tax were as follows (in millions): Foreign currency translation adjustments Fair value of derivative financial instruments, net of tax Fair value of investment securities, net of tax Post-retirement and pension liability adjustments, net of tax Total AOCI Balance at December 31, 2015 $ (4.4 ) $ (14.2 ) $ 6.3 $ (3.2 ) $ (15.5 ) OCI before reclassifications 150.9 (5.8 ) 6.2 0.8 152.1 Amounts reclassified from AOCI — 0.1 — — 0.1 Other comprehensive income (loss) 150.9 (5.7 ) 6.2 0.8 152.2 Balance at April 2, 2016 $ 146.5 $ (19.9 ) $ 12.5 $ (2.4 ) $ 136.7 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
Income tax disclosure [Text Block] | INCOME TAXES The effective tax rate for the three months ended April 2, 2016 was a benefit of 6.8% on a net loss reported in the period due mainly to the impact of the intangible asset and goodwill impairments described in Note 3 . The effective tax rate for the three months ended March 28, 2015 was a benefit of 7.6% on a net loss reported in the period. Our tax rate is subject to adjustment over the balance of the prior fiscal year ended due to, among other things: income tax rate changes by governments; the jurisdictions in which our profits are determined to be earned and taxed; changes in the valuation of our deferred tax assets and liabilities; adjustments to estimated taxes upon finalization of various tax returns; adjustments to our interpretation of transfer pricing standards; changes in available tax credits, grants and other incentives; changes in stock-based compensation expense; changes in tax laws or the interpretation of such tax laws (for example, proposals for fundamental U.S. international tax reform); changes in U.S. GAAP; expiration of or the inability to renew tax rulings or tax holiday incentives; and the repatriation of earnings with respect to which we have not previously provided for taxes. Israel passed legislation in January 2016, effective immediately, reducing the tax rate from 26.5% to 25% . The impact on our effective tax rate was minimal. The total liability for uncertain tax positions was $340.2 million and $334.7 million as of April 2, 2016 and December 31, 2015 , respectively, before considering the federal tax benefit of certain state and local items. 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 $51.8 million and $52.1 million as of April 2, 2016 and December 31, 2015 , respectively. 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 U.K. Although we believe that the 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 estimates or from historical income tax provisions and accruals. The results of an audit or litigation could have a material effect on our 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 our fiscal years ended June 27, 2009 and June 26, 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. We anticipate filing a complaint in federal district court claiming a refund for these amounts in the first quarter of 2017. The payment was recorded during the three months ended March 28, 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. We have ongoing audits in multiple jurisdictions for which tax returns are not yet settled. These jurisdictions include, but are not limited to, the United States and Belgium. 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 - 2010 audit period. During the three months ended April 2, 2016, the Belgium Tax Authority notified us that all Belgium locations will be audited for the years ending December 31, 2013 and December 31, 2014. At this time, we cannot predict the outcome of any audit or related litigation. |
Restructuring Charges (Notes)
Restructuring Charges (Notes) | 3 Months Ended |
Apr. 02, 2016 | |
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): Three Months Ended April 2, March 28, Beginning balance $ 20.7 $ 3.2 Additional charges 5.4 1.1 Payments (18.2 ) (0.7 ) Non-cash adjustments 5.1 — Ending balance $ 13.0 $ 3.6 Restructuring activity includes severance, lease exit costs, and asset impairments. The charges incurred during the three months ended April 2, 2016 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. There were no other material restructuring programs in any of the periods presented. All charges are recorded in Restructuring expense. The remaining $7.2 million liability for employee severance benefits will be paid within the next year, while cash expenditures related to the remaining $5.8 million liability for lease exit costs will be incurred over the remaining terms of the applicable leases. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 02, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies [Text Block] | COMMITMENTS AND CONTINGENCIES 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 April 2, 2016 , 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 are currently subject to, individually or in the aggregate, have a material adverse effect on our financial condition, results of operations, or cash flows. 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. The hearing on Perrigo’s motion to appeal the decision to certify the class action is scheduled for July 11, 2016. 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 Idec Inc. ("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. |
Segment Information
Segment Information | 3 Months Ended |
Apr. 02, 2016 | |
Segment Reporting [Abstract] | |
Segment reporting disclosure [Text Block] | SEGMENT INFORMATION Our reporting segments are as follows: • 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, VMS, animal health, and diagnostic products. • 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. • Rx develops, manufactures and markets a portfolio of generic and specialty pharmaceutical prescription drugs primarily for the U.S. and 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 API business, which does not meet the quantitative threshold required to be a separately reportable segment. Our segments reflect the way in which our chief operating decision maker reviews our operating results and allocates resources. The below tables show select financial measures by reporting segment (in millions): Three Months Ended April 2, April 2, 2016 Net Sales Operating Income (Loss) Amortization of Intangibles Total Assets CHC $ 700.3 $ 102.5 $ 19.8 $ 4,026.5 BCH 317.6 (482.7 ) 35.4 6,238.2 Rx 256.7 87.4 29.5 3,384.5 Specialty Sciences 88.0 12.9 72.8 5,859.6 Other 20.6 5.4 0.5 217.4 Unallocated — (29.3 ) — — Total $ 1,383.2 $ (303.8 ) $ 158.0 $ 19,726.2 Three Months Ended December 31, 2015 March 28, 2015 Net Sales Operating Income (Loss) Amortization of Intangibles Total Assets CHC $ 684.9 $ 104.3 $ 16.2 $ 4,007.8 BCH — — — 6,324.0 Rx 251.6 100.0 18.3 3,015.5 Specialty Sciences 81.9 5.5 72.8 5,833.5 Other 30.7 10.5 0.5 213.1 Unallocated — (21.1 ) — — Total $ 1,049.1 $ 199.2 $ 107.8 $ 19,393.9 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies and Change in Accounting Principles (Policies) | 3 Months Ended |
Apr. 02, 2016 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and footnotes included in our Transition Report on Form 10-KT for the transition period from June 28, 2015 to December 31, 2015 . In the opinion of management, all adjustments (consisting of normal recurring accruals and other adjustments) considered necessary for a fair presentation have been included. |
Principles of consolidation | The Condensed Consolidated Financial Statements include our accounts and the accounts of all majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. 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 changed our fiscal year to begin on January 1 and end on December 31 of each year. 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. |
Accounting Changes and Error Corrections [Text Block] | During the three months ended April 2, 2016, we identified certain errors in our consolidated financial statements for the transition period of June 28, 2015 to December 31, 2015, primarily related to the accrual estimates associated with product returns and tax related items in our BCH segment. These errors were corrected during the three months ended April 2, 2016 by increasing the consolidated operating loss by $14.5 million , which when combined with tax-related items increased the consolidated net loss by $13.7 million within the Condensed Consolidated Statements of Operations. We concluded that these errors were not material to the consolidated financial statements for the transition period of June 28, 2015 to December 31, 2015 and are not expected to be material to the consolidated financial statements for the year ended December 31, 2016. |
Recently issued accounting standards not yet adopted | Recent Accounting Standard Pronouncements Below are recent accounting standard updates that we are still assessing to determine the effect on our consolidated financial statements. We do not believe that any other recently issued accounting standards could have a material effect on our consolidated financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances. Recently Issued Accounting Standards Not Yet Adopted Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters Improvements to Employee Share-Based Payment Accounting This guidance is intended to simplify several aspects of the accounting for share-based payment award transactions. It will require all income tax effects of awards to be recorded through the income statement when they vest or settle as opposed to certain amounts being recorded in additional paid-in capital. An entity will also have to elect whether to account for forfeitures as they occur or by estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change (as currently required). The guidance will also increase the amount an employer can withhold to cover income taxes on awards. Early adoption is permitted. January 1, 2017 We are currently evaluating the implications of adoption on our consolidated financial statements and considering whether to early adopt the standard. 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. Early adoption is not permitted. January 1, 2018 We are currently evaluating the possible adoption methodologies and the implications of adoption on our consolidated financial statements. Leases This guidance was issued to increase transparency and comparability among organizations by requiring recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. For leases with a term of 12 months or less, lessees are permitted to make an election to not recognize right-of-use assets and lease liabilities. Upon adoption, lessees will apply the new standard as of the beginning of the earliest comparative period presented in the financial statements, however lessees will be able to exclude leases that expire as of the implementation date. Early adoption is permitted. January 1, 2019 We are currently evaluating the implications of adoption on our consolidated financial statements and considering whether to early adopt the standard. |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Business Combinations [Abstract] | |
Schedule of acquisition-related costs [Table Text Block] | 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 for the three months ended March 28, 2015 (in millions): Three months ended Line item March 28, 2015 Administration $ 2.0 Interest expense, net 18.7 Other expense, net 258.2 Total acquisition-related costs $ 278.9 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma information gives effect to the Tretinoin Products, Entocort ® , Naturwohl, GSK Products, ScarAway ® , Omega, Gelcaps, and two small product acquisitions, as if the acquisitions had occurred on the first day of the three months ended March 28, 2015 and had been included in our Results of Operations for all periods presented thereafter (in millions): Three Months Ended (Unaudited) April 2, 2016 March 28, 2015 Net sales $ 1,386.5 $ 1,377.3 Net loss $ (333.1 ) $ (75.4 ) |
Business Combination, Separately Recognized Transactions [Table Text Block] | The below table indicates the purchase price allocation for acq uisitions completed during the year ended December 31, 2015 (in millions): Entocort ® Naturwohl ScarAway ® GSK Products Gelcaps Omega All Other (1) Purchase price paid $ 380.2 $ 150.4 $ 26.7 $ 223.6 $ 37.9 $ 2,983.2 $ 15.3 Contingent consideration — — — — — — 13.9 Total purchase consideration $ 380.2 $ 150.4 $ 26.7 $ 223.6 $ 37.9 $ 2,983.2 $ 29.2 Assets acquired: Cash and cash equivalents $ — $ 4.6 $ — $ — $ 4.6 $ 14.7 $ — Accounts receivable — 3.3 — — 7.3 260.1 — Inventories 0.2 1.5 1.0 — 7.2 202.5 — Prepaid expenses and other current assets — — — — 2.1 39.2 — Property and equipment — — — — 6.0 130.8 — Goodwill — 61.0 3.5 32.6 6.0 1,900.4 — Definite-lived intangibles : Distribution and license agreements, supply agreements — 21.4 — — — — — Developed product technology, formulations, and product rights 380.0 — 0.5 — — 27.2 — Customer relationships and distribution networks — 25.9 9.8 61.5 6.6 1,056.3 — Trademarks, trade names, and brands — 64.2 11.4 129.5 — 287.5 — Non-compete agreements — 0.3 0.5 — — — — Indefinite-lived intangibles : Trademarks, trade names, and brands — — — — 4.4 2,003.8 — In-process research and development — — — — — — 29.2 Total intangible assets 380.0 111.8 22.2 191.0 11.0 3,374.8 29.2 Other non-current assets — — — — 0.4 2.4 — Total assets 380.2 182.2 26.7 223.6 44.6 5,924.9 29.2 Liabilities assumed: Accounts payable — 2.8 — — 3.3 243.1 — Short-term debt — — — — — 24.6 — Accrued liabilities — 1.6 — — 1.6 43.9 — Payroll and related taxes — — — — — 51.3 — Accrued customer programs — — — — — 39.8 — Long-term debt — — — — — 1,471.0 — Net deferred income tax liabilities — 27.4 — — 1.4 1,014.5 — Other non-current liabilities — — — — 0.4 53.5 — Total liabilities — 31.8 — — 6.7 2,941.7 — Net assets acquired $ 380.2 $ 150.4 $ 26.7 $ 223.6 $ 37.9 $ 2,983.2 $ 29.2 (1) Consists of eight product acquisitions in our CHC, BCH and Rx segments. The below table indicates the purchase price allocation for the above-mentioned acquisitions as of April 2, 2016 (in millions): Tretinoin Products* Development-Stage Rx Products* Purchase price paid $ 416.4 $ — Contingent consideration — 29.5 Total purchase consideration $ 416.4 $ 29.5 Assets acquired: Inventories $ 1.4 $ — Goodwill 1.7 0.5 Definite-lived intangibles : Developed product technology, formulations, and product rights 411.0 — Non-compete agreements 2.3 — Indefinite-lived intangibles : In-process research and development — 29.0 Total intangible assets 413.3 29.0 Total assets $ 416.4 $ 29.5 * Opening balance sheet is preliminary |
Fair value of consideration transferred in business acquisition [Table Text Block] | 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 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill, by reportable segment, were as follows (in millions): Reporting Segments: December 31, 2015 Business acquisitions Impairments Changes in assets held for sale Currency translation adjustment April 2, CHC $ 1,890.0 $ — $ — $ 4.8 $ (1.3 ) $ 1,893.5 BCH 1,980.5 — (193.6 ) — 100.7 1,887.6 Rx 1,222.2 2.2 — — (2.7 ) 1,221.7 Specialty Sciences 200.7 — — — — 200.7 Other 71.5 — — 3.7 2.5 77.7 Total goodwill $ 5,364.9 $ 2.2 $ (193.6 ) $ 8.5 $ 99.2 $ 5,281.2 |
Schedule of Finite and Indefinite-Lived Intangible Assets [Table Text Block] | Other intangible assets and related accumulated amortization consisted of the following (in millions): April 2, 2016 December 31, 2015 Gross Accumulated Amortization Gross Accumulated Amortization Definite-lived intangibles : Distribution and license agreements, supply agreements $ 6,054.8 $ 749.8 $ 6,053.4 $ 667.2 Developed product technology, formulations, and product rights 1,795.7 462.3 1,383.5 426.0 Customer relationships and distribution networks 1,573.2 229.0 1,520.7 193.0 Trademarks, trade names, and brands 563.6 31.2 539.4 22.8 Non-compete agreements 17.6 13.5 15.2 12.7 Total definite-lived intangibles $ 10,004.9 $ 1,485.8 $ 9,512.2 $ 1,321.7 Indefinite-lived intangibles : Trademarks, trade names, and brands* $ 1,682.3 $ — $ 1,868.1 $ — In-process research and development 69.5 — 48.2 — Total indefinite-lived intangibles 1,751.8 — 1,916.3 — Total other intangible assets $ 11,756.7 $ 1,485.8 $ 11,428.5 $ 1,321.7 * Inc ludes impairment charges of $273.4 million and $185.1 million at April 2, 2016 and December 31, 2015, respectively, as described further below. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Major components of inventory were as follows (in millions): April 2, December 31, Finished goods $ 506.1 $ 483.4 Work in process 144.6 151.4 Raw materials 218.1 209.6 Total inventories $ 868.8 $ 844.4 |
Fair value measurements (Tables
Fair value measurements (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of fair value, assets and liabilities measured on recurring and non-recurring basis [Table Text Block] | The following tables summarize the valuation of our financial instruments carried at fair value by the above pricing categories (in millions): Fair Value Fair Value Hierarchy April 2, December 31, Measured at fair value on a recurring basis: Assets: Investment securities Level 1 $ 38.6 $ 14.9 Foreign currency forward contracts Level 2 $ 9.4 $ 4.8 Funds associated with Israeli post-employment benefits Level 2 17.6 17.2 Total level 2 assets $ 27.0 $ 22.0 Liabilities: Interest rate swap agreements Level 2 $ — $ 0.3 Foreign currency forward contracts Level 2 3.4 3.9 Total level 2 liabilities $ 3.4 $ 4.2 Contingent consideration Level 3 $ 48.0 $ 17.9 Measured at fair value on a non-recurring basis: Assets: Goodwill* Level 3 $ 1,761.6 $ — Indefinite-lived intangible assets Level 3 1,082.0 1,031.8 Assets held for sale, net Level 3 — 37.5 Total level 3 assets $ 2,843.6 $ 1,069.3 |
Fair value, inputs, level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The table below presents a reconciliation for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions): Three Months Ended April 2, March 28, Contingent Consideration Beginning balance: $ 17.9 $ 12.4 Net realized losses 0.3 — Purchases or additions 29.5 — Foreign currency effect 0.3 — Ending balance: $ 48.0 $ 12.4 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Investments [Abstract] | |
Unrealized gain (loss) on investments [Table Text Block] | Unrealized investment gains (losses) on available for sale securities were as follows (in millions): April 2, December 31, 2015 Equity securities, at cost less impairments $ 21.9 $ 6.4 Gross unrealized gains 19.2 9.3 Gross unrealized losses (2.5 ) (0.8 ) Estimated fair value of equity securities $ 38.6 $ 14.9 |
Derivative Instruments and He28
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The balance sheet location and gross fair value of our outstanding derivative instruments were as follows: Asset Derivatives Balance Sheet Location Fair Value April 2, December 31, 2015 Designated derivatives: Foreign currency forward contracts Other current assets $ 4.5 $ 3.8 Total designated derivatives $ 4.5 $ 3.8 Non-designated derivatives: Foreign currency forward contracts Other current assets $ 4.9 $ 1.0 Total non-designated derivatives $ 4.9 $ 1.0 Liability Derivatives Balance Sheet Location Fair Value April 2, December 31, 2015 Designated derivatives: Foreign currency forward contracts Accrued liabilities $ 1.7 $ 2.0 Interest rate swap agreements Other non-current liabilities — 0.3 Total designated derivatives $ 1.7 $ 2.3 Non-designated derivatives: Foreign currency forward contracts Accrued liabilities $ 1.7 $ 1.9 Total non-designated derivatives $ 1.7 $ 1.9 |
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 Three Months Ended Designated Cash Flow Hedges April 2, March 28, 2015 Interest rate swap agreements $ (9.0 ) $ 2.0 Foreign currency forward contracts 1.6 (3.8 ) $ (7.4 ) $ (1.8 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The gains (losses) reclassified from Accumulated Other Comprehensive Income ("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 Three Months Ended Designated Cash Flow Hedges Income Statement Location April 2, March 28, 2015 Interest rate swap agreements Interest expense, net $ (0.5 ) $ 0.8 Foreign currency forward contracts Net sales 0.6 (0.1 ) Cost of sales 0.3 (2.8 ) Interest expense, net (0.4 ) — Other expense, net 0.1 (0.4 ) $ 0.1 $ (2.5 ) |
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 Three Months Ended Designated Cash Flow Hedges Income Statement Location April 2, March 28, Interest rate swap agreements Other expense, net $ (0.1 ) $ — Foreign currency forward contracts Net sales (0.1 ) — Cost of sales 0.1 (0.1 ) Total $ (0.1 ) $ (0.1 ) |
Schedule of non-designated derivatives | The effects of our non-designated derivatives on the Condensed Consolidated Statements of Operations were as follows: Amount of Gain/(Loss) Recognized in Income Three Months Ended Non-Designated Derivatives Income Statement Location April 2, March 28, Foreign currency forward contracts Other expense, net $ (6.9 ) $ (255.7 ) Interest expense, net 0.1 (2.5 ) Total $ (6.8 ) $ (258.2 ) |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Assets held for sale [Abstract] | |
Disposal groups, including discontinued operations [Table Text Block] | The amounts consisted of the following (in millions): April 2, December 31, CHC Other CHC Other Assets held for sale Current assets $ 56.8 $ 8.7 $ 55.1 $ 13.6 Goodwill 8.2 10.9 13.0 14.5 Property, plant and equipment 18.9 33.7 18.8 37.4 Other assets 0.9 3.1 — 3.2 Less: impairment reserves — (28.2 ) — (29.0 ) Total assets held for sale $ 84.8 $ 28.2 $ 86.9 $ 39.7 Liabilities held for sale Current liabilities $ 28.5 $ 2.8 $ 30.5 $ 0.5 Other liabilities — 1.8 — 1.7 Total liabilities held for sale $ 28.5 $ 4.6 $ 30.5 $ 2.2 |
Indebtedness (Tables)
Indebtedness (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Indebtness [Abstract] | |
Schedule of debt | Total borrowings outstanding are summarized as follows (in millions): April 2, December 31, Revolving credit agreements 2015 Revolver $ — $ 380.0 2014 Revolver — 300.0 Total revolving credit agreements — 680.0 Term loans * 2014 Term loan due December 5, 2019 498.3 488.8 Notes and Bonds Coupon Due 1.300% November 8, 2016 (2) 500.0 500.0 * 4.500% May 23, 2017 (3) 205.0 195.5 * 5.125% December 12, 2017 (3) 341.7 325.8 2.300% November 8, 2018 (2) 600.0 600.0 * 5.000% May 23, 2019 (3) 136.7 130.3 3.500% March 15, 2021 (4) 500.0 — 3.500% December 15, 2021 (1) 500.0 500.0 * 5.105% July 19, 2023 (3) 153.7 146.7 4.000% November 15, 2023 (2) 800.0 800.0 3.900% December 15, 2024 (1) 700.0 700.0 4.375% March 15, 2026 (4) 700.0 — 5.300% November 15, 2043 (2) 400.0 400.0 4.900% December 15, 2044 (1) 400.0 400.0 Total notes and bonds 5,937.1 4,698.3 Other financing 65.6 86.0 Unamortized premium (discount), net 58.0 73.4 Deferred financing fees (37.1 ) (36.6 ) Total borrowings outstanding 6,521.9 5,989.9 Current indebtedness (619.2 ) (1,018.3 ) Total long-term debt less current portion $ 5,902.7 $ 4,971.6 (1) Discussed below collectively as the "2014 Notes." (2) Discussed below collectively as the "2013 Notes." (3) Debt assumed from Omega. (4) Discussed below collectively as the "2016 Notes." * Debt denominated in euros subject to fluctuations in the euro-to-U.S. dollar exchange rate. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of the numerators and denominators used in the basic and diluted earnings per share ("EPS") calculation is as follows (in millions): Three Months Ended April 2, March 28, Numerator: Net loss $ (334.6 ) $ (94.9 ) Denominator: Weighted average shares outstanding for basic EPS 143.2 140.8 Dilutive effect of share-based awards* — — Weighted average shares outstanding for diluted EPS 143.2 140.8 Anti-dilutive share-based awards excluded from computation of diluted EPS 0.3 0.7 * In the period of a net loss, diluted shares equal basic shares. |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of accumulated other comprehensive income (loss) [Table Text Block] | Changes in our AOCI balances, net of tax were as follows (in millions): Foreign currency translation adjustments Fair value of derivative financial instruments, net of tax Fair value of investment securities, net of tax Post-retirement and pension liability adjustments, net of tax Total AOCI Balance at December 31, 2015 $ (4.4 ) $ (14.2 ) $ 6.3 $ (3.2 ) $ (15.5 ) OCI before reclassifications 150.9 (5.8 ) 6.2 0.8 152.1 Amounts reclassified from AOCI — 0.1 — — 0.1 Other comprehensive income (loss) 150.9 (5.7 ) 6.2 0.8 152.2 Balance at April 2, 2016 $ 146.5 $ (19.9 ) $ 12.5 $ (2.4 ) $ 136.7 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Restructuring Charges [Abstract] | |
Restructuring and related costs [Table Text Block] | The following reflects our restructuring activity (in millions): Three Months Ended April 2, March 28, Beginning balance $ 20.7 $ 3.2 Additional charges 5.4 1.1 Payments (18.2 ) (0.7 ) Non-cash adjustments 5.1 — Ending balance $ 13.0 $ 3.6 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment [Table Text Block] | The below tables show select financial measures by reporting segment (in millions): Three Months Ended April 2, April 2, 2016 Net Sales Operating Income (Loss) Amortization of Intangibles Total Assets CHC $ 700.3 $ 102.5 $ 19.8 $ 4,026.5 BCH 317.6 (482.7 ) 35.4 6,238.2 Rx 256.7 87.4 29.5 3,384.5 Specialty Sciences 88.0 12.9 72.8 5,859.6 Other 20.6 5.4 0.5 217.4 Unallocated — (29.3 ) — — Total $ 1,383.2 $ (303.8 ) $ 158.0 $ 19,726.2 Three Months Ended December 31, 2015 March 28, 2015 Net Sales Operating Income (Loss) Amortization of Intangibles Total Assets CHC $ 684.9 $ 104.3 $ 16.2 $ 4,007.8 BCH — — — 6,324.0 Rx 251.6 100.0 18.3 3,015.5 Specialty Sciences 81.9 5.5 72.8 5,833.5 Other 30.7 10.5 0.5 213.1 Unallocated — (21.1 ) — — Total $ 1,049.1 $ 199.2 $ 107.8 $ 19,393.9 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies and Basis of Presentation Policy (Details) | 3 Months Ended |
Apr. 02, 2016 | |
Amount of error gross of tax [Member] | |
Error Corrections and Prior Period Adjustments, Interim Periods of Fiscal Year | 14.5 |
Amount of error net of tax [Member] | |
Error Corrections and Prior Period Adjustments, Interim Periods of Fiscal Year | 13.7 |
Business Acquisitions (Details)
Business Acquisitions (Details) $ / shares in Units, € in Millions | Mar. 01, 2016USD ($) | Jan. 22, 2016USD ($) | Dec. 15, 2015USD ($) | Sep. 15, 2015USD ($) | Sep. 15, 2015EUR (€) | Aug. 28, 2015USD ($) | May. 12, 2015USD ($) | Mar. 30, 2015USD ($)$ / sharesshares | Mar. 30, 2015EUR (€)shares | May. 31, 2015USD ($) | Apr. 02, 2016USD ($) | Mar. 28, 2015USD ($) | Dec. 31, 2015USD ($) | Jun. 27, 2015USD ($)shares | Nov. 08, 2013USD ($) | ||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Acquisition, Pro Forma Revenue | $ 1,386,500,000 | $ 1,377,300,000 | |||||||||||||||||
Business Combination, Contingent Consideration, Liability | $ 0 | ||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||||||||||||||||
Research and Development Expense | $ 45,300,000 | 35,400,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | [1] | $ 0 | |||||||||||||||||
Goodwill | 500,000 | [1] | 5,281,200,000 | $ 5,364,900,000 | |||||||||||||||
Intangible assets subject to amortization, gross | 10,004,900,000 | 9,512,200,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0 | 0 | $ 0 | $ 3,374,800,000 | 29,200,000 | [2] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 0 | 0 | 0 | ||||||||||||||||
Intangible assets not subject to amortization | 1,751,800,000 | 1,916,300,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 2,983,200,000 | 29,200,000 | [2] | ||||||||||||||||
Senior Notes | 5,937,100,000 | 4,698,300,000 | $ 2,300,000,000 | ||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 999,300,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 5,924,900,000 | 29,200,000 | [2] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 243,100,000 | 0 | [2] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, short term debt | 0 | 0 | 0 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, accrued payroll | 0 | 0 | 0 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, accrued customer programs | 0 | 0 | 0 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | 0 | 0 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 0 | 0 | 0 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 2,941,700,000 | 0 | [2] | ||||||||||||||||
Operating Income (Loss) | (303,800,000) | 199,200,000 | |||||||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | (333,100,000) | (75,400,000) | |||||||||||||||||
Tretinoin [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Sales Revenue, Goods, Net | 15,900,000 | ||||||||||||||||||
Business Combination, Consideration Transferred | [1] | $ 416,400,000 | |||||||||||||||||
Payments to Acquire Businesses, Gross | 416,400,000 | [1] | 416,400,000 | ||||||||||||||||
Business Combination, Contingent Consideration, Liability | [1] | 0 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | [1] | 1,400,000 | |||||||||||||||||
Goodwill | [1] | 1,700,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [1] | 413,300,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | [1] | $ 416,400,000 | |||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Jan. 22, 2016 | ||||||||||||||||||
Operating Income (Loss) | 11,400,000 | ||||||||||||||||||
Development stage rx products [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Consideration Transferred | [1] | 29,500,000 | |||||||||||||||||
Payments to Acquire Businesses, Gross | [1] | 0 | |||||||||||||||||
Business Combination, Contingent Consideration, Liability | [1] | 29,500,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [1] | 29,000,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | [1] | $ 29,500,000 | |||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Mar. 1, 2016 | ||||||||||||||||||
ScarAway [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Consideration Transferred | 26,700,000 | ||||||||||||||||||
Payments to Acquire Businesses, Gross | 26,700,000 | ||||||||||||||||||
Business Combination, Contingent Consideration, Liability | 0 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 1,000,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 0 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | ||||||||||||||||||
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, Net | $ 26,700,000 | ||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Aug. 28, 2015 | ||||||||||||||||||
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, 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 | ||||||||||||||||||
Entocort [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Consideration Transferred | 380,200,000 | ||||||||||||||||||
Payments to Acquire Businesses, Gross | 380,200,000 | ||||||||||||||||||
Business Combination, Contingent Consideration, Liability | 0 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 200,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 0 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | ||||||||||||||||||
Goodwill | 0 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 380,000,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 380,200,000 | ||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Dec. 15, 2015 | ||||||||||||||||||
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, Assets | 380,200,000 | ||||||||||||||||||
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 | ||||||||||||||||||
Naturwohl Pharma [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Consideration Transferred | 150,400,000 | ||||||||||||||||||
Payments to Acquire Businesses, Gross | 150,400,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 1,500,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 0 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | ||||||||||||||||||
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, Net | $ 150,400,000 | ||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Sep. 15, 2015 | Sep. 15, 2015 | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||||||
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, 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 | ||||||||||||||||||
GSK [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Consideration Transferred | 223,600,000 | ||||||||||||||||||
Payments to Acquire Businesses, Gross | 223,600,000 | ||||||||||||||||||
Business Combination, Contingent Consideration, Liability | 0 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 0 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 0 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | ||||||||||||||||||
Goodwill | 32,600,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 191,000,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 223,600,000 | ||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Aug. 28, 2015 | ||||||||||||||||||
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, Assets | 223,600,000 | ||||||||||||||||||
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 | ||||||||||||||||||
Gelcaps [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Consideration Transferred | $ 37,900,000 | ||||||||||||||||||
Payments to Acquire Businesses, Gross | 37,900,000 | ||||||||||||||||||
Business Combination, Contingent Consideration, Liability | 0 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 7,200,000 | ||||||||||||||||||
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, 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, Net | $ 37,900,000 | ||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | May 12, 2015 | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||||||
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, 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, 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 | ||||||||||||||||||
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 | ||||||||||||||||||
Omega [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Acquisition Related Costs | 278,900,000 | ||||||||||||||||||
Shares, Issued | shares | 5,400,000 | ||||||||||||||||||
Business Combination, Consideration Transferred | $ 2,983,200,000 | ||||||||||||||||||
Payments to Acquire Businesses, Gross | 2,983,200,000 | ||||||||||||||||||
Business Combination, Contingent Consideration, Liability | 0 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 202,500,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 39,200,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 130,800,000 | ||||||||||||||||||
Goodwill | 1,900,400,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | $ 2,400,000 | ||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Mar. 30, 2015 | Mar. 30, 2015 | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 95.77% | ||||||||||||||||||
Shares, Outstanding | shares | 685,348,257 | ||||||||||||||||||
Treasury Stock, Shares, Acquired | shares | 30,243,983 | 30,243,983 | |||||||||||||||||
Business Acquisition, Share Price | $ / shares | $ 167.64 | ||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 904,900,000 | ||||||||||||||||||
Business Acquisition, Cash Exchange | 2,078,300,000 | ||||||||||||||||||
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 | ||||||||||||||||||
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 | ||||||||||||||||||
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 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 1,014,500,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 53,500,000 | ||||||||||||||||||
Series of Individually Immaterial Business Acquisitions [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business acquisitions, number of products purchased | 8 | ||||||||||||||||||
Business Combination, Consideration Transferred | [2] | 29,200,000 | |||||||||||||||||
Payments to Acquire Businesses, Gross | [2] | 15,300,000 | |||||||||||||||||
Business Combination, Contingent Consideration, Liability | [2] | 13,900,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | [2] | 0 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | [2] | 0 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | [2] | 0 | |||||||||||||||||
Goodwill | [2] | 0 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | [2] | 0 | |||||||||||||||||
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, short term debt | [2] | 0 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | [2] | 0 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, accrued payroll | [2] | 0 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, accrued customer programs | [2] | 0 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | [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, Noncurrent Liabilities | [2] | 0 | |||||||||||||||||
Developed Technology Rights [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets subject to amortization, gross | $ 0 | 1,795,700,000 | 1,383,500,000 | ||||||||||||||||
Developed Technology Rights [Member] | Tretinoin [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||||||||||||||||
Intangible assets subject to amortization, gross | [1] | $ 411,000,000 | |||||||||||||||||
Developed Technology Rights [Member] | Development stage rx products [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets subject to amortization, gross | [1] | $ 0 | |||||||||||||||||
Developed Technology Rights [Member] | ScarAway [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 8 years | ||||||||||||||||||
Intangible assets subject to amortization, gross | $ 500,000 | ||||||||||||||||||
Developed Technology Rights [Member] | Entocort [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets subject to amortization, gross | 380,000,000 | ||||||||||||||||||
Developed Technology Rights [Member] | GSK [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets subject to amortization, gross | $ 0 | ||||||||||||||||||
Developed Technology Rights [Member] | Gelcaps [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets subject to amortization, gross | 0 | ||||||||||||||||||
Developed Technology Rights [Member] | Omega [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets subject to amortization, gross | 27,200,000 | ||||||||||||||||||
Developed Technology Rights [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets subject to amortization, gross | [2] | 0 | |||||||||||||||||
Non-compete agreements [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets subject to amortization, gross | 17,600,000 | 15,200,000 | |||||||||||||||||
Non-compete agreements [Member] | Tretinoin [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [1] | $ 2,300,000 | |||||||||||||||||
Non-compete agreements [Member] | Development stage rx products [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [1] | 0 | |||||||||||||||||
Non-compete agreements [Member] | ScarAway [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 | ||||||||||||||||||
Non-compete agreements [Member] | Entocort [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | ||||||||||||||||||
Non-compete agreements [Member] | Naturwohl Pharma [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 | ||||||||||||||||||
Non-compete agreements [Member] | GSK [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | ||||||||||||||||||
Non-compete agreements [Member] | Gelcaps [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | ||||||||||||||||||
Non-compete agreements [Member] | Omega [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0 | ||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | 3 years | |||||||||||||||||
Non-compete agreements [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2] | 0 | |||||||||||||||||
Non-solicit agreement [Member] | Omega [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | 2 years | |||||||||||||||||
Licensing Agreements [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets subject to amortization, gross | 6,054,800,000 | 6,053,400,000 | |||||||||||||||||
Licensing Agreements [Member] | ScarAway [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | ||||||||||||||||||
Licensing Agreements [Member] | Entocort [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | ||||||||||||||||||
Licensing Agreements [Member] | Naturwohl Pharma [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 | ||||||||||||||||||
Licensing Agreements [Member] | GSK [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0 | ||||||||||||||||||
Licensing Agreements [Member] | Gelcaps [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0 | ||||||||||||||||||
Licensing Agreements [Member] | Omega [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0 | ||||||||||||||||||
Licensing Agreements [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2] | 0 | |||||||||||||||||
Trademarks and Trade Names [Member] | ScarAway [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 | ||||||||||||||||||
Trademarks and Trade Names [Member] | Entocort [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | ||||||||||||||||||
Trademarks and Trade Names [Member] | Naturwohl Pharma [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 | ||||||||||||||||||
Trademarks and Trade Names [Member] | GSK [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 | $ 129,500,000 | ||||||||||||||||||
Trademarks and Trade Names [Member] | Gelcaps [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 | ||||||||||||||||||
Trademarks and Trade Names [Member] | Omega [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 | ||||||||||||||||||
Trademarks and Trade Names [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2] | 0 | |||||||||||||||||
Brands [Member] | Omega [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 22 years | 22 years | |||||||||||||||||
Customer Relationships [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets subject to amortization, gross | 1,573,200,000 | 1,520,700,000 | |||||||||||||||||
Customer Relationships [Member] | ScarAway [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 | ||||||||||||||||||
Customer Relationships [Member] | Entocort [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | ||||||||||||||||||
Customer Relationships [Member] | Naturwohl Pharma [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 | ||||||||||||||||||
Customer Relationships [Member] | GSK [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 | $ 61,500,000 | ||||||||||||||||||
Customer Relationships [Member] | Gelcaps [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 | ||||||||||||||||||
Customer Relationships [Member] | Omega [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 | ||||||||||||||||||
Customer Relationships [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2] | 0 | |||||||||||||||||
Trademarks and Trade Names [Member] | Gelcaps [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,400,000 | ||||||||||||||||||
Trademarks and Trade Names [Member] | Omega [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2,003,800,000 | ||||||||||||||||||
Trademarks and Trade Names [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2] | 0 | |||||||||||||||||
In-process research and development [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets not subject to amortization | $ 29,000,000 | [1] | $ 0 | [1] | $ 69,500,000 | 48,200,000 | |||||||||||||
In-process research and development [Member] | ScarAway [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets not subject to amortization | 0 | ||||||||||||||||||
In-process research and development [Member] | Entocort [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets not subject to amortization | $ 0 | ||||||||||||||||||
In-process research and development [Member] | Naturwohl [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets not subject to amortization | $ 0 | ||||||||||||||||||
In-process research and development [Member] | GSK [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets not subject to amortization | 0 | ||||||||||||||||||
In-process research and development [Member] | Gelcaps [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets not subject to amortization | 0 | ||||||||||||||||||
In-process research and development [Member] | Omega [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets not subject to amortization | $ 0 | ||||||||||||||||||
In-process research and development [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets not subject to amortization | [2] | $ 29,200,000 | |||||||||||||||||
Minimum [Member] | Developed Technology Rights [Member] | Entocort [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||||||||||||||
Minimum [Member] | Developed Technology Rights [Member] | Omega [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | 4 years | |||||||||||||||||
Maximum [Member] | Omega [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Indemnification available from acquired company's sellers | € | € 277 | ||||||||||||||||||
Maximum [Member] | Developed Technology Rights [Member] | Entocort [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||||||||||||||
Maximum [Member] | Developed Technology Rights [Member] | Omega [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 13 years | 13 years | |||||||||||||||||
Euro Member Countries, Euro | Naturwohl Pharma [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Payments to Acquire Businesses, Gross | € | € 133.5 | ||||||||||||||||||
Euro Member Countries, Euro | GSK [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 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 | ||||||||||||||||||
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 | ||||||||||||||||||
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 | ||||||||||||||||||
Long-term Debt [Member] | Omega [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business combination fair value adjustment | $ 101,900,000 | ||||||||||||||||||
2014 bonds | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Senior Notes | $ 1,600,000,000 | ||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 6,800,000 | ||||||||||||||||||
Administration | Omega [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Acquisition Related Costs | 2,000,000 | ||||||||||||||||||
Interest expense, net | Omega [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Acquisition Related Costs | 18,700,000 | ||||||||||||||||||
Other expense, net | Omega [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Acquisition Related Costs | $ 258,200,000 | ||||||||||||||||||
contractual arrangement [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Research and Development Expense | $ 18,000,000 | ||||||||||||||||||
[1] | * Opening balance sheet is preliminary | ||||||||||||||||||
[2] | Consists of eight product acquisitions in our CHC, BCH and Rx segments. |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Apr. 02, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 5,364,900,000 | |
Business Acquisitions | 2,200,000 | |
Goodwill, Impairment Loss | (193,600,000) | $ 0 |
Goodwill, Transfers | 8,500,000 | |
Currency translation adjustment | 99,200,000 | |
Ending balance | 5,281,200,000 | 5,364,900,000 |
CHC [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 1,890,000,000 | |
Business Acquisitions | 0 | |
Goodwill, Impairment Loss | 0 | |
Goodwill, Transfers | 4,800,000 | |
Currency translation adjustment | (1,300,000) | |
Ending balance | 1,893,500,000 | 1,890,000,000 |
BCH [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 1,980,500,000 | |
Business Acquisitions | 0 | |
Goodwill, Impairment Loss | (193,600,000) | |
Goodwill, Transfers | 0 | |
Currency translation adjustment | 100,700,000 | |
Ending balance | 1,887,600,000 | 1,980,500,000 |
Rx [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 1,222,200,000 | |
Business Acquisitions | 2,200,000 | |
Goodwill, Impairment Loss | 0 | |
Goodwill, Transfers | 0 | |
Currency translation adjustment | (2,700,000) | |
Ending balance | 1,221,700,000 | 1,222,200,000 |
Specialty Sciences [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 200,700,000 | |
Business Acquisitions | 0 | |
Goodwill, Impairment Loss | 0 | |
Goodwill, Transfers | 0 | |
Currency translation adjustment | 0 | |
Ending balance | 200,700,000 | 200,700,000 |
Other [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 71,500,000 | |
Business Acquisitions | 0 | |
Goodwill, Impairment Loss | 0 | |
Goodwill, Transfers | 3,700,000 | |
Currency translation adjustment | 2,500,000 | |
Ending balance | 77,700,000 | $ 71,500,000 |
Omega [Member] | Brands [Member] | ||
Goodwill [Line Items] | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 273,400,000 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets - Intangible categories (Details) - USD ($) | Mar. 30, 2015 | Apr. 02, 2016 | Dec. 31, 2015 | Mar. 28, 2015 | Dec. 31, 2015 | Mar. 01, 2016 | [2] | Jan. 22, 2016 | [2] | Sep. 15, 2015 | ||
Finite And Indefinite Lived Assets By Major Class [Line Items] | ||||||||||||
Goodwill, Impairment Loss | $ 193,600,000 | $ 0 | ||||||||||
Intangible assets subject to amortization, gross | 10,004,900,000 | $ 9,512,200,000 | 9,512,200,000 | |||||||||
Intangible assets subject to amortization, accumulated amortization | 1,485,800,000 | 1,321,700,000 | 1,321,700,000 | |||||||||
Intangible assets not subject to amortization | 1,751,800,000 | 1,916,300,000 | 1,916,300,000 | |||||||||
Total other intangible assets | 11,756,700,000 | 11,428,500,000 | 11,428,500,000 | |||||||||
Intangible assets amortization expense | $ 158,000,000 | $ 107,800,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||||||||
Trademarks, trade names, and brands | ||||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | ||||||||||||
Intangible assets not subject to amortization | [1] | $ 1,682,300,000 | 1,868,100,000 | 1,868,100,000 | ||||||||
In-process research and development [Member] | ||||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | ||||||||||||
Intangible assets not subject to amortization | 69,500,000 | 48,200,000 | 48,200,000 | $ 29,000,000 | $ 0 | |||||||
Distribution and license agreements, supply agreements | ||||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | ||||||||||||
Intangible assets subject to amortization, gross | 6,054,800,000 | 6,053,400,000 | 6,053,400,000 | |||||||||
Intangible assets subject to amortization, accumulated amortization | 749,800,000 | 667,200,000 | 667,200,000 | |||||||||
Developed product technology, formulation and product rights [Member] | ||||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | ||||||||||||
Intangible assets subject to amortization, gross | 1,795,700,000 | 1,383,500,000 | 1,383,500,000 | $ 0 | ||||||||
Intangible assets subject to amortization, accumulated amortization | 462,300,000 | 426,000,000 | 426,000,000 | |||||||||
Customer relationships and distribution networks [Member] | ||||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | ||||||||||||
Intangible assets subject to amortization, gross | 1,573,200,000 | 1,520,700,000 | 1,520,700,000 | |||||||||
Intangible assets subject to amortization, accumulated amortization | 229,000,000 | 193,000,000 | 193,000,000 | |||||||||
Trademarks, trade names, and brands | ||||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | ||||||||||||
Intangible assets subject to amortization, gross | 563,600,000 | 539,400,000 | 539,400,000 | |||||||||
Intangible assets subject to amortization, accumulated amortization | 31,200,000 | 22,800,000 | 22,800,000 | |||||||||
Non-compete agreements [Member] | ||||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | ||||||||||||
Intangible assets subject to amortization, gross | 17,600,000 | 15,200,000 | 15,200,000 | |||||||||
Intangible assets subject to amortization, accumulated amortization | 13,500,000 | 12,700,000 | 12,700,000 | |||||||||
Omega [Member] | Brands [Member] | ||||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | ||||||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 273,400,000 | |||||||||||
Impairment of Intangible Assets, Finite-lived | 273,400,000 | 185,100,000 | ||||||||||
Other Indefinite-lived Intangible Assets | 364,500,000 | |||||||||||
Omega [Member] | In-process research and development [Member] | ||||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | ||||||||||||
Intangible assets not subject to amortization | $ 0 | |||||||||||
Omega [Member] | Brands [Member] | ||||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | ||||||||||||
Finite-Lived Intangible Asset, Useful Life | 22 years | |||||||||||
Omega [Member] | Developed product technology, formulation and product rights [Member] | ||||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | ||||||||||||
Intangible assets subject to amortization, gross | 27,200,000 | 27,200,000 | ||||||||||
Omega [Member] | Customer relationships and distribution networks [Member] | ||||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | ||||||||||||
Finite-Lived Intangible Asset, Useful Life | 21 years | |||||||||||
BCH [Member] | ||||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | ||||||||||||
Goodwill, Impairment Loss | 193,600,000 | |||||||||||
Intangible assets amortization expense | 35,400,000 | $ 0 | ||||||||||
Fair value, measurements, non-recurring [Member] | Fair value, inputs, level 3 [Member] | ||||||||||||
Finite And Indefinite Lived Assets By Major Class [Line Items] | ||||||||||||
Goodwill, Fair Value Disclosure | $ 1,761,600,000 | [3] | $ 0 | $ 0 | ||||||||
[1] | * Includes impairment charges of $273.4 million and $185.1 million at April 2, 2016 and December 31, 2015, respectively, as described further below. | |||||||||||
[2] | * Opening balance sheet is preliminary | |||||||||||
[3] | Goodwill with a carrying amount of $1,955.2 million was written down to its implied fair value of $1,761.6 million, resulting in an impairment charge of $193.6 million, which was included in Impairment charges on the Condensed Consolidated Statements of Operations for the three months ended April 2, 2016. |
Accounts Receivable Factoring39
Accounts Receivable Factoring (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Apr. 02, 2016 | Dec. 31, 2015 | |
Balance of non recourse receivables sold | $ 110 | $ 106.7 |
Maximum [Member] | ||
Financial asset servicing fees paid | 0.15% | |
Minimum [Member] | ||
Financial asset servicing fees paid | 0.14% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Apr. 02, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 506.1 | $ 483.4 |
Work in process | 144.6 | 151.4 |
Raw materials | 218.1 | 209.6 |
Total inventories | $ 868.8 | $ 844.4 |
Fair value on recurring and non
Fair value on recurring and non-recurring basis (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Apr. 02, 2016 | Dec. 31, 2015 | Sep. 15, 2015 | Jun. 27, 2015 | Nov. 08, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Senior Notes | $ 5,937,100,000 | $ 4,698,300,000 | $ 2,300,000,000 | |||
Fair value, assets, level 1, level 2, level 3 Transfers, Amount | 0 | 0 | ||||
Liabilities: | ||||||
Contingent consideration | $ 0 | |||||
Goodwill, Impairment Loss | 193,600,000 | 0 | ||||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | ||||||
Assets: | ||||||
Investment securities | 38,600,000 | 14,900,000 | ||||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | ||||||
Assets: | ||||||
Foreign currency forward contracts | 9,400,000 | 4,800,000 | ||||
Funds associated with Israeli post employment benefits | 17,600,000 | 17,200,000 | ||||
Assets, Fair Value Disclosure | 27,000,000 | 22,000,000 | ||||
Liabilities: | ||||||
Interest rate swap agreements | 0 | 300,000 | ||||
Foreign currency forward contracts | 3,400,000 | 3,900,000 | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3,400,000 | 4,200,000 | ||||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 [Member] | ||||||
Liabilities: | ||||||
Contingent consideration | 17,900,000 | |||||
Fair value, measurements, non-recurring [Member] | Fair value, inputs, level 3 [Member] | ||||||
Assets: | ||||||
Assets, Fair Value Disclosure | 2,843,600,000 | 1,069,300,000 | ||||
Goodwill, Fair Value Disclosure | 1,761,600,000 | [1] | 0 | |||
Indefinite-lived intangible assets | 1,082,000,000 | 1,031,800,000 | ||||
Assets held-for-sale, long lived, fair value disclosure | 0 | 37,500,000 | ||||
Public bonds and private placement [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Senior Notes | 5,100,000,000 | 3,900,000,000 | ||||
Public bonds and private placement [Member] | Fair value, inputs, level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt instrument, fair value disclosure | 5,100,000,000 | $ 3,800,000,000 | ||||
Retail bonds [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term debt | 837,100,000 | 798,300,000 | ||||
Debt instrument, unamortized premium | 76,500,000 | 82,500,000 | ||||
Retail bonds [Member] | Fair value, inputs, level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt instrument, fair value disclosure | 905,500,000 | $ 859,800,000 | ||||
BCH [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Goodwill | 1,955,200,000 | |||||
Liabilities: | ||||||
Goodwill, Impairment Loss | $ 193,600,000 | |||||
[1] | Goodwill with a carrying amount of $1,955.2 million was written down to its implied fair value of $1,761.6 million, resulting in an impairment charge of $193.6 million, which was included in Impairment charges on the Condensed Consolidated Statements of Operations for the three months ended April 2, 2016. |
Fair value measurements - level
Fair value measurements - level 3 roll (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Jun. 27, 2015 | |
Public bonds and private placement [Member] | Fair value, inputs, level 1 [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, fair value disclosure | $ 5,100 | $ 3,800 | |
Contingent Consideration Classified as Equity [Member] | Fair value, inputs, level 3 [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 17.9 | ||
Net realized losses | 0.3 | $ 0 | |
Purchases or additions | 29.5 | 0 | |
Foreign currency effect | 0.3 | 0 | |
Ending balance | 48 | $ 12.4 | |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | $ 17.9 |
Fair Value Measurements Fair va
Fair Value Measurements Fair value measurements - items not carried at fair value (Details) - USD ($) $ in Millions | Apr. 02, 2016 | Dec. 31, 2015 | Nov. 08, 2013 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Senior Notes | $ 5,937.1 | $ 4,698.3 | $ 2,300 |
BCH [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Goodwill | $ 1,955.2 |
Investments (Details)
Investments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Loss from equity method investments | $ (2.4) | $ (0.3) | |
Unrealized Gain (Loss) on Investments [Abstract] | |||
Equity securities, at cost less impairments | 21.9 | $ 6.4 | |
Gross unrealized gains | 19.2 | 9.3 | |
Gross unrealized losses | (2.5) | (0.8) | |
Transfer from investments | 15.5 | ||
Unrealized gain (loss) on investments | 8.7 | ||
Available-for-sale securities [Member] | |||
Unrealized Gain (Loss) on Investments [Abstract] | |||
Estimated fair value of equity securities | 38.6 | 14.9 | |
Other non-current assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Cost method investments | 7.1 | 6.9 | |
Equity method investments | $ 28.7 | $ 45.5 |
Derivative Instruments and He45
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities - text links (Details) € in Millions, $ in Millions | 3 Months Ended | ||||
Apr. 02, 2016USD ($) | Mar. 28, 2015USD ($) | Dec. 31, 2015USD ($) | Mar. 30, 2015USD ($) | Mar. 30, 2015EUR (€) | |
Derivative [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ (0.1) | $ (0.1) | |||
Derivative, Gain (Loss) on Derivative, Net | 7 | ||||
Proceeds from Issuance of Debt | 1,200 | ||||
Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1.7 | $ 2.3 | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (7.4) | (1.8) | |||
Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1.7 | 1.9 | |||
Derivative, Gain (Loss) on Derivative, Net | (6.8) | (258.2) | |||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | 200 | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (9) | 2 | |||
Foreign Exchange Forward [Member] | |||||
Derivative [Line Items] | |||||
Maximum Remaining Maturity of Foreign Currency Derivatives | 15 months | ||||
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 1.6 | (3.8) | |||
Foreign Exchange Contract [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | 611.4 | 755.5 | |||
Omega [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 147 | ||||
Credit facility indebtedness | Omega [Member] | |||||
Derivative [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 544.5 | ||||
Euro Member Countries, Euro | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | € | € 135 | ||||
Euro Member Countries, Euro | Credit facility indebtedness | Omega [Member] | |||||
Derivative [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | € | € 500 | ||||
Perrigo Co PLC [Member] | Foreign Exchange Option [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | 259.8 | ||||
Omega [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 20 | ||||
Other Liabilities [Member] | Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1.7 | 2 | |||
Other Liabilities [Member] | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1.7 | 1.9 | |||
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | $ 0.3 | |||
Other Nonoperating Income (Expense) [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | (0.1) | 0 | |||
Other Nonoperating Income (Expense) [Member] | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | (6.9) | (255.7) | |||
Sales Revenue, Goods, Net [Member] | Foreign Exchange Forward [Member] | |||||
Derivative [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | (0.1) | 0 | |||
Cost of Sales [Member] | Foreign Exchange Forward [Member] | |||||
Derivative [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0.1 | $ (0.1) |
Derivative Instruments and He46
Derivative Instruments and Hedging Activities - balance sheet location (Details) - USD ($) $ in Millions | Apr. 02, 2016 | Dec. 31, 2015 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $ 1.7 | $ 2.3 |
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 4.5 | 3.8 |
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 4.5 | 3.8 |
Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1.7 | 2 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1.7 | 1.9 |
Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 4.9 | 1 |
Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Net | 4.9 | 1 |
Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $ 1.7 | $ 1.9 |
Derivative Instruments and He47
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities - other comprehensive income movement (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Apr. 02, 2016 | Sep. 26, 2015 | Mar. 28, 2015 | Sep. 27, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ (0.1) | $ (0.1) | ||
Net sales [Member] | Foreign Exchange Forward [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | (0.1) | 0 | ||
Other Nonoperating Income (Expense) [Member] | Interest Rate Swap [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | (0.1) | 0 | ||
Cost of Sales [Member] | Foreign Exchange Forward [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0.1 | (0.1) | ||
Designated as Hedging Instrument [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (7.4) | (1.8) | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.1 | (2.5) | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (9) | 2 | ||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 1.6 | (3.8) | ||
Designated as Hedging Instrument [Member] | Interest expense, net | Interest Rate Swap [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.5) | 0.8 | ||
Designated as Hedging Instrument [Member] | Interest expense, net | Foreign Exchange Forward [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (0.4) | $ 0 | ||
Designated as Hedging Instrument [Member] | Net sales [Member] | Foreign Exchange Forward [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.6 | (0.1) | ||
Designated as Hedging Instrument [Member] | Other Nonoperating Income (Expense) [Member] | Foreign Exchange Forward [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.1 | (0.4) | ||
Designated as Hedging Instrument [Member] | Cost of Sales [Member] | Foreign Exchange Forward [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0.3 | $ (2.8) |
Derivative Instruments and He48
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities -Fair value hedges (Details) $ in Millions | 3 Months Ended |
Apr. 02, 2016USD ($) | |
Derivative [Line Items] | |
Derivative, Gain (Loss) on Derivative, Net | $ 7 |
Derivative Instruments and He49
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities- Non-designated derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $ 7 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | (6.8) | $ (258.2) |
Foreign Exchange Forward [Member] | Other Nonoperating Income (Expense) [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | (6.9) | (255.7) |
Foreign Exchange Forward [Member] | Interest expense, net | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $ 0.1 | $ (2.5) |
Assets Held for Sale (Details)
Assets Held for Sale (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Apr. 02, 2016 | Dec. 31, 2015 | |
Less: impairment | $ (29) | |
Discontinued Operations, Held-for-sale [Member] | CHC [Member] | ||
Current assets | $ 56.8 | 55.1 |
Goodwill | 8.2 | 13 |
Property, plant and equipment | 18.9 | 18.8 |
Other assets | 0.9 | 0 |
Less: impairment | 0 | 0 |
Total assets held for sale | 84.8 | 86.9 |
Current liabilities | 28.5 | 30.5 |
Other liabilities | 0 | 0 |
Total liabilities held for sale | 28.5 | 30.5 |
Discontinued Operations, Held-for-sale [Member] | Other [Member] | ||
Current assets | 8.7 | 13.6 |
Goodwill | 10.9 | 14.5 |
Property, plant and equipment | 33.7 | 37.4 |
Other assets | 3.1 | 3.2 |
Less: impairment | 28.2 | |
Total assets held for sale | 28.2 | 39.7 |
Current liabilities | 2.8 | 0.5 |
Other liabilities | 1.8 | 1.7 |
Total liabilities held for sale | $ 4.6 | $ 2.2 |
(Details)
(Details) € in Millions, $ in Millions | Mar. 15, 2016USD ($) | Apr. 08, 2015USD ($) | Apr. 08, 2015EUR (€) | Mar. 30, 2015USD ($) | Mar. 30, 2015EUR (€) | Dec. 05, 2014USD ($) | Dec. 02, 2014USD ($) | Apr. 02, 2016USD ($) | Mar. 28, 2015USD ($) | Dec. 31, 2015USD ($) | Mar. 07, 2016USD ($) | Dec. 15, 2015USD ($) | Sep. 15, 2015USD ($) | Aug. 28, 2015USD ($) | Jun. 27, 2015USD ($) | Mar. 30, 2015EUR (€) | Dec. 05, 2014EUR (€) | Nov. 08, 2013USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term line of credit | $ 0 | $ 680 | |||||||||||||||||
Debt Instrument, Issuance Date | Dec. 5, 2014 | ||||||||||||||||||
Senior Notes | 5,937.1 | 4,698.3 | $ 2,300 | ||||||||||||||||
Other long-term debt | 65.6 | 86 | |||||||||||||||||
Debt Instrument, Unamortized Discount (Premium), Net | 58 | 73.4 | |||||||||||||||||
Deferred financing fee | (37.1) | (36.6) | |||||||||||||||||
Debt, Long-term and Short-term, Combined Amount | 6,521.9 | 5,989.9 | |||||||||||||||||
Debt, Short Term and Current Portion of Long Term | (619.2) | (1,018.3) | |||||||||||||||||
Long-term debt, less current portion | 5,902.7 | 4,971.6 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 0 | $ 0 | $ 0 | ||||||||||||||||
Repayments of Long-term Debt | $ 14.3 | $ 13.6 | |||||||||||||||||
Schedule of debt | Total borrowings outstanding are summarized as follows (in millions): April 2, December 31, Revolving credit agreements 2015 Revolver $ — $ 380.0 2014 Revolver — 300.0 Total revolving credit agreements — 680.0 Term loans * 2014 Term loan due December 5, 2019 498.3 488.8 Notes and Bonds Coupon Due 1.300% November 8, 2016 (2) 500.0 500.0 * 4.500% May 23, 2017 (3) 205.0 195.5 * 5.125% December 12, 2017 (3) 341.7 325.8 2.300% November 8, 2018 (2) 600.0 600.0 * 5.000% May 23, 2019 (3) 136.7 130.3 3.500% March 15, 2021 (4) 500.0 — 3.500% December 15, 2021 (1) 500.0 500.0 * 5.105% July 19, 2023 (3) 153.7 146.7 4.000% November 15, 2023 (2) 800.0 800.0 3.900% December 15, 2024 (1) 700.0 700.0 4.375% March 15, 2026 (4) 700.0 — 5.300% November 15, 2043 (2) 400.0 400.0 4.900% December 15, 2044 (1) 400.0 400.0 Total notes and bonds 5,937.1 4,698.3 Other financing 65.6 86.0 Unamortized premium (discount), net 58.0 73.4 Deferred financing fees (37.1 ) (36.6 ) Total borrowings outstanding 6,521.9 5,989.9 Current indebtedness (619.2 ) (1,018.3 ) Total long-term debt less current portion $ 5,902.7 $ 4,971.6 (1) Discussed below collectively as the "2014 Notes." (2) Discussed below collectively as the "2013 Notes." (3) Debt assumed from Omega. (4) Discussed below collectively as the "2016 Notes." * Debt denominated in euros subject to fluctuations in the euro-to-U.S. dollar exchange rate. | ||||||||||||||||||
Omega [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount debt exceeded par value | $ 101.9 | ||||||||||||||||||
Omega [Member] | Euro Member Countries, Euro | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount debt exceeded par value | € | € 93.6 | ||||||||||||||||||
Perrigo Co PLC [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term debt, less current portion | $ 5,902.7 | 4,971.6 | |||||||||||||||||
Omega [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 1,471 | ||||||||||||||||||
Extinguishment of Debt, Amount | $ 539.1 | ||||||||||||||||||
Omega [Member] | Euro Member Countries, Euro | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Extinguishment of Debt, Amount | € | € 500 | ||||||||||||||||||
BCH [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit, Current | 60.4 | 82.9 | |||||||||||||||||
2015 revolver | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term line of credit | 0 | 380 | |||||||||||||||||
Debt Instrument, Face Amount | $ 750 | ||||||||||||||||||
Proceeds from Lines of Credit | $ 750 | ||||||||||||||||||
2014 revolver | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term line of credit | 0 | $ 300 | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | € | € 1,000 | ||||||||||||||||||
Debt Instrument, Face Amount | $ 600 | ||||||||||||||||||
Proceeds from Lines of Credit | $ 435 | ||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 5, 2019 | Dec. 5, 2019 | |||||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | ||||||||||||||||||
2014 euro-denominated term loan due December 5, 2019 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Term loans | [1] | 498.3 | $ 488.8 | ||||||||||||||||
Debt Instrument, Face Amount | € | 614.3 | ||||||||||||||||||
2014 euro-denominated term loan due December 5, 2019 | Euro Member Countries, Euro | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | € | 500 | ||||||||||||||||||
1.30% unsecured senior notes due November 8, 2016 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.30% | ||||||||||||||||||
Senior Notes | [2] | $ 500 | $ 500 | ||||||||||||||||
Debt Instrument, Face Amount | 500 | ||||||||||||||||||
Debt Instrument, Maturity Date | Nov. 8, 2016 | Nov. 8, 2016 | |||||||||||||||||
4.500% unsecured senior notes due May 23, 2017 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||||||||||||||||
Senior Notes | [1],[3] | $ 205 | $ 195.5 | ||||||||||||||||
Debt Instrument, Maturity Date | May 23, 2017 | May 23, 2017 | |||||||||||||||||
5.125% unsecured senior notes due December 12, 2017 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | ||||||||||||||||||
Senior Notes | [1],[3] | $ 341.7 | $ 325.8 | ||||||||||||||||
Debt Instrument, Maturity Date | Dec. 12, 2017 | Dec. 12, 2017 | |||||||||||||||||
2.30% unsecured senior notes November 8, 2018 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.30% | ||||||||||||||||||
Senior Notes | [2] | $ 600 | $ 600 | ||||||||||||||||
Debt Instrument, Face Amount | 600 | ||||||||||||||||||
Debt Instrument, Maturity Date | Nov. 8, 2018 | Nov. 8, 2018 | |||||||||||||||||
5.000% unsecured senior notes due May 23, 2019 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||||||||||||||
Senior Notes | [1],[3] | $ 136.7 | $ 130.3 | ||||||||||||||||
Debt Instrument, Maturity Date | May 23, 2019 | May 23, 2019 | |||||||||||||||||
3.500% unsecured senior notes due March 15, 2021 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | |||||||||||||||||
Senior Notes | [4] | $ 500 | $ 0 | ||||||||||||||||
Debt Instrument, Face Amount | $ 500 | ||||||||||||||||||
Debt Instrument, Maturity Date | Mar. 15, 2021 | Mar. 15, 2021 | |||||||||||||||||
3.5% senior note due December 15, 2021 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Issuance Date | Dec. 2, 2014 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | |||||||||||||||||
Senior Notes | [5] | $ 500 | $ 500 | ||||||||||||||||
Debt Instrument, Face Amount | $ 500 | ||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 15, 2021 | ||||||||||||||||||
5.105% senior note due July 19, 2023 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.105% | ||||||||||||||||||
Senior Notes | [1],[3] | $ 153.7 | $ 146.7 | ||||||||||||||||
Debt Instrument, Maturity Date | Jul. 19, 2023 | Jul. 19, 2023 | |||||||||||||||||
4.00% unsecured senior notes due November 15, 2023 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||||||||||||||
Senior Notes | [2] | $ 800 | $ 800 | ||||||||||||||||
Debt Instrument, Face Amount | 800 | ||||||||||||||||||
Debt Instrument, Maturity Date | Nov. 15, 2023 | Nov. 15, 2023 | |||||||||||||||||
3.9% senior note due December 15, 2024 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | 3.90% | |||||||||||||||||
Senior Notes | [5] | $ 700 | $ 700 | ||||||||||||||||
Debt Instrument, Face Amount | $ 700 | ||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 15, 2024 | Dec. 15, 2024 | |||||||||||||||||
4.375% senior note due March 15, 2026 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.375% | 4.38% | |||||||||||||||||
Senior Notes | [4] | $ 700 | $ 0 | ||||||||||||||||
Debt Instrument, Face Amount | $ 700 | ||||||||||||||||||
Debt Instrument, Maturity Date | Mar. 15, 2026 | ||||||||||||||||||
5.30% unsecured senior notes due November 15, 2043 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.30% | ||||||||||||||||||
Senior Notes | [2] | $ 400 | $ 400 | ||||||||||||||||
Debt Instrument, Face Amount | $ 400 | ||||||||||||||||||
Debt Instrument, Maturity Date | Nov. 15, 2043 | Nov. 15, 2043 | |||||||||||||||||
4.9% senior notes due December 15, 2044 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | 4.90% | |||||||||||||||||
Senior Notes | [5] | $ 400 | $ 400 | ||||||||||||||||
Debt Instrument, Face Amount | $ 400 | ||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 15, 2044 | Dec. 15, 2044 | |||||||||||||||||
2014 Euro-Denominated Term Loan due December 5, 2019 additional draw [Domain] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | € | 368.6 | ||||||||||||||||||
2014 Euro-Denominated Term Loan due December 5, 2019 additional draw [Domain] | Euro Member Countries, Euro | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | € | € 300 | ||||||||||||||||||
Debt securities | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Senior Notes | $ 1,200 | ||||||||||||||||||
6.19% senior notes | Omega [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.19% | 6.19% | |||||||||||||||||
Debt Instrument, Maturity Date | Jan. 1, 2016 | Jan. 1, 2016 | |||||||||||||||||
6.19% senior notes | Omega [Member] | Omega [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | $ 20 | ||||||||||||||||||
5.1045% senior notes | Omega [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.1045% | 5.1045% | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 147 | ||||||||||||||||||
Debt Instrument, Maturity Date | Jan. 1, 2023 | Jan. 1, 2023 | |||||||||||||||||
5.1045% senior notes | Omega [Member] | Euro Member Countries, Euro | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | € | € 135 | ||||||||||||||||||
5.125% retail bonds | Omega [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
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 | ||||||||||||||||||
5.125% retail bonds | Omega [Member] | Euro Member Countries, Euro | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | € | € 300 | ||||||||||||||||||
4.5% retail bonds | Omega [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
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 | ||||||||||||||||||
4.5% retail bonds | Omega [Member] | Euro Member Countries, Euro | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | € | € 180 | ||||||||||||||||||
5.0% retail bond | Omega [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
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 | ||||||||||||||||||
5.0% retail bond | Omega [Member] | Euro Member Countries, Euro | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | € | € 120 | ||||||||||||||||||
2014 bonds | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Senior Notes | $ 1,600 | ||||||||||||||||||
Over draft | Omega [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 56 | ||||||||||||||||||
Over draft | Omega [Member] | Euro Member Countries, Euro | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | € | 51.4 | ||||||||||||||||||
Credit facility indebtedness | Omega [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | $ 544.5 | ||||||||||||||||||
Credit facility indebtedness | Omega [Member] | Euro Member Countries, Euro | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | € | € 500 | ||||||||||||||||||
[1] | Debt denominated in euros subject to fluctuations in the euro-to-U.S. dollar exchange rate. | ||||||||||||||||||
[2] | (2) | ||||||||||||||||||
[3] | (3) Debt assumed from Omega. | ||||||||||||||||||
[4] | (4) Discussed below collectively as the "2016 Notes." | ||||||||||||||||||
[5] | (1) Discussed below collectively as the "2014 Notes." |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Apr. 02, 2016 | Mar. 28, 2015 | Oct. 22, 2015 | ||
Stock Repurchase Program, Number of shares repurchased | 0 | |||
Numerator: | ||||
Net loss | $ (334.6) | $ (94.9) | ||
Denominator: | ||||
Weighted average shares outstanding for basic EPS | 143,200,000 | 140,800,000 | ||
Dilutive effect of share-based awards | [1] | 0 | 0 | |
Weighted average shares outstanding for diluted EPS | 143,200,000 | 140,800,000 | ||
Anti-dilutive share-based awards excluded from computation of diluted EPS | 300,000 | 700,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 79,000 | 35,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,500 | |||
Perrigo Co PLC [Member] | ||||
Denominator: | ||||
Stock Repurchase Program, Authorized Amount | $ 2,000 | |||
[1] | In the period of a net loss, diluted shares equal basic shares. |
Accumulated Other Comprehensi53
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Beginning balance | $ (15.5) | |
OCI before reclassifications (net of tax) | 152.1 | |
Amounts reclassified from AOCI (net of tax) | 0.1 | |
Other comprehensive income (loss), net of tax | 152.2 | $ (26.3) |
Ending balance | 136.7 | |
Foreign currency translation adjustments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Beginning balance | (4.4) | |
OCI before reclassifications (net of tax) | 150.9 | |
Amounts reclassified from AOCI (net of tax) | 0 | |
Other comprehensive income (loss), net of tax | 150.9 | |
Ending balance | 146.5 | |
Fair value of derivative financial instruments, net of tax | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Beginning balance | (14.2) | |
OCI before reclassifications (net of tax) | (5.8) | |
Amounts reclassified from AOCI (net of tax) | 0.1 | |
Other comprehensive income (loss), net of tax | (5.7) | |
Ending balance | (19.9) | |
Fair value of investment securities, net of tax | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Beginning balance | 6.3 | |
OCI before reclassifications (net of tax) | 6.2 | |
Amounts reclassified from AOCI (net of tax) | 0 | |
Other comprehensive income (loss), net of tax | 6.2 | |
Ending balance | 12.5 | |
Post-retirement and pension liability adjustments, net of tax | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Beginning balance | (3.2) | |
OCI before reclassifications (net of tax) | 0.8 | |
Amounts reclassified from AOCI (net of tax) | 0 | |
Other comprehensive income (loss), net of tax | 0.8 | |
Ending balance | $ (2.4) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Dec. 31, 2015 | |
Effective tax rate on income from continuing operations | 6.80% | 7.60% | |
Unrecognized tax benefits, including income tax penalties and interest accrued | $ 340.2 | $ 334.7 | |
Unrecognized tax benefits liability, interest and penalties accrued | 51.8 | $ 52.1 | |
Income tax examination, penalties and interest expense | 8 | ||
Incremental tax obligation | $ 68.9 | ||
All Other Entities [Member] | |||
Foreign Statutory Corporate Tax Rate, Year One | 26.50% | ||
Foreign Statutory Corporate Tax Rate, Current Year | 25.00% |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | $ 20.7 | $ 3.2 |
Additional charges | 5.4 | 1.1 |
Payments | (18.2) | (0.7) |
Non-cash adjustments | 5.1 | 0 |
Ending balance | 13 | $ 3.6 |
Employee severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Business exit costs | 7.2 | |
Lease exit | ||
Restructuring Cost and Reserve [Line Items] | ||
Business exit costs | $ 5.8 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 1,383.2 | $ 1,049.1 | |
Operating income (Loss) | (303.8) | 199.2 | |
Amortization of intangibles | 158 | 107.8 | |
Total assets | 19,726.2 | 19,393.9 | $ 19,393.9 |
CHC [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 700.3 | 684.9 | |
Operating income (Loss) | 102.5 | 104.3 | |
Amortization of intangibles | 19.8 | 16.2 | |
Total assets | 4,026.5 | 4,007.8 | |
BCH [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 317.6 | 0 | |
Operating income (Loss) | (482.7) | 0 | |
Amortization of intangibles | 35.4 | 0 | |
Total assets | 6,238.2 | 6,324 | |
Rx [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 256.7 | 251.6 | |
Operating income (Loss) | 87.4 | 100 | |
Amortization of intangibles | 29.5 | 18.3 | |
Total assets | 3,384.5 | 3,015.5 | |
Specialty Sciences [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 88 | 81.9 | |
Operating income (Loss) | 12.9 | 5.5 | |
Amortization of intangibles | 72.8 | 72.8 | |
Total assets | 5,859.6 | 5,833.5 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 20.6 | 30.7 | |
Operating income (Loss) | 5.4 | 10.5 | |
Amortization of intangibles | 0.5 | 0.5 | |
Total assets | 217.4 | 213.1 | |
Unallocated expenses | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 0 | |
Operating income (Loss) | (29.3) | (21.1) | |
Amortization of intangibles | 0 | 0 | |
Total assets | $ 0 | $ 0 |