Acquisitions (Tables)

12 Months Ended

Jun. 28, 2014

Business Combinations [Abstract]

Fair value of consideration transferred in business acquisition

On December 18, 2013, the Company acquired Elan in a cash and stock transaction as follows (in millions except per share data):

Elan shares outstanding as of December 18, 2013	515.7
Exchange ratio per share	0.07636
Total Perrigo shares issued to Elan shareholders	39.4
Perrigo per share value at transaction close on December 18, 2013	$	155.34
Total value of Perrigo shares issued to Elan shareholders	$	6,117.2
Cash consideration paid at $6.25 per Elan share	3,223.2
Cash consideration paid for vested Elan stock options and share awards	111.5
Total consideration	$	9,451.9

Schedule of acquisition-related costs

The table below details these transaction costs and where they were recorded in the Consolidated Statement of Income for fiscal 2014 (in millions).

Line item	Fiscal 2014
Administration expense	$	108.9
Interest, net	10.0
Other expense (income), net	0.2
Loss on extinguishment of debt	165.8
Total acquisition-related costs	$	284.9

Business Combination, Segment Allocation

The following table reflects the allocation by reportable segment (in millions):

Segment	Goodwill
Consumer Healthcare	$	1,116.1
Rx Pharmaceuticals	849.8
Nutritionals	178.4
Specialty Sciences	201.7
Total	$	2,346.0

Business Combination, Separately Recognized Transactions

The below table indicates the purchase price allocation⁽¹⁾ for fiscal 2014 acquisitions (in millions):

	Aspen		Fera		Elan
Purchase price paid	$	53.7	$	17.3	$	9,451.9
Contingent consideration	—		0.8		—
Total purchase consideration	$	53.7	$	18.1	$	9,451.9
Assets acquired:
Cash and cash equivalents	$	—	$	—	$	1,807.3
Investment securities	—		—		100.0
Accounts receivable	—		—		44.2
Inventories	2.7		0.3		—
Prepaid expenses and other current assets	—		—		27.1
Property and equipment	—		—		9.2
Goodwill	4.6		—		2,346.0
Intangible assets:
Trade names and trademarks	34.8		—		—
Customer relationships	9.8		—		—
Non-competition agreements	1.8		—		—
Distribution and license agreements	—		17.8		5,811.0
Intangible assets	46.4		17.8		5,811.0
Other non-current assets	—		—		93.4
Total assets	53.7		18.1		10,238.2
Liabilities assumed:
Accounts payable	—		—		2.0
Accrued liabilities	—		—		118.6
Deferred tax liabilities	—		—		634.5
Other non-current liabilities	—		—		31.2
Total liabilities	—		—		786.3
Net assets acquired	$	53.7	$	18.1	$	9,451.9

The below table indicates the final purchase price allocation for fiscal 2013 acquisitions (in millions):

	Fera		Velcera		Rosemont		Cobrek		Sergeant's
Purchase price paid	$	88.4	$	175.1	$	282.9	$	51.5	$	285.0
Contingent consideration	22.2		—		—		—		—
Total purchase consideration	$	110.6	$	175.1	$	282.9	$	51.5	$	285.0
Assets acquired:
Cash and cash equivalents	$	—	$	18.9	$	2.1	$	—	$	—
Accounts receivable	—		6.3		10.6		—		19.7
Inventories	1.3		9.7		9.6		—		37.7
Property and equipment	—		0.6		13.1		—		25.4
Goodwill	2.8		62.5		147.0		15.3		80.2
Intangible assets:
Developed product technology	107.0		—		114.6		51.1		66.1
Distribution and license agreements	—		116.0		3.6		—		1.3
Customer relationships	—		8.7		—		—		10.0
Trade names and trademarks	—		7.6		17.3		—		33.0
Non-competition agreements	—		3.0		1.5		—		—
IPR&D	—		—		11.2		—		—
Favorable supply agreement	—		—		—		—		25.0
Intangible assets	107.0		135.3		148.2		51.1		135.4
Deferred tax assets	—		7.9		0.2		3.6		1.5
Other non-current assets	—		0.4		0.8		0.3		3.0
Total assets	111.1		241.6		331.6		70.3		302.9
Liabilities assumed:
Accounts payable	—		6.5		2.6		—		13.7
Accrued liabilities	0.5		4.8		7.6		—		4.2
Deferred tax liabilities	—		48.2		36.0		18.8		—
Other non-current liabilities	—		7.0		2.5		—		—
Total liabilities	0.5		66.5		48.7		18.8		17.9
Net assets acquired	$	110.6	$	175.1	$	282.9	$	51.5	$	285.0

Business Acquisition, Pro Forma Information

The following unaudited pro forma information gives effect to the Company's Aspen, Fera (methazolomide), and Elan acquisitions as if the acquisitions had occurred on July 1, 2012 and had been included in the Company's Consolidated Results of Operations for fiscal 2014 and 2013 (in millions):

(Unaudited)	Fiscal 2014		Fiscal 2013
Net sales	$	4,192.6	$	3,669.0
Net income (loss)	$	270.1	$	(616.3	)