XML 55 R83.htm IDEA: XBRL DOCUMENT v2.4.0.8
Guarantor Condensed Consolidating Financial Statements - Statement of Operations (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Jun. 28, 2014
Mar. 29, 2014
Dec. 28, 2013
Sep. 28, 2013
Jun. 29, 2013
Mar. 30, 2013
Dec. 29, 2012
Sep. 29, 2012
Jun. 28, 2014
Jun. 29, 2013
Jun. 30, 2012
Condensed Financial Statements, Captions [Line Items]                      
Net sales $ 1,144.2 [1] $ 1,004.2 [2] $ 979.0 [3] $ 933.4 [4] $ 967.2 [5] $ 919.8 [6] $ 883.0 [7] $ 769.8 [8] $ 4,060.8 $ 3,539.8 $ 3,173.2
Cost of sales                 2,613.1 2,259.8 2,077.7
Gross profit 415.7 [1] 315.0 [2] 360.7 [3] 356.3 [4] 356.2 [5] 331.4 [6] 307.2 [7] 285.3 [8] 1,447.7 1,280.0 1,095.6
Distribution                 55.3 47.5 39.1
Research and development                 152.5 115.2 105.8
Selling                 208.6 186.1 148.3
Administration                 411.3 240.2 224.4
Research and development     6.0           6.0 9.0 0
Restructuring charges 10.5 19.5 14.9           47.0 2.9 8.8
Total                 880.7 600.9 526.4
Operating income                 567.0 679.1 569.2
Interest, net                 103.5 65.8 60.7
Other expense (income), net                 12.4 0.9 (3.5)
Loss on sales of investments           1.6     12.7 4.7 0
Total loss on extinguishment of debt     (165.8)           165.8 0 0
Income from continuing operations before income taxes                 272.6 607.7 512.0
Income tax expense                 67.3 165.8 119.0
Income from continuing operations before equity in net income of subsidiaries                     393.0
Net loss from equity method investment                     0
Income from continuing operations                 205.3 441.9 393.0
Income from discontinued operations, net of tax                 0 0 8.6
Net income 131.7 [1] 48.1 [2] (86.0) [3] 111.4 [4] 118.5 [5] 111.9 [6] 106.0 [7] 105.6 [8] 205.3 441.9 401.6
Elimination Entries [Member]
                     
Condensed Financial Statements, Captions [Line Items]                      
Net sales                 (600.3) (536.4) (473.2)
Cost of sales                 (563.2) (536.4) (473.2)
Gross profit                 (37.1) 0 0
Distribution                 0 0 0
Research and development                 (28.6) 0 0
Selling                 (5.1) 0 0
Administration                 (2.7) 0 (0.3)
Research and development                 0 0  
Restructuring charges                 0 0 0
Total                 (36.4) 0 (0.3)
Operating income                 (0.7) 0 0.3
Interest, net                 0 0 0
Other expense (income), net                 0.3 0 0.3
Loss on sales of investments                 0 0  
Total loss on extinguishment of debt                 0    
Income from continuing operations before income taxes                 (1.0) 0 0
Income tax expense                 0 0 0
Income from continuing operations before equity in net income of subsidiaries                     0
Net loss from equity method investment                     (116.1)
Income from continuing operations                 (1.0) 0 (116.1)
Income from discontinued operations, net of tax                 (199.3) (187.8) (8.6)
Net income                 (200.3) (187.8) (124.7)
Perrigo Company plc [Member]
                     
Condensed Financial Statements, Captions [Line Items]                      
Net sales                 0    
Cost of sales                 0    
Gross profit                 0    
Distribution                 0    
Research and development                 0    
Selling                 0    
Administration                 56.3    
Research and development                 0    
Restructuring charges                 0    
Total                 56.3    
Operating income                 (56.3)    
Interest, net                 62.9    
Other expense (income), net                 0.5    
Loss on sales of investments                 0    
Total loss on extinguishment of debt                 19.0    
Income from continuing operations before income taxes                 (138.7)    
Income tax expense                 (2.4)    
Income from continuing operations                 (136.3)    
Income from discontinued operations, net of tax                 341.6    
Net income                 205.3    
Guarantor Subsidiaries [Member]
                     
Condensed Financial Statements, Captions [Line Items]                      
Net sales                 3,592.2 2,986.9 2,715.1
Cost of sales                 2,535.2 2,057.9 1,945.5
Gross profit                 1,057.0 929.0 769.6
Distribution                 44.3 37.7 29.2
Research and development                 124.1 76.5 67.7
Selling                 171.2 145.8 110.3
Administration                 313.6 207.5 180.5
Research and development                 4.0 9.0  
Restructuring charges                 29.7 2.9 8.8
Total                 686.9 479.3 396.5
Operating income                 370.1 449.7 373.1
Interest, net                 439.1 64.6 27.6
Other expense (income), net                 (359.9) 291.4 219.0
Loss on sales of investments                 0 3.1  
Total loss on extinguishment of debt                 146.8    
Income from continuing operations before income taxes                 144.1 90.6 126.5
Income tax expense                 35.5 147.9 115.8
Income from continuing operations before equity in net income of subsidiaries                     10.7
Net loss from equity method investment                     382.3
Income from continuing operations                 108.6 (57.3) 393.0
Income from discontinued operations, net of tax                 (241.0) 499.2 8.6
Net income                 (132.4) 441.9 401.6
Non-Guarantor Subsidiaries [Member]
                     
Condensed Financial Statements, Captions [Line Items]                      
Net sales                 1,068.9 1,089.3 931.4
Cost of sales                 641.1 738.3 605.4
Gross profit                 427.8 351.0 326.0
Distribution                 11.0 9.8 9.9
Research and development                 57.0 38.7 38.1
Selling                 42.5 40.3 38.0
Administration                 44.1 32.7 44.2
Research and development                 2.0 0  
Restructuring charges                 17.3 0 0
Total                 173.9 121.5 130.2
Operating income                 253.9 229.5 195.8
Interest, net                 (398.5) 1.2 33.1
Other expense (income), net                 371.5 (290.5) (222.8)
Loss on sales of investments                 12.7 1.6  
Total loss on extinguishment of debt                 0    
Income from continuing operations before income taxes                 268.2 517.2 385.5
Income tax expense                 34.2 17.9 3.2
Income from continuing operations before equity in net income of subsidiaries                     382.3
Net loss from equity method investment                     (266.2)
Income from continuing operations                 234.0 499.2 116.1
Income from discontinued operations, net of tax                 98.7 (311.4) 8.6
Net income                 $ 332.7 $ 187.8 $ 124.7
[1] Includes restructuring charges totaling $10.5 million and a loss contingency of $15.0 million related to Texas Medicaid.
[2] Includes restructuring charges totaling $19.5 million, write-up of contingent consideration of $5.8 million related to Fera, and $3.2 million of Elan transaction costs.
[3] Includes loss on extinguishment of debt of $165.8 million, Elan transaction costs of $103.2 million, restructuring charges totaling $14.9 million, write-off of contingent consideration of $4.9 million related to Fera, and write-off of IPR&D of $6.0 million related to Paddock and Rosemont.
[4] Includes Elan transaction costs of $12.0 million, litigation settlement of $2.5 million, and acquisition costs of $1.9 million.
[5] Includes a pre-tax charge to cost of sales of $1.2 million associated with the step-up in value of inventory related to the Rosemont acquisition, $5.6 million of restructuring and other integration-related costs associated with the Velcera acquisition and a $9.0 million impairment charge related to the write-off of IPR&D.
[6] Includes a pre-tax charge to cost of sales of $1.9 million associated with the step-up in value of inventory related to the Rosemont acquisition, approximately $3.1 million of acquisition costs associated with the Rosemont and Velcera acquisitions and a $1.6 million loss related to the sale of the Company's investment securities.
[7] Includes a pre-tax charge to cost of sales of $7.7 million associated with the step-up in value of inventory related to the Sergeant's acquisition, $1.5 million of severance costs associated with the Cobrek acquisition and a $3.0 million loss on the sale of investment related to Cobrek.
[8] Includes a pre-tax charge of approximately $1.9 million of acquisition costs associated with the Sergeant's acquisition.