XML 46 R35.htm IDEA: XBRL DOCUMENT v2.4.0.8
Guarantor Financials (Tables)
 3 Months Ended
Sep. 27, 2014
Sep. 28, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]    
Condensed Income Statement [Table Text Block]
 
Unconsolidated
 
 
 
 
 
Perrigo Company plc
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminating Entries
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net sales
$
—

 
$
829.7

 
$
263.7

 
$
(141.9
)
 
$
951.5

Cost of sales
—

 
582.1

 
169.2

 
(121.6
)
 
629.7

Gross profit
—

 
247.6

 
94.5

 
(20.3
)
 
321.8

 
 
 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
 
 
Distribution
—

 
11.0

 
3.4

 
—

 
14.4

Research and development
—

 
21.7

 
14.9

 
—

 
36.6

Selling
—

 
39.8

 
10.6

 
—

 
50.4

Administration
13.7

 
51.1

 
17.2

 
(0.5
)
 
81.5

Restructuring
—

 
1.7

 
—

 
—

 
1.7

Total operating expenses
13.7

 
125.3

 
46.1

 
(0.5
)
 
184.6

 
 
 
 
 
 
 
 
 
 
Operating income (loss)
(13.7
)
 
122.3

 
48.4

 
(19.8
)
 
137.2

 
 
 
 
 
 
 
 
 
 
Interest expense, net
23.9

 
192.6

 
(190.5
)
 
(0.1
)
 
25.9

Other expense (income), net
—

 
(1.8
)
 
3.8

 
0.7

 
2.7

Income (loss) before income taxes and equity in net income (loss) of subsidiaries
(37.6
)
 
(68.5
)
 
235.1

 
(20.4
)
 
108.6

Income tax expense
(1.6
)
 
3.6

 
10.3

 
—

 
12.3

Income (loss) before equity in net income (loss) of subsidiaries
(36.0
)
 
(72.1
)
 
224.8

 
(20.4
)
 
96.3

Equity in net income (loss) of subsidiaries
132.3

 
54.6

 
35.8

 
(222.7
)
 
—

Net income (loss)
$
96.3

 
$
(17.5
)
 
$
260.6

 
$
(243.1
)
 
$
96.3
 
Unconsolidated
 
 
 
 
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminating Entries
 
Consolidated
 
 
 
 
 
 
 
 
Net sales
$
802.1

 
$
276.4

 
$
(145.1
)
 
$
933.4

Cost of sales
537.0

 
168.2

 
(128.1
)
 
577.1

Gross profit
265.1

 
108.2

 
(17.0
)
 
356.3

 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
Distribution
10.6

 
2.6

 
—

 
13.2

Research and development
21.8

 
10.5

 
—

 
32.3

Selling
39.8

 
10.4

 
—

 
50.2

Administration
71.0

 
7.8

 
—

 
78.8

Restructuring
2.1

 
—

 
—

 
2.1

Total operating expenses
145.3

 
31.3

 
—

 
176.6

 
 
 
 
 
 
 
 
Operating income (loss)
119.8

 
76.9

 
(17.0
)
 
179.7

 
 
 
 
 
 
 
 
Interest expense, net
20.1

 
1.3

 
—

 
21.4

Other expense (income), net
0.9

 
0.1

 
—

 
1.0

Income (loss) before income taxes and equity in net income (loss) of subsidiaries
98.8

 
75.5

 
(17.0
)
 
157.3

Income tax expense
42.2

 
3.7

 
—

 
45.9

Income (loss) before equity in net income (loss) of subsidiaries
56.6

 
71.8

 
(17.0
)
 
111.4

Equity in net income (loss) of subsidiaries
54.8

 
30.8

 
(85.6
)
 
—

Net income (loss)
$
111.4

 
$
102.6

 
$
(102.6
)
 
$
111.4
Condensed Statement of Comprehensive Income [Table Text Block]
 
Unconsolidated
 
 
 
 
 
Perrigo Company plc
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminating Entries
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
96.3

 
$
(17.5
)
 
$
260.6

 
$
(243.1
)
 
$
96.3

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(63.8
)
 
(0.2
)
 
(63.6
)
 
63.8

 
(63.8
)
Change in fair value of derivative financial instruments, net of tax
(2.1
)
 
0.9

 
(0.5
)
 
(0.4
)
 
(2.1
)
Change in fair value of investment securities, net of tax
0.6

 
(1.3
)
 
3.0

 
(1.7
)
 
0.6

Change in post-retirement and pension liability adjustments, net of tax
—

 
—

 
—

 
—

 
—

Other comprehensive income (loss), net of tax
(65.3
)
 
(0.6
)
 
(61.1
)
 
61.7

 
(65.3
)
Comprehensive income (loss)
$
31.0

 
$
(18.1
)
 
$
199.5

 
$
(181.4
)
 
$
31.0
 
Unconsolidated
 
 
 
 
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminating Entries
 
Consolidated
 
 
 
 
 
 
 
 
Net income
$
111.4

 
$
102.6

 
$
(102.6
)
 
$
111.4

Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustments
36.6

 
37.2

 
(37.2
)
 
36.6

Change in fair value of derivative financial instruments, net of tax
(9.2
)
 
0.3

 
(0.3
)
 
(9.2
)
Change in fair value of investment securities, net of tax
—

 
—

 
—

 
—

Change in post-retirement and pension liability adjustments, net of tax
(0.1
)
 
—

 
—

 
(0.1
)
Other comprehensive income (loss), net of tax
27.3

 
37.5

 
(37.5
)
 
27.3

Comprehensive income
$
138.7

 
$
140.1

 
$
(140.1
)
 
$
138.7
Condensed Balance Sheet [Table Text Block]
 
Unconsolidated
 
 
 
 
 
Perrigo Company plc
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminating Entries
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
424.7

 
$
233.6

 
$
233.2

 
$
—

 
$
891.5

Investment securities
—

 
16.5

 
5.1

 
—

 
21.6

Accounts receivable, net
2.0

 
283.0

 
1,822.6

 
(1,238.2
)
 
869.4

Inventories
—

 
658.4

 
148.1

 
(149.7
)
 
656.8

Current deferred income taxes
—

 
61.3

 
3.3

 
—

 
64.6

Prepaid expenses and other current assets
20.6

 
60.1

 
49.4

 
—

 
130.1

Total current assets
447.3

 
1,312.9

 
2,261.7

 
(1,387.9
)
 
2,634.0

Property and equipment, net
—

 
526.4

 
235.3

 
—

 
761.7

Goodwill and other indefinite-lived intangible assets
—

 
3,065.3

 
437.7

 
—

 
3,503.0

Other intangible assets, net
—

 
6,475.4

 
196.4

 
—

 
6,671.8

Non-current deferred income taxes
14.4

 
10.9

 
3.2

 
—

 
28.5

Other non-current assets
23.0

 
74.5

 
84.5

 
—

 
182.0

Intercompany loans receivable
7,300.0

 
2,065.7

 
14,242.3

 
(23,608.0
)
 
—

Investments in subsidiaries
6,284.9

 
8,538.3

 
367.5

 
(15,190.7
)
 
—

Total non-current assets
13,622.3

 
20,756.5

 
15,566.9

 
(38,798.7
)
 
11,147.0

Total assets
$
14,069.6

 
$
22,069.4

 
$
17,828.6

 
$
(40,186.6
)
 
$
13,781.0

Liabilities and Shareholders’ Equity
 
 
 
 
 
 
 
 


Accounts payable
$
40.4

 
$
1,254.0

 
$
252.2

 
$
(1,237.6
)
 
$
309.0

Payroll and related taxes
0.1

 
56.2

 
20.7

 
—

 
77.0

Accrued customer programs
—

 
35.0

 
239.5

 
—

 
274.5

Accrued liabilities
32.5

 
102.2

 
45.6

 
(0.4
)
 
179.9

Accrued income taxes
(0.6
)
 
12.7

 
19.6

 
—

 
31.7

Current deferred income taxes
—

 
4.3

 
—

 
—

 
4.3

Current portion of long-term debt
140.0

 
1.5

 
—

 
—

 
141.5

Total current liabilities
212.4

 
1,465.9

 
577.6

 
(1,238.0
)
 
1,017.9

Long-term debt, less current portion
3,049.2

 
1.6

 
—

 
—

 
3,050.8

Non-current deferred income taxes
—

 
692.2

 
16.5

 
—

 
708.7

Other non-current liabilities
—

 
192.4

 
94.5

 
—

 
286.9

Intercompany loans payable
2,091.3

 
13,849.0

 
7,667.7

 
(23,608.0
)
 
—

Total non-current liabilities
5,140.5

 
14,735.2

 
7,778.7

 
(23,608.0
)
 
4,046.4

Total liabilities
5,352.9

 
16,201.1

 
8,356.3

 
(24,846.0
)
 
5,064.3

Shareholders’ equity
8,716.7

 
5,868.3

 
9,472.3

 
(15,340.6
)
 
8,716.7

Total liabilities and shareholders' equity
$
14,069.6

 
$
22,069.4

 
$
17,828.6

 
$
(40,186.6
)
 
$
13,781.0
 
Unconsolidated
 
 
 
 
 
Perrigo Company plc
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminating Entries
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
323.4

 
$
245.2

 
$
230.9

 
$
—

 
$
799.5

Investment securities
—

 
—

 
5.9

 
—

 
5.9

Accounts receivable, net
1.4

 
463.9

 
4,495.7

 
(4,025.9
)
 
935.1

Inventories
—

 
613.9

 
148.1

 
(130.4
)
 
631.6

Current deferred income taxes
—

 
59.8

 
3.0

 
—

 
62.8

Prepaid expenses and other current assets
9.9

 
62.7

 
43.4

 
—

 
116.0

Total current assets
334.7

 
1,445.5

 
4,927.0

 
(4,156.3
)
 
2,550.9

Property and equipment, net
—

 
532.4

 
247.5

 
—

 
779.9

Goodwill and other indefinite-lived intangible assets
—

 
3,078.3

 
465.5

 
—

 
3,543.8

Other intangible assets, net
—

 
6,583.8

 
203.2

 
—

 
6,787.0

Non-current deferred income taxes
16.0

 
—

 
23.6

 
(16.0
)
 
23.6

Other non-current assets
23.8

 
84.5

 
86.7

 
—

 
195.0

Intercompany loans receivable
7,300.0

 
2,145.7

 
11,444.1

 
(20,889.8
)
 
—

Investments in subsidiaries
6,218.9

 
7,826.9

 
325.2

 
(14,371.0
)
 
—

Total non-current assets
13,558.7

 
20,251.6

 
12,795.8

 
(35,276.8
)
 
11,329.3

Total assets
$
13,893.4

 
$
21,697.1

 
$
17,722.8

 
$
(39,433.1
)
 
$
13,880.2

Liabilities and Shareholders’ Equity
 
 
 
 
 
 
 
 


Accounts payable
$
35.2

 
$
3,998.0

 
$
487.3

 
$
(4,156.2
)
 
$
364.3

Short-term debt
—

 
—

 
2.1

 
—

 
2.1

Payroll and related taxes
0.1

 
79.9

 
32.3

 
—

 
112.3

Accrued customer programs
—

 
65.6

 
190.9

 
—

 
256.5

Accrued liabilities
11.4

 
121.8

 
46.7

 
(0.5
)
 
179.4

Accrued income taxes
—

 
3.4

 
14.0

 
—

 
17.4

Current deferred income taxes
—

 
1.1

 
—

 
—

 
1.1

Current portion of long-term debt
140.0

 
1.6

 
—

 
—

 
141.6

Total current liabilities
186.7

 
4,271.4

 
773.3

 
(4,156.7
)
 
1,074.7

Long-term debt, less current portion
3,084.0

 
1.9

 
4.6

 
—

 
3,090.5

Non-current deferred income taxes
—

 
709.6

 
34.3

 
(16.0
)
 
727.9

Other non-current liabilities
—

 
182.6

 
110.8

 
—

 
293.4

Intercompany loans payable
1,929.0

 
11,291.5

 
7,667.8

 
(20,888.3
)
 
—

Total non-current liabilities
5,013.0

 
12,185.6

 
7,817.5

 
(20,904.3
)
 
4,111.8

Total liabilities
5,199.7

 
16,457.0

 
8,590.8

 
(25,061.0
)
 
5,186.5

Controlling interest
8,693.7

 
5,240.1

 
9,131.2

 
(14,372.1
)
 
8,692.9

Non-controlling interest
—

 
—

 
0.8

 
—

 
0.8

Shareholders’ equity
8,693.7

 
5,240.1

 
9,132.0

 
(14,372.1
)
 
8,693.7

Total liabilities and shareholders' equity
$
13,893.4

 
$
21,697.1

 
$
17,722.8

 
$
(39,433.1
)
 
$
13,880.2
Condensed Cash Flow Statement [Table Text Block]
 
Unconsolidated
 
 
 
 
 
Perrigo Company plc
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminating Entries
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash from (for) operating activities
$
(91.2
)
 
$
211.3

 
$
75.0

—

$
—

 
$
195.1

Cash Flows From (For) Investing Activities
 
 
 
 
 
 
 
 
 
Additions to property and equipment
—

 
(18.4
)
 
(13.3
)
 
—

 
(31.7
)
(Purchase) return of investment
—

 
1.2

 
(1.3
)
 
—

 
(0.1
)
Proceeds from sale of business
—

 
—

 
1.1

 
—

 
1.1

Intercompany notes issued
—

 
(202.1
)
 
(243.6
)
 
445.7

 
—

Net cash from (for) investing activities
—

 
(219.3
)
 
(257.1
)
 
445.7

 
(30.7
)
Cash Flows From (For) Financing Activities
 
 
 
 
 
 
 
 
—

Repayments of long-term debt
(35.0
)
 
—

 
(4.5
)
 
—

 
(39.5
)
Cash dividends
(14.1
)
 
—

 
—

 
—

 
(14.1
)
Repurchase of common stock
(7.5
)
 
—

 
—

 
—

 
(7.5
)
Settlements of contingent consideration
—

 
(5.0
)
 
—

 
—

 
(5.0
)
Borrowings (repayments) of short-term debt, net
—

 
—

 
(2.1
)
 
—

 
(2.1
)
Issuance of common stock
2.6

 
—

 
—

 
—

 
2.6

Excess tax benefit of stock transactions
4.3

 
—

 
—

 
—

 
4.3

Intercompany notes borrowed
242.2

 
1.4

 
202.1

 
(445.7
)
 
—

Net cash from (for) financing activities
192.5

 
(3.6
)
 
195.5

 
(445.7
)
 
(61.3
)
Effect of exchange rate changes on cash
—

 
—

 
(11.1
)
 
—

 
(11.1
)
Net increase (decrease) in cash and cash equivalents
101.3

 
(11.6
)
 
2.3

 
—

 
92.0

Cash and cash equivalents, beginning of period
323.4

 
245.2

 
230.9

 
—

 
799.5

Cash and cash equivalents, end of period
$
424.7

 
$
233.6

 
$
233.2

 
$
—

 
$
891.5
 
Unconsolidated
 
 
 
 
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminating Entries
 
Consolidated
 
 
 
 
 
 
 
 
Net cash from (for) operating activities
$
52.9

 
$
45.8

 
$
—

 
$
98.7

Cash Flows From (For) Investing Activities
 
 
 
 
 
 
 
Additions to property and equipment
(31.2
)
 
(9.2
)
 
—

 
(40.4
)
Proceeds from sale of land
—

 
4.6

 
—

 
4.6

Net cash from (for) investing activities
(31.2
)
 
(4.6
)
 
—

 
(35.8
)
Cash Flows From (For) Financing Activities
 
 
 
 
 
 
—

Cash dividends
(8.5
)
 
—

 
—

 
(8.5
)
Repurchase of common stock
(7.3
)
 
—

 
—

 
(7.3
)
Borrowings (repayments) of short-term debt, net
—

 
1.1

 
—

 
1.1

Issuance of common stock
3.5

 
—

 
—

 
3.5

Excess tax benefit of stock transactions
7.2

 
—

 
—

 
7.2

Deferred financing fees
(24.8
)
 
—

 
—

 
(24.8
)
Net cash from (for) financing activities
(29.9
)
 
1.1

 
—

 
(28.8
)
Effect of exchange rate changes on cash
—

 
2.6

 
—

 
2.6

Net increase (decrease) in cash and cash equivalents
(8.2
)
 
44.9

 
—

 
36.7

Cash and cash equivalents, beginning of period
519.6

 
260.3

 
—

 
779.9

Cash and cash equivalents, end of period
$
511.4

 
$
305.2

 
$
—

 
$
816.6