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Quarterly Financial Data
 12 Months Ended
Jun. 27, 2015
Quarterly Financial Data [Abstract]  
Quarterly Financial Data (unaudited) [Text Block]
QUARTERLY FINANCIAL DATA (unaudited)

The following table presents unaudited quarterly consolidated operating results for each of our last eight fiscal quarters. The information below has been prepared on a basis consistent with our audited consolidated financial statements (in millions, except per share amounts).
Fiscal Year 2015
First
Quarter (2)
 
Second
Quarter (3)
 
Third
Quarter (4)
 
Fourth
Quarter (5)
Net sales
$
951.5

 
$
1,071.7

 
$
1,049.1

 
$
1,531.6

Gross profit
$
321.8

 
$
383.8

 
$
378.8

 
$
628.1

Net income (loss)
$
96.3

 
$
70.2

 
$
(94.9
)
 
$
56.4

Earnings (loss) per share(1):
 
 
 
 
 
 
 
Basic
$
0.72

 
$
0.52

 
$
(0.67
)
 
$
0.39

Diluted
$
0.72

 
$
0.51

 
$
(0.67
)
 
$
0.38

Weighted average shares outstanding
 
 
 
 
 
 
 
Basic
133.9

 
136.3

 
140.8

 
146.3

Diluted
134.4

 
136.8

 
140.8

 
146.8


(1)    The sum of individual per share amounts may not equal due to rounding.
(2) 
Includes acquisition costs of $1.1 million, restructuring charges of $1.7 million, equity method investment losses of $3.1 million, and a $1.2 million investment distribution.
(3) 
Includes restructuring charges of $2.4 million, an R&D payment made in connection with a collaborative agreement of $10.0 million, Omega transaction expenses of $17.8 million, losses on derivatives associated with the Omega acquisition of $64.7 million, equity method investment losses of $3.0 million, income from transfer of rights agreement of $12.5 million, and $9.6 million loss on extinguishment of debt.
(4) 
Includes acquisition costs totaling $2.0 million, an increase in litigation accrual of $2.0 million, restructuring charges of $1.1 million, Omega financing fees of $18.6 million, and losses on derivatives associated with the Omega acquisition of $258.2 million.
(5) 
Includes legal and consulting fees related to our defense against Mylan N.V. of $13.4 million, acquisition costs of $18.5 million, goodwill impairment of $6.8 million, losses on derivatives terminated with extinguishment of associated debt and associated with hedging the pending GSK acquisition of $5.5 million, losses on equity method investments of $3.5 million, an inventory step up related to the Omega acquisition totaling $15.6 million, and an initial payment made in connection with an R&D agreement of $18.0 million.

Fiscal Year 2014
First
Quarter (2)
 
Second
Quarter (3)
 
Third
Quarter (4)
 
Fourth
Quarter (5)
Net sales
$
933.4

 
$
979.0

 
$
1,004.2

 
$
1,144.2

Gross profit
$
356.3

 
$
360.7

 
$
315.0

 
$
415.7

Net income (loss)
$
111.4

 
$
(86.0
)
 
$
48.1

 
$
131.7

Earnings (loss) per share(1):
 
 
 
 
 
 
 
Basic
$
1.18

 
$
(0.87
)
 
$
0.36

 
$
0.98

Diluted
$
1.18

 
$
(0.87
)
 
$
0.36

 
$
0.98

Weighted average shares outstanding
 
 
 
 
 
 
 
Basic
94.2

 
98.7

 
133.7

 
133.8

Diluted
94.7

 
98.7

 
134.3

 
134.3


(1) 
The sum of individual per share amounts may not equal due to rounding.
(2) 
Includes Elan transactions costs of $12.0 million, litigation settlement of $2.5 million, and acquisition costs of $1.9 million.
(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 totaling $6.0 million related to Paddock and Rosemont.
(4) 
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.
(5) 
Includes restructuring charges totaling $10.5 million and a loss contingency of $15.0 million related to Texas Medicaid.