10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________________________________________

FORM 10-Q

_______________________________________________

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: July 2, 2016

OR

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-36353

_______________________________________________

Perrigo Company plc

(Exact name of registrant as specified in its charter)

_______________________________________________

Ireland	Not Applicable
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Treasury Building, Lower Grand Canal Street, Dublin 2, Ireland	-
(Address of principal executive offices)	(Zip Code)

+353 1 7094000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

________________________________________ 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such report), and (2) has been subject to such filing requirements for the past 90 days.    YES [X]    NO  [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    YES  [X]   NO [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  [X]	Accelerated filer  [  ]
Non-accelerated filer  [  ]	Smaller reporting company  [  ]
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   [ ]  YES  [X] NO

As of August 5, 2016, there were 143,280,822 ordinary shares outstanding.

PERRIGO COMPANY PLC

FORM 10-Q

INDEX

		PAGE NUMBER
Cautionary Note Regarding Forward-Looking Statements		1
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Statements of Operations for the Three and Six Months Ended July 2, 2016 and June 27, 2015		2
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended July 2, 2016 and June 27, 2015		3
Condensed Consolidated Balance Sheets as of July 2, 2016 and December 31, 2015		4
Condensed Consolidated Statements of Cash Flows for the Six Months Ended July 2, 2016 and June 27, 2015		5
Notes to the Condensed Consolidated Financial Statements
1	Summary of Significant Accounting Policies	6
2	Acquisitions	8
3	Goodwill and Other Intangible Assets	14
4	Accounts Receivable Factoring	17
5	Inventories	17
6	Fair Value Measurements	17
7	Investments	19
8	Derivative Instruments and Hedging Activities	20
9	Assets Held For Sale	23
10	Indebtedness	25
11	Earnings per Share and Shareholders' Equity	28
12	Accumulated Other Comprehensive Income (Loss)	28
13	Income Taxes	29
14	Commitments and Contingencies	30
15	Collaboration Agreements and Other Contractual Arrangements	31
16	Restructuring Charges	32
17	Segment Information	32
18	Subsequent Events	33
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		34
Item 3. Quantitative and Qualitative Disclosures About Market Risk		52
Item 4. Controls and Procedures		52
PART II. OTHER INFORMATION
Item 1. Legal Proceedings		53
Item 1A. Risk Factors		54
Item 5. Other Information		58
Item 6. Exhibits		58
SIGNATURES		60

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this report are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our, or our industry's, actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements.In particular, statements about our expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this report, including certain statements contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or the negative of those terms or other comparable terminology.

Please see Item 1A of our Form 10-KT for the transition period from June 28, 2015 to December 31, 2015 and Part II, Item 1A of our Form 10-Q for the three months ended April 2, 2016 and this Form 10-Q for a discussion of certain important risk factors that relate to forward-looking statements contained in this report. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control, including the timing, amount and cost of share repurchases, future impairment charges, our ability to achieve our guidance, and the ability to execute and achieve the desired benefits of announced initiatives. These and other important factors, including those discussed in our Form 10-KT for the transition period from June 28, 2015 to December 31, 2015, our Form 10-Q for the three months ended April 2, 2016, and in this Form 10-Q under "Risk Factors" and in any subsequent filings with the Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this report are made only as of the date hereof, and unless otherwise required by applicable securities laws, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

TRADEMARKS, TRADENAMES AND SERVICE MARKS

This report contains trademarks, trade names and service marks that are the property of Perrigo Company plc, as well as, for informational purposes, trademarks, trade names, and service marks that are the property of other organizations. Solely for convenience, certain trademarks, trade names, and service marks referred to in this report appear without the ^®,™ and ^SM symbols, but those references are not intended to indicate that we or the applicable owner, as the case may be, will not assert, to the fullest extent under applicable law, our or their rights to such trademarks, trade names, and service marks.

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Perrigo Company plc - Item 1

PART I.     FINANCIAL INFORMATION

ITEM 1.        FINANCIAL STATEMENTS (UNAUDITED)

PERRIGO COMPANY PLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share amounts)

(unaudited)

	Three Months Ended						Six Months Ended
	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Net sales	$	1,481.0		$	1,531.6		$	2,864.2		$	2,580.8
Cost of sales	913.8			903.5			1,774.1			1,573.8
Gross profit	567.2			628.1			1,090.1			1,007.0
Operating expenses
Distribution	22.5			23.7			44.3			38.4
Research and development	47.0			62.6			92.2			98.0
Selling	171.6			174.9			352.4			223.7
Administration	101.8			140.1			208.2			219.7
Impairment charges (credits)	(19.8		)	—			447.2			—
Restructuring	5.8			(0.1		)	11.3			1.0
Total operating expenses	328.9			401.2			1,155.6			580.8
Operating income (loss)	238.3			226.9			(65.5		)	426.2
Interest expense, net	57.4			45.9			108.6			89.2
Other expense, net	29.3			22.7			33.1			281.3
Loss on extinguishment of debt	—			0.9			0.4			0.9
Income (loss) before income taxes	151.6			157.4			(207.6		)	54.8
Income tax expense (benefit)	(42.7		)	101.0			(67.3		)	93.2
Net income (loss)	$	194.3		$	56.4		$	(140.3	)	$	(38.4	)
Income (loss) per share
Basic	$	1.36		$	0.39		$	(0.98	)	$	(0.27	)
Diluted	$	1.35		$	0.38		$	(0.98	)	$	(0.27	)
Weighted-average shares outstanding
Basic	143.2			146.3			143.2			143.5
Diluted	143.6			146.8			143.2			143.5
Dividends declared per share	$	0.145		$	0.125		$	0.29		$	0.25

See accompanying Notes to the Condensed Consolidated Financial Statements

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PERRIGO COMPANY PLC

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions)

(unaudited)

	Three Months Ended						Six Months Ended
	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Net income (loss)	$	194.3		$	56.4		$	(140.3	)	$	(38.4	)
Other comprehensive income (loss):
Foreign currency translation adjustments	(106.2		)	118.6			44.8			90.7
Change in fair value of derivative financial instruments, net of tax	(1.3		)	4.8			(7.0		)	5.5
Change in fair value of investment securities, net of tax	2.4			(6.1		)	8.5			(4.9		)
Change in post-retirement and pension liability adjustments, net of tax	(0.3		)	4.1			0.5			3.7
Other comprehensive income (loss), net of tax	(105.4		)	121.4			46.8			95.0
Comprehensive income (loss)	$	88.9		$	177.8		$	(93.5	)	$	56.6

See accompanying Notes to the Condensed Consolidated Financial Statements

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PERRIGO COMPANY PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions)

	(Unaudited)
	July 2, 2016			December 31, 2015
Assets
Cash and cash equivalents	$	641.8		$	417.8
Accounts receivable, net of allowance for doubtful accounts of $4.0 million, and $3.0 million, respectively	1,199.1			1,193.1
Inventories	894.6			844.4
Prepaid expenses and other current assets	297.3			289.1
Total current assets	3,032.8			2,744.4
Property and equipment, net	888.6			886.2
Goodwill and other indefinite-lived intangible assets	6,627.1			7,281.2
Other intangible assets, net	8,679.3			8,190.5
Non-current deferred income taxes	100.6			54.6
Other non-current assets	205.2			237.0
Total non-current assets	16,500.8			16,649.5
Total assets	$	19,533.6		$	19,393.9
Liabilities and Shareholders’ Equity
Liabilities
Accounts payable	$	514.1		$	554.9
Payroll and related taxes	98.4			125.3
Accrued customer programs	354.2			398.0
Accrued liabilities	295.7			308.4
Accrued income taxes	72.5			85.2
Current indebtedness	758.1			1,018.3
Total current liabilities	2,093.0			2,490.1
Long-term debt, less current portion	5,652.5			4,971.6
Non-current deferred income taxes	1,473.7			1,563.7
Other non-current liabilities	414.7			332.4
Total non-current liabilities	7,540.9			6,867.7
Total liabilities	9,633.9			9,357.8
Commitments and contingencies - Note 14
Shareholders’ equity
Preferred shares, $0.0001 par value, 10 million shares authorized	—			—
Ordinary shares, €0.001 par value, 10 billion shares authorized	8,144.0			8,144.6
Accumulated other comprehensive income	31.3			(15.5		)
Retained earnings	1,725.0			1,907.6
Total controlling interest	9,900.3			10,036.7
Noncontrolling interest	(0.6		)	(0.6		)
Total shareholders’ equity	9,899.7			10,036.1
Total liabilities and shareholders' equity	$	19,533.6		$	19,393.9
Supplemental Disclosures of Balance Sheet Information
Preferred shares, issued and outstanding	—			—
Ordinary shares, issued and outstanding	143.2			143.1

See accompanying Notes to the Condensed Consolidated Financial Statements

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PERRIGO COMPANY PLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(unaudited)

	Six Months Ended
	July 2, 2016			June 27, 2015
Cash Flows From (For) Operating Activities
Net income (loss)	$	(140.3	)	$	(38.4	)
Adjustments to derive cash flows
Depreciation and amortization	369.3			295.0
Loss on acquisition-related foreign currency derivatives	—			300.0
Share-based compensation	7.6			15.5
Impairment charges	447.2			—
Loss on extinguishment of debt	0.4			0.9
Non-cash restructuring charges	11.3			1.0
Deferred income taxes	(157.1		)	21.9
Other non-cash adjustments	28.2			12.1
Subtotal	566.6			608.0
Increase (decrease) in cash due to:
Accounts receivable	42.3			(77.2		)
Inventories	(50.3		)	28.4
Accounts payable	(41.1		)	187.5
Payroll and related taxes	(39.2		)	(3.8		)
Accrued customer programs	(45.3		)	18.1
Accrued liabilities	(9.8		)	(14.8		)
Accrued income taxes	21.8			(14.9		)
Other	(45.4		)	(0.6		)
Subtotal	(167.0		)	122.7
Net cash from (for) operating activities	399.6			730.7
Cash Flows From (For) Investing Activities
Acquisitions of businesses, net of cash acquired	(419.7		)	(2,098.8		)
Additions to property and equipment	(57.1		)	(89.0		)
Settlement of acquisition-related foreign currency derivatives	—			(303.5		)
Other investing	(1.0		)	1.0
Net cash from (for) investing activities	(477.8		)	(2,490.3		)
Cash Flows From (For) Financing Activities
Issuances of long-term debt	1,190.3			—
Payments on long-term debt	(28.7		)	(889.0		)
Borrowings (repayments) of revolving credit agreements and other financing, net	(803.9		)	(50.4		)
Deferred financing fees	(2.4		)	(3.3		)
Issuance of ordinary shares	3.5			4.0
Cash dividends	(41.6		)	(35.9		)
Other financing	(11.7		)	(10.6		)
Net cash from (for) financing activities	305.5			(985.2		)
Effect of exchange rate changes on cash	(3.3		)	(65.7		)
Net increase (decrease) in cash and cash equivalents	224.0			(2,810.5		)
Cash and cash equivalents, beginning of period	417.8			3,596.1
Cash and cash equivalents, end of period	$	641.8		$	785.6
Supplemental Disclosures of Cash Flow Information
Cash paid/received during the year for:
Interest paid	$	89.5		$	86.3
Interest received	$	0.7		$	0.7
Income taxes paid	$	38.0		$	110.2
Income taxes refunded	$	0.3		$	2.1

See accompanying Notes to the Condensed Consolidated Financial Statements

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Note 1

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a.     General Information

The Company

Perrigo Company plc was incorporated under the laws of Ireland on June 28, 2013 and 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 Branded Consumer Healthcare ("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 ending December 31, 2016.

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Note 1

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.

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Note 1

Recently Issued Accounting Standards Not Yet Adopted (continued)
Standard	Description	Effective Date	Effect on the Financial Statements or Other Significant Matters
Measurement of Credit Losses on Financial Instruments	This guidance changes the impairment model for most financial assets and certain other instruments, replacing the current "incurred loss" approach with an "expected loss" credit impairment model, which will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities,and off-balance sheet credit exposures such as letters of credit. Early adoption is permitted.	January 1, 2020	We are currently evaluating the new standard for potential impacts on our receivables, debt, and other financial instruments.

NOTE 2 – 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.

The effects of all of the acquisitions described below are 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

OnJanuary 22, 2016, we acquired a portfolio of generic dosage forms and strengths ofRetin-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 intangible assets acquired included generic product rights valued using the multi-period excess earnings method and assigned a 20-year useful life, and non-compete agreements 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 will become a definite-lived intangible asset), or is determined to have no future use (at which time it would be 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 $24.9 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,

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Note 2

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.

Purchase Price Allocation of Current Year Acquisitions

The purchase accounting allocations for the Development-Stage Rx Products acquisition and one small product acquisition (included in "All Other" in the table below) are preliminary and arebased on the valuation information, estimates, and assumptions available at July 2, 2016. As we finalize the fair value estimate, additional purchase price adjustments may be recorded during the measurement period to contingent consideration and intangible assets.

The below table indicates the purchase price allocation for acquisitions completed in the current year (in millions):

	Tretinoin Products		Development-Stage Rx Products*		All Other(1)*
Purchase price paid	$	416.4	$	—	$	0.3
Contingent consideration	—		24.9		5.6
Total purchase consideration	$	416.4	$	24.9	$	5.9
Assets acquired:
Inventories	$	1.4	$	—	$	—
Goodwill	1.7		—		—
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	—		24.9		5.9
Total intangible assets	413.3		24.9		5.9
Total assets	$	416.4	$	24.9	$	5.9

*    Opening balance sheet is preliminary

(1) Consists of one product acquisition in the CHC segment

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 acquired included the branded and authorized generic product rights with useful lives of 10 and 15 years, respectively, which were valued using the multi-period excess earnings method.

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Note 2

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 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.

GlaxoSmithKlineConsumer 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

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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 purchased95.77% 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 per 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 and six months ended June 27, 2015 (in millions):

	Three Months Ended		Six Months Ended
Line item	June 27, 2015
Administration	$	16.1	$	18.1
Interest expense, net	—		18.7
Other expense, net	—		258.2
Total acquisition-related costs	$	16.1	$	295.0

See Note 8 for further details on losses on the 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 fourto 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 to value the indefinite-lived brands, the definite-lived brands, and distribution network. We utilized the relief from royalty method to value 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

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Note 2

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 assumedon 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.

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Note 2

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 valuation 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 acquisitions completed during theyear endedDecember 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 the CHC, BCH, and Rx segments

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Note 2

Actual and Unaudited Pro Forma Impact of Acquisitions

Our Condensed Consolidated Financial Statements include operating results from the acquisitions of the Tretinoin Products, Entocort^®, Naturwohl, GSK Products, ScarAway^®, Omega, and Gelcaps, and two small product acquisitions (included in "All Other" in the above table) from the date of each acquisition through July 2, 2016. Net sales and operating income attributable to acquisitions completed in the current year and included in our financial statements totaled $13.4 million and $7.5 million, respectively, for the three months endedJuly 2, 2016 and totaled $29.2 million and $18.9 million, respectively, for the six months endedJuly 2, 2016.

The following unaudited pro forma information gives effect to the acquisitions of the Tretinoin Products, Entocort^®, Naturwohl, GSK Products, ScarAway^®, Omega, and Gelcaps, and two small product acquisitions, as if the acquisitions had occurred on the first day of the six months endedJune 27, 2015 and had been included in our Results of Operations for all periods presented thereafter (in millions):

	Three Months Ended				Six Months Ended
(Unaudited)	July 2, 2016		June 27, 2015		July 2, 2016			June 27, 2015
Net sales	$	1,481.0	$	1,627.9	$	2,867.5		$	3,005.2
Net income (loss)	$	194.3	$	87.3	$	(138.8	)	$	11.9

The historical consolidated financial information of Perrigo, and the Tretinoin Products, Entocort^®, Naturwohl, GSK Products, ScarAway^®, Omega, and 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 six months endedJune 27, 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 six months endedJuly 2, 2016 to the six months endedJune 27, 2015. The unaudited pro forma results do not reflect future events that have occurred or may occur after the acquisitions.

NOTE 3 – 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			July 2, 2016
CHC	$	1,890.0	$	—	$	—		$	4.5	$	(5.7	)	$	1,888.8
BCH	1,980.5		—		(163.3		)	—		74.6			1,891.8
Rx	1,222.2		1.7		—			—		(13.0		)	1,210.9
Specialty Sciences	200.7		—		—			—		—			200.7
Other	71.5		—		—			7.2		0.9			79.6
Total goodwill	$	5,364.9	$	1.7	$	(163.3	)	$	11.7	$	56.8		$	5,271.8

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 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. Step one of the goodwill impairment test involved determining the fair value of the reporting unit using a discounted cash flow technique and comparing it to the reporting unit’s carrying value. The main assumptions supporting the cash flow projections used to determine the reporting unit’s fair value included 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 BCH-ROW

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Note 3

reporting unit did not pass step one of goodwill impairment testing. The change in fair value from previous estimates was due primarily to the changes in the 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 second step of the goodwill impairment test required that we determine the implied fair value of the BCH - ROW reporting unit’s goodwill, which involved determining the value of the reporting unit’s individual assets and liabilities. Due to the complex and time-consuming nature of step two, 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 (credits) on the Condensed Consolidated Statements of Operations for the three months ended April 2, 2016. We finalized the step two fair value calculation during the three months ended July 2, 2016, which resulted in a $30.3 million reduction to the estimated impairment charge recorded last quarter.

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, Ocrevus^®, received breakthrough therapy designation from the FDA and could potentially be approved in 2016. The product would compete with Tysabri^® and could have a significant negative impact on the royalty we receive from Biogen Idec Inc. ("Biogen") and the performance of the Specialty Sciences segment. We continue to monitor the progress of all potential competing products and assess the reporting unit for potential impairment should impairment indicators arise, as applicable, and at least annually during our fourth quarter impairment testing.

During the three months endedJune 27, 2015, we performed our annual goodwill impairment testing, which indicated that our CHC Mexico reporting unit's goodwill fair value was below its net book value as of March 28, 2015. As a result, we initiated the second step of the goodwill impairment test to measure the amount of impairment. We concluded that the goodwill was fully impaired and recorded an impairment of $6.8 million in the CHC segment during the three months endedJune 27, 2015 in Other expense, net.

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Note 3

Intangible Assets

Other intangible assets and related accumulated amortization consisted of the following (in millions):

	July 2, 2016				December 31, 2015
	Gross		Accumulated Amortization		Gross		Accumulated Amortization
Definite-lived intangibles:
Distribution and license agreements, supply agreements	$	6,056.7	$	831.5	$	6,053.4	$	667.2
Developed product technology, formulations, and product rights	1,784.6		492.1		1,383.5		426.0
Customer relationships and distribution networks	1,545.7		256.6		1,520.7		193.0
Trademarks, trade names, and brands	911.4		42.6		539.4		22.8
Non-compete agreements	14.6		10.9		15.2		12.7
Total definite-lived intangibles	$	10,313.0	$	1,633.7	$	9,512.2	$	1,321.7
Indefinite-lived intangibles:
Trademarks, trade names, and brands	$	1,288.4	$	—	$	1,868.1	$	—
In-process research and development	66.9		—		48.2		—
Total indefinite-lived intangibles	1,355.3		—		1,916.3		—
Total other intangible assets	$	11,668.3	$	1,633.7	$	11,428.5	$	1,321.7

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 $161.7 million and $142.6 million for the three months endedJuly 2, 2016 and June 27, 2015, respectively, and $319.7 million and $250.4 million for the six months endedJuly 2, 2016 and June 27, 2015, respectively. The increase in amortization expense for the 2016 six-month period 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 (credits) 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 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 included 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 estimated and implied fair values, respectively, and as a result, any further deterioration in those assets' fair value would lead to a further impairment

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Note 3

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 and began amortizing the asset during the three months ended July 2, 2016.

NOTE 4 - 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 $54.7 million and $106.7 million at July 2, 2016 and December 31, 2015, respectively.

NOTE 5 – INVENTORIES

Major components of inventory were as follows (in millions):

	July 2, 2016		December 31, 2015
Finished goods	$	523.4	$	483.4
Work in process	148.6		151.4
Raw materials	222.6		209.6
Total inventories	$	894.6	$	844.4

NOTE 6 – 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.

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Note 6

The following table summarizes the valuation of our financial instruments carried at fair value and measured at fair value on a recurring basis by the above pricing categories (in millions):

		Fair Value
	Fair Value Hierarchy	July 2, 2016		December 31, 2015
Measured at fair value on a recurring basis:
Assets:
Investment securities	Level 1	$	40.0	$	14.9
Foreign currency forward contracts	Level 2	$	4.3	$	4.8
Funds associated with Israeli post-employment benefits	Level 2	16.3		17.2
Total level 2 assets		$	20.6	$	22.0
Liabilities:
Interest rate swap agreements	Level 2	$	—	$	0.3
Foreign currency forward contracts	Level 2	2.8		3.9
Total level 2 liabilities		$	2.8	$	4.2
Contingent consideration	Level 3	$	44.9	$	17.9

There were no transfers between Level 1, 2, and 3 during the three and six months endedJuly 2, 2016 and June 27, 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.

The table below presents a reconciliation for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions). Net realized losses in the table were recorded in Administrative expense.

	Three Months Ended						Six Months Ended
	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Contingent Consideration
Beginning balance:	$	48.0		$	12.4		$	17.9		$	12.4
Net realized (gains) losses	(0.1		)	0.9			—			0.9
Purchases or additions	1.0			—			30.5			—
Impairments	(3.8		)	(13.3		)	(3.8		)	(13.3		)
Foreign currency effect	(0.2		)	—			0.3			—
Ending balance:	$	44.9		$	—		$	44.9		$	—

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Note 6

Certain assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value may not be recoverable. The following table summarizes the valuation of our financial instruments carried at fair value by the above pricing categories (in millions):

		Fair Value
	Fair Value Hierarchy	July 2, 2016		December 31, 2015
Measured at fair value on a non-recurring basis:
Assets:
Goodwill(1)	Level 3	$	1,792.6	$	—
Indefinite-lived intangible assets(2)	Level 3	$	1,082.0	$	1,031.8
Assets held for sale, net	Level 3	70.1		37.5
Total level 3 assets		$	2,944.7	$	1,069.3

(1) Goodwill with a carrying amount of $1,955.9 million was written down to its implied fair value of $1,792.6 million, resulting in total impairment charges of $163.3 million for the six months endedJuly 2, 2016, which are included in Impairment charges (credits) on the Condensed Consolidated Statements of Operations. The implied fair value is as of April 2, 2016, the date of the goodwill impairment test.

(2) Intangible assets estimated fair value at July 2, 2016 is as of April 2, 2016, the date the impairment was taken.

The non-recurring fair values included in the table above represent only those assets whose carrying values were adjusted to fair value during the reporting period. See Note 3 for a more detailed discussion of the impaired goodwill and indefinite-lived intangible assets and the valuation methods used, and Note 9 for information on the impaired assets held for sale, net.

As of July 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 July 2, 2016, the public bonds and private placement note had a carrying value of $5.1 billion and a fair value of $5.2 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 July 2, 2016, our retail bonds had a carrying value of $818.6 million (excluding a premium of $67.5 million) and a fair value of $885.3 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 of our related bonds for both periods was based on interest rates offered for borrowings of a similar nature and remaining maturities (Level 2).

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.

NOTE 7 – 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):

	July 2, 2016		December 31, 2015
Equity securities, at cost less impairments	$	20.2	$	6.4
Gross unrealized gains	19.8		9.3
Gross unrealized losses	—		(0.8		)
Estimated fair value of equity securities	$	40.0	$	14.9

The factors affecting the assessment of impairments include both general financial market conditions and factors specific to a particular company. We recorded impairment charges of $1.7 million related to other-than-temporary impairments of our marketable equity securities during the three months endedJuly 2, 2016 due to prolonged losses incurred on each of the investments.

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Note 7

Cost Method Investments

Our cost method investments totaled $7.0 million and $6.9 million at July 2, 2016 and December 31, 2015, respectively, and are included in Other non-current assets.

Equity Method Investments

Our equity method investments totaled $4.8 million and $45.5 million at July 2, 2016 and December 31, 2015, respectively, and are included in Other non-current assets. We recorded a net loss of $1.6 million and $3.9 million during the three and six months endedJuly 2, 2016, respectively, and a net loss of $3.3 million and $3.6 million during the three and six months endedJune 27, 2015, respectively, for our proportionate share of the equity method investment earnings or losses. The losses were recorded in Other expense, net.

In addition, due to significant and prolonged losses incurred on one of our equity method investments, we recorded a $22.3 million impairment in Other expense, net, during the three months endedJuly 2, 2016.

During the six months endedJuly 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 Other Comprehensive Income ("OCI"), as reflected in the table above.

NOTE 8 – 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 July 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. 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.    

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Note 8

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 endedDecember 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 of senior notes on March 7, 2016 for a cumulative after-tax loss of $7.0 million in OCI during the six months endedJuly 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.

During the three months endedJune 27, 2015, we repaid a $300.0 million term loan with floating interest rates priced off the LIBOR yield curve, see Note 10. As a result of the term loan repayment on June 25, 2015, the forward interest rate swap agreements with notional amounts totaling $240.0 million that were in place to hedge the change in the LIBOR rate were terminated as well. We recorded a loss of $3.6 million in Other expense, net, during the three months endedJune 27, 2015 for the amount remaining in Accumulated Other Comprehensive Income ("AOCI") when the hedges were terminated.

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 $500.4 million and $755.5 million as of July 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. In June 2015, in order to economically hedge the foreign currency exposure associated with the planned payment of the euro-denominated GSK Products acquisition discussed in Note 2, we entered into a non-designated option contract to protect against a strengthening of the euro relative to the U.S. dollar. We recorded losses of $1.9 million for the change in fair value of the option contract during the three months ended June 27, 2015 in Other expense, net. Because these derivatives were economically hedging future acquisitions, the cash outflows associated with their settlement are shown as investing activity on the Consolidated Statements of Cash Flows.

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Note 8

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
		July 2, 2016		December 31, 2015
Designated derivatives:
Foreign currency forward contracts	Other current assets	$	2.6	$	3.8
Total designated derivatives		$	2.6	$	3.8
Non-designated derivatives:
Foreign currency forward contracts	Other current assets	$	1.7	$	1.0
Total non-designated derivatives		$	1.7	$	1.0

	Liability Derivatives
	Balance Sheet Location	Fair Value
		July 2, 2016		December 31, 2015
Designated derivatives:
Foreign currency forward contracts	Accrued liabilities	$	1.0	$	2.0
Interest rate swap agreements	Other non-current liabilities	—		0.3
Total designated derivatives		$	1.0	$	2.3
Non-designated derivatives:
Foreign currency forward contracts	Accrued liabilities	$	1.8	$	1.9
Total non-designated derivatives		$	1.8	$	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 (Effective Portion)
	Three Months Ended						Six Months Ended
Designated Cash Flow Hedges	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Interest rate swap agreements	$	—		$	(14.0	)	$	(9.0	)	$	(12.0	)
Foreign currency forward contracts	(0.3		)	2.7			1.3			(1.1		)
Total	$	(0.3	)	$	(11.3	)	$	(7.7	)	$	(13.1	)

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Note 8

The gains (losses) reclassified from 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 (Effective Portion)
		Three Months Ended						Six Months Ended
Designated Cash Flow Hedges	Income Statement Location	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Treasury locks	Interest expense, net	$	—		$	(0.1	)	$	—		$	(0.1	)
Interest rate swap agreements	Interest expense, net	(0.6		)	(19.1		)	(1.1		)	(18.2		)
Foreign currency forward contracts	Net sales	0.2			2.0			0.8			1.9
	Cost of sales	0.6			(1.8		)	0.9			(4.6		)
	Interest expense, net	(0.6		)	—			(0.9		)	—
	Other expense, net	1.4			(0.2		)	1.5			(0.5		)
Total		$	1.0		$	(19.2	)	$	1.2		$	(21.5	)

The net of tax amount expected to be reclassified out of AOCI into earnings during the next 12 months is a $1.0 millionloss.

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 (Ineffective Portion)
		Three Months Ended					Six Months Ended
Designated Cash Flow Hedges	Income Statement Location	July 2, 2016			June 27, 2015		July 2, 2016			June 27, 2015
Interest rate swap agreements	Other expense, net	$	—		$	—	$	(0.1	)	$	—
Foreign currency forward contracts	Net sales	(0.1		)	—		0.1			(0.3		)
	Cost of sales	(0.1		)	0.1		—			0.1
	Other expense, net	0.6			—		0.6			—
Total		$	0.4		$	0.1	$	0.6		$	(0.2	)

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						Six Months Ended
Non-Designated Derivatives	Income Statement Location	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Foreign currency forward contracts	Other expense, net	$	(1.6	)	$	5.2		$	(8.5	)	$	(250.5	)
	Interest expense, net	(0.6		)	(1.0		)	(0.5		)	(3.5		)
Total		$	(2.2	)	$	4.2		$	(9.0	)	$	(254.0	)

NOTE 9 – ASSETS HELD FOR SALE

During the six months endedDecember 31, 2015, management committed to a plan to sell our U.S. Vitamins, Minerals, and Supplements ("VMS") and India Active Pharmaceutical Ingredients ("API") businesses. The VMS business is reported in our CHC segment and the API business is reported in our Other segment. 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 its fair value less cost to sell, resulting in an impairment charge of $29.0 million. During the three months endedJuly 2, 2016, we recorded an additional impairment charge to the India API business of

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Perrigo Company plc - Item 1

Note 9

$4.3 million. In addition, during the three months endedJuly 2, 2016, we determined that the carrying value of the U.S. VMS business exceeded its fair value less cost to sell, resulting in an impairment charge of $6.2 million.

Assets and liabilities associated with the U.S. VMS and India API held for sale businesses were classified as held for sale at July 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):

	July 2, 2016						December 31, 2015
	CHC			Other			CHC		Other
Assets held for sale
Current assets	$	59.4		$	6.8		$	55.1	$	13.6
Goodwill	8.5			7.3			13.0		14.5
Property, plant and equipment	18.9			34.0			18.8		37.4
Other assets	0.9			3.2			—		3.2
Less: impairment reserves	(6.2		)	(32.5		)	—		(29.0		)
Total assets held for sale	$	81.5		$	18.8		$	86.9	$	39.7
Liabilities held for sale
Current liabilities	$	27.0		$	1.1		$	30.5	$	0.5
Other liabilities	—			2.1			—		1.7
Total liabilities held for sale	$	27.0		$	3.2		$	30.5	$	2.2

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Note 10

NOTE 10 – INDEBTEDNESS

Total borrowings outstanding are summarized as follows (in millions):

				July 2, 2016			December 31, 2015
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			473.3			488.8
Notes and Bonds
	Coupon	Due
	1.300%	November 8, 2016	(2)	500.0			500.0
*	4.500%	May 23, 2017	(3)	200.5			195.5
*	5.125%	December 12, 2017	(3)	334.1			325.8
	2.300%	November 8, 2018	(2)	600.0			600.0
*	5.000%	May 23, 2019	(3)	133.6			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)	150.4			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			5,918.6			4,698.3
Other financing				4.6			86.0
Unamortized premium (discount), net				49.5			73.4
Deferred financing fees				(35.4		)	(36.6		)
Total borrowings outstanding				6,410.6			5,989.9
	Current indebtedness			(758.1		)	(1,018.3		)
Total long-term debt less current portion				$	5,652.5		$	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 debt agreements as of July 2, 2016.

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.

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Note 10

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 July 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, and we entered into a $300.0 million term loan tranche maturing December 18, 2015, which we repaid in full on June 25, 2015. During the six months endedJuly 2, 2016, we made $27.9 million in scheduled principal payments 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 in March and September of each year, beginning in September 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 Bondsexceeded 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.

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Note 10

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. We plan to prepay the 1.300% 2016 Notes in September 2016. See Part II, Item 5.

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 uses overdraft facilities to increase the efficiency of its cash utilization and meet its short-term liquidity needs. We repaid the balance outstanding under these overdraft facilities during the three months ended July 2, 2016, but retain the ability to use these facilities in our day-to-day cash operations.  The balance outstanding under the facilities was $82.9 million at December 31, 2015 and is shown in the above table under "Other Financing".

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Note 11

NOTE 11 – 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				Six Months Ended
	July 2, 2016		June 27, 2015		July 2, 2016			June 27, 2015
Numerator:
Net income (loss)	$	194.3	$	56.4	$	(140.3	)	$	(38.4	)
Denominator:
Weighted average shares outstanding for basic EPS	143.2		146.3		143.2			143.5
Dilutive effect of share-based awards*	0.4		0.5		—			—
Weighted average shares outstanding for diluted EPS	143.6		146.8		143.2			143.5
Anti-dilutive share-based awards excluded from computation of diluted EPS*	1.0		—		—			—

* In the period of a net loss, diluted shares equal basic shares.

Shareholders' Equity

Shares

We issued 19,000 and 57,000 shares related to the exercise and vesting of share-based compensation during the three months endedJuly 2, 2016 and June 27, 2015, respectively. We issued 98,000 and 92,000 shares related to the exercise and vesting of share-based compensation during the six months endedJuly 2, 2016 and June 27, 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 six months endedJuly 2, 2016.

NOTE 12 – 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	44.8			(5.6		)	7.2		0.5			46.9
Amounts reclassified from AOCI	—			(1.4		)	1.3		—			(0.1		)
Other comprehensive income (loss)	44.8			(7.0		)	8.5		0.5			46.8
Balance at July 2, 2016	$	40.4		$	(21.2	)	$	14.8	$	(2.7	)	$	31.3

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Note 13

NOTE 13 – INCOME TAXES

The effective tax rate for the three months endedJuly 2, 2016 was a benefit of 28.2% on income compared to 64.1% for the three months endedJune 27, 2015. The effective tax rate for the six months endedJuly 2, 2016 was a benefit of 32.4% on a net loss reported in the period compared to 170.2% on income for the six months ended June 27, 2015. Income taxes recorded through July 2, 2016 were estimated using the discrete method. Due to sensitivity to small changes to forecasted annual pre-tax earnings, which created results with significant variations in the customary relationship between income tax expense and pre-tax income for the interim periods, we determined that using the discrete method is more appropriate than using the annual effective tax rate method.

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 $353.4 million and $334.7 million as of July 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 $55.3 million and $52.1 million as of July 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. In February 2016, the Belgium Tax Authority notified us that all Belgium locations will be audited for the years ended

29

Perrigo Company plc - Item 1

Note 13

December 31, 2013 and December 31, 2014. At this time, we cannot predict the outcome of any audit or related litigation.

NOTE 14 – COMMITMENTS AND CONTINGENCIES

In view of the inherent difficulties of predicting the outcome of various types of legal proceedings, we cannot determine the ultimate resolution of the matters described below. We establish reserves for litigation and regulatory matters when losses associated with the claims become probable and the amounts can be reasonably estimated. The actual costs of resolving legal matters may be substantially higher or lower than the amounts reserved for those matters. For matters where the likelihood or extent of a loss is not probable or cannot be reasonably be estimated as of July 2, 2016, we have not recorded a loss reserve. If certain of these matters are determined against us, it could have a material adverse effect on our financial condition, results of operations, or cash flows. We currently believe we have valid defenses to the claims in these lawsuits and intend to defend these lawsuits vigorously regardless of whether or not we have a loss reserve. 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. 

Securities Litigation

On May 18, 2016, a shareholder filed a securities case against the Company and our former CEO, Joseph Papa, in the District of New Jersey (Roofers’ Pension Fund v. Papa, et al.). The plaintiff purports to represent a class of shareholders for the period from April 21, 2015 through May 11, 2016, inclusive. The complaint alleges violations of Securities Exchange Act sections 10(b) (and Rule 10b‑5) and 14(e) against both defendants and 20(a) control person liability against Mr. Papa. In general, the allegations concern the actions taken by us and the former executive to defend against the hostile takeover bid by Mylan in the period from April 21, 2015 through November 13, 2015. The plaintiff also alleges that we provided inadequate disclosure concerning alleged integration problems related to the Omega acquisition in the period from April 21, 2015 through May 11, 2016. The case is in an early stage. Four different plaintiff groups have sought appointment as lead plaintiff/lead counsel. The court will decide in the near term who will represent the purported class. Once the court has chosen a lead plaintiff, the plaintiff will likely file an amended complaint and the defendants will then have an opportunity to make a motion to dismiss the case. 

A substantially similar case making virtually the same allegations for the same class period against the same defendants was filed in the Southern District of New York on June 21, 2016 (AMI - Gov’t Employees Provident Fund Mgmt Co. v. Papa, et al.). The plaintiff in the AMI case voluntarily dismissed its action on July 12, 2016.

On May 22, 2016, shareholders filed a securities class action against us and five individual defendants Mr. Papa, our former Executive Vice President and General Manager of the BCH segment Marc Coucke, our Chief Executive Officer John Hendrickson and our Board members Gary Kunkle, Jr. and Laurie Brlas alleging violations of Israeli law in the District Court of Tel Aviv-Jaffa (Schwieger et al. v. Perrigo Company plc, et al.). On June 15, 2016, Perrigo filed a motion to stay the case pending the outcome of the securities class action pending in the New Jersey federal court. The plaintiffs did not oppose the motion. The Israeli court granted the motion on the same day, and the action is stayed.

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

30

Perrigo Company plc - Item 1

Note 14

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 was held on July 11, 2016. At this stage, we cannot reasonably predict the outcome or the liability, if any, associated with this claim.

Tysabri^® Product Liability Lawsuits

Perrigo and collaborator 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.

NOTE 15 – COLLABORATION AGREEMENTS AND OTHER CONTRACTUAL ARRANGEMENTS

In May 2015, we entered into a development agreement wherein we transferred the ownership rights to two pharmaceutical products to a clinical stage development company to fund and conduct development activities for the products. We do not expect to incur any expense related to the development of either product. If the products are approved by the FDA, we will execute a buy-back agreement to purchase each product for a multiple of the development costs incurred. Based on the initial development budget for each product, the estimated purchase price for both products is approximately $78.0 million. If development costs exceed the initial budgeted amounts, the purchase price will increase but will not exceed approximately $105.0 million. If the products are approved by the FDA and we purchase the products, we estimate the acquisitions will occur in 2019 and 2020. 

In June 2016, we added an additional product to the May 2015 development agreement that is subject to similar buy-back terms if the product is approved by the FDA. The estimated purchase price for this additional product, based on the initial development budget, is approximately $42.0 million. If development costs exceed the initial budgeted amounts, the purchase price will increase, but will not exceed approximately $57.0 million. If the product is approved by the FDA and we purchase the product, we estimate the acquisition will occur in 2020. There can be no assurance that any such products will be approved by the FDA on the anticipated schedule or at all.

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Perrigo Company plc - Item 1

Note 16

NOTE 16 – 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						Six Months Ended
	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Beginning balance	$	13.0		$	3.6		$	20.7		$	3.2
Additional charges	5.8			(0.1		)	11.3			1.0
Payments	(6.6		)	(1.9		)	(24.8		)	(2.6		)
Non-cash adjustments	—			—			5.0			—
Ending balance	$	12.2		$	1.6		$	12.2		$	1.6

Restructuring activity includes severance, lease exit costs, and asset impairments. The charges incurred during the three and six months endedJuly 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 $7.0 million liability for employee severance benefits will be paid within the next year, while cash expenditures related to the remaining $5.2 million liability for lease exit costs will be incurred over the remaining terms of the applicable leases.

NOTE 17 – SEGMENT INFORMATION

Our reporting segments are as follows:

• CHCis 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.

• BCHdevelops, manufactures, markets and distributes many well-known European OTC brands in the natural health and vitamins, cough, cold and allergy, smoking cessation, personal care and derma-therapeutics, lifestyle, and anti-parasite categories.

• Rxdevelops, 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.

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Perrigo Company plc - Item 1

Note 17

The below tables show select financial measures by reporting segment (in millions):

Total Assets	July 2, 2016		December 31, 2015
CHC	$	4,021.9	$	4,007.8
BCH	6,211.2		6,324.0
Rx	3,340.1		3,015.5
Specialty Sciences	5,758.4		5,833.5
Other	202.0		213.1
Total	$	19,533.6	$	19,393.9

	Three Months Ended
	July 2, 2016							June 27, 2015
	Net Sales		Operating Income (Loss)			Intangible Asset Amortization		Net Sales		Operating Income (Loss)			Intangible Asset Amortization
CHC	$	686.3	$	111.2		$	19.0	$	746.4	$	143.3		$	16.6
BCH	393.7		38.4			39.5		401.2		26.6			34.2
Rx	293.3		96.8			29.9		278.3		99.5			18.5
Specialty Sciences	89.9		13.3			72.8		83.6		6.4			72.8
Other	17.8		(1.3		)	0.5		22.1		1.9			0.5
Unallocated	—		(20.1		)	—		—		(50.8		)	—
Total	$	1,481.0	$	238.3		$	161.7	$	1,531.6	$	226.9		$	142.6

	Six Months Ended
	July 2, 2016							June 27, 2015
	Net Sales		Operating Income (Loss)			Intangible Asset Amortization		Net Sales		Operating Income (Loss)			Intangible Asset Amortization
CHC	$	1,386.6	$	213.6		$	38.8	$	1,431.3	$	247.6		$	32.8
BCH*	711.3		(444.3		)	74.9		401.2		26.6			34.2
Rx	550.0		184.2			59.4		529.9		199.5			36.9
Specialty Sciences	177.9		26.3			145.6		165.5		11.9			145.6
Other	38.4		4.1			1.0		52.9		12.4			0.9
Unallocated	—		(49.4		)	—		—		(71.8		)	—
Total*	$	2,864.2	$	(65.5	)	$	319.7	$	2,580.8	$	426.2		$	250.4

* The BCH segment was created on March 30, 2015 as a result of the Omega acquisition, thus data for the six months ended June 27, 2015 includes only three months of results from operations attributable to Omega.

NOTE 18 – SUBSEQUENT EVENTS

On August 5, 2016 we closed the sale of our U.S. VMS business to International Vitamins Corporation for $58.6 million in cash inclusive of an estimated working capital adjustment. During the three months ended July 2, 2016 we recorded an impairment of $6.2 million to bring the carrying value of the assets held for sale in line with the expected sales price. See Note 9 for more information.

33

Perrigo Company plc - Item 2

Executive Overview

ITEM 2.        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

EXECUTIVE OVERVIEW

This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the financial statements included in this Form 10-Q and our Form 10-KT for the transition period from June 28, 2015 to December 31, 2015. These historical financial statements may not be indicative of our future performance. This discussion contains a number of forward-looking statements, all of which are based on our current expectations and could be affected by the uncertainties and risks referred to under “Risk Factors” in Item 1A of our Form 10-KT for the transition period from June 28, 2015 to December 31, 2015 and Part II, Item 1A of our Form 10-Q for the three months ended April 2, 2016 and this Form 10-Q.

Perrigo Company plc was incorporated under the laws of Ireland on June 28, 2013 and 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.

             Our reporting segments are as follows:

• Consumer Healthcare ("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, Vitamins, Minerals and Supplements ("VMS"), animal health, and diagnostic products.

• Branded Consumer Healthcare("BCH") develops, manufactures, markets and distributes many well-known European OTC brands in the natural health and vitamins, cough, cold and allergy, smoking cessation, personal care and derma-therapeutics, lifestyle, and anti-parasite categories.

• Prescription Pharmaceuticals("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" segment comprised of our active pharmaceutical ingredients ("API") business, which develops, manufactures, and markets active API used worldwide by both generic and branded pharmaceutical companies. For results by segment, see "Segment Results" below and Item 1. Note 17.

Leadership Changes

On July 20, 2016, we appointed John Wesolowski Acting General Manager, Rx Pharmaceuticals, and accepted the resignation of Doug Boothe, Executive Vice President and General Manager, Rx Pharmaceuticals.

On April 27, 2016, Sharon Kochan's role as Executive Vice President and General Manager, International, was expanded to lead the BCH segment following the resignation of Marc Coucke as Executive Vice President and General Manager of the BCH segment.

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Perrigo Company plc - Item 2

Executive Overview

On April 24, 2016, we named Laurie Brlas as Chairman of the Board of Directors, promoted John T. Hendrickson from President to Chief Executive Officer, and accepted the resignation of Joseph C. Papa as Chairman and Chief Executive Officer.

Interim Impairment Testing

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 and goodwill 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 for indefinite-lived intangible asset impairment utilized the excess earnings method to determine fair value and resulted in an impairment charge of $273.4 million for the three months ended April 2, 2016, which represented the difference between the carrying amount of the intangible assets and their estimated fair value.

The assessment for goodwill impairment indicated that a portion of the goodwill acquired in the Omega acquisition was impaired as the reporting unit's fair value did not exceed its carrying value. Based on our evaluation and initial estimates of the fair value of the reporting unit, we recorded an estimated impairment charge of $193.6 million for the three months ended April 2, 2016. We finalized the fair value calculation during the three months ended July 2, 2016, which resulted in a $30.3 million reduction to the estimated impairment charges recorded last quarter.

For both the intangible assets and goodwill, the change in estimated and implied fair value, respectively, from previous estimates was due primarily to the changes in the 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. Both the indefinite-lived intangible asset impairment and goodwill impairment were recorded within Impairment charges (credits) on the Condensed Consolidated Statements of Operations within our BCH segment. The carrying value for certain intangible assets and goodwill equals fair value, and as a result, 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 and began amortizing the asset during the three months ended July 2, 2016.

See Item 1. Note 3 for more information.

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Perrigo Company plc - Item 2

Executive Overview

2016 Year-to-Date Highlights

• We closed the sale of our U.S. VMS business to International Vitamins Corporation ("IVC") on August 5, 2016;

• Consistent with previously announced actions, we added a number of positions and processes to our Dublin headquarters across a range of corporate functions, including supply chain/global operations, procurement, enterprise risk management, and corporate finance, leveraging the strength of our global platform;

• We continued restructuring associated primarily with actions we took to streamline our organization as announced on October 22, 2015;

• We issued $1.2 billion of senior notes and repaid borrowings under revolving credit facilities;

• We issued a notice of redemption to prepay $500.0 million of senior notes in September 2016;

• We completed the acquisition of a generic Retin-A^® portfolio, further enhancing our Rx extended topicals strategy; and

• We completed the acquisition of two development-stage specialty Rx products to further invest in our specialty Rx portfolio.

RESULTS OF OPERATIONS

CONSOLIDATED

Recent Trends and Developments

• We have experienced a reduction in pricing expectations during 2016 in comparison to historical patterns in our U.S. businesses, in particular in our Rx segment, due to industry and competitive pressures in the sector. The reduced pricing is attributable to a variety of factors including increased focus from customers to capture supply chain productivity savings, low raw material commodity pricing, competition in specific product categories, and the loss of exclusivity on certain products and consolidation of certain customers in the Rx segment. We expect this pricing environment to continue to impact us at least through the remainder of 2016.

• Our expectations for the BCH segment continue to be impacted by market dynamics in the lifestyle and natural health/vitamins categories. Factors impacting these categories include softness in key markets due to current macro-economic factors, change in timing of certain advertising and promotional campaigns compared to the prior year, and lower sell-in during the current year due to the re-staging of certain products.The BCH segment has established a brand prioritization strategy to address these market dynamics, with an objective to balance the cost of advertising and promotion investments with expected contributions from category sales.

• Our expectations for 2016 new product sales are consistent with those communicated in our first quarter Form 10-Q, but continue to remain lower than anticipated as of December 31, 2015. Several new product launches have been delayed due to the regulatory approval process for certain new products in the U.S. and modifications to market share penetration and timing assumptions for new products in our Rx and BCH segments.

36

Perrigo Company plc - Item 2

Consolidated

Consolidated Results

	Three Months Ended						% Change		Six Months Ended						% Change
($ in millions)	June 27, 2015			July 2, 2016					June 27, 2015			July 2, 2016
Net sales	$	1,531.6		$	1,481.0		(3	)%	$	2,580.8		$	2,864.2		11	%
Gross profit	$	628.1		$	567.2		(10	)%	$	1,007.0		$	1,090.1		8	%
Gross profit %	41.0		%	38.3		%			39.0		%	38.1		%
Operating expenses	$	401.2		$	328.9		(18	)%	$	580.8		$	1,155.6		99	%
Operating expenses %	26.2		%	22.2		%			22.5		%	40.3		%
Operating income (loss)	$	226.9		$	238.3		5	%	$	426.2		$	(65.5	)	(115	)%
Operating income (loss) %	14.8		%	16.1		%			16.5		%	(2.3		)%
Interest and other, net	$	69.5		$	86.7		25	%	$	371.4		$	142.1		(62	)%
Income tax expense (benefit)	$	101.0		$	(42.7	)	(142	)%	$	93.2		$	(67.3	)	(172	)%
Net income (loss)	$	56.4		$	194.3		244	%	$	(38.4	)	$	(140.3	)	(265	)%

The decline in consolidated sales for the three months ended July 2, 2016 as compared to the prior year period was due primarily to lower sales in the CHC segment's cough/cold, analgesics, and OTC contract manufacturing categories. This decrease was offset partially by higher sales in the Rx segment due to contributions from acquisitions and new products. Consolidated operating income for the three months ended July 2, 2016 increased from the prior year period due primarily to lower operating expenses due in part to the $30.3 million goodwill impairment reduction described above under "Interim Impairment Testing" and in Item 1. Note 3 and cost containment measures, offset partially by lower gross profit due primarily to reduced pricing in the Rx segment and product mix in the BCH segment.

The most significant change in our consolidated six-month year-over-year results is the addition of Omega Pharma Invest N.V. ("Omega"). Omega was acquired on March 30, 2015; thus, results for the six months ended June 27, 2015 included only three months of operations attributable to Omega. In addition, the operating and net losses for the six months ended July 2, 2016 were due primarily to goodwill and intangible asset impairment charges totaling $436.7 million, as described above under "Interim Impairment Testing" and in Item 1. Note 3. The net loss for the prior year period included a $259.8 million loss on derivatives we used to economically hedge fluctuations in the euro-denominated purchase price of the Omega acquisition as described in Item 1. Note 8.

Further details and analysis of our financial results for the three and six months endedJuly 2, 2016 and June 27, 2015 are provided below by reporting segment and line item.

37

Perrigo Company plc - Item 2

CHC

CONSUMER HEALTHCARE

Recent Trends and Developments

• On June 20, 2016, we announced the sale of our U.S. VMS business to IVC, which closed on August 5, 2016.As of July 2, 2016, the net assets of our U.S. VMS business were classified as "held for sale" as discussed in Item 1. Note 9. Sales attributable to the U.S. VMS business totaled $42.1 million and $39.6 million for the three months ended July 2, 2016 and June 27, 2015, respectively, and $89.2 million and $77.1 million for the six months ended July 2, 2016 and June 27, 2015, respectively.

• We have experienced a reduction in pricing expectations in certain categories within our CHC segment in 2016 due to various factors, including increased focus from customers to capture supply chain productivity savings, low raw material commodity pricing, and competition in specific product categories. We expect this pricing environment to continue to impact our CHC segment at least through the remainder of 2016.

Segment Results

Three Month Comparison

	Three Months Ended
($ in millions)	June 27, 2015			July 2, 2016
Net sales	$	746.4		$	686.3
Gross profit	$	258.3		$	230.3
Gross profit %	34.6		%	33.5		%
Operating income	$	143.3		$	111.2
Operating income %	19.2		%	16.2		%

Three Months EndedJuly 2, 2016 vs. Three Months EndedJune 27, 2015

Net sales decreased$60.1 million, or 8%, over the prior year period due to:

• A net decrease in sales of existing products of $83.5 million due to:

• Strong sales in our infant health and smoking cessation categories, more than offset by

• Weaker sales in the cough/cold category due to timing of promotions and a weaker allergy season;

• Pricing pressure primarily in the analgesics category due to increased competition; and

• Lower sales in the OTC contract manufacturing and animal health categories;

• Discontinued products of $12.0 million due primarily to a label refresh within the infant formula category; and

• Unfavorable foreign currency movement of $6.0 million; offset partially by

• New product sales of $32.4 million related primarily to several new infant formula and food products and the launches of fluticasone nasal spray (generic equivalent to Flonase^®), guaifenesin extended release (generic equivalent to Mucinex^® ER); and

• Incremental net sales of $11.4 million from acquisitions (primarily the Gelcaps Exportadora de Mexico, S.A. de C.V. ("Gelcaps") and ScarAway^® acquisitions).

38

Perrigo Company plc - Item 2

CHC

Operating income decreased$32.1 million, or 22%, as a result of:

• A decrease of $28.0 million in gross profit due to:

• Decreased sales of existing and discontinued products as described above; and

• Increased intangible asset amortization expense associated primarily with the Gelcaps and ScarAway^® acquisitions; offset partially by

• Margin contributions from new products and strong performance in the infant health and smoking cessation categories; and

• Continued manufacturing and supply chain efficiencies.

• An increase of $4.1 million in operating expenses due to:

• A $6.2 million impairment charge recorded on the VMS held-for-sale business and

• Increased research and development investments due to timing of clinical trials; offset partially by

• Decreased selling and administrative expenses due to cost containment actions taken during the prior year.    

Six Month Comparison

	Six Months Ended
($ in millions)	June 27, 2015			July 2, 2016
Net sales	$	1,431.3		$	1,386.6
Gross profit	$	470.2		$	444.1
Gross profit %	32.9		%	32.0		%
Operating income	$	247.6		$	213.6
Operating income %	17.3		%	15.4		%

Six Months EndedJuly 2, 2016 vs. Six Months EndedJune 27, 2015

Net sales decreased$44.7 million, or 3%, over the prior year period due to:

• A net $66.1 million decrease in existing product sales due to:

• Strong sales in our infant health and smoking cessation categories; more than offset by

• Weaker sales in the cough/cold category due to a mild cold and flu season, weaker allergy season, and timing of promotions;

• Decreased sales of analgesics due to a mild cold and flu season and pricing pressure due to increased competition; and

• Lower sales in the OTC contract manufacturing and animal health categories;

• Discontinued products of $49.9 million related primarily to a label refresh within the infant formula category; and

• Unfavorable foreign currency movement of $12.6 million; offset partially by

• New product sales of $63.2 million related primarily to several new infant formula and food products, fluticasone nasal spray (generic equivalent to Flonase^®), guaifenesin extended release (generic equivalent to Mucinex^® ER), and several new animal health products; and

• Incremental net sales of $24.2 million due primarily to the Gelcaps and ScarAway^® acquisitions.

39

Perrigo Company plc - Item 2

CHC

Operating income decreased$34.0 million, or 14%, as a result of:

• A decrease of $26.1 million in gross profit due to:

• Decreased sales of existing and discontinued products in the first half of 2016 as described above; and

• Increased intangible asset amortization expense associated primarily with the Gelcaps and ScarAway^® acquisitions; offset partially by

• Margin contributions from new products and strong performance in the infant health and smoking cessation categories; and

• Continued manufacturing and supply chain efficiencies.

• An increase of $7.9 million in operating expenses due to:

• A $6.2 million impairment charge recorded on the VMS held-for-sale business; and

• Increased research and development investments due to timing of clinical trials; offset partially by

• Decreased selling and administrative expenses due to cost containment actions taken during the prior year.

BRANDED CONSUMER HEALTHCARE

Recent Trends and Developments

• Our expectations for the BCH segment continue to be impacted by market dynamics in the lifestyle and natural health/vitamins categories. Factors impacting these categories include softness in key markets due to current macro-economic factors, change in timing of certain advertising and promotional campaigns compared to the prior year, and lower sell-in during the current year due to the re-staging of certain products.The BCH segment has established a brand prioritization strategy to address these market dynamics, with an objective to balance the cost of advertising and promotion investments with expected contributions from category sales.

• Our expectations for 2016 new product sales are consistent with those communicated in our first quarter Form 10-Q, but continue to remain lower than anticipated as of December 31, 2015. Several new product launches have been delayed due to modifications to market share penetration and timing assumptions for new products in Europe.

• We continue to make progress on our previously announced restructuring plans to right-size the BCH business due to the impact of market dynamics on sales volumes. In addition, we made several strategic leadership changes during 2016, with additional hiring continuing.

Segment Results

Three Month Comparison

	Three Months Ended
($ in millions)	June 27, 2015			July 2, 2016
Net sales	$	401.2		$	393.7
Gross profit	$	190.1		$	173.1
Gross profit %	47.4		%	44.0		%
Operating income	$	26.6		$	38.4
Operating income %	6.6		%	9.8		%

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Perrigo Company plc - Item 2

BCH

Three Months EndedJuly 2, 2016 vs. Three Months EndedJune 27, 2015

Net sales decreased$7.5 million, or 2%, over the prior year period due to:

• Decreased sales volumes of existing products totaling $65.4 million due primarily to:

• Weaker current year sales in the lifestyle category due in large part to a product launch in the prior year period and the natural health/vitamins category due primarily to timing of promotional activities and the planned divestment of the Etixx^® brand in addition to

• Lower sales in France due to market dynamics; offset largely by

• New product sales of $28.3 million; and

• Incremental net sales of $29.1 million from the Naturwohl Pharma GmbH ("Naturwohl") and GlaxoSmithKlineConsumer Healthcare Product Portfolio ("GSK Products") acquisitions.

Operating income increased$11.8 million, or 44%, as a result of:

• A decrease of $17.0 million in gross profit due to decreased sales of existing products in the lifestyle and natural health/vitamins categories as noted above, offset by

• A decrease of $28.8 million in operating expenses due to:

• The $30.3 million reduction to the first quarter estimated goodwill impairment charge recorded in the current quarter; and

• Decreased advertising and promotional investment due to previously announced strategic initiatives to better align promotional investments with sales; offset partially by

• Restructuring expense totaling $4.8 million in the current quarter related to strategic organizational enhancements.

Six Month Comparison*

* The BCH segment was created on March 30, 2015 as a result of the Omega acquisition, thus comparative prior year data for the six months ended June 27, 2015 includes only three months of results from operations.

	Six Months Ended
($ in millions)	June 27, 2015*			July 2, 2016
Net sales	$	401.2		$	711.3
Gross profit	$	190.1		$	329.7
Gross profit %	47.4		%	46.3		%
Operating income (loss)	$	26.6		$	(444.3	)
Operating income (loss) %	6.6		%	(62.5		)%

Six Months EndedJuly 2, 2016vs.Six Months EndedJune 27, 2015

Net sales increased$310.1 million, or 77%, over the prior year period due to:

• An additional three months of results from operations attributable to Omega;

• New products totaling $59.5 million; and

• Sales from the Naturwohl and GSK Products acquisitions totaling $66.7 million; offset partially by

• Decreased sales volumes of existing products due primarily to:

• Weaker current year sales in the lifestyle category due in large part to a product launch in the prior year period and the natural health/vitamins category due primarily to timing of promotional activities and the planned divestment of the Etixx^® brand in addition to

• Lower sales in France due to market dynamics.

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Perrigo Company plc - Item 2

BCH

Operating income decreased$470.9 million due to:

• A $139.6 million increase in gross profit due to an additional three months of operations attributable to Omega offset by

• An increase of $610.5 million in operating expenses due to:

• Intangible asset and goodwill impairment charges totaling $436.7 million recorded during the six months ended July 2, 2016 described above under "Interim Impairment Testing";

• An additional three months of operations; and

• Restructuring charges totaling $7.1 million related to strategic organizational enhancements; offset partially by

• Cost control measures employed to mitigate lower forecasted sales and operating income.

PRESCRIPTION PHARMACEUTICALS

Recent Trends and Developments

• We continue to experience a significant reduction in pricing expectations in our Rx segment due to industry and competitive pressures in the sector. This softness in pricing is attributed to various factors, including increased focus from customers to capture supply chain productivity savings, low raw material commodity pricing, competition in specific products, and consolidation of certain customers. We expect this softness to continue to impact us at least through the remainder of 2016.

• 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").

• On March 1, 2016, we completed the acquisition of two development-stage specialty Rx products to further invest in our specialty Rx portfolio.

Segment Results

Three Month Comparison

	Three Months Ended
($ in millions)	June 27, 2015			July 2, 2016
Net sales	$	278.3		$	293.3
Gross profit	$	161.4		$	139.3
Gross profit %	58.0		%	47.5		%
Operating income	$	99.5		$	96.8
Operating income %	35.7		%	33.0		%

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Perrigo Company plc - Item 2

Rx

Three Months EndedJuly 2, 2016 vs. Three Months EndedJune 27, 2015

Net sales increased$15.0 million, or 5%, due to:

• Sales attributable to the Entocort^® and Tretinoin Products acquisitions totaling $43.7 million; and

• New product sales of $25.6 million due primarily to sales of benzoyl peroxide 5%-clindamycin 1% gel (a generic version of Benzaclin™); offset partially by

• Decreased sales of existing products of $50.3 million due to lower sales volume of certain products, pricing pressure across the portfolio, and the lack of exclusive market position for two key products versus the prior year;

• Discontinued products of $2.8 million; and

• Unfavorable foreign exchange movement of $1.1 million.

Segment operating income decreased$2.7 million, or 3%, as a result of:

• A decrease of $22.1 million in gross profit due primarily to the pricing pressure noted above as well as higher amortization expense from the Entocort^® and Tretinoin Products acquisitions; offset largely by

• A decrease of $19.4 million in operating expenses due primarily to the absence of an $18.0 million R&D payment made in connection with a research and development contractual arrangement in the prior year.

Six Month Comparison

	Six Months Ended
($ in millions)	June 27, 2015			July 2, 2016
Net sales	$	529.9		$	550.0
Gross profit	$	303.1		$	266.6
Gross profit %	57.2		%	48.5		%
Operating income	$	199.5		$	184.2
Operating income %	37.6		%	33.5		%

Six Months EndedJuly 2, 2016 vs. Six Months EndedJune 27, 2015

Net sales increased$20.1 million, or 4%, due to:

• Net sales attributable to the Entocort^® and Tretinoin Products acquisitions totaling $89.3 million; and

• New product sales of $36.8 million due primarily to to sales of benzoyl peroxide 5%-clindamycin 1% gel (a generic version of Benzaclin™); offset partially by

• Decreased sales of existing products of $100.4 million due to declined sales volume of certain products, pricing pressure across the portfolio, and the lack of exclusive market position for two key products versus the prior year;

• Discontinued products of $3.5 million; and

• Unfavorable foreign exchange movement of $2.0 million.

Segment operating income decreased$15.3 million, or 8%, as a result of:

• A decrease of $36.5 million in gross profit due primarily to the pricing pressure noted above, as well as higher amortization expense from the Entocort^® and Tretinoin Products acquisitions; offset partially by

• A decrease of $21.2 million in operating expenses due primarily to the absence of an $18.0 million research and development payment made in connection with a research and development contractual arrangement in the prior year.

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Perrigo Company plc - Item 2

Specialty Sciences

SPECIALTY SCIENCES

In February 2016, a competitor's pipeline product, Ocrevus^®, received breakthrough therapy designation from the FDA and could potentially be approved in 2016. The product would compete with Tysabri^® and could have a significant negative impact on the royalty we receive from Biogen Idec, Inc. ("Biogen") and the performance of the Specialty Sciences segment. We continue to monitor the progress of all potential competing products.

Segment Results

Three Month Comparison

	Three Months Ended
($ in millions)	June 27, 2015			July 2, 2016
Net sales	$	83.6		$	89.9
Gross profit	$	11.1		$	17.0
Gross profit %	13.3		%	19.0		%
Operating income	$	6.4		$	13.3
Operating income %	7.7		%	14.8		%

Three Months EndedJuly 2, 2016 vs. Three Months EndedJune 27, 2015

Net sales increased$6.3 million due to an increase in royalties received from Biogen's sales of Tysabri^®. Operating income increased$6.9 million due to the increased royalties as well a $1.0 million reduction in operating expenses due to lower legal costs in the current year.

Six Month Comparison

	Six Months Ended
($ in millions)	June 27, 2015			July 2, 2016
Net sales	$	165.5		$	177.9
Gross profit	$	20.4		$	32.3
Gross profit %	12.4		%	18.2		%
Operating income	$	11.9		$	26.3
Operating income %	7.2		%	14.8		%

Six Months EndedJuly 2, 2016 vs. Six Months EndedJune 27, 2015

Net sales increased$12.4 million due to an increase in royalties received from Biogen's sales of Tysabri^®, offset partially by $1.1 million of unfavorable foreign exchange movement. Operating income increased$14.4 million due to the increased royalties as well a $2.5 million reduction in operating expenses due primarily to the lack of restructuring and lower legal costs in the current year.

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Perrigo Company plc - Item 2

Other

OTHER

Recent Trends and Developments

We are pursuing the sale of our API business based in India and expect the sale to take place during 2016. On July 2, 2016, the net assets of our India API business were classified as "held for sale" as discussed in Item 1. Note 9.

Segment Results

Three Month Comparison

	Three Months Ended
($ in millions)	June 27, 2015			July 2, 2016
Net sales	$	22.1		$	17.8
Gross profit	$	7.2		$	7.5
Gross profit %	32.8		%	42.4		%
Operating income (loss)	$	1.9		$	(1.3	)
Operating income (loss) %	8.4		%	(7.1		)%

Three Months EndedJuly 2, 2016 vs. Three Months EndedJune 27, 2015

Net sales decreased $4.3 million due primarily to increased competition on certain products, in particular, U.S. sales of Temozolomide. The operating loss in the current year period was due primarily to a $4.3 million impairment charge recorded on the India API held-for-sale business, offset partially by reduced operating expenses.

Six Month Comparison

	Six Months Ended
($ in millions)	June 27, 2015			July 2, 2016
Net sales	$	52.9		$	38.4
Gross profit	$	23.2		$	17.4
Gross profit %	43.6		%	45.3		%
Operating income	$	12.4		$	4.1
Operating income %	23.3		%	10.8		%

Six Months EndedJuly 2, 2016 vs. Six Months EndedJune 27, 2015

Net sales decreased$14.5 million due primarily to competition on certain products, in particular, U.S. sales of Temozolomide. Operating income decreased$8.3 million due primarily to a $5.8 million decrease in gross profit due to increased competition, and a $4.3 million impairment charge recorded on the India API held-for-sale business, offset partially by a reduction in operating expenses.

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Perrigo Company plc - Item 2

Unallocated, Interest, Other, and Taxes

Unallocated Expenses

Unallocated expenses are comprised of certain corporate expenses not allocated to the segments and are recorded in operating income. Unallocated expenses were $20.1 million for the three months endedJuly 2, 2016, compared to $50.7 million for the three months endedJune 27, 2015, a decrease of $30.6 million. The reduction in unallocated expense was due primarily to fees incurred in the prior year period: $16.1 million of Omega acquisition-related fees and $13.4 million of fees related to our defense against the hostile takeover bid by Mylan N.V. ("Mylan"). In addition, we experienced a $15.0 million year-over-year reduction in share-based compensation due primarily to the resignation of Joseph C. Papa, which was offset by a $12.8 million increase in legal and professional fees in the current period.

Unallocated expenses were $49.4 million for the six months endedJuly 2, 2016 compared to $71.8 million for the prior year period, a decrease of $22.4 million. The reduction in unallocated expense was due primarily to fees incurred in the prior year period: $18.1 million of Omega acquisition-related fees and $13.4 million of legal and professional fees related to our defense against the hostile takeover bid by Mylan. In addition, we experienced a $10.9 million reduction in share-based compensation due primarily to the resignation of Joseph C. Papa, which was offset by a $12.8 million increase in legal and professional fees and $11.2 million of integration and restructuring related expense incurred in the current period.

Interest and Other (Consolidated)

Interest Expense, Net

Interest expense, net was $57.4 million for the three months endedJuly 2, 2016, compared to $45.9 million for the prior year period. The $11.5 millionincrease was due to interest incurred in the current year on the $1.2 billion senior notes issued on March 7, 2016.

Interest expense, net was $108.6 million for the six months endedJuly 2, 2016, compared to $89.2 million for the prior year period. The $19.4 millionincrease was due to interest incurred on the debt assumed in the Omega acquisition, borrowings on our revolving credit agreements during the six months endedJuly 2, 2016, and the issuance of $1.2 billion of senior notes on March 7, 2016. See the "Borrowings and Capital Resources" section below and Item 1. Note 10 for more information.

Other Expense, Net

Other expense, net, was $29.3 million for the three months endedJuly 2, 2016, compared to $22.7 million in the prior year period. The $6.6 million increase was due to a $22.3 million impairment charge on an equity method investment recorded in the current year period, offset partially by the absence of a $6.8 million goodwill impairment charge recorded in Other expense, net in the prior year, and the absence of $5.5 million of losses associated with an acquisition-related derivative and the termination of an interest rate swap recorded in the prior year. See Item 1. Notes 3, 7, and 8, for more information on the goodwill impairment charge, equity method investment loss, and derivative loss, respectively.

Other expense, net, was $33.1 million for the six months endedJuly 2, 2016, compared to $281.3 million in the prior year period. The $248.2 million decrease was due primarily to the absence of the $259.8 million loss we incurred in the prior year period on the derivatives we used to economically hedge fluctuations in the euro-denominated purchase price of the Omega and GSK Products acquisitions, offset partially by a gain of $12.5 million from the transfer of a rights agreement in the prior year. The losses on the derivatives due to the changes in the EUR/USD exchange rate prior to their settlement economically offset the final settlement of the euro-denominated Omega purchase price paid on March 30, 2015.

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Perrigo Company plc - Item 2

Unallocated, Interest, Other, and Taxes

Income Taxes (Consolidated)

The effective tax rate for the three months endedJuly 2, 2016 was a benefit of 28.2% on income compared to 64.1% for the three months endedJune 27, 2015. The effective tax rate for the six months endedJuly 2, 2016 was a benefit of 32.4% on a net loss reported in the period compared to 170.2% on income for the six months ended June 27, 2015. Income taxes recorded through July 2, 2016 were estimated using the discrete method. Due to sensitivity to small changes to forecasted annual pre-tax earnings, which created results with significant variations in the customary relationship between income tax expense and pre-tax income for the interim periods, we determined that using the discrete method is more appropriate than using the annual effective tax rate method.

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.

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. In February 2016, the Belgium Tax Authority notified us that all Belgium locations will be audited for the years ended December 31, 2013 and December 31, 2014. At this time, we cannot predict the outcome of any audit or related litigation.

47

Perrigo Company plc - Item 2

Financial Condition, Liquidity and Capital Resources

FINANCIAL CONDITION, LIQUIDITY, AND CAPITAL RESOURCES

Cash and Cash Equivalents

*Working capital represents current assets less current liabilities, excluding cash and cash equivalents, and current indebtedness.

Cash, cash equivalents, and cash flows from operations are expected to be sufficient to finance our known and/or foreseeable liquidity and capital expenditures. In addition, we have the ability to borrow under our credit facilities. Although our lenders have made commitments to make funds available to us in a timely fashion under our revolving credit agreements and overdraft facilities, if economic conditions worsen or new information becomes publicly available impacting the institutions’ credit rating or capital ratios, these lenders may be unable or unwilling to lend money pursuant to our existing credit facilities.

Operating Activities

We generated $399.6 million of cash from operating activities during the six months endedJuly 2, 2016, a $331.1 milliondecrease over the comparable prior year period due primarily to increased working capital, as noted above, as a result of the following:

• Changes in accounts payable, which contributed to a $41.1 million outflow in the first six months of 2016 compared to a $187.5 million inflow in the first six months of 2015. The primary reasons for the outflow in 2016 were the addition of Omega operations in the current year period and changes to the Omega accounts payable structure as discussed below.

• Changes in inventories, which led to a $50.3 million outflow in the first six months of 2016 compared to a $28.4 million inflow during the first six months of 2015. The current year outflow was due to increased

48

Perrigo Company plc - Item 2

Financial Condition, Liquidity and Capital Resources

inventory levels attributable to both tactical build-up in certain areas of the business and lower than forecasted sales in certain international markets.

• Changes in accrued customer-related programs, which led to a $45.3 million outflow in the first six months of 2016 compared to a $18.1 million inflow for the first six months of 2015. The primary reason for the outflow in 2016 is the pricing dynamics in the Rx segment.

• Changes in accrued payroll and related taxes, which contributed to a $39.2 million outflow in the first six months of 2016 compared to a $3.8 million outflow in the first six months of 2015. The primary reasons for the increased outflow in 2016 were severance payments related to the restructuring activities and the addition of Omega operations in the current year period.

Offset partially by:

• Changes in accounts receivable, which contributed to a $42.3 million inflow in the first six months of 2016 compared to $77.2 million outflow in 2015. The inflow in the first six months of 2016 was due to reduced accounts receivable due to lower sales volumes, offset partially by a reduction of factoring in the current period.

• Changes in accrued income taxes, which provided a $21.8 million inflow in the first six months of 2016 compared to a $14.9 million outflow in the first six months of 2015. The six months ended June 27, 2015 included a $68.9 million incremental tax payment made in the first quarter in connection with the contested IRS audit described above under "Income Taxes".

Operating cash flow was also impacted by decreased net earnings after adjusting for non-cash items such as impairment charges and depreciation and amortization.

Our operating cash flow for the current year period was unfavorably impacted by actions we took to establish a more normalized cash flow pattern within our BCH segment. Generally our BCH segment has seasonally stronger sales and cash flow inflows in the second and fourth quarters and stronger cash outflows in the first and third quarters. In the past, accounts payable terms with suppliers were structured to take account of this seasonality. This payment structure had a favorable impact on operating cash flow during the prior year period as only the second quarter inflow from these payment structures was included. In order to establish a more sustainable cash flow pattern during the year, we changed these payment structures during the six months endedJuly 2, 2016, which had a one-time unfavorable impact on operating cash flow.

Investing Activities

Cash used for investing activities totaled $477.8 million for the six months endedJuly 2, 2016, compared to $2.5 billion in the prior year period. The cash used in the current year was due primarily to the Tretinoin Products acquisition, which used $416.4 million in cash. In the comparable prior year period, cash used for investing activities consisted primarily of a $2.1 billion outflow for business acquisitions, mainly attributable to Omega, as well as a $303.5 million outflow related to the cash settlement of non-designated foreign currency derivatives we used to

49

Perrigo Company plc - Item 2

Financial Condition, Liquidity and Capital Resources

hedge the euro-denominated Omega and GSK Products purchase prices. Cash used for capital expenditures totaled $57.1 million during six months endedJuly 2, 2016 compared to $89.0 million in the prior period year. The decrease in cash used for capital expenditures over the prior year period was due primarily to several large infrastructure projects nearing completion.

Financing Activities

Cash generated from financing activities totaled $305.5 million for the six months endedJuly 2, 2016, compared to cash used for financing activities of $985.2 million for the comparable prior year period. The primary contributor to the cash generation in the current year period was the borrowing of $1.2 billion of long-term debt. This was offset in part by net repayments on our revolving credit agreements and other short-term financing totaling$803.9 million. In the prior year period, the cash used for financing activities was due primarily to payments of $889.0 million on long-term debt, which included the repayment of debt assumed from Omega and a $300.0 million legacy Perrigo term loan. For more information see "Borrowings and Capital Resources" below and Item 1. Note 10.

The declaration and payment of dividends, if any, is subject to the discretion of our Board of Directors and will depend on our earnings, financial condition, availability of distributable reserves, capital and surplus requirements, and other factors our Board of Directors may consider relevant.

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 six months endedJuly 2, 2016. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, the trading price of our ordinary shares, available cash flow, and other investment opportunities.

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Perrigo Company plc - Item 2

Financial Condition, Liquidity and Capital Resources

Borrowings and Capital Resources

Overdraft Facilities

Our BCH segment uses overdraft facilities to increase the efficiency of its cash utilization and meet its short-term liquidity needs. We repaid the balance outstanding under these overdraft facilities during the three months ended July 2, 2016, but retain the ability to use these facilities in our day-to-day cash operations.  The balance outstanding under the facilities was $82.9 million at December 31, 2015.

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 on the Condensed Consolidated Balance Sheets was $54.7 million and $106.7 million at July 2, 2016 and December 31, 2015, respectively.

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"). At December 31, 2015, $380.0 million was outstanding under the 2015 Revolver. On March 15, 2016, we used the proceeds of the debt issuance described below under "Long-Term Debt" to repay the $750.0 million then outstanding under the 2015 Revolver and terminated the facility.

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"). At December 31, 2015, $300.0 million was outstanding under the 2014 Revolver. On March 15, 2016, we used the proceeds of the debt issuance described below under "Long-Term Debt" to repay the $435.0 million then outstanding under the 2014 Revolver. There were no borrowings outstanding under the 2014 Revolver as of July 2, 2016.

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Perrigo Company plc - Item 2

Financial Condition, Liquidity and Capital Resources

Long-Term Debt

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, which were used to repay the amounts outstanding under the 2015 Revolver and 2014 Revolver mentioned above.

We had $5.9 billion and $4.7 billion outstanding under our notes and bonds, and $473.3 million and $488.8 million outstanding under our term loan, as of July 2, 2016 and December 31, 2015, respectively. We expect to prepay our 1.300% $500.0 million senior note due November 2016 in September 2016.

We were in compliance with all covenants under our debt agreements as of July 2, 2016.See Item 1. Note 10 for more information on all of the above debt facilities.

Credit Ratings

Our credit ratings on July 2, 2016 were Baa3 (stable) and BBB- (stable) by Moody's Investors Service and Standard and Poor's ("S&P") Global Ratings, respectively. On August 10, 2016, Moody’s affirmed our Baa3 credit rating and changed our outlook to negative from stable.

Credit rating agencies review their ratings periodically and, therefore, the credit rating assigned to us by each agency may be subject to revision at any time. Accordingly, we are not able to predict whether current credit ratings will remain as disclosed above. Factors that can affect our credit ratings include changes in operating performance, the economic environment, our financial position, and changes in business strategy. If changes in our credit ratings were to occur, they could impact, among other things, future borrowing costs, access to capital markets, and vendor financing terms.

Contractual Obligations and Commitments

Other than the obligations related to the changes to our debt structure in relation to the 2016 Notes, as discussed in Note 10 of the Notes to the Condensed Consolidated Financial Statements, there were no material changes in contractual obligations as of July 2, 2016 from those provided in our Transition Report on Form 10-KT for the transition period from June 28, 2015 to December 31, 2015. See below for a revised schedule of our enforceable and legally binding obligations as of July 2, 2016 related to our short and long-term debt arrangements.

	Payment Due by Period (in millions)
	2016(1)		2017 - 2018		2019 - 2020		After 2020		Total
Short and long-term debt(2)	$	660.5	$	1,682.1	$	811.6	$	5,508.4	$	8,662.6

⁽¹⁾Reflects remaining six months of 2016.

⁽²⁾  Short and long-term debt includes interest payments, which were calculated using the effective interest rate at July 2, 2016.

ITEM 3.        QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes to our quantitative or qualitative disclosures found in Item 7A, "Quantitative and Qualitative Disclosures about Market Risk," of our Transition Report on Form 10-KT for the transition period from June 28, 2015 to December 31, 2015.

ITEM 4.        CONTROLS AND PROCEDURES

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) of the Exchange Act) as of July 2, 2016. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were not effective as of July 2, 2016 because of the material weakness in our internal control over financial reporting described below.

52

Perrigo Company plc - Item 4

Controls and Procedures

All systems of internal control, no matter how well designed, have inherent limitations. Therefore, even those systems deemed to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company’s annual or interim consolidated financial statements will not be prevented or detected on a timely basis.

Evaluation of Disclosure Controls and Procedures

We conducted an evaluation of the effectiveness of our internal control over financial reporting based upon the framework established in the 2013 Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

In connection with the preparation of our financial statements for the quarter ended April 2, 2016, management determined that we did not design and maintain effective management review controls that operated at a sufficient level of precision to ensure interim income taxes were properly recorded and disclosed in our consolidated financial statements in connection with the recording of an indefinite-lived intangible asset impairment and an estimated goodwill impairment. These control deficiencies resulted in a material misstatement in income taxes in the preliminary financial statements for the quarter ended April 2, 2016. The material misstatement in interim income taxes was corrected prior to the filing of the Form 10-Q for the quarter ended April 2, 2016. These control deficiencies did not result in a misstatement of the consolidated financial statements for the transition period from June 28, 2015 to December 31, 2015, and would have no effect on the accounting for income taxes for the fiscal year ending December 31, 2016. However, these control deficiencies created a reasonable possibility that a material misstatement to the interim consolidated financial statements would not be prevented or detected on a timely basis. Accordingly, management concluded that these control deficiencies represented a material weakness.

Remediation Plan for the Material Weakness

To remediate the material weakness in internal control over financial reporting described above, with oversight from the Audit Committee, we have:

• Reviewed the processes and controls in place to measure and record income taxes to enhance the efficiency and effectiveness of the design and operation of those controls;

• Enhanced monitoring activities related to income taxes by adding additional internal controls and checklists; and

• Evaluated and enhanced the level of precision in the management review controls related to income taxes by adding additional levels of review.

We are in the process of testing and evaluating the design and operating effectiveness of the control procedures and are assessing the effectiveness of the remediation plan, which we began implementing during the three months ended July 2, 2016. Until the remediation actions are fully implemented and the operational effectiveness of related internal controls is validated through testing, the material weakness described above will continue to exist. We are committed to achieving and maintaining a strong internal control environment and believe the remediation measures will strengthen our internal control over financial reporting and remediate the material weakness identified. We will continue to monitor the effectiveness of these remediation measures and will make any changes and take such other actions that we deem appropriate given the circumstances.

Changes in Internal Control over Financial Reporting

As discussed above under the heading entitled "Remediation of Material Weakness," there were changes in our internal control over financial reporting during the three months ended July 2, 2016 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II.     OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

Refer to Part I, Item 1. Note 14 to the Condensed Consolidated Financial Statements.

53

Perrigo Company plc - Item 1A

Risk Factors

ITEM 1A.    RISK FACTORS

Our Transition Report on Form 10-KT for the transition period from June 28, 2015 to December 31, 2015 includes a detailed discussion of our risk factors and our Quarterly Report on Form 10-Q for the three months ended April 2, 2016 contained certain additional risk factors. At the time of this filing, there have been no material changes to the risk factors that were included in the Form 10-KT other than those described below.

We are dependent on the services of certain key executive and scientific employees. We recently replaced our chief executive officer and the general managers of both our BCH and Rx segments. Our inability to successfully manage the transition with respect to these key executives, or the failure to attract and retain other key executive and scientific employees, may have a material adverse impact on our results of operations.

As previously disclosed in the "Risk Factors" section of our recent Form 10-KT, we are dependent on the services of certain key employees, and our future success will depend in large part upon our ability to attract and retain highly skilled employees. 

• In April 2016, we announced that our former Chairman and Chief Executive Officer, Joseph C. Papa, resigned from the Company and that John T. Hendrickson, formerly our President, was appointed to serve as our new Chief Executive Officer. Mr. Hendrickson was later appointed to serve as a member of our Board of Directors.

• In April 2016, we announced that the former Executive Vice President and General Manager of our BCH segment, Marc Coucke, resigned from the Company and that our current Executive Vice President and General Manager, International, Sharon Kochan, would undertake expanded responsibilities that include providing leadership and strategic direction to our BCH segment.

• We recently announced the resignation of Doug Boothe, Executive Vice President and General Manager, Rx Pharmaceuticals, and the appointment of John Wesolowski, Acting General Manager, Rx Pharmaceuticals.

If this management transition is not successful, or if we are unable to attract or retain other key qualified employees, our future operating results may be adversely impacted.

Publishing earnings guidance subjects us to risks, including increased stock volatility that could lead to potential lawsuits by investors.

Because we publish earnings guidance, we are subject to a number of risks. For a variety of reasons discussed under “Cautionary Note Regarding Forward-Looking Statements”, this Item 1A, and Item 1A of our Transition Report on Form 10-KT for the transition period from June 28, 2015 to December 31, 2015, actual results may vary from the guidance we provide investors from time to time, such that our stock price may decline following, among other things, any earnings releases or guidance that do not meet market expectations. 

On February 18, 2016, we announced our results for the fourth quarter and calendar year ended December 31, 2015, as well as our updated guidance for calendar year 2016, and on April 25, 2016 we announced our preliminary financial results for the first quarter ended April 2, 2016, as well as our updated guidance for calendar year 2016. Our stock price declined following each such announcement, resulting in a decrease in our market capitalization. Additionally, we announced updated guidance on August 10, 2016. It has become increasingly commonplace for investors to file lawsuits against companies following a rapid decrease in market capitalization. These types of lawsuits can be costly and divert management attention and other resources away from our business, regardless of their merits, and could result in adverse settlements or judgments.

We are or may become involved in shareholder class action lawsuits and may experience unfavorable outcomes of such proceedings.

We are a defendant to a securities lawsuit in which the complaint alleges violations of Securities Exchange Act sections 10(b) (and Rule 10b‑5) and 14(e) against both Perrigo and our former Chief Executive Officer, Joseph

54

Perrigo Company plc - Item 1A

Risk Factors

C. Papa, and 20(a) control person liability against Mr. Papa. In general, the allegations concern the actions taken by the Company and former executive to defend against the hostile takeover bid by Mylan in the period April 21, 2015 through November 13, 2015. The plaintiff also alleges that we provided inadequate disclosure concerning alleged integration problems as a result of the Omega acquisition in the period April 21, 2015 through May 11, 2016.

We along with certain of our current and former executive officers and board members are also defendants in a securities class action suit where the plaintiff allege violations of Israeli law in the District Court of Tel Aviv-Jaffa. On June 15, 2016, Perrigo filed a motion to stay the case pending the outcome of the securities class action pending in the New Jersey federal court. The plaintiffs did not oppose the motion. The Israeli court granted the motion on the same day, and the action is stayed.

We intend to vigorously defend against these lawsuits, however, we cannot predict how the cases will be resolved. Adverse results in the cases could result in substantial monetary judgments. See Part I. Item 1. Note 14 for more information on the above mentioned lawsuits. 

We may not be able to improve operating results in our business segments.

• We have experienced a reduction in pricing expectations during 2016 in comparison to historical patterns in our U.S. businesses, in particular in our Rx segment, due to industry and competitive pressures in the sector. The reduced pricing is attributable to a variety of factors including increased focus from customers to capture supply chain productivity savings, low raw material commodity pricing, competition in specific product categories, loss of exclusivity on certain products, and consolidation of certain customers in the Rx segment. We expect this pricing environment to continue to impact us at least through the remainder of 2016.

• Our expectations for the BCH segment continue to be impacted by market dynamics in the lifestyle and natural health/vitamins categories. Factors impacting these categories include softness in key markets due to current macro-economic factors, change in timing of certain advertising and promotional campaigns compared to the prior year, and lower sell-in during the current year due to the re-staging of certain products.The BCH segment has established a brand prioritization strategy to address these market dynamics, with an objective to balance the cost of advertising and promotion investments with expected contributions from category sales.

• Our expectations for 2016 new product sales are consistent with those communicated in our first quarter Form 10-Q, but continue to remain lower than anticipated as of December 31, 2015. Several new product launches have been delayed due to the regulatory approval process for certain new products in the U.S. and modifications to market share penetration and timing assumptions for new products in our Rx and BCH segments.

There can be no assurance that we will not continue to experience challenges related to our segments, and these challenges could have a material impact on our business, cash flows, and results of operations, result in impairment charges and the market value of our ordinary shares and/or debt securitiesmay decline.

We have acquired significant intangible assets and goodwill that could become impaired or subject us to losses and may result in an adverse impact on our results of operations.

We have recorded significant intangible assets and goodwill on our balance sheet as a result of previous acquisitions, which could become impaired and lead to material charges in the future. We regularly review our intangible assets and goodwill for impairment. Goodwill and indefinite-lived intangible assets are subject to impairment review on an annual basis and whenever impairment indicators are present.

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 February 25, 2016 for a further discussion of this impairment charge.

55

Perrigo Company plc - Item 1A

Risk Factors

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 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 included 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.

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 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. Step one of the goodwill impairment test involved determining the fair value of the reporting unit using a discounted cash flow technique and comparing it to the reporting unit’s carrying value. The main assumptions supporting the cash flow projections used to determine the reporting unit’s fair value included 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 BCH-ROW reporting unit did not pass step one of goodwill impairment testing. The change in fair value from previous estimates was due primarily to the changes in the 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 second step of the goodwill impairment test required that we determine the implied fair value of the BCH - ROW reporting unit’s goodwill, which involved determining the value of the reporting unit’s individual assets and liabilities. Due to the complex and time-consuming nature of step two, 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. We finalized the step two fair value calculation during the three months ended July 2, 2016, which resulted in a $30.3 million reduction to the estimated impairment charge recorded last quarter.

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. In February 2016, a competitor's pipeline product, Ocrevus^®, received breakthrough therapy designation from the FDA and could potentially be approved in 2016. The product would compete with Tysabri^® and could have a significant negative impact on the royalty we receive from Biogen Idec Inc. and the performance of the Specialty Sciences segment. We continue to monitor the progress of all potential competing products and assess the reporting unit for potential impairment should impairment indicators arise, as applicable, and at least annually during our fourth quarter impairment testing.

We perform an impairment analysis on intangible assets subject to amortization when there is an indication that the carrying amount of any individual asset may not be recoverable. Any significant change in market conditions, estimates or judgments used to determine expected future cash flows that indicates a reduction in carrying value may give rise to impairment in the period that the change becomes known. The carrying value for certain intangible assets and goodwill equals fair value, as such, any further deterioration in those assets' fair value

56

Perrigo Company plc - Item 1A

Risk Factors

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.

See Part I. Item 1. Note 3 for more information on the above impairment charges.

We identified a material weakness in our internal controls over financial reporting; failure to remediate the material weakness could negatively impact our business and the price of our ordinary shares.

In connection with the preparation of our financial statements for the three-month period ended April 2, 2016, we concluded that a material weakness existed in our internal controls over financial reporting, as described under Part II. Item 4. “Controls and Procedures.” More specifically, we did not design and maintain effective management review controls that operated at a sufficient level of precision to ensure interim income taxes are properly recorded and disclosed in our consolidated financial statements in connection with the recording of an indefinite-lived intangible asset impairment and an estimated goodwill impairment for the three months ended April 2, 2016. In response to the identified material weakness, and with oversight from our Audit Committee, we are focused on improving our internal controls over financial reporting and remedying the identified material weakness.

To remediate the material weakness in internal control over financial reporting described above, with oversight from the Audit Committee, we have:

• Reviewed the processes and controls in place to measure and record income taxes to enhance the efficiency and effectiveness of the design and operation of those controls;

• Enhanced monitoring activities related to income taxes by adding additional internal controls and checklists; and

• Evaluated and enhanced the level of precision in the management review controls related to income taxes by adding additional levels of review.

We are in the process of testing and evaluating the design and operating effectiveness of the control procedures and are assessing the effectiveness of the remediation plan, which we began implementing during the three months ended July 2, 2016. Until the remediation actions are fully implemented and the operational effectiveness of related internal controls is validated through testing, the material weakness described above will continue to exist. We will continue to monitor the effectiveness of these remediation measures and will make any changes and take such other actions that we deem appropriate given the circumstances. We cannot assure you that we will be able to remediate this material weakness on a timely basis or at all. Failure to remediate this material weakness or difficulties encountered during implementation of these remediation efforts could result in material misstatements in or a future restatement of our financial statements, a failure to meet our reporting obligations, or the loss of investor confidence in our reported financial information, any of which could negatively impact our business and the price of our ordinary shares.

Our global operations could be negatively impacted by the economic and political instability caused by the United Kingdom ("UK") vote to leave the European Union ("EU").

The UK held a referendum on June 23, 2016 on its membership in the EU. A majority of UK voters voted to exit the EU (“Brexit”), and negotiations will commence to determine the future terms of the UK’s relationship with the EU, subject to a negotiation period that could last up to two years after the UK government formally initiates the withdraw process, including the terms of trade between the UK and the EU. Brexit has created significant instability and volatility in the global financial markets and could adversely affect European or worldwide economic or market conditions. Although it is unknown what those terms will be, they may impair the ability of our operations in the EU to transact business in the future in the UK, and similarly the ability of our UK operations to transact business in the future in the EU. Specifically, it is possible that there will be greater restrictions on imports and exports between the UK and EU countries and increased regulatory complexities. These changes may adversely affect our operations and financial results. In addition, Brexit could lead to legal uncertainty and potentially divergent national laws and regulations as the UK determines which EU laws to replace or replicate. Further, among other things, Brexit could reduce consumer spending in the UK and the EU, which could result in decreased demand for our products. Any of

57

Perrigo Company plc - Item 1A

Risk Factors

these effects of Brexit, and others we cannot anticipate, could adversely affect our business, business opportunities, results of operations, financial condition and cash flows.

ITEM 5.OTHER INFORMATION

On August 9, 2016, we issued a notice of redemption to redeem all of the $500.0 million in aggregate principal amount of then outstanding 1.300% senior notes due 2016 (the “1.300% 2016 Notes”). We expect to redeem all of the 1.300% 2016 Notes on September 29, 2016 using available cash on hand.

ITEM 6.    EXHIBITS

Exhibit Number	Description
3.1	Certificate of Incorporation of Perrigo Company plc (formerly known as Perrigo Company Limited) (incorporated by reference from Exhibit 4.1 to the Company's Registration Statement on Form S-8 filed on December 19, 2013).
3.2	Memorandum and Articles of Association of Perrigo Company plc, as amended (incorporated by reference from Exhibit 3.2 to the Company's Transition Report on Form 10-KT filed on February 25, 2016).
10.1	Amendment No. 3, effective as of April 24, 2016, to the Employment Agreement, effective as of October 9, 2006, by and between Perrigo Company and Joseph C. Papa (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 25, 2016).
10.2	Mutual Agreement dated April 27, 2016 among the Company, Omega Pharma NV, Perrigo Ireland 2 Ltd, Mylecke Management, Art & Invest NV, Alychlo NV and Marc Coucke (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 28, 2016).
10.3	Amendment dated April 27, 2016 to the Agreement for the Sale and Purchase of 685,348,257 Shares Of Omega Pharma Invest NV, dated as of November 6, 2014, by and among the Company, Alychlo NV and Holdco I BE NV (incorporated by reference from Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on April 28, 2016).
10.4	Amendment dated April 27, 2016 to the Non-Compete Agreement between the Company and Marc Coucke dated March 30, 2015 (incorporated by reference from Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on April 28, 2016).
10.5	Amendment dated April 27, 2016 to the Lock-up Agreement between the Company and Alychlo NV dated March 30, 2015 (incorporated by reference from Exhibit 10.4 to the Company’s Current Report on Form 8-K filed on April 28, 2016).
10.6	Amendment No. 4, effective as of May 6, 2016, to the Employment Agreement, effective as of October 9, 2006, by and between Perrigo Company and Joseph C. Papa (incorporated by reference from Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q filed on May 16, 2016).
10.7	Waiver to Note Purchase Agreement, between Omega Pharma NV and the Prudential Insurance Company of America, dated May 16, 2016, in connection with the Note Purchase Agreement, dated May 19, 2011 (as amended by the First Amendment and Consent to the Note Purchase Agreement, dated as of October 7, 2011), with respect to the issuance and sale of EUR 135,043,889 aggregate principal amount of Omega’s 5.1045% senior notes due 2023 (incorporated by reference from Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q filed on May 16, 2016).
10.8	Amendment dated May 23, 2016 to the Waiver to Note Purchase Agreement, between Omega Pharma NV and the Prudential Insurance Company of America, dated May 16, 2016, in connection with the Note Purchase Agreement, dated May 19, 2011 (as amended by the First Amendment and Consent to the Note Purchase Agreement, dated as of October 7, 2011), with respect to the issuance and sale of EUR 135,043,889 aggregate principal amount of Omega’s 5.1045% senior notes due 2023 (filed herewith).
10.9	Perrigo Company plc U.S. Severance Policy, as amended and restated effective June 14, 2016 (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 17, 2016).

58

Perrigo Company plc - Part II - Item 6

Exhibits

10.10	Perrigo Company plc Change in Control Severance Policy for U.S. Employees, as amended and restated effective June 14, 2016 (incorporated by reference from Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on June 17, 2016).
10.11	Amendment No. 2 to the Perrigo Company Annual Incentive Plan, effective June 14, 2016 (incorporated by reference from Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on June 17, 2016).
10.12	Second Waiver to Note Purchase Agreement, between Omega Pharma NV and the Prudential Insurance Company of America, dated June 7, 2016, in connection with the Note Purchase Agreement, dated May 19, 2011 (as amended by the First Amendment and Consent to the Note Purchase Agreement, dated as of October 7, 2011 and the Waiver to Note Purchase Agreement, dated as of May 16, 2016, as amended by a letter agreement dated May 23, 2016), with respect to the issuance and sale of EUR 135,043,889 aggregate principal amount of Omega’s 5.1045% senior notes due 2023 (filed herewith).
31.1	Rule 13a-14(a) Certification by John T. Hendrickson, Chief Executive Officer (filed herewith).
31.2	Rule 13a-14(a) Certification by Judy L. Brown, Executive Vice President, Business Operations and Chief Financial Officer (filed herewith).
32	Certification Pursuant to 18 United States Code 1350 and Rule 13a-14(b) of the Securities Exchange Act of 1934 (furnished herewith).
101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.

59

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		PERRIGO COMPANY PLC
		(Registrant)
Date:	August 10, 2016	By: /s/ John T. Hendrickson
		John T. Hendrickson
		Chief Executive Officer
		(Principal Executive Officer)
Date:	August 10, 2016	By: /s/ Judy L. Brown
		Judy L. Brown
		Executive Vice President, Business Operations and Chief Financial Officer
		(Principal Accounting and Financial Officer)

60

EX-10.8

Exhibit 10.8

May 23, 2016

Omega Pharma N.V.

IZ De Prijkels Venecoweg 269

B-9810 Nazareth

Belgium

Re: Waiver to Note Purchase Agreement

Ladies and Gentlemen:

Reference is hereby made to that Waiver to Note Purchase Agreement dated as of May 16, 2016 between Omega Pharma N.V. (the “Company”) and each of the Noteholders party thereto, as the same may be amended, restated, modified or supplemented from time to time (as amended, the "Waiver"). Capitalized terms which are used herein without definition and which are defined in the Waiver shall have the same meanings herein as in the Waiver.

The Company has requested that the Noteholders amend the Waiver, and this letter is to confirm that the Company and the Noteholders have agreed to amend the Waiver by deleting the first and third of the three references to the date “May 25, 2016” in the Waiver, and replacing each of those two references in the Waiver with the date “June 8, 2016” so long as (a) each of the Subsidiary Guarantors has executed and delivered to the Noteholders the Subsidiary Guarantor Acknowledgment in the form of Exhibit B attached to the Waiver and (b) each of the Subsidiary Guarantors shall have executed this letter.

Except as expressly amended by this letter, all terms, conditions and covenants contained in the Waiver are hereby ratified and shall be and remain in full force and effect.

This letter shall become effective upon the execution and delivery hereof by the Company and the Noteholders.This letter supersedes any and all of our prior communications among the parties hereto, if any, regarding the subject of this letter.

THIS LETTER SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD PERMIT THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

This letter may be executed in any number of counterparts, but all such counterparts shall together constitute but one instrument. Execution of this letter by any of the parties may be evidenced by way of a faxed transmission of such party’s signature and such faxed signature shall be deemed to constitute the original signature of such party to this letter.

If the foregoing is in accordance with your understanding, please confirm your agreement to the amendment set forth herein by signing this letter in the space indicated below.

Very Truly Yours,
THE PRUDENTIAL INSURANCE COMPANY OF
AMERICA
BY:	/s/ Joshua Shipley
	Name: Joshua Shipley
	Title: Vice President

Accepted and Agreed:

OMEGA PHARMA N.V.

By:	/s/ John T. Hendrickson
	Name: John T. Hendrickson
	Title: Chief Executive Officer
By:	/s/ Judy L. Brown
	Name: Judy L. Brown
	Title: Executive Vice President, Business Operations and Chief Financial Officer

OMEGA PHARMA BELGIUM N.V.

By:	/s/ Excito BVBA
	Name: Excito BVBA
	Title: Director
By:	/s/ Brandracer BVBA
	Name: Brandracer BVBA
	Title: Director

CHEFARO NEDERLAND B.V. (CURRENTLY OMEGA PHARMA NEDERLAND BV)

By:	/s/ Brandracer BVBA
	Name: Brandracer BVBA
	Title: Director

OMEGA PHARMA HOLDING NEDERLAND B.V.

By:	/s/ Joost Hunfeld
	Name: Joost Hunfeld
	Title: Director

OMEGA PHARMA ESPAÑA S.A.

By:	/s/ Brandracer BVBA
	Name: Brandracer BVBA
	Title: Director

CHEFARO PHARMA ITALIA SRL

By:	/s/ Geert Cools
	Name: Geert Cools
	Title: Director

ACO HUD AB (CURRENTLY OMEGA PHARMA NORDIC AB)

By:	/s/ Geert Cools
	Name: Geert Cools
	Title: Director
By:	/s/ Magnus Bruhn
	Name: Magnus Bruhn
	Title: Director

DEUTSCHE CHEFARO GMBH (CURRENTLY OMEGA PHARMA DEUTSHLAND GmBH)

By:	/s/ Stephan Tomat
	Name: Stephan Tomat
	Title: Director

WARTNER EUROPE B.V.

By:	/s/ Brandracer BVBA
	Name: Brandracer BVBA
	Title: Director

DAMIANUS B.V.

By:	/s/ Calisco BVBA
	Name: Calisco BVBA
	Title: Director

MEDGENIX BENELUX N.V.

By:	/s/ Excito BVBA
	Name: Excito BVBA
	Title: Director
By:	/s/ Brandracer BVBA
	Name: Brandracer BVBA
	Title: Director

BIOVER NV

By:	/s/ Calisco BVBA
	Name: Calisco BVBA
	Title: Director
By:	/s/ Pachterbos BVBA
	Name: Pachterbos BVBA
	Title: Director

ACO HUD NORDIC AB

By:	/s/ Geert Cools
	Name: Geert Cools
	Title: Director
By:	/s/ Magnus Bruhn
	Name: Magnus Bruhn
	Title: Director

RICHARD BITTNER AG

By:	/s/ Magnus Bruhn
	Name: Magnus Bruhn
	Title: Director

EX-10.12

Exhibit 10.12

SECOND WAIVER TO NOTE PURCHASE AGREEMENT

This SECOND WAIVER TO NOTE PURCHASE AGREEMENT dated as of June 7, 2016 (this “Waiver”) to the Note Purchase Agreement (as defined below) is between Omega Pharma N.V., a company incorporated with limited liability in Belgium (the “Company”), and each of the institutions which is a signatory to this Waiver (collectively, the “Noteholders”).

R E C I T A L S:

A.The Company and each of the Noteholders have heretofore entered into the Note Purchase Agreement dated May 19, 2011 (as amended by the First Amendment and Consent to Note Purchase Agreement, dated as of October 7, 2011, the “Note Purchase Agreement”). The Company has heretofore issued an aggregate principal amount of €135,043,889 5.1045% Guaranteed Senior Notes, due July 28, 2023 (the “Notes”) pursuant to the Note Purchase Agreement. The Noteholders are the holders of 100% of the outstanding principal amount of the Notes.

B.The Company delivered (i) an Officer’s Compliance Certificate on September 18, 2015, in respect of the four fiscal quarter period ended June 30, 2015 (the “June 2015 Compliance Certificate”; a copy of which has been provided to the Noteholders), which June 2015 Compliance Certificate certified that the ratio of Consolidated Net Debt to Consolidated EBITDA (the “Leverage Ratio”) for Half Year-End Date ending June 30, 2015 was 3.40 to 1.00 which demonstrated compliance with the financial covenant set forth in Section 10.4(a) of the Note Purchase Agreement for Half Year-End Date ending June 30, 2015 which prohibits the Company from allowing the Leverage Ratio to exceed 3.50 to 1.00 and (ii) an Officer’s Compliance Certificate on April 27, 2016 in respect of the four fiscal quarter period ended December 31, 2015 (the “December 2015 Compliance Certificate”; attached as Exhibit A to the First Waiver, as defined below), which December 2015 Compliance Certificate certified that the Leverage Ratio for Year-End Date ending December 31, 2015 was 3.34 to 1.00 which demonstrated compliance with the financial covenant set forth in Section 10.4(a) of the Note Purchase Agreement for Year-End Date ending December 31, 2015 which prohibits the Company from allowing the Leverage Ratio to exceed 3.50 to 1.00.

C.Enclosed with the June 2015 Compliance Certificate, the Company delivered, in accordance with Section 7.1 of the Note Purchase, the Company’s financial statements for the half-year ended June 30, 2015 (the “June 2015 IFRS Financial Statements”), which June 2015 IFRS Financial Statements contained the financial information used to calculate the Leverage Ratio for Half Year-End Date ending June 30, 2015.

D.Enclosed with the December 2015 Compliance Certificate, the Company delivered, in accordance with Section 7.1 of the Note Purchase, the Company’s financial statements for year ended December 31, 2015 (the “December 2015 IFRS Financial Statements”), which December 2015 IFRS Financial Statements contained the financial information used to calculate the Leverage Ratio for Year-End Date ending December 31, 2015.

E.The Company intends to (i) provide an updated internally generated consolidated income statement and balance sheet in respect of the period ended June 30, 2015 (the “Revised June 2015 Financial Information”) and (ii) restate the December 2015 IFRS Financial Statements (the

“December 2015 Restatement”; and Omega Pharma N.V.’s December 2015 IFRS Financial Statements after taking into effect the December 2015 Restatement, the “Restated December 2015 IFRS Financial Statements”) and, as a result of the Revised June 2015 Financial Information and the Restated 2015 IFRS Financial Statements, (i) the Leverage Ratio for Half Year-End Date ending June 30, 2015 (the “Revised June 2015 Leverage Ratio”) may increase to a ratio not to exceed 4.25 to 1.00 and (ii) the Leverage Ratio for Year-End Date ending December 31, 2015 (the “Revised December 2015 Leverage Ratio”) may increase to a ratio not to exceed 4.00 to 1.00.

F.The Company and the Noteholders previously entered into a Waiver to Note Purchase Agreement dated as of May 16, 2016, as amended by a letter agreement dated May 23, 2016 (as amended, the “First Waiver”) pursuant to which the Company requested and the Noteholders agreed to waive, effective as of December 31, 2015, the Events of Default (the “Original Specified Events of Default”) which occurred or may occur as a result of the December 2015 Restatement with respect to the December 2015 IFRS Financial Statements: (i) under Section 11(c) of the Note Purchase Agreement as a result of the Company’s failure to comply with Section 10.4(a) of the Note Purchase Agreement for the Year-End Date ending December 31, 2015, (ii) under Section 11(d) of the Note Purchase Agreement as a result of the failure to provide the annual financial statements and accompanying compliance certificate as and when required under Section 7.1(b) of the Note Purchase Agreement for the December 31, 2015 Year-End Date and (iii) under Section 11(e) of the Note Purchase Agreement as a result of the material misrepresentations contained in the December 2015 IFRS Financial Statements and the December 2015 Compliance Certificate related to the Leverage Ratio of the Company for the December 31, 2015 Year-End Date, in all cases subject to the terms and conditions set forth in the First Waiver.

G.The Company is unable to comply with the terms of the First Waiver, and the Company (i) has again requested that the Noteholders waive the Original Specified Event of Default which may or have occurred as described in paragraph F of the recitals above and (ii) has requested and the Noteholders have so agreed to waive, effective as of December 31, 2015, the Events of Default (the “New Specified Events of Default” and together with the Original Specified Events of Default, collectively, the “Specified Events of Default”) which occurred or may occur as a result of the issuance of the Revised June 2015 Financial Information: (a) under Section 11(c) of the Note Purchase Agreement as a result of the Company’s failure to comply with Section 10.4(a) of the Note Purchase Agreement for the Half Year-End Date ending June 30, 2015 and (b) under Section 11(e) of the Note Purchase Agreement as a result of the material misrepresentations contained in the 2015 June IFRS Financial Statements and the June 2015 Compliance Certificate related to the Leverage Ratio of the Company for the June 30, 2015 Half Year-End Date.

H.Capitalized terms used herein shall have the respective meanings ascribed thereto in the Note Purchase Agreement unless herein defined or the context shall otherwise require.

I.All requirements of law have been fully complied with and all other acts and things necessary to make this Waiver a valid, legal and binding instrument according to its terms for the purposes herein expressed have been done or performed.

2

NOW, THEREFORE, upon the full and complete satisfaction of the conditions precedent to the effectiveness of this Waiver set forth in Section 4 hereof, and in consideration of good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Company and the Noteholders do hereby agree in accordance with Section 17 of the Note Purchase Agreement as follows:

SECTION 1.    WAIVER.

Subject to the terms and conditions set forth in Section 4 of this Waiver, the Noteholders hereby waive, effective as of December 31, 2015, (a) any Specified Event of Default described in clause (i) of paragraph F and clause (a) paragraph G of the recitals hereto which may occur as a result of the Revised June 2015 Financial Information and December 2015 Restatement and the Revised June 2015 Leverage Ratio and the Revised December 2015 Leverage Ratio and (b) the Specified Events of Default described in clauses (ii) and (iii) of paragraph F and clause (b) of paragraph G of the recitals hereto. This is a limited waiver and shall not be deemed to constitute a waiver of any other Default or Event of Default or any future breach or violation of the Note Purchase Agreement or the Notes. Except as expressly provided herein, the foregoing waiver shall not constitute (a) a modification or alteration of the terms, conditions or covenants of the Note Purchase Agreement or any document entered into in connection therewith, or (b) a waiver, release or limitation upon the exercise by the Noteholders of any of their rights, legal or equitable, hereunder or under the Note Purchase Agreement. Except as set forth above, each Noteholder reserves any and all rights and remedies which it has had, has or may have under the Note Purchase Agreement and/or the Notes.

The waiver and agreements set forth in this Section 1 is effective solely for the purposes set forth herein and shall not be deemed to (other than in respect of the Specified Events of Default) (w) waive, release, modify or limit the Company’s obligations to otherwise comply with all terms and conditions of the Note Purchase Agreement, (x) waive any other existing or future Default or Event of Default, (y) create a course of dealing or constitute a consent to any future amendment, waiver or consent, or (z), prejudice any right or rights that the Noteholders may have presently or in the future under or in connection with the Note Purchase Agreement (all of which rights and remedies are expressly reserved), except as expressly provided herein.

The waivers provided in this Section 1 shall cease to be effective, and such Specified Events of Default shall be reinstated and be deemed to be continuing, unless (a) the Company provides the Revised June 2015 Financial Information and the Restated December 2015 IFRS Financial Statements, and accompanying respective Revised Compliance Certificates (defined below) on or before June 30, 2016, (b) the Leverage Ratio determined for the Rolling Twelve Months ended June 30, 2015 does not exceed 4.25 to 1.00 and (c) the Leverage Ratio determined for the Rolling Twelve Months ended December 31, 2015 does not exceed 4.00 to 1.00.

SECTION 2.    AGREEMENTS.

2.1.    The Company agrees to deliver to the Noteholders (a) revised compliance certificates (collectively, the “Revised Compliance Certificates”) setting forth the information required to calculate the Revised June 2015 Leverage Ratio and the Revised December 2015

3

Leverage Ratio, respectively, (b) the Revised June 2015 Financial Information and (c) the Restated December 2015 IFRS Financial Statements, in each case, promptly after the date hereof, but in no event no later than June 30, 2016.

SECTION 3.    REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

To induce the Noteholders to execute and deliver this Waiver (which representations shall survive the execution and delivery of this Waiver), the Company represents and warrants to the Noteholders that:

(a)    this Waiver has been duly authorized, executed and delivered by the Company and this Waiver constitutes the legal, valid and binding obligation of the Company enforceable against it in accordance with its terms, except as such enforcement may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors' rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);

(b)    the Note Purchase Agreement constitutes the legal, valid and binding obligation of the Company enforceable against it in accordance with their respective terms, except as such enforcement may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors' rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);

(c)    the execution, delivery and performance by the Company of this Waiver (i) has been duly authorized by all requisite corporate action and, if required, shareholder action, (ii) does not require the consent or approval of any governmental or regulatory body or agency, and (iii) will not (A) violate (1) any provision of law, statute, rule or regulation or its certificate of incorporation or bylaws, (2) any order of any court or any rule, regulation or order of any other agency or government binding upon it, or (3) any provision of any indenture, agreement or other instrument to which it is a party or by which its properties or assets are or may be bound, or (B) result in a breach or constitute (alone or with due notice or lapse of time or both) a default under any indenture, agreement or other instrument;

(d)    as of the date hereof and after giving effect to this Waiver (other than the Specified Events of Default), no Default or Event of Default has occurred which is continuing;

(e)    no consideration or remuneration has been paid or will be paid to any agent or any lender under any Principal Credit Facility as an inducement to enter into any amendment, consent or waiver in respect thereof; and

(f)    all the representations and warranties contained in Section 5 of the Note Purchase Agreement (other than any representations and warranties related to the

4

Specified Events of Default) are true and correct in all material respects with the same force and effect as if made by the Company on and as of the date hereof, except to the extent such representations and warranties expressly relate to earlier dates, in which case they shall be true and correct in all material respects as of such earlier date.

SECTION 4.    CONDITIONS TO EFFECTIVENESS OF THE WAIVERS.

The waivers set forth in Section 1 shall not become effective until, and shall become effective when, each and every one of the following conditions shall have been satisfied:

(a)    executed counterparts of this Waiver, duly executed by the Company and the Noteholders, shall have been delivered to the Noteholders;

(b)    the Subsidiary Guarantors shall have executed and delivered to the Noteholders the Subsidiary Guarantor Acknowledgement in the form of Exhibit A attached hereto;

(c)    the Company shall have paid the amendment fee in accordance with Section 6 below; and

(d)    the representations and warranties of the Company set forth in Section 3 hereof are true and correct on and with respect to the date hereof.

Upon satisfaction of all of the foregoing and subject to the last paragraph of Section 1, the waivers set forth in Section 1 shall become effective.

SECTION 5.    PAYMENT OF NOTEHOLDERS’ FEES AND EXPENSES.

The Company hereby confirms its obligations under the Note Purchase Agreement, whether or not the agreements hereby contemplated are consummated, to pay upon demand all reasonable out-of-pocket fees and expenses, including attorneys' fees and expenses, incurred by any Noteholder in connection with this Waiver or the transactions contemplated hereby, in enforcing any rights under this Waiver, or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Waiver or the transactions contemplated hereby.

SECTION 6.    PAYMENT OF AMENDMENT FEE.

The Company shall pay to each Noteholder, on or prior to the date hereof, an amendment fee equal to, in the aggregate, 0.50% of the outstanding principal amount of the Notes held by each such Noteholder.

SECTION 7.    MISCELLANEOUS.

7.1.    This Waiver shall be construed in connection with and as part of the Note Purchase Agreement, and except as modified and expressly amended by this Waiver, all terms,

5

conditions and covenants contained in the Note Purchase Agreement and the Notes are hereby ratified and shall be and remain in full force and effect.

7.2.    The descriptive headings of the various Sections or parts of this Waiver are for convenience only and shall not affect the meaning or construction of any of the provisions hereof.

7.3.    THIS WAIVER SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD PERMIT THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

7.4.    TIME IS OF THE ESSENCE WITH RESPECT TO ALL CONDITIONS, AGREEMENTS OR OTHER PROVISIONS HEREIN.

7.5.    The execution hereof by you shall constitute a contract between us for the uses and purposes hereinabove set forth, and this Waiver may be executed in any number of counterparts, each executed counterpart constituting an original, but all together only one agreement.

Remainder of Page Intentionally Left Blank

6

OMEGA PHARMA N.V.
By: /s/ Judy L. Brown    
Name: Judy L. Brown
Title: Director

By: /s/ P. M. O’Sullivan    
Name: P. M. O’Sullivan
Title: Director

ACCEPTED AND AGREED TO:

NOTEHOLDERS

THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

By: /s/ Jason Boe    
Name: Jason Boe
Title: Vice President

[Signature Page to Second Waiver to Note Purchase Agreement]

Exhibit A

SUBSIDIARY GUARANTOR ACKNOWLEDGEMENT

As of June 7, 2016

Each of the undersigned Subsidiary Guarantors hereby acknowledges and agrees to the terms of the Second Waiver to Note Purchase Agreement, dated as of June 7, 2016 (the “Second Waiver”), waiving certain terms of that Note Purchase Agreement, dated May 19, 2011, as amended by that certain First Amendment and Consent to Note Purchase Agreement dated as of October 7, 2011 (as so amended, the “Note Purchase Agreement”), among Omega Pharma N.V. and the noteholders party thereto. Each of the Subsidiary Guarantor confirms that, upon the effectiveness of the Second Waiver, each Subsidiary Guarantee Agreement shall remain in full force and effect and be the legal, valid and binding obligation of such Subsidiary Guarantor party thereto against it in accordance with its terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors' rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). Each Subsidiary Guarantor hereby further confirms that, upon the effectiveness of the Second Waiver, each Subsidiary Guarantee Agreement shall continue to guaranty and secure all of the Guaranteed Obligations (as defined therein).

OMEGA PHARMA BELGIUM N.V.

By:    /s/ EXCITO BVBA – Magnus Bruhn

Name:    EXCITO BVBA – Magnus Bruhn

Title:    Director                    

By:     /s/ BRANDRACER BVBA – Geert Cools

Name:    BRANDRACER BVBA – Geert Cools                    

Title: Director

OMEGA PHARMA NEDERLAND B.V.

formerly known as CHEFARO NEDERLAND B.V.

By:     /s/ BRANDRACER BVBA – Geert Cools

Name:    BRANDRACER BVBA – Geert Cools                    

Title: Director

OMEGA PHARMA HOLDING NEDERLAND B.V.

By:    /s/ Joost Hunfeld

Name: Joost Hunfeld

Title: Director

OMEGA PHARMA ESPAÑA S.A.

By:     /s/ BRANDRACER BVBA – Geert Cools

Name:    BRANDRACER BVBA – Geert Cools                    

Title: Director

CHEFARO PHARMA ITALIA SRL

By:    /s/ Geert Cools

Name:    Geert Cools                    

Title: Director

OMEGA PHARMA NORDIC AB

formerly known as ACO HUD AB

By:    /s/ Geert Cools

Name:    Geert Cools                    

Title: Director

By:    /s/ Magnus Bruhn

Name:    Magnus Bruhn

Title:    Director

OMEGA PHARMA DEUTSCHLAND GMBH

formerly known as DEUTSCHE CHEFARO GMBH

By:    /s/ Stephan Tomat

Name: Stephan Tomat

Title: General Manager

WARTNER EUROPE B.V.

By:     /s/ BRANDRACER BVBA – Geert Cools

Name:    BRANDRACER BVBA – Geert Cools                    

Title: Director

DAMIANUS B.V.

By:    /s/ CALISCO BVBA – Carl Bamelis

Name:    CALISCO BVBA – Carl Bamelis                    

Title: Director

MEDGENIX BENELUX N.V.

By:     /s/ BRANDRACER BVBA – Geert Cools

Name:    BRANDRACER BVBA – Geert Cools                    

Title: Director

By:    /s/ EXCITO BVBA – Magnus Bruhn

Name:    EXCITO BVBA – Magnus Bruhn

Title:    Director

BIOVER NV

By:    /s/ CALISCO BVBA – Carl Bamelis

Name:    CALISCO BVBA – Carl Bamelis                    

Title: Director

By:    /s/ PACHTERS BOS BVBA – Lieven Costers

Name:    PACHTERS BOS BVBA – Lieven Costers                    

Title: Director

ACO HUD NORDIC AB

By:    /s/ Geert Cools

Name:    Geert Cools                    

Title: Director

By:    /s/ Magnus Bruhn

Name:    Magnus Bruhn

Title:    Director

RICHARD BITTNER AG

By:    /s/ Magnus Bruhn

Name:    Magnus Bruhn

Title:    Director

EX-31.1

Exhibit 31.1

CERTIFICATION

I, John T. Hendrickson, certify that:

1. I have reviewed this report on Form 10-Q of Perrigo Company plc;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting, which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 10, 2016

/s/ John T. Hendrickson

John T. Hendrickson

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Judy L. Brown, certify that:

1. I have reviewed this report on Form 10-Q of Perrigo Company plc;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting, which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 10, 2016

/s/ Judy L. Brown

Judy L. Brown

Executive Vice President, Business Operations and Chief Financial Officer

EX-32

Exhibit 32

The following statement is being made to the Securities and Exchange Commission solely for the purposes of Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350), which carries with it certain criminal penalties in the event of a knowing or willful misrepresentation.

Securities and Exchange Commission

450 Fifth Street NW

Washington, D.C. 20549

Re: Perrigo Company plc

Ladies and Gentlemen:

In accordance with the requirements of Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350), each of the undersigned hereby certifies that:

(i) this Quarterly Report on Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(ii) the information contained in this report fairly presents, in all material respects, the financial condition and results of operations of Perrigo Company plc.

Date:	August 10, 2016	/s/ John T. Hendrickson
		John T. Hendrickson
		Chief Executive Officer
		(Principal Executive Officer)
Date:	August 10, 2016	/s/ Judy L. Brown
		Judy L. Brown
		Executive Vice President, Business Operations and Chief Financial Officer
		(Principal Accounting and Financial Officer)

XML

Document and Entity Information Document - shares	6 Months Ended
	Jul. 02, 2016	Aug. 05, 2016
Document and Entity Information [Abstract]
Entity registrant name	PERRIGO CO PLC
Entity central index key	0001585364
Current calendar year end date	--12-31
Entity filer category	Large Accelerated Filer
Document type	10-Q
Document period end date	Jul. 02, 2016
Document calendar year focus	2016
Document calendar period focus	Q2
Amendment flag	false
Entity common stock, shares outstanding		143,280,822
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

XML

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jun. 27, 2015	Jul. 02, 2016		Jun. 27, 2015
Net sales	$ 1,481.0	$ 1,531.6	$ 2,864.2	[1]	$ 2,580.8	[1]
Cost of sales	913.8	903.5	1,774.1		1,573.8
Gross profit	567.2	628.1	1,090.1		1,007.0
Operating expenses
Distribution	22.5	23.7	44.3		38.4
Research and development	47.0	62.6	92.2		98.0
Selling	171.6	174.9	352.4		223.7
Administration	101.8	140.1	208.2		219.7
Impairment charges (credits)	(19.8)	0.0	447.2		0.0
Restructuring	5.8	(0.1)	11.3		1.0
Total operating expenses	328.9	401.2	1,155.6		580.8
Operating income (loss)	238.3	226.9	(65.5)	[1]	426.2	[1]
Interest expense, net	57.4	45.9	108.6		89.2
Other expense, net	29.3	22.7	33.1		281.3
Loss on extinguishment of debt	0.0	(0.9)	(0.4)		(0.9)
Income (loss) before Income Taxes	151.6	157.4	(207.6)		54.8
Income tax expense (benefit)	(42.7)	101.0	(67.3)		93.2
Net income (loss)	$ 194.3	$ 56.4	$ (140.3)		$ (38.4)
Income (loss) per share [Abstract]
Basic income (loss) per share	$ 1.36	$ 0.39	$ (0.98)		$ (0.27)
Diluted income (loss) per share	$ 1.35	$ 0.38	$ (0.98)		$ (0.27)
Weighted average shares outstanding
Basic	143.2	146.3	143.2		143.5
Diluted	143.6	146.8	143.2		143.5
Dividends declared per share	$ 0.145	$ 0.125	$ 0.290		$ 0.250

[1] The BCH segment was created on March 30, 2015 as a result of the Omega acquisition, thus data for the six months ended June 27, 2015 includes only three months of results from operations attributable to Omega.

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jun. 27, 2015	Jul. 02, 2016	Jun. 27, 2015
Net income (loss)	$ 194.3	$ 56.4	$ (140.3)	$ (38.4)
Other Comprehensive Income (loss):
Foreign currency translation adjustments	(106.2)	118.6	44.8	90.7
Change in fair value of derivative financial instruments, net of tax	(1.3)	4.8	(7.0)	5.5
Change in fair value of investment securities, net of tax	2.4	(6.1)	8.5	(4.9)
Change in post-retirement and pension liability adjustments, net of tax	(0.3)	4.1	0.5	3.7
Other comprehensive income (loss), net of tax	(105.4)	121.4	46.8	95.0
Comprehensive income (loss)	$ 88.9	$ 177.8	$ (93.5)	$ 56.6

XML

Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions	Jul. 02, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 641.8	$ 417.8
Accounts receivable, net, current	1,199.1	1,193.1
Inventories	894.6	844.4
Prepaid expenses and other current assets	297.3	289.1
Total current assets	3,032.8	2,744.4
Property and equipment, net	888.6	886.2
Goodwill and other indefinite-lived intangible assets	6,627.1	7,281.2
Other intangible assets, net	8,679.3	8,190.5
Non-current deferred income taxes	100.6	54.6
Other non-current assets	205.2	237.0
Total non-current assets	16,500.8	16,649.5
Total assets	19,533.6	19,393.9
Liabilities and Shareholders' Equity
Accounts payable	514.1	554.9
Payroll and related taxes	98.4	125.3
Accrued customer programs	354.2	398.0
Accrued liabilities	295.7	308.4
Accrued income taxes	72.5	85.2
Current indebtness	758.1	1,018.3
Total current liabilities	2,093.0	2,490.1
Long-term debt, less current portion	5,652.5	4,971.6
Non-current deferred income taxes	1,473.7	1,563.7
Other non-current liabilities	414.7	332.4
Total non-current liabilities	7,540.9	6,867.7
Total liabilities	9,633.9	9,357.8
Commitments and contingencies disclosure [Abstract]
Preferred shares, $0.0001 par value, 10 million shares authorized	0.0	0.0
Common shares, €0.0001 par value, 10 billion shares authorized	8,144.0	8,144.6
Accumulated other comprehensive income	31.3	(15.5)
Retained earnings	1,725.0	1,907.6
Total controlling interest	9,900.3	10,036.7
Noncontrolling interest	(0.6)	(0.6)
Total shareholders' equity	(9,899.7)	(10,036.1)
Total liabilities and shareholders' equity	$ 19,533.6	$ 19,393.9
Supplemental Disclosures of Balance Sheet Information
Preferred shares, issued and outstanding	0.0	0.0
Ordinary shares, issued and outstanding	143.2	143.1

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Consolidated Balance Sheets (Parenthetical) shares in Millions, $ in Millions	Jul. 02, 2016 € / shares	Jul. 02, 2016 USD ($) $ / shares shares	Dec. 31, 2015 € / shares	Dec. 31, 2015 USD ($) $ / shares shares
Shareholders' Equity
Preferred shares, par value | $ / shares		$ 0.0001		$ 0.0001
Preferred shares, authorized		10.0		10.0
Ordinary shares, par value | € / shares	€ 0.001		€ 0.001
Ordinary shares, authorized		10,000.0		10,000.0
Preferred shares outstanding		0.0		0.0
Ordinary shares, outstanding		143.2		143.1
Allowance for Doubtful Accounts Receivable | $		$ 4.0		$ 3.0
Commitments and Contingencies | $		$ 0.0		$ 0.0

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Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jul. 02, 2016	Jun. 27, 2015
Cash Flows From (For) Operating Activities
Net income (loss)	$ (140.3)	$ (38.4)
Adjustments to derive cash flows
Depreciation and amortization	369.3	295.0
Loss on acquisition-related foreign currency derivatives	0.0	300.0
Share-based compensation	7.6	15.5
Impairment charges	447.2	0.0
Loss on extinguishment of debt	(0.4)	(0.9)
Non-cash restructuring charges	11.3	1.0
Deferred income taxes	(157.1)	21.9
Other non-cash adjustments	28.2	12.1
Subtotal	566.6	608.0
Increase (decrease) in cash due to
Accounts receivable	42.3	(77.2)
Inventories	(50.3)	28.4
Accounts payable	(41.1)	187.5
Payroll and related taxes	(39.2)	(3.8)
Accrued customer programs	(45.3)	18.1
Accrued liabilities	(9.8)	(14.8)
Accrued income taxes	21.8	(14.9)
Other	(45.4)	(0.6)
Subtotal	(167.0)	122.7
Net cash from (for) operating activities	399.6	730.7
Cash Flows (For) From Investing Activities
Acquisitions of business, net of cash acquired	(419.7)	(2,098.8)
Additions to property and equipment	(57.1)	(89.0)
Settlement of acquisition-related foreign currency derivatives	0.0	(303.5)
Other investing	1.0	(1.0)
Net cash from (for) investing activities	(477.8)	(2,490.3)
Cash Flows (For) From Financing Activities
Issuance of long-term debt	1,190.3	0.0
Payments on long-term debt	(28.7)	(889.0)
Borrowings (repayments) of revolving credit agreements and other financing, net	(803.9)	(50.4)
Deferred financing fees	2.4	3.3
Issuance of ordinary shares	3.5	4.0
Cash dividends	(41.6)	(35.9)
Other Financing	(11.7)	(10.6)
Net cash from (for) financing activities	305.5	(985.2)
Effect of exchange rate changes on cash	(3.3)	(65.7)
Net increase (decrease) in cash and cash equivalents	224.0	(2,810.5)
Cash and cash equivalents, beginning of period	417.8	3,596.1
Cash and cash equivalents, end of period	641.8	785.6
Cash paid/received during the period for:
Interest paid	89.5	86.3
Interest received	0.7	0.7
Income taxes paid	38.0	110.2
Income taxes refunded	$ 0.3	$ 2.1

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Summary of Significant Accounting Policies

6 Months Ended

Jul. 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 and 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 Branded Consumer Healthcare ("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 ending 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.

Recently Issued Accounting Standards Not Yet Adopted (continued)
Standard	Description	Effective Date	Effect on the Financial Statements or Other Significant Matters
Measurement of Credit Losses on Financial Instruments	This guidance changes the impairment model for most financial assets and certain other instruments, replacing the current "incurred loss" approach with an "expected loss" credit impairment model, which will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities,and off-balance sheet credit exposures such as letters of credit. Early adoption is permitted.	January 1, 2020	We are currently evaluating the new standard for potential impacts on our receivables, debt, and other financial instruments.

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Business Acquisitions (Notes)

6 Months Ended

Jul. 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.

The effects of all of the acquisitions described below are 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

OnJanuary 22, 2016, we acquired a portfolio of generic dosage forms and strengths ofRetin-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 intangible assets acquired included generic product rights valued using the multi-period excess earnings method and assigned a 20-year useful life, and non-compete agreements 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 will become a definite-lived intangible asset), or is determined to have no future use (at which time it would be 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 $24.9 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.

Purchase Price Allocation of Current Year Acquisitions

The purchase accounting allocations for the Development-Stage Rx Products acquisition and one small product acquisition (included in "All Other" in the table below) are preliminary and arebased on the valuation information, estimates, and assumptions available at July 2, 2016. As we finalize the fair value estimate, additional purchase price adjustments may be recorded during the measurement period to contingent consideration and intangible assets.

The below table indicates the purchase price allocation for acquisitions completed in the current year (in millions):

	Tretinoin Products		Development-Stage Rx Products*		All Other(1)*
Purchase price paid	$	416.4	$	—	$	0.3
Contingent consideration	—		24.9		5.6
Total purchase consideration	$	416.4	$	24.9	$	5.9
Assets acquired:
Inventories	$	1.4	$	—	$	—
Goodwill	1.7		—		—
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	—		24.9		5.9
Total intangible assets	413.3		24.9		5.9
Total assets	$	416.4	$	24.9	$	5.9

*    Opening balance sheet is preliminary

(1) Consists of one product acquisition in the CHC segment

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 acquired included the branded and authorized generic product rights with useful lives of 10 and 15 years, respectively, which were valued using 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 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.

GlaxoSmithKlineConsumer 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 purchased95.77% 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 per 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 and six months ended June 27, 2015 (in millions):

	Three Months Ended		Six Months Ended
Line item	June 27, 2015
Administration	$	16.1	$	18.1
Interest expense, net	—		18.7
Other expense, net	—		258.2
Total acquisition-related costs	$	16.1	$	295.0

See Note 8 for further details on losses on the 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 fourto 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 to value the indefinite-lived brands, the definite-lived brands, and distribution network. We utilized the relief from royalty method to value 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 assumedon 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 valuation 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 acquisitions completed during theyear endedDecember 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 the CHC, BCH, and Rx segments

Actual and Unaudited Pro Forma Impact of Acquisitions

Our Condensed Consolidated Financial Statements include operating results from the acquisitions of the Tretinoin Products, Entocort^®, Naturwohl, GSK Products, ScarAway^®, Omega, and Gelcaps, and two small product acquisitions (included in "All Other" in the above table) from the date of each acquisition through July 2, 2016. Net sales and operating income attributable to acquisitions completed in the current year and included in our financial statements totaled $13.4 million and $7.5 million, respectively, for the three months endedJuly 2, 2016 and totaled $29.2 million and $18.9 million, respectively, for the six months endedJuly 2, 2016.

The following unaudited pro forma information gives effect to the acquisitions of the Tretinoin Products, Entocort^®, Naturwohl, GSK Products, ScarAway^®, Omega, and Gelcaps, and two small product acquisitions, as if the acquisitions had occurred on the first day of the six months endedJune 27, 2015 and had been included in our Results of Operations for all periods presented thereafter (in millions):

	Three Months Ended				Six Months Ended
(Unaudited)	July 2, 2016		June 27, 2015		July 2, 2016			June 27, 2015
Net sales	$	1,481.0	$	1,627.9	$	2,867.5		$	3,005.2
Net income (loss)	$	194.3	$	87.3	$	(138.8	)	$	11.9

The historical consolidated financial information of Perrigo, and the Tretinoin Products, Entocort^®, Naturwohl, GSK Products, ScarAway^®, Omega, and 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 six months endedJune 27, 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 six months endedJuly 2, 2016 to the six months endedJune 27, 2015. The unaudited pro forma results do not reflect future events that have occurred or may occur after the acquisitions.

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Goodwill and Other Intangible Assets

6 Months Ended

Jul. 02, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [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			July 2, 2016
CHC	$	1,890.0	$	—	$	—		$	4.5	$	(5.7	)	$	1,888.8
BCH	1,980.5		—		(163.3		)	—		74.6			1,891.8
Rx	1,222.2		1.7		—			—		(13.0		)	1,210.9
Specialty Sciences	200.7		—		—			—		—			200.7
Other	71.5		—		—			7.2		0.9			79.6
Total goodwill	$	5,364.9	$	1.7	$	(163.3	)	$	11.7	$	56.8		$	5,271.8

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 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. Step one of the goodwill impairment test involved determining the fair value of the reporting unit using a discounted cash flow technique and comparing it to the reporting unit’s carrying value. The main assumptions supporting the cash flow projections used to determine the reporting unit’s fair value included 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 BCH-ROW reporting unit did not pass step one of goodwill impairment testing. The change in fair value from previous estimates was due primarily to the changes in the 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 second step of the goodwill impairment test required that we determine the implied fair value of the BCH - ROW reporting unit’s goodwill, which involved determining the value of the reporting unit’s individual assets and liabilities. Due to the complex and time-consuming nature of step two, 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 (credits) on the Condensed Consolidated Statements of Operations for the three months ended April 2, 2016. We finalized the step two fair value calculation during the three months ended July 2, 2016, which resulted in a $30.3 million reduction to the estimated impairment charge recorded last quarter.

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, Ocrevus^®, received breakthrough therapy designation from the FDA and could potentially be approved in 2016. The product would compete with Tysabri^® and could have a significant negative impact on the royalty we receive from Biogen Idec Inc. ("Biogen") and the performance of the Specialty Sciences segment. We continue to monitor the progress of all potential competing products and assess the reporting unit for potential impairment should impairment indicators arise, as applicable, and at least annually during our fourth quarter impairment testing.

During the three months endedJune 27, 2015, we performed our annual goodwill impairment testing, which indicated that our CHC Mexico reporting unit's goodwill fair value was below its net book value as of March 28, 2015. As a result, we initiated the second step of the goodwill impairment test to measure the amount of impairment. We concluded that the goodwill was fully impaired and recorded an impairment of $6.8 million in the CHC segment during the three months endedJune 27, 2015 in Other expense, net.

Intangible Assets

Other intangible assets and related accumulated amortization consisted of the following (in millions):

	July 2, 2016				December 31, 2015
	Gross		Accumulated Amortization		Gross		Accumulated Amortization
Definite-lived intangibles:
Distribution and license agreements, supply agreements	$	6,056.7	$	831.5	$	6,053.4	$	667.2
Developed product technology, formulations, and product rights	1,784.6		492.1		1,383.5		426.0
Customer relationships and distribution networks	1,545.7		256.6		1,520.7		193.0
Trademarks, trade names, and brands	911.4		42.6		539.4		22.8
Non-compete agreements	14.6		10.9		15.2		12.7
Total definite-lived intangibles	$	10,313.0	$	1,633.7	$	9,512.2	$	1,321.7
Indefinite-lived intangibles:
Trademarks, trade names, and brands	$	1,288.4	$	—	$	1,868.1	$	—
In-process research and development	66.9		—		48.2		—
Total indefinite-lived intangibles	1,355.3		—		1,916.3		—
Total other intangible assets	$	11,668.3	$	1,633.7	$	11,428.5	$	1,321.7

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 $161.7 million and $142.6 million for the three months endedJuly 2, 2016 and June 27, 2015, respectively, and $319.7 million and $250.4 million for the six months endedJuly 2, 2016 and June 27, 2015, respectively. The increase in amortization expense for the 2016 six-month period 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 (credits) 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 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 included 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 estimated and implied fair values, respectively, and as a result, 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 and began amortizing the asset during the three months ended July 2, 2016.

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Accounts Receivable Factoring (Notes)

6 Months Ended

Jul. 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 $54.7 million and $106.7 million at July 2, 2016 and December 31, 2015, respectively.

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Inventories (Notes)

6 Months Ended

Jul. 02, 2016

Inventory Disclosure [Abstract]

Inventory disclosure [Text Block]

INVENTORIES

Major components of inventory were as follows (in millions):

	July 2, 2016		December 31, 2015
Finished goods	$	523.4	$	483.4
Work in process	148.6		151.4
Raw materials	222.6		209.6
Total inventories	$	894.6	$	844.4

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Fair value measurements (Note)

6 Months Ended

Jul. 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 table summarizes the valuation of our financial instruments carried at fair value and measured at fair value on a recurring basis by the above pricing categories (in millions):

		Fair Value
	Fair Value Hierarchy	July 2, 2016		December 31, 2015
Measured at fair value on a recurring basis:
Assets:
Investment securities	Level 1	$	40.0	$	14.9
Foreign currency forward contracts	Level 2	$	4.3	$	4.8
Funds associated with Israeli post-employment benefits	Level 2	16.3		17.2
Total level 2 assets		$	20.6	$	22.0
Liabilities:
Interest rate swap agreements	Level 2	$	—	$	0.3
Foreign currency forward contracts	Level 2	2.8		3.9
Total level 2 liabilities		$	2.8	$	4.2
Contingent consideration	Level 3	$	44.9	$	17.9

There were no transfers between Level 1, 2, and 3 during the three and six months endedJuly 2, 2016 and June 27, 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.

The table below presents a reconciliation for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions). Net realized losses in the table were recorded in Administrative expense.

	Three Months Ended						Six Months Ended
	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Contingent Consideration
Beginning balance:	$	48.0		$	12.4		$	17.9		$	12.4
Net realized (gains) losses	(0.1		)	0.9			—			0.9
Purchases or additions	1.0			—			30.5			—
Impairments	(3.8		)	(13.3		)	(3.8		)	(13.3		)
Foreign currency effect	(0.2		)	—			0.3			—
Ending balance:	$	44.9		$	—		$	44.9		$	—

Certain assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value may not be recoverable. The following table summarizes the valuation of our financial instruments carried at fair value by the above pricing categories (in millions):

		Fair Value
	Fair Value Hierarchy	July 2, 2016		December 31, 2015
Measured at fair value on a non-recurring basis:
Assets:
Goodwill(1)	Level 3	$	1,792.6	$	—
Indefinite-lived intangible assets(2)	Level 3	$	1,082.0	$	1,031.8
Assets held for sale, net	Level 3	70.1		37.5
Total level 3 assets		$	2,944.7	$	1,069.3

(1) Goodwill with a carrying amount of $1,955.9 million was written down to its implied fair value of $1,792.6 million, resulting in total impairment charges of $163.3 million for the six months endedJuly 2, 2016, which are included in Impairment charges (credits) on the Condensed Consolidated Statements of Operations. The implied fair value is as of April 2, 2016, the date of the goodwill impairment test.

(2) Intangible assets estimated fair value at July 2, 2016 is as of April 2, 2016, the date the impairment was taken.

The non-recurring fair values included in the table above represent only those assets whose carrying values were adjusted to fair value during the reporting period. See Note 3 for a more detailed discussion of the impaired goodwill and indefinite-lived intangible assets and the valuation methods used, and Note 9 for information on the impaired assets held for sale, net.

As of July 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 July 2, 2016, the public bonds and private placement note had a carrying value of $5.1 billion and a fair value of $5.2 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 July 2, 2016, our retail bonds had a carrying value of $818.6 million (excluding a premium of $67.5 million) and a fair value of $885.3 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 of our related bonds for both periods was based on interest rates offered for borrowings of a similar nature and remaining maturities (Level 2).

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.

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Investments (Notes)

6 Months Ended

Jul. 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):

	July 2, 2016		December 31, 2015
Equity securities, at cost less impairments	$	20.2	$	6.4
Gross unrealized gains	19.8		9.3
Gross unrealized losses	—		(0.8		)
Estimated fair value of equity securities	$	40.0	$	14.9

The factors affecting the assessment of impairments include both general financial market conditions and factors specific to a particular company. We recorded impairment charges of $1.7 million related to other-than-temporary impairments of our marketable equity securities during the three months endedJuly 2, 2016 due to prolonged losses incurred on each of the investments.

Cost Method Investments

Our cost method investments totaled $7.0 million and $6.9 million at July 2, 2016 and December 31, 2015, respectively, and are included in Other non-current assets.

Equity Method Investments

Our equity method investments totaled $4.8 million and $45.5 million at July 2, 2016 and December 31, 2015, respectively, and are included in Other non-current assets. We recorded a net loss of $1.6 million and $3.9 million during the three and six months endedJuly 2, 2016, respectively, and a net loss of $3.3 million and $3.6 million during the three and six months endedJune 27, 2015, respectively, for our proportionate share of the equity method investment earnings or losses. The losses were recorded in Other expense, net.

In addition, due to significant and prolonged losses incurred on one of our equity method investments, we recorded a $22.3 million impairment in Other expense, net, during the three months endedJuly 2, 2016.

During the six months endedJuly 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 Other Comprehensive Income ("OCI"), as reflected in the table above.

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Derivative Instruments and Hedging Activities (Note)

6 Months Ended

Jul. 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 July 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. 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 endedDecember 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 of senior notes on March 7, 2016 for a cumulative after-tax loss of $7.0 million in OCI during the six months endedJuly 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.

During the three months endedJune 27, 2015, we repaid a $300.0 million term loan with floating interest rates priced off the LIBOR yield curve, see Note 10. As a result of the term loan repayment on June 25, 2015, the forward interest rate swap agreements with notional amounts totaling $240.0 million that were in place to hedge the change in the LIBOR rate were terminated as well. We recorded a loss of $3.6 million in Other expense, net, during the three months endedJune 27, 2015 for the amount remaining in Accumulated Other Comprehensive Income ("AOCI") when the hedges were terminated.

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 $500.4 million and $755.5 million as of July 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. In June 2015, in order to economically hedge the foreign currency exposure associated with the planned payment of the euro-denominated GSK Products acquisition discussed in Note 2, we entered into a non-designated option contract to protect against a strengthening of the euro relative to the U.S. dollar. We recorded losses of $1.9 million for the change in fair value of the option contract during the three months ended June 27, 2015 in Other expense, net. Because these derivatives were economically hedging future acquisitions, the cash outflows associated with their settlement are shown as 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
		July 2, 2016		December 31, 2015
Designated derivatives:
Foreign currency forward contracts	Other current assets	$	2.6	$	3.8
Total designated derivatives		$	2.6	$	3.8
Non-designated derivatives:
Foreign currency forward contracts	Other current assets	$	1.7	$	1.0
Total non-designated derivatives		$	1.7	$	1.0

	Liability Derivatives
	Balance Sheet Location	Fair Value
		July 2, 2016		December 31, 2015
Designated derivatives:
Foreign currency forward contracts	Accrued liabilities	$	1.0	$	2.0
Interest rate swap agreements	Other non-current liabilities	—		0.3
Total designated derivatives		$	1.0	$	2.3
Non-designated derivatives:
Foreign currency forward contracts	Accrued liabilities	$	1.8	$	1.9
Total non-designated derivatives		$	1.8	$	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 (Effective Portion)
	Three Months Ended						Six Months Ended
Designated Cash Flow Hedges	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Interest rate swap agreements	$	—		$	(14.0	)	$	(9.0	)	$	(12.0	)
Foreign currency forward contracts	(0.3		)	2.7			1.3			(1.1		)
Total	$	(0.3	)	$	(11.3	)	$	(7.7	)	$	(13.1	)

The gains (losses) reclassified from 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 (Effective Portion)
		Three Months Ended						Six Months Ended
Designated Cash Flow Hedges	Income Statement Location	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Treasury locks	Interest expense, net	$	—		$	(0.1	)	$	—		$	(0.1	)
Interest rate swap agreements	Interest expense, net	(0.6		)	(19.1		)	(1.1		)	(18.2		)
Foreign currency forward contracts	Net sales	0.2			2.0			0.8			1.9
	Cost of sales	0.6			(1.8		)	0.9			(4.6		)
	Interest expense, net	(0.6		)	—			(0.9		)	—
	Other expense, net	1.4			(0.2		)	1.5			(0.5		)
Total		$	1.0		$	(19.2	)	$	1.2		$	(21.5	)

The net of tax amount expected to be reclassified out of AOCI into earnings during the next 12 months is a $1.0 millionloss.

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 (Ineffective Portion)
		Three Months Ended					Six Months Ended
Designated Cash Flow Hedges	Income Statement Location	July 2, 2016			June 27, 2015		July 2, 2016			June 27, 2015
Interest rate swap agreements	Other expense, net	$	—		$	—	$	(0.1	)	$	—
Foreign currency forward contracts	Net sales	(0.1		)	—		0.1			(0.3		)
	Cost of sales	(0.1		)	0.1		—			0.1
	Other expense, net	0.6			—		0.6			—
Total		$	0.4		$	0.1	$	0.6		$	(0.2	)

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						Six Months Ended
Non-Designated Derivatives	Income Statement Location	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Foreign currency forward contracts	Other expense, net	$	(1.6	)	$	5.2		$	(8.5	)	$	(250.5	)
	Interest expense, net	(0.6		)	(1.0		)	(0.5		)	(3.5		)
Total		$	(2.2	)	$	4.2		$	(9.0	)	$	(254.0	)

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 July 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. 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.    

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Assets Held for Sale (Notes)

6 Months Ended

Jul. 02, 2016

Assets held for sale [Abstract]

Disposal groups, including discontinued operations, disclosure [Text Block]

ASSETS HELD FOR SALE

During the six months endedDecember 31, 2015, management committed to a plan to sell our U.S. Vitamins, Minerals, and Supplements ("VMS") and India Active Pharmaceutical Ingredients ("API") businesses. The VMS business is reported in our CHC segment and the API business is reported in our Other segment. 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 its fair value less cost to sell, resulting in an impairment charge of $29.0 million. During the three months endedJuly 2, 2016, we recorded an additional impairment charge to the India API business of $4.3 million. In addition, during the three months endedJuly 2, 2016, we determined that the carrying value of the U.S. VMS business exceeded its fair value less cost to sell, resulting in an impairment charge of $6.2 million.

Assets and liabilities associated with the U.S. VMS and India API held for sale businesses were classified as held for sale at July 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):

	July 2, 2016						December 31, 2015
	CHC			Other			CHC		Other
Assets held for sale
Current assets	$	59.4		$	6.8		$	55.1	$	13.6
Goodwill	8.5			7.3			13.0		14.5
Property, plant and equipment	18.9			34.0			18.8		37.4
Other assets	0.9			3.2			—		3.2
Less: impairment reserves	(6.2		)	(32.5		)	—		(29.0		)
Total assets held for sale	$	81.5		$	18.8		$	86.9	$	39.7
Liabilities held for sale
Current liabilities	$	27.0		$	1.1		$	30.5	$	0.5
Other liabilities	—			2.1			—		1.7
Total liabilities held for sale	$	27.0		$	3.2		$	30.5	$	2.2

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Indebtedness (note)

6 Months Ended

Jul. 02, 2016

Aggregate Indebtedness [Abstract]

Indebtedness [Text Block]

INDEBTEDNESS

Total borrowings outstanding are summarized as follows (in millions):

				July 2, 2016			December 31, 2015
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			473.3			488.8
Notes and Bonds
	Coupon	Due
	1.300%	November 8, 2016	(2)	500.0			500.0
*	4.500%	May 23, 2017	(3)	200.5			195.5
*	5.125%	December 12, 2017	(3)	334.1			325.8
	2.300%	November 8, 2018	(2)	600.0			600.0
*	5.000%	May 23, 2019	(3)	133.6			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)	150.4			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			5,918.6			4,698.3
Other financing				4.6			86.0
Unamortized premium (discount), net				49.5			73.4
Deferred financing fees				(35.4		)	(36.6		)
Total borrowings outstanding				6,410.6			5,989.9
	Current indebtedness			(758.1		)	(1,018.3		)
Total long-term debt less current portion				$	5,652.5		$	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 debt agreements as of July 2, 2016.

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 July 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, and we entered into a $300.0 million term loan tranche maturing December 18, 2015, which we repaid in full on June 25, 2015. During the six months endedJuly 2, 2016, we made $27.9 million in scheduled principal payments 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 in March and September of each year, beginning in September 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 Bondsexceeded 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. We plan to prepay the 1.300% 2016 Notes in September 2016. See Part II, Item 5.

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 uses overdraft facilities to increase the efficiency of its cash utilization and meet its short-term liquidity needs. We repaid the balance outstanding under these overdraft facilities during the three months ended July 2, 2016, but retain the ability to use these facilities in our day-to-day cash operations.  The balance outstanding under the facilities was $82.9 million at December 31, 2015 and is shown in the above table under "Other Financing".

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Earnings Per Share

6 Months Ended

Jul. 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				Six Months Ended
	July 2, 2016		June 27, 2015		July 2, 2016			June 27, 2015
Numerator:
Net income (loss)	$	194.3	$	56.4	$	(140.3	)	$	(38.4	)
Denominator:
Weighted average shares outstanding for basic EPS	143.2		146.3		143.2			143.5
Dilutive effect of share-based awards*	0.4		0.5		—			—
Weighted average shares outstanding for diluted EPS	143.6		146.8		143.2			143.5
Anti-dilutive share-based awards excluded from computation of diluted EPS*	1.0		—		—			—

* In the period of a net loss, diluted shares equal basic shares.

Shareholders' Equity

Shares

We issued 19,000 and 57,000 shares related to the exercise and vesting of share-based compensation during the three months endedJuly 2, 2016 and June 27, 2015, respectively. We issued 98,000 and 92,000 shares related to the exercise and vesting of share-based compensation during the six months endedJuly 2, 2016 and June 27, 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 six months endedJuly 2, 2016.

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Accumulated Other Comprehensive Income

6 Months Ended

Jul. 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	44.8			(5.6		)	7.2		0.5			46.9
Amounts reclassified from AOCI	—			(1.4		)	1.3		—			(0.1		)
Other comprehensive income (loss)	44.8			(7.0		)	8.5		0.5			46.8
Balance at July 2, 2016	$	40.4		$	(21.2	)	$	14.8	$	(2.7	)	$	31.3

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Income Taxes

6 Months Ended

Jul. 02, 2016

Income Tax Disclosure [Abstract]

Income tax disclosure [Text Block]

INCOME TAXES

The effective tax rate for the three months endedJuly 2, 2016 was a benefit of 28.2% on income compared to 64.1% for the three months endedJune 27, 2015. The effective tax rate for the six months endedJuly 2, 2016 was a benefit of 32.4% on a net loss reported in the period compared to 170.2% on income for the six months ended June 27, 2015. Income taxes recorded through July 2, 2016 were estimated using the discrete method. Due to sensitivity to small changes to forecasted annual pre-tax earnings, which created results with significant variations in the customary relationship between income tax expense and pre-tax income for the interim periods, we determined that using the discrete method is more appropriate than using the annual effective tax rate method.

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 $353.4 million and $334.7 million as of July 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 $55.3 million and $52.1 million as of July 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. In February 2016, the Belgium Tax Authority notified us that all Belgium locations will be audited for the years ended December 31, 2013 and December 31, 2014. At this time, we cannot predict the outcome of any audit or related litigation.

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Commitments and Contingencies

6 Months Ended

Jul. 02, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies [Text Block]

COMMITMENTS AND CONTINGENCIES

In view of the inherent difficulties of predicting the outcome of various types of legal proceedings, we cannot determine the ultimate resolution of the matters described below. We establish reserves for litigation and regulatory matters when losses associated with the claims become probable and the amounts can be reasonably estimated. The actual costs of resolving legal matters may be substantially higher or lower than the amounts reserved for those matters. For matters where the likelihood or extent of a loss is not probable or cannot be reasonably be estimated as of July 2, 2016, we have not recorded a loss reserve. If certain of these matters are determined against us, it could have a material adverse effect on our financial condition, results of operations, or cash flows. We currently believe we have valid defenses to the claims in these lawsuits and intend to defend these lawsuits vigorously regardless of whether or not we have a loss reserve. 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. 

Securities Litigation

On May 18, 2016, a shareholder filed a securities case against the Company and our former CEO, Joseph Papa, in the District of New Jersey (Roofers’ Pension Fund v. Papa, et al.). The plaintiff purports to represent a class of shareholders for the period from April 21, 2015 through May 11, 2016, inclusive. The complaint alleges violations of Securities Exchange Act sections 10(b) (and Rule 10b‑5) and 14(e) against both defendants and 20(a) control person liability against Mr. Papa. In general, the allegations concern the actions taken by us and the former executive to defend against the hostile takeover bid by Mylan in the period from April 21, 2015 through November 13, 2015. The plaintiff also alleges that we provided inadequate disclosure concerning alleged integration problems related to the Omega acquisition in the period from April 21, 2015 through May 11, 2016. The case is in an early stage. Four different plaintiff groups have sought appointment as lead plaintiff/lead counsel. The court will decide in the near term who will represent the purported class. Once the court has chosen a lead plaintiff, the plaintiff will likely file an amended complaint and the defendants will then have an opportunity to make a motion to dismiss the case. 

A substantially similar case making virtually the same allegations for the same class period against the same defendants was filed in the Southern District of New York on June 21, 2016 (AMI - Gov’t Employees Provident Fund Mgmt Co. v. Papa, et al.). The plaintiff in the AMI case voluntarily dismissed its action on July 12, 2016.

On May 22, 2016, shareholders filed a securities class action against us and five individual defendants Mr. Papa, our former Executive Vice President and General Manager of the BCH segment Marc Coucke, our Chief Executive Officer John Hendrickson and our Board members Gary Kunkle, Jr. and Laurie Brlas alleging violations of Israeli law in the District Court of Tel Aviv-Jaffa (Schwieger et al. v. Perrigo Company plc, et al.). On June 15, 2016, Perrigo filed a motion to stay the case pending the outcome of the securities class action pending in the New Jersey federal court. The plaintiffs did not oppose the motion. The Israeli court granted the motion on the same day, and the action is stayed.

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 was held on July 11, 2016. At this stage, we cannot reasonably predict the outcome or the liability, if any, associated with this claim.

Tysabri^® Product Liability Lawsuits

Perrigo and collaborator 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.

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Collaboration agreements and other contractual arrangements (Notes)

6 Months Ended

Jul. 02, 2016

Collaboration agreements and other contractual arrangements [Abstract]

Collaboration Agreements [Text Block]

COLLABORATION AGREEMENTS AND OTHER CONTRACTUAL ARRANGEMENTS

In May 2015, we entered into a development agreement wherein we transferred the ownership rights to two pharmaceutical products to a clinical stage development company to fund and conduct development activities for the products. We do not expect to incur any expense related to the development of either product. If the products are approved by the FDA, we will execute a buy-back agreement to purchase each product for a multiple of the development costs incurred. Based on the initial development budget for each product, the estimated purchase price for both products is approximately $78.0 million. If development costs exceed the initial budgeted amounts, the purchase price will increase but will not exceed approximately $105.0 million. If the products are approved by the FDA and we purchase the products, we estimate the acquisitions will occur in 2019 and 2020. 

In June 2016, we added an additional product to the May 2015 development agreement that is subject to similar buy-back terms if the product is approved by the FDA. The estimated purchase price for this additional product, based on the initial development budget, is approximately $42.0 million. If development costs exceed the initial budgeted amounts, the purchase price will increase, but will not exceed approximately $57.0 million. If the product is approved by the FDA and we purchase the product, we estimate the acquisition will occur in 2020. There can be no assurance that any such products will be approved by the FDA on the anticipated schedule or at all.

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Restructuring Charges (Notes)

6 Months Ended

Jul. 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						Six Months Ended
	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Beginning balance	$	13.0		$	3.6		$	20.7		$	3.2
Additional charges	5.8			(0.1		)	11.3			1.0
Payments	(6.6		)	(1.9		)	(24.8		)	(2.6		)
Non-cash adjustments	—			—			5.0			—
Ending balance	$	12.2		$	1.6		$	12.2		$	1.6

Restructuring activity includes severance, lease exit costs, and asset impairments. The charges incurred during the three and six months endedJuly 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 $7.0 million liability for employee severance benefits will be paid within the next year, while cash expenditures related to the remaining $5.2 million liability for lease exit costs will be incurred over the remaining terms of the applicable leases.

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Segment Information

6 Months Ended

Jul. 02, 2016

Segment Reporting [Abstract]

Segment reporting disclosure [Text Block]

SEGMENT INFORMATION

Our reporting segments are as follows:

• CHCis 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.

• BCHdevelops, manufactures, markets and distributes many well-known European OTC brands in the natural health and vitamins, cough, cold and allergy, smoking cessation, personal care and derma-therapeutics, lifestyle, and anti-parasite categories.

• Rxdevelops, 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):

Total Assets	July 2, 2016		December 31, 2015
CHC	$	4,021.9	$	4,007.8
BCH	6,211.2		6,324.0
Rx	3,340.1		3,015.5
Specialty Sciences	5,758.4		5,833.5
Other	202.0		213.1
Total	$	19,533.6	$	19,393.9

	Three Months Ended
	July 2, 2016							June 27, 2015
	Net Sales		Operating Income (Loss)			Intangible Asset Amortization		Net Sales		Operating Income (Loss)			Intangible Asset Amortization
CHC	$	686.3	$	111.2		$	19.0	$	746.4	$	143.3		$	16.6
BCH	393.7		38.4			39.5		401.2		26.6			34.2
Rx	293.3		96.8			29.9		278.3		99.5			18.5
Specialty Sciences	89.9		13.3			72.8		83.6		6.4			72.8
Other	17.8		(1.3		)	0.5		22.1		1.9			0.5
Unallocated	—		(20.1		)	—		—		(50.8		)	—
Total	$	1,481.0	$	238.3		$	161.7	$	1,531.6	$	226.9		$	142.6

	Six Months Ended
	July 2, 2016							June 27, 2015
	Net Sales		Operating Income (Loss)			Intangible Asset Amortization		Net Sales		Operating Income (Loss)			Intangible Asset Amortization
CHC	$	1,386.6	$	213.6		$	38.8	$	1,431.3	$	247.6		$	32.8
BCH*	711.3		(444.3		)	74.9		401.2		26.6			34.2
Rx	550.0		184.2			59.4		529.9		199.5			36.9
Specialty Sciences	177.9		26.3			145.6		165.5		11.9			145.6
Other	38.4		4.1			1.0		52.9		12.4			0.9
Unallocated	—		(49.4		)	—		—		(71.8		)	—
Total*	$	2,864.2	$	(65.5	)	$	319.7	$	2,580.8	$	426.2		$	250.4

* The BCH segment was created on March 30, 2015 as a result of the Omega acquisition, thus data for the six months ended June 27, 2015 includes only three months of results from operations attributable to Omega.

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Subsequent event (Notes)

6 Months Ended

Jul. 02, 2016

Subsequent Events [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

On August 5, 2016 we closed the sale of our U.S. VMS business to International Vitamins Corporation for $58.6 million in cash inclusive of an estimated working capital adjustment. During the three months ended July 2, 2016 we recorded an impairment of $6.2 million to bring the carrying value of the assets held for sale in line with the expected sales price. See Note 9 for more information.

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Summary of Significant Accounting Policies and Change in Accounting Principles (Policies)

6 Months Ended

Jul. 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 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 Branded Consumer Healthcare ("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 ending 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.

Recently Issued Accounting Standards Not Yet Adopted (continued)
Standard	Description	Effective Date	Effect on the Financial Statements or Other Significant Matters
Measurement of Credit Losses on Financial Instruments	This guidance changes the impairment model for most financial assets and certain other instruments, replacing the current "incurred loss" approach with an "expected loss" credit impairment model, which will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities,and off-balance sheet credit exposures such as letters of credit. Early adoption is permitted.	January 1, 2020	We are currently evaluating the new standard for potential impacts on our receivables, debt, and other financial instruments.

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Business Acquisitions (Tables)

6 Months Ended

Jul. 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 and six months ended June 27, 2015 (in millions):

	Three Months Ended		Six Months Ended
Line item	June 27, 2015
Administration	$	16.1	$	18.1
Interest expense, net	—		18.7
Other expense, net	—		258.2
Total acquisition-related costs	$	16.1	$	295.0

Business Acquisition, Pro Forma Information [Table Text Block]

The following unaudited pro forma information gives effect to the acquisitions of the Tretinoin Products, Entocort^®, Naturwohl, GSK Products, ScarAway^®, Omega, and Gelcaps, and two small product acquisitions, as if the acquisitions had occurred on the first day of the six months endedJune 27, 2015 and had been included in our Results of Operations for all periods presented thereafter (in millions):

	Three Months Ended				Six Months Ended
(Unaudited)	July 2, 2016		June 27, 2015		July 2, 2016			June 27, 2015
Net sales	$	1,481.0	$	1,627.9	$	2,867.5		$	3,005.2
Net income (loss)	$	194.3	$	87.3	$	(138.8	)	$	11.9

Business Combination, Separately Recognized Transactions [Table Text Block]

The below table indicates the purchase price allocation for acquisitions completed during theyear endedDecember 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 the CHC, BCH, and Rx segments

The below table indicates the purchase price allocation for acquisitions completed in the current year (in millions):

	Tretinoin Products		Development-Stage Rx Products*		All Other(1)*
Purchase price paid	$	416.4	$	—	$	0.3
Contingent consideration	—		24.9		5.6
Total purchase consideration	$	416.4	$	24.9	$	5.9
Assets acquired:
Inventories	$	1.4	$	—	$	—
Goodwill	1.7		—		—
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	—		24.9		5.9
Total intangible assets	413.3		24.9		5.9
Total assets	$	416.4	$	24.9	$	5.9

*    Opening balance sheet is preliminary

(1) Consists of one product acquisition in the CHC segment

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 per 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

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Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jul. 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			July 2, 2016
CHC	$	1,890.0	$	—	$	—		$	4.5	$	(5.7	)	$	1,888.8
BCH	1,980.5		—		(163.3		)	—		74.6			1,891.8
Rx	1,222.2		1.7		—			—		(13.0		)	1,210.9
Specialty Sciences	200.7		—		—			—		—			200.7
Other	71.5		—		—			7.2		0.9			79.6
Total goodwill	$	5,364.9	$	1.7	$	(163.3	)	$	11.7	$	56.8		$	5,271.8

Schedule of finite and indefinite-lived intangible assets [Table Text Block]

Other intangible assets and related accumulated amortization consisted of the following (in millions):

	July 2, 2016				December 31, 2015
	Gross		Accumulated Amortization		Gross		Accumulated Amortization
Definite-lived intangibles:
Distribution and license agreements, supply agreements	$	6,056.7	$	831.5	$	6,053.4	$	667.2
Developed product technology, formulations, and product rights	1,784.6		492.1		1,383.5		426.0
Customer relationships and distribution networks	1,545.7		256.6		1,520.7		193.0
Trademarks, trade names, and brands	911.4		42.6		539.4		22.8
Non-compete agreements	14.6		10.9		15.2		12.7
Total definite-lived intangibles	$	10,313.0	$	1,633.7	$	9,512.2	$	1,321.7
Indefinite-lived intangibles:
Trademarks, trade names, and brands	$	1,288.4	$	—	$	1,868.1	$	—
In-process research and development	66.9		—		48.2		—
Total indefinite-lived intangibles	1,355.3		—		1,916.3		—
Total other intangible assets	$	11,668.3	$	1,633.7	$	11,428.5	$	1,321.7

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Inventories (Tables)

6 Months Ended

Jul. 02, 2016

Inventory Disclosure [Abstract]

Schedule of inventory, current [Table Text Block]

Major components of inventory were as follows (in millions):

	July 2, 2016		December 31, 2015
Finished goods	$	523.4	$	483.4
Work in process	148.6		151.4
Raw materials	222.6		209.6
Total inventories	$	894.6	$	844.4

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Fair value measurements (Tables)

6 Months Ended

Jul. 02, 2016

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The following table summarizes the valuation of our financial instruments carried at fair value and measured at fair value on a recurring basis by the above pricing categories (in millions):

		Fair Value
	Fair Value Hierarchy	July 2, 2016		December 31, 2015
Measured at fair value on a recurring basis:
Assets:
Investment securities	Level 1	$	40.0	$	14.9
Foreign currency forward contracts	Level 2	$	4.3	$	4.8
Funds associated with Israeli post-employment benefits	Level 2	16.3		17.2
Total level 2 assets		$	20.6	$	22.0
Liabilities:
Interest rate swap agreements	Level 2	$	—	$	0.3
Foreign currency forward contracts	Level 2	2.8		3.9
Total level 2 liabilities		$	2.8	$	4.2
Contingent consideration	Level 3	$	44.9	$	17.9

Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]

The following table summarizes the valuation of our financial instruments carried at fair value and measured at fair value on a recurring basis by the above pricing categories (in millions):

		Fair Value
	Fair Value Hierarchy	July 2, 2016		December 31, 2015
Measured at fair value on a recurring basis:
Assets:
Investment securities	Level 1	$	40.0	$	14.9
Foreign currency forward contracts	Level 2	$	4.3	$	4.8
Funds associated with Israeli post-employment benefits	Level 2	16.3		17.2
Total level 2 assets		$	20.6	$	22.0
Liabilities:
Interest rate swap agreements	Level 2	$	—	$	0.3
Foreign currency forward contracts	Level 2	2.8		3.9
Total level 2 liabilities		$	2.8	$	4.2
Contingent consideration	Level 3	$	44.9	$	17.9

There were no transfers between Level 1, 2, and 3 during the three and six months endedJuly 2, 2016 and June 27, 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.

The table below presents a reconciliation for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions). Net realized losses in the table were recorded in Administrative expense.

	Three Months Ended						Six Months Ended
	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Contingent Consideration
Beginning balance:	$	48.0		$	12.4		$	17.9		$	12.4
Net realized (gains) losses	(0.1		)	0.9			—			0.9
Purchases or additions	1.0			—			30.5			—
Impairments	(3.8		)	(13.3		)	(3.8		)	(13.3		)
Foreign currency effect	(0.2		)	—			0.3			—
Ending balance:	$	44.9		$	—		$	44.9		$	—

Certain assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value may not be recoverable. The following table summarizes the valuation of our financial instruments carried at fair value by the above pricing categories (in millions):

		Fair Value
	Fair Value Hierarchy	July 2, 2016		December 31, 2015
Measured at fair value on a non-recurring basis:
Assets:
Goodwill(1)	Level 3	$	1,792.6	$	—
Indefinite-lived intangible assets(2)	Level 3	$	1,082.0	$	1,031.8
Assets held for sale, net	Level 3	70.1		37.5
Total level 3 assets		$	2,944.7	$	1,069.3

(1) Goodwill with a carrying amount of $1,955.9 million was written down to its implied fair value of $1,792.6 million, resulting in total impairment charges of $163.3 million for the six months endedJuly 2, 2016, which are included in Impairment charges (credits) on the Condensed Consolidated Statements of Operations. The implied fair value is as of April 2, 2016, the date of the goodwill impairment test.

(2) Intangible assets estimated fair value at July 2, 2016 is as of April 2, 2016, the date the impairment was taken.

Fair value, inputs, level 3 [Member]

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 table below presents a reconciliation for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions). Net realized losses in the table were recorded in Administrative expense.

	Three Months Ended						Six Months Ended
	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Contingent Consideration
Beginning balance:	$	48.0		$	12.4		$	17.9		$	12.4
Net realized (gains) losses	(0.1		)	0.9			—			0.9
Purchases or additions	1.0			—			30.5			—
Impairments	(3.8		)	(13.3		)	(3.8		)	(13.3		)
Foreign currency effect	(0.2		)	—			0.3			—
Ending balance:	$	44.9		$	—		$	44.9		$	—

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Investments (Tables)

6 Months Ended

Jul. 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):

	July 2, 2016		December 31, 2015
Equity securities, at cost less impairments	$	20.2	$	6.4
Gross unrealized gains	19.8		9.3
Gross unrealized losses	—		(0.8		)
Estimated fair value of equity securities	$	40.0	$	14.9

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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jul. 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
		July 2, 2016		December 31, 2015
Designated derivatives:
Foreign currency forward contracts	Other current assets	$	2.6	$	3.8
Total designated derivatives		$	2.6	$	3.8
Non-designated derivatives:
Foreign currency forward contracts	Other current assets	$	1.7	$	1.0
Total non-designated derivatives		$	1.7	$	1.0

	Liability Derivatives
	Balance Sheet Location	Fair Value
		July 2, 2016		December 31, 2015
Designated derivatives:
Foreign currency forward contracts	Accrued liabilities	$	1.0	$	2.0
Interest rate swap agreements	Other non-current liabilities	—		0.3
Total designated derivatives		$	1.0	$	2.3
Non-designated derivatives:
Foreign currency forward contracts	Accrued liabilities	$	1.8	$	1.9
Total non-designated derivatives		$	1.8	$	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 (Effective Portion)
	Three Months Ended						Six Months Ended
Designated Cash Flow Hedges	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Interest rate swap agreements	$	—		$	(14.0	)	$	(9.0	)	$	(12.0	)
Foreign currency forward contracts	(0.3		)	2.7			1.3			(1.1		)
Total	$	(0.3	)	$	(11.3	)	$	(7.7	)	$	(13.1	)

Reclassification out of AOCI [Table Text Block]

The gains (losses) reclassified from 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 (Effective Portion)
		Three Months Ended						Six Months Ended
Designated Cash Flow Hedges	Income Statement Location	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Treasury locks	Interest expense, net	$	—		$	(0.1	)	$	—		$	(0.1	)
Interest rate swap agreements	Interest expense, net	(0.6		)	(19.1		)	(1.1		)	(18.2		)
Foreign currency forward contracts	Net sales	0.2			2.0			0.8			1.9
	Cost of sales	0.6			(1.8		)	0.9			(4.6		)
	Interest expense, net	(0.6		)	—			(0.9		)	—
	Other expense, net	1.4			(0.2		)	1.5			(0.5		)
Total		$	1.0		$	(19.2	)	$	1.2		$	(21.5	)

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 (Ineffective Portion)
		Three Months Ended					Six Months Ended
Designated Cash Flow Hedges	Income Statement Location	July 2, 2016			June 27, 2015		July 2, 2016			June 27, 2015
Interest rate swap agreements	Other expense, net	$	—		$	—	$	(0.1	)	$	—
Foreign currency forward contracts	Net sales	(0.1		)	—		0.1			(0.3		)
	Cost of sales	(0.1		)	0.1		—			0.1
	Other expense, net	0.6			—		0.6			—
Total		$	0.4		$	0.1	$	0.6		$	(0.2	)

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						Six Months Ended
Non-Designated Derivatives	Income Statement Location	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Foreign currency forward contracts	Other expense, net	$	(1.6	)	$	5.2		$	(8.5	)	$	(250.5	)
	Interest expense, net	(0.6		)	(1.0		)	(0.5		)	(3.5		)
Total		$	(2.2	)	$	4.2		$	(9.0	)	$	(254.0	)

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Assets Held for Sale (Tables)

6 Months Ended

Jul. 02, 2016

Assets held for sale [Abstract]

Disposal groups, including discontinued operations [Table Text Block]

The amounts consisted of the following (in millions):

	July 2, 2016						December 31, 2015
	CHC			Other			CHC		Other
Assets held for sale
Current assets	$	59.4		$	6.8		$	55.1	$	13.6
Goodwill	8.5			7.3			13.0		14.5
Property, plant and equipment	18.9			34.0			18.8		37.4
Other assets	0.9			3.2			—		3.2
Less: impairment reserves	(6.2		)	(32.5		)	—		(29.0		)
Total assets held for sale	$	81.5		$	18.8		$	86.9	$	39.7
Liabilities held for sale
Current liabilities	$	27.0		$	1.1		$	30.5	$	0.5
Other liabilities	—			2.1			—		1.7
Total liabilities held for sale	$	27.0		$	3.2		$	30.5	$	2.2

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Indebtedness (Tables)

6 Months Ended

Jul. 02, 2016

Indebtness [Abstract]

Schedule of debt

Total borrowings outstanding are summarized as follows (in millions):

				July 2, 2016			December 31, 2015
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			473.3			488.8
Notes and Bonds
	Coupon	Due
	1.300%	November 8, 2016	(2)	500.0			500.0
*	4.500%	May 23, 2017	(3)	200.5			195.5
*	5.125%	December 12, 2017	(3)	334.1			325.8
	2.300%	November 8, 2018	(2)	600.0			600.0
*	5.000%	May 23, 2019	(3)	133.6			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)	150.4			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			5,918.6			4,698.3
Other financing				4.6			86.0
Unamortized premium (discount), net				49.5			73.4
Deferred financing fees				(35.4		)	(36.6		)
Total borrowings outstanding				6,410.6			5,989.9
	Current indebtedness			(758.1		)	(1,018.3		)
Total long-term debt less current portion				$	5,652.5		$	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.

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Earnings Per Share (Tables)

6 Months Ended

Jul. 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				Six Months Ended
	July 2, 2016		June 27, 2015		July 2, 2016			June 27, 2015
Numerator:
Net income (loss)	$	194.3	$	56.4	$	(140.3	)	$	(38.4	)
Denominator:
Weighted average shares outstanding for basic EPS	143.2		146.3		143.2			143.5
Dilutive effect of share-based awards*	0.4		0.5		—			—
Weighted average shares outstanding for diluted EPS	143.6		146.8		143.2			143.5
Anti-dilutive share-based awards excluded from computation of diluted EPS*	1.0		—		—			—

* In the period of a net loss, diluted shares equal basic shares.

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Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jul. 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	44.8			(5.6		)	7.2		0.5			46.9
Amounts reclassified from AOCI	—			(1.4		)	1.3		—			(0.1		)
Other comprehensive income (loss)	44.8			(7.0		)	8.5		0.5			46.8
Balance at July 2, 2016	$	40.4		$	(21.2	)	$	14.8	$	(2.7	)	$	31.3

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Restructuring Charges (Tables)

6 Months Ended

Jul. 02, 2016

Restructuring Charges [Abstract]

Restructuring and related costs [Table Text Block]

The following reflects our restructuring activity (in millions):

	Three Months Ended						Six Months Ended
	July 2, 2016			June 27, 2015			July 2, 2016			June 27, 2015
Beginning balance	$	13.0		$	3.6		$	20.7		$	3.2
Additional charges	5.8			(0.1		)	11.3			1.0
Payments	(6.6		)	(1.9		)	(24.8		)	(2.6		)
Non-cash adjustments	—			—			5.0			—
Ending balance	$	12.2		$	1.6		$	12.2		$	1.6

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Segment Information (Tables)

6 Months Ended

Jul. 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):

Total Assets	July 2, 2016		December 31, 2015
CHC	$	4,021.9	$	4,007.8
BCH	6,211.2		6,324.0
Rx	3,340.1		3,015.5
Specialty Sciences	5,758.4		5,833.5
Other	202.0		213.1
Total	$	19,533.6	$	19,393.9

	Three Months Ended
	July 2, 2016							June 27, 2015
	Net Sales		Operating Income (Loss)			Intangible Asset Amortization		Net Sales		Operating Income (Loss)			Intangible Asset Amortization
CHC	$	686.3	$	111.2		$	19.0	$	746.4	$	143.3		$	16.6
BCH	393.7		38.4			39.5		401.2		26.6			34.2
Rx	293.3		96.8			29.9		278.3		99.5			18.5
Specialty Sciences	89.9		13.3			72.8		83.6		6.4			72.8
Other	17.8		(1.3		)	0.5		22.1		1.9			0.5
Unallocated	—		(20.1		)	—		—		(50.8		)	—
Total	$	1,481.0	$	238.3		$	161.7	$	1,531.6	$	226.9		$	142.6

	Six Months Ended
	July 2, 2016							June 27, 2015
	Net Sales		Operating Income (Loss)			Intangible Asset Amortization		Net Sales		Operating Income (Loss)			Intangible Asset Amortization
CHC	$	1,386.6	$	213.6		$	38.8	$	1,431.3	$	247.6		$	32.8
BCH*	711.3		(444.3		)	74.9		401.2		26.6			34.2
Rx	550.0		184.2			59.4		529.9		199.5			36.9
Specialty Sciences	177.9		26.3			145.6		165.5		11.9			145.6
Other	38.4		4.1			1.0		52.9		12.4			0.9
Unallocated	—		(49.4		)	—		—		(71.8		)	—
Total*	$	2,864.2	$	(65.5	)	$	319.7	$	2,580.8	$	426.2		$	250.4

* The BCH segment was created on March 30, 2015 as a result of the Omega acquisition, thus data for the six months ended June 27, 2015 includes only three months of results from operations attributable to Omega.

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Summary of Significant Accounting Policies and Basis of Presentation Policy (Details)	3 Months Ended
	Apr. 02, 2016
Amount of error gross of tax [Member]
Immaterial Error Correction	14.5
Amount of error net of tax [Member]
Immaterial Error Correction	13.7

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Business Acquisitions (Details) $ / shares in Units, € in Millions													1 Months Ended	3 Months Ended			6 Months Ended						12 Months Ended
		Mar. 01, 2016 USD ($)		Jan. 22, 2016 USD ($)		Dec. 15, 2015 USD ($)	Sep. 15, 2015 USD ($)	Sep. 15, 2015 EUR (€)	Aug. 28, 2015 USD ($)	May 12, 2015 USD ($)	Mar. 30, 2015 USD ($) $ / shares shares	Mar. 30, 2015 EUR (€) shares	May 31, 2015 USD ($)	Jul. 02, 2016 USD ($)		Jun. 27, 2015 USD ($)	Jul. 02, 2016 USD ($)		Dec. 31, 2015 USD ($)		Jun. 27, 2015 USD ($)		Jun. 27, 2015 USD ($) shares	Dec. 02, 2014 USD ($)	Nov. 08, 2013 USD ($)
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue														$ 1,481,000,000		$ 1,627,900,000	$ 2,867,500,000				$ 3,005,200,000
Business Combination, Contingent Consideration, Liability							$ 0
Finite-Lived Intangible Asset, Useful Life														20 years
Research and Development Expense														$ 47,000,000		62,600,000	92,200,000				98,000,000
Goodwill														5,271,800,000			5,271,800,000		$ 5,364,900,000
Intangible assets subject to amortization, gross														10,313,000,000			10,313,000,000		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	[1]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets						0	0		0
Intangible assets not subject to amortization														1,355,300,000			1,355,300,000		1,916,300,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net											2,983,200,000								29,200,000	[1]
Senior Notes														5,918,600,000			5,918,600,000		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	[1]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable											243,100,000								0	[1]
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	[1]
Operating Income														238,300,000		226,900,000	(65,500,000)	[2]			426,200,000	[2]
Business Acquisition, Pro Forma Net Income (Loss)														194,300,000		87,300,000	(138,800,000)				11,900,000
Tretinoin [Member]
Business Acquisition [Line Items]
Sales Revenue, Goods, Net														13,400,000			29,200,000
Business Combination, Consideration Transferred	[3]			$ 416,400,000
Payments to Acquire Businesses, Gross	[3]			416,400,000
Business Combination, Contingent Consideration, Liability	[3]			0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	[3]			1,400,000
Goodwill	[3]			1,700,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	[3]			413,300,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	[3]			$ 416,400,000
Business Acquisition, Effective Date of Acquisition				Jan. 22, 2016
Operating Income														7,500,000			18,900,000
Development stage rx products [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	[3]	$ 24,900,000
Payments to Acquire Businesses, Gross	[3]	0
Business Combination, Contingent Consideration, Liability	[3]	24,900,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	[3]	0
Goodwill	[3]	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	[3]	24,900,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	[3]	$ 24,900,000
Business Acquisition, Effective Date of Acquisition		Mar. 01, 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																16,100,000					295,000,000
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																	5,900,000	[3],[4]	29,200,000	[1]
Payments to Acquire Businesses, Gross																	300,000	[3],[4]	15,300,000	[1]
Business Combination, Contingent Consideration, Liability														5,600,000	[3],[4]		5,600,000	[3],[4]	13,900,000	[1]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	[1]																		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	[1]																		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	[1]																		0
Goodwill														0	[3],[4]		0	[3],[4]	0	[1]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	[3],[4]													5,900,000			5,900,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets	[1]																		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	[3],[4]													5,900,000			5,900,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	[1]																		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	[1]																		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, short term debt	[1]																		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	[1]																		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, accrued payroll	[1]																		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, accrued customer programs	[1]																		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	[1]																		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent	[1]																		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities	[1]																		0
Developed Technology Rights [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization, gross							$ 0							1,784,600,000			1,784,600,000		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	[3]			$ 411,000,000
Developed Technology Rights [Member] | Development stage rx products [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization, gross	[3]	$ 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														0	[3],[4]		0	[3],[4]	0	[1]
Non-compete agreements [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization, gross														14,600,000			14,600,000		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	[3]			$ 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	[3]	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														0	[3],[4]		0	[3],[4]	0	[1]
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														6,056,700,000			6,056,700,000		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	[1]																		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	[1]																		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														1,545,700,000			1,545,700,000		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	[1]																		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	[1]																		0
In-process research and development [Member]
Business Acquisition [Line Items]
Intangible assets not subject to amortization		$ 24,900,000	[3]	$ 0	[3]									$ 66,900,000			$ 66,900,000		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	[1]																		$ 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 | €												€ 277.0
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																16,100,000					18,100,000
Interest expense, net | Omega [Member]
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs																0					18,700,000
Other expense, net | Omega [Member]
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs																$ 0					$ 258,200,000
contractual arrangement [Member]
Business Acquisition [Line Items]
Research and Development Expense													$ 18,000,000

[1] Consists of eight product acquisitions in the CHC, BCH, and Rx segments

[2] The BCH segment was created on March 30, 2015 as a result of the Omega acquisition, thus data for the six months ended June 27, 2015 includes only three months of results from operations attributable to Omega.

[3] * Opening balance sheet is preliminary

[4] Consists of one product acquisition in the CHC segment

XML

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jul. 02, 2016	Apr. 02, 2016	Jun. 27, 2015	Jul. 02, 2016
Goodwill [Roll Forward]
Beginning balance		$ 5,364.9		$ 5,364.9
Business Acquisitions				1.7
Goodwill, Impairment Loss				(163.3)
Goodwill, Transfers				11.7
Currency translation adjustment				56.8
Ending balance	$ 5,271.8			5,271.8
CHC [Member]
Goodwill [Roll Forward]
Beginning balance		1,890.0		1,890.0
Business Acquisitions				0.0
Goodwill, Impairment Loss				0.0
Goodwill, Transfers				4.5
Currency translation adjustment				(5.7)
Ending balance	1,888.8			1,888.8
BCH [Member]
Goodwill [Roll Forward]
Beginning balance		1,980.5		1,980.5
Business Acquisitions				0.0
Goodwill, Impairment Loss	30.3	(193.6)		(163.3)
Goodwill, Transfers				0.0
Currency translation adjustment				74.6
Ending balance	1,891.8			1,891.8
Rx [Member]
Goodwill [Roll Forward]
Beginning balance		1,222.2		1,222.2
Business Acquisitions				1.7
Goodwill, Impairment Loss				0.0
Goodwill, Transfers				0.0
Currency translation adjustment				(13.0)
Ending balance	1,210.9			1,210.9
Specialty Sciences [Member]
Goodwill [Roll Forward]
Beginning balance		200.7		200.7
Business Acquisitions				0.0
Goodwill, Impairment Loss				0.0
Goodwill, Transfers				0.0
Currency translation adjustment				0.0
Ending balance	200.7			200.7
Other [Member]
Goodwill [Roll Forward]
Beginning balance		71.5		71.5
Business Acquisitions				0.0
Goodwill, Impairment Loss				0.0
Goodwill, Transfers				7.2
Currency translation adjustment				0.9
Ending balance	$ 79.6			$ 79.6
Omega [Member] | Brands [Member]
Goodwill [Line Items]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		$ 273.4
MEXICO | CHC [Member]
Goodwill [Roll Forward]
Goodwill, Impairment Loss			$ (6.8)

XML

Goodwill and Other Intangible Assets - Intangible categories (Details) - USD ($) $ in Millions		3 Months Ended				6 Months Ended
	Mar. 30, 2015	Jul. 02, 2016	Apr. 02, 2016	Dec. 31, 2015	Jun. 27, 2015	Jul. 02, 2016		Jun. 27, 2015	[1]	Mar. 01, 2016	[2]	Jan. 22, 2016	[2]	Sep. 15, 2015
Finite And Indefinite Lived Assets By Major Class [Line Items]
Goodwill, Impairment Loss						$ 163.3
Intangible assets subject to amortization, gross		$ 10,313.0		$ 9,512.2		10,313.0
Intangible assets subject to amortization, accumulated amortization		1,633.7		1,321.7		1,633.7
Intangible assets not subject to amortization		1,355.3		1,916.3		1,355.3
Total other intangible assets		11,668.3		11,428.5		11,668.3
Intangible assets amortization expense		$ 161.7			$ 142.6	319.7	[1]	$ 250.4
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		$ 1,288.4		1,868.1		1,288.4
In-process research and development [Member]
Finite And Indefinite Lived Assets By Major Class [Line Items]
Intangible assets not subject to amortization		66.9		48.2		66.9				$ 24.9		$ 0.0
Distribution and license agreements, supply agreements
Finite And Indefinite Lived Assets By Major Class [Line Items]
Intangible assets subject to amortization, gross		6,056.7		6,053.4		6,056.7
Intangible assets subject to amortization, accumulated amortization		831.5		667.2		831.5
Developed product technology, formulation and product rights [Member]
Finite And Indefinite Lived Assets By Major Class [Line Items]
Intangible assets subject to amortization, gross		1,784.6		1,383.5		1,784.6								$ 0.0
Intangible assets subject to amortization, accumulated amortization		492.1		426.0		492.1
Customer relationships and distribution networks [Member]
Finite And Indefinite Lived Assets By Major Class [Line Items]
Intangible assets subject to amortization, gross		1,545.7		1,520.7		1,545.7
Intangible assets subject to amortization, accumulated amortization		256.6		193.0		256.6
Trademarks, trade names, and brands
Finite And Indefinite Lived Assets By Major Class [Line Items]
Intangible assets subject to amortization, gross		911.4		539.4		911.4
Intangible assets subject to amortization, accumulated amortization		42.6		22.8		42.6
Non-compete agreements [Member]
Finite And Indefinite Lived Assets By Major Class [Line Items]
Intangible assets subject to amortization, gross		14.6		15.2		14.6
Intangible assets subject to amortization, accumulated amortization		10.9		12.7		10.9
Omega [Member] | Brands [Member]
Finite And Indefinite Lived Assets By Major Class [Line Items]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)			$ 273.4
Impairment of Intangible Assets, Finite-lived				185.1
Other Indefinite-lived Intangible Assets		364.5
Omega [Member] | In-process research and development [Member]
Finite And Indefinite Lived Assets By Major Class [Line Items]
Intangible assets not subject to amortization	$ 0.0
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				$ 27.2
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		(30.3)	$ 193.6			163.3
Intangible assets amortization expense		$ 39.5			$ 34.2	$ 74.9	[1]	$ 34.2

[1] The BCH segment was created on March 30, 2015 as a result of the Omega acquisition, thus data for the six months ended June 27, 2015 includes only three months of results from operations attributable to Omega.

[2] * Opening balance sheet is preliminary

XML

Accounts Receivable Factoring (Details) - USD ($) $ in Millions	Jul. 02, 2016	Dec. 31, 2015
Accounts receivable factored and excluded from balance sheet	$ 54.7	$ 106.7
Maximum [Member]
Financial asset servicing fees paid	0.15%
Minimum [Member]
Financial asset servicing fees paid	0.14%

XML

Inventories (Details) - USD ($) $ in Millions	Jul. 02, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Finished goods	$ 523.4	$ 483.4
Work in process	148.6	151.4
Raw materials	222.6	209.6
Total inventories	$ 894.6	$ 844.4

XML

Fair value on recurring and non-recurring basis (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jul. 02, 2016		Apr. 02, 2016	Jul. 02, 2016		Jun. 27, 2015	Dec. 31, 2015	Sep. 15, 2015	Mar. 28, 2015	Dec. 27, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, assets, level 1, level 2, level 3 Transfers, Amount				$ 0		$ 0
Goodwill, Impairment Loss				163,300,000
Liabilities:
Contingent consideration								$ 0
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member]
Assets:
Investment securities	$ 40,000,000			40,000,000			$ 14,900,000
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member]
Assets:
Foreign currency forward contracts	4,300,000			4,300,000			4,800,000
Funds associated with Israeli post employment benefits	16,300,000			16,300,000			17,200,000
Total assets at fair value	20,600,000			20,600,000			22,000,000
Liabilities:
Interest rate swap agreements	0			0			300,000
Foreign currency forward contracts	2,800,000			2,800,000			3,900,000
Total liabilities at fair value	2,800,000			2,800,000			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:
Goodwill	1,792,600,000	[1]		1,792,600,000	[1]		0
Indefinite-lived intangible assets	1,082,000,000	[2]		1,082,000,000	[2]		1,031,800,000
Assets held for sale, net	70,100,000			70,100,000			37,500,000
Total assets at fair value	2,944,700,000			2,944,700,000			1,069,300,000
BCH [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, Gross	1,955,900,000			1,955,900,000
Goodwill, Impairment Loss	(30,300,000)		$ 193,600,000	163,300,000
Contingent Consideration Classified as Equity [Member] | Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 [Member]
Liabilities:
Contingent consideration	$ 44,900,000		$ 48,000,000	$ 44,900,000		$ 0	$ 17,900,000		$ 12,400,000	$ 12,400,000

[1] (1)Goodwill with a carrying amount of $1,955.9 million was written down to its implied fair value of $1,792.6 million, resulting in total impairment charges of $163.3 million for the six months ended July 2, 2016, which are included in Impairment charges (credits) on the Condensed Consolidated Statements of Operations. The implied fair value is as of April 2, 2016, the date of the goodwill impairment test.

[2] (2)Intangible assets estimated fair value at July 2, 2016 is as of April 2, 2016, the date the impairment was taken.

XML

Fair value measurements - level 3 roll (Details) - Fair value, measurements, recurring [Member] - Fair value, inputs, level 3 [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jun. 27, 2015	Jul. 02, 2016	Jun. 27, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance			$ 17.9
Contingent Consideration Classified as Equity [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 48.0	$ 12.4	17.9	$ 12.4
Net realized (gains) losses	0.1	(0.9)	0.0	(0.9)
Purchases or additions	1.0	0.0	30.5	0.0
Impairments	3.8	13.3	3.8	13.3
Foreign Currency Effect	(0.2)	0.0	0.3	0.0
Ending balance	$ 44.9	$ 0.0	$ 44.9	$ 0.0

XML

Fair Value Measurements Fair value measurements - items not carried at fair value (Details) - USD ($) $ in Millions	Jul. 02, 2016	Dec. 31, 2015	Nov. 08, 2013
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Senior Notes	$ 5,918.6	$ 4,698.3	$ 2,300.0
Public Bonds and Private Placement [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Senior Notes	5,200.0	3,900.0
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	5,100.0	3,800.0
Retail Bonds [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt Instrument, Unamortized Premium	67.5	82.5
Long-term Debt	818.6	798.3
Retail Bonds [Member] | Fair value, inputs, level 2 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, fair value disclosure	$ 885.3	$ 859.8

XML

Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jun. 27, 2015	Jul. 02, 2016	Dec. 31, 2015	Jun. 27, 2015	Apr. 02, 2016
Schedule of Equity Method Investments [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities	$ 1.7
Loss from equity method investments	(1.6)	$ (3.3)		$ (3.9)	$ (3.6)
Equity Method Investment, Other than Temporary Impairment	22.3
Unrealized Gain (Loss) on Investments [Abstract]
Equity securities, at cost less impairments	20.2		$ 20.2	6.4
Gross unrealized gains	19.8		19.8	9.3
Gross unrealized losses	0.0		0.0	(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	40.0		40.0	14.9
Other non-current assets [Member]
Schedule of Equity Method Investments [Line Items]
Cost method investments	$ 7.0		$ 7.0	6.9
Equity method investments				$ 45.5		$ 4.8

XML

Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities - text links (Details) € in Millions		3 Months Ended			6 Months Ended
		Jul. 02, 2016 USD ($)	Jun. 27, 2015 USD ($)	Mar. 28, 2015 USD ($)	Jul. 02, 2016 USD ($)	Jun. 27, 2015 USD ($)	Dec. 31, 2015 USD ($)	Mar. 30, 2015 USD ($)	Mar. 30, 2015 EUR (€)	Dec. 05, 2014 USD ($)
Derivative [Line Items]
Fair value, assets, level 1, level 2, level 3 Transfers, Amount					$ 0	$ 0
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months		$ (1,000,000)			(1,000,000)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		400,000	$ 100,000		600,000	(200,000)
Derivative, Gain (Loss) on Derivative, Net					7,000,000
Derivative, Loss on Derivative					0	300,000,000
Term loans	[1]									$ 300,000,000
Proceeds from Issuance of Debt					1,200,000,000
Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		1,000,000	(19,200,000)		1,200,000	(21,500,000)
Derivative Liability, Fair Value, Amount Not Offset Against Collateral		1,000,000			1,000,000		$ 2,300,000
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net		(300,000)	(11,300,000)		(7,700,000)	(13,100,000)
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral		1,800,000			1,800,000		1,900,000
Derivative, Gain (Loss) on Derivative, Net		(2,200,000)	4,200,000		(9,000,000)	(254,000,000)
Interest rate swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount			240,000,000			240,000,000	200,000,000
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net		0	(14,000,000)		$ (9,000,000)	(12,000,000)
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		(300,000)	2,700,000		$ 1,300,000	(1,100,000)
Foreign exchange contract [Member]
Derivative [Line Items]
Derivative, Notional Amount		500,400,000			500,400,000		755,500,000
Foreign exchange option [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net			(1,900,000)
Omega [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net			0
Omega [Member] | Interest rate swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount								$ 147,000,000
Credit facility indebtedness | Omega [Member]
Derivative [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt								544,500,000
Euro Member Countries, Euro | Interest rate swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount | €									€ 135.0
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 | €									€ 500.0
Perrigo Co PLC [Member] | Foreign exchange option [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net				$ 259,800,000
Omega [Member] | Interest rate swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount								20,000,000
Other liabilities [Member] | Foreign exchange forward [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral		1,000,000			1,000,000		2,000,000
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		1,800,000			1,800,000		1,900,000
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		$ 300,000
Other expense, net
Derivative [Line Items]
Derivative, Loss on Derivative			3,600,000
Interest expense, net | Treasury Lock [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		0	(100,000)		0	(100,000)
Interest expense, net | Interest rate swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		(600,000)	(19,100,000)		(1,100,000)	(18,200,000)
Interest expense, net | Foreign exchange forward [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		(600,000)	0		(900,000)	0
Interest expense, net | Foreign exchange forward [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net		(600,000)	(1,000,000)		(500,000)	(3,500,000)
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		(100,000)	0		100,000	(300,000)
Sales revenue, goods, net [Member] | Foreign exchange forward [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		200,000	2,000,000		800,000	1,900,000
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		(100,000)	100,000		0	100,000
Cost of sales [Member] | Foreign exchange forward [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		600,000	(1,800,000)		900,000	(4,600,000)
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	0		(100,000)	0
Other nonoperating income (expense) [Member] | Foreign exchange forward [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		600,000	0		600,000	0
Other nonoperating income (expense) [Member] | Foreign exchange forward [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		1,400,000	(200,000)		1,500,000	(500,000)
Other nonoperating income (expense) [Member] | Foreign exchange forward [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net		$ (1,600,000)	$ 5,200,000		$ (8,500,000)	$ (250,500,000)
6.19% senior notes | Omega [Member] | Omega [Member]
Derivative [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt								$ 20,000,000

[1] Debt denominated in euros subject to fluctuations in the euro-to-U.S. dollar exchange rate.

XML

Derivative Instruments and Hedging Activities - balance sheet location (Details) - USD ($) $ in Millions	Jul. 02, 2016	Dec. 31, 2015
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	$ 1.0	$ 2.3
Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Net	2.6	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	2.6	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	1.0	2.0
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	1.8	1.9
Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Net	1.7	1.0
Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Foreign exchange forward [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Net	1.7	1.0
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	$ 1.8	$ 1.9

XML

Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities - other comprehensive income movement (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jun. 27, 2015	Jul. 02, 2016	Jun. 27, 2015
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	$ 0.4	$ 0.1	$ 0.6	$ (0.2)
Sales revenue, goods, net [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)	0.0	0.1	(0.3)
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	0.0	0.0	(0.1)	0.0
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) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	0.6	0.0	0.6	0.0
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	0.0	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	(0.3)	(11.3)	(7.7)	(13.1)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	1.0	(19.2)	1.2	(21.5)
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	0.0	(14.0)	(9.0)	(12.0)
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	(0.3)	2.7	1.3	(1.1)
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	(0.6)	(19.1)	(1.1)	(18.2)
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	(0.6)	0.0	(0.9)	0.0
Designated as Hedging Instrument [Member] | Sales revenue, goods, net [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	0.2	2.0	0.8	1.9
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	1.4	(0.2)	1.5	(0.5)
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	$ 0.6	$ (1.8)	$ 0.9	$ (4.6)

XML

Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities -Fair value hedges (Details) $ in Millions	6 Months Ended
	Jul. 02, 2016 USD ($)
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 7.0

XML

Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities- Non-designated derivatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jun. 27, 2015	Jul. 02, 2016	Jun. 27, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net			$ 7.0
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (2.2)	$ 4.2	(9.0)	$ (254.0)
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	(1.6)	5.2	(8.5)	(250.5)
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	$ (0.6)	$ (1.0)	$ (0.5)	$ (3.5)

XML

Assets Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 02, 2016	Jul. 02, 2016	Dec. 31, 2015
Less: impairment reserves			$ (29.0)
CHC [Member]
Less: impairment reserves	$ (6.2)
Other [Member]
Less: impairment reserves	(4.3)
Discontinued Operations, Held-for-sale [Member] | CHC [Member]
Current assets	59.4	$ 59.4	55.1
Goodwill	8.5	8.5	13.0
Property, plant and equipment	18.9	18.9	18.8
Other assets	0.9	0.9	0.0
Less: impairment reserves		(6.2)	0.0
Total assets held for sale	81.5	81.5	86.9
Current liabilities	27.0	27.0	30.5
Other liabilities	0.0	0.0	0.0
Total liabilities held for sale	27.0	27.0	30.5
Discontinued Operations, Held-for-sale [Member] | Other [Member]
Current assets	6.8	6.8	13.6
Goodwill	7.3	7.3	14.5
Property, plant and equipment	34.0	34.0	37.4
Other assets	3.2	3.2	3.2
Less: impairment reserves		(32.5)
Total assets held for sale	18.8	18.8	39.7
Current liabilities	1.1	1.1	0.5
Other liabilities	2.1	2.1	1.7
Total liabilities held for sale	$ 3.2	$ 3.2	$ 2.2

XML

(Details)
€ in Millions, $ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 15, 2016

USD ($)

Mar. 07, 2016

USD ($)

Dec. 09, 2015

USD ($)

Apr. 08, 2015

USD ($)

Apr. 08, 2015

EUR (€)

Mar. 30, 2015

USD ($)

Mar. 30, 2015

EUR (€)

Dec. 05, 2014

USD ($)

Dec. 02, 2014

USD ($)

Jul. 02, 2016

USD ($)

Jul. 02, 2016

USD ($)

Jun. 27, 2015

USD ($)

Dec. 31, 2015

USD ($)

Dec. 15, 2015

USD ($)

Sep. 15, 2015

USD ($)

Aug. 28, 2015

USD ($)

Mar. 30, 2015

EUR (€)

Dec. 05, 2014

EUR (€)

Nov. 08, 2013

USD ($)

Debt Instrument [Line Items]

Long-term line of credit

$ 0.0

$ 0.0

$ 680.0

Debt Instrument, Issuance Date

Mar. 07, 2016

Dec. 09, 2015

Mar. 30, 2015

Mar. 30, 2015

Dec. 05, 2014

Term loans

^[1]

$ 300.0

Senior Notes

5,918.6

5,918.6

4,698.3

$ 2,300.0

Other long-term debt

4.6

4.6

86.0

Debt Instrument, Unamortized Discount (Premium), Net

49.5

49.5

73.4

Deferred financing fee

(35.4)

(35.4)

(36.6)

Debt, Long-term and Short-term, Combined Amount

6,410.6

6,410.6

5,989.9

Debt, Short Term and Current Portion of Long Term

(758.1)

(758.1)

(1,018.3)

Long-term debt, less current portion

$ 5,652.5

5,652.5

4,971.6

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt

$ 0.0

$ 0.0

$ 0.0

Repayments of Long-term Debt

$ 28.7

$ 889.0

Debt Instrument, Covenant Compliance

Yes

Schedule of debt

Total borrowings outstanding are summarized as follows (in millions):

				July 2, 2016			December 31, 2015
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			473.3			488.8
Notes and Bonds
	Coupon	Due
	1.300%	November 8, 2016	(2)	500.0			500.0
*	4.500%	May 23, 2017	(3)	200.5			195.5
*	5.125%	December 12, 2017	(3)	334.1			325.8
	2.300%	November 8, 2018	(2)	600.0			600.0
*	5.000%	May 23, 2019	(3)	133.6			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)	150.4			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			5,918.6			4,698.3
Other financing				4.6			86.0
Unamortized premium (discount), net				49.5			73.4
Deferred financing fees				(35.4		)	(36.6		)
Total borrowings outstanding				6,410.6			5,989.9
	Current indebtedness			(758.1		)	(1,018.3		)
Total long-term debt less current portion				$	5,652.5		$	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

$ 5,652.5

$ 5,652.5

4,971.6

Omega [Member]

Debt Instrument [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt

$ 1,471.0

Extinguishment of Debt, Amount

$ 539.1

Omega [Member] | Euro Member Countries, Euro

Debt Instrument [Line Items]

Extinguishment of Debt, Amount | €

€ 500.0

BCH [Member]

Debt Instrument [Line Items]

Line of Credit, Current

$ 82.9

3.5% Senior note due December 15, 2021 [Member]

Debt Instrument [Line Items]

Debt Instrument, Issuance Date

Dec. 02, 2014

Debt Instrument, Interest Rate, Stated Percentage

3.50%

3.50%

3.50%

3.50%

Senior Notes

^[2]

$ 500.0

$ 500.0

$ 500.0

Debt Instrument, Face Amount

$ 500.0

Debt Instrument, Maturity Date

Dec. 15, 2021

Dec. 15, 2021

2015 revolver

Debt Instrument [Line Items]

Long-term line of credit

0.0

$ 0.0

$ 380.0

Debt Instrument, Face Amount

$ 750.0

Proceeds from Lines of Credit

$ 750.0

2014 revolver

Debt Instrument [Line Items]

Long-term line of credit

0.0

$ 0.0

$ 300.0

Line of Credit Facility, Maximum Borrowing Capacity | €

€ 1,000.0

Debt Instrument, Face Amount

$ 600.0

Proceeds from Lines of Credit

$ 435.0

Debt Instrument, Maturity Date

Dec. 05, 2019

Dec. 05, 2019

2014 euro-denominated term loan due December 5, 2019

Debt Instrument [Line Items]

Term loans

^[1]

$ 473.3

$ 473.3

$ 488.8

Debt Instrument, Periodic Payment

$ 27.9

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 | €

500.0

1.30% unsecured senior notes due November 8, 2016

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

1.30%

1.30%

1.30%

Senior Notes

^[3]

$ 500.0

$ 500.0

$ 500.0

Debt Instrument, Face Amount

500.0

Debt Instrument, Maturity Date

Nov. 08, 2016

Nov. 08, 2016

4.500% unsecured senior notes due May 23, 2017

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

4.50%

4.50%

4.50%

Senior Notes

^[1],[4]

$ 200.5

$ 200.5

$ 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%

5.125%

5.125%

Senior Notes

^[1],[4]

$ 334.1

$ 334.1

$ 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%

2.30%

2.30%

Senior Notes

^[3]

$ 600.0

$ 600.0

$ 600.0

Debt Instrument, Face Amount

600.0

Debt Instrument, Maturity Date

Nov. 08, 2018

Nov. 08, 2018

5.000% unsecured senior notes due May 23, 2019

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

5.00%

5.00%

5.00%

Senior Notes

^[1],[4]

$ 133.6

$ 133.6

$ 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%

3.50%

Senior Notes

^[5]

$ 500.0

$ 500.0

$ 0.0

Debt Instrument, Face Amount

$ 500.0

Debt Instrument, Maturity Date

Mar. 15, 2021

5.105% senior note due July 19, 2023

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

5.105%

5.105%

5.105%

Senior Notes

^[1],[4]

$ 150.4

$ 150.4

$ 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%

4.00%

4.00%

Senior Notes

^[3]

$ 800.0

$ 800.0

$ 800.0

Debt Instrument, Face Amount

800.0

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%

3.90%

3.90%

Senior Notes

^[2]

$ 700.0

$ 700.0

$ 700.0

Debt Instrument, Face Amount

$ 700.0

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

4.38%

4.375%

4.375%

Senior Notes

^[5]

$ 700.0

$ 700.0

$ 0.0

Debt Instrument, Face Amount

$ 700.0

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%

5.30%

5.30%

Senior Notes

^[3]

$ 400.0

$ 400.0

$ 400.0

Debt Instrument, Face Amount

$ 400.0

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%

4.90%

4.90%

Senior Notes

^[2]

$ 400.0

$ 400.0

$ 400.0

Debt Instrument, Face Amount

$ 400.0

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 | €

€ 300.0

Debt securities

Debt Instrument [Line Items]

Senior Notes

$ 1,200.0

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. 01, 2016

Jan. 01, 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

$ 20.0

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

$ 147.0

Debt Instrument, Maturity Date

Jan. 01, 2023

Jan. 01, 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 | €

€ 135.0

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. 01, 2017

Jan. 01, 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 | €

€ 300.0

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. 01, 2017

Jan. 01, 2017

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt

$ 196.0

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 | €

€ 180.0

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. 01, 2019

Jan. 01, 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 | €

€ 120.0

2014 bonds

Debt Instrument [Line Items]

Senior Notes

$ 1,600.0

Over draft | Omega [Member]

Debt Instrument [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt

56.0

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 | €

€ 500.0

[1] Debt denominated in euros subject to fluctuations in the euro-to-U.S. dollar exchange rate.

[2] (1)Discussed below collectively as the "2014 Notes."

[3] (2)Discussed below collectively as the "2013 Notes."

[4] (3)Debt assumed from Omega.

[5] (4)Discussed below collectively as the "2016 Notes."

XML

Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jun. 27, 2015	Jul. 02, 2016		Jun. 27, 2015		Oct. 22, 2015
Numerator:
Net income (loss)	$ 194.3	$ 56.4	$ (140.3)		$ (38.4)
Denominator:
Weighted average shares outstanding for basic EPS	143,200	146,300	143,200		143,500
Dilutive effect of share-based awards	400	500	0	[1]	0	[1]
Weighted average shares outstanding for diluted EPS	143,600	146,800	143,200		143,500
Anti-dilutive share-based awards excluded from computation of diluted EPS	1,000	0	0	[1]	0	[1]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	19	57	98		92
Stock Repurchase Program, Authorized Amount	$ 0.0		$ 0.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 1,500.0		$ 1,500.0
Perrigo Co PLC [Member]
Denominator:
Stock Repurchase Program, Authorized Amount							$ 2,000.0

[1] In the period of a net loss, diluted shares equal basic shares.

XML

Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jun. 27, 2015	Jul. 02, 2016	Jun. 27, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Beginning balance			$ (15.5)
OCI before reclassifications (net of tax)			46.9
Amounts reclassified from AOCI (net of tax)			(0.1)
Other comprehensive income (loss), net of tax	$ (105.4)	$ 121.4	46.8	$ 95.0
Ending balance	31.3		31.3
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)			44.8
Amounts reclassified from AOCI (net of tax)			0.0
Other comprehensive income (loss), net of tax			44.8
Ending balance	40.4		40.4
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)			(5.6)
Amounts reclassified from AOCI (net of tax)			(1.4)
Other comprehensive income (loss), net of tax			(7.0)
Ending balance	(21.2)		(21.2)
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)			7.2
Amounts reclassified from AOCI (net of tax)			1.3
Other comprehensive income (loss), net of tax			8.5
Ending balance	14.8		14.8
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)			0.5
Amounts reclassified from AOCI (net of tax)			0.0
Other comprehensive income (loss), net of tax			0.5
Ending balance	$ (2.7)		$ (2.7)

XML

Income Taxes (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Jan. 31, 2015	Nov. 30, 2014	Jul. 02, 2016	Jun. 27, 2015	Jul. 02, 2016	Jun. 27, 2015	Dec. 31, 2015
Effective tax rate on income from continuing operations			28.20%	64.10%	32.40%	170.20%
Unrecognized tax benefits, including income tax penalties and interest accrued			$ 353.4		$ 353.4		$ 334.7
Unrecognized tax benefits liability, interest and penalties accrued			$ 55.3		$ 55.3		$ 52.1
Income tax examination, penalties and interest expense		$ 8.0
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%

XML

Collaboration agreements and other contractual arrangements (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2016	May 31, 2015	Jul. 02, 2016	Jun. 27, 2015	Jul. 02, 2016	Jun. 27, 2015
Research and Development Expense			$ 47.0	$ 62.6	$ 92.2	$ 98.0
Minimum [Member] | May 2015 agreement [Member]
Potential Contingent Milestone Payments		$ 78.0
Minimum [Member] | June 2016 agreement [Member]
Potential Contingent Milestone Payments	$ 42.0
Maximum [Member] | May 2015 agreement [Member]
Potential Contingent Milestone Payments		$ 105.0
Maximum [Member] | June 2016 agreement [Member]
Potential Contingent Milestone Payments					$ 57.0

XML

Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jun. 27, 2015	Jul. 02, 2016	Jun. 27, 2015
Restructuring Cost and Reserve [Line Items]
Beginning balance	$ 13.0	$ 3.6	$ 20.7	$ 3.2
Additional charges	5.8	(0.1)	11.3	1.0
Payments	(6.6)	(1.9)	(24.8)	(2.6)
Non-cash adjustments	0.0	0.0	5.0	0.0
Ending balance	12.2	$ 1.6	12.2	$ 1.6
Employee severance [Member]
Restructuring Cost and Reserve [Line Items]
Ending balance	7.0		7.0
Lease exit
Restructuring Cost and Reserve [Line Items]
Ending balance	$ 5.2		$ 5.2

XML

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jun. 27, 2015	Jul. 02, 2016		Jun. 27, 2015		Dec. 31, 2015
Segment Reporting Information [Line Items]
Net sales	$ 1,481.0	$ 1,531.6	$ 2,864.2	[1]	$ 2,580.8	[1]
Operating income (loss)	238.3	226.9	(65.5)	[1]	426.2	[1]
Amortization of intangibles	161.7	142.6	319.7	[1]	250.4	[1]
Total assets	19,533.6	19,393.9	19,533.6		19,393.9		$ 19,393.9
CHC [Member]
Segment Reporting Information [Line Items]
Net sales	686.3	746.4	1,386.6		1,431.3
Operating income (loss)	111.2	143.3	213.6		247.6
Amortization of intangibles	19.0	16.6	38.8		32.8
Total assets	4,021.9	4,007.8	4,021.9		4,007.8
BCH [Member]
Segment Reporting Information [Line Items]
Net sales	393.7	401.2	711.3	[1]	401.2	[1]
Operating income (loss)	38.4	26.6	(444.3)	[1]	26.6	[1]
Amortization of intangibles	39.5	34.2	74.9	[1]	34.2	[1]
Total assets	6,211.2	6,324.0	6,211.2		6,324.0
Rx [Member]
Segment Reporting Information [Line Items]
Net sales	293.3	278.3	550.0		529.9
Operating income (loss)	96.8	99.5	184.2		199.5
Amortization of intangibles	29.9	18.5	59.4		36.9
Total assets	3,340.1	3,015.5	3,340.1		3,015.5
Specialty Sciences [Member]
Segment Reporting Information [Line Items]
Net sales	89.9	83.6	177.9		165.5
Operating income (loss)	13.3	6.4	26.3		11.9
Amortization of intangibles	72.8	72.8	145.6		145.6
Total assets	5,758.4	5,833.5	5,758.4		5,833.5
Other [Member]
Segment Reporting Information [Line Items]
Net sales	17.8	22.1	38.4		52.9
Operating income (loss)	(1.3)	1.9	4.1		12.4
Amortization of intangibles	0.5	0.5	1.0		0.9
Total assets	202.0	213.1	202.0		213.1
Unallocated expenses
Segment Reporting Information [Line Items]
Net sales	0.0	0.0	0.0		0.0
Operating income (loss)	(20.1)	(50.8)	(49.4)		(71.8)
Amortization of intangibles	$ 0.0	$ 0.0	$ 0.0		$ 0.0

[1] The BCH segment was created on March 30, 2015 as a result of the Omega acquisition, thus data for the six months ended June 27, 2015 includes only three months of results from operations attributable to Omega.

XML

Subsequent event (Details) - USD ($) $ in Millions		3 Months Ended
	Aug. 05, 2016	Jul. 02, 2016
Subsequent Event [Line Items]
Gain (Loss) on Disposition of Business		$ 6.2
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from Divestiture of Businesses	$ 58.6
Subsequent Event, Date	Aug. 05, 2016