Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Schedule of Prior Period Adjustments

Consolidated Statement of Operations

(in millions, except per share amounts)

	Six Months Ended
	December 31, 2015
				Adjustments
	Previously Reported			Tysabri®			Other				Restated
Net sales	$	2,769.5		$	(166.4	)	$	29.1		(b)	$	2,632.2
Cost of sales	1,661.4			(145.0		)	36.9			(b)	1,553.3
Gross profit (loss)	1,108.1			(21.4		)	(7.8		)		1,078.9
Operating expenses
Distribution	47.9			—			—				47.9
Research and development	88.2			—			—				88.2
Selling	325.9			—			—				325.9
Administration	309.1			—			(2.3		)		306.8
Impairment charges	215.6			—			—				215.6
Restructuring	26.9			—			—				26.9
Total operating expenses	1,013.6			—			(2.3		)		1,011.3
Operating income (loss)	94.5			(21.4		)	(5.5		)		67.6
Tysabri® royalty stream - change in fair value	—			(57.3		)	—				(57.3		)
Interest expense, net	89.9			—			—				89.9
Other expense (income), net	26.9			0.9			(2.6		)		25.2
Loss on extinguishment of debt	0.9			—			—				0.9
Income (loss) before income taxes	(23.2		)	35.0			(2.9		)		8.9
Income tax expense (benefit)	(28.8		)	4.4			(9.2		)	(a)	(33.6		)
Net income	$	5.6		$	30.6		$	6.3			$	42.5
Income per share
Basic	$	0.04		$	0.21		$	0.04			$	0.29
Diluted	$	0.04		$	0.21		$	0.04			$	0.29
Weighted-average shares outstanding
Basic	145.6										145.6
Diluted	146.1										146.1

(a) Adjustments primarily related to certain tax basis intangible assets that existed at the time of the acquisition of Omega on March 30, 2015, which reduced the deferred tax liabilities in acquired intangible assets and increased our valuation allowance resulting in a net change to our deferred taxes. The resulting balance sheet reclassification required a reduction of goodwill, offset by a corresponding reduction to net deferred taxes at the date of the Omega acquisition. The adjustment made at the date of the Omega acquisition also had an impact on previously reported goodwill impairment charges. ("BCH Deferred Tax Matters").

(b) Adjustments primarily related to certain contracts related to a specific Belgium distributor that were consignment in nature due to an option for the distributor to return the product if it was not sold timely. The characterization of the contracts as consignment impacted the timing of revenue recognition in the Consolidated Statement of Operations and, due to the impact on factoring arrangements, required a reclassification between accounts receivable and current liabilities for the amounts factored for these contracts. (“BCH Belgium Distribution Contracts”)

Consolidated Statement of Operations

(in millions, except per share amounts)

	Year Ended
	June 27, 2015
			Adjustments
	Previously Reported		Tysabri®			Other				Restated
Net sales	$	4,603.9	$	(338.5	)	$	(38.3	)	(b)	$	4,227.1
Cost of sales	2,891.4		(290.1		)	(18.4		)	(b)	2,582.9
Gross profit (loss)	1,712.5		(48.4		)	(19.9		)		1,644.2
Operating expenses
Distribution	67.7		—			—				67.7
Research and development	187.8		—			—				187.8
Selling	319.0		—			—				319.0
Administration	385.2		—			0.1				385.3
Impairment charges	—		—			6.8				6.8
Restructuring	5.1		—			—				5.1
Total operating expenses	964.8		—			6.9				971.7
Operating income (loss)	747.7		(48.4		)	(26.8		)		672.5
Tysabri® royalty stream - change in fair value	—		(78.5		)	—				(78.5		)
Interest expense, net	146.0		—			—				146.0
Other expense (income), net	343.2		—			(9.0		)		334.2
Loss on extinguishment of debt	10.5		—			—				10.5
Income (loss) before income taxes	248.0		30.1			(17.8		)		260.3
Income tax expense	120.0		3.8			0.4				124.2
Net income (loss)	$	128.0	$	26.3		$	(18.2	)		$	136.1
Income per share
Basic	$	0.92	$	0.18		$	(0.13	)		$	0.97
Diluted	$	0.92	$	0.18		$	(0.13	)		$	0.97
Weighted-average shares outstanding
Basic	139.3									139.3
Diluted	139.8									139.8

(b) Adjustments primarily related to BCH Belgium Distribution Contracts as described above.

Consolidated Statement of Operations

(in millions, except per share amounts)

	Year Ended
	June 28, 2014
			Adjustments
	Previously Reported		Tysabri®			Other			Restated
Net sales	$	4,060.8	$	(146.7	)	$	—		$	3,914.1
Cost of sales	2,613.1		(152.8		)	1.7			2,462.0
Gross profit (loss)	1,447.7		6.1			(1.7		)	1,452.1
Operating expenses
Distribution	55.3		—			—			55.3
Research and development	158.5		—			(6.0		)	152.5
Selling	208.6		—			—			208.6
Administration	411.3		—			—			411.3
Impairment charges	—		—			6.0			6.0
Restructuring	47.0		—			—			47.0
Total operating expenses	880.7		—			—			880.7
Operating income (loss)	567.0		6.1			(1.7		)	571.4
Tysabri® royalty stream - change in fair value	—		(26.6		)	—			(26.6		)
Interest expense, net	103.5		—			—			103.5
Other expense, net	25.1		—			—			25.1
Loss on extinguishment of debt	165.8		—			—			165.8
Income (loss) before income taxes	272.6		32.7			(1.7		)	303.6
Income tax expense (benefit)	67.3		4.1			(0.6		)	70.8
Net income (loss)	$	205.3	$	28.6		$	(1.1	)	$	232.8
Income per share
Basic	$	1.78	$	0.25		$	(0.01	)	$	2.02
Diluted	$	1.77	$	0.25		$	(0.01	)	$	2.01
Weighted-average shares outstanding
Basic	115.1								115.1
Diluted	115.6								115.6

Consolidated Balance Sheet

(in millions)

	December 31, 2015
				Adjustments
	Previously Reported			Tysabri®			Other				Restated
Assets
Cash and cash equivalents	$	417.8		$	—		$	—			$	417.8
Accounts receivable, net of allowance for doubtful accounts of $4.5 million	1,193.1			—			(4.1		)	(b)	1,189.0
Inventories	844.4			—			54.3			(b)	898.7
Prepaid expenses and other current assets	289.1			—			(3.0		)		286.1
Total current assets	2,744.4			—			47.2				2,791.6
Property, plant and equipment, net	886.2			—			—				886.2
Tysabri® royalty stream - at fair value	—			5,310.0			—				5,310.0
Goodwill and other indefinite-lived intangible assets	7,281.2			—			(212.2		)	(a)(b)	7,069.0
Other intangible assets, net	8,190.5			(5,212.2		)	(5.2		)		2,973.1
Non-current deferred income taxes	54.6			—			16.8			(a)(c)	71.4
Other non-current assets	237.0			—			11.3				248.3
Total non-current assets	16,649.5			97.8			(189.3		)		16,558.0
Total assets	$	19,393.9		$	97.8		$	(142.1	)		$	19,349.6
Liabilities and Shareholders’ Equity
Accounts payable	$	554.9		$	—		$	0.9		(b)	$	555.8
Payroll and related taxes	125.3			—			—				125.3
Accrued customer programs	398.0			—			(2.0		)	(b)	396.0
Accrued liabilities	308.4			—			43.5			(b)	351.9
Accrued income taxes	85.2			—			(22.5		)	(a)	62.7
Current indebtedness	1,018.3			—			42.2			(b)	1,060.5
Total current liabilities	2,490.1			—			62.1				2,552.2
Long-term debt, less current portion	4,971.6			—			—				4,971.6
Non-current deferred income taxes	1,563.7			12.2			(203.2		)	(a)(b)(c)	1,372.7
Other non-current liabilities	332.4			—			13.9			(a)	346.3
Total non-current liabilities	6,867.7			12.2			(189.3		)		6,690.6
Total liabilities	9,357.8			12.2			(127.2		)		9,242.8
Commitments and contingencies - Note 16
Shareholders’ equity
Controlling interest:
Preferred shares, $0.0001 par value, 10 million shares authorized	—			—			—				—
Ordinary shares, €0.001 par value, 10 billion shares authorized	8,144.6			—			(2.0		)		8,142.6
Accumulated other comprehensive (loss)	(15.5		)	—			0.2			(b)	(15.3		)
Retained earnings	1,907.6			85.6			(13.1		)		1,980.1
Total controlling interest	10,036.7			85.6			(14.9		)		10,107.4
Noncontrolling interest	(0.6		)	—			—				(0.6		)
Total shareholders’ equity	10,036.1			85.6			(14.9		)		10,106.8
Total liabilities and shareholders' equity	$	19,393.9		$	97.8		$	(142.1	)		$	19,349.6

(a) Adjustments primarily related to the BCH Deferred Tax Matters as described above.(Goodwill and other indefinite-lived intangible assets: $(223.3) million, Non-current deferred income tax asset: $272.2 million, and Non-current deferred income tax liability $65.4 million)

(b) Adjustments primarily related to BCH Belgium Distribution Contracts as described above. (Goodwill and other indefinite-lived intangible assets: $10.2 million and Non-current deferred income tax liabili: $8.7 million)

(c) Adjustment related to income tax expense (benefit) for interim period tax accounting required under ASC 740, Accounting for Income Taxes. The balance of the adjustment to deferred taxes relates to jurisdictional netting.

Consolidated Balance Sheet

(in millions)

	June 27, 2015
			Adjustments
	Previously Reported		Tysabri®			Other				Restated
Assets
Cash and cash equivalents	$	785.6	$	—		$	—			$	785.6
Accounts receivable, net of allowance for doubtful accounts of $2.6 million	1,282.1		—			(72.7		)	(b)(d)	1,209.4
Inventories	838.9		—			96.8			(b)	935.7
Current deferred income taxes	122.3		—			25.9			(c)	148.2
Prepaid expenses and other current assets	154.0		—			(3.9		)		150.1
Total current assets	3,182.9		—			46.1				3,229.0
Property, plant and equipment, net	932.4		—			—				932.4
Tysabri® royalty stream - at fair value	—		5,420.0			—				5,420.0
Goodwill and other indefinite-lived intangible assets	7,235.0		—			(250.7		)	(a)(b)	6,984.3
Other intangible assets, net	8,105.6		(5,357.2		)	(5.6		)		2,742.8
Non-current deferred income taxes	39.6		—			10.5			(a)(c)	50.1
Other non-current assets	225.1		—			8.2				233.3
Total non-current assets	16,537.7		62.8			(237.6		)		16,362.9
Total assets	$	19,720.6	$	62.8		$	(191.5	)		$	19,591.9
Liabilities and Shareholders’ Equity
Accounts payable	$	747.5	$	—		$	(38.2	)	(b)(d)	$	709.3
Payroll and related taxes	133.9		—			—				133.9
Accrued customer programs	368.1		—			(9.6		)	(b)	358.5
Accrued liabilities	246.4		—			11.1			(b)	257.5
Accrued income taxes	52.6		—			3.7			(a)	56.3
Current deferred income taxes	80.6		—			(0.9		)		79.7
Current indebtedness	64.6		—			88.7			(b)	153.3
Total current liabilities	1,693.7		—			54.8				1,748.5
Long-term debt, less current portion	5,246.9		—			—				5,246.9
Non-current deferred income taxes	1,745.1		7.9			(238.7		)	(a)(b)(c)	1,514.3
Other non-current liabilities	372.1		—			10.6				382.7
Total non-current liabilities	7,364.1		7.9			(228.1		)		7,143.9
Total liabilities	9,057.8		7.9			(173.3		)		8,892.4
Commitments and contingencies - Note 16
Shareholders’ equity
Controlling interest:
Preferred shares, $0.0001 par value, 10 million shares authorized	—		—			—				—
Ordinary shares, €0.001 par value, 10 billion shares authorized	8,621.9		—			—				8,621.9
Accumulated other comprehensive income	102.4		—			1.1				103.5
Retained earnings	1,938.3		54.9			(19.3		)		1,973.9
Total controlling interest	10,662.6		54.9			(18.2		)		10,699.3
Noncontrolling interest	0.2		—			—				0.2
Total shareholders’ equity	10,662.8		54.9			(18.2		)		10,699.5
Total liabilities and shareholders' equity	$	19,720.6	$	62.8		$	(191.5	)		$	19,591.9

(a) Adjustments primarily related to the BCH Deferred Tax Matters as described above. (Goodwill and other indefinite-lived intangible assets:$(262.3) million, Non-current deferred income tax asset: $268.9 million, and Non-current deferred tax liability $4.0 million)

(b) Adjustments primarily related to BCH Belgium Distribution Contracts as described above. (Accounts receivable: $(39.5) million, Goodwill and other indefinite-lived intangible assets: $10.5 million, Accounts payable: $(1.0) million, and Non-current deferred income taxes: $(8.6) million)

(c) Adjustment related to income tax expense (benefit) for interim period tax accounting required under ASC 740, Accounting for Income Taxes. The balance of the adjustment to deferred taxes relates to jurisdictional netting.

(d) The balance of the adjustments in this category relate to other identified required corrections related to balance sheet reclassifications.

Consolidated Balance Sheet

(in millions)

	June 28, 2014
			Adjustments
	Previously Reported		Tysabri®			Other			Restated
Assets
Cash and cash equivalents	$	799.5	$	—		$	—		$	799.5
Accounts receivable, net of allowance for doubtful accounts of $2.7 million	935.1		—			(3.6		)	931.5
Inventories	631.6		—			(1.7		)	629.9
Current deferred income taxes	62.8		—			—			62.8
Prepaid expenses and other current assets	121.9		—			—			121.9
Total current assets	2,550.9		—			(5.3		)	2,545.6
Property, plant and equipment, net	779.9		—			—			779.9
Tysabri® royalty stream - at fair value	—		5,680.0			—			5,680.0
Goodwill and other indefinite-lived intangible assets	3,543.8		—			(1.1		)	3,542.7
Other intangible assets, net	6,787.0		(5,647.3		)	(11.0		)	1,128.7
Non-current deferred income taxes	23.6		—			—			23.6
Other non-current assets	167.6		—			11.0			178.6
Total non-current assets	11,301.9		32.7			(1.1		)	11,333.5
Total assets	$	13,852.8	$	32.7		$	(6.4	)	$	13,879.1
Liabilities and Shareholders’ Equity
Accounts payable	$	364.3	$	—		$	—		$	364.3
Payroll and related taxes	112.3		—			—			112.3
Accrued customer programs	256.5		—			—			256.5
Accrued liabilities	179.4		—			(5.3		)	174.1
Accrued income taxes	17.4		—			(0.6		)	16.8
Current deferred income taxes	1.1		—			—			1.1
Current indebtedness	143.7		—			—			143.7
Total current liabilities	1,074.7		—			(5.9		)	1,068.8
Long-term debt, less current portion	3,063.1		—			—			3,063.1
Non-current deferred income taxes	727.9		4.1			0.6			732.6
Other non-current liabilities	293.4		—			—			293.4
Total non-current liabilities	4,084.4		4.1			0.6			4,089.1
Total liabilities	5,159.1		4.1			(5.3		)	5,157.9
Commitments and contingencies - Note 16
Shareholders’ equity
Controlling interest:
Preferred shares, $0.0001 par value, 10 million shares authorized	—		—			—			—
Ordinary shares, €0.001 par value, 10 billion shares authorized	6,678.2		—			—			6,678.2
Accumulated other comprehensive income	139.6		—			—			139.6
Retained earnings	1,875.1		28.6			(1.1		)	1,902.6
Total controlling interest	8,692.9		28.6			(1.1		)	8,720.4
Noncontrolling interest	0.8		—			—			0.8
Total shareholders’ equity	8,693.7		28.6			(1.1		)	8,721.2
Total liabilities and shareholders' equity	$	13,852.8	$	32.7		$	(6.4	)	$	13,879.1

Consolidated Statement of Cash Flows

(in millions)

	Six Months Ended
	December 31, 2015
				Adjustments
	Previously Reported			Tysabri®			Other				Restated
Cash Flows From (For) Operating Activities
Net income	$	5.6		$	30.6		$	6.3			$	42.5
Adjustments to derive cash flows
Loss on extinguishment of debt	0.9			—			—				0.9
Restructuring charges	26.9			—			—				26.9
Depreciation and amortization	328.0			(145.0		)	(0.6		)		182.4
Impairment charges	215.6			—			—				215.6
Tysabri® royalty stream - change in fair value	—			(57.3		)	—				(57.3		)
Share-based compensation	24.8			—			(2.0		)		22.8
Deferred income taxes	(141.8		)	4.4			17.4			(a)(b)	(120.0		)
Amortization of financing fees and debt premium	—			—			(10.2		)		(10.2		)
Other non-cash adjustments	17.5			—			0.6				18.1
Subtotal	477.5			(167.3		)	11.5				321.7
Increase (decrease) in cash due to:
Accounts receivable	86.1			2.6			(36.2		)	(b)	52.5
Inventories	(70.0		)	—			40.4			(b)	(29.6		)
Accounts payable	(199.5		)	—			5.4			(b)	(194.1		)
Payroll and related taxes	(38.2		)	—			—				(38.2		)
Accrued customer programs	27.0			—			7.4			(b)	34.4
Accrued liabilities	75.6			—			32.5			(b)	108.1
Accrued income taxes	(30.5		)	—			(26.3		)	(a)	(56.8		)
Other	(4.8		)	—			7.7				2.9
Subtotal	(154.3		)	2.6			30.9				(120.8		)
Net cash from (for) operating activities	323.2			(164.7		)	42.4				200.9
Cash Flows From (For) Investing Activities
Proceeds from royalty rights	—			164.7			1.6				166.3
Acquisitions of businesses, net of cash acquired	(791.6		)	—			—				(791.6		)
Additions to property, plant and equipment	(77.8		)	—			—				(77.8		)
Other investing	(5.0		)	—			1.3				(3.7		)
Net cash from (for) investing activities	(874.4		)	164.7			1.6				(708.1		)
Cash Flows From (For) Financing Activities
Payments on long-term debt	(28.3		)	—			—				(28.3		)
Borrowings (repayments) of revolving credit agreements and other financing, net	762.0			—			(44.0		)	(b)	718.0
Deferred financing fees	(0.3		)	—			—				(0.3		)
Issuance of ordinary shares	4.9			—			—				4.9
Repurchase of ordinary shares	(500.0		)	—			—				(500.0		)
Cash dividends	(36.3		)	—			—				(36.3		)
Other financing	(8.4		)	—			—				(8.4		)
Net cash from (for) financing activities	193.6			—			(44.0		)		149.6
Effect of exchange rate changes on cash and cash equivalents	(10.2		)	—			—				(10.2		)
Net increase (decrease) in cash and cash equivalents	(367.8		)	—			—				(367.8		)
Cash and cash equivalents, beginning of period	785.6			—			—				785.6
Cash and cash equivalents, end of period	$	417.8		$	—		$	—			$	417.8

(a) Adjustments primarily related to the BCH Deferred Tax Matters as described above.

(b) Adjustments primarily related to BCH Belgium Distribution Contracts as described above.

Consolidated Statement of Cash Flows

(in millions)

	Year Ended
	June 27, 2015
				Adjustments
	Previously Reported			Tysabri®			Other				Restated
Cash Flows From (For) Operating Activities
Net income	$	128.0		$	26.3		$	(18.2	)		$	136.1
Adjustments to derive cash flows
Loss on extinguishment of debt	10.5			—			—				10.5
Restructuring charges	5.1			—			—				5.1
Depreciation and amortization	548.8			(290.1		)	—				258.7
Tysabri® royalty stream - change in fair value	—			(78.5		)	—				(78.5		)
Share-based compensation	31.6			—			—				31.6
Loss on acquisition-related foreign currency derivatives	326.4			—			—				326.4
Deferred income taxes	(16.4		)	3.8			(3.7		)	(a)	(16.3		)
Amortization of financing fees and debt discount	—			—			0.2				0.2
Other non-cash adjustments	17.0			—			(6.8		)		10.2
Subtotal	1,051.0			(338.5		)	(21.7		)		690.8
Increase (decrease) in cash due to:
Accounts receivable	(81.7		)	(4.3		)	34.9			(b)	(51.1		)
Inventories	10.7			—			(22.1		)	(b)	(11.4		)
Accounts payable	140.6			—			(20.1		)	(b)	120.5
Payroll and related taxes	(30.2		)	—			—				(30.2		)
Accrued customer programs	69.9			—			1.4			(b)	71.3
Accrued liabilities	37.3			—			5.5			(b)	42.8
Accrued income taxes	17.5			—			4.4				21.9
Other	(16.8		)	—			17.4				0.6
Subtotal	147.3			(4.3		)	21.4				164.4
Net cash from (for) operating activities	1,198.3			(342.8		)	(0.3		)		855.2
Cash Flows From (For) Investing Activities
Proceeds from royalty rights	—			342.8			1.8				344.6
Acquisitions of businesses, net of cash acquired	(2,177.8		)	—			—				(2,177.8		)
Asset acquisitions	(4.0		)	—			—				(4.0		)
Settlement of acquisition-related foreign currency derivatives	(329.9		)	—			—				(329.9		)
Additions to property, plant and equipment	(137.0		)	—			—				(137.0		)
Other investing	1.8			—			—				1.8
Net cash from (for) investing activities	(2,646.9		)	342.8			1.8				(2,302.3		)
Cash Flows From (For) Financing Activities
Issuances of long-term debt	2,504.3			—			—				2,504.3
Payments on long-term debt	(1,823.5		)	—			—				(1,823.5		)
Borrowings (repayments) of revolving credit agreements and other financing, net	(52.5		)	—			(1.5		)	(b)	(54.0		)
Deferred financing fees	(28.1		)	—			—				(28.1		)
Issuance of ordinary shares	1,043.4			—			0.1				1,043.5
Equity issuance costs	(35.7		)	—			—				(35.7		)
Cash dividends	(64.8		)	—			—				(64.8		)
Purchase of noncontrolling interest	—			—			—				—
Other financing	(19.2		)	—			(0.1		)		(19.3		)
Net cash from (for) financing activities	1,523.9			—			(1.5		)		1,522.4
Effect of exchange rate changes on cash and cash equivalents	(89.2		)	—			—				(89.2		)
Net increase (decrease) in cash and cash equivalents	(13.9		)	—			—				(13.9		)
Cash and cash equivalents, beginning of period	799.5			—			—				799.5
Cash and cash equivalents, end of period	$	785.6		$	—		$	—			$	785.6

(a)    Adjustments primarily related to the BCH Deferred Tax Matters as described above.

(b)    Adjustments primarily related to BCH Belgium Distribution Contracts as described above.

Consolidated Statement of Cash Flows

(in millions)

	Year Ended
	June 28, 2014
				Adjustments
	Previously Reported			Tysabri®			Other			Restated
Cash Flows From (For) Operating Activities
Net income	$	205.3		$	28.6		$	(1.1	)	$	232.8
Adjustments to derive cash flows
Loss on extinguishment of debt	165.8			—			—			165.8
Restructuring charges	47.0			—			—			47.0
Depreciation and amortization	358.9			(152.8		)	—			206.1
Impairment charges	—			—			6.0			6.0
Tysabri® royalty stream - change in fair value	—			(26.6		)	—			(26.6		)
Share-based compensation	24.6			—			—			24.6
Deferred income taxes	(53.8		)	4.1			—			(49.7		)
Amortization of financing fees and debt discount	—			—			2.0			2.0
Other non-cash adjustments	10.5			—			(6.0		)	4.5
Subtotal	758.3			(146.7		)	0.9			612.5
Increase (decrease) in cash due to:
Accounts receivable	(226.7		)	86.2			—			(140.5		)
Inventories	83.0			—			1.7			84.7
Accounts payable	(24.9		)	—			—			(24.9		)
Payroll and related taxes	(55.5		)	—			—			(55.5		)
Accrued customer programs	113.1			—			—			113.1
Accrued liabilities	23.0			—			—			23.0
Accrued income taxes	(10.7		)	—			(0.6		)	(11.3		)
Other	33.9			—			(2.0		)	31.9
Subtotal	(64.8		)	86.2			(0.9		)	20.5
Net cash from (for) operating activities	693.5			(60.5		)	—			633.0
Cash Flows From (For) Investing Activities
Proceeds from royalty rights	—			60.5			—			60.5
Acquisitions of businesses, net of cash acquired	(1,605.8		)	—			—			(1,605.8		)
Proceeds from sale of securities	81.4			—			—			81.4
Additions to property, plant and equipment	(171.6		)	—			—			(171.6		)
Other investing	(8.8		)	—			—			(8.8		)
Net cash from (for) investing activities	(1,704.8		)	60.5			—			(1,644.3		)
Cash Flows From (For) Financing Activities
Issuances of long-term debt	3,293.6			—			—			3,293.6
Payments on long-term debt	(2,035.0		)				—			(2,035.0		)
Borrowings (repayments) of revolving credit agreements and other financing, net	(3.0		)	—			—			(3.0		)
Deferred financing fees	(48.8		)	—			—			(48.8		)
Premium on early debt retirement	(133.5		)	—			—			(133.5		)
Issuance of ordinary shares	9.8			—			—			9.8
Cash dividends	(46.1		)	—			—			(46.1		)
Other financing	(9.0		)	—			—			(9.0		)
Net cash from (for) financing activities	1,028.0			—			—			1,028.0
Effect of exchange rate changes on cash and cash equivalents	2.9			—			—			2.9
Net increase (decrease) in cash and cash equivalents	19.6			—			—			19.6
Cash and cash equivalents, beginning of period	779.9			—			—			779.9
Cash and cash equivalents, end of period	$	799.5		$	—		$	—		$	799.5

	June 27, 2015		Measurement Period Adjustments			December 31, 2015
	Restated		Restated			Restated
Accounts receivable	$	227.4	$	(4.5	)	$	222.9
Inventories	$	288.9	$	(11.9	)	$	277.0
Property and equipment	$	121.2	$	9.6		$	130.8
Goodwill	$	1,269.6	$	419.1		$	1,688.7
Intangible assets:
Developed product technology, formulations, and product rights	$	36.9	$	(5.5	)	$	31.4
Customer relationships and distribution networks	$	1,342.7	$	(286.4	)	$	1,056.3
Definite-lived trademarks, trade names, and brands	$	282.0	$	5.5		$	287.5
Indefinite-lived trademarks, trade names, and brands	$	2,145.2	$	(141.4	)	$	2,003.8
Total intangible assets	$	3,806.8	$	(427.8	)	$	3,379.0
Accrued liabilities	$	50.0	$	(0.7	)	$	49.3
Net deferred income tax liabilities	$	771.1	$	14.4		$	785.5
Other non-current liabilities	$	88.9	$	(29.0	)	$	59.9

Property, Plant and Equipment

We held the following property, plant and equipment, net (in millions):

	December 31, 2016			December 31, 2015			June 27, 2015
Land	$	45.0		$	47.5		$	48.7
Buildings	520.2			508.2			528.3
Machinery and equipment	1,094.7			1,103.3			1,094.0
Gross property and equipment	1,659.9			1,659.0			1,671.0
Less accumulated depreciation	(789.8		)	(772.8		)	(738.6		)
Property and equipment, net	$	870.1		$	886.2		$	932.4

Schedule of New Accounting 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 Adopted
Standard	Description	Date of adoption	Effect on the Financial Statements or Other Significant Matters
Classification of Certain Cash Receipts and Cash Payments	This guidance amends and clarifies the current guidance to reduce diversity in practice of the classification of certain cash receipts and payments in the statement of cash flows.	December 31, 2016	As of December 31, 2016, we reported $2.6 million of contingent consideration payments in the investing section of the statement of cash flows. This adoption did not affect prior years presented.

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.	January 1, 2017	We will adopt this standard as of January 1, 2017.
Clarifying the Definition of a Business	This update clarifies the definition of a business and addresses whether transactions should be accounted for as asset acquisitions or business combinations (or divestitures). The guidance includes a screen that an acquired set will not be considered a business if substantially all of the fair value of the assets acquired is concentrated in a single tangible or identifiable intangible asset (or group of similar assets).The guidance also includes a framework to determine whether a substantive process is included in a set of acquired assets and activities. In order to have a substantive process, the acquired set should include an organized workforce, among other factors. Further, the guidance removes language stating that a business need not include all of the inputs and processes that the seller used in operating the business.	January 1, 2018	We are currently evaluating the implications of adoption on our consolidated financial statements.
Recently Issued Accounting Standards Not Yet Adopted (continued)
Standard	Description	Effective Date	Effect on the Financial Statements or Other Significant Matters
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.	January 1, 2018	We are currently evaluating the possible adoption methodologies and the implications of adoption on our consolidated financial statements. We have completed an initial assessment of the adoption and are in the process of completing a detailed review of our various customer contracts. Based on our initial analysis, we do not expect there to be a material impact on our revenue recognition practices. We are currently still evaluating the overall impact of the new revenue standard. We plan to adopt the new revenue standard effective January 1, 2018 using the modified retrospective approach and we continue to evaluate the effect of the standard on the ongoing financial reporting.
Intra-Entity Asset Transfers of Assets Other Than Inventory	Under the new guidance, the tax impact to the seller on the profit from the transfers and the buyer’s deferred tax benefit on the increased tax basis would be recognized when the transfers occur resulting in the recognition of expense sooner, as opposed to historical guidance. The guidance excludes intra-entity transfers of inventory. For intra-entity transfers of inventory, the FASB decided to retain current GAAP, which requires an entity to recognize the income tax consequences when the inventory has been sold to an outside party.	January 1, 2018	We are currently evaluating the implications of adoption on our consolidated financial statements and considering whether to early adopt the standard.
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.
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 and considering whether to early adopt the standard.