10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

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

For the year ended December 31, 2017

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	N/A
(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)

Registrant’s telephone number, including area code: +353 1 7094000

Securities registered pursuant to Section 12(b) of the Act:

Ordinary shares, €0.001 par value	New York Stock Exchange
Title of each class	Name of each exchange on which registered

Securities registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.	YES	[ ]	NO	[X]
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 of Section 15(d) of the Act.	YES	[ ]	NO	[X]
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 reports), 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.				[ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act. .

Large accelerated filer	[X]	Accelerated filer	[ ]	Non-accelerated filer	[ ]	Smaller reporting company	[ ]
Emerging growth company	[ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.							[ ]

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

The aggregate market value of the voting stock held by non-affiliates of the registrant, based upon the closing sale price of our ordinary shares on June 30, 2017 as reported on the New York Stock Exchange, was $10,768,787,616. Ordinary shares held by each director or executive officer have been excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

As of February 23, 2018, the registrant had 140,833,598 outstanding ordinary shares.

Documents incorporated by reference:

The information called for by Part III will be incorporated by reference from the Registrant's definitive Proxy Statement for its Annual Meeting of Shareholders to be filed pursuant to Regulation 14A or will be included in an amendment to this Form 10-K.

PERRIGO COMPANY PLC

FORM 10-K

YEAR ENDED DECEMBER 31, 2017

TABLE OF CONTENTS

		Page No.
Cautionary Note Regarding Forward-Looking Statements		1
Part I.
Item 1.	Business	3
Item 1A.	Risk Factors	24
Item 1B.	Unresolved Staff Comments	47
Item 2.	Properties	47
Item 3.	Legal Proceedings	48
Item 4.	Mine Safety Disclosures	48
Additional Item.	Executive Officers of the Registrant	49
Part II.
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	50
Item 6.	Selected Financial Data	52
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	52
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	94
Item 8.	Financial Statements and Supplementary Data	96
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	177
Item 9A.	Controls and Procedures	177
Item 9B.	Other Information	181
Part III.
Item 10.	Directors, Executive Officers and Corporate Governance	184
Item 11.	Executive Compensation	184
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	184
Item 13.	Certain Relationships and Related Transactions, and Director Independence	185
Item 14.	Principal Accounting Fees and Services	185
Part IV.
Item 15.	Exhibits and Financial Statement Schedules	186

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,” "forecast," “predict,” “potential” or the negative of those terms or other comparable terminology.

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 any share repurchases; future impairment charges; the success of management transition; customer acceptance of new products; competition from other industry participants, some of whom have greater marketing resources or larger market shares in certain product categories than we do; pricing pressures from customers and consumers; potential third-party claims and litigation, including litigation relating to our restatement of previously-filed financial information; potential impacts of ongoing or future government investigations and regulatory initiatives; resolution of uncertain tax positions; the impact of U.S. tax reform legislation and healthcare policy; general economic conditions; fluctuations in currency exchange rates and interest rates; the consummation of announced acquisitions or dispositions and the success of such transactions, and our ability to realize the desired benefits thereof; and our ability to execute and achieve the desired benefits of announced cost-reduction efforts and other initiatives. In addition, we may be unable to remediate one or more previously identified material weaknesses in our internal control over financial reporting. Furthermore, we may incur additional tax liabilities in respect of 2016 and prior years or be found to have breached certain provisions of Irish company law in connection with our restatement of our previously filed financial statements, which may result in additional expenses and penalties.These and other important factors, including those discussed in this report under “Risk Factors” and in any subsequent filings with the United States 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, TRADE NAMES 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.

NOTE REGARDING FISCAL YEAR

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. As a result of our change in year end, this report on Form 10-K discloses the results of our operations for the twelve-month periods from January 1, 2017 through December 31, 2017 and January 1, 2016 through December 31, 2016. The six months ended December 31, 2015 reflects our financial results from June 28, 2015 through December 31, 2015. The year ended June 27, 2015 reflects our financial results for the twelve-month period from June 29, 2014 to June 27, 2015.

1

We 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.

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Perrigo Company plc - Item 1

Business Overview

PART I.

ITEM 1. BUSINESS

Perrigo Company plc was incorporated under the laws of Ireland on June 28, 2013. We became the successor registrant to 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.

WHO WE ARE

We are a leading global healthcare company, delivering value to our customers and consumers by providing Quality Affordable Healthcare Products^®. Founded in 1887 as a packager of home remedies, we have built a unique business model that is best described as the convergence of a fast-moving consumer goods company, a high-quality pharmaceutical manufacturing organization and a world-class supply chain network. We believe we are one of the world's largest manufacturers of over-the-counter (“OTC”) healthcare products and suppliers of infant formulas for the store brand market. We are a leading provider of branded OTC products throughout Europe, and also a leading producer of generic pharmaceutical topical products such as creams, lotions, and gels, as well as nasal sprays and injection ("extended topical") prescription drugs. We are headquartered in Ireland, and sell our products primarily in North America and Europe, as well as in other markets, including Australia, Israel and China.

MAJOR DEVELOPMENTS IN OUR BUSINESS

Restructuring

On February 21, 2017, we approved a workforce reduction plan as part of a larger cost optimization strategy across the Company, which was completed during the year. Our plan was to reduce our global workforce by approximately 750 employees, which included some actions already taken and 235 employees who had elected to participate in a voluntary early retirement program. This represented a reduction of approximately 14% of our global non-production workforce. The changes to our workforce varied by country, based on legal requirements and required consultations with works councils and other employee representatives, as appropriate. During the year endedDecember 31, 2017, we recognized $61.0 million of restructuring expenses (refer to Item 8. Note 18). In addition, during the year ended December 31, 2017, we executed a supply chain reorganization which continues to generate savings for both our North American and International segments.

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Perrigo Company plc - Item 1

Business Overview

Segments

Our reporting segments are as follows:

• Consumer Healthcare Americas ("CHCA"), comprises our U.S., Mexico and Canada consumer healthcare business (OTC, contract, infant formula and animal health categories).

• Consumer Healthcare International("CHCI"),comprises our branded consumer healthcare business primarily in Europe and our consumer focused businesses in the U.K., Australia, and Israel. This segment also includes our U.K. liquid licensed products business.

• Prescription Pharmaceuticals("RX"),comprises our U.S. Prescription Pharmaceuticals business.

We also had two legacy operating segments, Specialty Sciences and Other, which contained our Tysabri^® financial asset and Active Pharmaceuticals business ("API") businesses, respectively, which we divested (refer to Item 8. Note 2 and Note 6). Following these divestitures, there were no substantial assets or operations left in either of these segments. Effective January 1, 2017, all expenses associated with our former Specialty Sciences segment were moved to unallocated expenses. Financial information related to our business segments and geographic locations can be found in Item 8. Note 19. Our segments reflect the way in which our management makes operating decisions, allocates resources and manages the growth and profitability of the Company.

Omega Acquisition

On March 30, 2015, we acquired Omega Pharma Invest N.V. ("Omega"), one of the largest OTC companies in Europe, for $3.0 billion in equity and cash and assumed debt of $1.6 billion, for a total purchase price of $4.6 billion. The Omega acquisition expanded our OTC leadership position into continental Europe, accelerated our international expansion and geographic diversification through enhanced scale and a broader footprint, and diversified our net sales and cash flow streams.

The broader European platform established through the Omega acquisition, facilitated the acquisition of a portfolio of well-established OTC brands sold primarily in Europe from GlaxoSmithKline Consumer Healthcare (“GSK”), on August 28, 2015 and Naturwohl Pharma, GmbH ("Naturwohl"), with its leading German dietary supplement brand, Yokebe^®,on September 15, 2015 (refer to Item 8. Note 2). Subsequently, during the year ended December 31, 2016, we identified impairment indicators associated with certain intangible assets and goodwill, which required us to test these assets for impairment. As a result, we recorded total impairments of $2.0 billion (refer to Item 8. Note 3).

Elan Acquisition

On December 18, 2013, we acquired Elan in a cash and stock transaction totaling $9.5 billion. The acquisition led to the creation of our then new corporate structure headquartered in Dublin, Ireland. We have utilized this structure to continue to grow in our core markets and further expand outside of the U.S. The acquisition also provided us with the Tysabri^® financial asset.

In November 2016, we initiated a strategic review of the Tysabri^® financial asset. During this review, we identified impairment indicators of the fair value of that royalty stream, which led to a goodwill impairment recorded during the year ended December 31, 2016 (refer to Item 8. Note 3 and Note 6 for additional information on the impairment and fair value adjustments, respectively). On March 27, 2017, we announced the completed divestment of the Tysabri^® financial asset to Royalty Pharma for up to $2.85 billion, consisting of $2.2 billion in cash and up to $250.0 million and $400.0 million in royalties earned if global net sales of Tysabri^® meet specific thresholds in 2018 and 2020, respectively. As a result of this transaction, we transferred the entire financial asset to Royalty Pharma and recorded a $17.1 million gain during the three months ended April 1, 2017 (refer to Item 8. Note 6 for additional information on the Royalty Pharma contingent milestone payments).

Divestitures

In addition to the above mentioned Tysabri^® financial asset disposal, as a result of our continued efforts to implement certain initiatives, streamline our organization and review our portfolio, during the year ended December 31, 2017, we divested the following (refer to Item 8. Note 2):

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Perrigo Company plc - Item 1

Business Overview

• Certain Abbreviated New Drug Applications ("ANDAs") for $15.0 million in proceeds.

• Our animal health pet treats plant fixed assets for $7.7 million in proceeds.

• Our India API business for $22.2 million in proceeds.

• Our Russian business for €12.7 million ($15.1 million) in proceeds.

• Our Israel API business for $110.0 million in proceeds.

NEW PRODUCTS

We consider a product to be new if it was (i) reformulated, (ii) involved product line extension due to changes in characteristics such as strength, flavor, or color, (iii) involved a change in product status from "prescription only" ("Rx") to OTC, (iv) was a new generic or branded launch, (v) was provided in a new dosage form or (vi) was sold to a new geographic area with different regulatory authorities, in all cases, within 12 months prior to the end of the period for which net sales are being measured. During the year endedDecember 31, 2017, new product sales were $209.7 million.

CONSUMER HEALTHCARE AMERICAS

Overview

The CHCA segment is focused primarily on the sale of OTC store brand products, including cough, cold, allergy and sinus, analgesic, gastrointestinal, smoking cessation, infant formula and food, animal health, and diagnostic products in the U.S., Mexico and Canada. We are a leading provider of consumer healthcare products sold to consumers via store brands and also sell consumer healthcare products under our own brands. Consumer awareness and knowledge of the quality and value that OTC store brand products represent continues to grow due to retailer efforts to promote their own label programs. During the year endedDecember 31, 2017, our CHCA segment represented approximately 49% of consolidated net sales.

The CHCA segment develops, manufactures, and markets products that are comparable in quality and effectiveness to national brands. Store brand products must meet the same U.S. Food and Drug Administration ("FDA") requirements as national brands within the U.S. and the requirements of comparable regulatory bodies outside the U.S. In most instances our product packaging is designed to invite and reinforce comparison to national brand products, while communicating store brand value to consumers.

The cost of store brand products to retailers is significantly lower than that of comparable nationally advertised brand-name products. Generally, retailers’ dollar profit per unit of store brand product is greater than the dollar profit per unit of the comparable national brand product. The retailer, therefore, can price a store brand product below the competing national brand product and realize a greater profit margin. The consumer benefits by receiving a high quality product at a price below the comparable national brand product. As a result, our business model results in consumers saving money on their healthcare spending.

We are dedicated to continuing to be the leader in developing and marketing new OTC store brand products, including infant formula, and have a research and development ("R&D") staff that we believe is one of the most experienced in the industry at developing products comparable in formulation and quality to national brand products. Our R&D team also responds to changes in existing national brand products by reformulating existing products. For example, in the OTC pharmaceutical market, certain new products are the result of changes in product status from Rx to OTC. These “Rx-to-OTC switches” require FDA approval through a process initiated by the drug innovator. The drug innovator usually begins the process by filing a New Drug Application ("NDA"), which is often followed by filing an ANDA. New drugs are also marketed through the FDA's OTC monograph process, which allows for the production of drugs that are generally recognized as safe and effective without pre-marketing approval.

The CHCA segment also develops, manufactures, and distributes certain branded products when the strategy is synergistic with our store brand business. Branded products include the Good Sense^®, Sergeant's^®, Sentry^®, Zephrex D^®, PetArmor^®, and ScarAway^® brand names.

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Perrigo Company plc - Item 1

CHCA

We manufacture a significant portion of our CHCA segment's products at our plants in the U.S., Mexico, and Israel, and we source our remaining needs from third parties. We rely on both internal R&D and strategic product development agreements with outside sources to develop new products. In addition, in order to maximize both our capacity and sales of proprietary formulas, we engage in contract manufacturing, which involves producing unique ANDAs and monographproducts through partnerships with major pharmaceutical and direct-to-consumer companies.

We believe the increasing age of the population will drive the need for the greater value that our store brand products provide consumers. In addition, we believe that new products and products switching from Rx to OTC (as described above) will continue to drive growth within the segment.

Products

Our CHCA segment offers products in the following categories:

Product Category	Description
Analgesics	Pain relievers and fever reducers
Cough/cold/allergy/sinus	Cough, cold, allergy, and sinus products
Gastrointestinal	Antacids, anti-diarrheal, and anti-heartburn products
Infant nutritionals	Infant formula and food products
Smoking cessation	Gums, lozenges, and other products designed to help users quit smoking
Animal health	Pet health and wellness products
Other	Feminine hygiene, diabetes care, dermatological care, diagnostic products, scar management, and other miscellaneous healthcare products

The chart below reflects net sales by product category in the CHCA segment for the year endedDecember 31, 2017.

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Perrigo Company plc - Item 1

CHCA

We launched a number of new CHCA products in the year endedDecember 31, 2017, most notably esomeprazole magnesium (store brand equivalent to Nexium^® 24HR capsules), and smoking cessation products. During the year endedDecember 31, 2017, new product sales in the CHCA segment were $68.7 million.

We, on our own or in conjunction with partners, received final FDA approval from U.S. health authorities for two new products within the CHCA segment in the year endedDecember 31, 2017, and as of December 31, 2017, we had eight new product applications pending FDA approval.

Sales and Marketing

Our customers include major global, national, and regional retail drug, supermarket, and mass merchandise chains such as Walmart, CVS, Walgreens Boots Alliance, Rite Aid, Kroger, Target, Dollar General, Sam’s Club, Costco, Petco, Petsmart, Aldi, Amazon, and major wholesalers, including McKesson, Cardinal Health, and Amerisource Bergen.

We seek to establish customer loyalty through superior customer service by providing a comprehensive assortment of high quality, value-priced products; timely processing, shipment and delivery of orders; assistance in managing customer inventories; and support in managing and building the customer’s store brand business. The CHCA segment employs its own sales force to service larger customers, and uses industry brokers for other retailers. Field sales employees, with support from marketing and customer service, are assigned to specific customers in order to work most effectively with the customer. They assist customers by developing customized brand and in-store marketing programs for customers' store brand products.

The primary objective of this store brand management approach is to enable our customers, retailers and wholesalers, to increase sales of their own store brand products by communicating store brand quality and value to the consumer and by inviting comparison to national brand products. Our sales and marketing personnel assist customers in the development and introduction of new store brand products and in the promotion of customers’ existing store brand products by providing market information; establishing individualized promotions and marketing programs, which may include floor displays, bonus sizes, coupons, rebates, store signs, and promotional packs; and performing consumer research.

In contrast with national brand manufacturers, which incur considerable advertising and marketing expenditures targeted directly to the end user or consumer, the CHCA segment’s primary marketing efforts are channeled through retailers and wholesalers and reach the consumer through our customers’ in-store marketing programs and our digital media programs. Because the retail profit margin for store brand products is generally higher than for national brand products, retailers and wholesalers often commit funds for additional promotions.

Our animal health category, which has a greater emphasis on value-branded products, promotes product awareness through direct-to-consumer advertising, including television commercials, online advertising, in-store display vehicles, and social media.

In addition to in-store marketing programs, our infant formula category markets directly to consumers and healthcare professionals.

Competition

The markets for OTC pharmaceuticals and infant formula are highly competitive and differ for each product line and geographic region. Our primary competitors include manufacturers, such as LNK International, Inc., PL Developments, and Dr. Reddy's Labs, and brand-name pharmaceutical and consumer product companies, such as Johnson & Johnson, Pfizer, Bayer AG, GSK, Nestle S.A. (Gerber), Abbott Nutrition, and Mead Johnson Nutrition Co. The competition is highly fragmented in terms of geographic market coverage and product categories, such that a competitor generally does not compete across all product lines. However, some competitors do have larger sales volumes in certain of our categories. Additionally, national brand companies tend to have more resources committed to marketing their products and could in the future manufacture store brands of their products at lower prices than their national brand products. Competition is based on a variety of factors, including price, quality, assortment of products, customer service, marketing support, and approvals for new products (refer to Item 1A. Risk Factors - Risks Related to Operations for additional information and risks associated with competition).

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Perrigo Company plc - Item 1

CHCA

CONSUMER HEALTHCARE INTERNATIONAL

Overview

The CHCI segment is comprised of our branded OTC sales primarily in Europe and our consumer focused businesses in the U.K., Australia, and Israel. The CHCI segment develops, manufactures, markets and distributes many well-known European OTC brands in the cough, cold and allergy, lifestyle, personal care and derma-therapeutics, natural health and vitamins, and anti-parasite categories. In addition, the segment leverages its broad regulatory, sales, and distribution infrastructure to in-license and sell third-party brands and generic pharmaceutical products. The CHCI segment distributes these products through an extensive network of customers including pharmacies, wholesalers, drug and grocery store retailers, and para-pharmacies in 28 countries, primarily in Europe. Many CHCI products have market leading positions in the markets in which they compete. During the year endedDecember 31, 2017, the CHCI segment represented approximately 30% of consolidated net sales.

Through continued investment in R&D partnerships and new technologies, the CHCI segment strives to offer high quality products that meet consumers' needs. The combination of internal R&D, in-sourcing, acquisitions, and partnerships support the product pipeline, both in terms of brand expansion and product improvement. In the U.K., R&D focuses on oral liquid formulations for the branded Rx products for which liquid formulations are not available, as well as the development of store brand products and products for the branded business. An additional R&D center resides in Sweden. In the rest of Europe, most R&D is performed by external partners with oversight by our teams. The segment has six plants dedicated to manufacturing certain of its products.

The CHCI segment primarily focuses on building local and regional brands. In many markets outside of the U.S., a brand marketing strategy can be more effective than a store brand strategy due to the absence of mass merchandisers and large scale pharmacy chains. Additionally, the absence of a centralized regulatory environment within Europe adds to the complexity of obtaining approvals for products in these markets.

While the CHCI segment sells products from over 300 brands both on its own and through third parties, it focuses its resources on its "Focus brands", which are selected on the basis of their current sales and growth potential in the OTC market. Additional resources are allocated to these brands to build strong positions in the largest, most highly profitable categories in the OTC market, while maintaining leadership in smaller branded categories.

Recent Developments

• Management has developed a strategy to: (1) implement a brand prioritization to address certain market dynamics, with an objective to balance the cost of advertising and promotional investments with expected contributions from category sales, (2) restructure the sales force in certain markets to more effectively serve customers, and (3) in-source certain product manufacturing and development. The combination of these actions is expected to improve the segment's focus on higher value OTC products, reduce selling costs and improve operating margins in the segment.

• As part of our previously announced strategic initiatives, management implemented improvements and evaluated the overall cost structures within our CHCI segment in the following ways:

• On December 8, 2016, we announced the cancellation of the unprofitable EuroGenerics NV distribution agreement in Belgium. The year-over-year effect of the cancellation, combined with the exit of certain OTC distribution agreements, reduced our net sales by $200.3 million in 2017, with an immaterial impact to operating income.

• We made progress on our previously announced restructuring plans to right-size the Omega business due to the impact of market dynamics on sales volumes. During the year ended December 31, 2017, we recognized $17.1 million of restructuring expense in the CHCI segment (refer to Item 8. Note 18).

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Perrigo Company plc - Item 1

CHCI

• Management continues to evaluate the most effective business model for each country, aligning our sales infrastructure and actively integrating sales strategies with promotional programs.

• On August 25, 2017, we completed the sale of our Russian business, which was previously classified as held-for-sale, to Alvogen Pharma LLC. The total sale price was €12.7 million ($15.1 million), inclusive of an estimated working capital adjustment, which resulted in an immaterial gain in the segment (refer to Item 8. Note 2).

The combination of these actions improved the segment's focus on higher value OTC products, reduced selling costs and improved operating margins in the segment.

• The CHCI segment has been positively impacted by market dynamics in countries such as the Nordics, Italy, and Portugal, offset by softness in certain brand categories in France and Germany, as well as unfavorable foreign currency impacts primarily in the U.K. related to Brexit.

Products

Below are the categories in which the CHCI segment competes and some of the top brands in each category.

Product Category	Description	Focus Brands
Cough, Cold, and Allergy	Products that address respiratory symptoms, including traditional medications and alternative treatments such as aromatherapy solutions.	Bittner®/Aflubin® Bronchenolo®/Bronchostop® Coldrex® Libenar® Physiomer® Phytosun®/Valda® Solpadeine®/Antigrippine®
Lifestyle	Weight management, pregnancy and fertility kits, pain relief, sleep management, smoking cessation, and eye care.	Niquitin® Silence®/Nytol® XLS (Medical)® Ymea®
Personal Care and Derma-Therapeutics	Products for the face and body, including sun care, baby-specific, and feminine hygiene products, and solutions for various skin conditions and allergies such as eczema, psoriasis and rosacea.	ACO® Biodermal® Canoderm® Dermalex® Lactacyd® Wartner®
Natural Health and Vitamin, Minerals, and Supplements ("VMS")	Vitamins, minerals, supplements, and various other natural remedies.	Abtei® Biover® Davitamon® Granufink®
Anti-Parasite	Products focused on the elimination of parasites in both humans and pets including lice treatment and insect repellent.	Jungle Formula® Paranix®

The chart below reflects net sales by product category in the CHCI segment for the year endedDecember 31, 2017.

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Perrigo Company plc - Item 1

CHCI

We launched a number of new CHCI products in the year endedDecember 31, 2017, most notably a cold & flu triple active hot drink, various intimate hygiene products, derma-therapeutics, and VMS line extensions. During the year endedDecember 31, 2017, new product sales in the CHCI segment were $64.1 million.

The CHCI segment has more than 100 strategic new products in five product categories in development, with each of its Focus brands having a five-year innovation master plan.

Sales and Marketing

Our customers include pharmacies, drug, and grocery stores located primarily in Europe, including Walgreens Boots Alliance, ASDA, Tesco, DM, Rossmann, ETOS, and Kruidvat. The CHCI segment sells its products primarily through an established pharmacy sales force to an extensive network of pharmacists. Our sales representatives visit pharmacists daily, ensuring strong in-store visibility of our brands and facilitating pharmacist education programs. Our sales, marketing, and regulatory teams use training/merchandising teams to work in conjunction with local sales representatives to improve our brands' presence and recognition. We seek to attract key talent from leading OTC, Fast Moving Consumer Goods ("FMCG"), and retailer companiesto build strong local teams throughout the countries in which the CHCI segment operates.

While CHCI products have a higher average gross margin than products sold by the CHCA segment, selling expenses are significantly higher due to the sales force mentioned above, as well as targeted advertising and promotional spending to enhance brand equity. Key marketing communication tools for the CHCI segment include TV commercials, consumer leaflets, product websites, digital and targeted promotional campaigns.

Competition

The competitive landscape of the European OTC market is highly fragmented, as local companies often hold leadership positions in individual product segments in particular countries. As a result, the relevant competition in each of the CHCI segment's markets is both local and global. Competitors include Sarnofi, Bayer, Reckitt Benckiser, GSK, Novartis, and Johnson & Johnson, as well as additional regional competitors. We believe our key advantage lies in our unique combination of best practices in sales, marketing, and product development from

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Perrigo Company plc - Item 1

CHCI

FMCG and OTC/Rx, while embracing the pharmacy channel to drive self-care (refer to Item 1A. Risk Factors - Risks Related to Operations for additional information and risks associated with competition).

PRESCRIPTION PHARMACEUTICALS

Overview

The RX segment develops, manufactures, and markets a portfolio of generic prescription drugs primarily in the U.S. We define this portfolio as predominantly "extended" topical as it encompasses a broad array of topical dosage forms such as creams, ointments, lotions, gels, shampoos, foams, suppositories, sprays, liquids, suspensions, solutions, and powders. The portfolio also includes select controlled substances, injectables, hormones, oral solid dosage forms, and oral liquid formulations. During the year endedDecember 31, 2017, the RX segment represented approximately 20% of consolidated net sales.

Our current development areas include other delivery systems such as oral liquids, metered dose inhalers, injectables, and transdermal products, some of which we are developing with third parties.Our other areas of expertise include our production capabilities for controlled substances and hormonal products. R&D efforts focus on complex formulations, many of which require costly clinical endpoint trials.

We manufacture our topical and oral products in the U.S. and Israel, and also source from various FDA-approved third parties. Rx products are manufactured, labeled, and packaged in facilities that comply with strict regulatory standards and meet customers’ stringent requirements.

In addition, the RX segment offers OTC products through the prescription channel (referred to as "ORx^®", these products are marketed using the Perrigo name). ORx^® products are OTC products that are available for pharmacy fulfillment and healthcare reimbursement when prescribed by a physician. We offer numerous ORx^® products that are reimbursable through many health plans and the U.S. Medicaid and Medicare programs.

We actively collaborate with other pharmaceutical companies to develop, manufacture, and market certain products or groups of products. These types of agreements are common in the pharmaceutical industry. We may choose to enter into these types of agreements to, among other things, leverage our or our collaborators' scientific R&D expertise, or utilize our extensive marketing and distribution resources (refer to Item 8. Note 1 for more information regarding our method for recognizing revenue and expenses related to collaboration agreements, as well as Item 8. Note 17 for more information regarding our collaboration agreements).

Recent Developments

• We continue to experience a significant reduction in pricing expectations from historical levels in our RX segment due to competitive pressures. This softness in pricing is attributable to various factors, including increased focus from customers to capture supply chain productivity savings, competition in specific products, and consolidation of certain customers. We expect this softness to continue to impact the segment for the foreseeable future, and we are forecasting a high single digit pricing decline in this segment for the year ending December 31, 2018.

• We are continuing our previously announced portfolio review process, which includes the ongoing comprehensive internal evaluation of the RX segment's market position, growth opportunities, and interdependencies with our manufacturing and shared service operations to determine if strategic alternatives should be explored related to this segment.

• During the year endedDecember 31, 2017, we sold various ANDAs for a total gain of $23.0 million.

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RX

Products

Listed below are some of the generic prescription products, including authorized generic and ORx^® products, that we manufacture and/or distribute:

Generic Name (1)	Comparative Brand-Name Drug
Adapalene cream	Differin®
Bacitracin ophthalmic ointment	N/A
Benzoyl peroxide 5% - clindamycin 1% gel	BenzaClinTM
Budesonide	Entocort®
Clindamycin foam	Evoclin®
Clindamycin phosphate and benzoyl peroxide gel	Duac®
Clobetasol foam, lotion and shampoo	Olux®, Olux-E®, Clobex®
Desonide cream, ointment	Desonate®, Tridesilon®
Dihydroergotamine injection	D.H.E. 45
Halobetasol ointment and cream	Ultravate®
Hydrocortisone suppositories	N/A
Mupirocin ointment	Bactroban®
Nystatin topical powder	Mycostatin®
Olopatadine nasal spray	Patanase®
Permethrin cream	Elimite®
Scopolamine patch	TransdermScop®
Tacrolimus	Protopic®
Testosterone 1% gel	Androgel
Testosterone cypionate injection	Depo®, Testosterone
Testosterone solution	Axiron®
Triamcinolone acetonide nasal spray	Nasacort® AQ
Triamcinolone cream/ointment	Triderm™/Kenalog™

⁽¹⁾Contains the same active ingredients present in the same dosage form as the comparable brand-name drug

We launched a number of new RX products in the year endedDecember 31, 2017, most notably Scopolamine and Testosterone 2% topical (generic equivalent to Axiron^®). During the year endedDecember 31, 2017, new product sales in the RX segment were $75.9 million.

During the year endedDecember 31, 2017, we, on our own or in collaboration with partners, received final approval from FDA health authorities for 12 Rx drug applications, and as of December 31, 2017, we had 21 Rx drug applications pending approval.

Sales and Marketing

Our customers include major wholesalers, including Cardinal Health, McKesson, and AmerisourceBergen; sourcing groups such as Red Oak and ClarusOne; national and regional retail drug, supermarket and mass merchandise chains, including Walgreens Boots Alliance, Rite Aid, Walmart, CVS, Kroger, and Safeway; hospitals; and pharmacies. ORx^® products are sold to the consumer through the pharmacy counter of predominantly the same retail outlets as our OTC pharmaceutical products.

Competition

The market for Rx products is subject to intense competition from other generic drug manufacturers, brand-name pharmaceutical companies launching their own generic version of their branded products (known as an authorized generic), manufacturers of branded drug products that continue to produce those products after patent expirations, and manufacturers of therapeutically similar drugs. Among our generic drug manufacturer competitors are Par Pharmeceuticals, Apotex Corp., Glenmark Generics Inc., Impax Laboratories, Inc., Mylan, Prasco, LLC, Sandoz, Sun Pharmaceuticals, Taro Pharmaceuticals, Teva Pharmaceutical Industries Ltd., and Akorn.

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RX

We believe that one of our primary competitive advantages is our ability to introduce difficult to develop and/or manufacture topical generic versions to brand-name drug products. Generally, these products are exposed to less competition due to the relatively longer and more expensive development, clinical trial, and approval processes. In addition, we believe we have a favorable competitive position due primarily to our efficient distribution systems, topical production economies of scale, customer service, and overall reputation (refer to Item 1A. Risk Factors - Risks Related to Operations for more information and risks associated with competition).

SPECIALTY SCIENCES

Overview

The Specialty Sciences segment was comprised of assets focused on the treatment of multiple sclerosis, specifically in connection with the drug Tysabri^® (natalizumab). We received contingent payments related to the Tysabri^® financial asset until we disposed of it on March 27, 2017.

We were entitled to contingent payments from Biogen Idec Inc. ("Biogen") based on its Tysabri^® sales in all indications and geographies. We received contingent payments that were based on royalties of 12% on worldwide Biogen sales of Tysabri^® from December 18, 2013 through April 30, 2014. As of May 1, 2014, we received royalties of 18% on annual worldwide Biogen sales of Tysabri^® up to $2.0 billion and 25% on annual sales above $2.0 billion. The cash received from Biogen for the royalty percentage on Tysabri^® sales was recorded as cash flows from investing activities in our Consolidated Statements of Cash Flow.

We had recorded the Tysabri^® royalty stream as a financial asset and elected to account for this asset using the fair value option method, which incorporates discounted cash flows related to the expected future cash flows to be received. We used significant judgment in determining our valuation inputs, including estimates as to the probability and timing of future sales of Tysabri^®, as well as estimates of the expected future cash flows. The estimated fair value of the asset was subject to variation should those cash flows vary significantly from our estimates. We had performed evaluations at each reporting period to assess those estimates, discount rates utilized and general market conditions affecting fair value (refer to Item 8. Note 6).

The Specialty Sciences segment also included ongoing obligations under the sale agreement between Biogen and Elan for 50% of losses and litigation expenses arising out of any Tysabri^® product liability claims, required insurance coverage and related expenses. Effective January 1, 2017, due to the sale of the Tysabri^® financial asset, all the above mentioned expenses were moved to unallocated expenses.

On March 27, 2017, we announced the completed divestment of our Tysabri^® financial asset to Royalty Pharma for up to $2.85 billion, consisting of $2.2 billion in cash and up to $250.0 million and $400.0 million in milestone payments if the royalties on global net sales of Tysabri^® that are received by Royalty Pharma meet specific thresholds in 2018 and 2020, respectively. As a result of this transaction, we transferred the entire financial asset to Royalty Pharma and recorded a $17.1 million gain during the three months ended April 1, 2017. We elected to account for the contingent milestone payments using the fair value option method, and these were recorded at an estimated fair value of $134.5 million as of December 31, 2017 (refer to Item 8. Note 6 and Item 1A. Risk Factors - Risks Related to Operations).

OTHER

Recent Developments

We had an Other segment that was primarily comprised of sales of API products, which did not meet the quantitative threshold required to be a separate reportable segment. We developed, manufactured, and marketed API products, which were used worldwide by both generic and branded pharmaceutical companies. Certain of these ingredients were used in our own pharmaceutical products. The manufacturing of API occurred primarily in Israel with some production in India.

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Other

On April 6, 2017, we completed the sale of our India API business to Strides Shasun Limited. We received $22.2 million of proceeds, inclusive of an estimated working capital adjustment, which resulted in an immaterial gain recorded in Other expense (Income), net on the Consolidated Statements of Operations. Prior to closing the sale, we determined that the carrying value of the India API business exceeded its fair value less the cost to sell, resulting in an impairment charge of $35.3 million, which was recorded in Impairment charges on the Consolidated Statements of Operations for the year ended December 31, 2016 (refer to Item 8. Note 2).

On November 21, 2017, we completed the sale of our Israel API business, which was previously classified as held-for-sale to SK Capital, for a sale price of $110.0 million, which resulted in an immaterial gain recorded in Other expense (Income), net on the Consolidated Statements of Operations (refer to Item 8. Note 2 and Note 6).

INFORMATION APPLICABLE TO ALL REPORTABLE SEGMENTS

Research and Development

R&D is a key componentof our business strategy and is performed in various locations in the countries in which we operate. While we conduct a significant amount of our own R&D, we also enter into strategic alliance agreements to obtain the rights to manufacture and/or distribute new products. R&D investments were $167.7 million for the year ended December 31, 2017 (refer to Item 8. Note 17).

During the years endedDecember 31, 2017 and December 31, 2016, we wrote off capitalized in-process research and development from previous acquisitions totaling $12.7 million and $3.5 million, respectively, due to changes in the projected development and regulatory timelines for various projects.

The year endedDecember 31, 2017 included R&D expense related to new product development and clinical trial expenses in our CHCA, CHCI and RX segments. The year endedDecember 31, 2016 included R&D expense related to clinical trial expenses primarily in our CHCA and RX segments. The six months endedDecember 31, 2015 included incremental R&D expense due to the Omega acquisition. The six months endedDecember 27, 2014 included a $10.0 million payment made in connection with our entry into a collaboration arrangement. The year endedJune 27, 2015 also included incremental R&D expense due to the Omega acquisition, as well as the payment made in relation to the collaboration arrangement noted above, and an R&D contractual arrangement under which we funded $18.0 million of R&D.

We anticipate that R&D expenditures will increase as a percentage of net salesfor the foreseeable future as we continue to cultivate our presence in the Rx-to-OTC switch and generic pharmaceutical markets,and develop our internal R&D capabilities (refer to Item 1A. Risk Factors - Risks Related to Operations for risks associated with innovation and R&D).

Trademarks and Patents

While we own certain trademarks and patents, neither our business as a whole, nor any of our segments, is materially dependent upon our ownership of any one trademark, or patent, or group of trademarks or patents.

Materials Sourcing

Affordable high quality raw materials and packaging components are essential to all of our business units due to the nature of the products we manufacture. Raw materials and packaging components are generally available from multiple suppliers. Supplies of certain raw materials, bulk tablets, and components may be more limited, as they are available from one or only a few suppliers and may require regulatory approval before we can use them. Prior to the sale of our Israel and India API businesses, we had the ability to manufacture and supply certain API for our OTC and Rx products, which we now source from the companies that have acquired our API business. We have been purchasing an increasing number of components and select finished goods rather than manufacturing them because of the availability of goods, economic reasons, temporary production limitations, FDA restrictions, sale of our API business, and other factors.

Historically, we have been able to react effectively to situations that require alternate sourcing. Should such alternate sourcing be necessary, FDA requirements placed on products approved through the ANDA or NDA

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process could substantially lengthen the approval of an alternate source and adversely affect financial results. We believe we have good, cooperative working relationships with substantially all of our suppliers and have historically been able to capitalize on economies of scale in the purchase of materials and supplies due to our volume of purchases (refer to Item 1A. Risk Factors - Risks Related to Operations for risks associated with materials sourcing).

Manufacturing and Distribution

Our primary manufacturing facilities are in the U.S. We also have manufacturing facilities in the U.K., Belgium, France, Germany, Austria, Israel, Mexico, and Australia, along with a joint venture in China (refer to Item 1A. Risk Factors - Risks Related to Operations for risks associated with our manufacturing facilities). We supplement our production capabilities with the purchase of products from outside sources. The capacity of some facilities may be fully utilized at certain times for various reasons, such as customer demand, the seasonality of the cough/cold/flu, allergy, or flea and tick seasons, and new product launches. We may utilize available capacity by performing contract manufacturing for other companies. We have logistics facilities in the U.S., Israel, Mexico, Australia, and numerous locations throughout Europe. We use contract freight and common carriers to deliver our products.

Significant Customers

Our primary customer base aligns with the concentration of large drug retailers in the current global retail drug industry marketplace. Walmart is our largest customer and accounted for the following percentage of consolidated net sales:

Year Ended				Six Months Ended				Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		December 27, 2014		June 27, 2015
13	%	13	%	13	%	19	%	16	%

Sales to Walmart are primarily in the CHCA segment. As a percentage of our total U.S. OTC sales, our sales to Walmart generally align with Walmart's U.S. retail market share in the products we sell to them. In addition, while no other customer individually comprises more than 10% of net sales, we do have other significant customers. We believe we generally have good relationships with all of our customers (refer to Item 1A. Risk Factors - Risks Related to Operations for risks associated with customers).

Environmental

We are subject to various environmental laws and regulations. We have made, and continue to make, expenditures necessary to comply with applicable environmental laws, but do not believe that the costs for complying with such laws and regulations have been or will be material to our business. We do not have any material remediation liabilities outstanding.

While we believe that climate change could present risks to our business, including increased operating costs due to additional regulatory requirements, physical risks to our facilities, water limitations, and disruptions to our supply chain, we do not believe these risks are material to our business in the near term.

Corporate Social Responsibility

We are committed to doing business in an ethical manner. We have a long history of environmentally sound and efficient operations, safe and healthy working conditions, and active participation in the communities where we are located. As reflected in our Corporate Social Responsibility Commitment Statement available on our website, we remain committed to:

• Helping consumers access safe, effective and affordable healthcare products;

• Strong corporate governance;

• Complying with regulatory and legal requirements;

• Demonstrating environmental stewardship;

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• Continuously improving packaging sustainability;

• Protecting human rights of our global employees and challenging our partners to do the same;

• Diversity of thought, experience and perspective;

• Providing a safe and healthy work environment for our employees; and

• Establishing effective community partnerships.

Through these efforts, we strive to minimize our impact on the environment, drive responsible business practices, and ensure the welfare of our employees, their families, and the communities in which we operate now and into the future.

GOVERNMENT REGULATION AND PRICING

The manufacturing, processing, formulation, packaging, labeling, testing, storing, distributing, advertising, and sale of our products are subject to regulation by a variety of agencies in the localities in which our products are sold. In addition, we manufacture and market certain of our products in accordance with standards set by various organizations. We believe that our policies, operations, and products comply in all material respects with existing regulations to which we are subject (refer to Item 1A. Risk Factors - Risks Related to Operations for related risks).

United States Regulation

U.S. Food and Drug Administration

The FDA has jurisdiction over our Rx, OTC drug products, API, and Infant Formula Foods. The FDA’s jurisdiction extends to the manufacturing, testing, labeling, packaging, storage, distribution, and promotion of these products. We are committed to consistently providing our customers with high quality products that adhere to "current Good Manufacturing Practices" ("cGMP") regulations promulgated by the FDA.

OTC and Rx Pharmaceuticals

All facilities where Rx and OTC products are manufactured, tested, packaged, stored, or distributed for the U.S. market must comply with FDA cGMPs and regulations promulgated by competent authorities in the countries, states and localities where the facilities are located. All of our drug products are manufactured, tested, packaged, stored, and distributed according to cGMP regulations. The FDA performs periodic audits to ensure that our facilities remain in compliance with all appropriate regulations.

Many of our OTC products are regulated under the OTC monograph system and subject to certain FDA regulations. Under this system, selected OTC drugs are generally recognized as safe and effective and do not require the approval of an ANDA or NDA prior to marketing. Products marketed under the OTC monograph system must conform to specific quality, formula, and labeling requirements, including permitted indications, required warnings and precautions, allowable combinations of ingredients, and dosage levels. It is generally less costly to develop and bring to market a product regulated under the OTC monograph system.

            We also market generic prescription drugs and non-prescription products that have switched from prescription to OTC status. Prior to commercial marketing, these products require approval by the FDA of an ANDA or NDA that provides information on chemistry, manufacturing controls, clinical safety, efficacy and/or bioequivalence, packaging, and labeling. While the development process for these drugs generally requires less time and expense than the development process of a new drug, the size and duration of required studies can vary greatly. Prior to the onset of the Generic Drug User Fee Amendments of 2012 (“GDUFA”), the FDA approval of generic drug applications took approximately three to five times longer than approval of innovator drugs. Pursuant to GDUFA II, beginning October 1, 2017, year five of the program, the FDA pledged to complete a first cycle review on 90% of electronic generic applications within 10 months of submission.

Under the Federal Food, Drug and Cosmetic Act, as amended ("FFDCA") (the Hatch-Waxman amendments), a company submitting an NDA can obtain a three-year period of marketing exclusivity for a prescription or OTC product if it performs a clinical study that is essential to FDA approval. Longer periods of exclusivity are possible for new chemical entities, orphan drugs (those designated under section 526 of the FFDCA) and drugs under the Generating Antibiotic Incentives Now Act. During this exclusivity period, the FDA cannot

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Regulation

approve any ANDAs for a similar or equivalent generic product, which can preclude another party from marketing a similar product during this period. A company may obtain an additional six months of exclusivity if it conducts pediatric studies requested by the FDA on the product. This exclusivity can delay both the FDA approval and sales of certain products.

A company may be entitled to a 180-day generic exclusivity period for certain products. This exclusivity period often follows a patent certification and litigation process whereby the product innovator may sue for infringement. The legal action does not ordinarily result in material damages, but it generally triggers a statutorily mandated delay in FDA approval of the ANDA for a period of up to 30 months from when the innovator was notified of the patent challenge.

The Food and Drug Administration Safety and Innovation Act ("FDASIA") was signed into law on July 9, 2012. The law established, among other things, new user fee statutes for generic drugs and biosimilars, FDA authority concerning drug shortages, changes to enhance the FDA's inspection authority of the drug supply chain, and a limited extension of the 30-month stay provision described above. The FDASIA also reduced the time required for FDA responses to generic-blocking citizen petitions. We implemented new systems and processes to comply with the new facility self-identification and user fee requirements of the FDASIA, and we monitor facility self-identification and fee payment compliance to mitigate the risk of potential supply chain interruptions or delays in regulatory approval of new applications.

The U.S. government's Federal Drug Supply Chain Security Act ("DSCSA") requires development of an electronic pedigree to track and trace each prescription drug at the salable unit level through the distribution system, which will be effective incrementally over a 10-year period. The serialization of all Rx products distributed in the U.S. needed to be completed by November 26, 2018, with the requirement for tracking the products commencing on November 27, 2023. Requirements for the tracing of products at the lot level through the pharmaceutical distribution supply chain went into effect on January 1, 2015 for manufacturers, wholesale distributors, and re-packagers, and on July 1, 2015 for dispensers.

Infant Formula and Foods

The FDA’s Center for Food Safety and Applied Nutrition is responsible for the regulation of infant formula. The Office of Nutrition, Labeling and Dietary Supplements ("ONLDS") has labeling responsibility for infant formula, while the Office of Food Additive Safety ("OFAS") has program responsibility for food ingredients and packaging. The ONLDS evaluates whether an infant formula manufacturer has met the requirements under the FFDCA and consults with the OFAS regarding the safety of ingredients in infant formula and of packaging materials for infant formula.

All manufacturers of pediatric nutrition products must begin with safe food ingredients, which are either generally recognized as safe or approved as food additives. The Infant Formula Act provides specific requirements for infant formula to ensure the safety and nutrition of infant formulas, including minimum and, in some cases, maximum levels of specified nutrients.

Before marketing a particular infant formula, the manufacturer must provide regulatory agencies assurance of the nutritional quality of that particular formulation consistent with the FDA’s labeling, nutrient content, and manufacturer quality control requirements. A manufacturer must notify the FDA at least 90 days before the marketing of any infant formula that differs fundamentally in processing or in composition from any previous formulation produced by the manufacturer. We actively monitor this process and make the appropriate adjustments to remain in compliance with recent FDA rules regarding cGMP, quality control procedures, quality factors, notification requirements, and reports and records for the production of infant formulas.

In addition, the FFDCA requires infant formula manufacturers to test product composition during production and shelf-life; to keep records on production, testing, and distribution of each batch of infant formula; to use cGMP and quality control procedures; and to maintain records of all complaints and adverse events, some of which may reveal the possible existence of a health hazard. The FDA conducts yearly inspections of all facilities that manufacture infant formula, inspects new facilities during early production runs, and collects and analyzes samples of infant formula. Our infant formula manufacturing facilities have been inspected by the FDA after the effective date of the final rule and found to be in full compliance with the new GMP regulations with no corrective actions required.

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Regulation

Our infant and toddler foods are subject to the Food Safety Modernization Act ("FSMA"), which protects the safety of U.S. foods by mandating comprehensive, prevention-based controls within the food industry. Under FSMA, the FDA has mandatory recall authority for all food products and greater authority to inspect food producers and is taking steps toward product tracing to enable more efficient product source identification in the event of a safety issue.

Active Pharmaceutical Ingredients

Third parties develop and manufacture API for use in certain of our products that are exported to the U.S. and other global markets. Before API can be commercialized in the U.S., the manufacturer and/or developer must submit a drug master file ("DMF") that provides the proprietary information related to the manufacturing process. The FDA inspects the manufacturing facilities to assess cGMP compliance, and the facilities and procedures must be cGMP compliant before API may be exported to the U.S.

The facilities and products are subject to regulation by the applicable regulatory bodies in the place of manufacture as well as the regulatory agency in the country from which the product is exported or imported. For API exported to European markets, the manufacturer must submit a European DMF and, where applicable, obtain a certificate of suitability from the European Directorate for the Quality of Medicines. The manufacturing facilities and production procedures for API marketed in Europe must meet EU-GMP and European Pharmacopeia standards.

U.S. Department of Agriculture

The Organic Foods Production Act enacted under Title 21 of the 1990 Farm Bill established uniform national standards for the production and handling of foods labeled as "organic." Our infant formula manufacturing sites in Vermont and Ohio adhere to the standards of the U.S. Department of Agriculture ("USDA") National Organic Program for production, handling, and processing to maintain the integrity of organic products. Our infant formula manufacturing sites in Vermont and Ohio are USDA-certified, enabling them to produce and label organic products for U.S. and Canadian markets.

U.S. Environmental Protection Agency

The U.S. Environmental Protection Agency ("EPA") is the main regulatory body in the United States for veterinary pesticides. The EPA's Office of Pesticide Programs is responsible for the regulation of pesticide products applied to animals. All manufacturers of animal health pesticides must show that their products will not cause “unreasonable adverse effects to man or the environment” as stated in the Federal Insecticide, Fungicide, and Rodenticide Act. Within the U. S., pesticide products that are approved by the EPA must also be approved by individual state pesticide authorities before distribution in that state. Post-approval monitoring of products is required, with reports provided to the EPA and some state regulatory agencies.

U.S. Drug Enforcement Administration

The U.S. Drug Enforcement Administration ("DEA") regulates certain drug products containing controlled substances, such as morphine, hydromorphone, opium, testosterone, midazolam, and List I chemicals, such as pseudoephedrine, pursuant to the federal Controlled Substances Act ("CSA"). The CSA and DEA regulations impose registration, security, record keeping, reporting, storage, manufacturing, distribution, importation and other requirements upon legitimate handlers under the oversight of the DEA. The DEA categorizes controlled substances into Schedules I, II, III, IV, or V, with varying qualifications for listing in each schedule. We are subject to the requirements regarding the controlled substances in Schedules II - V and the List I chemicals. Our facilities that manufacture, distribute, import, or export any controlled substances must register annually with the DEA.

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Regulation

The DEA inspects all manufacturing facilities to review security, record keeping, reporting, and handling prior to issuing a controlled substance registration, and it also periodically inspects facilities for compliance with the CSA and its regulations. Failure to maintain compliance with applicable requirements, particularly as manifested in the loss or diversion of controlled substances, can result in enforcement action, such as civil penalties, refusal to renew necessary registration, or the initiation of proceedings to revoke those registrations. In certain circumstances, violations could lead to criminal prosecution. We are also subject to state laws regulating the manufacture and distribution of certain products.

Federal Healthcare Programs and Drug Pricing Regulation

Within the U.S., government healthcare insurance and welfare programs such as the Medicare and Medicaid programs are important third party payers for patients who take our products. These programs include several indirect forms of price regulation applicable to our drug products as a condition to coverage and/or payment for our products, and also regulate the amount that pharmacies and other healthcare providers will be paid for our products. Specifically, U.S. law requires that a pharmaceutical manufacturer, as a condition of having federal funds being made available for the manufacturer’s drugs under Medicaid and Medicare Part B, enter into three government pricing program agreements: (i) a Medicaid rebate agreement with the Secretary of Health and Human Services (“HHS”) to pay rebates to state Medicaid programs for the manufacturer’s covered outpatient drugs that are dispensed to Medicaid beneficiaries and paid for by a state Medicaid program; (ii) a 340B program agreement with the Secretary of HHS to provide discounts to certain “covered entity” safety net healthcare providers; and (iii) a Master Agreement with the Department of Veterans Affairs ("VA") under which discounts are available for purchases by federal agencies. We have such agreements in effect.

Medicaid Rebate Agreement

The Medicaid rebate agreement requires the drug manufacturer to remit rebates to each state Medicaid agency on a quarterly basis for both fee-for-service and Medicaid managed care organization utilization. Rebate amounts are based on pricing data reported by the manufacturer to the Centers for Medicare & Medicaid Services (“CMS”), including Average Manufacturer Price ("AMP") and, in the case of innovator products, Best Price ("BP"). U.S. law also requires that a company that participates in the Medicaid rebate program report average sales price ("ASP") information to CMS for each calendar quarter for certain categories of drugs that are paid under Part B of the Medicare program. CMS uses these submissions to determine payment rates for drugs under Medicare Part B.

Under the Medicaid rebate program, the minimum rebate amounts due are as follows: (i) for noninnovator products, in general generic drugs marketed under ANDAs, the rebate amount is 13% of the AMP for the quarter; and (ii) for innovator products, in general brand-name products marketed under NDAs, the rebate amount is the greater of 23.1% of the AMP for the quarter or the difference between such AMP and the BP for that same quarter. Manufacturers also pay an “additional rebate" on innovator drugs where price increases since launch have outpaced inflation. Beginning with the first quarter of 2017, an additional rebate is due for noninnovator products, which is calculated somewhat differently from the innovator product additional rebate, but likewise generally applies where and to the extent that a manufacturer’s AMP increases faster than the rate of inflation.

CMS issued a final regulation, generally effective April 1, 2016, to implement changes to the Medicaid rebate program under the 2010 health reform legislation (“Health Reform Law”) and otherwise to provide program guidance. In addition to guidance concerning rebate program administration matters, the regulation also addressed certain related Medicaid reimbursement matters. First, under the Health Reform Law, CMS has also begun to use manufacturer AMP data to calculate reimbursement limits for pharmacies for multiple source drugs under the Medicaid program, known as the federal upper limits ("FULs"). CMS also surveys and publishes retail community pharmacy acquisition cost information to provide state Medicaid agencies with a basis for comparing their own reimbursement and pricing methodologies and rates. Second, the regulation also directed states to update their Medicaid payment methodologies to provide for payment amounts designed to reflect pharmacies’ "actual acquisition costs" for drugs, a change from the prior "estimated acquisition" standard. The regulation also required states to provide the government with findings to support their compliance with this standard by April 1, 2017.

Pricing and rebate calculations are governed by statutory and regulatory requirements that are complex, vary among products and programs, can change over time, and are subject to interpretation by us, governmental or regulatory agencies, and the courts. In the case of the Medicaid rebate program, if we become aware of errors in

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Regulation

our prior price submissions, or a prior BP submission needs to be updated due to late arriving data, we must resubmit the updated data within specified time frames. Such restatements and recalculations increase our cost of compliance with the Medicaid rebate program, and corrections can result in an overage or underage of our rebate liability for past quarters, depending on the nature of the correction.

340B Program Agreement

The 340B drug pricing program requires participating manufacturers to agree to charge statutorily-defined covered entities no more than the 340B “ceiling price” for the manufacturer’s covered outpatient drugs. The ceiling price is derived from the data the manufacturer reports under the Medicaid rebate program and therefore any changes to statutory or regulatory requirements applicable to the Medicaid price figures may impact the 340B ceiling price calculation as well. 340B covered entities include a variety of community health clinics and other entities that receive health services grants from the Public Health Service, as well as certain hospitals that serve a disproportionate share of low-income patients.

Master Agreement with the Department of Veterans Affairs

U.S. law also requires any company that participates in the Medicaid rebate program and Medicare Part B and that wants its covered drugs paid for by certain federal agencies and grantees to enter into a Master Agreement with the VA. Under the Master Agreement, the company must offer its innovator drugs for procurement under the Federal Supply Schedule (“FSS”) contracting program, and must charge certain agencies (VA, Department of Defense, Public Health Service and the Coast Guard) no more than a statutory Federal Ceiling Price (“FCP”). The FCP is calculated based on Non-Federal Average Manufacturer Price (“NFAMP”) data we submit to the VA. FSS contracts include extensive disclosure and certification requirements and standard government terms and conditions with which we must comply. Consistent with VA’s interpretation of the Master Agreement, we have also entered into an agreement to pay rebates on covered drug prescriptions dispensed to TRICARE beneficiaries by TRICARE network retail pharmacies.

Medicare Part D “Coverage Gap” Rebates

For certain innovator products, manufacturers must also enter into an agreement with the Secretary of HHS to provide rebates with respect to utilization of their products by certain Medicare Part D beneficiaries while those patients are within the Medicare Part D benefit “coverage gap.” Manufacturers are not required to submit separate pricing data under this program; the rebate amount is calculated by CMS based on Part D plans’ “negotiated prices” paid to pharmacies.

Other Price Regulation

In addition to these technical government pricing regulation programs, drug pricing has come under increasing public scrutiny arising out of general concerns about high drug costs or price increases, and transparency of pricing and discounting practices within the pharmaceutical distribution system. Several states, including Maryland, Nevada, and California, have recently enacted laws that prohibit “price gouging,” require manufacturers to report certain information concerning price increases exceeding certain amounts, and/or provide advance notice of price increases to certain entities (refer to Item 1A. Risk Factors - Risks Related to Operations for risks related to the above-mentioned programs).

Other U.S. Regulations and Organizations

We are subject to various other federal, state, non-governmental, and local agency rules and regulations. Compliance with the laws and regulations regarding the manufacture and sale of our current products and the discovery, development, and introduction of new products requires substantial effort, expense and capital investment. Other regulatory agencies, organizations, legislation, regulation and laws that may impact our business include, but are not limited to:

• Physician Payment Sunshine Act - This act requires certain pharmaceutical manufacturers to engage in extensive tracking of payments or transfers of value to physicians and teaching hospitals, maintenance of a payment database and public reporting of the payment data.

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Regulation

• Foreign Corrupt Practices Act of 1977 ("FCPA") - This act and other similar anti-bribery laws prohibit companies and their intermediaries from providing money or anything of value to officials of foreign governments, foreign political parties or international organizations with the intent to obtain or retain business or seek a business advantage.

• Federal Trade Commission ("FTC")- This agency oversees the advertising and other promotional practices of consumer products marketers. The FTC considers whether a product’s claims are substantiated, truthful and not misleading. The FTC also reviews mergers and acquisitions of companies exceeding specified thresholds and investigates certain business practices relevant to the healthcare industry.

• International Organization for Standardization ("ISO") - The ISO Standards specify requirements for a Quality Management System that demonstrates the ability to consistently provide products that meet customer and applicable regulatory standards and includes processes to ensure continuous improvement. Our infant formula manufacturing sites are ISO 9001-2008 Certified for Quality Management Systems. ISO inspections are conducted at least annually.

• United States Pharmacopeial Convention, Inc. ("USP") - The USP is a non-governmental, standard-setting organization. By reference, the FFDCA incorporates the USP quality and testing standards and monographs as the standard that must be met for the listed drugs, unless compliance with those standards is specifically disclaimed on the product’s labeling. USP standards exist for most Rx and OTC pharmaceuticals and many nutritional supplements. The FDA typically requires USP compliance as part of cGMP compliance.

• Health Insurance Portability and Accountability Act ("HIPAA") - We could be subject to criminal penalties if we knowingly obtain individually identifiable health information from a covered entity in a manner that is not authorized or permitted by HIPAA or for aiding and abetting the violation of HIPAA.

• Consumer Product Safety Commission ("CPSC") - The CPSC has published regulations requiring child resistant packaging on certain products including pharmaceuticals and dietary supplements. The manufacturer of any product that is subject to any CPSC rule, ban, standard or regulation must certify that, based on a reasonable testing program, the product complies with CPSC requirements.

• Anti-Bribery Laws - Various jurisdictions in which we operate have laws and regulations, including the U.K. Bribery Act 2010, aimed at preventing and penalizing corrupt and anticompetitive behavior.

• Other State Agencies - We are subject to regulation by numerous other state health departments, insurance departments, boards of pharmacy, state controlled substance agencies, state consumer health and safety regulations, and other comparable state agencies, each of which have license requirements and fees that vary by state.

Regulation Outside the U.S.

We develop and manufacture products and market third-party manufactured products in regions outside the U.S., including Eastern and Western Europe, Israel, Mexico, Australia, countries in Asia, South America, and the Middle East, each of which has its own regulatory environment. The majority of our sales outside the U.S. are in the following categories: OTC/Rx pharmaceuticals, medical devices, dietary supplements and cosmetics. Other regulatory agencies, organizations and legislation that may impact our business include, but are not limited to:

• Privacy Regulations - We are subject to numerous global laws and regulations designed to protect personal data, such as the European Union Directive on Data Protection (which will be replaced by the European Union General Data Protection Regulation (“GDPR”) from May 2018 onward). The GDPR will introduce more stringent data protection requirements in the European Union ("EU"), as well as substantial fines for breaches of the data protection rules. The GDPR will increase our responsibility and potential liability in relation to personal data that we process, and we may be required to put in place additional mechanisms to ensure compliance with the GDPR.

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Regulation

• Transparency Laws - In various jurisdictions in which we operate, we are subject to the laws and regulations aimed at increasing transparency of financial relationships between healthcare professionals and pharmaceutical/medical device manufacturers.

European Union

OTC and Rx Pharmaceuticals

The European pharmaceutical industry is highly regulated and much of the legislative and regulatory framework is driven by the European Parliament and the European Commission. This has many benefits, including the potential to harmonize standards across the complex European market. However, obtaining regulatory agreement across member states presents complex challenges that can lead to delays in the regulatory process.

In the EU, as well as many other locations around the world, the manufacture and sale of medicinal products are regulated in a manner substantially similar to that of the U.S. requirements, which generally prohibit the handling, manufacture, marketing, and importation of any medicinal product unless it is properly registered in accordance with applicable law. The registration file relating to any particular product must contain data related to product efficacy and safety, including results of clinical testing and/or references to medical publications, as well as detailed information regarding production methods and quality control. Health ministries are authorized to cancel the registration of a product if it is found to be harmful or ineffective or if it is manufactured or marketed other than in accordance with registration conditions.

Between 1995 and 1998, the over-arching regulation that governs medicinal products was revised in an attempt to simplify and harmonize product registration. This revised legislation introduced the mutual recognition procedure (“MRP”), whereby after approval of a marketing authorization by regulatory authorities in the reference member state (“RMS”), additional marketing authorizations could be submitted to other concerned member states to obtain a product license. In November 2005, the medicinal product legislation was further revised to introduce the decentralized procedure (“DCP”), whereby marketing authorizations are submitted simultaneously to the RMS and select concerned member states. In 2005, the EMA also opened up the centralized procedure to sponsors of marketing authorizations for generic medicinal products. Unlike the MRP and DCP, the centralized procedure results in a single marketing authorization and product labeling across all member states that will allow a sponsor to file for individual country reimbursement and make the medicine available in all the EU countries listed on the application. Marketing authorizations and subsequent product licenses are granted to applicants only after the relevant health authority issues a positive assessment of quality, safety and efficacy of the product.

In addition to obtaining marketing authorization for each product, all member states require that a manufacturer’s facilities obtain approval from an EU Regulatory Authority. The EU has a code of GMP that each manufacturer must follow and comply with. Regulatory authorities in the EU may conduct inspections of the manufacturing facilities to review procedures, operating systems and personnel qualifications. We believe that our policies, operations and products comply in all material respects with existing regulations to which our operations are subject.

EU Member States had to transpose the European Falsified Medicines Directive (the “Directive”) into national law by January 2, 2013. The transposition process is now complete. The provisions of the Directive are intended to reduce the risk of counterfeit medicines entering the supply chain and also to ensure the quality of API manufactured outside of the EU. The Directive required the serialization of all Rx and some OTC products, similar to the DSCSA in the U.S.

In the EU, member states regulate the pricing of prescription medicinal products, and in some cases, the formulation and dosing of products. This regulation is handled by individual member state national health services. These individual regulatory bodies can result in considerable price differences and product availability among member states. The implementation of tendering systems for the pricing of pharmaceuticals in several countries generally impacts drug pricing for generics; generally “tendering” refers to a system that requires bids to be submitted to the government by competing manufacturers to be the exclusive, or one of a few, suppliers of a product in a particular country.

Data exclusivity provisions exist in many countries, although the application is not uniform. In general, these exclusivity provisions prevent the approval and/or submission of generic drug applications to the health authorities

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Regulation

for a fixed period of time following the first approval of the brand-name product in that country. As these exclusivity provisions operate independently of patent exclusivity, they may prevent the submission of generic drug applications for some products even after the patent protection has expired.

The requirements deriving from European pharmacovigilance regulation are constantly expanding due to increasing guidance on good vigilance practices and increased communication on inspectors’ expectations. Pharmacovigilance fee regulation became effective in late 2014 to support health authority assessment of pharmacovigilance safety evaluation reports, study protocols for post authorization safety studies and referrals. Once approved, the advertising of pharmaceuticals in the EU is governed by national regulations and guidelines. Within certain member states this is overseen by a self-certification process whereas in others national governance bodies approve material prior to release.

The wholesale distribution of medicinal products is an important activity in the integrated supply chain management. The quality and the integrity of medicinal products can be affected by a lack of adequate control. To this end, the EU Commission has published guidelines on Good Distribution Practice of medicinal products for human use in 2013. The present guidelines are based on Articles 84 and 85b(3) of medicinal products for human use directive.

Medical Devices

The EU has enacted into law numerous directives and adopted many harmonizing standards pertaining to a wide range of industrial products, including medical devices. Medical devices that comply with the requirements of applicable directives are entitled to bear the CE marking of conformity, which indicates that the device conforms to the applicable requirements of the directives and, accordingly, can be commercially distributed throughout Europe. The method of assessing conformity varies depending on the class of the product, but normally involves a combination of self-assessment by the manufacturer and a third-party assessment by a Notified Body, an organization accredited by a member state. Assessment by a Notified Body includes an audit of the manufacturer’s quality system and may also include specific testing of the product. This assessment is a prerequisite for a manufacturer to commercially distribute the product throughout the EU.

Dietary Supplements

Dietary supplements are subject to several regulations that inform the selection of ingredient levels and how products can be described on packaging and in advertising. These regulations include: Food Supplements Directive 2002/46/EC, Food Information to Consumers Regulation (EU) No 1169/2011, Permitted Vitamins and Minerals Regulation (EC) 1170/2009, Food Additives Regulation (EC) 1333/2008, Nutritional & Health Claims Regulation (EC) No 1924/2006, the Foods Intended for Particular Nutritional Uses Directive 2009/39/EC, and Regulation (EU) 609/2013.

EU rules on nutrition and health claims, which were established by Regulation EC 1924/2006, apply to any nutritional or health claim by a manufacturer. The objective of the regulation is to ensure that claims made in food labeling or advertising are clear, accurate and based on scientific evidence. The European Food Safety Authority, an advisory panel to the European Commission, performs all scientific assessments of health claims on food and supplement labels. An EU register of nutrition and health claims exists to document approved, pending, and rejected claims.

Cosmetics

Cosmetic products in the EU market must comply with Regulation EC No. 1223/2009. This regulation requires manufacturers to prepare a product safety report prior to placing a cosmetic product in the market. In addition, for each cosmetic product placed in the market, a “responsible person” must be designated to oversee compliance with the regulation’s reporting requirements. Commission Regulation EU No. 655/2013 establishes the common criteria and justification for claims to be used in the packaging and advertising of cosmetics products.

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Perrigo Company plc - Item 1

Employees

As of December 31, 2017, we had approximately 10,400 full-time and temporary employees worldwide, of which approximately 24% were covered by collective bargaining agreements. We consider our employee relations generally satisfactory.

Available Information

Our principal executive offices are located at Treasury Building, Lower Grand Canal Street, Dublin 2, Ireland, and our North American base of operations is located at 515 Eastern Avenue, Allegan, Michigan 49010. Our telephone number is +353 1 7094000. Our website address is www.perrigo.com, where we make available free of charge our reports on Forms 10-K, 10-Q and 8-K, including any amendments to these reports, as soon as reasonably practicable after they are electronically filed with or furnished to the U.S. Securities and Exchange Commission ("SEC"). These filings are also available to the public at www.sec.gov and www.isa.gov.il.

ITEM 1A. RISK FACTORS

Risks Related to Operations

We face vigorous competition from other pharmaceutical and consumer goods companies that may threaten the commercial acceptance and pricing of our products.

We operate in a highly competitive environment. Our products compete against store brand, generic, and branded pharmaceuticals. Competition is also impacted by changes in regulations and government pricing programs that may give competitors an advantage.

• As a manufacturer of generic versions of brand-name drugs through our CHCA and RX segments, we experience competition from brand-name drug companies that may try to prevent, discourage or delay the use of generic versions through various measures, including introduction of new branded products, legislative initiatives, changing dosage forms or dosing regimens, regulatory processes, filing new patents or patent extensions, lawsuits, citizens’ petitions, and negative publicity prior to introduction of a generic product. In addition, brand-name competitors may lower their prices to compete with generic products, increase advertising, or launch, either through an affiliate or licensing arrangements with another company, an authorized generic at or near the time the first generic product is launched, depriving the generic product potential market exclusivity.

• Our CHCA and RX segments may experience increased price competition as other generic companies produce the same product, sometimes for dramatically lower margins in order to gain market share. Other generic companies may introduce new drugs and/or drug delivery techniques that make our current products less desirable. A drug may be subject to competition from alternative therapies during the period of patent protection or regulatory exclusivity, and thereafter, we may be subject to further competition from generic products or biosimilars.

• The pharmaceutical industry is consolidating. This creates larger competitors and places further pressure on prices, development activities, and customer retention. Our animal health category within the CHCA segment has seen an increase in direct to consumer advertising by several branded competitors, which may increase in the future, and our nutritionals category has experienced increased competition through alternative channels such as health food stores, direct mail and direct sales.

• We develop and distribute branded products primarily through our CHCI segment. We experience competition from other brand-name drug companies, many of which are larger and have more resources to devote to advertising and marketing. These direct competitors may be able to adapt more quickly to changes in customer requirements. Our current and future competitors may develop products comparable or superior to those offered by us at more competitive prices.

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Risk Factors

• Our CHCA and RX segments also experience competition from our generic competitors, some of whom are significantly larger than we are, who may develop their products more rapidly or complete regulatory approval processes sooner, or may market their products earlier than we do.

• If we are unable to compete successfully, our business will be harmed through loss of customers or increased negative pricing pressure that would adversely affect our ability to generate revenue and adversely affect our operating results.

If we do not continue to develop, manufacture, and market innovative products that meet customer demands, we may lose market share and our net sales may be negatively impacted.

Our continued growth is due in large part to our ability to develop, manufacture, and market products that meet customer requirements for quality, safety, efficacy, and cost effectiveness. Continuous introductions of new products and product categories are critical to our business. If we do not continue to develop, manufacture, and market new products, we could lose market share, and our net sales may be negatively impacted. See Item 1. Business - Research and Development for more information.

• We maintain a diversified product line to function as a primary supplier for our customers. Capital investments are driven by growth, technological advancements, cost improvement and the need for manufacturing flexibility. Our future capital expenditures could vary materially due to the uncertainty of these factors. In addition, if we fail to stay current with the latest manufacturing, information and packaging technology, we may be unable to competitively support the launch of new product introductions.

• Our product margins may decline over time due to our products' aging life cycles, changes in consumer choice, changes in competition for our existing products, or the introduction of next generation innovative products; therefore, new product introductions are necessary to maintain our current financial condition. If we are unable to continue to create new products, we may lose market share or experience pricing pressure, and our net sales may be negatively impacted.

• We must prove that the regulated generic drug products in our CHCA and RX segments are bioequivalent to their branded counterparts, which may require bioequivalence studies, and in the case of topical products, even more extensive clinical endpoint trials to demonstrate their efficacy. The development and commercialization process, particularly with respect to innovative products, is both time consuming and costly, and subject to a high degree of business risk. Products currently under development may require re-design to meet evolving FDA standards, may not perform as expected, may not pass required bioequivalence studies, or may be the subject of intellectual property challenges. Necessary regulatory approvals may not be obtained in a timely manner, if at all. Any of these events may negatively impact our net sales.

• Even if we are successful in developing a product, our customers' failure to launch one of our products successfully, or delays in manufacturing developed products, could adversely affect our operating results. In addition, the FDA or similar regulatory agency could impose higher standards and additional requirements, such as requiring more supporting data and clinical data than previously required, in order to gain regulatory clearance to launch new formulations into the market, which could negatively impact our future net sales.

Our CHCA and CHCI segments are impacted by changes in consumer preferences. If we are unable to adapt to these changes, we may lose market share and our net sales may be negatively impacted.

While the market for store brand products has grown in recent years, there can be no assurance that the pace of this growth will continue. Consumer preferences related to health and nutritional concerns may change, which could negatively impact demand for our CHCA and CHCI products or cause us to incur additional costs to change our products or product packaging.

• The future growth and stability of U.S. store brand market share will be impacted, in part, by general economic conditions, which can influence consumers to switch to and from store brand products. Our CHCA segment sales could be negatively affected if economic conditions improve and consumers return to purchasing higher-priced brand-name products. Conversely, while store brand products present an

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Risk Factors

alternative to higher-priced branded products, if economic conditions deteriorate, our CHCA segment sales could be negatively impacted if consumers forgo obtaining healthcare or reduce their healthcare spending.

• Our CHCI segment's success is dependent on the continued growth in demand for its lifestyle products, which include weight-loss products and various dietary supplements. If demand for these products decreases, our CHCI segment's results of operations would be negatively impacted.

• Our CHCA customers may request changes in packaging to meet consumer demands, which could cause us to incur inventory obsolescence charges and redesign costs, which in turn would negatively impact our CHCA segment's results of operations.

• Our infant formula product category within our CHCA segment is subject to changing consumer preferences and health and nutrition-related concerns. Our business depends, in part, on consumer preferences and choices, including the number of mothers who choose to use infant formula products rather than breastfeed their babies. To the extent that private, public, and government sources may promote the benefits of breastfeeding over the use of infant formula, there could be a reduced demand for infant formula products. We could also be adversely impacted by an increase in the number of families that are provided with infant formula by the U.S. federal government through the Women, Infants and Children program, as we do not participate in this program.

We operate in highly regulated industries, and any inability to timely meet current or future regulatory requirements could have a material adverse effect on our business, financial position, and operating results.

We are subject to the regulations of a variety of U.S. and non-U.S. agencies related to the manufacturing, processing, formulation, packaging, labeling, testing, storing, distribution, advertising, and sale of our products as described in detail in Item 1. Business - Government Regulation and Pricing. Government regulation in the markets in which we operate impacts our business, and our future results could be materially adversely affected by changes in such regulations or policies. Below are some of the ways in which government regulation could impact our business and/or financial results:

• We must obtain approval from the appropriate regulatory agencies in order to manufacture and sell our products in the regions in which we operate. Obtaining this approval can be time consuming and costly. There can be no assurance that, in the event we submit an application for a marketing authorization to any global regulatory agency, we will obtain the approval to market a product and/or that we will obtain it on a timely basis. Laws unique to the U.S. regulatory framework encourage generic competition by providing eligibility for first generic marketing exclusivity if certain conditions are met. If we are granted generic exclusivity, the exclusivity may be shared with other generic companies, including authorized generics; or it is possible that we may forfeit 180-day exclusivity if we do not obtain regulatory approval or begin marketing the product within the statutory requirements. Finally, if we are not the first to file our ANDA, the FDA may grant 180-day exclusivity to another company, thereby effectively delaying the launch of our product and/or possibly reducing our market share.

• Global regulatory agencies regularly inspect our manufacturing facilities and the facilities of our third-party suppliers. The failure of one of our facilities, or a facility of one of our third-party suppliers, to comply with applicable laws and regulations may lead to a breach of representations made to our customers, or to regulatory or government action against us related to the products made in that facility. Such action could include suspension of or delay in regulatory approvals. If the compliance violations are severe, agencies of the government may initiate product seizure, injunction, recall, suspension of production or distribution of our products, loss of certain licenses or other governmental penalties, or civil or criminal prosecution, thereby impacting the reputation of all of our products.

• In the U.S., the DSCSA requires development of an electronic pedigree to track and trace each prescription drug at the salable unit level through the distribution system, which will be effective incrementally over a 10-year period beginning on January 1, 2015, for manufacturers, wholesale distributors, and re-packagers, and on July 1, 2015 for dispensers. Similarly, the European Commission passed legislation requiring new product packaging ‘safety features’ to prevent falsification of medicinal products primarily within the

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Risk Factors

prescription medicines sector. The act was adopted February 9, 2016. EU member states (with the exception of Belgium, Italy and Greece), and EEA members Norway, Iceland, Liechtenstein and Switzerland must be in compliance within three years, or by February 9, 2019.  Belgium, Italy, and Greece have until February 9, 2025 to comply. Marketing Authorization holders will have three years from the publication date to implement the necessary changes or risk forfeiting their product licenses. Compliance with the new U.S. and EU electronic pedigree requirements may increase our operational expenses and impose significant administrative burdens.

• Global regulatory agencies highly scrutinize any product application submitted to switch a product from physician prescribed Rx to unsupervised OTC use by the general public. The expansion of Rx-to-OTC switches is critical to our future growth. Reluctance of regulatory agencies to approve Rx-to-OTC switches in new product categories could impact that growth.

• Our infant formula products may be subject to barriers or sanctions imposed by countries or international organizations limiting international trade and dictating the specific content of infant formula products. Governments could enhance regulations on the industry aimed at ensuring the safety and quality of dairy products, including, but not limited to, compulsory batch-by-batch inspection and testing for additional safety and quality issues. Such inspections and testing may increase our operating costs related to infant formula products.

• If we are unable to successfully obtain the necessary quota for controlled substances and List I chemicals, we risk having delayed product launches or failing to meet commercial supply obligations. If we are unable to comply with regulatory requirements for controlled substances and List I chemicals, the DEA, or similar regulatory agency, may take regulatory actions, resulting in temporary or permanent interruption of distribution of our products, withdrawal of our products from the market, or other penalties.

• In order to commercially distribute our medical device products in the EU, they need to conform with the requirements of applicable EU directives. The method of assessing conformity varies depending on the class of the product, but normally involves a combination of self-assessment by the manufacturer and a third-party assessment by a Notified Body, an organization accredited by a member state, which includes an audit of the manufacturer’s quality system and, for some products, specific product testing. If our products fail to meet the applicable EU directives, then we may not meet our projected growth targets and/or incur fines and penalties.

• Our operations extend to numerous countries outside the U.S. and are subject to the risks inherent in conducting business globally and under the laws, regulations, and customs of various jurisdictions. These risks include compliance with a variety of national and local laws of countries in which we do business, such as restrictions on the import and export of certain intermediates, drugs, and technologies. We must also comply with a variety of U.S. laws related to doing business outside of the U.S., including Office of Foreign Asset Controls; United Nations and EU sanctions; the Iran Threat Reduction and Syria Human Rights Act of 2012; and rules relating to the use of certain “conflict minerals” under Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Further changes in laws, regulations, and practices affecting the pharmaceutical industry and the healthcare system, including imports, exports, manufacturing, quality, cost, pricing, reimbursement, approval, inspection, and delivery of healthcare, may affect our business and operations.

• Changes in existing regulations or the adoption of new regulations in the countries in which we operate could impose restrictions or delays on our ability to manufacture, distribute, sell or market our products, may be difficult or expensive for us to comply with, and may adversely affect our revenues, results of operations, or financial condition.

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Perrigo Company plc- Item 1A

Risk Factors

Continuing Healthcare reforms and related changes to reimbursement methods in and outside of the United States may have an adverse effect on our financial condition and results of operations.

Increasing healthcare expenditures have received considerable public attention in many of the countries in which we operate. In the U.S., government programs such as Medicare and Medicaid, as well as private insurers, have been focused on cost containment. In some markets in the EU and outside the U.S., the government provides healthcare at low direct cost to consumers and regulates pharmaceutical prices or patient reimbursement levels to control costs for the government-sponsored healthcare system. Both private and governmental entities are seeking ways to reduce or contain healthcare costs.

Our RX segment in particular could be materially adversely impacted by measures taken by governmental entities or private insurers to restrict patients' access to our products or increase pressure on drug pricing, including denial of price increases, prospective and retrospective price decreases, and increased mandatory discounts or rebates. These actions may drive us and our competitors to decrease prices or may reduce the ability of customers to pay for our products, which could materially negatively impact the RX segment's results of operations.

If we fail to comply with the reporting and payment obligations under the Medicaid rebate program or other governmental purchasing and rebate programs, we could be subject to fines or penalties, which could have an adverse effect on our financial condition and results of operations.

As described inItem 1. Business - Medicaid Drug Rebate Programs, we have entered into various government drug pricing agreements with the U.S. government. There are inherent risks associated with participating in these programs, including the following:

• By their nature, these programs require us to provide discounts and rebates and therefore reduce our net product revenues. Further, because the amounts of these discounts are based on our commercial sales practices and can be adversely affected by both significant discounts and price increases, it is important that we maintain pricing practices that appropriately take into account these government pricing programs.

• We are required to report pricing data to CMS, including AMP, on a monthly and quarterly basis and BP and ASP on a quarterly basis. We also are required to report quarterly and annual Non-FAMPs to the VA. If we fail to submit required information on a timely basis, make misrepresentations, or knowingly submit false information to the government as to AMP, ASP, or BP, we may be liable for substantial civil monetary penalties or subject to other enforcement actions, such as under the False Claims Act, and CMS may terminate our Medicaid drug rebate agreement. In that event, U.S. federal payments may not be available under Medicaid or Medicare Part B for our covered outpatient drugs.

• Because many of our products may be subject to Medicaid FULs or CMS’s new Medicaid “actual acquisition cost” payment methodology standard, our products may be subject to reimbursement pressures, and in some cases, those pressures may result from practices outside of our control, including how our competitors price their equivalent products. Based on our initial evaluation, we do not believe that the changes have had a material impact on our business. However, states are continuing to evaluate their payment methods, and we cannot predict how the new FUL or state payment methodologies will affect our pharmacy customers or to what extent these customers may seek additional discounts in light of reimbursement changes. We also cannot predict how the sharing of FUL data and retail survey prices may impact competition in the marketplace in the future.

• Under the 340B program, if we fail to provide required discounts to covered entities, we may be subject to refund claims or civil money penalties under that program.

• If we inadvertently overcharge the government in connection with our FSS contract or TriCare Agreement, whether due to a misstated FCP or otherwise, we would be required to refund the difference. Failure to make necessary disclosures and/or to identify contract overcharges can result in False Claims Act allegations or potential violations of other laws and regulations. Unexpected refunds to the government, and responses to a government investigation or enforcement action, are expensive and time-consuming, and could have a material adverse effect on our business, financial condition, results of operations, and growth prospects.

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Risk Factors

• Our reporting and payment obligations under the Medicaid rebate program and other governmental purchasing and rebate programs are complex and may involve subjective decisions. Our calculations and methodologies are subject to review by the governmental agencies, and it is possible that these reviews could result in challenges to our submissions. If we do not comply with those reporting and payment obligations, we could be subject to civil and/or criminal sanctions, including fines, penalties, and possible exclusion from U.S. federal healthcare programs.

Lack of availability, or significant increases in the cost, of raw materials used in manufacturing our products could adversely impact our profit margins and operating results.

Affordable high quality raw materials and packaging components are essential to all of our business units due to the nature of the products we manufacture. In addition, maintaining good supply relationships is essential to our ongoing operations. SeeItem 1. Business - Materials Sourcingfor more information.

• We maintain several single-source supplier relationships, either because alternative sources are not available or because the relationship is advantageous due to regulatory, performance, quality, support, or price considerations. Unavailability or delivery delays of single-source components or products could adversely affect our ability to ship the related product in a timely manner. The effect of unavailability or delivery delays would be more severe if associated with our higher-volume or more profitable products. Even where alternative sources of supply are available, qualifying the alternate suppliers and establishing reliable supplies could cost more or result in delays and a loss of net sales. Additionally, global regulatory requirements for obtaining product approvals could substantially lengthen the approval of an alternate material source. As a result, the loss of a single-source supplier could have a material adverse effect on our results of operations.

• The rapid increase in cost of many raw materials from inflationary forces, such as increased energy costs, and our ability or inability to pass on these increases to our customers could have a negative material impact on our financial results.

• Our infant formula products require certain key raw ingredients that are derived from raw milk, such as skim milk powder, whey protein powder, and lactose. Our supply of milk-based ingredients may be limited by the ability of individual dairy farmers and cooperatives to provide raw milk in the amount and quality we deem necessary. Raw milk production is influenced by factors beyond our control including seasonal and environmental factors, governmental agricultural and environmental policy, and global demand. We cannot guarantee that there will be sufficient supplies of these key ingredients necessary to produce infant formula.

• Our products, and the raw materials used to make the products mentioned above, generally have limited shelf lives. Our inventory levels are based, in part, on expectations regarding future sales. We may experience build-ups in inventory if sales slow. Any significant shortfall in sales may result in higher inventory levels of raw materials and finished products, thereby increasing the risk of inventory spoilage and corresponding inventory write-downs and write-offs. Cargo thefts and/or diversions, and economically or maliciously motivated product tampering on store shelves may occur, causing unexpected shortages and harm to our reputation, which may have a material impact on our operations.

• We rely on third parties to source many of our raw materials, as well as to manufacture sterile, injectable products that we distribute. We maintain a strict program of verification and product testing throughout the ingredient sourcing and manufacturing process to identify potential counterfeit ingredients, adulterants, and toxic substances. Nevertheless, discovery of previously unknown problems with the raw materials or product manufacturing processes, or new data suggesting an unacceptable safety risk associated therewith, could result in a voluntary or mandatory withdrawal of the contaminated product from the marketplace, either temporarily or permanently. Any future recall or removal would result in additional costs and lost revenue, harm our reputation, and may give rise to product liability litigation.

• Changes in regulation could impact the supply of the API and certain other raw materials used in our products. For example, the EU recently promulgated new standards requiring all API imported into the EU be certified as complying with GMP established by the EU. The regulations placed the certification

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Risk Factors

requirement on the regulatory bodies of the exporting countries, which led to an API supply shortage in Europe as certain governments were not willing or able to comply with the regulation in a timely fashion, or at all. A shortage in API or other raw ingredients could cause us to have to cease manufacture of certain products, or to incur costs and delays to qualify other suppliers to substitute for those API manufacturers are unable to export. This could have a material adverse effect on our business, results of operations, financial condition, and cash flow.

A disruption at any of our main manufacturing facilities could materially and adversely affect our business, financial position, and results of operations.

Our manufacturing operations are concentrated in a few locations. SeeItem 1. Business - Manufacturing and Distribution for more information on our significant operations. A significant disruption at one or more of these facilities, whether it be due to fire, natural disaster, power loss, intentional acts of vandalism, war, terrorism, insufficient quality, or pandemic could materially and adversely affect our business.

Additionally, regulatory authorities routinely inspect all of our manufacturing facilities for cGMP compliance. While our manufacturing sites are cGMP compliant, if a regulatory authority were to identify serious adverse findings not corrected upon follow up inspections, we may be required to issue product recalls, shutdown manufacturing facilities, and take other remedial actions. If any manufacturing facility were forced to cease or limit production, our business could be adversely affected.

Any breach, disruption or misuse of our information systems, cyber security efforts or personal data could have a material adverse effect on our business.

We are increasingly dependent upon information technology systems to operate our business. Our systems, information, and operations, as well as our independent vendor relationships (where they support information technology and manufacturing infrastructure), are highly complex. These systems may contain confidential information (including trade secrets or other intellectual property or proprietary business information). The size and complexity of these systems makes them potentially vulnerable to disruption or damage from security breaches, hacking, data theft, denial of service attacks, human error, sabotage, industrial espionage, and computer viruses. Such events may be difficult to detect, and once detected, their impact may be difficult to assess. While we continue to employ resources to monitor our systems and protect our infrastructure, these measures may prove insufficient depending upon the attack or threat posed.

We are subject to numerous laws and regulations designed to protect personal data, such as the national laws implementing the European Union Directive on Data Protection (which will be replaced by the EU GDPR from May 2018 onward). The EU GDPR will introduce more stringent data protection requirements in the EU, as well as substantial fines for breaches of the data protection rules. The EU GDPR will increase our responsibility and liability in relation to personal data that we process, and we may be required to put in place additional mechanisms to ensure compliance with the new EU data protection rules.

These risks include:

• Breaches or disruptions could impair our ability to develop, meet regulatory approval efforts, produce, and/or ship products, take and fulfill orders, and/or collect and make payments on a timely basis;

• Any system issue, whether as a result of an intentional breach or a natural disaster, could damage our reputation and cause us to lose customers, experience lower sales volume, and incur significant liabilities;

• We could incur significant expense by ensuring compliance with any required disclosures mandated by the numerous global privacy and security laws and regulations; and

• Any interruption, security breach, or loss, misappropriation, or unauthorized access, use or disclosure of confidential information, could result in financial, legal, business, and reputational harm to us and could have a material adverse effect on our business, financial condition, and results of operations.

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Perrigo Company plc- Item 1A

Risk Factors

Because our business depends upon certain customers for a significant portion of our sales, our business would be adversely affected by a disruption of our relationship with these customers or any material adverse change in these customers' businesses.

Sales to our largest customer, Walmart, comprised approximately 13% of our net sales for the year endedDecember 31, 2017. While no other customer individually comprised more than 10% of net sales, we do have other significant customers. If our relationship with Walmart or any of our other significant customers, including the terms of doing business with the customers, changes significantly, it could have a material adverse impact on us (refer toItem 1. Business - Significant Customers).

Many of our customers, which include chain drug stores, wholesalers, distributors, hospital systems, and group purchasing organizations, continue to merge or consolidate. Such consolidation has provided, and may continue to provide, customers with additional purchasing leverage, and consequently may increase the pricing pressures we face. The emergence of large buying groups representing independent retail pharmacies enable those groups to extract price discounts on our products. In addition, a number of our customers have instituted sourcing programs limiting the number of suppliers of generic pharmaceutical products carried by that customer. These developments have resulted in heightened pricing pressure on our products, as well as competition among generic drug producers for business from a smaller and more selective customer base.

Additionally, if we are unable to maintain adequately high levels of customer service over time, customers may choose to assess penalties, obtain alternate sources for products, and/or end their relationships with us.

Although we have divested our rights to the Tysabri^® royalty stream, we are entitled to additional milestone payments if certain specified thresholds are met, and any negative developments related to Tysabri^® could have a material adverse effect on our receipt of those payments.

We occasionally enter into arrangements that entitle us to potential royalties from third parties. Our most significant royalty has been the Tysabri^® royalty stream which we received quarterly from Biogen. During the year ended December 31, 2016, $84.4 million of cash was earned, which was received during the year ended December 31, 2017. On March 27, 2017, we divested our rights to the Tysabri^® royalty stream to Royalty Pharma for $2.2 billion in cash at closing and up to $250.0 million and $400.0 million in milestone payments if global net sales of Tysabri^® meet specific thresholds in 2018 and 2020, respectively. Our receipt of these milestone payments may be negatively impacted if the royalty streams decrease and are insufficient to meet the specified thresholds. Given the fact these milestone payments are recorded at fair value, if it is determined that Tysabri^® global sales levels do not meet specific thresholds, we would recognize a material charge in the Consolidated Statement of Operations. Factors that may have an adverse effect on the Tysabri^® royalty stream include:

• Companies working to develop new therapies or alternative formulations of products for multiple sclerosis that, if successfully developed, would compete with, or could gain greater acceptance than, Tysabri^® and damage it’s market share. In February 2016, a competitor's pipeline product, Ocrevus^®, received breakthrough therapy designation from the FDA, this product was launched in 2017. The product is expected to compete with Tysabri^® and have a significant negative impact on the Tysabri^® royalty stream;

• Biogen is the owner of the patents on Tysabri^®. The loss of protection of these patents, such as a patent invalidation, could adversely affect the royalty stream from Tysabri^®. In addition, once the Tysabri^® patents expire, other generic companies may introduce products similar to Tysabri^® that could adversely affect the royalty stream;

• Foreign currency movement, which could have a negative impact on Biogen's Tysabri^® sales, thereby reducing the royalties;

• Any negative developments relating to Tysabri^®, such as safety, efficacy, or reimbursement issues, could reduce demand for Tysabri^®; and

• Adverse regulatory or legislative developments could limit or prohibit the sale of Tysabri^®, such as restrictions on the use of Tysabri^® or safety-related label changes, including enhanced risk management

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Risk Factors

programs, which may significantly reduce expected royalty revenue and require significant expense and management time to address the associated legal and regulatory issues.

Additionally, Tysabri^® sales growth cannot be assured given the significant restrictions on its use and the significant safety warnings on the label, including the risk of developing Progressive Multifocal Leukoencephalopathy ("PML"), a serious brain infection. The risk of developing PML mayincrease with prior immunosuppressant use, longer treatment duration, or the presence of certain antibodies. Increased incidence of PML could limit sales growth, prompt regulatory review, require significant changes to the label, or result in market withdrawal. In addition, the result of ongoing or future clinical trials involving Tysabri^® or other adverse events reported in association with the use of Tysabri^® may have an adverse impact on prescribing behavior and reduce sales of Tysabri^®.

Furthermore, there can be no assurance that Royalty Pharma will pay either or both of the milestone payments even if the specified thresholds are met.

We are dependent on the services of certain key members of management. Our inability to successfully manage transition, or the failure to attract and retain other key members of management, may have a material adverse impact on our results of operations.

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. Key functions for us include executive managers, operational managers, R&D scientists, information technology specialists, financial and legal specialists, regulatory professionals, quality compliance specialists, and sales/marketing personnel. If we are unable to attract or retain key qualified employees, our future operating results may be adversely impacted.

Management transition creates uncertainties, and any difficulties we experience in managing such transitions may negatively impact our business.

Recently, we have experienced changes in our executive leadership. In June 2017, we announced the forthcoming retirement of John T. Hendrickson as our Chief Executive Officer. On January 8, 2018, we announced the appointment of Uwe Roehrhoffas President and Chief Executive Officer and member of our Board. Mr. Hendrickson will continue to serve in an advisory role until March 15, 2018. In addition, in February 2017, we announced the resignation of Judy L. Brown as our Executive Vice President, Business Operations and Chief Financial Officer, effective February 27, 2017. Ronald L. Winowiecki, who had been with the Company in various treasury and senior finance roles since October 2008, most recently as our Senior Vice President of Business Finance, served as acting Chief Financial Officer from February 27, 2017 until his appointment as Chief Financial Officer on February 20, 2018. Changes in executive management create uncertainty. Moreover, changes in our company as a result of management transition could have a disruptive impact on our ability to implement, or result in changes to, our strategy and could negatively impact our business, financial condition and results of operations.

Unfavorable publicity or consumer perception of the safety, quality, and efficacy of our products could have a material adverse impact on our business.

We are dependent upon consumers' perception of the safety, quality, and efficacy of our products, and may be affected by changing consumer preferences. Negative consumer perception may arise from media reports, product liability claims, regulatory investigations, or recalls, regardless of whether they involve us or our products. The mere publication of information asserting defects in products or ingredients, or concerns about our products or the materials used in our products, could discourage consumers from buying our products, regardless of whether such information is scientifically supported.

• Our products involve risks such as product contamination, spoilage, mislabeling, and tampering that could require us to recall one or more of our products. Serious product quality concerns could also result in governmental actions against us that, among other things, could result in the suspension of production or distribution of our products, product seizures, loss of certain licenses, delays in the issuance of governmental approvals for new products, or other governmental penalties, all of which could be detrimental to our reputation and reduce demand for our products.

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Risk Factors

• We cannot guarantee that counterfeiting, imitation or other tampering with our products will not occur or that we will be able to detect and resolve it. Any counterfeiting or contamination of any products could negatively impact our reputation and sales, particularly if counterfeit or imitation products cause death or injury to consumers.

• Many of the brands we acquired from Omega have European recognition. This recognition is the result of the large investments Omega has made in its products over many years. The quality and safety of the products are critical to our business. If we are unable to effectively manage real or perceived issues, including concerns about safety, quality, efficacy, or similar matters, sentiments toward us and our products could be negatively impacted.

• Our CHCI segment's financial success is dependent on the success of its brands, and the success of these brands can suffer if marketing plans or product initiatives do not have the desired impact on a brand’s image or its ability to attract consumers and the performance of the segment may be negatively impacted if spending on such plans and initiatives does not generate the returns we anticipate. In addition, given the association of individual products within the commercial network of our CHCI segment, an issue with one of our products could negatively affect the reputation of other products, thereby potentially hurting our financial results.

• Powdered infant formula products are not sterile. All of our infant formula products must be prepared and maintained according to label instruction to retain their flavor and nutritional value and avoid contamination or deterioration. Depending on the product, a risk of contamination or deterioration may exist at each stage of the production cycle, including the purchase and delivery of raw materials, the processing and packaging of food products, and the use and handling by consumers, hospital personnel, and healthcare professionals. In the event that certain of our infant formula products are found or alleged to have suffered contamination or deterioration, whether or not under our control, our reputation and our infant formula product category sales could be materially adversely affected.

Increasing use of social media could give rise to liability, breaches of data security, or reputation damage.

The Company and our employees increasingly utilize social media as a means of internal and external communication.

• To the extent that we seek to use social media tools as a means to communicate about our products and/or business, there are uncertainties as to the rules that apply to such communications, or as to the interpretations that authorities will apply to the rules that exist. As a result, despite our efforts to monitor evolving social media communication guidelines and comply with applicable rules, there is risk that our use of social media for such purposes may cause us to be found in violation of them. A violation of such guidelines may damage our reputation as well as cause potential lawsuits and adversely affect our operating activities.

• Our employees may knowingly or inadvertently make use of social media tools in ways that may not be aligned with our social media strategy, may give rise to liability, or could lead to the loss of trade secrets or other intellectual property, or public exposure of personal information (including sensitive personal information) of our employees, clinical trial patients, customers, and others.

• Negative posts or comments about us, store brands or generic pharmaceuticals, or our products in social media could seriously damage our reputation and could adversely affect the price of our securities. In addition, negative posts or comments about our products could result in increased pharmacovigilance reporting requirements, which may give rise to liability if we fail to fully comply with such requirements.

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Risk Factors

Our quarterly results are impacted by a number of factors, some of which are beyond the control of our management, that may result in significant quarter-to-quarter fluctuations in operating results.

Some of the factors that may impact our quarterly results include the severity, length and timing of the cough/cold/flu and allergy seasons, the flea and tick season, the timing of new product approvals and introductions by us and our competitors, price competition, changes in the regulatory environment, changes in accounting pronouncements, changes in the levels of inventories maintained by our customers, and the timing of retailer promotional programs. These and other factors may result in significant variations in our operating results from quarter to quarter.

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

• We have experienced a reduction in pricing expectations during 2017 in comparison to historical patterns in our U.S. businesses, in particular in our RX segment, due to 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, competition in specific product categories, the loss of exclusivity on certain products, the recent increase in the speed and number of approvals from the FDA, and consolidation of certain customers in the RX segment. We expect this pricing environment to continue to impact the Company for the foreseeable future.

• The CHCI segment has been positively impacted by market dynamics in countries such as the Nordics, Italy, and Portugal offset by softness in certain brand categories in France and Germany, as well as by unfavorable foreign currency impacts primarily in the U.K. related to Brexit. In addition, the segment had been impacted in Belgium due to cancellations of unprofitable distribution agreements. The CHCI segment has restructured its approach to addressing these markets including: (1) the implementation of a brand prioritization strategy to address these market dynamics, with an objective to balance the cost of advertising and promotional investments with expected contributions from category sales, and (2) restructured its sales force in each of these markets to more effectively serve customers. The combination of these actions is expected to improve the segment's focus on higher value OTC products, reduce selling costs and improve operating margins in the segment.

• We continue to experience a reduction in pricing expectations within our CHCA segment, primarily in the cough/cold, animal health, and analgesics categories due to various factors, including focus from customers to capture supply chain productivity savings and competition in specific product categories. We expect this pricing environment to continue to impact our CHCA segment for the foreseeable future.

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 or result in impairment charges, and the market value of our ordinary shares and/or debt securitiesmay decline.

We may not realize the benefits of business acquisitions and divestitures we enter into, which could have a material adverse effect on our operating results.

In the normal course of business, we engage in discussions relating to possible acquisitions and divestitures. These transactions are accompanied by a number of risks. Many of these risks are beyond our control, and any one of them could result in increased cost, decreased net sales and diversion of management’s time and energy, any or all of which could materially impact our business, financial condition, and results of operations.

Acquisitions

One of our strategies is inorganic growth through the acquisition of products and companies that we expect will benefit the Company. This strategy comes with a number of financial, managerial, and operational risks. We may not realize the benefits of an acquisition because of integration and other challenges, including, but not limited to the following:

• Difficulty involved with managing the expanded operations of the respective parties, as well as identifying the extent of all weaknesses, risks, and contingent and other liabilities;

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Risk Factors

• Uncertainties involved in assessing the value, strengths, and potential profitability of the respective parties, as well as identifying the extent of all weaknesses, risks, and contingent and other liabilities of acquisition targets;

• Unanticipated changes in the business, industry, market or general economic conditions different from the assumptions underlying our rationale for pursuing the transaction;

• Difficulties due to a lack of, or limited experience in, any new product or geographic markets we enter;

• Inability to achieve identified operating and financial synergies, or return on investment, from an acquisition in the amounts or on the time frame anticipated;

• Substantial demands on our management, operational resources, technology, and financial and internal control systems, which could lead to dissatisfaction and potential loss of key customers, management, or employees;

• Integration activities that may detract attention from our day-to-day business, and substantial costs associated with the transaction process or other material adverse effects as a result of these integration efforts; and

• Difficulties, restrictions or increased costs associated with raising future capital in connection with an acquisition may impact our liquidity, credit ratings and financial position, thereby making it more difficult, restrictive or expensive to raise future capital. In addition, the issuance of equity to pay a portion of the purchase price for an acquisition would dilute our existing shareholders.    

Divestitures

We may evaluate potential divestiture opportunities with respect to portions of our business (including specific assets or categories of assets) from time to time, and may proceed with a divestiture opportunity if and when we believe it is consistent with our business strategy and initiatives. Any future divestitures could expose us to significant risk, including without limitation:

• Our ability to effectively transfer liabilities, contracts, facilities and personnel to any purchaser;

• Fees for legal and transaction-related services;

• Diversion of management resources; and

• Loss of key personnel and reduction in revenue.

If we do not realize the expected strategic, economic or other benefits of any divestiture transaction, it could adversely affect our financial condition and results of operations.

Our business could be negatively affected by the performance of our collaboration partners and suppliers.

We have entered into strategic alliances with partners and suppliers to develop, manufacture, market and/or distribute certain products, or components of our products in various markets. We commit substantial effort, funds and other resources to these various collaborations. There is a risk that our investments in these collaborative arrangements will not generate financial returns. While we believe our relationships with our partners and suppliers generally are successful, disputes, conflicting priorities or regulatory or legal intervention could be a source of delay or uncertainty as to the expected benefit of the collaboration (refer to Item 8. Note 17 for additional detail on our collaborative agreements and other contractual arrangements). A failure or inability of our partners or suppliers to fulfill their collaboration obligations, or the occurrence of any of the risks above, could have an adverse effect on our business, financial condition and results of operations.

We have acquired significant assets 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.

As of the year ended December 31, 2017, we recorded definite-lived intangible asset impairment charges of $19.7 million related to developed product technology/formulation and product rights, and distribution and license

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Risk Factors

agreements primarily in our RX segment and $12.7 million of impairment charge related to certain IPR&D assets primarily in our RX segment.

As of the year ended December 31, 2016, we recorded the following impairments:

• Goodwill impairment charges of $1.1 billion related to our Specialty Sciences, Branded Consumer Healthcare-Rest of World ("BCH-ROW"), BCH-Belgium, and Animal Health reporting units.

• Indefinite-lived and definite-lived intangible asset impairment charges of $1.5 billion related to: Trademarks, trade names and brands, developed product technology/formulation and product rights, distribution and license agreements, and supply agreements.

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. As of December 31, 2017, the net book value of our intangible assets and goodwill were $3.4 billion and $4.2 billion, respectively. SeeItem 8. Note 3for more information on the above impairment charges.

There can be no assurance that our strategic initiatives will achieve their intended effects.

We are in the process of implementing certain initiatives designed to increase operational efficiency and improve our return on invested capital by globalizing our supply chain through global shared service arrangements, streamlining our organizational structure, making key executive employee changes, performing a strategic portfolio review, and disposing of certain assets. We believe these initiatives will enhance our net sales, operating margins, and earnings; however, there can be no assurance that these initiatives will produce the anticipated benefits. Any delay or failure to achieve the anticipated benefits could have a material adverse effect on our projected results.

We identified material weaknesses 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 our review of certain material misstatements related to the characterization of the Tysabri^® royalty stream, income taxes and the evaluation of long-lived assets in our animal health reporting unit for impairment testing, in each case contained in certain of our historical financial statements and identified as part of our December 31, 2016 year end, we concluded that there were material weaknesses in our internal control over financial reporting that contributed to those misstatements. The material weaknesses over the income tax process that was identified during our fiscal year ended December 31, 2016 was not remediated during our fiscal year ended December 31, 2017, and we determined that we did not design or maintain effective controls over our income tax accounting process. As a result of the material weaknesses, we concluded that we did not maintain, in all material respects, effective internal control over financial reporting as of December 31, 2016, April 1, 2017, July 1, 2017, September 30, 2017 or December 31, 2017 based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). The failure to maintain effective control over financial reporting in turn resulted in material deficiencies in our disclosure controls and procedures.

We continue to identify and implement, actions to improve the effectiveness of our internal control over financial reporting and disclosure controls and procedures, but there can be no assurance that such remediation efforts will be successful. We have also incurred and may continue to incur substantial accounting, legal, consulting, and other costs in connection with remediating the material weaknesses. Failure to remediate the material weaknesses could have a negative impact on our business and the market for our ordinary shares. For more information on our material weaknesses and the status of our remediation efforts, see Item 9A - Controls and Procedures, which includes Management's Report on Internal Control over Financial Reporting.

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Perrigo Company plc- Item 1A

Risk Factors

Global Risks

Our business, financial condition, and results of operations are subject to risks arising from the international scope of our operations.

We manufacture, source raw materials, and sell our products in a number of countries. The percentage of our business outside the U.S. has been increasing. We are subject to risks associated with international manufacturing and sales, including:

• Unexpected changes in regulatory requirements;

• Problems related to markets with different cultural biases or political systems;

• Possible difficulties in enforcing agreements;

• Longer payment cycles and shipping lead-times;

• Difficulties obtaining export or import licenses;

• Changes to U.S. and foreign trade policies, including the enactment of tariffs on goods imported into the U.S., including but not limited to, goods imported from Mexico; and

• Imposition of withholding or other taxes.

Additionally, we are subject to periodic reviews and audits by governmental authorities responsible for administering import/export regulations. To the extent that we are unable to successfully defend against an audit or review, we may be required to pay assessments, penalties, and increased duties.

Certain of our facilities operate in a special purpose sub-zone established by the U.S. Department of Commerce Foreign Trade Zone Board, which allows us certain tax advantages on products and raw materials shipped through these facilities. If the Foreign Trade Zone Board were to revoke the sub-zone designation or limit our use, we could be subject to increased duties.

Although we believe that we conduct our business in compliance with applicable anti-corruption, anti-bribery and economic sanctions or other anti-corruption laws, if we are found to not be in compliance with such laws or other anti-corruption laws, we could be subject to governmental investigations, legal or regulatory proceedings, substantial fines, and/or other legal or equitable penalties. This risk increases in locations outside of the U.S., particularly in locations that have not previously had to comply with the FCPA, U.K. Bribery Act, and similar laws.

We operate in jurisdictions that could be affected by economic and political instability, which could have a material adverse effect on our business.

Our operations and supply partners could be affected by economic or political instability, embargoes, military hostilities, unstable governments and legal systems, and inter-governmental disputes. We have significant operations in Israel, which has experienced varying degrees of hostility in recent years. Doing business in Israel and certain other regions involves the following risks:

• Certain countries and international organizations have refused to do business with companies with Israeli operations. We are also precluded from marketing our products to certain countries due to U.S. and Israeli regulatory restrictions. International economic sanctions and boycotts of our products could negatively impact our sales and ability to export our products.

• Our facilities in Israel are within a conflict zone. If terrorist acts or military actions were to result in substantial damage to our facilities, our business activities would be disrupted since, with respect to most products, we would need to obtain prior regulatory agency approval for a change in manufacturing site. In addition, our insurance may not adequately compensate us for losses that may occur, and any losses or damages incurred by us could have a material adverse effect on our business.

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Perrigo Company plc- Item 1A

Risk Factors

• The U.S. Department of State and other governments have at times issued advisories regarding travel to certain countries in which we do business. As a result, regulatory agencies have at various times curtailed or prohibited their inspectors from traveling to inspect facilities. If these inspectors are unable to inspect our facilities, the regulatory agencies could withhold approval for new products intended to be produced at those facilities.

• Our international operations may be subject to interruption due to travel restrictions, war, terrorist acts, and other armed conflicts. Also, further threats of armed hostilities in certain countries could limit or disrupt markets and our operations, including disruptions resulting from the cancellation of contracts or the loss of assets. These events could have a material adverse effect on our international business operations.

• 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”). The UK is scheduled to leave the EU on March 29, 2019, and negotiations are taking place to determine the future terms of the UK’s relationship with the EU, including the terms of withdrawal, the terms of future trading and relations and any potential transition periods. Brexit has created significant instability and volatility in the global financial markets, has led to significant weakening of the British pound compared to the U.S. dollar and other currencies, and could adversely affect European or worldwide economic or market conditions. Although it is unknown what the future trading terms with the EU 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, increased restrictions on freedom of movement for employees, and increased regulatory complexities. 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 these effects of Brexit, and others we cannot anticipate, could adversely affect our business, business opportunities, operations, and financial results.

• While the challenging global economic environment has not had a material impact on our liquidity or capital resources, there can be no assurance that possible future changes in global financial markets and global economic conditions will not affect our liquidity or capital resources, impact our ability to obtain financing, or decrease the value of our assets.

• The challenging economic conditions have also impacted the movements in exchange rates, which have experienced significant recent volatility. Uncertainty regarding the future growth rates between countries, the influence of central bank actions, and the changing political environment globally may contribute to continued high levels of exchange rate volatility, which could have an adverse impact on our results.

• Our customers could be adversely impacted if economic conditions worsen. Our CHCA segment does not advertise its products like national brand companies and thus is largely dependent on retailer promotional activities to drive sales volume and increase market share.If our customers do not have the ability to invest in store brand promotional activities, our sales may suffer. Additionally, while we actively review the credit worthiness of our customers and suppliers, we cannot fully predict to what extent they may be negatively impacted by slowing economic growth.

The international scope of our business exposes us to risks associated with foreign exchange rates.

We report our financial results in U.S. dollars. However, a significant portion of our net sales, assets, indebtedness and other liabilities, and costs are denominated in foreign currencies. These currencies include among others the euro, Indian rupee, British pound, Canadian dollar, Israeli shekel, Australian dollar, and Mexican peso. The addition of Omega, a euro-denominated business, that represents a significant portion of our net sales and earnings, and a substantial portion of our net assets, has significantly increased our exposure to changes in the euro/U.S. dollar exchange rate. Approximately 34% of Omega’s sales are in other foreign currencies, with the majority of the product costs for these markets denominated in euros. 

In addition, several emerging market economies are particularly vulnerable to the impact of rising interest rates, inflationary pressures, weaker oil and other commodity prices, and large external deficits. While some of

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Perrigo Company plc- Item 1A

Risk Factors

these jurisdictions are showing signs of stabilization or recovery, others continue to experience levels of stress and volatility. Risks in one country can limit our opportunities for portfolio growth and negatively affect our operations in another country or countries. As a result, any such unfavorable conditions or developments could have an adverse impact on our operations. Our results of operations and, in some cases, cash flows, have in the past been, and may in the future be, adversely affected by movements in exchange rates. In addition, we may also be exposed to credit risks in some of those markets.We may implement currency hedges or take other actions intended to reduce our exposure to changes in foreign currency exchange rates. If we are not successful in mitigating the effects of changes in exchange rates on our business, any such changes could materially impact our results.

Risks Related to Litigation and Insurance

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

We may become involved in lawsuits arising from a wide variety of commercial, manufacturing, development, marketing, sales and other business-related matters, including, but not limited to, competitive issues, pricing, contract issues, intellectual property matters, false advertising, unfair competition, taxation matters, workers' compensation, product quality/recall, environmental remediation, securities law, disclosure, and regulatory issues. Litigation is unpredictable and can be costly. We intend to vigorously defend against any lawsuits, however, we cannot predict how the cases will be resolved. Adverse results in the cases could result in substantial monetary judgments. No assurance can be made that litigation will not have a material adverse effect on our financial position or results of operations in the future (refer to Item 8. Note 16 for more information on specific ongoing litigation).

• We may be subject to liability if our products violate applicable laws or regulations in the jurisdictions where our products are distributed. The successful assertion of product liability or other product-related claims against us could result in potentially significant monetary damages, and we could incur substantial legal expenses. Even if a product liability or consumer fraud claim is unsuccessful, not merited, or not fully pursued, we may still incur substantial legal expenses defending against such a claim, and our reputation may suffer.

• We may face environmental exposures including, for example, those relating to discharges from and materials handled as part of our operations, the remediation of soil and groundwater contaminated by hazardous substances or wastes, and the health and safety of our employees. While we do not have any material remediation liabilities currently outstanding, we may in the future face liability for the costs of investigation, removal or remediation of certain hazardous substances or petroleum products on, under or in our currently or formerly owned property, or from a third-party disposal facility that we may have used, without regard to whether we knew of, or caused, the presence of the contaminants. The actual or alleged presence of these substances, or the failure to remediate them, could have adverse effects, including, for example, substantial investigative or remedial obligations and limitations on our ability to sell or rent affected property or to borrow funds using affected property as collateral. There can be no assurance that environmental liabilities and costs will not have a material adverse effect on us. See Item 1. Business - Information Applicable to All Reportable Segments - Environmental for more information.

• Our CHCI segment regularly makes advertising claims regarding the effectiveness of its products, which we are responsible for defending. An unsuccessful defense of product-related claims could result in potentially significant monetary damages and substantial legal expenses. Even if a claim is unsuccessful, not merited, or not fully pursued, we may still incur substantial legal expenses defending against such a claim, and our reputation could suffer.

• Additionally, we may be the target of claims asserting violations of securities fraud and derivative actions, or other litigation proceedings in the future.

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Perrigo Company plc- Item 1A

Risk Factors

Increased scrutiny on pricing practices and competition in the pharmaceutical industry, including antitrust enforcement activity by government agencies and class action litigation, may have an adverse impact on our business and results of operations.

                There has been increased scrutiny regarding sales, marketing, and pricing practices in the pharmaceutical industry from both government agencies and the media, including allegations of “price gouging” and/or collusion. This includes recent U.S. Congressional inquiries and hearings in connection with the investigation of specific price increases by several pharmaceutical companies, proposed and enacted legislation seeking greater transparency in drug pricing, and criminal investigations regarding drug pricing. U.S. federal and state prosecutors have issued subpoenas to a number of pharmaceutical companies seeking information about their drug pricing practices, and several class action lawsuits have been filed that allege price-fixing with respect to various pharmaceutical products. In December 2016, the Antitrust Division of the U.S. Department of Justice (the “Antitrust Division”) filed criminal charges against two former executives from a competitor of the Company for their roles in conspiracies to fix prices, rig bids and allocate customers for certain generic drugs.

On May 2, 2017, we disclosed that search warrants were executed at a number of Perrigo facilities and other locations in connection with the Antitrust Division’s ongoing investigation related to drug pricing in the pharmaceutical industry. Although no charges have been brought to date against Perrigo or any of our current employees (or, to the best of our knowledge, former employees), we take the investigation very seriously.

If criminal antitrust charges are filed involving Perrigo, we would incur substantial litigation and other costs, and could face substantial monetary penalties, injunctive relief, negative publicity and damage to our reputation. Regardless of the ultimate outcome, responding to those charges would divert management’s time and attention and could impair our operations. Further, we cannot predict whether legislative or regulatory changes may result from the ongoing public scrutiny of our industry, what the nature of any such changes might be, or what impact they may have on Perrigo. Any of these developments could have a material adverse impact on our business, results of operations, and reputation.

We are cooperating with the government’s investigation and are committed to operating our business in compliance with all applicable laws and regulations and the highest standards of ethical conduct. We do not condone, and will not countenance, any violation of these standards by our employees, agents, and business partners.

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. 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 release or guidance that does not meet market expectations. 

It has become increasingly commonplace for investors to file lawsuits against companies following a rapid decrease in market capitalization. We have been in the past, and may be in the future, named in these types of lawsuits. 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, which could have a material impact on the Company.

Third-party patents and other intellectual property rights may limit our ability to bring new products to market and may subject us to potential legal liability, causing us to incur significant costs.

The manufacture, use and sale of new products that are the subject of conflicting patent rights have been the subject of substantial litigation in the pharmaceutical industry.

40

Perrigo Company plc- Item 1A

Risk Factors

• As a manufacturer of generic pharmaceutical products, the ability of our CHCA and RX segments to bring new products to market is often limited by third-party patents or proprietary rights and regulatory exclusivity periods awarded on products. Launching new products prior to resolution of intellectual property issues may result in us incurring legal liability if the related litigation is later resolved against us. The cost and time for us to develop prescription and Rx-to-OTC switch products is significantly greater than the rest of the new products that we introduce. Any failure to bring new products to market in a timely manner could cause us to lose market share, and our operating results could suffer.

• We could have to defend against charges that we violated patents or proprietary rights of third parties. This could require us to incur substantial expense and could divert significant effort of our technical and management personnel. If we are found to have infringed on the rights of others, we could lose our right to develop or manufacture some products or could be required to pay monetary damages or royalties to license proprietary rights from third parties. Additionally, if we choose to settle a dispute through licensing or similar arrangements, the costs associated with these arrangements may be substantial and could include ongoing royalties. An adverse determination in a judicial or administrative proceeding or failure to obtain necessary licenses could prevent us from manufacturing and selling a number of our products.

• At times, our CHCA or RX segments may seek approval to market drug products before the expiration of patents for those products, based upon our belief that such patents are invalid, unenforceable or would not be infringed by our products. In these cases we may face significant patent litigation. Depending upon a complex analysis of a variety of legal and commercial factors, we may, in certain circumstances, elect to market a generic pharmaceutical product while litigation is pending, before any court decision, or while an appeal of a lower court decision is pending, known as an "at risk" launch. The risk involved in an "at risk" launch can be substantial because, if a patent holder ultimately prevails, the remedies available to the patent holder may include, among other things, damages measured by the profits lost by the holder, which are often significantly higher than the profits we make from selling the generic version of the product. By electing to proceed in this manner, we could face substantial damages if we receive an adverse final court decision. In the case where a patent holder is able to prove that our infringement was "willful" or "exceptional," under applicable law, the patent holder may be awarded up to three times the amount of its actual damages or we may be required to pay attorneys’ fees.

The success of certain of our products depends on the effectiveness of measures we take to protect our intellectual property rights and patents.

If we fail to adequately protect our intellectual property, competitors may manufacture and market similar products.

• We have been issued patents covering certain of our products, and we have filed, and expect to continue to file, patent applications seeking to protect newly developed technologies and products in various countries. Any existing or future patents issued to or licensed by us may not provide us with any significant competitive advantages for our products or may even be challenged, invalidated, or circumvented by competitors. In addition, patent rights may not prevent our competitors from developing, using, or commercializing non-infringing products that are similar or functionally equivalent to our products.

• We also rely on trade secrets, unpatented proprietary know-how, and continuing technological innovation that we seek to protect, in part by confidentiality agreements with licensees, suppliers, employees, and consultants. If these agreements are breached, we may not have adequate remedies for any such breach. Disputes may arise concerning the ownership of intellectual property or the applicability of confidentiality agreements. Furthermore, trade secrets and proprietary technology may otherwise become known or be independently developed by competitors or, if patents are not issued with respect to products arising from research, we may not be able to maintain the value of such intellectual property rights.

41

Perrigo Company plc- Item 1A

Risk Factors

Significant increases in the cost or decreases in the availability of the insurance we maintain could adversely impact our financial condition.

To protect the Company against various potential liabilities, we maintain a variety of insurance programs, including property, general and product, and directors' and officers' liability. We may reevaluate and change the types and levels of insurance coverage that we purchase. We are self-insured when insurance is not available or not available at reasonable premiums. Risks associated with insurance plans include:

• Insurance costs could increase significantly, or the availability of insurance may decrease, either of which could adversely impact our financial condition;

• Deductible or retention amounts could increase or our coverage could be reduced in the future and to the extent losses occur, there could be an adverse effect on our financial results depending on the nature of the loss and the level of insurance coverage we maintained (refer to Item 8. Note 16 for further information related to legal proceedings);

• Product liability insurance may not be available to us at an economically reasonable cost (or at all for certain specific products) or our insurance may not adequately cover our liability in connection with product liability claims (refer to Item 8. Note 16 for further information related to legal proceedings); and

• As our business inherently exposes us to claims for injuries allegedly resulting from the use of our products, we may become subject to claims for which we are not adequately insured. Unanticipated payment of a large claim may have a material adverse effect on our business.

Tax Related Risks

The U.S. Internal Revenue Service ("IRS") may not agree with the conclusion that we are treated as a foreign corporation for U.S. federal tax purposes.

Although we are incorporated in Ireland, the IRS may assert that we should be treated as a U.S. corporation (and, therefore, a U.S. tax resident) for U.S. federal tax purposes pursuant to section 7874 of the U.S. Internal Revenue Code of 1986, as amended ("Code"). For U.S. federal tax purposes, a corporation generally is considered a tax resident in the jurisdiction of its organization or incorporation. Because we are an Irish incorporated entity, we would generally be classified as a foreign corporation (and, therefore, a non-U.S. tax resident) under these rules. Section 7874 of the Code provides an exception under which a foreign incorporated entity may, in certain circumstances, be treated as a U.S. corporation for U.S. federal tax purposes.

For Perrigo Company plc to be treated as a foreign corporation for U.S. federal tax purposes under section 7874 of the Code, either (i) the former stockholders of Perrigo Company must own (within the meaning of section 7874 of the Code) less than 80% (by both vote and value) of our stock by reason of holding shares in Perrigo Company (the "ownership test") as of the closing of the Elan acquisition or (ii) we must have substantial business activities in Ireland after the Elan acquisition (taking into account the activities of our expanded affiliated group).

Upon our acquisition of Elan, Perrigo Company stockholders held 71% (by both vote and value) of our shares. As a result, we believe that under current law, we should be treated as a foreign corporation for U.S. federal tax purposes. However, we cannot assure that the IRS will agree with our position that the ownership test is satisfied. There is limited guidance regarding the section 7874 provisions, including the application of the ownership test. An unfavorable determination on Perrigo Company plc’s treatment as a foreign corporation under section 7874 of the Code could have a material impact on our consolidated financial statements in future periods.

Based on the limited guidance available, we currently expect that Section 7874 of the Code likely will limit our and our U.S. affiliates’ ability to use their U.S. tax attributes, such as net operating losses, to offset certain U.S. taxable income, if any, generated by the Elan acquisition or certain specified transactions for a period of time following the Elan acquisition (refer to Item 8, Note 14).

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Perrigo Company plc- Item 1A

Risk Factors

Changes to tax laws could have a material adverse effect on our results of operations and the ability to utilize cash in a tax efficient manner.

We believe that under current law, we should be treated as a foreign corporation for U.S. federal tax purposes. However, any of the following could adversely affect our status as a foreign corporation for U.S. federal tax purposes:

• Changes to the inversion rules in section 7874 of the Code, the IRS Treasury regulations promulgated thereunder, or other IRS guidance; and

• Legislative proposals aimed at expanding the scope of U.S. corporate tax residence.

On April 4, 2016, the United States Treasury ("Treasury") and the IRS issued a package of temporary regulations that incorporate the guidance promised in the 2014 and 2015 notices and provide other rules. These temporary regulations are generally effective for certain inversion transactions completed on or after November 19, 2015 or, in certain cases, to certain specified post-inversion transactions occurring after that date provided that an inversion transaction had occurred on or after September 22, 2014. We do not believe that those regulations would apply to our transaction, which occurred prior to those effective dates. Treasury and the IRS also issued final regulations on June 3, 2015, which address the “substantial business activities” test of Section 7874 of the Code. We believe that those regulations, which have an effective date of June 4, 2015, also do not impact the treatment of our status as a foreign corporation under Section 7874, as our transaction also occurred prior to the effective date of those final regulations.

On October 16, 2016, Treasury released final regulations regarding corporate tax inversions and related earnings stripping. These final regulations include provisions that may be interpreted to impact otherwise common tax structures including intercompany financing and obligations. We believe that these regulations do not materially impact our intercompany financing and obligations. Treasury has indicated that they will continue to study certain portions of the proposed regulations that were not finalized, and we will evaluate the impacts of any additional guidance or regulations to our cross-border treasury management practices and intercompany financing structures at that time. We have no assurance that such guidance, if any, will not impact our ability to utilize existing or similar structures in the future.

The Organization for Economic Co-operation and Development, which represents a coalition of member countries, has recommended changes to numerous long-standing tax principles relating to Base Erosion and Profit Shifting ("BEPS"). These changes are being adopted and implemented by many of the countries in which we do business and may increase our taxes in these countries. In addition, the European Commission has launched several initiatives to implement BEPS actions including an anti-tax avoidance directive ("ATADI & II") and having a common (consolidated) corporate tax base. It is unclear at present if and how these initiatives will be implemented by the EU countries. Specifically, Ireland is embarking on a consultation process to implement the ATAD & II directives and BEPS related measures. The shape of this reform may adversely impact our consolidated effective tax rate.

On December 25, 2017, Belgium enacted a tax reform bill (“Belgium Tax Act”) providing for a simplified tax system including, among other items, a corporate income tax rate reduction from 33% to 29% in 2018 (and to 25% from 2020) and an increase in the participation exemption on qualifying dividends from 95% to 100% (refer to Item 8, Note 14 for further information related to the Belgium Tax Act).

On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act (“U.S. Tax Act”). The U.S. Tax Act includes a number of significant changes to existing U.S. tax laws that impact us. These changes include a corporate income tax rate reduction from 35% to 21% and the elimination or reduction of certain U.S. deductions and credits, including limitations on the deductibility of interest expense and executive compensation. The U.S. Tax Act also transitions international taxation from a worldwide system to a modified territorial system. This modified territorial system includes, among other items, base erosion prevention measures which have the effect of subjecting certain earnings of our U.S. owned foreign corporations to U.S. taxation as global intangible low-taxed income (“GILTI”) and the establishment of a minimum tax on certain payments from our U.S. subsidiaries to related foreign persons as base erosion and anti-abuse tax (“BEAT”). These changes are effective beginning in 2018. The U.S. Tax Act also includes a one-time mandatory deemed repatriation tax on accumulated U.S. owned foreign

43

Perrigo Company plc- Item 1A

Risk Factors

corporations’ previously untaxed foreign earnings (“Transition Toll Tax”). The Transition Toll Tax will be paid over an eight-year period starting in 2018 and will not accrue interest.

Our preliminary estimate of the impact of the U.S. Tax Act (including the Transition Toll Tax) is subject to the finalization of management's analysis related to certain matters, such as developing interpretations of the provisions of the U.S. Tax Act, changes to certain estimates and amounts related to the earnings and profits of certain U.S. owned foreign subsidiaries and the filing of our tax returns. U.S. Treasury regulations, administrative interpretations or court decisions interpreting the U.S. Tax Act may require further adjustments and changes in our estimates, which could have a material adverse effect on our business, results of operations or financial conditions. The final determination of the impact of the U.S. Tax Act (including the Transition Toll Tax) will be completed as additional information becomes available, but no later than one year from the enactment of the U.S. Tax Act (refer to Item 8, Note 14 for further information related to the U.S. Tax Act).

Any of these changes could have a prospective or retroactive application to us, our shareholders, and affiliates, and could adversely affect us by changing our effective tax rate and limiting our ability to utilize cash in a tax efficient manner.

Our effective tax rate or cash tax payment requirements may change in the future, which could adversely impact our future results from operations.

A number of factors may adversely impact our future effective tax rates or cash tax payment requirements, which may impact our future results and cash flows from operations (refer toItem 8. Note 14for further information related to Income Taxes). These factors include, but are not limited to:

• Changes to tax laws or the interpretation of such tax laws (including additional proposals for fundamental international tax reform);

• 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, treatment or characterization of intercompany transactions, changes in available tax credits, grants and other incentives;

• Changes in stock-based compensation expense;

• Changes in U.S. generally accepted accounting principles;

• Expiration or the inability to renew tax rulings or tax holiday incentives;

• Divestitures of current operations; and

• Repatriation of non-U.S. earnings with respect to which we have not previously provided for U.S. taxes.

The resolution of uncertain tax positions could be unfavorable, which could have an adverse effect on our business.

Although we believe that our tax estimates are reasonable and that our tax filings are prepared in accordance with all applicable tax laws, the final determination with respect to any tax audit or any related litigation could be materially different from our estimates or from our historical income tax provisions and accruals. The results of an audit or litigation could have a material effect on operating results or cash flows in the periods for which that determination is made and in future periods after the determination. In addition, future period earnings may be adversely impacted by litigation costs, settlements, penalties or interest assessments.

We are currently involved in several audit and adjustment related disputes, including litigation, with the Internal Revenue Service (“IRS”). These include litigation regarding our 2009, 2010, 2011, and 2012 tax years, as well as proposed audit adjustments related to litigation costs and transfer pricing positions related to Athena Neurosciences, Inc. (“Athena”), a subsidiary of Elan acquired in 1996, for the 2011, 2012 and 2013 tax years.

44

Perrigo Company plc- Item 1A

Risk Factors

At this time, we cannot predict the outcome of any audit or related litigation. Unfavorable resolutions of the audit matters discussed above could have a material impact on our consolidated financial statements in future periods. (refer to Item 8. Note 14 for further information related to uncertain tax positions and ongoing tax audits and Item 8. Note 16 for further information related to legal proceedings).

Risks Related to Capital and Liquidity

Our historical failure to timely file our periodic reports with the SEC may limit our options in accessing the public markets to raise debt or equity capital, which in turn may limit our ability to pursue future transactions or strategies.

We did not timely file our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 or our Quarterly Report on Form 10-Q for the quarter ended April 1, 2017. As a result, there currently are limits on our ability to access the public markets. For example, we are not eligible to use Form S-3 until we establish the required history of making timely filings for twelve full calendar months. The ability to use Form S-3 to register public offerings in the United States offers certain benefits, such as relatively lower costs and shorter time-frames to prepare a registration statement and cause it to become effective, which may enhance our ability to take advantage of positive market conditions as they develop. The limited availability of access to the public markets could increase the time and costs related to raising capital or prevent us from pursuing transactions or implementing future business strategies. We expect we will again become eligible to use Form S-3 as of June 1, 2018; however, any failure by us to timely file one or more of our periodic reports or otherwise remain current in our SEC reporting requirements may further inhibit our ability to access the public markets.

Our indebtedness could adversely affect our ability to implement our strategic initiatives.

We anticipate that cash, cash equivalents, cash flows from operations, and borrowings available under our credit facilities will substantially fund working capital and capital expenditures. Our business requires continuous capital investments, and there can be no assurance that financial capital will always be available on favorable terms or at all. Additionally, our leverage and debt service obligations could adversely affect the business. At December 31, 2017, our total indebtedness outstanding was $3.3 billion.

• Our senior credit facilities, the agreements governing our senior notes, and agreements governing our other indebtedness contain a number of restrictions and covenants that limit our ability to make distributions or other payments to our investors and creditors unless certain financial tests or other criteria are satisfied.

• We also must comply with certain specified financial ratios and tests. These restrictions could affect our ability to operate our business and may limit our ability to take advantage of potential business opportunities, such as acquisitions. If we do not comply with the covenants and restrictions contained in our senior credit facilities, agreements governing our senior notes, and agreements governing our other indebtedness, we could be in default under those agreements, and the debt, together with accrued interest, could then be declared immediately due and payable.

• Any default under our senior credit facilities or agreements governing our senior notes or other indebtedness could lead to an acceleration of debt under other debt instruments that contain cross-acceleration or cross-default provisions. If our indebtedness is accelerated, there can be no assurance that we would be able to repay or refinance our debt or obtain sufficient new financing.

• Downgrades to our credit ratings may limit our access to capital and materially increase borrowing costs on current or future financing, including via trade payables with vendors. Customers' inclination to purchase goods from us may also be affected by the publicity associated with deterioration of our credit ratings.

• There are various maturity dates associated with our credit facilities, senior notes, and other debt facilities. There is no assurance that cash, future borrowings or equity financing will be available for the payment or refinancing of our indebtedness. Further, there is no assurance that future refinancing or renegotiation of our senior credit facilities, senior notes or other debt facilities, or additional agreements will not have materially different or more stringent terms (refer toItem 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations).

45

Perrigo Company plc- Item 1A

Risk Factors

We cannot guarantee that we will buy back our ordinary shares pursuant to our announced share repurchase plan or that our share repurchase plan will enhance long-term shareholder value.

In October 2015, our Board of Directors authorized a $2.0 billion three-year share repurchase plan. During the three months ended December 31, 2015, we repurchased shares through the plan totaling $500.0 million. During 2016, we did not purchase any shares in the open market. During 2017, we repurchased $191.5 million worth of shares. The specific timing and amount of buybacks, if any, will depend upon several factors, including market and business conditions, the trading price of our ordinary shares, and the nature of other investment opportunities. Buybacks of our ordinary shares pursuant to our share repurchase plan could affect the market price of our ordinary shares or increase their volatility. Additionally, our share repurchase plan could diminish our cash reserves, which may impact our ability to finance future growth and to pursue possible future strategic opportunities and acquisitions. Although our share repurchase plan is intended to enhance long-term shareholder value, there is no assurance that it will do so, and short-term share price fluctuations could reduce the plan’s effectiveness.

Any additional shares we may issue could dilute your ownership in the Company.

• Under Irish law, our authorized share capital can be increased by an ordinary resolution of our shareholders, and the directors may issue new ordinary or preferred shares up to a maximum amount equal to the authorized but unissued share capital, without shareholder approval, once authorized to do so by the articles of association or by an ordinary resolution of our shareholders.

• Subject to specified exceptions, Irish law grants statutory preemption rights to existing shareholders to subscribe for new issuances of shares for cash, but allows shareholders to authorize the waiver of the statutory preemption rights by way of special resolution with respect to any particular allotment of shares.

• Our articles of association contain, as permitted by Irish company law, a provision authorizing our Board of Directors to issue new shares for cash without offering preemption rights. The authorization of the directors to issue shares and the authorization of the waiver of the statutory preemption rights must both be renewed by the shareholders at least every five years, and we cannot provide any assurance that these authorizations will always be approved, which could limit our ability to issue equity and thereby adversely affect the holders of our securities.

We are incorporated in Ireland; Irish law differs from the laws in effect in the United States and may afford less protection to, or otherwise adversely affect, our shareholders.

As an Irish company, we are governed by the Irish Companies Act 2014 (the "Act"). The Act differs in some material respects from laws generally applicable to U.S. corporations and shareholders, including the provisions relating to interested directors, mergers, amalgamations and acquisitions, takeovers, shareholder lawsuits, and indemnification of directors.

• Under Irish law, the duties of directors and officers of a company are generally owed to the company only. As a result, shareholders of Irish companies do not have the right to bring an action against the directors or officers of a company, except in limited circumstances.

• Depending on the circumstances, shareholders may be subject to different or additional tax consequences under Irish law as a result of the acquisition, ownership and/or disposition of ordinary shares, including, but not limited to, Irish stamp duty, dividend withholding tax, and capital acquisitions tax.

• There is no treaty between Ireland and the U.S. providing for the reciprocal enforcement of foreign judgments. Before a foreign judgment would be deemed enforceable in Ireland, the judgment must be provided by a court of competent jurisdiction and be for a final and conclusive sum. An Irish court may exercise its right to refuse to recognize and enforce a foreign judgment if the foreign judgment was obtained by fraud, if it violated Irish public policy, if it is in breach of natural justice, or if it is irreconcilable with an earlier judgment.

46

Perrigo Company plc- Item 1A

Risk Factors

• An Irish court may stay proceedings if concurrent proceedings are being brought elsewhere. Judgments of U.S. courts of liabilities predicated upon U.S. federal securities laws may not be enforced by Irish courts if deemed to be contrary to public policy in Ireland.

We are subject to Irish takeover rules under which our Board of Directors is not permitted to take any action without shareholder or Irish Takeover Panelapproval that might frustrate an offer for our ordinary shares once we have received an approach that may lead to an offer, or have reason to believe an offer is or may be imminent. Further, it could be more difficult for us to obtain shareholder approval for a merger or negotiated transaction than if we were a U.S. company because the shareholder approval requirements for certain types of transactions differ, and in some cases are greater, under Irish law.

We may be limited in our ability to pay dividends in the future.

A number of factors may limit our ability to pay dividends in the future, including:

• The availability of distributable reserves, as approved by our shareholders and the Irish High Court;

• Our ability to receive cash dividends and distributions from our subsidiaries;

• Compliance with applicable laws and debt covenants; and

• Our financial condition, results of operations, capital requirements, general business conditions, and other factors that our Board of Directors may deem relevant.

ITEM 1B. UNRESOLVED STAFF COMMENTS

Not applicable.

ITEM 2. PROPERTIES

Our world headquarters is located in Dublin, Ireland, and our North American base of operations is located in Allegan, Michigan. We manufacture products at 28 worldwide locations and have R&D, logistics, and office support facilities in many of the regions in which we operate. We own approximately 72% of our facilities and lease the remainder. Our primary facilities by geographic area were as follows at December 31, 2017:

Country	Number of Facilities	Segment(s) Supported
Ireland	1	CHCA, CHCI, RX
United States	44	CHCA, RX, Other
Mexico	9	CHCA
United Kingdom	7	CHCI
France	6	CHCI
Belgium	4	CHCI
Austria	4	CHCI
Australia	3	CHCI
Israel	3	CHCA, CHCI, RX
India	2	CHCA
Germany	2	CHCI
Switzerland	2	CHCI
Italy	1	CHCI
Portugal	1	CHCI

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Perrigo Company plc - Item 2

We believe that our production facilities are adequate to support the business, and our property and equipment are well maintained. Our manufacturing plants are suitable for their intended purposes and have capacities for current and projected needs of our existing products.

ITEM 3. LEGAL PROCEEDINGS

Information regarding our current legal proceedings is presented in Item 8. Note 16.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

48

Perrigo Company plc - Additional Item

Executive Officers

ADDITIONAL ITEM. EXECUTIVE OFFICERS OF THE REGISTRANT

Our executive officers and their ages and positions as of February 23, 2018 were:

	Title and Business Experience	Age
Svend Andersen	Mr. Andersen was named Executive Vice President and President, Consumer Healthcare International in February 2017. Prior to joining Perrigo in May 2016, Mr. Andersen served as Executive Vice President - Europe for LEO-Pharma from December 2015 to May 2016. Prior to that, he was Regional President and Corporate officer at Hospira, Inc.’s Europe, Middle East and Africa (“EMEA”) business for five years, was Executive Vice President responsible for the Western European division’s pharmaceuticals, generics, OTC and hospital products businesses at Actavis from 2008 to 2015 including leading Alpharma’s EMEA businesses prior to its acquisition by Actavis, and prior to that, spent 10 years with Ferrosan (A Novo Nordisk Subsidiary) specialized in OTC and consumer health products as Vice President for Global Commercial Operations.	56
Thomas M. Farrington	Mr. Farrington was named Executive Vice President and Chief Information Officer in November 2015. He formerly served as Senior Vice President and Chief Information Officer from October 2006 to November 2015.	60
Ronald Janish	Mr. Janish was named Executive Vice President of Global Operations and Supply Chain in October 2015. He served as Senior Vice President of International and Rx Operations from 2012 until 2015 and as Managing Director of Perrigo’s Australian operations from 2010 to 2012. Previously, he held Senior Vice President roles for Perrigo in International Market Development, China Business Development and Global Procurement.	52
Todd W. Kingma	Mr. Kingma was named Executive Vice President, General Counsel and Secretary in May 2006. He served as Vice President, General Counsel and Secretary from August 2003 to May 2006.	58
Sharon Kochan	Mr. Kochan was named Executive Vice President and President, Branded Consumer Healthcare and International in February 2017. He served as Executive Vice President and General Manager, Consumer Healthcare International from August 2012 to February 2017. He served as Executive Vice President, General Manager of Prescription Pharmaceuticals from March 2007 to July 2012 and as Senior Vice President of Business Development and Strategy from March 2005 to March 2007. Mr. Kochan was Vice President, Business Development of Agis Industries (1983) Ltd. from July 2001 until the acquisition of Agis by the Company in March 2005.	49
James R. Michaud	Mr. Michaud was named Executive Vice President, Chief Human Resources Officer in August 2016. In 2014, Mr. Michaud was President of Human Resources Strategies, a consulting company focused on providing business based human resource strategies to a wide variety of companies in multiple industries. His corporate career spanned senior human resource roles in Alcoa, Arcelor Mittal Steel, and most recently, Cliffs Natural Resources, where he served as Executive Vice President, Chief Human Resources Officer from 2010 to 2014.	62
Jeffrey R. Needham	Mr. Needham was named Executive Vice President and President of Consumer Healthcare Americas in October 2009. He served as Senior Vice President of Commercial Business Development for Consumer Healthcare from March 2005 through October 2009. Previously, he served as Senior Vice President of International from November 2004 to March 2005. He served as Managing Director of Perrigo’s U.K. operations from May 2002 to November 2004 and as Vice President of Marketing from 1993 to 2002.	61
Grainne Quinn	Ms. Quinn was named Executive Vice President in July 2016 and has served as Chief Medical Officer since November 2015. Prior to that she served as Vice President and Head of Global Patient Safety from January 2014 until November 2015.  Dr. Quinn was Vice President and Head of Global Pharmacovigilance and Risk Management for Elan from April 2009 until December 2013 when the Company acquired Elan.	48
Uwe F. Roehrhoff	Mr. Roehrhoff was appointed President, Chief Executive Officer and Board Member effective January 15, 2018. Prior to joining Perrigo, Mr. Roehrhoff served as Chief Executive Officer of Gerresheimer AG, a leading global manufacturer of pharmaceutical packaging products and medical devices for storage, dosage and safe administration of drugs. He began his career with Gerresheimer AG in 1991 and steadily advanced to serve in a number of key leadership roles in Europe and North America, including leading the American subsidiary Gerresheimer Glass Inc. from 2001 to 2010. He served as an executive board member from 2003 to 2017, responsible for two of the company’s three business units, and CEO of Gerresheimer AG from 2010 until his retirement in August 2017. Mr. Roehrhoff served as Audit Committee Chairman on the Board of Directors of Catalent, Inc. from February 2017 to February 2018 and as deputy chairman of Klöckner&Co SE since May 2017.	55
Paul Weninger	Mr. Weninger was named Executive Vice President of Global Quality Operations in December 2015. He served as Senior Vice President, U.S. Quality Operations from 2013 to 2015; Vice President, Consumer Healthcare and Rx Quality Operations, U.S. and Asia Pacific from 2010 to 2013; Vice President, Global CHC Quality Operations from 2007 to 2010.	54
John Wesolowski	Mr. Wesolowski was named Executive Vice President, President RX in November 2016. He previously was named as Acting General Manager, RX, in July 2016 and served in that capacity until November 2016. Previously, he served as Senior Vice President of RX Commercial Operations, from 2013 until July 2016. Mr. Wesolowski joined Perrigo in February 2004 as the Vice President, RX Sales and Marketing and was subsequently promoted to the Senior Vice President of RX Sales and Marketing in 2012.	50
Ronald L. Winowiecki	Mr. Winowiecki was appointed CFO in February 2018. He served as Acting CFO from February 2017 to February 2018; Senior Vice President of Business Finance from January 2014 to February 2017; Vice President for Treasury and Accounting Shared Services from September 2011 to December 2013; and the Company’s Corporate Vice President Treasurer from October 2008 to August 2011.	51

49

Perrigo Company plc - Item 5

PART II.

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Prior to June 6, 2013, our common equity traded on the Nasdaq Global Select Market under the symbol PRGO. Since June 6, 2013, our common equity has traded on the New York Stock Exchange ("NYSE") under the symbol PRGO. In association with the acquisition of Agis Industries (1983) Ltd., our common equity has been trading on the Tel Aviv Stock Exchange ("TASE") since March 16, 2005. As of February 23, 2018, there were 1,498 record holders of our ordinary shares.

Set forth below are the high and low sale prices for our ordinary shares on the NYSE for the periods indicated:

	Year Ended								Six Months Ended
	December 31, 2017				December 31, 2016				December 31, 2015
	High		Low		High		Low		High		Low
First quarter	$	87.48	$	66.29	$	152.36	$	122.62	$	198.42	$	158.35
Second quarter	$	77.74	$	65.47	$	133.53	$	84.85	$	167.92	$	140.40
Third quarter	$	89.87	$	63.68	$	99.14	$	82.50	N/A		N/A
Fourth quarter	$	91.73	$	79.70	$	97.17	$	79.72	N/A		N/A

The graph below shows a comparison of our cumulative total return with the cumulative total returns for the S&P 500 Index and the S&P Pharmaceuticals Index. The graph assumes an investment of $100 at the beginning of the period and the reinvestment of any dividends. Information in the graph is presented for the years ended December 31, 2012 through December 31, 2017.

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Perrigo Company plc - Item 5

COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*

AMONG PERRIGO COMPANY PLC**, THE S&P 500 INDEX, AND THE S&P PHARMACEUTICALS INDEX

	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017
Perrigo Company plc	$100.00	$147.94	$161.60	$140.30	$81.18	$85.72
S&P 500	$100.00	$132.39	$150.51	$152.59	$170.84	$208.14
S&P Pharmaceuticals	$100.00	$135.23	$165.27	$174.84	$172.10	$193.74

* $100 invested on December 31, 2012 in stock or index - including reinvestment of dividends. Indexes calculated on month-end basis.

** Perrigo Company prior to December 18, 2013. Perrigo Company plc beginning December 18, 2013.

In January 2003, the Board of Directors adopted a policy of paying quarterly dividends. The declaration and payment of dividends and the amount paid, if any, are subject to the discretion of the Board of Directors and depend on our earnings, financial condition, capital and surplus requirements and other factors the Board of Directors may consider relevant (refer to Item 8. Note 11 for additional information on dividends paid).

In October 2015, the Board of Directors approved a three-year share repurchase plan of up to $2.0 billion. We did not repurchase any shares under the share repurchase plan during the three months ended December 31, 2017. During the year endedDecember 31, 2017, we repurchased 2.7 million ordinary shares at an average repurchase price of $71.72 per share, for a total of $191.5 million. We did not repurchase any shares under the share repurchase plan during the year endedDecember 31, 2016. During the six months endedDecember 31, 2015, we repurchased 3.3 million ordinary shares at an average repurchase price of $151.59 per share, for a total of $500.0 million.

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Perrigo Company plc - Item 6

ITEM 6. SELECTED FINANCIAL DATA

The Consolidated Statements of Operations data set forth below with respect to the years endedDecember 31, 2017 and December 31, 2016, the six months endedDecember 31, 2015 and December 27, 2014, and the year endedJune 27, 2015, and the Consolidated Balance Sheet data at December 31, 2017, December 31, 2016, and December 31, 2015 are derived from and are qualified by reference to the audited consolidated financial statements included in Item 8 of this report and should be read in conjunction with those financial statements and notes. The Consolidated Statements of Operations data set forth below with respect to the year ended June 28, 2014 and the Consolidated Balance Sheet data at June 27, 2015 and June 28, 2014 are derived from audited consolidated financial statements not included in this report.

	Year Ended					Six Months Ended				Year Ended
(in millions, except per share amounts)	December 31, 2017		December 31, 2016(1)			December 31, 2015(2)		December 27, 2014(3)		June 27, 2015(4)		June 28, 2014(5)
Statements of Operations Data
Net sales	$	4,946.2	$	5,280.6		$	2,632.2	$	1,844.7	$	4,227.1	$	3,914.1
Cost of sales	2,966.7		3,228.8			1,553.3		1,170.9		2,582.9		2,462.0
Gross profit	1,979.5		2,051.8			1,078.9		673.8		1,644.2		1,452.1
Operating expenses	1,381.3		4,051.5			1,011.3		384.1		971.7		880.7
Operating income (loss)	$	598.2	$	(1,999.7	)	$	67.6	$	289.7	$	672.5	$	571.4
Net income (loss)	$	119.6	$	(4,012.8	)	$	42.5	$	180.6	$	136.1	$	232.8
Diluted earnings from continuing operations per share	$	0.84	$	(28.01	)	$	0.29	$	1.34	$	0.97	$	2.01
Dividends declared per share	$	0.64	$	0.58		$	0.25	$	0.21	$	0.46	$	0.39

⁽¹⁾  Includes the results of operations for assets acquired from Barr Laboratories, Inc. and assets acquired from Matawan Pharmaceuticals, LLC for the five months and eleven months and one week ended December 31, 2016, respectively.

⁽²⁾  Includes the results of operations of Naturwohl and the GSK, ScarAway^®, and Entocort^® asset acquisitions for the two and a half months, three months, three months, and two weeks ended December 31, 2015, respectively.

⁽³⁾  Includes the results of operations for assets acquired from Lumara Health, Inc. for the two months ended December 27, 2014.

⁽⁴⁾  Includes the results of operations for assets acquired from Lumara Health, Inc. and the results of operations of Omega Pharma Invest N.V. and Gelcaps Exportadora de Mexico, S.A. de C.V. for the eight, three, and two months ended June 27, 2015, respectively.

⁽⁵⁾  Includes the results of operations for Elan Corporation, plc and results of operations for assets acquired from Fera Pharmaceuticals, LLC (Methazolomide) and Aspen Global Inc. for the six, five and four months ended June 28, 2014, respectively.

(in millions)	December 31, 2017		December 31, 2016		December 31, 2015		December 27, 2014		June 27, 2015		June 28, 2014
Balance Sheet Data
Cash and cash equivalents	$	678.7	$	622.3	$	417.8	$	3,596.1	$	785.6	$	799.5
Total assets	11,628.8		13,870.1		$	19,349.6	16,508.4		$	19,591.9	$	13,879.1
Long-term debt, less current portion	3,270.8		5,224.5		4,971.6		4,439.4		5,246.9		5,246.9

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management's Discussion and Analysis ("MD&A") is intended to provide readers with an understanding of our financial condition, results of operations, and cash flows by focusing on changes in certain key measures from year to year. This MD&A is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and accompanying Notes found in Item 8 of this report. See also "Cautionary Note Regarding Forward-Looking Statements."

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Perrigo Company plc - Item 7

Executive Overview

EXECUTIVE OVERVIEW

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 healthcare company, delivering value to our customers and consumers by providing Quality Affordable Healthcare Products^®. Founded in 1887 as a packager of home remedies, we have built a unique business model that is best described as the convergence of a fast-moving consumer goods company, a high-quality pharmaceutical manufacturing organization and a world-class supply chain network. We believe we are one of the world's largest manufacturers of over-the-counter (“OTC”) healthcare products and suppliers of infant formulas for the store brand market. We are a leading provider of branded OTC products throughout Europe, and also a leading producer of generic pharmaceutical topical products such as creams, lotions, and gels, as well as nasal sprays and injection ("extended topical") prescription drugs. We are headquartered in Ireland, and sell our products primarily in North America and Europe, as well as in other markets, including Australia, Israel and China.

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. As a result of our change in year end, this report on Form 10-K discloses the results of our operations for:

• The twelve-month period from January 1, 2017 through December 31, 2017;

• The twelve-month period from January 1, 2016 through December 31, 2016;

• The twelve-month period from January 1, 2015 through December 31, 2015;

• The six-month period from June 28, 2015 through December 31, 2015; and

• The six-month period from June 29, 2014 through December 27, 2014.

Calendar-year data for 2015 was derived from our audited results for the six-month period ended December 31, 2015 and unaudited results for the fiscal quarters ended March 28, 2015 and June 27, 2015. We 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.

Our Segments

Our reporting segments are as follows:

• Consumer Healthcare Americas ("CHCA"), comprises our U.S., Mexico and Canada consumer healthcare business (OTC, contract, infant formula and animal health categories).

• Consumer Healthcare International("CHCI"),comprises our branded consumer healthcare business primarily in Europe and our consumer focused businesses in the U.K., Australia, and Israel. This segment also includes our U.K. liquid licensed products business.

• Prescription Pharmaceuticals("RX"),comprises our U.S. Prescription Pharmaceuticals business.

We also had two legacy operating segments, Specialty Sciences and Other, which contained our Tysabri^® financial asset and Active Pharmaceuticals business ("API") businesses, respectively, which we divested (refer to Item 8. Note 2 and Note 6). Following these divestitures, there were no substantial assets or operations left in either of these segments. Effective January 1, 2017, all expenses associated with our former Specialty Sciences segment were moved to unallocated expenses. Our segments reflect the way in which our management makes operating decisions, allocates resources and manages the growth and profitability of the Company.

      For information on each segment, refer to Item 1. Business - Our Segments. For results by segment and geographic locations see below "Segment Results" and Item 8. Note 19. See Item 1. Business for information on our business environment and competitive landscape.

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Executive Overview

Strategy

Our strategy is to deliver Quality Affordable Healthcare Products^® by leveraging our global infrastructure to expand our product offerings, thereby providing new innovative products and product line extensions to existing consumers and servicing new healthcare consumers through entry into adjacent or new markets. We accomplish this strategy by investing in and continually improving all aspects of our five strategic pillars:

• High quality;

• Superior customer service;

• Leading innovation;

• Best cost; and

• Empowered people.

We utilize shared services and Research and Development ("R&D") centers of excellence in order to help ensure consistency in our processes around the world, and to maintain focus on our five strategic pillars.

We have grown rapidly in recent years through a combination of organic growth and targeted acquisitions. We continually reinvest in our R&D pipeline and work with partners as necessary to strive to be first-to-market with new products. Our organic growth has been and will continue to be driven by successful new product launches in the CHCA, CHCI, and RX segments. Over time, we expect to continue to grow inorganically through expansion into adjacent products, product categories, and channels, as well as potentially through entry into new geographic markets. We evaluate potential acquisition targets using a return on invested capital ("ROIC") metric.

Competitive Advantage

We believe our consumer facing business model is best-in-class in that it combines the unique competencies of a fast-moving consumer goods company and a pharmaceutical manufacturing company, with the supply chain breadth necessary to support customers in the markets we serve. These durable business model competencies align with our five strategic pillars and provide us a competitive advantage in the marketplace. We fully integrate quality in our operational systems across all products. Our ability to manage our supply chain complexity across multiple dosage forms, formulations, and stock-keeping units, as well as acquisitions, integration, and hundreds of global partners provides value to our customers. Product development and life cycle management are at the core of our operational investments. Globally we have 28manufacturing plants that are all in good regulatory compliance standing and have systems and structures in place to guide our continued success. Our leadership team is fully engaged in aligning all our metrics and objectives around sustainable compliance with industry associations and regulatory agencies.

Among other things, we believe the following give us a competitive advantage and provide value to our customers:

• Leadership in first-to-market product development and product life cycle management;

• Turn-key regulatory, and promotional capabilities;

• Management of supply chain complexity and utilizing economies of scale;

• Quality and cost effectiveness throughout the supply chain creating a sustainable, low-cost network; and

• Expansive pan-European commercial infrastructure, brand-building capabilities, and a diverse product portfolio.

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Executive Overview

Highlights

Year EndedDecember 31, 2017

• On March 27, 2017, we completed the sale of our Tysabri^® financial asset, effective January 1, 2017, to Royalty Pharma for up to $2.85 billion, consisting of $2.2 billion in cash and up to $250.0 million and $400.0 million in milestone payments if the royalties on global net sales of Tysabri^® that are received by Royalty Pharma meet specific thresholds in 2018 and 2020, respectively. As a result of this transaction, we derecognized the Tysabri^® financial asset and recorded a $17.1 million gain (refer to Item 8. Note 6).

• On April 6, 2017, we completed the sale of our India API business to Strides Shasun Limited for $22.2 million, inclusive of an estimated working capital adjustment. The sale did not have a material impact on our operations (refer to Item 8. Note 2).

• On August 25, 2017, we completed the sale of our Russian business to Alvogen Pharma LLC. for €12.7 million ($15.1 million), inclusive of an estimated working capital adjustment. The sale did not have a material impact on our operations (refer to Item 8. Note 2).

• On November 21, 2017, we completed the sale of our Israel API business to SK Capital, for a sale price of $110.0 million, which resulted in an immaterial gain recorded in our Other segment in Other expense (Income), net on the Consolidated Statements of Operations (refer to Item 8. Note 2 and Note 6).

• We completed $2.6 billion of debt repayments (refer to Item 8. Note 10).

• We repurchased $191.5 million worth of shares as part of our authorized share repurchase plan (refer to Item 8. Note 11).

• We executed initiatives related to our cost optimization strategy that was announced on February 21, 2017. Restructuring charges totaled $61.0 million (refer to Item 8. Note 18).

Year EndedDecember 31, 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 repaid $500.0 million outstanding under our 1.300% Senior Notes due 2016 ("1.300% 2016 Notes") on September 29, 2016 (refer to Item 8. Note 10).

• On August 5, 2016, we completed the sale of our U.S. Vitamins, Minerals, and Supplements ("VMS") business to International Vitamins Corporation (refer to Item 8. Note 2).

Six Months Ended December 31, 2015

• On November 13, 2015, our shareholders rejected an unsolicited tender offer from Mylan N.V. ("Mylan"). During the six months ended December 31, 2015, the total cost to effectively defend against Mylan was $86.9 million, which was recorded in Administration expense.

• We expanded our product offerings through targeted acquisitions including (refer to Item 8. Note 2):

• The announced acquisition of a portfolio of generic dosage forms and strengths ofRetin-A^® (tretinoin), a topical prescription acne treatment, from Matawan Pharmaceuticals, LLC, which closed in January 2016 and expanded our "prescription only" ("Rx") portfolio.

• The acquisition of Crohn's disease treatment Entocort^® (budesonide) capsules and its authorized generic (for sale within the U.S.), from AstraZeneca plc, which expanded our Rx portfolio.

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Executive Overview

• The acquisition of Naturwohl Pharma GmbH ("Naturwohl"), a nutritional business known for its leading German dietary supplement brand, Yokebe^®, and the acquisition of a portfolio of well-established OTC brands, such as Niquitin^® and Coldrex^®,from GlaxoSmithKline Consumer Healthcare (“GSK”). Both of these acquisitions built upon the global platform we established through the Omega Pharma Invest N.V. ("Omega") acquisition, leveraging our European market share and expanding our product offerings.

• The ScarAway^® brand portfolio acquisition, which served as our entry into the branded OTC business in the U.S.

• We repurchased $500.0 million worth of shares as part of our authorized share repurchase plan (refer to Item 8. Note 11).

• We executed initiatives designed to increase operational efficiency and improve our return on invested capital by globalizing our supply chain through global shared service arrangements, streamlining our organizational structure, and disposing of certain assets. During the six months endedDecember 31, 2015, restructuring charges totaled $26.9 million (refer to Item 8. Note 18).

RESULTS OF OPERATIONS

CONSOLIDATED

Consolidated Results

	Six Months Ended						Year Ended
($ in millions)	December 27, 2014			December 31, 2015			December 31, 2015			December 31, 2016			December 31, 2017
Net sales	$	1,844.7		$	2,632.2		$	5,014.7		$	5,280.6		$	4,946.2
Gross profit	$	673.8		$	1,078.9		$	2,049.4		$	2,051.8		$	1,979.5
Gross profit %	36.5		%	41.0		%	40.9		%	38.9		%	40.0		%
Operating expenses	$	384.1		$	1,011.3		$	1,599.0		$	4,051.5		$	1,381.3
Operating expenses %	20.8		%	38.4		%	31.9		%	76.7		%	27.9		%
Operating income (loss)	$	289.7		$	67.6		$	450.4		$	(1,999.7	)	$	598.2
Operating income (loss) %	15.7		%	2.6		%	9.0		%	(37.9		)%	12.1		%
Change in financial assets	$	(46.9	)	$	(57.3	)	$	(88.8	)	$	2,608.2		$	24.9
Interest and other, net	$	117.0		$	115.1		$	478.2		$	239.3		$	158.0
Loss on extinguishment of debt	$	9.6		$	0.9		$	1.8		$	1.1		$	135.2
Income tax expense (benefit)	$	29.4		$	(33.6	)	$	61.1		$	(835.5	)	$	160.5
Net income (loss)	$	180.6		$	42.5		$	(1.9	)	$	(4,012.8	)	$	119.6

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Consolidated

* Total net sales by geography is derived from the location of the entity that sells to a third party. For geographic information for the year ended December 31, 2016, six months endedDecember 31, 2015, and the year endedJune 27, 2015, refer to Item 8. Note 19.

Details and analysis of our financial results for the years endedDecember 31, 2017, December 31, 2016, and December 31, 2015, the six months endedDecember 31, 2015 and December 27, 2014, and the years endedJune 27, 2015 and June 28, 2014 are described below by reporting segment and line item. Refer to the "Unallocated Expenses," "Interest, Other and Change in financial assets (Consolidated)," and "Income Taxes (Consolidated)" sections below for discussions related to our expenses.

Restructuring

On February 21, 2017, we approved a workforce reduction plan as part of a larger cost optimization strategy across the Company, which was completed during the year. Our plan was to reduce our global workforce by approximately 750 employees, which included some actions already taken and 235 employees who had elected to participate in a voluntary early retirement program. This represented a reduction of approximately 14% of our global non-production workforce. The changes to our workforce varied by country, based on legal requirements and required consultations with works councils and other employee representatives, as appropriate. During the year endedDecember 31, 2017, we recognized $61.0 million of restructuring expenses (refer to Item 8. Note 18). In addition, during the year ended December 31, 2017, we executed a supply chain reorganization which continues to generate savings for both our North American and International segments.

Impairments

Throughout the years ended December 31, 2017 and December 31, 2016, we identified impairment indicators for various assets across our different segments, and therefore, we performed impairment testing. Below is a summary of the impairment charges by segment (in millions):

	Year Ended
	December 31, 2017
	Definite-Lived Intangible Assets		Assets Held-For-Sale		IPR&D		Fixed Assets		Total
CHCA(1)	$	—	$	—	$	—	$	4.5	$	4.5
CHCI(2)	—		3.7		1.1		—		4.8
RX(3)	19.7		—		11.6		3.6		34.9
Other(4)	—		3.3		—		—		3.3
	$	19.7	$	7.0	$	12.7	$	8.1	$	47.5

⁽¹⁾ Relates to certain idle property, plant and equipment.

⁽²⁾ Relates primarily to our Russian business assets held-for-sale, which were sold August 25, 2017 (refer to Item 8. Note 2).

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Consolidated

⁽³⁾ Relates primarily to intangible assets acquired through the Lumara Health, Inc. acquisition and In-Process Research and Development ("IPR&D") assets acquired in conjunction with certain Development-Stage Rx Products(refer to Item 8. Note 3).

⁽⁴⁾ Relates to our Israel API assets held-for-sale, which were sold November 21, 2017 (refer to Item 8. Note 2).

	Year Ended
	December 31, 2016
	Goodwill		Indefinite-Lived Intangible Assets		Definite-Lived Intangible Assets		Assets Held-For-Sale		IPR&D		Fixed Assets		Total
CHCA(1)	$	24.5	$	0.4	$	—	$	9.9	$	—	$	3.5	$	38.3
CHCI(2)	868.4		849.1		321.4		—		3.5		—		2,042.4
RX(3)	—		—		342.2		—		—		0.2		342.4
Specialty Sciences(4)	199.6		—		—		—		—		—		199.6
Other(5)	—		—		2.0		6.3		—		—		8.3
	$	1,092.5	$	849.5	$	665.6	$	16.2	$	3.5	$	3.7	$	2,631.0

⁽¹⁾ Relates primarily to goodwill acquired through the acquisition of Sergeant’s Pet Care Products, Inc. and Velcera Inc. (refer to Item 8. Note 3),

as well as U.S. VMS assets held for sale, which were subsequently sold on August 5, 2016 (refer to Item 8. Note 2).

⁽²⁾ Relates to certain intangible assets and goodwill acquired in conjunction with the Omega acquisition as well as trademarks originally acquired through the acquisition of Aspen Global Inc. (refer to Item 8. Note 3).

⁽³⁾ Relates primarily to our intangible assets acquired in conjunction with the Entocort^® acquisition (refer to Item 8. Note 3).

⁽⁴⁾ Relates to goodwill from our Elan acquisition (refer to Item 8. Note 3).

⁽⁵⁾Relates primarily to our India API assets held-for-sale, which were sold April 6, 2017 (refer to Item 8. Note 2 and 9).

CONSUMER HEALTHCARE AMERICAS

Recent Trends and Developments

• We continue to experience a reduction in pricing expectations within our CHCA segment, primarily in the cough/cold, animal health, and analgesics categories due to various factors, including focus from customers to capture supply chain productivity savings and competition in specific product categories. We expect this pricing environment to continue to impact our CHCA segment for the foreseeable future.

• We completed the sale of the animal health pet treats plant fixed assets on February 1, 2017 and received $7.7 million in proceeds (refer to Item 8. Note 2).

Segment Results

Year EndedDecember 31, 2017 vs. Year EndedDecember 31, 2016

	Year Ended
($ in millions)	December 31, 2016			December 31, 2017
Net sales	$	2,507.1		$	2,429.9
Gross profit	$	825.2		$	817.8
Gross profit %	32.9		%	33.7		%
Operating income	$	399.8		$	445.0
Operating income %	15.9		%	18.3		%

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Perrigo Company plc - Item 7

CHCA

Net sales decreased$77.2 million, or 3%, over the prior year due to:

• The absence of $110.2 million in sales attributable to the U.S. VMS business (refer to Item 8. Note 2);

• A net decrease in sales of existing products of $21.5 million due to pricing pressures and lower volumes in certain categories; and

• Discontinued products of $14.0 million; partially offset by

• New product sales of $68.7 million related primarily to the launches of fluticasone nasal spray (store brand equivalent to Flonase^®), smoking cessation products and esomeprazole magnesium (store brand equivalent to Nexium^® 24HR capsules).

Operating income increased$45.2 million, or 11%, as a result of:

• A decrease of $7.4 million in gross profit due to:

• Favorable product mix in certain categories; and

• Positive contributions from supply chain efficiencies; more than offset by

• The absence of $17.6 million in gross profit as a result of the sale of the U.S. VMS business (refer to Item 8. Note 2); and

• Pricing pressures in certain categories as discussed above.

• A decrease of $52.6 million in operating expenses due to:

• The absence of a $36.7 million intangible asset and goodwill impairment charges related to the sale of the U.S. VMS business, held-for-sale assets associated with our animal health pet treats plant and our animal health business (refer to Item 8. Note 2, Note 3, and Note 9);

• Decreased selling and administrative expenses of $31.0 million due primarily to timing of promotions related to our animal health category and savings related to our cost reduction initiatives taken in the prior year;

• Decreased R&D expenses of $8.2 million due to timing of clinical trials, reduced spending on infant formula clinical trials and lower costs related to our cost reduction initiatives; and

• A $4.1 million gain related to contingent consideration (refer to Item 8. Note 6); offset partially by

• Increased restructuring expenses of $21.8 million related primarily to strategic organizational enhancements (refer to Item 8. Note 18); and

• A $4.5 million impairment charge recorded on idle property, plant and equipment.

• Gross profit as a percentage of net sales was 0.8%higher due primarily to favorable product mix and supply chain efficiencies as discussed above.

• Operating income as a percentage of net sales was 2.4%higher due primarily to favorable product mix as discussed above and decreased operating expenses.

Year Ended December 31, 2016 vs. Year Ended December 31, 2015

	Year Ended
($ in millions)	December 31, 2015			December 31, 2016
Net sales	$	2,554.2		$	2,507.1
Gross profit	$	846.7		$	825.2
Gross profit %	33.2		%	32.9		%
Operating income	$	439.9		$	399.8
Operating income %	17.2		%	15.9		%

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CHCA

Net sales decreased $47.1 million, or 2%, over the prior year due to:

• Discontinued products of $61.3 million related primarily to a label refresh within the infant formula category; and

• A net $56.5 million decrease in existing product sales as a result of:

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

• A milder cold and flu season in the first and second quarters of 2016, which led to weaker sales in the cough/cold and analgesics categories;

• Pricing pressure, which impacted sales in the cough/cold, analgesics, and animal health categories in particular;

• Lower sales in the antacids category; and

• Timing of promotions in the second and third quarters of 2015 and a milder allergy season in the third quarter of 2016, which had a negative impact on year-over-year sales in the cough/cold category;

• Lower year-over-year sales of $52.1 million attributable to the U.S. VMS business, which was sold in August 2016; and

• Unfavorable foreign currency translation movement of $15.0 million; offset partially by

• New product sales of $117.4 million related primarily to the launches of fluticasone nasal spray (store brand equivalent to Flonase^®), certain guaifenesin products (store brand equivalent to Mucinex^®), several new infant formula and food products, and new animal health products; and

• Incremental net sales of $20.3 million related primarily to the Gelcaps and ScarAway^® acquisitions.

Operating income decreased $40.1 million, or 9%, as a result of:

• A decrease of $21.5 million in gross profit due to:

• Pricing pressure as noted 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 nutrition and smoking cessation categories; and

• Continued manufacturing and supply chain efficiencies.

• An increase of $18.6 million in operating expenses due to:

• A $24.5 million goodwill impairment charge related to our animal health business, (refer to Item 8. Note 3);

• Increased research and development investments of $6.5 million due to timing of clinical trials;

• A $6.2 million impairment charge related to the sale of the U.S. VMS business, (refer to Item 8. Note 2);

• A $3.7 million impairment charge recorded on the held-for-sale assets associated with our animal health pet treats plant, (refer to Item 8. Note 9); partially offset by

• Decreased restructuring expense of $9.9 million (refer to Item 8. Note 18); and

• Decreased selling and administrative expenses due to cost containment.

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CHCA

Six Months Ended December 31, 2015 vs. Six Months EndedDecember 27, 2014

	Six Months Ended
($ in millions)	December 27, 2014			December 31, 2015
Net sales	$	1,176.1		$	1,251.5
Gross profit	$	361.2		$	417.9
Gross profit %	30.7		%	33.4		%
Operating income	$	151.1		$	209.2
Operating income %	12.9		%	16.7		%

Net sales increased$75.4 million, or 6%, due primarily to:

• New product sales of $122.9 million related primarily to certain new infant formula products;

• Incremental net sales due primarily to the Gelcaps and ScarAway^® acquisitions of $20.2 million; and

• A$66.0 million increase in existing sales primarily attributable to increased sales volumes of smoking cessation, cough/cold, and gastrointestinal products; offset partially by

• A decline of $22.9 million in sales of existing products, primarily in animal health and diabetic care;

• Discontinued products of $99.6 million related primarily to reformulated infant formula, analgesic, and animal health products; and

• Unfavorable foreign currency translation movement of $11.2 million.

Operating income increased$58.1 million, or 38%, as a result of:

• An increase of $56.7 million in gross profit due to:

• Improved purchase prices and efficiencies in manufacturing facilities; and

• Incrementally higher gross profit attributable primarily to the Gelcaps and ScarAway^® acquisitions; and

• A decrease of $1.4 million in operating expenses due to:

• Decreased R&D spend of $13.6 million due to relative timing of clinical trials; offset partially by

• An increase in restructuring expense of $10.9 million related to strategic organizational enhancements; and

• Increased administrative expenses of $1.9 million primarily related to the Gelcaps and ScarAway^® acquisitions.

CONSUMER HEALTHCARE INTERNATIONAL

Recent Trends and Developments

• Management has developed a strategy to: (1) implement a brand prioritization to address certain market dynamics, with an objective to balance the cost of advertising and promotional investments with expected contributions from category sales, (2) restructure the sales force in certain markets to more effectively serve customers, and (3) in-source certain product manufacturing and development. The combination of these actions is expected to improve the segment's focus on higher value OTC products, reduce selling costs and improve operating margins in the segment.

• As part of our previously announced strategic initiatives, management implemented improvements and evaluated the overall cost structures within our CHCI segment in the following ways:

• On December 8, 2016, we announced the cancellation of the unprofitable EuroGenerics NV distribution agreement in Belgium. The year-over-year effect of the cancellation, combined with the

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CHCI

exit of certain OTC distribution agreements, reduced our net sales by $200.3 million in 2017, with an immaterial impact to operating income.

• We made progress on our previously announced restructuring plans to right-size the Omega business due to the impact of market dynamics on sales volumes. During the year ended December 31, 2017, we recognized $17.1 million of restructuring expense in the CHCI segment (refer to Item 8. Note 18).

• Management continues to evaluate the most effective business model for each country, aligning our sales infrastructure and actively integrating sales strategies with promotional programs.

• On August 25, 2017, we completed the sale of our Russian business, which was previously classified as held-for-sale, to Alvogen Pharma LLC. The total sale price was €12.7 million ($15.1 million), inclusive of an estimated working capital adjustment, which resulted in an immaterial gain in the segment (refer to Item 8. Note 2).

The combination of these actions improved the segment's focus on higher value OTC products, reduced selling costs and improved operating margins in the segment.

• The CHCI segment has been positively impacted by market dynamics in countries such as the Nordics, Italy, and Portugal offset by softness in certain brand categories in France and Germany, as well as by unfavorable foreign currency impacts primarily in the U.K. related to Brexit.

Segment Results

Year EndedDecember 31, 2017 vs. Year EndedDecember 31, 2016

	Year Ended
($ in millions)	December 31, 2016			December 31, 2017
Net sales	$	1,652.2		$	1,491.0
Gross profit	$	693.4		$	682.0
Gross profit %	42.0		%	45.7		%
Operating income (loss)	$	(2,087.4	)	$	12.5
Operating income (loss) %	(126.3		)%	0.8		%

Net sales decreased$161.2 million, or 10%, over the prior year due to:

• The absence of $200.3 million in sales attributable to the cancellation of unprofitable distribution contracts;

• Discontinued products of $14.7 million; and

• A net decrease in sales of existing products of $11.3 million due primarily to the absence of sales from our exited Russian business (refer to Item 8. Note 2); partially offset by

• New product sales of $64.1 million.

Operating income increased $2.1 billion, due to:

• A $11.4 milliondecrease in gross profit due primarily to:

• Operational efficiencies across the organization; more than offset by

• Lower volumes in sales; and

• Lower margins in our U.K. store brand business.

• A decrease of $2.1 billion in operating expenses due primarily to:

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CHCI

• The absence of $2.0 billion of impairment charges on certain indefinite-lived and definite-lived intangible brand category assets and goodwill impairments in the Branded Consumer Healthcare-Rest of World ("BCH-ROW") and BCH-Belgium reporting units recorded in the prior year period (refer to Item 8. Note 3); and

• A decrease in selling and administrative expenses of $66.6 million due to previously announced strategic initiatives to better align promotional investments with sales and cost reduction initiatives taken in the current year; offset partially by

• A $4.8 million impairment charge recorded related to the Russian business (refer to Item 8. Note 2); and

• Increased restructuring expense of $3.8 million related to strategic organizational enhancements (refer to Item 1. Note 18).

• Gross profit as a percentage of net sales was 3.7%higher due primarily to improved product mix primarily driven by the cancellation of certain unprofitable distribution contracts, as described above.

• Operating income as a percentage of net sales was 127.1%higher due primarily to the absence of $2.0 billion of intangible asset and goodwill impairment charges as discussed above (refer to Item 8. Note 3).

Year Ended December 31, 2016 vs. Year Ended December 31, 2015

	Year Ended
($ in millions)	December 31, 2015(1)			December 31, 2016
Net sales	$	1,360.6		$	1,652.2
Gross profit	$	614.7		$	693.4
Gross profit %	45.2		%	42.0		%
Operating loss	$	(124.3	)	$	(2,087.4	)
Operating loss %	(9.1		)%	(126.3		)%

⁽¹⁾ Includes Omega results from March 30, 2015 to December 31, 2015.

Net sales increased $291.6 million, or 21%, over the prior year due to:

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

• New products totaling $119.0 million; and

• Incremental nets sales due to the Naturwohl and GSK Product acquisitions totaling $84.2 million; offset partially by

• A net $143.6 million decrease in sales volumes of existing products due primarily to:

• Lower sales in the lifestyle category due in part to a product launch in the prior year;

• Lower sales in the natural health and VMS category due primarily to timing of promotional activities;

• Divestment of a European sports brand; and

• The expiration of a distribution contract in the prior year;

• Unfavorable foreign currency translation movement of $44.1 million; and

• Discontinued products of $8.4 million.

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CHCI

Operating loss increased $2.0 billion, due to:

• A $78.7 million increase in gross profit due to an additional three months of operations attributable to Omega; offset partially by

• Decreased sales of existing products in the higher-margin lifestyle and natural health and VMS categories noted above;

• Weaker performance in Belgium and Germany; and

• Unfavorable foreign currency translation effect; more than offset by

• An increase of $2.0 billion in operating expenses due primarily to:

• Intangible asset and goodwill impairment charges totaling $2.0 billion, (refer to Item 8. Note 3); and

• Restructuring charges totaling $20.9 million related to strategic organizational enhancements (refer to Item 8. Note 18);

• An additional three months of operations from the Omega acquisition; offset partially by

• Cost control measures.

Six Months Ended December 31, 2015 vs. Six Months EndedDecember 27, 2014

	Six Months Ended
($ in millions)	December 27, 2014			December 31, 2015
Net sales	$	177.1		$	833.0
Gross profit	$	55.9		$	386.0
Gross profit %	31.6		%	46.3		%
Operating income (loss)	$	14.1		$	(148.5	)
Operating income (loss) %	8.0		%	(17.8		)%

Net sales increased$655.9 million, over the prior year due to:

• Incremental net sales attributable to the Omega, Naturwohl and GSK acquisitions totaling $569.1 million; and

• New products totaling $66.8 million; offset partially by

• Unfavorable foreign currency translation movement of $14.8 million; and

• Discontinued products of $3.8 million.

Operating income decreased$162.6 million, due to:

• A $330.1 millionincrease in gross profit and a $492.7 million increase in operating expenses due to an additional six months of operations attributable to Omega.

PRESCRIPTION PHARMACEUTICALS

Recent Trends and Developments

• We continue to experience a significant reduction in pricing expectations from historical levels in our RX segment due to competitive pressures. This softness in pricing is attributable to various factors, including increased focus from customers to capture supply chain productivity savings, competition in specific products, and consolidation of certain customers. We expect this softness to continue to impact the segment for the foreseeable future, and we are forecasting a high single digit pricing decline in this segment for the year ending December 31, 2018.

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RX

• During the three months ended December 31, 2016, the U.S. market for Entocort^® (Budesonide) capsules, including both brand and authorized generic capsules, experienced significant and unexpected increased competition, which reduced our future revenue stream. As a result, our net sales in the RX segment for the year ended December 31, 2017 were negatively impacted by $67.2 million.

• We are continuing our previously announced portfolio review process, which includes the ongoing comprehensive internal evaluation of the RX segment's market position, growth opportunities, and interdependencies with our manufacturing and shared service operations to determine if strategic alternatives should be explored.

• During the year endedDecember 31, 2017, we sold various Abbreviated New Drug Applications ("ANDAs") for a total gain of $23.0 million.

Segment Results

Year EndedDecember 31, 2017 vs. Year EndedDecember 31, 2016

	Year Ended
($ in millions)	December 31, 2016			December 31, 2017
Net sales	$	1,042.8		$	969.7
Gross profit	$	501.1		$	449.7
Gross profit %	48.1		%	46.4		%
Operating income (loss)	$	(0.2	)	$	307.6
Operating income (loss) %	—		%	31.7		%

Net sales decreased$73.1 million, or 7%, due to:

• New product sales of $75.9 million due primarily to sales of Scopolamine and Testosterone 2% topical (generic equivalent to Axiron^®); more than offset by

• Decreased sales of existing products of $78.5 million due primarily to pricing pressures across the portfolio;

• Lower Entocort^® sales of $67.2 million; and

• Discontinued products of $3.3 million.

Operating income increased $307.8 million, as a result of:

• A decrease of $51.4 million in gross profit due primarily to:

• Lower Entocort^® sales as noted above; and

• Pricing pressures as discussed above.

• A decrease of $359.2 million in operating expenses due to:

• The absence of a $342.2 million impairment charge related to the Entocort^® intangible asset (refer to Item 8. Note 3);

• A $23.0 million gain on sales of certain ANDAs;

• A $15.4 million net gain related to contingent consideration (refer to Item 8. Note 6);

• Decreased selling expenses of $17.4 million due primarily to the prior year specialty pharmaceuticals sales force restructuring initiative; and

• Decreased R&D expenses of $8.3 million due to timing of clinical trials, lower legal spend, and lower ongoing costs on certain projects; offset partially by

• Impairment charges related to certain definite-lived intangible assets, certain fixed assets and IPR&D of $34.9 million (refer to Item 8. Note 3);

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RX

• Increased administrative expenses of $6.2 million due primarily to the settlement of our antitrust violation lawsuit (refer to Item 8. Note 16); and

• Increased restructuring expenses of $3.8 million related to strategic organizational enhancements (refer to Item 8. Note 18).

• Gross profit as a percentage of net sales was 1.7%lower due primarily to lower sales of Entocort^® as discussed above.

• Operating income as a percentage of net sales was 31.7%higher due primarily to the absence of a $342.2 million impairment charge related to the Entocort^® intangible asset (refer to Item 8. Note 3).

Year Ended December 31, 2016 vs. Year Ended December 31, 2015

	Year Ended
($ in millions)	December 31, 2015			December 31, 2016
Net sales	$	1,001.9		$	1,042.8
Gross profit	$	543.3		$	501.1
Gross profit %	54.2		%	48.1		%
Operating income (loss)	$	377.8		$	(0.2	)
Operating income %	37.7		%	—		%

Net sales increased $40.9 million, or 4%, due to:

• Net sales attributable to the Entocort^® and Tretinoin Products acquisitions totaling $150.9 million; and

• New product sales of $68.0 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 $174.1 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; and

• Discontinued products of $3.9 million.

Operating income decreased $378.0 million, or 100%, as a result of:

• A decrease of $42.2 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; and

• An increase of $335.8 million in operating expenses due primarily to:

• A $342.2 million impairment charge related to the Entocort^® intangible assets, (refer to Item 8. Note 3);

• Increased selling and administration expenses of $9.3 million, and

• Increased R&D investments of $3.0 million due to timing of clinical trials; offset partially by

• The absence of an $18.0 million R&D payment made in connection with a R&D contractual arrangement in the prior year (refer to Item 8. Note 17).

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RX

Six Months Ended December 31, 2015 vs. Six Months EndedDecember 27, 2014

	Six Months Ended
($ in millions)	December 27, 2014			December 31, 2015
Net sales	$	436.7		$	502.6
Gross profit	$	230.5		$	253.4
Gross profit %	52.8		%	50.4		%
Operating income	$	168.8		$	181.9
Operating income %	38.6		%	36.2		%

Net sales increased$65.9 million, or 15%, due primarily to:

• New product sales of $41.2 million related primarily to the launches of Clobetasol Propionate 0.05% spray, Tacrolimus 0.1% ointment, and Testosterone gel 1%; and

• Net sales attributable to the Lumara product acquisition of $7.0 million; offset partially by

• A decrease in volumes of certain existing products.

Operating income increased$13.1 million, or 8%, as a result of:

• An increase of $22.9 million in gross profit due primarily to:

• Higher net sales and favorable product mix; and

• Certain pricing initiatives.

• Partially offset by a $9.8 millionincrease in operating expenses due to:

• Increased selling and administration expense related to the specialty pharmaceuticals sales force; and

• An increase in restructuring expense of $2.6 million related to our strategic organizational enhancements (refer to Item 8. Note 18).

SPECIALTY SCIENCES

Recent Trends and Developments

• On March 27, 2017, we announced the completed divestment of our Tysabri^® financial asset to Royalty Pharma for up to $2.85 billion, consisting of $2.2 billion in cash and up to $250.0 million and $400.0 million in milestone payments if the royalties on global net sales of Tysabri^® that are received by Royalty Pharma meet specific thresholds in 2018 and 2020, respectively. As a result of this transaction, we transferred the entire financial asset to Royalty Pharma and recorded a $17.1 million gain during the three months ended April 1, 2017. We elected to account for the contingent milestone payments using the fair value option method, and these were recorded at an estimated fair value of $134.5 million as of December 31, 2017 (refer to Item 8. Note 6 and Critical Accounting Estimates for additional information on the contingent milestones).

Segment Results

Year Ended December 31, 2016 vs. Year Ended December 31, 2015

Operating expenses were $201.2 million for the year ended December 31, 2015, compared to $15.0 million for the prior year period. The decreases of $186.2 million primarily relates to a $199.6 million impairment charge related to the Tysabri^® goodwill (refer to Item 8. Note 3).

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Specialty Sciences

Six Months Ended December 31, 2015 vs. Six Months EndedDecember 27, 2014

Operating expenses were $6.5 million for the six months ended December 31, 2015, compared to $9.0 million for the prior year period. The decreases of $2.5 million was due to a reduction in legal expenses.

See the Interest, Other and Change in financial asset (Consolidated) section below for discussions on the Tysabri^® financial asset.

OTHER

Recent Trends and Developments

On April 6, 2017, we completed the sale of our India API business to Strides Shasun Limited. We received $22.2 million of proceeds, inclusive of an estimated working capital adjustment, which resulted in an immaterial gain. Prior to closing the sale, we determined that the carrying value of the India API business exceeded its fair value less the cost to sell, resulting in an impairment charge of $35.3 million, which was recorded in Impairment charges on the Consolidated Statements of Operations for the year ended December 31, 2016 (refer to Item 8. Note 2).

On November 21, 2017, we completed the sale of our Israel API business, which was previously classified as held-for-sale, to SK Capital for a sale price of $110.0 million, which resulted in an immaterial gain recorded in our Other segment in Other expense (Income), net on the Consolidated Statements of Operations (refer to Item 8. Note 2 and Note 6).

Segment Results

Year EndedDecember 31, 2017 vs. Year EndedDecember 31, 2016

	Year Ended
($ in millions)	December 31, 2016			December 31, 2017
Net sales	$	78.5		$	55.6
Gross profit	$	32.3		$	30.9
Gross profit %	41.2		%	55.6		%
Operating income	$	6.1		$	8.7
Operating income %	7.8		%	15.6		%

Net sales decreased$22.9 million due primarily to competition on certain products and the sale of our Israel API business (refer to Item 8. Note 2). Operating income increased$2.6 million due to a $1.4 million decrease in gross profit due primarily to a decrease in sales of existing products offset by a $4.0 million decrease in operating expenses. The decrease in operating expenses related primarily to the absence of a $8.3 million impairment charge recorded on the India API business and certain definite-lived intangible assets in the prior year; offset partially by a $3.3 million impairment charge recorded on the Israel API business in the current period.

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Other

Year Ended December 31, 2016 vs. Year Ended December 31, 2015

	Year Ended
($ in millions)	December 31, 2015			December 31, 2016
Net sales	$	98.0		$	78.5
Gross profit	$	44.7		$	32.3
Gross profit %	45.5		%	41.2		%
Operating income (loss)	$	(7.1	)	$	6.1
Operating income (loss) %	(7.3		)%	7.8		%

Net sales decreased $19.5 million due primarily to competition on certain products, in particular, U.S. sales of Temozolomide. Operating income increased $13.2 million due primarily to the absence of a $29.0 million impairment on our India API held-for-sale assets recorded in the prior year period (refer to Item 8. Note 9). Gross profit decreased $12.4 million as a result of increased competition, a $6.3 million impairment charge recorded on the India API held-for-sale business (refer to Item 8. Note 9), and a $2.0 million impairment charge related to a definite-lived intangible asset (refer to Item 8. Note 3).

Six Months Ended December 31, 2015 vs. Six Months EndedDecember 27, 2014

	Six Months Ended
($ in millions)	December 27, 2014			December 31, 2015
Net sales	$	54.8		$	45.1
Gross profit	$	26.2		$	21.6
Gross profit %	47.7		%	47.8		%
Operating income (loss)	$	14.5		$	(19.5	)
Operating income (loss) %	26.4		%	(43.3		)%

Net sales decreased$9.7 million, or 18%, due primarily to competition on certain products and unfavorable changes in foreign currency translation. Operating income decreased$34.0 million as a result of a decrease of $4.6 million in gross profit due primarily to a decrease in sales of existing products and an impairment charge of $29.0 million on our India API held-for-sale assets (refer to Item 8. Note 9).

Unallocated Expenses

Unallocated expenses are comprised of certain corporate services not allocated to our reporting segments and are recorded above Operating income on the Consolidated Statements of Operations. Unallocated expenses were as follows (in millions):

Six Months Ended				Year Ended
December 27, 2014		December 31, 2015		December 31, 2015		December 31, 2016		December 31, 2017
$	49.6	$	149.0	$	220.9	$	116.6	$	174.7

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Other

The $58.1 millionincrease for the year endedDecember 31, 2017 compared to the prior year was due primarily to an increase in share-based compensation expense of $12.6 million driven primarily by the resignation of certain executives, an increase of $41.1 million of administrative expenses driven by legal fees, consulting fees and employee-related expenses, and an increase in restructuring of $6.0 million related to strategic organizational enhancements (refer to Item 8. Note 15).

The $104.3 million decrease for the year ended December 31, 2016 compared to the prior year was due primarily to the absence of legal and professional fees related to our defense against the unsolicited takeover bid by Mylan of $100.3 million and Omega acquisition-related fees of $18.1 million. We also experienced a $15.0 million reduction in share-based compensation compared to the prior year due primarily to the resignation of our former Chief Executive Officer, Joseph C. Papa. These decreases were offset partially by a $36.2 million increase in legal and professional fees in the current year.

The $99.4 millionincrease for the six months endedDecember 31, 2015 compared to the prior year period was due primarily to $86.9 million in fees incurred in our defense against the unsolicited takeover bid by Mylan and $7.5 million in corporate restructuring charges.

Interest, Other and Change in Financial Assets (Consolidated)

	Six Months Ended						Year Ended
($ in millions)	December 27, 2014			December 31, 2015			December 31, 2015			December 31, 2016		December 31, 2017
Change in financial assets	$	(46.9	)	$	(57.3	)	$	(88.8	)	$	2,608.2	$	24.9
Interest expense, net	$	56.7		$	89.9		$	179.1		$	216.6	$	168.1
Other expense (Income), net	$	60.3		$	25.2		$	299.1		$	22.7	$	(10.1	)
Loss on extinguishment of debt	$	9.6		$	0.9		$	1.8		$	1.1	$	135.2

Change in Financial Assets

Prior to its divestiture on March 27, 2017, we accounted for the Tysabri^® royalty stream as a financial asset and had elected to use the fair value option model with changes in fair value presented in Net income (loss) under the caption Change in financial assets. Royalty rights were $24.9 million of expense, $2.6 billion of expense and $88.8 million of income for the years ended December 31, 2017, December 31, 2016 and December 31, 2015, respectively. Royalty rights were $57.3 million of income and $46.9 million of income for the six months ended December 31, 2015 and December 27, 2014, respectively. Royalty rights were $78.5 million of income and $26.6 million of income for the years ended June 27, 2015 and June 28, 2014, respectively, resulting in a change in financial asset of $2.6 billion, $2.7 billion, $10.4 million, and $51.9 million for the year ended December 31, 2017, December 31, 2016, six months ended December 31, 2015, and the year ended June 27, 2015 compared to the prior year periods, respectively (refer to Item 8. Note 6 for additional information on the assumptions).

In the first quarter of 2016, a competitor's pipeline product, Ocrevus^®, received breakthrough therapy designation from the U.S. Food and Drug Administration ("FDA"). Breakthrough therapy designation is granted when a drug is intended alone or in combination with one or more other drugs to treat a serious or life threatening disease or condition and preliminary clinical evidence indicates that the drug may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints, such as substantial treatment effects observed early in clinical development. In June 2016, the FDA granted priority review with a target action date in December 2016. A priority review is a designation when the FDA will direct overall attention and resources to the evaluation of applications for drugs that, if approved, would be significant improvements in the safety or effectiveness of the treatment, diagnosis, or prevention of serious conditions when compared to standard applications. The product was approved late in the first quarter of 2017. The product is expected to compete with Tysabri^®, and we expected it to have a significant negative impact on the Tysabri^® royalty stream. Industry analysts believe that, based on released clinical study information, Ocrevus^® will compete favorably against Tysabri^® in the relapsing, remitting multiple sclerosis market segment due to its high efficacy and convenient dosage form.

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Unallocated, Interest, Other, and Taxes

Given the new market information for Ocrevus^®, we used industry analyst estimates to reduce our first ten year growth forecasts from an average growth of approximately 3.4% in the fourth calendar quarter of 2015 to an average decline of approximately minus 2.0% in the third and fourth calendar quarters of 2016. In November 2016, we announced we were evaluating strategic alternatives for the Tysabri^® financial asset. As of December 31, 2016, the financial asset was adjusted based on the strategic review and sale process. These effects, combined with the change in discount rate each quarter, led to a reduction in fair value of $204.4 million, $910.8 million, $377.4 million and $1.1 billion in the first, second, third and fourth quarters of 2016, respectively.

On March 27, 2017, we announced the completed divestment of our Tysabri^® financial asset to Royalty Pharma for up to $2.85 billion, consisting of $2.2 billion in cash and up to $250.0 million and $400.0 million in milestone payments if the royalties on global net sales of Tysabri^® that are received by Royalty Pharma meet specific thresholds in 2018 and 2020, respectively. As a result of this transaction, we transferred the entire financial asset to Royalty Pharma and recorded a $17.1 million gain during the three months ended April 1, 2017. We elected to account for the contingent milestone payments using the fair value option method, and these were recorded at an estimated fair value of $134.5 million as of December 31, 2017. We chose the fair value option as we believe it will help investors understand the potential future cash flows we may receive associated with the two contingent milestones.

We valued the contingent milestone payments using a modified Black-Scholes Option Pricing Model ("BSOPM"). Key inputs in the BSOPM are the estimated volatility and rate of return of royalties on global net sales of Tysabri^® that are received by Royalty Pharma over time until payment of the contingent milestone payments is completed. Volatility and the estimated fair value of the milestones have a positive relationship such that higher volatility translates to a higher estimated fair value of the contingent milestone payments. In the valuation of contingent milestone payments performed, we assumed volatility of 30.0% and a rate of return of 8.07% as of December 31, 2017. We assess volatility and rate of return inputs quarterly by analyzing certain market volatility benchmarks and the risk associated with Royalty Pharma achieving the underlying projected royalties. During the year endedDecember 31, 2017, the fair value of the Royalty Pharma contingent milestone payments decreased $42.0 million, as a result of the decrease in the estimated projected Tysabri^® revenues due to the launch of Ocrevus^® late in the first quarter of 2017.

In addition, payment of the contingent milestone payments is dependent on global net sales of Tysabri^®. Of the $134.5 million of estimated fair valued contingent milestone payments as of December 31, 2017, $79.7 million and $54.8 million relates to the 2018 and 2020 contingent milestone payments, respectively. If Tysabri^® global net sales do not meet the prescribed threshold in 2018, we will write off the $79.7 million asset as an expense to Change in financial assets on the Consolidated Statement of Operations. If the prescribed threshold is exceeded, we will write up the asset to $250.0 million and recognize income of $170.3 million in Change in financial assets on the Consolidated Statement of Operations. If Tysabri^® global net sales do not meet the prescribed threshold in 2020, we will write off the $54.8 million asset as an expense to Change in financial assets on the Consolidated Statement of Operations. If the prescribed threshold is exceeded, we will write up the asset to $400.0 million and recognize income of $345.2 million in Change in financial assets on the Consolidated Statement of Operations.

Global Tysabri^® net sales need to exceed $1.9 billion and $2.0 billion in 2018 and 2020, respectively, in order for Royalty Pharma to receive the level of royalties needed to trigger the milestone payments owed to us. Tysabri^® net sales are anticipated to decline on a global basis in 2018, compared to 2017, due to increased competition from Ocrevus^®, offset by volume growth in Tysabri^® international markets (refer to Item 8. Note 6).

Interest Expense, Net

Interest expense, net was $168.1 million for the year endedDecember 31, 2017, compared to $216.6 million in the prior year. The $48.5 milliondecrease for the year endedDecember 31, 2017 compared to the prior year was the result of the early debt repayments made during the year endedDecember 31, 2017.

Interest expense, net was $216.6 million for the year ended December 31, 2016, compared to $179.1 million in the prior year. The $37.5 millionincrease for the year endedDecember 31, 2016 compared to the prior year was due to interest incurred on the debt assumed in the Omega acquisition and borrowings on our revolving credit agreements during the year ended December 31, 2016.

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Perrigo Company plc - Item 7

Unallocated, Interest, Other, and Taxes

Interest expense, net was $89.9 million for the six months endedDecember 31, 2015, compared to $56.7 million in the prior year period. The $33.2 millionincrease for the six months endedDecember 31, 2015 compared to the prior year period was due primarily to the incremental increase in borrowings resulting from the Omega acquisition, including the issuance of $1.6 billion of senior notes in November 2014 and assumed Omega debt, of which $798.3 million was outstanding at December 31, 2015, as well as amounts drawn under our revolving credit facilities, including $380.0 million and $300.0 million outstanding under the 2015 Revolver and 2014 Revolver, respectively, at December 31, 2015.

See the "Borrowings and Capital Resources" section below and Item 8. Note 10 for more information.

Other Expense (Income), Net     

Other expense (Income), net, was $10.1 million for the year endedDecember 31, 2017, compared to $22.7 million in the prior year. The $32.8 million decrease was due primarily to the absence of a $22.3 million equity investment impairment, $8.2 million of favorable changes in revaluation of monetary assets and liabilities held in foreign currencies, and a $3.2 million reduction in equity method losses.

Other expense (Income), net, was $22.7 million for the year ended December 31, 2016, compared to $299.1 million in the prior year. The $276.4 million decrease was due primarily to the absence of the $259.8 million loss incurred in the prior year on the derivatives used to economically hedge fluctuations in the euro-denominated purchase price of the Omega and GSK Products acquisitions. 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.

Other expense (Income), net, was $25.2 million for the six months ended December 31, 2015, compared to $60.3 million in the prior year period. The $35.1 million decrease was due primarily to a $10.7 million other-than-temporary impairment of a marketable equity security, losses on equity method investments totaling $7.1 million, and a $4.8 million loss on a foreign currency derivative we entered into, to hedge against the change in the euro for the euro-denominated purchase price of the GSK Products acquisition, offset by the absence of a $64.7 million loss related to derivative activity to economically hedge fluctuations in the euro-denominated purchase price of the Omega acquisition and a gain of $12.5 million from the transfer of a rights agreement.

See Item 8. Note 8 for more information on the derivatives and Item 8. Note 7 for information on the investments.

Loss on Extinguishment of Debt

During the year endedDecember 31, 2017, we recorded a $135.2 million loss on extinguishment of debt, which consisted of tender premium on debt repayments, transaction costs, write-off of deferred financing fees, and bond discounts related to the $500.0 million 3.500% senior notes due December 2021, $500.0 million 3.500% senior notes due March 2021, $400.0 million 4.900% senior notes due 2044, $800.0 million 4.000% senior notes due 2023, and $400.0 million 5.300% senior notes due 2043.

During the year ended December 31, 2016, we recorded a $1.1 million loss on extinguishment of debt, which consisted of deferred financing fees we wrote off primarily related to the prepayment of 1.300% 2016 Notes. During the six months and year ended December 31, 2015 we recorded a $0.9 million and $1.8 million loss on extinguishment of debt, respectively, which consisted of deferred financing fees we wrote off related to the undrawn tranche of certain credit facilities that we allowed to expire during the period. The $9.6 million and $10.5 million losses during the six months and year ended December 27, 2014 and June 27, 2015, respectively, consisted mainly of interest on the bridge agreement associated with financing the Omega acquisition. The $165.8 million loss recorded in the year ended June 28, 2014 consisted of make-whole payments, write-off of unamortized discounts, write-off of deferred financing fees, and interest on the bridge agreements associated with financing the Elan acquisition.

See Item 8. Note 2 for information on the Omega acquisition, and Item 8. Note 10 for information on the extinguishment of debt.

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Perrigo Company plc - Item 7

Unallocated, Interest, Other, and Taxes

Income Taxes (Consolidated)

The effective tax rates were as follows:

Six Months Ended				Year Ended
December 27, 2014		December 31, 2015		December 31, 2015		December 31, 2016		December 31, 2017
14.0	%	(376.2	)%	103.3	%	17.2	%	57.3	%

The effective tax rate for the year ended December 31, 2017 was higher compared to the year ended December 31, 2016 due to an increase in the valuation allowance position due to current year activity, tax law changes in the U.S., increases in unrecognized tax benefits, offset by tax law changes in Belgium.

The effective tax rate for the year ended December 31, 2016 was lower compared to the year ended December 31, 2015 due to the impact of the asset impairments recorded during the year ended December 31, 2016. The effective tax rate for the year ended December 31, 2015 was impacted by the impairment of Omega's intangible assets, India API assets being classified as held for sale, the valuation allowance on deferred taxes and Omega transaction costs.

The effective tax rate for the six months ended December 31, 2015 was significantly higher than for the six months ended December 27, 2014 due mainly to the impairment of Omega’s intangible assets and the related impacts on the valuation allowance position, as well as our India API assets being classified as held for sale. The effective tax rate was favorably affected by a reduction in the reserves for uncertain tax liabilities in the amount of $6.1 million for the six months ended December 31, 2015 related to various audit resolutions.

For the year ended December 31, 2017, statutory income tax rate changes in the U.S. and Belgium impacted the effective tax rate with a reduction to U.S. income tax expense of $2.4 million and increased Belgium income tax expense by $24.1 million. For the years ended December 31, 2016 and December 31, 2015, statutory income tax rate changes, primarily in Europe, favorably impacted the effective tax rate by $27.9 million and $4.0 million, respectively (refer to Item 8. Note 14).

FINANCIAL CONDITION, LIQUIDITY, AND CAPITAL RESOURCES

We finance our operations with internally generated funds, supplemented by credit arrangements with third parties and capital market financing. We routinely monitor current and expected operational requirements and financial market conditions to evaluate other available financing sources including revolving bank credit and securities offerings. Based on our current financial condition and credit relationships, management believes that our operations and borrowing resources are sufficient to provide for our current and foreseeable capital requirements. However, we continue to evaluate the impact of commercial and capital market conditions on liquidity and may determine that modifications to our capital structure are appropriate if market conditions deteriorate or if favorable capital market opportunities become available.

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Perrigo Company plc - Item 7

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, cash flows from operations, and borrowings available under our credit facilities are expected to be sufficient to finance the known and/or foreseeable liquidity and capital expenditures. 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

Year EndedDecember 31, 2017 vs. Year EndedDecember 31, 2016

	Year Ended
($ in millions)	December 31, 2016			December 31, 2017			Increase/(Decrease)
Cash Flows From (For) Operating Activities
Net income (loss)	$	(4,012.8	)	$	119.6		$	4,132.4
Non-cash adjustments	4,769.2			683.2			(4,086.0		)
Subtotal	756.4			802.8			46.4
Increase (decrease) in cash due to:
Accounts receivable	(0.6		)	3.2			3.8
Inventories	100.7			(16.0		)	(116.7		)
Accounts payable	(75.7		)	(39.6		)	36.1
Payroll and related taxes	(41.1		)	(27.4		)	13.7
Accrued customer programs	(13.9		)	34.6			48.5
Accrued liabilities	(79.5		)	(47.8		)	31.7
Accrued income taxes	20.9			(6.1		)	(27.0		)
Other, net	(12.3		)	(4.8		)	7.5
Subtotal	$	(101.5	)	$	(103.9	)	$	(2.4	)
Net cash from operating activities	$	654.9		$	698.9		$	44.0

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Perrigo Company plc - Item 7

Financial Condition, Liquidity and Capital Resources

We generated $698.9 million of cash from operating activities during the year endedDecember 31, 2017, a $44.0 millionincrease over the prior year period, due to the following:

• Increased net earnings after adjustments for items such as deferred income taxes, impairment charges, restructuring charges, changes in our financial assets, loss on extinguishment of debt, and depreciation and amortization;

• Changes in accrued customer-related programs due primarily to new product launches, resulting in higher customer related-accruals, pricing dynamics in the RX segment, as well as timing of rebate and chargeback payments;

• Changes in accounts payable due primarily to changes to the Omega accounts payable structure that occurred in the prior year period; and

• Changes in accrued liabilities due primarily to deferred revenue associated with BCH-Belgium distribution contracts and the absence of accruals related to the sale of our U.S. VMS business; partially offset by increased litigation accruals (refer to Item 8. Note 16), and fair market value adjustments related to contingent consideration (refer to Item 8. Note 6); offset partially by

• Changes in inventory due to the build up of inventory levels to support customer demands in the current period; offset by improved inventory management in the comparable prior year period; and

• Changes in accrued income taxes due primarily to Federal tax obligation payments made in the current year period, offset by expected tax refunds (refer to Item 8. Note 14).

Year Ended December 31, 2016 vs. Year Ended December 31, 2015

	Year Ended
($ in millions)	December 31, 2015			December 31, 2016			Increase/ (Decrease)
Cash Flows From (For) Operating Activities
Net loss	$	(1.9	)	$	(4,012.8	)	$	(4,010.9	)
Non-cash adjustments	745.4			4,769.2			4,023.8
Subtotal	743.5			756.4			12.9
Increase (decrease) in cash due to:
Accounts receivable	4.8			(0.6		)	(5.4		)
Inventories	(21.5		)	100.7			122.2
Accounts payable	(26.7		)	(75.7		)	(49.0		)
Payroll and related taxes	(42.0		)	(41.1		)	0.9
Accrued customer programs	53.9			(13.9		)	(67.8		)
Accrued liabilities	98.9			(79.5		)	(178.4		)
Accrued income taxes	(67.9		)	20.9			88.8
Other, net	21.3			(12.3		)	(33.6		)
Subtotal	$	20.8		$	(101.5	)	$	(122.3	)
Net cash from operating activities	$	764.3		$	654.9		$	(109.4	)

We generated $654.9 million of cash from operating activities during the year ended December 31, 2016, a $109.4 million decrease over the prior year, due primarily to the following:

• Changes in accrued liabilities due primarily to payment of legal expenses associated with the Mylan defense which were accrued at December 31, 2015, deferred revenue associated with the BCH Belgium Distribution Contracts, and timing of payments;

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Perrigo Company plc - Item 7

Financial Condition, Liquidity and Capital Resources

• Changes in accrued customer-related programs due to the pricing dynamics in the RX segment; and

• Changes in accounts payable due to changes to the Omega accounts payable structure as discussed below; offset partially by

• Changes in inventories due to improved inventory management in our CHCI and CHCA segments and increased sales of cough/cold products at the end of the year ended December 31, 2016; and

• Changes in accrued income taxes due primarily to the prior year including a $68.9 million incremental tax payment made in connection with the contested IRS audit (refer to Item 8. Note 14).

In addition, increased net earnings after adjusting for non-cash items such as impairment charges, loss on extinguishment of debt, changes in our financial assets, and depreciation and amortization contributed to an increase in operating cash flow.

Six Months Ended December 31, 2015 vs. Six Months EndedDecember 27, 2014

	Six Months Ended
($ in millions)	December 27, 2014			December 31, 2015			Increase / (Decrease)
Cash Flows From (For) Operating Activities
Net income	$	180.6		$	42.5		$	(138.1	)
Non-cash adjustments	88.6			279.2			190.6
Subtotal	269.2			321.7			52.5
Increase (decrease) in cash due to:
Accounts receivable	(3.4		)	52.5			55.9
Inventories	(19.4		)	(29.6		)	(10.2		)
Accounts payable	(46.8		)	(194.1		)	(147.3		)
Payroll and related taxes	(26.3		)	(38.2		)	(11.9		)
Accrued customer programs	51.8			34.4			(17.4		)
Accrued liabilities	52.1			108.1			56.0
Accrued income taxes	33.1			(56.8		)	(89.9		)
Other, net	(18.3		)	2.9			21.2
Subtotal	$	22.8		$	(120.8	)	$	(143.6	)
Net cash from operating activities	$	292.0		$	200.9		$	(91.1	)

We generated $200.9 million of cash from operating activities during the six months ended December 31, 2015, a $91.1 million decrease over the comparable prior year period, due primarily to the following:

• Changes in accounts payable due primarily to the addition of Omega as well as changes to the Omega accounts payable structure as discussed below; and

• Changes in accrued income taxes due primarily to a $68.9 million incremental tax payment made in connection with the contested IRS audit (refer to Item 8. Note 14); offset partially by

• Changes in accrued liabilities due primarily to amounts not yet paid related to our defense against Mylan;

• Changes in accounts receivable due to timing of receipt of payments; and

• Increased net earnings after adjusting for non-cash items such as impairment charges, changes in our financial assets, and depreciation and amortization.

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Perrigo Company plc - Item 7

Financial Condition, Liquidity and Capital Resources

In addition, our operating cash flow was negatively impacted by $57.7 million in legal and consulting fees related to our defense against Mylan.

Due to the acquisition of Omega on March 30, 2015, our CHCI segment experienced strong operating cash inflow in the second quarter of 2015 and cash outflow in the third quarter of 2015 primarily due to accounts payable payment structures with suppliers that increased the days outstanding in the second and fourth quarter compared to the first and third quarters. In order to establish a more sustainable cash flow pattern during the calendar year, in the fourth quarter of 2015 and continuing into the first quarter of 2016, we implemented a program to standardize these payment terms such that the days outstanding will largely be consistent each reporting period. This program had an unfavorable impact on accounts payable and operating cash flow in these quarters.

Investing Activities

Year EndedDecember 31, 2017 vs. Year EndedDecember 31, 2016

	Year Ended
($ in millions)	December 31, 2016			December 31, 2017			Increase/(Decrease)
Cash Flows From (For) Investing Activities
Proceeds from royalty rights	$	353.7		$	87.3		$	(266.4	)
Acquisitions of businesses, net of cash acquired	(427.4		)	(0.4		)	$	427.0
Asset acquisitions	(65.1		)	—			$	65.1
Proceeds from sale of securities	4.5			—			$	(4.5	)
Additions to property, plant and equipment	(106.2		)	(88.6		)	$	17.6
Net proceeds from sale of business and other assets	69.1			154.6			$	85.5
Proceeds from sale of the Tysabri® financial asset	—			2,200.0			$	2,200.0
Other investing, net	(3.6		)	(14.8		)	$	(11.2	)
Net cash from (for) investing activities	$	(175.0	)	$	2,338.1		$	2,513.1

Cash generated from investing activities totaled $2.3 billion for the year endedDecember 31, 2017, compared to cash used of $175.0 million in the prior year. The inflow in the current year was due primarily to the completed divestment of our Tysabri^® financial asset to Royalty Pharma, for which we received $2.2 billion in cash at closing (refer toItem 8. Note 6). In addition, we received $154.6 million in cash primarily related to the sale of our Israel API business (refer toItem 8. Note 2). The outflow in the prior year was due primarily to the acquisition of a portfolio of generic dosage forms and strengths of Retin-A^® ("Tretinoin"), a topical prescription acne treatment from Mattawan Pharmaceuticals, LLC, and the Generic Benzaclin™ product rights, which used $478.4 million in cash. The outflow was offset partially by proceeds from royalty rights of $353.7 million.

Cash used for capital expenditures totaled $88.6 million during the year endedDecember 31, 2017 compared to $106.2 million in the prior year. The decrease in cash used for capital expenditures was due primarily to the decrease in the number of manufacturing projects in the current year compared to the prior year. Capital expenditures for the next twelve months are anticipated to be between $90.0 million and $115.0 million related to manufacturing productivity capacity and quality/regulatory projects. We expect to fund these estimated capital expenditures with funds from operating cash flows.

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Perrigo Company plc - Item 7

Financial Condition, Liquidity and Capital Resources

Year Ended December 31, 2016 vs. Year Ended December 31, 2015

	Year Ended
($ in millions)	December 31, 2015			December 31, 2016			Increase/ (Decrease)
Cash Flows From (For) Investing Activities
Proceeds from royalty rights	$	335.1		$	353.7		$	18.6
Acquisitions of businesses, net of cash acquired	(2,886.4		)	(427.4		)	2,459.0
Asset acquisitions	(4.0		)	(65.1		)	(61.1		)
Settlement of acquisition-related foreign currency derivatives	(304.8		)	—			304.8
Proceeds from sale of securities	—			4.5			4.5
Additions to property, plant and equipment	(166.8		)	(106.2		)	60.6
Proceeds from sale of business	—			69.1			69.1
Other investing, net	(2.7		)	(3.6		)	(0.9		)
Net cash from (for) investing activities	$	(3,029.6	)	$	(175.0	)	$	2,854.6

Cash used for investing activities totaled $175.0 million for the year ended December 31, 2016, a $2.9 billion decrease over the prior year. The outflow in the year ended December 31, 2016 was due primarily to the acquisitions of the Tretinoin Products and the Generic Benzaclin™ product rights, which used $478.4 million in cash, offset partially by $353.7 million of proceeds from royalty rights. The outflow in the prior year was due primarily to $2.9 billion used for business acquisitions, most notably Omega, as well as $304.8 million related to the cash settlement of the non-designated foreign currency derivatives we used to hedge the euro-denominated Omega and GSK Products purchase prices. See Item 8. Note 2 and Item 8. Note 8 for more information on the above-mentioned acquisitions and derivatives, respectively.

Cash used for capital expenditures totaled $106.2 million during year ended December 31, 2016 compared to $166.8 million in the prior year. The decrease in capital expenditures over the prior year was due primarily to several large infrastructure projects nearing completion.

Six Months Ended December 31, 2015 vs. Six Months EndedDecember 27, 2014

	Six Months Ended
($ in millions)	December 27, 2014			December 31, 2015			Increase / (Decrease)
Cash Flows From (For) Investing Activities
Proceeds from royalty rights	$	175.8		$	166.3		$	(9.5	)
Acquisitions of businesses, net of cash acquired	(83.0		)	(791.6		)	$	(708.6	)
Settlement of acquisition-related foreign currency derivatives	(26.4		)	(1.3		)	$	25.1
Additions to property, plant and equipment	(48.0		)	(77.8		)	$	(29.8	)
Other investing, net	0.8			(3.7		)	$	(4.5	)
Net cash from (for) investing activities	$	19.2		$	(708.1	)	$	(727.3	)

Cash used for investing activities totaled $708.1 million for the six months ended December 31, 2015, compared to cash from investing activities of $19.2 million in the prior year period. The cash outflow for the six months ended December 31, 2015 was to complete the Entocort^®, GSK and Naturwohl acquisitions, offset partially by proceeds from royalty rights of $166.3 million. During the six months ended December 27, 2014, we used $83.0 million in cash to complete the Lumara products acquisition, and $26.4 million to hedge the euro-denominated Omega purchase price, and received $175.8 million in proceeds from royalty rights (refer to Item 8. Note 2 and Item 8. Note 8 for more information on the above-mentioned acquisitions and derivatives, respectively). Capital expenditures for the six months ended December 31, 2015 totaled $77.8 million, compared to $48.0 million in the comparable prior year period.

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Perrigo Company plc - Item 7

Financial Condition, Liquidity and Capital Resources

Financing Activities

Year EndedDecember 31, 2017 vs. Year EndedDecember 31, 2016

	Year Ended
($ in millions)	December 31, 2016			December 31, 2017			Increase/(Decrease)
Cash Flows From (For) Financing Activities
Issuances of long-term debt	$	1,190.3		$	—		$	(1,190.3	)
Borrowings (repayments) of revolving credit agreements and other financing, net	(802.5		)	6.8			809.3
Payments on long-term debt	(559.2		)	(2,611.0		)	(2,051.8		)
Deferred financing fees	(2.8		)	(4.8		)	(2.0		)
Premium on early debt retirement	(0.6		)	(116.1		)	(115.5		)
Issuance of ordinary shares	8.3			0.7			(7.6		)
Equity issuance costs	(10.3		)	—			10.3
Repurchase of ordinary shares	—			(191.5		)	(191.5		)
Cash dividends	(83.2		)	(91.1		)	(7.9		)
Other financing, net	(8.7		)	2.3			11.0
Net cash for financing activities	$	(268.7	)	$	(3,004.7	)	$	(2,736.0	)

Cash used for financing activities totaled $3.0 billion for the year endedDecember 31, 2017, compared to $268.7 million of cash used for financing activities for the prior year. In the current year, cash used for financing included $2.6 billion of repayments on long-term debt, $116.1 million of premium on early debt retirement related to the current year debt extinguishment and $191.5 million in share repurchases, as discussed below. In the prior year, the cash used for financing activities was due primarily to borrowings of $1.2 billion of long-term debt, more than offset by net repayments on our revolving credit agreements and other short-term financing of $802.5 million and net repayments on our long-term debt of $559.2 million.

Year Ended December 31, 2016 vs. Year Ended December 31, 2015

	Year Ended
($ in millions)	December 31, 2015			December 31, 2016			Increase / (Decrease)
Cash Flows From (For) Financing Activities
Borrowings (repayments) of revolving credit agreements and other financing, net	$	666.0		$	(802.5	)	$	(1,468.5	)
Issuances of long-term debt	—			1,190.3			1,190.3
Payments on long-term debt	(917.3		)	(559.2		)	358.1
Premium on early debt retirement	—			(0.6		)	(0.6		)
Deferred financing fees	(3.6		)	(2.8		)	0.8
Issuance of ordinary shares	8.9			8.3			(0.6		)
Equity issuance costs	—			(10.3		)	(10.3		)
Repurchase of ordinary shares	(500.0		)	—			500.0
Cash dividends	(72.2		)	(83.2		)	(11.0		)
Other financing, net	(19.0		)	(8.7		)	10.3
Net cash from (for) financing activities	$	(837.2	)	$	(268.7	)	$	568.5

Cash used for financing activities totaled $268.7 million for the year ended December 31, 2016, compared to $837.2 million for the prior year. In the year ended December 31, 2016, cash used for financing included $802.5 million to repay balances outstanding under our revolving credit agreements and other short-term financing, $500.0 million used to prepay our 1.300% 2016 Notes, and $59.2 million in scheduled debt payments. These

79

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Financial Condition, Liquidity and Capital Resources

payments were offset by the borrowing of $1.2 billion of long-term debt. In the year ended December 31, 2015, the cash used for financing activities was due primarily to payments of $917.3 million on long-term debt, which included the repayment of debt assumed from Omega and a $300.0 million legacy Perrigo term loan, and $500.0 million used to repurchase shares under our share purchase plan. This was offset by $666.0 million of net borrowings under our revolving credit facilities and other short term borrowings.

Six Months Ended December 31, 2015 vs. Six Months EndedDecember 27, 2014

	Six Months Ended
($ in millions)	December 27, 2014			December 31, 2015			Increase / (Decrease)
Cash Flows From (For) Financing Activities
Issuances of long-term debt	$	2,504.3		$	—		$	(2,504.3	)
Borrowings (repayments) of revolving credit agreements and other financing, net	(2.1		)	718.0			$	720.1
Payments on long-term debt	(934.5		)	(28.3		)	$	906.2
Deferred financing fees	(24.8		)	(0.3		)	$	24.5
Issuance of ordinary shares	1,039.5			4.9			$	(1,034.6	)
Equity issuance costs	(35.7		)	—			$	35.7
Repurchase of ordinary shares	—			(500.0		)	$	(500.0	)
Cash dividends	(29.0		)	(36.3		)	$	(7.3	)
Other financing, net	(8.8		)	(8.4		)	$	0.4
Net cash from financing activities	$	2,508.9		$	149.6		$	(2,359.3	)

Cash generated from financing activities totaled $149.6 million for the six months ended December 31,

2015, compared to $2.5 billion for the comparable prior year period. The net cash inflow during the six months

ended December 31, 2015 was due to net borrowings under our revolving credit facilities of $680.0 million and net

borrowings under our overdraft facilities and other short term borrowings of $38.0 million, offset partially by $500.0 million used to repurchase shares under our share repurchase plan, $36.3 million in dividend payments, and $28.3 million in scheduled principal payments on our euro-denominated term loan. The cash generated during the six months ended December 27, 2014 was due to financing activities to fund the Omega acquisition. The Omega financing included raising $1.6 billion of debt, net of discount and issuance costs, and issuing 6.8 million ordinary shares, which raised $999.3 million, net of issuance costs. In addition, we refinanced certain of our debt totaling $907.6 million.

For more information see "Borrowings and Capital Resources" below and Item 8. Note 10.

Share Repurchases

In October 2015, the Board of Directors approved a three-year share repurchase plan of up to $2.0 billion. During the year endedDecember 31, 2017, we repurchased 2.7 million ordinary shares at an average repurchase price of $71.72 per share, for a total of $191.5 million. We did not repurchase any shares under the share repurchase plan during the year endedDecember 31, 2016. During the six months endedDecember 31, 2015, we repurchased 3.3 million ordinary shares at an average repurchase price of $151.59 per share, for a total of $500.0 million.

Dividends

In January 2003, the Board of Directors adopted a policy of paying quarterly dividends. We paid dividends as follows:

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	Six Months Ended				Year Ended
	December 27, 2014		December 31, 2015		December 31, 2016		December 31, 2017
Dividends paid (in millions)	$	29.0	$	36.3	$	83.2	$	91.1
Dividends paid per share	$	0.21	$	0.25	$	0.58	$	0.64

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.

Dividends paid were as follows:

Declaration Date	Record Date	Payable	Dividend Declared
Year Ended December 31, 2017
November 2, 2017	December 1, 2017	December 19, 2017	$	0.160
August 8, 2017	August 25, 2017	September 12, 2017	$	0.160
May 3, 2017	May 26, 2017	June 13, 2017	$	0.160
February 21, 2017	March 3, 2017	March 21, 2016	$	0.160
Year Ended December 31, 2016
November 8, 2016	November 25, 2016	December 13, 2016	$	0.145
August 2, 2016	August 26, 2016	September 13, 2016	$	0.145
April 26, 2016	May 27, 2016	June 14, 2016	$	0.145
February 16, 2016	February 26, 2016	March 15, 2016	$	0.145
Six Months Ended December 31, 2015
November 4, 2015	November 27, 2015	December 15, 2015	$	0.125
August 12, 2015	August 28, 2015	September 15, 2015	$	0.125

Borrowings and Capital Resources

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Overdraft Facilities

We have overdraft facilities available that we use to support our cash management operations. We report any balances outstanding in "Other Financing" in Item 8, Note 10. The balance outstanding under the facilities was $6.9 million and $82.9 million at December 31, 2017 and December 31, 2015, respectively, and there were no balances outstanding under the facilities at December 31, 2016.

On March 30, 2015, we assumed and repaid certain overdraft facilities totaling €51.4 million ($56.0 million) with the Omega acquisition.

Accounts Receivable Factoring

We have 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 per invoice is charged on the gross amount of accounts receivables assigned to the Factors, and interest is calculated at the applicable EUR LIBOR rate plus a spread. The total amount factored on a non-recourse basis and excluded from accounts receivable was $27.5 million, $50.7 million, and $64.5 million at December 31, 2017, December 31, 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"). 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, we repaid the €500.0 million ($539.1 million) outstanding under the assumed revolving credit facility and terminated the facility.

On December 5, 2014, Perrigo Finance entered into a $600.0 million revolving credit agreement, which 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 December 31, 2017 or December 31, 2016.

Term Loans, Notes and Bonds

• We had $2.9 billion, $5.4 billion, and $4.7 billion outstanding under our notes and bonds, and $420.0 million,$420.7 million, and $488.8 million outstanding under our term loan, as of December 31, 2017, December 31, 2016, and December 31, 2015, respectively. On September 29, 2016, we repaid the 1.300% senior notes due 2016 in full.

• 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.

• On September 2, 2014, we offered to exchange what were previously private placement senior notes for public bonds registered with the Securities and Exchange Commission. Substantially all of the private placement senior notes have been exchanged.

• On December 2, 2014, Perrigo Finance, our 100% owned finance subsidiary, issued $500.0 million in aggregate principal amount of 3.50% senior notes due 2021, $700.0 million in aggregate principal amount of 3.90% senior notes due 2024, and $400.0 million in aggregate principal amount of 4.90% senior notes due 2044 (collectively, the "2014 Bonds").

• The 2014 Bonds are fully and unconditionally guaranteed on a senior unsecured basis by Perrigo Company

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plc, and no other subsidiary of Perrigo Company plc guarantees the 2014 Bonds. We may redeem the 2014 Bonds at any time under the terms of the applicable indenture, subject to the payment of a make-whole premium.

• 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.

• On December 5, 2014, we repaid the remaining $895.0 million outstanding under our 2013 Term Loan described below, then terminated it.

• On June 24, 2015, we repaid the $300.0 million portion of the 2014 Term Loan.

• On March 30, 2015, we assumed $20.0 million in aggregate principal amount of 6.19% senior notes due 2016 (the "2016 Notes"), €135.0 million ($147.0 million) aggregate principal amount of 5.1045% senior notes due 2023, €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") in connection with the Omega acquisition.

• The fair value of the 2023 Notes and Retail Bondsexceeded par value by €93.6 million($101.9 million) on the date of the 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.

• On May 29, 2015, we repaid the $20.0 million in aggregate principal amount of the 2016 Notes.

Debt Repayments and Related Extinguishment During the Year EndedDecember 31, 2017

During the year endedDecember 31, 2017, we reduced our outstanding debt through a variety of transactions (in millions):

Date	Series	Transaction Type	Principal Retired
April 1, 2017	2014 term loan due December 5, 2019	Scheduled quarterly payment	$	13.3
May 8, 2017	$600.0 2.300% senior notes due 2018	Early redemption	600.0
May 23, 2017	€180.0 4.500% retail bonds due 2017	Scheduled maturity	201.3
June 15, 2017	$500.0 3.500% senior notes due 2021	Tender offer	190.4
June 15, 2017	$500.0 3.500% senior notes due 2021	Tender offer	219.6
June 15, 2017	$800.0 4.000% senior notes due 2023	Tender offer	584.4
June 15, 2017	$400.0 5.300% senior notes due 2043	Tender offer	309.5
June 15, 2017	$400.0 4.900% senior notes due 2044	Tender offer	96.1
July 1, 2017	2014 term loan due December 5, 2019	Scheduled quarterly payment	14.3
September 30, 2017	2014 term loan due December 5, 2019	Scheduled quarterly payment	14.8
December 12, 2017	€300.0 5.125% senior notes due 2017	Scheduled maturity	352.3
December 31, 2017	2014 term loan due December 5, 2019	Scheduled quarterly payment	15.0
			$	2,611.0

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As a result of the of the early redemption and tender offer transactions discussed above, we recorded a loss of $135.2 million during the three months ended July 1, 2017 in Loss on extinguishment of debt (in millions):

Premium on debt repayment	$	116.1
Transaction costs	3.8
Write-off of deferred financing fees	10.6
Write-off of remaining discount on bond	4.7
Total loss on extinguishment of debt	$	135.2

We entered into amendments on March 16, 2017 related to the 2014 Revolver and the 2014 Term Loan providing for additional time to deliver certain financial statements, as well as the modification of certain financial and other covenants. We also entered into additional amendments to the 2014 Revolver and the 2014 Term Loan on April 25, 2017 to modify provisions of such agreements necessary as a result of the correction in accounting related to the Tysabri^® financial asset, as well as waivers of any default or event of default that may arise from any restatement of or deficiencies in our financial statements for the periods specified in such amendments and waivers. No default or event of default existed prior to entering into these amendments and waivers. We are in compliance with all covenants under our debt agreements as of December 31, 2017.

See Item 1. Note 10 for more information on all of the above debt facilities.

Credit Ratings

Our credit ratings on December 31, 2017 were Baa3 (stable) and BBB- (stable) by Moody's Investors Service and Standard and Poor's Rating Services, respectively.

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

Our enforceable and legally binding obligations as of December 31, 2017 are set forth in the following table. Some of the amounts included in this table are based on management’s estimates and assumptions about these obligations, including the duration, the possibility of renewal, anticipated actions by third parties and other factors. Because these estimates and assumptions are necessarily subjective, the enforceable and legally binding obligations actually paid in future periods may vary from the amounts reflected in the table (in millions).

	Payment Due
	2018		2019-2020		2021-2022		After 2022		Total
Short and long-term debt (1)	$	198.3	$	746.9	$	791.9	$	2,767.8	$	4,504.9
Capital lease obligations	0.8		1.4		—		—		2.2
Purchase obligations (2)	757.2		13.7		0.1		—		771.0
Operating leases (3)	38.1		56.2		32.3		16.6		143.2
Other contractual liabilities reflected on the consolidated balance sheets:
Deferred compensation and benefits (4)	—		—		—		92.1		92.1
Other (5)	90.0		6.6		4.9		1.5		103.0
Total	$	1,084.4	$	824.8	$	829.2	$	2,878.0	$	5,616.4

⁽¹⁾  Short-term and long-term debt includes interest payments, which were calculated using the effective interest rate at December 31, 2017.

⁽²⁾  Consists of commitments for both materials and services.

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⁽³⁾  Used in normal course of business, principally for warehouse facilities and computer equipment.

⁽⁴⁾  Includes amounts associated with non-qualified plans related to deferred compensation, executive retention and post employment benefits. Of this amount, we have funded $34.6 million, which is recorded in Other non-current assets on the balance sheet. These amounts are assumed payable after five years, although certain circumstances, such as termination, would require earlier payment.

⁽⁵⁾  Primarily includes consulting fees, legal settlements, contingent consideration obligations, restructuring accruals, insurance obligations, and electrical and gas purchase contracts, which were accrued in Other current liabilities and Other non-current liabilities at December 31, 2017 for all years.

We fund our U.S. qualified profit-sharing and investment plan in accordance with the Employee Retirement Income Security Act of 1974 regulations for the minimum annual required contribution and Internal Revenue Service regulations for the maximum annual allowable tax deduction. We are committed to making the required minimum contributions, which we expect to be approximately $25.9 million over the next 12 months. Future contributions are dependent upon various factors, including employees’ eligible compensation, plan participation and changes, if any, to current funding requirements. Therefore, no amounts were included in the Contractual Obligations table above. We generally expect to fund all future contributions with cash flows from operating activities.

As of December 31, 2017, we had approximately $501.7 million of liabilities for uncertain tax positions. These unrecognized tax benefits have been excluded from the Contractual Obligations table above due to uncertainty as to the amounts and timing of settlement with taxing authorities.

Net deferred income tax liabilities were $311.5 million as of December 31, 2017. This amount is not included in the Contractual Obligations table above because we believe this presentation would not be meaningful. Net deferred income tax liabilities are calculated based on temporary differences between the tax basis of assets and liabilities and their book basis, which will result in taxable amounts in future years when the book basis is settled. The results of these calculations do not have a direct connection with the amount of cash taxes to be paid in any future periods. As a result, scheduling net deferred income tax liabilities as payments due by period could be misleading because this scheduling would not relate to liquidity needs.

Critical Accounting Estimates

The determination of certain amounts in our financial statements requires the use of estimates. These estimates are based upon our historical experiences combined with management’s understanding of current facts and circumstances. Although the estimates are considered reasonable based on the currently available information, actual results could differ from the estimates we have used. Management considers the below accounting estimates to require the most judgment and to be the most critical in the preparation of our financial statements. These estimates are reviewed by the Audit Committee.

Customer-Related Accruals and Allowances

We generally record revenues from product sales when the goods are shipped to the customer. For customers with Free on Board ("FOB") destination terms, a provision is recorded to exclude shipments estimated to be in-transit to these customers at the end of the reporting period. A sales allowance is recorded and accounts receivable are reduced as revenues are recognized for estimated losses on credit sales due to customer claims for discounts, price discrepancies, returned goods, and other items. Revenue is also reduced for any contractual customer program arrangements and related liabilities are recorded concurrently.

We maintain customer-related accruals and allowances that consist primarily of chargebacks, rebates, sales returns, shelf stock allowances, administrative fees, and other incentive programs. Some of these adjustments relate specifically to the RX segment while others relate to the CHCA and CHCI segments. The aggregate gross-to-net adjustments related to RX products can exceed 50% of the segment's gross sales. In contrast, the aggregate gross-to-net adjustments related to CHCA and CHCI typically do not exceed 10% of the segment's gross sales. Certain of these accruals and allowances are recorded on the balance sheet as current liabilities, and others are recorded as a reduction in accounts receivable.

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Chargebacks

We market and sell products directly to wholesalers, distributors, warehousing pharmacy chains, and other direct purchasing groups. We also market products indirectly to independent pharmacies, non-warehousing chains, managed care organizations, and group purchasing organizations, collectively referred to as ("indirect customers"). In addition, we enter into agreements with some indirect customers to establish contract pricing for certain products. These indirect customers then independently select a wholesaler from which to purchase the products at these contracted prices. Alternatively, we may pre-authorize wholesalers to offer specified contract pricing to other indirect customers. Under either arrangement, we provide chargeback credit to the wholesaler for any difference between the contracted price with the indirect customer and the wholesaler's invoice price. The accrual for chargebacks is based on historical chargeback experience and confirmed wholesaler inventory levels, as well as estimated sell-through levels by wholesalers to retailers. We regularly assess current pricing dynamics and wholesaler inventory levels to ensure the liability for future chargebacks is fairly stated.

Medicaid Rebates

We participate in certain qualifying U.S. federal and state government programs whereby discounts and rebates are provided to participating government entities. Medicaid rebates are amounts owed based upon contractual agreements or legal requirements with public sector (Medicaid) benefit providers, after the final dispensing of the product by a pharmacy to a benefit plan participant. Medicaid reserves are based on expected payments, which are driven by patient usage, contract performance, and field inventory that will be subject to a Medicaid rebate. Medicaid rebates are typically billed up to 180 days after the product is shipped, but can be billed as many as 270 days after the quarter in which the product is dispensed to the Medicaid participant. As a result, our Medicaid rebate provision includes an estimate of outstanding claims for end-customer sales that occurred but for which the related claim has not been billed, and an estimate for future claims that will be made when inventory in the distribution channel is sold through to plan participants. Our calculation also requires other estimates, such as estimates of sales mix, to determine which sales are subject to rebates and the amount of such rebates. Our rebates are reviewed on a monthly basis against actual claims data to ensure the liability is fairly stated.

Returns and Shelf Stock Allowances

Consistent with industry practice, we maintain a return policy that allows our customers to return product within a specified period prior to and subsequent to the expiration date. Generally, product may be returned for a period beginning six months prior to its expiration date to up to one year after its expiration date. The majority of our product returns are the result of product dating, which falls within the range set by our policy, and are settled through the issuance of a credit to the customer. Our estimate of the provision for returns is based upon our historical experience with actual returns, which is applied to the level of sales for the period that corresponds to the period during which our customers may return product. The period is based on the shelf life of the products at the time of shipment. Additionally, when establishing our reserves, we consider factors such as levels of inventory in the distribution channel, product dating and expiration period, size and maturity of the market prior to a product launch, entrance into the market of additional competition, and changes in formulations.

Shelf stock allowances are credits issued to reflect changes in the selling price of a product and are based upon estimates of the amount of product remaining in a customer's inventory at the time of the anticipated price change. In many cases, the customer is contractually entitled to such a credit. The allowances for shelf stock adjustments are based on specified terms with certain customers, estimated launch dates of competing products, and estimated changes in market price.

RX Administrative Fees and Other Rebates

Consistent with pharmaceutical industry practice, rebates or administrative fees are offered to certain wholesale customers, group purchasing organizations, and end-user customers. Settlement of rebates and fees generally may occur from one to 15 months from the date of sale. We provide a provision for rebates at the time of sale based on contracted rates and historical redemption rates. Assumptions used to establish the provision include level of wholesaler inventories, contract sales volumes, and average contract pricing.

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CHCA and CHCI Rebates and Other Allowances

In the CHCA and CHCI segments, we offer certain customers a volume incentive rebate if specific levels of product purchases are made during a specified period. The accrual for rebates is based on contractual agreements and estimated levels of purchasing. In addition, we have a reserve for product returns, primarily related to damaged and unsaleable products. We also have agreements with certain customers to cover promotional activities related to our products such as coupon programs, new store allowances, and product displays. The accrual for these activities is based on customer agreements and is established at the time product revenue is recognized.

Allowances for customer-related programs are generally recorded at the time of sale based on the estimates and methodologies described above. We continually monitor product sales provisions and re-evaluate these estimates as additional information becomes available, which includes, among other things, an assessment of current market conditions, trade inventory levels, and customer product mix. We make adjustments to these provisions at the end of each reporting period to reflect any such updates to the relevant facts and circumstances.

The following table summarizes the activity in our customer-related accrual and allowance accounts on the Consolidated Balance Sheets (in millions):

Customer-Related Accruals and Allowances
	RX												All Other Segments *
	Chargebacks			Medicaid Rebates			Returns and Shelf Stock Allowances			Admin. Fees and Other Rebates			Rebates and Other Allowances			Total
Balance at June 27, 2015	$	191.4		$	31.6		$	62.1		$	45.3		$	128.8		$	459.2
Foreign currency translation adjustments	—			—			—			—			(3.2		)	(3.2		)
Provisions / Adjustments	666.3			11.7			21.3			47.8			144.3			891.4
Credits / Payments	(632.7		)	(18.6		)	(20.6		)	(53.1		)	(133.0		)	(858.0		)
Balance at December 31, 2015	$	225.0		$	24.7		$	62.8		$	40.0		$	136.9		$	489.4
Foreign currency translation adjustments	—			—			—			—			(7.5		)	(7.5		)
Provisions / Adjustments	1,437.2			27.4			48.0			103.4			259.6			1,875.6
Credits / Payments	(1,445.2		)	(27.5		)	(33.7		)	(108.8		)	(258.0		)	(1,873.2		)
Balance at December 31, 2016	$	217.0		$	24.6		$	77.1		$	34.6		$	131.0		$	484.3
Foreign currency translation adjustments	—			—			—			—			0.1			0.1
Provisions / Adjustments	1,564.3			45.1			43.7			113.8			281.2			2,048.1
Credits / Payments	(1,551.4		)	(32.9		)	(44.6		)	(105.2		)	(286.1		)	(2,020.2		)
Balance at December 31, 2017	$	229.9		$	36.8		$	76.2		$	43.2		$	126.2		$	512.3

* Primarily CHCA and CHCI.

Revenue Recognition

Revenues from service and royalty arrangements, including revenues from collaborative agreements, consist primarily of royalty payments, payments for research and development services, up-front fees and milestone payments. If an arrangement requires the delivery or performance of multiple deliverables or service elements, we determine whether the individual elements represent "separate units of accounting". If the separate elements meet the requirements, we recognize the revenue associated with each element separately and revenue is allocated among elements based on their relative selling prices. If the elements within a multiple deliverable arrangement are not considered separate units of accounting, the delivery of an individual element is considered not to have occurred if there are undelivered elements that are considered essential to the arrangement. To the extent such arrangements contain refund clauses triggered by non-performance or other adverse circumstances, revenue is not recognized until all contractual obligations are satisfied.

Non-refundable up-front fees are deferred and amortized to revenue over the related performance period. We estimate the performance period based on the specific terms of each collaborative agreement. Revenue

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associated with research and development services is recognized on a proportional performance basis over the period that we perform the related activities under the terms of the agreement. Revenue resulting from the achievement of contingent milestone events stipulated in the agreements is recognized when the milestone is achieved. Milestones are based upon the occurrence of a substantive element specified in the contract.

Inventory Reserves

We maintain reserves for estimated obsolete or unmarketable inventory based on the difference between the cost of the inventory and its estimated market value. In estimating the reserves, management considers factors such as excess or slow-moving inventories, product expiration dating, products on quality hold, current and future customer demand, and market conditions. Changes in these conditions may result in additional reserves.

Income Taxes

Our tax rate is subject to adjustment over the balance of the year 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. and international tax reform); changes in U.S. generally accepted accounting principles; 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 taxes.

Although we believe that our 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 our estimates or from our historical income tax provisions and accruals. The results of an audit or litigation could have a material effect on 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.

Legal Contingencies

We are involved in product liability, patent, commercial, regulatory and other legal proceedings that arise in the normal course of business. We record a liability when a loss is considered probable and the amount can be reasonably estimated. If the reasonable estimate of a probable loss is a range and no amount within that range is a better estimate, the minimum amount in the range is accrued. If a loss is not probable or a probable loss cannot be reasonably estimated, no liability is recorded. We have established reserves for certain of our legal matters (refer to Item 8. Note 16). We also separately record any insurance recoveries that are probable of occurring.

Acquisition Accounting

We account for acquired businesses using the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recorded at fair value, with limited exceptions. Any excess of the purchase price over the fair value of the specifically identified net assets acquired is recorded as goodwill. Amounts allocated to acquired In Process Research and Development ("IPR&D") are recognized at fair value and initially characterized as indefinite-lived intangible assets, irrespective of whether the acquired IPR&D has an alternative future use. If the acquired net assets do not constitute a business, the transaction is accounted for as an asset acquisition and no goodwill is recognized. In an asset acquisition, acquired IPR&D with no alternative future use is charged to expense at the acquisition date.

The judgments made by management in determining the estimated fair value assigned to each class of asset acquired and liability assumed can materially impact our results of operations. As part of the valuation procedures, we typically consult an independent advisor. There are several methods that can be used to determine fair value. We typically use an income approach for valuing our specifically identifiable intangible assets by employing either a relief from royalty or multi-period excess earnings methodology. The relief from royalty method assumes that, if the acquired company did not own the intangible asset or intellectual property, it would be willing to pay a royalty for its use. The benefit of ownership of the intellectual property is valued as the relief from the royalty

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Critical Accounting Estimates

expense that would otherwise be incurred. Typically we use this method for valuing readily transferable intangible assets that have licensing appeal, such as trade names and trademarks and certain technology assets.

The multi-period excess earnings approach starts with a forecast of the net cash flows expected to be generated by the asset over its estimated useful life. These cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams. We typically use this method for valuing intangible assets such as developed product technology, customer relationships, product formulations, and IPR&D.

Some of the more significant estimates and assumptions inherent in one or both of these income approaches include:

• the amount and timing of projected future cash flows, adjusted for the probability of technical and marketing success;

• the amount and timing of projected costs to develop IPR&D into commercially viable products;

• the discount rate selected to measure the risks inherent in the future cash flows;

• the estimate of an appropriate market royalty rate; and

• an assessment of the asset's life cycle and the competitive trends impacting the asset, including consideration of any technical, legal, regulatory, or economic barriers to entry.

We believe the fair values assigned to the assets acquired and liabilities assumed are based on reasonable assumptions; however, unanticipated events and circumstances may occur that may affect the accuracy and validity of such assumptions, estimates or actual results.

While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our Consolidated Statements of Operations.

Determining the useful life of an intangible asset also requires judgment, as different types of intangible assets will have different useful lives and certain assets may even be considered to have indefinite useful lives. Useful life is the period over which the intangible asset is expected to contribute directly or indirectly to our future cash flows. We determine the useful lives of intangible assets based on a number of factors, such as legal, regulatory, or contractual provisions that may limit the useful life, and the effects of obsolescence, anticipated demand, existence or absence of competition, and other economic factors on useful life.

Financial Assets

We accounted for the Tysabri^® royalty stream as a financial asset and elected to use the fair value option model. We made the election to account for the Tysabri^® financial asset using the fair value option as we believed this method was most appropriate for an asset that did not have a par value, a stated interest stream, or a termination date. The change in estimated fair value from investments in royalty rights is presented on our Consolidated Statements of Operations under the caption, "Change in financial assets."

We were entitled to quarterly payments of royalties on Tysabri^® sales. We recorded our right to royalty payments from Biogen when earned and when collection was reasonably assured. We recorded the change in fair value of the Tysabri^® financial asset in our financial statements each period. Critical estimates in determining the fair value are the underlying revenue assumptions of Tysabri^® sales and the discount rates. The revenue assumptions were impacted by product demand and market growth assumptions, inventory target levels, product approval and pricing assumptions. Factors that could cause a change in estimates of future cash flows include a change in estimated market size, entry of a competitive product that would erode market share, manufacturing and approval of a biosimilar equivalent product, a change in pricing strategy or reimbursement coverage, a delay in obtaining regulatory approval, a change in dosage of the product, and a change in the number of treatments.

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Critical Accounting Estimates

The Tysabri^® financial asset acquired in 2013 as part of the Elan acquisition represented a single unit of accounting. The fair value of the financial asset acquired was determined by using a discounted cash flow analysis related to the expected future cash flows to be generated by the royalty stream from Biogen based on the royalty percentage payments of Tysabri^® sales. The financial asset is classified as a Level 3 asset within the fair value hierarchy, as our valuation utilized significant unobservable inputs, including industry analyst estimates for global Tysabri^® sales, probability weighted as to the timing and amount of future cash flows along with certain discount rate assumptions. Cash flow forecasts included the estimated effect and timing of future competition, considering patents in effect for Tysabri^® through 2024 and contractual rights to receive cash flows into perpetuity. The discounted cash flows are based upon the expected royalty stream forecasted into perpetuity using a 20-year discrete period with a declining rate terminal value. The pre-tax discount rate utilized was 7.72% and 7.83% at December 31, 2015, and June 27, 2015, respectively. Significant judgment is required in selecting appropriate discount rates.     At December 31, 2015, and June 27, 2015, we performed an evaluation to assess the discount rate and general market conditions potentially affecting the fair value of our Tysabri^® financial asset. As of December 31, 2015, had this discount rate increased or decreased by 0.5%, the fair value of the asset would have increased by $270.0 million or decreased by $260.0 million, respectively. As of June 27, 2015, had this discount rate increased or decreased by 0.5%, the fair value of the asset would have decreased by $260.0 million or increased by $290.0 million, respectively. The estimated fair value of the asset is subject to variation should those cash flows vary significantly from those estimates. Quarterly, we assess the expected future cash flows and to the extent such payments are greater or less than initial estimates, or the timing of such payments is materially different than the original estimates, we will adjust the estimated fair value of the asset. As of December 31, 2015, if the expected royalty cash flows used in the estimation process had increased or decreased by 5.0%, the fair value of the asset would have increased by $270.0 million or decreased by $280.0 million, respectively. As of June 27, 2015, if the expected royalty cash flows used in the estimation process had increased or decreased by 5.0%, the fair value of the asset would have increased by $280.0 million or decreased by $280.0 million, respectively. In November 2016, we announced we were evaluating strategic alternatives for the Tysabri^® financial asset. As of December 31, 2016, the financial asset was adjusted based on this strategic review and sale process, see discussion below for additional information on the sale.

The following table summarizes the change in our Consolidated Balance Sheet for the Tysabri^® financial asset, which includes our fair value adjustment that is a Level 3 measurement under ASC 820 and is included in our Consolidated Statement of Operations for the years ended December 31, 2017, and December 31, 2016, and the six months ended December 31, 2015 (in millions):

	Year Ended						Six Months Ended
	December 31, 2017			December 31, 2016			December 31, 2015
Tysabri® financial asset
Beginning balance	$	2,350.0		$	5,310.0		$	5,420.0
Royalties earned	—			(351.8		)	(167.3		)
Change in fair value	—			(2,608.2		)	57.3
Divestiture	(2,350.0		)	—			—
Ending balance	$	—		$	2,350.0		$	5,310.0

Change in Financial Assets

On March 27, 2017, we announced the completed divestment of our Tysabri^® financial asset to Royalty Pharma for up to $2.85 billion, consisting of $2.2 billion in cash and up to $250.0 million and $400.0 million in milestone payments if the royalties on global net sales of Tysabri^® that are received by Royalty Pharma meet specific thresholds in 2018 and 2020, respectively. As a result of this transaction, we transferred the entire financial asset to Royalty Pharma and recorded a $17.1 million gain during the three months ended April 1, 2017. We elected to account for the contingent milestone payments using the fair value option method, and these were recorded at an estimated fair value of $134.5 million as of December 31, 2017. We chose the fair value option as we believe it will help investors understand the potential future cash flows we may receive associated with the two contingent milestones.

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Critical Accounting Estimates

We valued the contingent milestone payments using a modified Black-Scholes Option Pricing Model ("BSOPM"). Key inputs in the BSOPM are the estimated volatility and rate of return of royalties on global net sales of Tysabri^® that are received by Royalty Pharma over time until payment of the contingent milestone payments is completed. Volatility and the estimated fair value of the milestones have a positive relationship such that higher volatility translates to a higher estimated fair value of the contingent milestone payments. In the valuation of contingent milestone payments performed, we assumed volatility of 30.0% and a rate of return of 8.07% as of December 31, 2017. We assess volatility and rate of return inputs quarterly by analyzing certain market volatility benchmarks and the risk associated with Royalty Pharma achieving the underlying projected royalties. During the year endedDecember 31, 2017, the fair value of the Royalty Pharma contingent milestone payments decreased $42.0 million, as a result of the decrease in the estimated projected Tysabri^® revenues due to the launch of Ocrevus^® late in the first quarter of 2017.

In addition, payment of the contingent milestone payments is dependent on global net sales of Tysabri^®. Of the $134.5 million of estimated fair valued contingent milestone payments as of December 31, 2017, $79.7 million and $54.8 million relates to the 2018 and 2020 contingent milestone payments, respectively. If Tysabri^® global net sales do not meet the prescribed threshold in 2018, we will write off the $79.7 million asset as an expense to Change in financial assets on the Consolidated Statement of Operations. If the prescribed threshold is exceeded, we will write up the asset to $250 million and recognize income of $170.3 million in Change in financial assets on the Consolidated Statement of Operations. If Tysabri^® global net sales do not meet the prescribed threshold in 2020, we will write off the $54.8 million asset as an expense to Change in financial assets on the Consolidated Statement of Operations. If the prescribed threshold is exceeded, we will write up the asset to $400.0 million and recognize income of $345.2 million in Change in financial assets on the Consolidated Statement of Operations.

Global Tysabri^® net sales need to exceed $1.9 billion and $2.0 billion in 2018 and 2020, respectively in order for Royalty Pharma to receive the level of royalties needed to trigger the milestone payments owed to us. Tysabri^® net sales are anticipated to decline on a global basis in 2018, compared to 2017, due to increased competition from Ocrevus^®, offset by volume growth in Tysabri^® international markets (refer to Item 8. Note 6).

The table below presents a reconciliation for the Royalty Pharma contingent milestone payments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions). Change in fair value in the table was recorded in Change in financial assets on the Consolidated Statements of Operations.

	Year Ended
	December 31, 2017
Royalty Pharma Contingent Milestone Payments
Beginning balance	$	—
Additions	184.5
Payments	(8.0		)
Change in fair value	(42.0		)
Ending balance	$	134.5

Goodwill and Indefinite-Lived Intangible Assets

Goodwill represents amounts paid for an acquisition in excess of the fair value of net assets received. We test goodwill for impairment annually, or more frequently if changes in circumstances or the occurrence of events suggest an impairment exists (refer to Item 8. Note 1). Effective in the year ended December 31, 2016, we changed our segment structure. We performed our annual goodwill testing as of October 1, 2017, the first day of the fourth quarter of the year ended December 31, 2017. The test for impairment requires us to make several estimates about fair value, most of which are based on projected future cash flows and market valuation multiples. The estimates associated with the goodwill impairment tests are considered critical due to the judgments required in determining fair value amounts, including projected future cash flows that include assumptions about future performance. The discount rates used in testing each of our reporting units’ goodwill for impairment as of our annual testing date in the fourth quarter of 2017 are based on the weighted average cost of capital determined for each of the Company’s reporting units and ranged from 7.5% to 13.5%. Perpetual growth rates for each reporting unit ranged from 2.0% to 3.0%. Changes in these estimates may result in the recognition of an impairment loss.

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Perrigo Company plc - Item 7

Critical Accounting Estimates

During our annual goodwill testing as of October 1, 2017, we determined the fair value of each of our reporting units exceeded their net book values. The fair values of the BCH, UK AUS, and Animal Health reporting units were each less than 25.0% higher than their respective net book values. As a result, these reporting units are inherently at a higher risk for future impairments if they experience deterioration in business performance or market multiples, or increases in discount rates. These reporting units had the following remaining goodwill balances as of December 31, 2017:

Reporting Unit	Goodwill Remaining in Reporting Unit		Segment	Fair Value in excess of Carrying Value
BCH	$	1,026.0	CHCI	6.6%
Animal Health	$	178.9	CHCA	23.6%
UK AUS	$	53.1	CHCI	18.3%

The discounted cash flow forecasts used for these reporting units in goodwill impairment testing include assumptions about future activity levels in the near term and longer-term. If growth in these reporting units is lower than expected, we may experience deterioration in our cash flow forecasts that may indicate goodwill in the reporting units may be impaired in future impairment tests. We continue to monitor the progress and assess the reporting units for potential impairment should impairment indicators arise, as applicable, and at least annually during our fourth quarter impairment testing.

Management performed sensitivity analyses on the discounted cash flow valuations that were prepared to estimate the enterprise values of each reporting unit. Discount rates were increased and decreased by increments of 50 basis points, up to cumulative increases and decreases of 150 basis points. Perpetual revenue growth rates were increased and decreased by increments of 50 basis points, up to cumulative increases and decreases of 100 basis points. A summary of the sensitivity analysis results is provided below for the three reporting units for which estimated fair value was less than 25.0% higher than net book value.

BCH

A 50 basis point increase in the discount rate, a 100 basis point decrease in the perpetual revenue growth rate, or different combinations thereof, would indicate potential impairment for this reporting unit. Based on the sensitivity of the discount rate assumption on the BCH reporting unit analysis, any increase in the discount rate over the next twelve months could negatively impact the estimated fair value of this reporting unit and lead to a future impairment. Certain macroeconomic factors which are not controlled by the reporting unit, such as rising inflation or interest rates, could cause an increase in the discount rate to occur. Deterioration in BCH performance over the next twelve months, such as lower than expected revenues or profitability that has a sustained impact on future periods, could also represent potential indicators of impairment requiring further impairment analysis.

Animal Health

A 100 basis point increase in the discount rate combined with a 100 basis point decrease in the perpetual revenue growth rate, or a 150 basis point increase in the discount rate combined with 50 basis point decrease in the perpetual revenue growth rate, would indicate potential impairment of this reporting unit. If the expected results for this reporting unit are not achieved, potential indicators of impairment may result, requiring further analysis.

During the fourth quarter of 2017, the Animal Health reporting unit had an indication of potential impairment resulting from the termination of a supply agreement. We prepared an impairment test as of December 31, 2017 and determined the fair value of the Animal Health reporting unit continued to exceed net book value, by 8.9%. The 8.9% margin was lower than the excess fair value over carrying value of 23.6% that was estimated as of October 1, 2017. Therefore, while no impairment was recorded in 2017, the supply agreement termination increased the risk of future impairment in this reporting unit. Based on our estimates of fair value and the reported carrying values as of December 31, 2017, a 100 basis point increase in the discount rate, or a 100 basis point decrease in the perpetual revenue growth rate, would indicate potential impairment of this reporting unit. If the expected results for this reporting unit are not achieved, additional indicators of impairment may result, requiring further analysis.

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Perrigo Company plc - Item 7

Critical Accounting Estimates

UK AUS

A 150 basis point increase in the discount rate, or a 100 basis point increase in the discount rate combined with a 100 basis point decrease in the perpetual revenue growth rate, would indicate potential impairment of this reporting unit. If the expected results for this reporting unit are not achieved, potential indicators of impairment may result, requiring further analysis.

The sensitivity analyses described above for BCH, UK AUS, and Animal Health, while a useful tool, should not be used as a sole predictor of impairment. A thorough analysis of all the facts and circumstances existing at that time would need to be performed to determine if recording an impairment loss was appropriate.

Certain trade names, trademarks, brands, as well as IPR&D assets, are determined to have an indefinite useful life and are not subject to amortization. We review them for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that any individual asset might be impaired, and adjust the carrying value of the asset as necessary. IPR&D assets are initially recognized at fair value and classified as indefinite-lived assets until the successful completion or abandonment of the associated research and development efforts. We recorded the following impairment charges on the Consolidated Statements of Operations (in millions):

	Year Ended				Six Months Ended
	December 31, 2017		December 31, 2016		December 31, 2015
Goodwill	$	—	$	1,092.6	$	—
Indefinite-lived intangible assets	$	—	$	849.5	$	185.1
IPR&D	$	12.7	$	3.5	$	—

As of December 31, 2017, the remaining goodwill and indefinite-lived asset balances are $4.2 billion and $90.3 million, respectively (refer to Item 8. Note 3 and Note 6 for additional information regarding goodwill and indefinite-lived intangible asset impairment testing results and assumptions used, respectively).

Definite-Lived Intangible Assets

Definite-lived intangible assets consist of a portfolio of developed product technology/formulation and product rights, distribution and license agreements, customer relationships, non-compete agreements, and certain trademarks, trade names, and brands. The assets are amortized on either a straight-line basis or proportionately to the benefits derived from those relationships or agreements.

For intangible assets subject to amortization, an impairment analysis is performed whenever events or changes in circumstances indicate that the carrying amount of any individual asset may not be recoverable. The carrying amount of an intangible asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. An impairment loss is recognized if the carrying amount of the asset is not recoverable and its carrying amount exceeds its fair value. We recorded the following impairment charges on the Consolidated Statements of Operations (in millions):

	Year Ended
	December 31, 2017		December 31, 2016
Definite-lived Intangible assets	$	19.7	$	665.5

To the extent we experience additional unanticipated competitive market entrants or major adverse macro-economic events, we may incur additional impairment losses (refer to Item 8. Note 3 and Note 6 for a more detailed discussion of the impaired definite-lived intangible assets and assumptions used, respectively).

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Perrigo Company plc - Item 7

Critical Accounting Estimates

Guaranteed Liabilities

On November 21, 2017, we completed the sale of our Israel API business, which was previously classified as held-for-sale, to SK Capital (refer to Item 8. Note 2). As a result of the sale, we recognized a guarantee liability. Per the agreement, we will be reimbursed for tax receivables for tax years prior to closing and will need to reimburse SK Capital for the settlement of any uncertain tax liability positions for tax years prior to closing. In addition, after closing and going forward, the Israel API business, will be assessed by and liable to the Israel Tax Authority ("ITA") for any audit findings. We are no longer the primary obligor on the liabilities transferred to SK Capital on November 21, 2017, however, we have provided a guarantee on certain obligations that were recorded at a fair value of $13.8 million, with a maximum possible payout of $34.9 million.

Recently Issued Accounting Standards

See Item 8. Note 1 for information regarding recently issued accounting standards.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Foreign Exchange Risk

We are a global company with operations throughout North America, Europe, Australia, Mexico, and Israel. We transact business in each location's local currency and in foreign currencies, thereby creating exposures to changes in exchange rates. Our largest exposure is the movement of the U.S. dollar relative to the euro, which has increased due to the Omega acquisition. In addition, our U.S. operations continue to expand their export business, primarily in Canada, China, and Europe, and are subject to fluctuations in the respective exchange rates relative to the U.S. dollar. A large portion of the sales of our Israeli operations is in foreign currencies, primarily U.S. dollars and euros, while these operations largely incur costs in their local currency. Further, a portion of Biogen's global sales of Tysabri^® are denominated in local currencies creating exposures to changes in exchange rates relative to the U.S. dollar and thereby impacting the amount of U.S. dollar royalties necessary to achieve our contingent payment thresholds in 2018 and 2020.

Due to different sales and cost structures, certain segments experience a negative impact and certain segments a positive impact as a result of changes in exchange rates. We estimate the translation effect of a ten percent devaluation of the U.S. dollar relative to the other foreign currencies in which we transact business would have increased operating income of our non-U.S. operating units by approximately $87.1 million for the year endedDecember 31, 2017. This sensitivity analysis has inherent limitations. The analysis disregards the possibility that rates of multiple foreign currencies will not always move in the same direction relative to the value of the U.S. dollar over time and does not account for foreign exchange derivatives that we utilize to mitigate fluctuations in exchange rates.

In addition, we enter into certain purchase commitments for materials that, although denominated in U.S. dollars, are linked to foreign currency valuations. These commitments generally contain a range for which the price of materials may fluctuate over time given the value of a foreign currency.

The translation of the assets and liabilities of our non-U.S. dollar denominated operations is made using local currency exchange rates as of the end of the year. Translation adjustments are not included in determining net income but are disclosed in Accumulated Other Comprehensive Income ("AOCI") within shareholders’ equity on the Consolidated Balance Sheets until a sale or substantially complete liquidation of the net investment in the subsidiary takes place. In certain markets, we could recognize a significant gain or loss related to unrealized cumulative translation adjustments if we were to exit the market and liquidate our net investment. As of December 31, 2017, cumulative net currency translation adjustments decreased shareholders’ equity by $260.6 million.

We monitor and strive to manage risk related to foreign currency exchange rates. Exposures that cannot be

naturally offset within a local entity to an immaterial amount are often hedged with foreign exchange derivatives or netted with offsetting exposures at other entities (refer to Item 8. Note 8 for further information regarding our derivative and hedging activities). We cannot predict future changes in foreign currency movements and fluctuations that could materially impact earnings.

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Perrigo Company plc - Item 7A

Interest Rate Risk

We are exposed to interest rate changes primarily as a result of interest income earned on our investment of cash on hand and interest expense on borrowings used to finance acquisitions and other general corporate purposes.

We have in the past, and may in the future, enter into certain derivative financial instruments related to the management of interest rate risk, when available on a cost-effective basis (refer to Item 8. Note 8 for further information regarding our derivative and hedging activities). These instruments are managed on a consolidated basis to efficiently net exposures and thus take advantage of any natural offsets. We do not use derivative financial instruments for speculative purposes. Gains and losses on hedging transactions are offset by gains and losses on the underlying exposures being hedged.

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Perrigo Company plc - Item 8

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS		PAGE NO.
Report of Independent Registered Public Accounting Firm on Financial Statements		97
Consolidated Statements of Operations		98
Consolidated Statements of Comprehensive Income (Loss)		99
Consolidated Balance Sheets		100
Consolidated Statements of Cash Flows		101
Consolidated Statements of Shareholders' Equity		103
Notes to Consolidated Financial Statements
1	Summary of Significant Accounting Policies	105
2	Acquisitions and Divestitures	116
3	Goodwill and Other Intangible Assets	126
4	Accounts Receivable Factoring	131
5	Inventories	131
6	Fair Value Measurements	131
7	Investments	138
8	Derivative Instruments and Hedging Activities	139
9	Assets Held for Sale	142
10	Indebtedness	144
11	Earnings per Share and Shareholders' Equity	148
12	Share-Based Compensation Plans	149
13	Accumulated Other Comprehensive Income (Loss)	153
14	Income Taxes	153
15	Post Employment Plans	158
16	Commitments and Contingencies	164
17	Collaboration Agreements and Other Contractual Arrangements	170
18	Restructuring Charges	172
19	Segment and Geographic Information	172
20	Quarterly Financial Data (unaudited)	175
21	Transition Period Comparative Data	176
Management’s Annual Report on Internal Control over Financial Reporting		178
Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting		182

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Perrigo Company plc - Item 8

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON FINANCIAL STATEMENTS

To the Shareholders and the Board of Directors of Perrigo Company plc

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Perrigo Company plc (the Company) as of December 31, 2017, 2016 and 2015, the related consolidated statements of operations, comprehensive income (loss), shareholders' equity and cash flows for each of the years ended December 31, 2017 and 2016, the period from June 28, 2015 to December 31, 2015, and the fiscal year ended June 27, 2015, and the related notes and the financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2017 and 2016, and the results of its operations and its cash flows for each of the years ended December 31, 2017 and 2016, the period from June 28, 2015 to December 31, 2015, and the fiscal year ended June 27, 2015, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated March 1, 2018 expressed an adverse opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2008.

Grand Rapids, Michigan

March 1, 2018

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Perrigo Company plc - Item 8

PERRIGO COMPANY PLC

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share amounts)

	Year Ended						Six Months Ended			Year Ended
	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015
Net sales	$	4,946.2		$	5,280.6		$	2,632.2		$	4,227.1
Cost of sales	2,966.7			3,228.8			1,553.3			2,582.9
Gross profit	1,979.5			2,051.8			1,078.9			1,644.2
Operating expenses
Distribution	87.0			88.3			47.9			67.7
Research and development	167.7			184.0			88.2			187.8
Selling	598.4			665.0			325.9			319.0
Administration	461.1			452.2			306.8			385.3
Impairment charges	47.5			2,631.0			215.6			6.8
Restructuring	61.0			31.0			26.9			5.1
Other operating income	(41.4		)	—			—			—
Total operating expenses	1,381.3			4,051.5			1,011.3			971.7
Operating income (loss)	598.2			(1,999.7		)	67.6			672.5
Change in financial assets	24.9			2,608.2			(57.3		)	(78.5		)
Interest expense, net	168.1			216.6			89.9			146.0
Other expense (Income), net	(10.1		)	22.7			25.2			334.2
Loss on extinguishment of debt	135.2			1.1			0.9			10.5
Income (loss) before income taxes	280.1			(4,848.3		)	8.9			260.3
Income tax expense (benefit)	160.5			(835.5		)	(33.6		)	124.2
Net income (loss)	$	119.6		$	(4,012.8	)	$	42.5		$	136.1
Earnings (loss) per share
Basic	$	0.84		$	(28.01	)	$	0.29		$	0.97
Diluted	$	0.84		$	(28.01	)	$	0.29		$	0.97
Weighted-average shares outstanding
Basic	142.3			143.3			145.6			139.3
Diluted	142.6			143.3			146.1			139.8
Dividends declared per share	$	0.64		$	0.58		$	0.25		$	0.46

See accompanying Notes to Consolidated Financial Statements.

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Perrigo Company plc - Item 8

PERRIGO COMPANY PLC

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions)

	Year Ended						Six Months Ended			Year Ended
	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015
Net income (loss)	$	119.6		$	(4,012.8	)	$	42.5		$	136.1
Other comprehensive income:
Foreign currency translation adjustments	328.5			(63.3		)	(135.5		)	(33.5		)
Change in fair value of derivative financial instruments(1)	9.7			(5.3		)	2.1			(0.2		)
Change in fair value of investment securities(2)	(14.1		)	8.7			9.3			(5.3		)
Change in post-retirement and pension liability(3)	10.8			(6.6		)	5.3			2.9
Other comprehensive income (loss), net of tax	334.9			(66.5		)	(118.8		)	(36.1		)
Comprehensive income (loss)	$	454.5		$	(4,079.3	)	$	(76.3	)	$	100.0

⁽¹⁾  Includes tax effect of $3.5 million, $2.1 million, $0.4 million and $5.7 million for the years endedDecember 31, 2017, December 31, 2016, the six months endedDecember 31, 2015, and the year endedJune 27, 2015, respectively.

⁽²⁾  Includes tax effect of $0.5 million, $4.1 million, $3.6 million and $2.7 million for the years endedDecember 31, 2017, December 31, 2016, the six months endedDecember 31, 2015, and the year endedJune 27, 2015, respectively.

⁽³⁾  Includes tax effect of $0.0 million, $2.5 million, $2.8 million and $0.6 million for the years endedDecember 31, 2017, December 31, 2016, the six months endedDecember 31, 2015, and the year endedJune 27, 2015, respectively.

See accompanying Notes to Consolidated Financial Statements.

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CONSOLIDATED BALANCE SHEETS

(in millions, except per share amounts)

	December 31, 2017			December 31, 2016			December 31, 2015
Assets
Cash and cash equivalents	$	678.7		$	622.3		$	417.8
Accounts receivable, net of allowance for doubtful accounts of $6.2, $6.3 and $4.5, respectively	1,130.8			1,176.0			1,189.0
Inventories	806.9			795.0			898.7
Prepaid expenses and other current assets	203.2			212.0			286.1
Total current assets	2,819.6			2,805.3			2,791.6
Property, plant and equipment, net	833.1			870.1			886.2
Financial assets	—			2,350.0			5,310.0
Goodwill and other indefinite-lived intangible assets	4,265.7			4,163.9			7,069.0
Other intangible assets, net	3,290.5			3,396.8			2,973.1
Non-current deferred income taxes	10.4			72.1			71.4
Other non-current assets	409.5			211.9			248.3
Total non-current assets	8,809.2			11,064.8			16,558.0
Total assets	$	11,628.8		$	13,870.1		$	19,349.6
Liabilities and Shareholders’ Equity
Accounts payable	$	450.2		$	471.7		$	555.8
Payroll and related taxes	148.8			115.8			125.3
Accrued customer programs	419.7			380.3			396.0
Accrued liabilities	230.8			263.3			351.9
Accrued income taxes	116.1			32.4			62.7
Current indebtedness	70.4			572.8			1,060.5
Total current liabilities	1,436.0			1,836.3			2,552.2
Long-term debt, less current portion	3,270.8			5,224.5			4,971.6
Non-current deferred income taxes	321.9			389.9			1,372.7
Other non-current liabilities	429.5			461.8			346.3
Total non-current liabilities	4,022.2			6,076.2			6,690.6
Total liabilities	5,458.2			7,912.5			9,242.8
Commitments and contingencies - Note 16
Shareholders’ equity
Controlling interest:
Preferred shares, $0.0001 par value per share, 10 shares authorized	—			—			—
Ordinary shares, €0.001 par value per share, 10,000 shares authorized	7,892.9			8,135.0			8,142.6
Accumulated other comprehensive income (loss)	253.1			(81.8		)	(15.3		)
Retained earnings (accumulated deficit)	(1,975.5		)	(2,095.1		)	1,980.1
Total controlling interest	6,170.5			5,958.1			10,107.4
Noncontrolling interest	0.1			(0.5		)	(0.6		)
Total shareholders’ equity	6,170.6			5,957.6			10,106.8
Total liabilities and shareholders' equity	$	11,628.8		$	13,870.1		$	19,349.6
Supplemental Disclosures of Balance Sheet Information
Preferred shares, issued and outstanding	—			—			—
Ordinary shares, issued and outstanding	140.8			143.4			143.1

See accompanying Notes to Consolidated Financial Statements.

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CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

	Year Ended						Six Months Ended			Year Ended
	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015
Cash Flows From (For) Operating Activities
Net income (loss)	$	119.6		$	(4,012.8	)	$	42.5		$	136.1
Adjustments to derive cash flows
Depreciation and amortization	444.8			457.0			182.4			258.7
Loss on acquisition-related foreign currency derivatives	—			—			—			326.4
Share-based compensation	43.8			23.0			22.8			31.6
Impairment charges	47.5			2,631.0			215.6			6.8
Change in financial assets	24.9			2,608.2			(57.3		)	(78.5		)
Loss on extinguishment of debt	135.2			1.1			0.9			10.5
Restructuring charges	61.0			31.0			26.9			5.1
Deferred income taxes	(48.9		)	(990.9		)	(120.0		)	(16.3		)
Amortization of debt premium	(22.4		)	(24.7		)	(10.2		)	0.2
Other non-cash adjustments, net	(2.7		)	33.5			18.1			10.2
Subtotal	802.8			756.4			321.7			690.8
Increase (decrease) in cash due to:
Accounts receivable	3.2			(0.6		)	52.5			(51.1		)
Inventories	(16.0		)	100.7			(29.6		)	(11.4		)
Accounts payable	(39.6		)	(75.7		)	(194.1		)	120.5
Payroll and related taxes	(27.4		)	(41.1		)	(38.2		)	(30.2		)
Accrued customer programs	34.6			(13.9		)	34.4			71.3
Accrued liabilities	(47.8		)	(79.5		)	108.1			42.8
Accrued income taxes	(6.1		)	20.9			(56.8		)	21.9
Other, net	(4.8		)	(12.3		)	2.9			0.6
Subtotal	(103.9		)	(101.5		)	(120.8		)	164.4
Net cash from operating activities	698.9			654.9			200.9			855.2
Cash Flows From (For) Investing Activities
Proceeds from royalty rights	87.3			353.7			166.3			344.6
Acquisitions of businesses, net of cash acquired	(0.4		)	(427.4		)	(791.6		)	(2,177.8		)
Asset acquisitions	—			(65.1		)	—			(4.0		)
Settlement of acquisition-related foreign currency derivatives	—			—			(1.3		)	(329.9		)
Proceeds from sale of securities	—			4.5			—			—
Additions to property, plant and equipment	(88.6		)	(106.2		)	(77.8		)	(137.0		)
Net proceeds from sale of business and other assets	154.6			69.1			—			—
Proceeds from sale of the Tysabri® financial asset	2,200.0			—			—			—
Other investing, net	(14.8		)	(3.6		)	(3.7		)	1.8
Net cash from (for) investing activities	2,338.1			(175.0		)	(708.1		)	(2,302.3		)
Cash Flows From (For) Financing Activities
Borrowings (repayments) of revolving credit agreements and other financing, net	6.8			(802.5		)	718.0			(54.0		)
Issuances of long-term debt	—			1,190.3			—			2,504.3
Payments on long-term debt	(2,611.0		)	(559.2		)	(28.3		)	(1,823.5		)
Premium on early debt retirement	(116.1		)	(0.6		)	—			—
Deferred financing fees	(4.8		)	(2.8		)	(0.3		)	(28.1		)
Issuance of ordinary shares	0.7			8.3			4.9			1,043.5
Equity issuance costs	—			(10.3		)	—			(35.7		)
Repurchase of ordinary shares	(191.5		)	—			(500.0		)	—
Cash dividends	(91.1		)	(83.2		)	(36.3		)	(64.8		)
Other financing, net	2.3			(8.7		)	(8.4		)	(19.3		)
Net cash from (for) financing activities	(3,004.7		)	(268.7		)	149.6			1,522.4
Effect of exchange rate changes on cash and cash equivalents	24.1			(6.7		)	(10.2		)	(89.2		)
Net increase (decrease) in cash and cash equivalents	56.4			204.5			(367.8		)	(13.9		)
Cash and cash equivalents, beginning of period	622.3			417.8			785.6			799.5
Cash and cash equivalents, end of period	$	678.7		$	622.3		$	417.8		$	785.6

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	Year Ended				Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
Supplemental Disclosures of Cash Flow Information
Cash paid/received during the year for:
Interest paid	$	187.6	$	205.1	$	84.2	$	143.2
Interest received	$	9.3	$	1.2	$	0.7	$	1.1
Income taxes paid	$	186.9	$	139.5	$	87.8	$	131.0
Income taxes refunded	$	3.6	$	9.3	$	1.7	$	9.6

See accompanying Notes to Consolidated Financial Statements.

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PERRIGO COMPANY PLC

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(in millions, except per share amounts)

	Ordinary Shares Issued					Accumulated Other Comprehensive Income (Loss)			Retained Earnings (Accumulated Deficit)			Total
	Shares		Amount
Balance at June 28, 2014	133.8		$	6,678.2		$	139.6		$	1,902.6		$	8,720.4
Net income	—		—			—			136.1			136.1
Other comprehensive loss	—		—			(36.1		)	—			(36.1		)
Issuance of ordinary shares under:
Equity offering	6.8		1,035.0			—			—			1,035.0
Omega acquisition	5.4		904.9			—			—			904.9
Stock options	0.2		8.5			—			—			8.5
Restricted stock plan	0.2		—			—			—			—
Compensation for stock options	—		6.9			—			—			6.9
Compensation for restricted stock	—		24.7			—			—			24.7
Cash dividends, $0.46 per share	—		—			—			(64.8		)	(64.8		)
Tax effect from stock transactions	—		7.0			—			—			7.0
Shares withheld for payment of employee's withholding tax liability	(0.1	)	(7.6		)	—			—			(7.6		)
Equity issuance costs	—		(35.7		)	—			—			(35.7		)
Balance at June 27, 2015	146.3		8,621.9			103.5			1,973.9			10,699.3
Net income	—		—			—			42.5			42.5
Other comprehensive loss	—		—			(118.8		)	—			(118.8		)
Issuance of ordinary shares under:
Stock options	0.1		4.9			—			—			4.9
Restricted stock plan	0.1		—			—			—			—
Compensation for stock options	—		2.5			—			—			2.5
Compensation for restricted stock	—		20.3			—			—			20.3
Cash dividends, $0.25 per share	—		—			—			(36.3		)	(36.3		)
Tax effect from stock transactions	—		3.3			—			—			3.3
Shares withheld for payment of employee's withholding tax liability	(0.1	)	(10.3		)	—			—			(10.3		)
Repurchases of ordinary shares	(3.3	)	(500.0		)	—			—			(500.0		)
Balance at December 31, 2015	143.1		8,142.6			(15.3		)	1,980.1			10,107.4
Net loss	—		—			—			(4,012.8		)	(4,012.8		)
Other comprehensive loss	—		—			(66.5		)	—			(66.5		)
Issuance of ordinary shares under:
Stock options	0.2		8.3			—			—			8.3
Restricted stock plan	0.2		—			—			—			—
Compensation for stock options	—		5.0			—			—			5.0
Compensation for restricted stock	—		18.0			—			—			18.0
Cash dividends, $0.58 per share	—		(20.8		)	—			(62.4		)	(83.2		)
Tax effect from stock transactions	—		(1.5		)	—			—			(1.5		)
Shares withheld for payment of employee's withholding tax liability	(0.1	)	(6.3		)	—			—			(6.3		)
Equity issuance costs	—		(10.3		)	—			—			(10.3		)
Balance at December 31, 2016	143.4		8,135.0			(81.8		)	(2,095.1		)	5,958.1
Net income	—		—			—			119.6			119.6
Other comprehensive income	—		—			334.9			—			334.9
Stock options	0.1		0.7			—			—			0.7
Restricted stock plan	0.1		—			—			—			—
Compensation for stock options	—		8.9			—			—			8.9

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	Ordinary Shares Issued					Accumulated Other Comprehensive Income (Loss)		Retained Earnings (Accumulated Deficit)			Total
	Shares		Amount
Compensation for restricted stock	—		34.9			—		—			34.9
Cash dividends, $0.64 per share	—		(91.1		)	—		—			(91.1		)
Shares withheld for payment of employee's withholding tax liability	(0.1	)	(4.0		)	—		—			(4.0		)
Repurchases of ordinary shares	(2.7	)	(191.5		)	—		—			(191.5		)
Balance at December 31, 2017	140.8		$	7,892.9		$	253.1	$	(1,975.5	)	$	6,170.5

See accompanying Notes to Consolidated Financial Statements.

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Note 1

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 healthcare company, delivering value to our customers and consumers by providing Quality Affordable Healthcare Products^®. Founded in 1887 as a packager of home remedies, we have built a unique business model that is best described as the convergence of a fast-moving consumer goods company, a high-quality pharmaceutical manufacturing organization and a world-class supply chain network. We believe we are one of the world's largest manufacturers of over-the-counter (“OTC”) healthcare products and suppliers of infant formulas for the store brand market. We are a leading provider of branded OTC products throughout Europe, and also a leading producer of generic pharmaceutical topical products such as creams, lotions, and gels, as well as nasal sprays and injection ("extended topical") prescription drugs. We are headquartered in Ireland, and sell our products primarily in North America and Europe, as well as in other markets, including Australia, Israel and China.

Basis of Presentation

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. As a result of our change in year end, this report on Form 10-K discloses the results of our operations for:

• The twelve-month period from January 1, 2017 through December 31, 2017;

• The twelve-month period from January 1, 2016 through December 31, 2016;

• The six-month period from June 28, 2015 through December 31, 2015;

• The twelve-month period from June 29, 2014 to June 27, 2015; and

• The six-month period from June 29, 2014 through December 27, 2014.

We 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.

Segment Reporting

Our reporting segments are as follows:

• Consumer Healthcare Americas("CHCA"),comprises our U.S., Mexico and Canada consumer healthcare business (OTC, contract, infant formula and animal health categories).

• Consumer Healthcare International ("CHCI"),comprises our branded consumer healthcare business primarily in Europe and our consumer focused businesses in the U.K., Australia, and Israel. This segment also includes our U.K. liquid licensed products business.

• Prescription Pharmaceuticals("RX"),comprises our U.S. Prescription Pharmaceuticals business.

We also had two legacy operating segments, Specialty Sciences and Other, which contained our Tysabri^® financial asset and Active Pharmaceuticals business ("API") businesses, respectively, which we divested (refer to Note 2 and Note 6). Following these divestitures, there were no substantial assets or operations left in either of these segments. Effective January 1, 2017, all expenses associated with our former Specialty Sciences segment

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Note 1

were moved to unallocated expenses. Our segments reflect the way in which our management makes operating decisions, allocates resources and manages the growth and profitability of the Company.

Principles of Consolidation

The consolidated financial statements include our accounts and accounts of all majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Unconsolidated Variable Interest Entities

We have research and development ("R&D") arrangements with certain biotechnology companies that we determined to be variable interest entities ("VIEs"). We did not consolidate the VIEs in our financial statements because we lack the power to direct the activities that most significantly impact their economic performance and thus are not considered the primary beneficiaries of these entities. These arrangements provide us with certain rights and obligations to purchase product candidates from the VIEs, dependent upon the outcome of the development activities.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions, which affect the reported earnings, financial position and various disclosures. Although the estimates are considered reasonable, actual results could differ from the estimates.

Non-U.S. Operations

We translate our non-U.S. dollar-denominated operations’ assets and liabilities denominated in foreign currencies into U.S. dollars at current rates of exchange as of the balance sheet date and income and expense items at the average exchange rate for the reporting period. Translation adjustments resulting from exchange rate fluctuations are recorded in the cumulative translation account, a component of Accumulated Other Comprehensive Income ("AOCI"). Gains or losses from foreign currency transactions are included in Other expense, net.

Revenues

We generally record revenues from product sales when the goods are shipped to the customer. For customers with Free on Board destination terms, a provision is recorded to exclude shipments estimated to be in-transit to these customers at the end of the reporting period. A sales allowance is recorded and accounts receivable are reduced as revenues are recognized for estimated losses on credit sales due to customer claims for discounts, price discrepancies, returned goods and other items. Revenue is also reduced for any contractual customer program arrangements and related liabilities are recorded concurrently.

We maintain customer-related accruals and allowances that consist primarily of chargebacks, rebates, sales returns, shelf stock allowances, administrative fees and other incentive programs. Some of these adjustments relate specifically to the RX segment while others relate only to the CHCA and CHCI segments. Certain of these accruals and allowances are recorded in the balance sheet as current liabilities and others are recorded as a reduction in accounts receivable. Changes in these estimates and assumptions related to customer programs may result in additional accruals or allowances. Customer-related accruals and allowances were $512.3 million,

$484.3 million, and $489.4 million at December 31, 2017, December 31, 2016, and December 31, 2015, respectively.

Revenues from service and royalty arrangements, including revenues from collaborative agreements, consist primarily of royalty payments, payments for R&D services, up-front fees and milestone payments. If an arrangement requires the delivery or performance of multiple deliverables or service elements, we determine whether the individual elements represent separate units of accounting. If the separate elements represent separate units of accounting, we recognize the revenue associated with each element separately and revenue is allocated among elements based on their relative selling prices. If the elements within a multiple deliverable arrangement are

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not considered separate units of accounting, the delivery of an individual element is considered not to have occurred if there are undelivered elements that are considered essential to the arrangement.

To the extent such arrangements contain refund clauses triggered by non-performance or other adverse circumstances, revenue is not recognized until all contractual obligations are satisfied. Non-refundable up-front fees are deferred and amortized to revenue over the related performance period. We estimate the performance period based on the specific terms of each collaborative agreement. Revenue associated with R&D services is recognized on a proportional performance basis over the period that we perform the related activities under the terms of the agreement. Revenue resulting from the achievement of contingent milestone events stipulated in the agreements is recognized when the milestone is achieved. Milestones are based upon the occurrence of a substantive element specified in the contract.

Shipping and handling costs billed to customers are included in net sales. Conversely, shipping and handling expenses we incur are included in cost of sales.

Cash and Cash Equivalents

Cash and cash equivalents consist primarily of demand deposits and other short-term investments with maturities of three months or less at the date of purchase. The carrying amount of cash and cash equivalents approximates its fair value.

Accounts Receivable

We maintain an allowance for doubtful accounts that reduces our receivables to amounts that are expected to be collected. In estimating the allowance, management considers factors such as current overall and industry-specific economic conditions, statutory requirements, historical and anticipated customer performance, historical experience with write-offs and the level of past-due amounts. Changes in these conditions may result in additional allowances. After all attempts to collect a receivable have failed, the receivable is written off against the allowance.

               In addition, included in our accounts receivable balance is $84.4 million and $83.4 million related to our Tysabri^® financial asset at December 31, 2016 and December 31, 2015, respectively, for amounts earned that have not yet been received.

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in first-out method. Costs include material and conversion costs. Inventory related to R&D is expensed at the point when it is determined the materials have no alternative future use.

We maintain reserves for estimated obsolete or unmarketable inventory based on the difference between the cost of the inventory and its estimated net realizable value. In estimating the reserves, management considers factors such as excess or slow-moving inventories, product expiration dating, products on quality hold, current and future customer demand and market conditions. Changes in these conditions may result in additional reserves (refer to Note 5).

Investments

Available for Sale Investments

We determine the appropriate classification of securities as held-to-maturity, available-for-sale, or trading. The classification depends on the purpose for which the financial assets were acquired. Marketable equity securities are classified as available-for-sale. These securities are carried at fair value with unrealized gains and losses included in AOCI. The assessment for impairment of marketable securities classified as available-for-sale is based on established financial methodologies, including quoted market prices for publicly traded securities. If we determine that a loss in the value of an investment is other than temporary, the investment is written down to its estimated fair value. Any such losses are recorded in Other expense, net (refer to Note 7).

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Note 1

Cost Method Investments

Non-marketable equity securities are carried at cost, less any write down for impairments, and are adjusted for impairment based on methodologies, an assessment of the impact of general private equity market conditions, and discounted projected future cash flows. Non-marketable equity securities are recorded in Other non-current assets (refer to Note 7).

Equity Method Investments

The equity method of accounting is used for unconsolidated entities over which we have significant influence; generally this represents ownership interests of at least 20% and not more than 50%. Under the equity method of accounting, we record the investments at carrying value and adjust for a proportionate share of the profits and losses of these entities each period. We evaluate our equity method investments for recoverability. If we determine that a loss in the value of an investment is other than temporary, the investment is written down to its estimated fair value. Any such losses are recorded in Other expense, net. Evaluations of recoverability are based primarily on projected cash flows. Due to uncertainties in the estimation process, actual results could differ from such estimates. Equity method investments are recorded in Other non-current assets (refer to Note 7).

Derivative Instruments

We record derivative instruments on the balance sheet on a gross basis as either an asset or liability measured at fair value (refer to Note 8). Additionally, changes in a derivative's fair value, which are measured at the end of each period, are recognized in earnings unless specific hedge accounting criteria are met. If hedge accounting criteria are met for cash flow hedges, the changes in a derivative’s fair value are recorded in shareholders’ equity as a component of other comprehensive income ("OCI"), net of tax. These deferred gains and losses are recognized in income in the period in which the hedged item and hedging instrument affect earnings. Any ineffective portion of the change in fair value is immediately recognized in earnings.

We are exposed to credit loss in the event of nonperformance by the counterparties on derivative contracts. It is our policy to manage our credit risk on these transactions by dealing only with financial institutions having a long-term credit rating of "A" or better and by distributing the contracts among several financial institutions to diversify credit concentration risk. Should a counterparty default, our maximum exposure to loss is the asset balance of the instrument. The maximum term of our forward currency exchange contracts is 18 months.

Property, Plant and Equipment, net

Property, plant and equipment, net are recorded at cost and are depreciated using the straight-line method. Useful lives for financial reporting range from 3 to 20 years for machinery and equipment and 10 to 45 years for buildings.Maintenance and repair costs are charged to earnings, while expenditures that increase asset lives are capitalized. Depreciation expense includes amortization of assets recorded under capital leases and totaled $95.2 million, $100.2 million, $53.8 million, and$84.3 million, for the years endedDecember 31, 2017andDecember 31, 2016, the six months endedDecember 31, 2015, and the year endedJune 27, 2015, respectively.

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

	December 31, 2017			December 31, 2016			December 31, 2015
Land	$	45.5		$	45.0		$	47.5
Buildings	514.3			520.2			508.2
Machinery and equipment	1,078.6			1,094.7			1,103.3
Gross property, plant and equipment	1,638.4			1,659.9			1,659.0
Less accumulated depreciation	(805.3		)	(789.8		)	(772.8		)
Property, plant and equipment, net	$	833.1		$	870.1		$	886.2

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Note 1

Financial Assets

Prior to its divestiture on March 27, 2017, we accounted for the Tysabri^® royalty stream as a financial asset and have elected to use the fair value option model (refer to Note 6). We made the election to account for the Tysabri^® financial asset using the fair value option as we believe this method is most appropriate for an asset that does not have a par value, a stated interest stream, or a termination date. The fair value of the Tysabri^® financial asset is determined by using a discounted cash flow analysis related to the expected future cash flows to be received. This asset is classified as Level 3 assets within the fair value hierarchy, as our valuation estimates utilize significant unobservable inputs, including estimates as to the probability and timing of future sales of the related products. Critical estimates in determining the fair value are the underlying revenue assumptions of Tysabri^® sales and the discount rates. The revenue assumptions are impacted by product demand and market growth assumptions, inventory target levels, product approval, currency movements and pricing assumptions. Factors that could cause a change in estimates of future cash flows include a change in estimated market size, entry of a competitive product that would erode market share, manufacturing and approval of a biosimilar equivalent product, a change in pricing strategy or reimbursement coverage, a delay in obtaining regulatory approval, a change in dosage of the product, or a change in the number of treatments.

Goodwill and Intangible Assets

Goodwill

Goodwill represents amounts paid for an acquisition in excess of the fair value of net assets received. Goodwill is tested for impairment annually on the first day of our fourth quarter, or more frequently if changes in circumstances or the occurrence of events suggest an impairment exists.

The test for impairment requires us to make several estimates about fair value, most of which are based on projected future cash flows and market valuation multiples. The estimates associated with the goodwill impairment tests are considered critical due to the judgments required in determining fair value amounts, including projected discounted future cash flows. Changes in these estimates may result in the recognition of an impairment loss. Our annual impairment tests were performed as of October 1, 2017, October 2, 2016, September 27, 2015, and March 29, 2015, for the years ended December 31, 2017 and December 31, 2016, the six months endedDecember 31, 2015, and the year endedJune 27, 2015, respectively.

Intangible Assets

We have intangible assets that we have acquired through various business acquisitions and include trademarks, trade names and brands, in-process research and development ("IPR&D"), developed product technology/formulation and product rights, distribution and license agreements, customer relationships and distribution networks, and non-compete agreements. The assets are typically initially valued using one of the following valuation methods:

• Relief from royalty method: This method assumes that if the acquired company did not own the intangible asset or intellectual property, it would be willing to pay a royalty for its use. The benefit of ownership of the intellectual property is valued as the relief from the royalty expense that would otherwise be incurred. We typically use this method for valuing readily transferable intangible assets that have licensing appeal, such as trade names and trademarks and certain technology assets.

• Multi-period excess earnings method: This method starts with a forecast of the net cash flows expected to be generated by the asset over its estimated useful life. These cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams. We typically use this method for valuing intangible assets such as developed product technology, customer relationships, product formulations and IPR&D.

• Lost income method: This method estimates the fair value of an asset by comparing the value of the business, inclusive of the asset, to the hypothetical value of the same business excluding the asset.

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Indefinite-lived intangible assets include IPR&D and certain trademarks, trade names, and brands. IPR&D assets are recognized at fair value and are classified as indefinite-lived assets until the successful completion or abandonment of the associated research and development efforts. If the associated research and development is completed, the IPR&D asset becomes a definite-lived intangible asset and is amortized over the asset's assigned useful life. If it is abandoned, an impairment loss is recorded.

We test indefinite-lived trademarks, trade names, and brands for impairment quarterly, or more frequently if changes in circumstances or the occurrence of events suggest impairment exists, by comparing the carrying value of the assets to their estimated fair values. An impairment loss is recognized if the carrying amount of the asset is not recoverable and its carrying amount exceeds its fair value.

Definite-lived intangible assets consist of a portfolio of developed product technology/formulation and product rights, distribution and license agreements, customer relationships, non-compete agreements, and certain trademarks, trade names, and brands. The assets are amortized on either a straight-line basis or proportionately to the benefits derived from those relationships or agreements. Useful lives vary by asset type and are determined based on the period over which the intangible asset is expected to contribute directly or indirectly to our future cash flows. We also review all other long-lived assets that have finite lives and that are not held for sale for impairment when indicators of impairment are evident by comparing the carrying value of the assets to their estimated future undiscounted cash flows.

See Note 3 for further information on our goodwill and intangible assets.

Assets Held for Sale

We classify assets as "held for sale" when management approves and commits to a formal plan of sale with the expectation the sale will be completed within one year. The net assets of the business held for sale are then recorded at the lower of their current carrying value and the fair market value, less costs to sell (refer to Note 9).

Deferred Financing Fees

We record deferred financing fees as a reduction of long-term debt.

Share-Based Awards

We measure and record compensation expense for all share-based awards based on estimated grant date fair values, and net of any estimated forfeitures over the vesting period of the awards. Forfeiture rates are estimated at the grant date based on historical experience and adjusted in subsequent periods for any differences in actual forfeitures from those estimates.

We estimate the fair value of stock option awards granted based on the Black-Scholes option pricing model, which requires the use of subjective and complex assumptions. These assumptions include estimating the expected term that awards granted are expected to be outstanding, the expected volatility of our stock price for a period commensurate with the expected term of the related options, and the risk-free rate with a maturity closest to the expected term of the related awards. Restricted stock and restricted stock units are valued based on our stock price on the day the awards are granted. The estimated fair value of outstanding Relative Total Shareholder Return performance units (“RTSR”) is based on the grant date fair value of RTSR awards using a Monte Carlo simulation, which includes estimating the movement of stock prices and the effects of volatility, interest rates, and dividends (refer to Note 12).

Income Taxes

We record deferred income tax assets and liabilities on the balance sheet as noncurrent based upon the difference between the financial reporting and the tax reporting basis of assets and liabilities using the enacted tax rates. To the extent that available evidence raises doubt about the realization of a deferred income tax asset, a valuation allowance is established.

We have provided for income taxes for certain earnings of certain foreign subsidiaries which have not been

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deemed to be permanently reinvested. For those foreign subsidiaries we have deemed to be permanently reinvested, we have provided no further tax provision.

We record reserves for uncertain tax positions to the extent it is more likely than not that the tax position will be sustained on audit, based on the technical merits of the position. Periodic changes in reserves for uncertain tax positions are reflected in the provision for income taxes. We include interest and penalties attributable to uncertain tax positions and income taxes as a component of our income tax provision (refer to Note 14).

Legal Contingencies

We are involved in product liability, patent, commercial, regulatory and other legal proceedings that arise in the normal course of business. We record a liability when a loss is considered probable and the amount can be reasonably estimated. If the reasonable estimate of a probable loss is a range and no amount within that range is a better estimate, the minimum amount in the range is accrued. If a loss is not probable or a probable loss cannot be reasonably estimated, no liability is recorded. We have established reserves for certain of our legal matters (refer to Note 16). We also separately record any insurance recoveries that are probable of occurring.

Research and Development

All R&D costs, including payments related to products under development and research consulting agreements, are expensed as incurred. We may continue to make non-refundable payments to third parties for new technologies and for R&D work that has been completed. These payments may be expensed at the time of payment depending on the nature of the payment made. R&D expense was $167.7 million, $184.0 million, $88.2 million, and $187.8 million for the years endedDecember 31, 2017, and December 31, 2016, the six months endedDecember 31, 2015 and the year endedJune 27, 2015, respectively.

The year endedDecember 31, 2017 included R&D expense related to new product development and clinical trial expenses in our CHCA, CHCI and RX segments. The year endedDecember 31, 2016 included R&D expense related to clinical trials primarily in our CHCA and RX segments. The six months endedDecember 31, 2015 included incremental R&D expense attributable to the Omega Pharma Invest N.V. ("Omega") acquisition. The year endedJune 27, 2015 included incremental R&D expense related to a collaboration agreement entered into as a result the Omega acquisition.

We actively collaborate with other pharmaceutical companies to develop, manufacture and market certain products or groups of products. We may choose to enter into these types of agreements to, among other things, leverage our or others’ scientific research and development expertise or utilize our extensive marketing and distribution resources. Our policy on accounting for costs of strategic collaborations determines the timing of the recognition of certain development costs. In addition, this policy determines whether the cost is classified as development expense or capitalized as an asset. Management is required to form judgments with respect to the commercial status of such products in determining whether development costs meet the criteria for immediate expense or capitalization. For example, when we acquire certain products for which there is already an Abbreviated New Drug Application ("ANDA") or New Drug Application ("NDA") approval directly related to the product, and there is net realizable value based on projected sales for these products, we capitalize the amount paid as an intangible asset. If we acquire product rights that are in the development phase and as to which we have no assurance that the third party will successfully complete its development milestones, we expense the amount paid (refer to Note 17 for more information on our current collaboration agreements).

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Advertising Costs

We expense advertising costs as incurred. Advertising costs relate primarily to print advertising, direct mail, on-line advertising and social media communications. For the year endedDecember 31, 2017, 94% of advertising expense was attributable to our CHCI segment. Advertising costs were as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	145.3	$	155.9	$	77.5	$	55.7

Earnings per Share ("EPS")

Basic EPS is calculated using the weighted-average number of ordinary shares outstanding during each period. It excludes both the dilutive effects of additional common shares that would have been outstanding if the shares issued under stock incentive plans had been exercised and the dilutive effect of restricted shares and restricted share units, to the extent those shares and units have not vested. Diluted EPS is calculated including the effects of shares and potential shares issued under stock incentive plans, following the treasury stock method.

Defined Benefit Plans

We operate a number of defined benefit plans for employees globally.

Two significant assumptions, the discount rate and the expected rate of return on plan assets, are important elements of expense and liability measurement. We evaluate these assumptions annually. Other assumptions involve employee demographic factors, such as retirement patterns, mortality, turnover, and the rate of compensation increase.

The liability recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. The defined benefit obligation is calculated periodically by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of either high quality corporate bonds or long term government bonds depending on the depth and liquidity of the high quality corporate bond market in the different geographies where we have pension liabilities. The bonds are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability.     

Actuarial gains and losses are recognized on the Consolidated Statement of Operations using the corridor method. Under the corridor method, to the extent that any cumulative unrecognized net actuarial gain or loss exceeds 10% of the greater of the present value of the defined benefit obligation and the fair value of the plan assets, that portion is recognized over the expected average remaining working lives of the plan participants. Otherwise, the net actuarial gain or loss is recorded in OCI. We recognize the funded status of benefit plans on the Consolidated Balance Sheets. In addition, we recognize the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic pension cost of the period as a component of OCI (refer to Note 15).

Recent Accounting Standard Pronouncements

Below are recent accounting standard updates that we have adopted or 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.

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Recently Issued Accounting Standards Adopted
Standard	Description	Date of adoption	Effect on the Financial Statements or Other Significant Matters
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 an initial threshold that an acquired set of assets 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). If the acquired set does not pass the initial threshold, then the guidance requires that, to be a business, the set must include an input and a substantive process that together significantly contribute to the ability to create outputs. Different factors are considered to determine whether the set includes a substantive process, such as the inclusion of an organized workforce. 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, 2017	We early adopted this new standard and will apply it prospectively when determining whether transactions should be accounted for as asset acquisitions (divestitures) or business combinations (divestitures). During the year ended December 31, 2017, we applied the new guidance when determining whether certain product divestitures represented sales of assets or businesses.
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 the awards 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 adopted this standard as of January 1, 2017. We elected to estimate the number of awards expected to be forfeited and adjust the estimate when it is likely to change, consistent with past practice. We did not change the amounts that we withhold to cover income taxes on awards. As the requirement to record all income tax effects of vested or settled awards through the income statement is prospective in nature, there was no cumulative effect of adopting the standard on our balance sheet.

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Recently Issued Accounting Standards Not Yet Adopted
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 have substantially completed our evaluation of the impact of adoption of the new revenue standard  on our Consolidated Financial Statements. We will adopt the new revenue standard effective January 1, 2018 using the modified retrospective method. Upon adoption, we anticipate recognizing an adjustment of $5.4 million to the opening balance of retained earnings. The impact of adoption relates primarily to the new guidance on when revenue should be recognized, focusing on indicators of the customer gaining control. Under this new model, in certain cases revenue may be recognized over-time as opposed to a point in time. In our business, revenue may be recognized over-time for certain of our contract manufacturing and private label arrangements in which we produce products that do not have an alternative use, and if the contracts with customers were canceled, we would have an enforceable right to payment for performance completed to date, inclusive of a reasonable profit margin. As a result, we expect to recognize revenue earlier in the performance period for these arrangements as product is customized, as opposed to when units are shipped or delivered. Our assessment of the new revenue standard has also included, but has not been limited to, estimation of variable consideration and identification of performance obligations and we have determined that the related accounting is not materially different compared to our current practice.
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 than under historical guidance. The guidance excludes intra-entity transfers of inventory. For intra-entity transfers of inventory, the Financial Accounting Standards Board ("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 have identified certain intra-entity asset transfers that will require an adjustment; based on our current analysis, no material adjustments have been identified at this time.
Financial Instruments - Recognition and Measurement of Financial Assets and Liabilities	The objective of this simplification update is to improve the decision usefulness of financial instrument reporting, and it principally affects accounting for equity investments currently classified as available for sale and financial liabilities where the fair value option has been elected. Entities will have to measure many equity investments at fair value and recognize changes in fair value in net income rather than other comprehensive income as required under current U.S. GAAP.	January 1, 2018	We have identified certain investments that will require an adjustment; based on our current analysis, no material adjustments have been identified at this time.

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Recently Issued Accounting Standards Not Yet Adopted (continued)
Standard	Description	Effective Date	Effect on the Financial Statements or Other Significant Matters
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. The actual impact will depend on our lease portfolio at the time of adoption. We have commenced the first step of identifying a task force to take the lead in implementing the new lease standard.
Derivatives and Hedging	This update was issued to enable entities to better portray the economics of their risk management activities in the financial statements and enhance the transparency and understandability of hedge results. In addition, the amendments simplify the application of hedge accounting in certain situations. Under the new rule, the entity’s ability to hedge non-financial and financial risk components is expanded. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and also eases certain documentation and assessment requirements. Early adoption is permitted.	January 1, 2019	We are currently evaluating the implications of adoption on our Consolidated Financial Statements.
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.
Intangibles - Goodwill and Other Simplifying the Test for Goodwill	The objective of this update is to reduce the cost and complexity of subsequent goodwill accounting by simplifying the impairment test by removing the Step 2 requirement to perform a hypothetical purchase price allocation when the carrying value of a reporting unit exceeds its fair value. If a reporting unit’s carrying value exceeds its fair value, an entity would record an impairment charge based on that difference, limited to the amount of goodwill attributed to that reporting unit. The proposal would not change the guidance on completing Step 1 of the goodwill impairment test. The proposed guidance would be applied prospectively. Early adoption is permitted.	January 1, 2020	We are currently evaluating the implications of adoption on our Consolidated Financial Statements.

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NOTE 2 - ACQUISITIONS AND DIVESTITURES

All of the below acquisitions, with the exception of the generic Benzaclin™ product purchase, 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 were included in the Consolidated Financial Statements prospectively from the date of each acquisition. Unless otherwise indicated, acquisition costs incurred were immaterial and were recorded in Administration expense.

Acquisitions Completed During the Year EndedDecember 31, 2016

Generic Benzaclin™ Product

On August 2, 2016, we purchased the remaining 60.9% product rights to a generic Benzaclin™ product ("Generic Benzaclin™"), which we had developed and marketed in collaboration with Barr Laboratories, Inc. ("Barr"), a subsidiary of Teva Pharmaceuticals, for $62.0 million in cash. In September 2007, we entered into an initial development, marketing and commercialization agreement with Barr, in which Barr contributed to the product's development costs and we developed and marketed the product in the U.S. and Israel. Under this agreement, we paid Barr a percentage of net income from the product's sales in these territories, adjusted for Barr's contributions to the product's development costs. By purchasing the remaining product rights from Barr, we are now entitled to 100% of income from sales of the product. Operating results attributable to Generic Benzaclin™ are included within our RX segment. The intangible asset acquired is a distribution and license agreement with a nine-year useful life.

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 standard topical products such as creams, lotions and gels, as well as inhalants and injections ("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 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 R&D expense. On March 1, 2016, to further invest in our specialty "prescription only" ("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 IPR&D 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 amount of contingent consideration recognized was $24.9 million and was recorded in Other non-current liabilities. On December 20,

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2017, we completed the sale of one of the Development-Stage Rx Products to an ophthalmic pharmaceutical company (see below for additional details on the divestiture).

Purchase Price Allocation of Acquisitions Completed During the Year EndedDecember 31, 2016

The Tretinoin Products, Developed-Stage Rx Products, andfourproduct acquisitions openingbalance sheets are final. The below table indicates the purchase price allocations for acquisitions completed during the year endedDecember 31, 2016 (in millions):

	Tretinoin Products		Development-Stage Rx Products		All Other(1)
Purchase price paid	$	416.4	$	—	$	17.1
Contingent consideration	—		24.9		26.2
Total purchase consideration	$	416.4	$	24.9	$	43.3
Assets acquired:
Cash and cash equivalents	$	—	$	—	$	3.8
Accounts receivable	—		—		4.9
Inventories	1.4		—		7.1
Prepaid expenses and other current assets	—		—		0.1
Property, plant and equipment, net	—		—		1.2
Goodwill	1.7		—		—
Definite-lived intangibles:
Distribution and license agreements, supply agreements	$	—	$	—	$	1.8
Developed product technology, formulations, and product rights	411.0		—		18.0
Customer relationships and distribution networks	—		—		8.2
Non-compete agreements	2.3		—		—
Indefinite-lived intangibles:
In-process research and development	$	—	$	24.9	$	4.9
Total intangible assets	$	413.3	$	24.9	$	32.9
Total assets	$	416.4	$	24.9	$	50.0
Liabilities assumed:
Accounts payable	$	—	$	—	$	2.8
Accrued liabilities	—		—		0.1
Long-term debt	—		—		3.3
Net deferred income tax liabilities	—		—		0.5
Total liabilities	$	—	$	—	$	6.7
Net assets acquired	$	416.4	$	24.9	$	43.3

(1) Consists of four product acquisitions in our CHCA, CHCI and RX segments.

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Acquisitions Completed During the Six Months EndedDecember 31, 2015

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. The acquisition complemented our Rx portfolio. Operating results attributable to the acquisition are included within our RX segment. The intangible assets acquired included 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. During the year ended December 31, 2016, we recorded an impairment charge of $342.2 million (refer to Note 3).

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 CHCI 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 CHCI 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 CHCA 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 CHCI 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.

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Purchase Price Allocation of Acquisitions Completed During the Six Months EndedDecember 31, 2015

The Entocort^®, Naturwohl,ScarAway^®, GSK Products, andeightproduct development acquisitions openingbalance sheets are final.The below table indicates the purchase price allocations for acquisitions completed during thesix months endedDecember 31, 2015(in millions):

	Entocort®		Naturwohl		ScarAway®		GSK Products		All Other(1)
Purchase price paid	$	380.2	$	150.4	$	26.7	$	223.6	$	15.3
Contingent consideration	—		—		—		—		13.9
Total purchase consideration	$	380.2	$	150.4	$	26.7	$	223.6	$	29.2
Assets acquired:
Cash and cash equivalents	$	—	$	4.6	$	—	$	—	$	—
Accounts receivable	—		3.3		—		—		—
Inventories	0.2		1.5		1.0		—		—
Goodwill	—		61.0		3.5		32.6		—
Definite-lived intangibles:
Distribution and license agreements, supply agreements	$	—	$	21.4	$	—	$	—	$	—
Developed product technology, formulations, and product rights	380.0		—		0.5		—		—
Customer relationships and distribution networks	—		25.9		9.8		61.5		—
Trademarks, trade names, and brands	—		64.2		11.4		129.5		—
Non-compete agreements	—		0.3		0.5		—		—
Indefinite-lived intangibles:
In-process research and development	$	—	$	—	$	—	$	—	$	29.2
Total intangible assets	$	380.0	$	111.8	$	22.2	$	191.0	$	29.2
Total assets	$	380.2	$	182.2	$	26.7	$	223.6	$	29.2
Liabilities assumed:
Accounts payable	$	—	$	2.8	$	—	$	—	$	—
Accrued liabilities	—		1.6		—		—		—
Net deferred income tax liabilities	—		27.4		—		—		—
Total liabilities	$	—	$	31.8	$	—	$	—	$	—
Net assets acquired	$	380.2	$	150.4	$	26.7	$	223.6	$	29.2

⁽¹⁾  Consists of eight product development acquisitions in our CHCA, CHCI and RX segments.

Acquisitions Completed During the Year EndedJune 27, 2015

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 CHCA 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.

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Note 2

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 was written up by $0.9 million to its 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, 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 presence.

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 and issued 6.8 million ordinary shares, which raised $999.3 million, net of issuance costs (refer to Note 10).

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 by up to €120.9 million ($127.2 million as of December 31, 2017) in cash that has been escrowed and 1.08 million of our ordinary shares, which are both being held in escrow to secure such obligations. 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. On December 16, 2016, we commenced an arbitral claim against the Sellers in connection with the Sellers' obligations to us under the Share Purchase Agreement. The fact of the claim has been made public, but the proceedings otherwise remain confidential. The Sellers deny liability (refer to Note 16 for additional information).

The operating results attributable to Omega are included in the CHCI 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 (in millions):

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Note 2

	Year Ended
Line item	June 27, 2015
Administration	$	29.7
Interest expense, net	23.7
Other expense, net	324.0
Loss on extinguishment of debt	9.6
Total acquisition-related costs	$	387.0

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 CHCI 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. The weighted-average useful life of all intangible assets acquired is 20.6 years (refer to Note 3 for further detail on Goodwill and Other Intangible Assets).

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 (refer to Note 10 for more information on the debt we assumed from Omega and our subsequent payments on the debt).

Lumara Health, Inc.

On October 31, 2014, we acquired a portfolio of women's healthcare products from Lumara Health, Inc., ("Lumara") a privately-held, Chesterfield, Missouri-based specialty pharmaceutical company, for $83.0 million in cash. The acquisition of this portfolio further expanded our women's healthcare product offerings. Operating results attributable to the acquired Lumara products are included in the RX segment. The intangible assets acquired consisted of three product formulations with useful lives ranging from eight to 12 years. The assets were valued utilizing the multi-period excess earnings method.

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Note 2

Purchase Price Allocation of Acquisitions Completed During the Year Ended June 27, 2015

The Gelcaps, Omega, and Lumara opening balance sheets are final. Measurement period adjustments to the Gelcaps opening balance sheet were not material; there were no measurement period adjustments to the Lumara opening balance sheet. Measurement period adjustment made to the Omega opening balance sheet are shown below.

	June 27, 2015		Measurement Period Adjustments			December 31, 2015
Accounts receivable	$	227.4	$	(4.5	)	$	222.9
Inventories	$	288.9	$	(11.9	)	$	277.0
Property, plant and equipment, net	$	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

The measurement period changes in the Omega purchase accounting were due primarily to refinements in the underlying valuation assumptions for the intangible assets, including updates to the allocations of projected cash flows to the intangible assets and the related jurisdictional tax rates that were used in those projections, the accounting of intangible assets as definite-lived versus indefinite-lived assets, and finalization of the related deferred taxes. Valuation adjustments made during the measurement period resulted in a $10.2 million reduction of amortization expense (recorded primarily in Selling expense) for the six months endedDecember 31, 2015 that were related to the year ended June 27, 2015 (refer to Note 3 for further detail on Goodwill and Other Intangible Assets).

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Note 2

The below table indicates the purchase price allocation for acquisitions completed during the year endedJune 27, 2015 (in millions):

	Gelcaps		Omega		Lumara
Total purchase consideration	$	37.9	$	2,983.2	$	83.0
Assets acquired:
Cash and cash equivalents	$	4.6	$	14.7	$	—
Accounts receivable	7.3		222.9		2.9
Inventories	7.2		277.0		1.5
Prepaid expenses and other current assets	2.1		51.2		0.4
Property, plant and equipment, net	6.0		130.8		0.1
Goodwill	6.0		1,688.7		—
Definite-lived intangibles:
Developed product technology, formulations, and product rights	$	—	$	31.4	$	82.0
Customer relationships and distribution networks	6.6		1,056.3		—
Trademarks, trade names, and brands	—		287.5		—
Indefinite-lived intangibles:
Trademarks, trade names, and brands	4.4		2,003.8		—
Total intangible assets	$	11.0	$	3,379.0	$	82.0
Other non-current assets	0.4		2.4		—
Total assets	$	44.6	$	5,766.7	$	86.9
Liabilities assumed:
Accounts payable	$	3.3	$	225.0	$	—
Short-term debt	—		112.6		—
Accrued liabilities	1.6		49.3		3.9
Payroll and related taxes	—		51.3		—
Accrued customer programs	—		28.9		—
Long-term debt	—		1,471.0		—
Net deferred income tax liabilities	1.4		785.5		—
Other non-current liabilities	0.4		59.9		—
Total liabilities	$	6.7	$	2,783.5	$	3.9
Net assets acquired	$	37.9	$	2,983.2	$	83.0

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Note 2

Actual and Unaudited Pro Forma Impact of Acquisitions

Our Consolidated Financial Statements include operating results from the Tretinoin Products, Entocort^®, Naturwohl, GSK Products, ScarAway^®, Omega, Gelcaps, and Lumara^® acquisitions as well as from three small product acquisitions, from the date of each acquisition through December 31, 2017. Net sales and operating income attributable to the Tretinoin Products and two small product acquisitions included in our financial statements for the year endedDecember 31, 2016 totaled $85.3 million and $45.1 million, respectively. Net sales and operating income attributable to the Entocort^®, Naturwohl, ScarAway^®, and GSK acquisitions included in our financial statements for the six months endedDecember 31, 2015 totaled $51.0 million and $20.6 million, respectively. Net sales and operating income attributable to the Omega, Gelcaps, and Lumara acquisitions included in our financial statements for the year endedJune 27, 2015 totaled $418.2 million and $18.9 million, respectively.

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

	Year Ended			Six Months Ended		Year Ended
(Unaudited)	December 31, 2016			December 31, 2015		June 27, 2015
Net sales	$	5,288.6		$	2,748.8	$	5,682.5
Net income (loss)	$	(4,011.0	)	$	81.0	$	250.2

The historical consolidated financial information of Perrigo, and the Tretinoin Products, Entocort^®, Naturwohl, GSK Products, and ScarAway^®, Omega, Gelcaps, and Lumara^® acquisitions and the 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 year ended June 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 period ended December 31, 2016 to the period ended June 27, 2015. The unaudited pro forma results do not reflect future events that have occurred or may occur after the acquisitions.

Divestitures Completed During the Year EndedDecember 31, 2017

On January 3, 2017, we sold certain ANDAs for $15.0 million to a third party, which was recorded as a gain in Other operating income on the Consolidated Statements of Operations in our RX segment.

On February 1, 2017, we completed the sale of the animal health pet treats plant fixed assets within our CHCA segment, which were previously classified as held-for sale. We received $7.7 million in proceeds, which resulted in an immaterial loss.

On April 6, 2017, we completed the sale of our India API business to Strides Shasun Limited. We received $22.2 million of proceeds, inclusive of an estimated working capital adjustment, which resulted in an immaterial gain recorded in our Other segment. Prior to closing the sale, we determined that the carrying value of the India API business exceeded its fair value less the cost to sell, resulting in an impairment charge of $35.3 million, which was recorded in Impairment charges on the Consolidated Statements of Operations for the year ended December 31, 2016.

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Note 2

On August 25, 2017, we completed the sale of our Russian business, which was previously classified as held-for-sale, to Alvogen Pharma LLC. The total sale price was €12.7 million ($15.1 million), inclusive of an estimated working capital adjustment, which resulted in an immaterial gain recorded in our CHCI segment. Prior to closing the sale, we determined that the carrying value of the Russian business exceeded its fair value less the cost to sell, resulting in an impairment charge of $3.7 million, which was recorded in Impairment charges on the Consolidated Statements of Operations for the three months ended July 1, 2017.

On November 21, 2017, we completed the sale of our Israel API business, which was previously classified as held-for-sale, to SK Capital for a sale price of $110.0 million, which resulted in an immaterial gain recorded in our Other segment in Other expense (Income), net on the Consolidated Statements of Operations.

As a result of the sale, we recognized a guarantee liability (refer to Note 6). Per the agreement, we will be reimbursed for tax receivables for tax years prior to closing and will need to reimburse SK Capital for the settlement of any uncertain tax liability positions for tax years prior to closing. In addition, after closing and going forward, the Israel API business, will be assessed by and liable to the Israel Tax Authority ("ITA") for any audit findings. We are no longer the primary obligor on the liabilities transferred to SK Capital on November 21, 2017, however, we have provided a guarantee on certain obligations that were recorded at a fair value of $13.8 million, with a maximum possible payout of $34.9 million.

On December 20, 2017, we completed the sale of one of the Development-Stage Rx Products to an ophthalmic pharmaceutical company. We will potentially receive the following consideration: (1) a milestone payment of $1.5 million after the buyer achieves net sales of $25.0 million in any given calendar year; (2) a milestone payment of $5.0 million after the buyer achieves $50.0 million in net sales in any given year; and (3) royalty payments of 2.5% of all net sales of the product from the date of the first commercial sales of the product and continuing until market entry of a generic equivalent of the product.

Divestitures Completed During the Year EndedDecember 31, 2016

On August 5, 2016, we completed the sale of our U.S. Vitamins, Minerals, and Supplements ("VMS") business within our CHCA segment to International Vitamins Corporation ("IVC") for $61.8 million inclusive of an estimated working capital adjustment. Prior to closing the sale, we determined that the carrying value of the VMS business exceeded its fair value less the cost to sell, resulting in an impairment charge of $6.2 million, which was recorded in Impairment charges on the Consolidated Statements of Operations for the year ended December 31, 2016.

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Note 3

NOTE 3 - GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

Changes in the carrying amount of goodwill, by reportable segment, were as follows (in millions):

	CHCA			CHCI			RX			Specialty Sciences			Other			Total
Balance at June 27, 2015	$	1,817.2		$	1,530.2		$	1,086.0		$	199.6		$	88.2		$	4,721.2
Business acquisitions	9.7			87.4			—			—			—			97.1
Changes in assets held-for-sale	(13.0		)	—			—			—			(14.6		)	(27.6		)
Currency translation adjustments	(0.8		)	(53.3		)	(1.9		)	—			(2.1		)	(58.1		)
Purchase accounting adjustments	1.2			418.9			—			—			—			420.1
Balance at December 31, 2015	1,814.3			1,983.2			1,084.1			199.6			71.5			5,152.7
Business acquisitions	—			—			1.7			—			—			1.7
Changes in assets held-for-sale	4.5			—			—			—			9.0			13.5
Impairments	(24.5		)	(868.4		)	—			(199.6		)	—			(1,092.5		)
Currency translation adjustments	(0.9		)	(27.5		)	0.8			—			0.9			(26.7		)
Purchase accounting adjustments	17.2			(16.5		)	—			—			—			0.7
Balance at December 31, 2016	1,810.6			1,070.8			1,086.6			—			81.4			4,049.4
Re-allocation of goodwill(1)	35.3			—			27.7			—			(63.0		)	—
Business divestitures	—			(4.1		)	—			—			(26.4		)	(30.5		)
Currency translation adjustments	1.5			139.0			8.0			—			8.0			156.5
Balance at December 31, 2017	$	1,847.4		$	1,205.7		$	1,122.3		$	—		$	—		$	4,175.4

⁽¹⁾ Certain cash flow associated with the API business were retained. We performed a relative fair value allocation of the business retained and allocated it among the two segments where the business was allocated.

The increase in goodwill in the year endedDecember 31, 2017 was due primarily to foreign currency translation adjustments. The decrease in goodwill for the year endedDecember 31, 2016 was due primarily to impairment charges recorded in the CHCI and Specialty Sciences segments as discussed below. The increase in goodwill in the six months endedDecember 31, 2015 was due primarily to purchase accounting adjustments to the Omega acquisition, as well as the Naturwohl and GSK acquisitions recorded in the CHCI segment (refer to Note 2).

As required by our policy, we tested goodwill for impairment in the fourth quarter of 2017 (refer to Note 1). We determined the fair value of each of our reporting units exceeded their net book values. The fair values of the BCH, UK AUS and Animal Health reporting units were each less than 25.0% higher than their respective net book values as of the annual assessment date. As a result, these reporting units are inherently at a higher risk for future impairments if they experience deterioration in business performance or market multiples, or increases in discount rates. These reporting units had the following remaining goodwill balances as of December 31, 2017 (in millions):

Reporting Unit	Goodwill Remaining in Reporting Unit		Segment	Fair Value in excess of Carrying Value
BCH	$	1,026.0	CHCI	6.6%
Animal Health	$	178.9	CHCA	23.6%
UK AUS	$	53.1	CHCI	18.3%

Subsequently, at the end of the fourth quarter of 2017, the Animal Health reporting unit had an indication of potential impairment resulting from the termination of a supply agreement. We prepared an impairment test as of December 31, 2017 and determined the fair value of the Animal Health reporting unit continued to exceed net book value, by 8.9%. The 8.9% margin was lower than the excess fair value over carrying value of 23.6% that was estimated as of October 1, 2017. Therefore, while no impairment was recorded in 2017, the supply agreement termination increased the risk of future impairment in this reporting unit.

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Note 3

The discounted cash flow forecasts used for these reporting units in goodwill impairment testing include assumptions about future activity levels in both the near term and longer-term. If growth in these reporting units is lower than expected, we may experience deterioration in our cash flow forecasts that may indicate goodwill in the reporting units may be impaired in future impairment tests. We continue to monitor the progress and assess the reporting units for potential impairment should impairment indicators arise, as applicable, and at least annually during our fourth quarter impairment testing.

During the year ended December 31, 2016, we identified indicators of goodwill impairment for certain of our reporting units, which required us to complete interim goodwill impairment testing (refer to Note 1 for our impairment process). Step one of the goodwill impairment test involves 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 units’ fair value include 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. If a reporting unit does not pass step one of the goodwill impairment test, step two is completed. The second step of the goodwill impairment test requires that we determine the implied fair value of the reporting unit’s goodwill, which involves determining the value of the reporting unit’s individual assets and liabilities. If the reporting unit’s carrying value exceeds its book value, an impairment charge is recorded.

During the three months ended April 2, 2016, we identified indicators of impairment for our Branded Consumer Healthcare - 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. BCH-ROW 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. 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 $130.5 million in impairment charges on the Consolidated Statement of Operations within our CHCI segment.

During the three months ended October 1, 2016, we identified additional indicators of goodwill impairment in both our BCH-ROW and our Branded Consumer Healthcare - Belgium ("BCH-Belgium") reporting units. With respect to both reporting units, the primary impairment indicators included an additional decline in our 2016 performance expectations for the remainder of the year and a reduction in our long-range revenue growth and margin forecasts due to the factors outlined below. Neither the BCH-ROW nor the BCH-Belgium reporting units passed step one of goodwill impairment testing.

As it relates to the BCH-ROW reporting unit, the changes in fair value from previous estimates were due primarily to (1) changes in the market and performance of certain brands due to moderated new product launch assumptions, (2) execution of certain key product strategies falling short of expectations causing a reduction to baseline forecast models in France, Germany and Italy and (3) certain macro-economic factors continuing to impact the business more than expected in France, Russia and Turkey in addition to unfavorable foreign currency impacts experienced (primarily in the UK related to Brexit.) As it relates to the BCH-Belgium reporting unit, the changes in fair value from previous estimates were due to changes in the forecasts as a result of a reduction in volume with a major wholesaler due to factors consistent with those outlined for the BCH-ROW reporting unit.

Based on our 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 impairment charge of $675.6 million related to the BCH-ROW reporting unit and $62.3 million related to the BCH-Belgium reporting unit on the Consolidated Statement of Operations within our CHCI segment.

During the three months ended December 31, 2016, we identified indicators of goodwill impairment in the BCH-Belgium reporting unit related to the early termination of a distribution agreement. We prepared a goodwill impairment test as of December 3, 2016, which was the end of the month in which the impairment indicator

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Note 3

occurred. Step one of the goodwill impairment test indicated that the fair value of the BCH-Belgium reporting unit as greater than its net book value. As a result, we did not perform the second step of the goodwill impairment test.

During the three months ended December 31, 2016, we identified indicators of goodwill impairment in the Animal Health reporting unit related to changes in the market and performance of certain brands. We prepared a goodwill impairment test as of October 2, 2016 as part of our annual goodwill impairment testing process. Step one of the goodwill impairment test indicated that the fair value of the Animal Health reporting unit was below its net book value. As a result, we performed the second step of the goodwill impairment test to measure the amount of impairment. We concluded that Animal Health goodwill was impaired by $24.5 million, which we recorded in Impairment charges on the Consolidated Statement of Operations within our CHCA segment.

During the three months ended December 31, 2016, we identified indicators of goodwill impairment in the Specialty Sciences reporting unit related to our decision to review strategic alternatives for the Tysabri^® financial asset. As a result of the impairment indicators, we prepared a goodwill impairment test as of December 31, 2016. Step one of the goodwill impairment test indicated that the fair value of the Specialty Sciences reporting unit was below its net book value. 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 $199.6 million in Impairment charges on the Consolidated Statement of Operations within our Specialty Sciences segment.

No impairment charges were recorded as a result of the annual goodwill impairment testing during the six months ended December 31, 2015. During the year endedJune 27, 2015, we performed our annual goodwill impairment testing, which indicated that our CHCA 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 CHCA segment during the year endedJune 27, 2015 in Impairment charges. No other segments were affected by this impairment charge.

Intangible Assets

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

	December 31, 2017				December 31, 2016				December 31, 2015
	Gross		Accumulated Amortization		Gross		Accumulated Amortization		Gross		Accumulated Amortization
Definite-lived intangibles:
Distribution and license agreements, supply agreements	$	311.2	$	169.8	$	305.6	$	120.4	$	242.4	$	77.7
Developed product technology, formulations, and product rights	1,358.4		598.7		1,418.1		526.0		1,387.6		426.0
Customer relationships and distribution networks	1,642.0		460.6		1,489.9		307.5		1,520.7		193.0
Trademarks, trade names, and brands	1,335.4		129.5		1,189.3		55.3		539.4		22.8
Non-compete agreements	14.7		12.6		14.3		11.2		15.2		12.7
Total definite-lived intangibles	$	4,661.7	$	1,371.2	$	4,417.2	$	1,020.4	$	3,705.3	$	732.2
Indefinite-lived intangibles:
Trademarks, trade names, and brands	$	52.1	$	—	$	50.5	$	—	$	1,868.1	$	—
In-process research and development	38.2		—		64.0		—		48.2		—
Total indefinite-lived intangibles	$	90.3	$	—	$	114.5	$	—	$	1,916.3	$	—
Total other intangible assets	$	4,752.0	$	1,371.2	$	4,531.7	$	1,020.4	$	5,621.6	$	732.2

Certain intangible assets are denominated in currencies other than the U.S. dollars; therefore, their gross and net carrying values are subject to foreign currency movements.

The increase in gross amortizable intangible assets during the year endedDecember 31, 2017 was due primarily to foreign currency translation. The decrease in gross amortizable intangible assets during the year ended

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Note 3

December 31, 2016 was due to the reclassification of Omega indefinite-lived assets to definite-lived assets as described below, offset by current year impairments taken as described below. The increase during the six months endedDecember 31, 2015 was due to the Entocort^®, GSK, Naturwohl, and ScarAway^® acquisitions, offset partially by purchase price adjustments to the Omega intangible assets (refer to Note 2).

Intangible asset impairments taken are as follows (in millions):

	Year Ended										Six Months Ended
	December 31, 2017				December 31, 2016						December 31, 2015
	Definite-Lived Intangible Assets		IPR&D		Indefinite-Lived Intangible Assets		Definite-Lived Intangible Assets		IPR&D		Indefinite-Lived Intangible Assets
CHCA	$	—	$	—	$	0.4	$	—	$	—	$	—
CHCI	—		1.1		849.1		321.4		3.5		185.1
RX	19.7		11.6		—		342.2		—		—
Other	—		—		—		2.0		—		—
	$	19.7	$	12.7	$	849.5	$	665.6	$	3.5	$	185.1

During the three months ended July 1, 2017, we identified impairment indicators for our Lumara Health, Inc. ("Lumara") product assets. The primary impairment indicators included the decline in our 2017 performance expectations and a reduction in our long-range revenue growth forecast. The assessment utilized the multi-period excess earnings method to determine fair value and resulted in an impairment charge of $18.5 million in Impairment charges on the Consolidated Statements of Operations within our RX segment, which represented the difference between the carrying amount of the intangible assets and their estimated fair value.

During the three months 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 Consolidated Statements of Operations within our CHCI 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, geographical expansion within the markets in which the CHCI segment distributes products, gross margins consistent with historical trends, and advertising and promotion investments largely consistent with the segment's growth plans.

During the three months ended October 1, 2016, we identified additional indicators of impairment associated with certain indefinite-lived and definite-lived intangible brand category assets acquired in conjunction with the Omega acquisition. The primary impairment indicators are discussed above in goodwill. The assessment of the indefinite-lived assets utilized the excess earnings method to determine fair value and resulted in an impairment charge of $575.7 million. With regards to definite-lived assets, it was determined that the carrying value of one asset group was not recoverable based on an assessment of the undiscounted future cash flows expected to be generated by the asset group. Given this, the excess earnings method was utilized to determine fair value of the definite-lived asset and resulted in an impairment charge of $290.9 million. Both charges, which represented the difference between the carrying amount of the intangible assets and their estimated fair value, were recorded in Impairment charges on the Consolidated Statements of Operations within our CHCI segment. The main assumptions supporting the fair value of these assets and cash flow projections are included in the goodwill discussions above.

During the three months ended December 31, 2016, we identified impairment indicators in our Entocort^® product assets which related to the entrance of new market competition and resulting negative impacts on sales volume and pricing. Utilizing a multi-period excess earnings method, we determined that the Entocort^® product

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assets were impaired by $342.2 million. We recorded this impairment in Impairment charges on the Consolidated Statement of Operations within our RX segment.

During the three months ended December 31, 2016, we identified impairment indicators in certain definite-lived intangible assets, including trademarks and trade names related to our Herron products that we originally acquired through the acquisition of Aspen. After determining the assets were impaired, we utilized the relief from royalty method to quantify the impairment, resulting in a $30.5 million impairment. We recorded these impairments in Impairment charges on the Consolidated Statement of Operations within our CHCI segment.

During our impairment testing for the six months ended December 31, 2015, we identified an impairment of certain indefinite-lived intangible assets based on management’s expectations of the prospects for future revenues, profits, and cash flows associated with these assets. The indefinite-lived intangible assets were purchased in conjunction with the Omega acquisition and are included in the CHCI segment. The assessment utilized the excess earnings method to determine fair value and resulted in an impairment charge of $185.1 million, which represents the difference between the carrying amount of the intangible assets and their estimated fair value. The amount was recorded in Impairment charges on the Consolidated Statements of Operations within the CHCI segment. The primary assumptions supporting the fair value of these assets and cash flow projections assume modest revenue growth based on product line extensions, product life cycle strategies, and geographical expansion within the markets in which the CHCI segment currently distributes products, and gross margins and advertising and promotion investments largely consistent with historical trends.

No material impairment charges were recorded as a result of the annual intangible asset impairment testing during the year endedJune 27, 2015.

We recorded an impairment charge of $12.7 million and $3.5 million on certain IPR&D assets during the years endedDecember 31, 2017 and December 31, 2016, respectively, due to changes in the projected development and regulatory timelines for various projects, we also recorded a decrease in the contingent consideration liability associated with certain IPR&D assets in Other operating income on the Consolidated Statements of Operations (refer to Note 6).

In addition, due to reprioritization of certain brands in the CHCI segment and change in performance expectations for the cough/cold/allergy, anti-parasite, personal care, lifestyle, and natural health brands, we reclassified $364.5 million and $674.4 million of indefinite-lived assets to definite-lived assets with useful lives of 20 years, which we began amortizing during the second and third quarters of 2016, respectively.

The remaining weighted-average useful life for our amortizable intangible assets by asset class at December 31, 2017 was as follows:

Amortizable Intangible Asset Category	Remaining Weighted-Average Useful Life (Years)
Distribution and license agreements, supply agreements	7
Developed product technology, formulations, and product rights	12
Customer relationships and distribution networks	17
Trademarks, trade names, and brands	20
Non-compete agreements	2

We recorded amortization expense of $349.6 million, $356.8 million, $128.6 million, $174.5 million during the years endedDecember 31, 2017 and December 31, 2016, the six months endedDecember 31, 2015, and the year endedJune 27, 2015, respectively. The amortization expense in the year endedDecember 31, 2017 remained relatively flat. The increase in amortization expense in the year endedDecember 31, 2016 was due primarily to the incremental amortization expense incurred on the definite-lived intangible assets acquired from the Omega, Entocort^®,and Tretinoin Products acquisitions. In addition, we incurred additional amortization in 2016 due to the previously indefinite-lived Omega brands changing classification to definite-lived during the year. The increase in amortization expense in the six months endedDecember 31, 2015 was due primarily to definite-lived assets

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Note 3

acquired from Omega. The increase in amortization expense in the year endedJune 27, 2015 was due primarily to the inclusion of one quarter of amortization expense related to the intangible assets acquired from Omega.

Estimated future amortization expense includes the additional amortization related to recently acquired intangible assets subject to amortization. Our estimated future amortization expense is as follows (in millions):

Year	Amount
2018	$	341.0
2019	316.4
2020	280.8
2021	251.8
2022	222.0
Thereafter	1,878.5

NOTE 4 - ACCOUNTS RECEIVABLE FACTORING

We have 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 per invoice is charged on the gross amount of accounts receivables assigned to the Factors, and interest is calculated at the applicable EUR LIBOR rate plus a spread. The total amount factored on a non-recourse basis and excluded from accounts receivable was $27.5 million, $50.7 million, and $64.5 million at December 31, 2017, December 31, 2016 and December 31, 2015, respectively.

NOTE 5 - INVENTORIES

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

	December 31, 2017		December 31, 2016		December 31, 2015
Finished goods	$	454.3	$	431.1	$	537.2
Work in process	152.8		165.7		151.6
Raw materials	199.8		198.2		209.9
Total inventories	$	806.9	$	795.0	$	898.7

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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The following tables summarize the valuation of our financial instruments carried at fair value by the above pricing categories (in millions):

		Fair Value
	Fair Value Hierarchy	December 31, 2017		December 31, 2016		December 31, 2015
Measured at fair value on a recurring basis:
Assets:
Investment securities	Level 1	$	17.0	$	38.2	$	14.9
Foreign currency forward contracts	Level 2	$	6.3	$	3.8	$	4.8
Funds associated with Israeli severance liability	Level 2	16.3		15.9		17.2
Total level 2 assets		$	22.6	$	19.7	$	22.0
Royalty Pharma contingent milestone payments	Level 3	$	134.5	$	—	$	—
Financial assets	Level 3	—		2,350.0		5,310.0
Total level 3 assets		$	134.5	$	2,350.0	$	5,310.0
Liabilities:
Interest rate swap agreements	Level 2	$	—	$	—	$	0.3
Foreign currency forward contracts	Level 2	3.8		5.0		3.9
Total level 2 liabilities		$	3.8	$	5.0	$	4.2
Contingent consideration	Level 3	$	22.0	$	69.9	$	17.9
Measured at fair value on a non-recurring basis:
Assets:
Goodwill(1)	Level 3	$	—	$	1,148.4	$	—
Indefinite-lived intangible assets(2)	Level 3	—		0.3		1,031.8
Definite-lived intangible assets(3)	Level 3	11.5		758.0		—
Assets held for sale, net	Level 3	—		18.2		37.5
Total level 3 assets		$	11.5	$	1,924.9	$	1,069.3

⁽¹⁾  As of December 31, 2016, goodwill with a carrying amount of $2.2 billion was written down to its implied fair value of $1.1 billion.

⁽²⁾  As of December 31, 2016, indefinite-lived intangible assets with a carrying amount of $0.7 million were written down to a fair value of $0.3 million. As of December 31, 2015, indefinite-lived intangible assets with a carrying amount of $1.2 billion were written down to a fair value of $1.0 billion.

⁽³⁾  As of December 31, 2017, definite-lived intangible assets with a carrying amount of $31.2 million were written down to a fair value of $11.5 million. As of December 31, 2016, definite-lived intangible assets with a carrying amount of $2.3 billion were written down to a fair value of $758.0 million. Included in this balance are indefinite-lived intangible assets with a fair value of $364.5 million and $674.2 million that were reclassified to definite-lived assets at April 3, 2016 and October 2, 2016, respectively.

There were no transfers among Level 1, 2, and 3 during the years endedDecember 31, 2017, and December 31, 2016, or the six months endedDecember 31, 2015. Our policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period (refer to Note 7 for information on our investment securities and Note 8 for a discussion of derivatives).

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Note 6

Foreign Currency Forward Contracts

The fair value of foreign currency forward contracts is determined using a market approach, which utilizes values for comparable derivative instruments.

Funds Associated with Israel Severance Liability

Israeli labor laws and agreements require us to pay benefits to employees dismissed or retiring under certain circumstances. Severance pay is calculated on the basis of the most recent employee salary levels and the length of employee service. Our Israeli subsidiaries also provide retirement bonuses to certain managerial employees. We make regular deposits to retirement funds and purchase insurance policies to partially fund these liabilities. The funds 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.

Financial Assets

On December 18, 2013, we acquired Elan, which hada royalty agreement with Biogen Idec Inc. ("Biogen"),whereby Biogen conveyed the right to receive royalties that are typically payable on sales revenue generated by the sale, distribution or other use of the drug Tysabri^®. Pursuant to the royalty agreement, we were entitled to royalty payments from Biogen based on its Tysabri^® sales in all indications and geographies. We received royalties of 12% on worldwide Biogen sales of Tysabri^® from December 18, 2013 through April 30, 2014. From May 1, 2014, we received royalties of 18% on annual worldwide Biogen sales of Tysabri^® up to $2.0 billion and 25% on annual sales above $2.0 billion.

Prior to its divestiture on March 27, 2017, we accounted for the Tysabri^® royalty stream as a financial asset and elected to use the fair value option model. We made the election to account for the Tysabri^® financial asset using the fair value option as we believed this method was most appropriate for an asset that did not have a par value, a stated interest stream, or a termination date. The financial asset acquired represented a single unit of accounting. The fair value of the financial asset acquired was determined by using a discounted cash flow analysis related to the expected probability weighted future cash flows to be generated by the royalty stream. The financial asset was classified as a Level 3 asset within the fair value hierarchy, as our valuation utilized significant unobservable inputs, including industry analyst estimates for global Tysabri^® sales, probability weighted as to the timing and amount of future cash flows along with certain discount rate assumptions. Cash flow forecasts included the estimated effect and timing of future competition, considering patents in effect for Tysabri^® through 2024 and contractual rights to receive cash flows into perpetuity. The discounted cash flows were based upon the expected royalty stream forecasted into perpetuity using a 20-year discrete period with a declining rate terminal value. The pre-tax discount rate utilized was 7.72% and 7.83% at December 31, 2015, and June 27, 2015, respectively.

In the first quarter of 2016, a competitor's pipeline product, Ocrevus^®, received breakthrough therapy designation from the U.S. Food and Drug Administration ("FDA"). Breakthrough therapy designation is granted when a drug is intended alone or in combination with one or more other drugs to treat a serious or life threatening disease or condition and preliminary clinical evidence indicates that the drug may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints, such as substantial treatment effects observed early in clinical development. In June 2016, the FDA granted priority review with a target action date in December 2016. A priority review is a designation when the FDA will direct overall attention and resources to the evaluation of applications for drugs that, if approved, would be significant improvements in the safety or effectiveness of the treatment, diagnosis, or prevention of serious conditions when compared to standard applications. The product was approved late in the first quarter of 2017. The product is expected to compete with Tysabri^®, and we expected it to have a significant negative impact on the Tysabri^® royalty stream. Industry analysts believe that, based on released clinical study information, Ocrevus^® will compete favorably against Tysabri^® in the relapsing, remitting multiple sclerosis market segment due to its high efficacy and convenient dosage form.

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Note 6

Given the new market information for Ocrevus^®, we used industry analyst estimates to reduce our first ten year growth forecasts from an average growth of approximately 3.4% in the fourth calendar quarter of 2015 to an average decline of approximately minus 2.0% in the third and fourth calendar quarters of 2016. In November 2016, we announced we were evaluating strategic alternatives for the Tysabri^® financial asset. As of December 31, 2016, the financial asset was adjusted based on the strategic review and sale process. These effects, combined with the change in discount rate each quarter, led to a reduction in fair value of $204.4 million, $910.8 million, $377.4 million and $1.1 billion in the first, second, third and fourth quarters of 2016, respectively.

At December 31, 2015, and June 27, 2015, we performed an evaluation to assess the discount rate and general market conditions potentially affecting the fair value of our Tysabri^® financial asset. As of December 31, 2015, had this discount rate increased or decreased by 0.5%, the fair value of the asset would have increased by $270.0 million or decreased by $260.0 million, respectively. As of June 27, 2015, had this discount rate increased or decreased by 0.5%, the fair value of the asset would have decreased by $260.0 million or increased by $290.0 million, respectively. The estimated fair value of the asset is subject to variation should those cash flows vary significantly from those estimates. Quarterly, we assess the expected future cash flows and to the extent such payments are greater or less than initial estimates, or the timing of such payments is materially different than the original estimates, we will adjust the estimated fair value of the asset. As of December 31, 2015, if the expected royalty cash flows used in the estimation process had increased or decreased by 5.0%, the fair value of the asset would have increased by $270.0 million or decreased by $280.0 million, respectively. As of June 27, 2015, if the expected royalty cash flows used in the estimation process had increased or decreased by 5.0%, the fair value of the asset would have increased by $280.0 million or decreased by $280.0 million, respectively. In November 2016, we announced we were evaluating strategic alternatives for the Tysabri^® financial asset. As of December 31, 2016, the financial asset was adjusted based on this strategic review and sale process.

On March 27, 2017, we announced the completed divestment of our Tysabri^® financial asset to Royalty Pharma for up to $2.85 billion, consisting of $2.2 billion in cash and up to $250.0 million and $400.0 million in milestone payments if the royalties on global net sales of Tysabri^® that are received by Royalty Pharma meet specific thresholds in 2018 and 2020, respectively. As a result of this transaction, we transferred the entire financial asset to Royalty Pharma and recorded a $17.1 million gain during the three months ended April 1, 2017. We elected to account for the contingent milestone payments using the fair value option method, and these were recorded at an estimated fair value of $134.5 million as of December 31, 2017. We chose the fair value option as we believe it will help investors understand the potential future cash flows we may receive associated with the two contingent milestones.

The following table summarizes the change in our Consolidated Balance Sheet for the Tysabri^® Financial Asset, which includes our fair value adjustment that is a Level 3 measurement under ASC 820 and is included in our Consolidated Statement of Operations for the years ended December 31, 2017 and December 31, 2016, six months ended December 31, 2015, and year ended June 27, 2015 (in millions):

	Year Ended						Six Months Ended			Year Ended
	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015
Tysabri® financial asset
Beginning balance	$	2,350.0		$	5,310.0		$	5,420.0		$	5,680.0
Royalties earned	—			(351.8		)	(167.3		)	(338.5		)
Change in fair value	—			(2,608.2		)	57.3			78.5
Divestitures	(2,350.0		)	—			—			—
Ending balance	$	—		$	2,350.0		$	5,310.0		$	5,420.0

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Note 6

Royalty Pharma Contingent Milestone Payments

We valued the contingent milestone payments using a modified Black-Scholes Option Pricing Model ("BSOPM"). Key inputs in the BSOPM are the estimated volatility and rate of return of royalties on global net sales of Tysabri^® that are received by Royalty Pharma over time until payment of the contingent milestone payments is completed. Volatility and the estimated fair value of the milestones have a positive relationship such that higher volatility translates to a higher estimated fair value of the contingent milestone payments. In the valuation of contingent milestone payments performed, we assumed volatility of 30.0% and a rate of return of 8.07% as of December 31, 2017. We assess volatility and rate of return inputs quarterly by analyzing certain market volatility benchmarks and the risk associated with Royalty Pharma achieving the underlying projected royalties. During the year endedDecember 31, 2017, the fair value of the Royalty Pharma contingent milestone payments decreased $42.0 million, as a result of the decrease in the estimated projected Tysabri^® revenues due to the launch of Ocrevus^® late in the first quarter of 2017.

In addition, payment of the contingent milestone payments is dependent on global net sales of Tysabri^®. Of the $134.5 million of estimated fair valued contingent milestone payments as of December 31, 2017, $79.7 million and $54.8 million relates to the 2018 and 2020 contingent milestone payments, respectively. If Tysabri^® global net sales do not meet the prescribed threshold in 2018, we will write off the $79.7 million asset as an expense to Change in financial assets on the Consolidated Statement of Operations. If the prescribed threshold is exceeded, we will write up the asset to $250 million and recognize income of $170.3 million in Change in financial assets on the Consolidated Statement of Operations. If Tysabri^® global net sales do not meet the prescribed threshold in 2020, we will write off the $54.8 million asset as an expense to Change in financial assets on the Consolidated Statement of Operations. If the prescribed threshold is exceeded, we will write up the asset to $400.0 million and recognize income of $345.2 million in Change in financial assets on the Consolidated Statement of Operations.

Global Tysabri^® net sales need to exceed $1.9 billion and $2.0 billion in 2018 and 2020, respectively in order for Royalty Pharma to receive the level of royalties needed to trigger the milestone payments owed to us.

See Note 1 for amounts recorded in our accounts receivable related to our Tysabri^® financial asset.

The table below presents a reconciliation for the Royalty Pharma contingent milestone payments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions). Change in fair value in the table was recorded in Change in financial assets on the Consolidated Statements of Operations.

	Year Ended
	December 31, 2017
Royalty Pharma Contingent Milestone Payments
Beginning balance	$	—
Additions	184.5
Payments	(8.0		)
Change in fair value	(42.0		)
Ending balance	$	134.5

Interest Rate Swaps

The fair values of interest rate swaps are determined using a market approach, which utilizes values for comparable swap instruments.

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Note 6

Guarantee Liability Related to The Israel API Sale

On November 21, 2017, we completed the sale of our Israel API business to SK Capital (refer to Item 8. Note 2). As a result of the sale, we recognized a guarantee liability, which was classified as a level 3 liability. Per the agreement, we will be reimbursed for tax receivables for tax years prior to closing and will need to reimburse SK Capital for the settlement of any uncertain tax liability positions for tax years prior to closing. In addition, after closing and going forward, the Israel API business, will be assessed by and liable to the Israel Tax Authority ("ITA") for any audit findings. As of November 21, 2017, we are no longer the primary obligor on the liabilities transferred to SK Capital, however, we have provided a guarantee on certain obligations that were recorded at a fair value of $13.8 million, with a maximum possible payout of $34.9 million.

Contingent Consideration

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. We reduced a contingent consideration liability associated with certain IPR&D assets (refer to Note 3) and recorded a corresponding gain of $17.4 million during the year endedDecember 31, 2017. The liability decrease relates to a reduction of the probability of achievement assumptions and anticipated cash flows (refer to Note 2). In addition, we sold a certain IPR&D asset and the corresponding contingent consideration of $12.5 million was reduced. Purchases or additions for the year ended December 31, 2016 included contingent consideration associated with five transactions.

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 Other expense (Income), net on the Consolidated Statements of Operations.

	Year Ended						Six Months Ended
	December 31, 2017			December 31, 2016			December 31, 2015
Contingent Consideration
Beginning balance	$	69.9		$	17.9		$	—
Net realized losses	(19.5		)	(2.1		)	—
Purchases or additions	—			56.7			17.9
Divestiture	(12.5		)	—			—
Currency translation adjustments	1.5			0.1			—
Settlements	(17.4		)	(2.7		)	—
Ending balance	$	22.0		$	69.9		$	17.9

Non-recurring Fair Value Measurements

The non-recurring fair values represent only those assets whose carrying values were adjusted to fair value during the reporting period.

Goodwill and Indefinite-Lived Intangible Assets

We have six reporting units for which we assess the goodwill in each reporting unit for impairment. We conduct our goodwill and indefinite-lived intangible asset impairment test on the first day of the fourth quarter, unless indications of impairment exists during an interim period. We utilize a comparable company market approach, weighted equally with a discounted cash flow analysis, to determine the fair value of the reporting units. We utilize either a relief from royalty method or a multi-period excess earnings method to value our indefinite-lived intangible assets. We use a consistent set of projected financial information for the goodwill and indefinite-lived asset impairment tests. The discounted cash flow analysis that we prepared for goodwill impairment testing purposes for the year endedDecember 31, 2017 included long-term growth rates ranging from of 2.0% to 3.0%. We

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Note 6

also utilized discount rates ranging from 7.5% to 13.5%, which were deemed to be commensurate with the required investment return and risk involved in realizing the projected free cash flows of each reporting unit. In addition, we burdened projected free cash flows with the capital spending deemed necessary to support the cash flows of each reporting unit, and applied the tax rates that were applicable to the jurisdictions represented within each reporting unit. We recorded Impairment charges on the Consolidated Statements of Operations related to Goodwill and indefinite lived intangible assets of $1.1 billion and $849.5 million, for the year endedDecember 31, 2016, respectively. We recorded Impairment charges on the Consolidated Statements of Operations related to indefinite-lived intangible assets of $185.1 million for the six months ended December 31, 2015. As of December 31, 2017, the remaining goodwill and indefinite-lived asset balances were $4.2 billion and $90.3 million, respectively (refer to Note 3).

Definite-Lived Intangible Assets

When assessing our definite-lived assets for impairment, we utilize either a multi-period excess earnings method or a relief from royalty method to determine the fair value of the asset and use the forecasts that are consistent with those used in the reporting unit analysis. We conduct our definite-lived intangible asset impairment test quarterly when indications of impairment exists. Below is a summary of the various metrics used in our valuations:

	Year Ended
	December 31, 2017
	Lumara
5-year average growth rate	(4.1)%
Discount rate	13.5%
Valuation method	MPEEM

	Year Ended
	December 31, 2016
	Omega - Lifestyle	Omega - XLS	Entocort® - Branded Products	Entocort® - AG Products	Herron Trade Names and Trademarks
5-year average growth rate	2.5%	3.2%	(31.7)%	(30.4)%	4.6%
Long-term growth rates	2.0%	NA	(10.0)%	(4.7)%	2.5%
Discount rate	9.3%	9.5%	13.0%	10.5%	10.8%
Royalty rate	NA	4.0%	NA	NA	11.0%
Valuation method	MPEEM	Relief from Royalty	MPEEM	MPEEM	Relief from Royalty

We recorded Impairment charges on the Consolidated Statements of Operations related to definite-lived intangible assets of $665.6 million during the year endedDecember 31, 2016. These impairments were primarily recorded in our BCH and RX goodwill reporting units (refer to Note 3 for a additional detail on impaired definite-lived intangible assets).

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Note 6

Fixed Rate Long-term Debt

Our fixed rate long-term debt consisted of public bonds, a private placement note and retail bonds as follows (in millions):

		Year Ended
	Fair Value Hierarchy	December 31, 2017		December 31, 2016		December 31, 2015
Public bonds	Level 1
Carrying value		$	2.6	$	4.6	$	3.9
Fair value		$	2.7	$	4.6	$	3.8
Retail bonds and private placement note	Level 2
Carrying value (excluding premium)		$	306.0	$	773.1	$	798.3
Fair value		$	342.1	$	825.0	$	859.8
Premium		$	21.4	$	49.8	$	82.5

The fair values of our public bonds for all periods were based on quoted market prices. The fair values of our retail bonds and private placement note for all periods were based on interest rates offered for borrowings of a similar nature and remaining maturities.

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):

	Year Ended				Six Months Ended
	December 31, 2017		December 31, 2016		December 31, 2015
Equity securities, at cost less impairments	$	15.5	$	16.5	$	6.4
Gross unrealized gains	1.5		21.7		9.3
Gross unrealized losses	—		—		(0.8		)
Estimated fair value of equity securities	$	17.0	$	38.2	$	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 $1.8 million and $10.7 million during the year endedDecember 31, 2016, and the six months endedDecember 31, 2015, respectively, related to other-than-temporary impairments of marketable equity securities due to prolonged losses incurred on each of the investments.

We have evaluated the near-term prospects of the equity securities in relation to the severity and duration of any impairments, and based on that evaluation, we have the ability and intent to hold these investments until a recovery of fair value.

We sold a number of our investment securities and recorded gains of $1.6 million and $1.0 million during the years endedDecember 31, 2017 and December 31, 2016, respectively. The gains were reclassified out of AOCI and into earnings.

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Note 7

Cost Method Investments

Our cost method investments totaled $6.3 million, $6.9 million, and $6.9 million at December 31, 2017, December 31, 2016, and December 31, 2015, respectively, and were included in Other non-current assets. During the year ended December 31, 2017, due to significant and prolonged losses incurred by one of our cost method investments, we recorded a $1.0 million impairment charge in Other (income) expense, neton theConsolidated Statements of Operations.

Equity Method Investments

Our equity method investments totaled $4.9 million, $4.6 million, and $45.5 million at December 31, 2017, December 31, 2016, and December 31, 2015, respectively, and were included in Other non-current assets. We recorded net gains of $0.3 million, and net losses of $4.1 million, $5.4 million, and $11.6 million during the years endedDecember 31, 2017 and December 31, 2016, the six months endedDecember 31, 2015, and the year endedJune 27, 2015, respectively, for our proportionate share of the equity method investment earnings or losses. The gains and losses were recorded in Other (income) expense, net on the Consolidated Statements of Operations.

During the year endedDecember 31, 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"). In addition, due to significant and prolonged losses incurred on one of our equity method investments, we recorded a $22.3 million impairment charge in Other (income) expense, net on the Consolidated Statements of Operations.

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 December 31, 2017, December 31, 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 three months ended July 1, 2017, we repaid $584.4 million of senior notes with an interest rate of 4.000% due 2023 and $309.5 million of senior notes with an interest rate of 5.300% due 2043 (refer to Note 10). As a result of the senior note repayments on June 15, 2017, the proportionate amount remaining in OCI related to the pre-issuance hedge was reclassified to earnings. Accordingly, we recorded a loss of $5.9 million in Other expense, net, during the three months ended July 1, 2017 for the amount remaining in OCI.

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 three months ended April 2, 2016.

During the year ended June 27, 2015, we repaid a $300.0 million term loan with floating interest rates priced off the LIBOR yield curve (refer to Note 10). As a result of the term loan repayment on June 24, 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 year ended June 27, 2015 for the amount remaining in AOCI when the hedges were terminated.

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 (refer to Note 10).

During the year ended June 27, 2015, we entered into forward interest rate swaps and treasury locks (together "Rate Locks") to hedge against changes in the interest rates between the date the Rate Locks were entered into and the date of the issuance of our 2014 Bonds (refer to Note 10). These Rate Locks were designated as cash flow hedges of expected future debt issuances with a notional amount totaling $750.0 million. The Rate Locks were settled upon the issuance of an aggregate $1.6 billion principal amount of our 2014 Bonds on December 2, 2014 for a cumulative after-tax loss of $5.8 million in OCI after recording $1.1 million of ineffectiveness to Other expense, net, during the year endedJune 27, 2015.

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, and expected future royalties denominated in a foreign currency. Both types of forward contracts have a maximum maturity date of 18 months. The total notional amount for these contracts was $592.3 million, $533.5 million, and $755.5 million, as of December 31, 2017, December 31, 2016, and December 31, 2015, respectively.

In June 2015, in order to economically hedge the foreign currency exposure associated with the planned payment of the euro-denominated GSK Products acquisition (refer to Note 2), we entered into a non-designated

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Note 8

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 year endedJune 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.

In November 2014, 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 option contracts with a total notional amount of €2.0 billion. The option contracts settled in December 2014, resulting in a loss of $26.4 million. The option contracts were replaced with non-designated forward contracts that matured during the three months ended March 28, 2015. We recorded losses of $298.1 million during the year endedJune 27, 2015 related to the settlement of the forward contracts.Both losses were recorded primarily 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.

Effects of Derivatives on the Financial Statements

The below tables indicate the effects of all derivative instruments on the 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
		Fair Value
	Balance Sheet Location	December 31, 2017		December 31, 2016		December 31, 2015
Designated derivatives:
Foreign currency forward contracts	Other current assets	$	4.1	$	3.1	$	3.8
Non-designated derivatives:
Foreign currency forward contracts	Other current assets	$	2.2	$	0.7	$	1.0

		Liability Derivatives
		Fair Value
	Balance Sheet Location	December 31, 2017		December 31, 2016		December 31, 2015
Designated derivatives:
Foreign currency forward contracts	Accrued liabilities	$	1.4	$	3.0	$	2.0
Interest rate swap agreements	Other non-current liabilities	—		—		0.3
Total designated derivatives		$	1.4	$	3.0	$	2.3
Non-designated derivatives:
Foreign currency forward contracts	Accrued liabilities	$	2.4	$	2.0	$	1.9

The gains (losses) recorded in OCI for the effective portion of our designated cash flow hedges were as follows:

	Amount of Gain/(Loss) Recorded in OCI (Effective Portion)
	Year Ended					Six Months Ended			Year Ended
Designated Cash Flow Hedges	December 31, 2017		December 31, 2016			December 31, 2015			June 27, 2015
Treasury locks	$	—	$	—		$	—		$	(2.7	)
Interest rate swap agreements	—		(9.0		)	(0.3		)	(10.1		)
Foreign currency forward contracts	9.4		2.1			1.7			(7.7		)
	$	9.4	$	(6.9	)	$	1.4		$	(20.5	)

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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 into Earnings (Effective Portion)
		Year Ended						Six Months Ended			Year Ended
Designated Cash Flow Hedges	Income Statement Location	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015
Treasury locks	Interest expense, net	$	(0.1	)	$	(0.1	)	$	—		$	(0.1	)
Interest rate swap agreements	Interest expense, net	(2.1		)	(2.3		)	(0.8		)	(16.4		)
	Other expense (Income), net	(6.0		)	—			—			—
Foreign currency forward contracts	Net sales	1.5			1.3			(1.8		)	1.9
	Cost of sales	5.6			3.0			0.8			(4.2		)
	Interest expense, net	(2.6		)	(1.6		)	(0.4		)	—
	Other expense (Income), net	(1.5		)	0.4			1.1			(4.4		)
		$	(5.2	)	$	0.7		$	(1.1	)	$	(23.2	)

The net of tax amount expected to be reclassified out of AOCI into earnings during the next 12 months is a $5.5 milliongain.

The gains (losses) recognized against earnings for the ineffective portion of our designated cash flow hedges were as follows:

		Amount of Gain/(Loss) Recognized against Earnings (Ineffective Portion)
		Year Ended					Six Months Ended			Year Ended
Designated Cash Flow Hedges	Income Statement Location	December 31, 2017		December 31, 2016			December 31, 2015			June 27, 2015
Treasury locks	Other expense (Income), net	$	—	$	—		$	—		$	(0.4	)
Interest rate swap agreements	Other expense (Income), net	—		(0.1		)	—			(0.7		)
Foreign currency forward contracts	Net sales	0.2		(0.1		)	(0.1		)	(0.1		)
	Cost of sales	0.1		(0.1		)	0.2			0.2
	Other expense, net	1.0		$	0.6		—			—
Total		$	1.3	$	0.3		$	0.1		$	(1.0	)

The effects of our non-designated derivatives on the Consolidated Statements of Operations were as follows:

		Amount of Gain/(Loss) Recognized in Income
		Year Ended						Six Months Ended			Year Ended
Non-Designated Derivatives	Income Statement Location	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015
Foreign currency forward contracts	Other expense (Income), net	$	12.6		$	(2.4	)	$	(8.0	)	$	(295.4	)
	Interest expense, net	(5.3		)	(2.2		)	(0.7		)	(3.4		)
Foreign exchange option contracts	Other expense (Income), net	—			—			—			(26.4		)
Total		$	7.3		$	(4.6	)	$	(8.7	)	$	(325.2	)

NOTE 9 - ASSETS HELD FOR SALE

Our India API business was classified as held-for-sale beginning as of December 31, 2015. We recorded impairment charges totaling $6.3 million and $29.0 million during the years ended December 31, 2016 and December 31, 2015, respectively, after determining the carrying value of the India API business exceeded its fair

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Note 9

value less the cost to sell. On April 6, 2017, we completed the sale of our India API business (refer to Note 2). The India API business was reported in our Other segment.

During the three months ended October 1, 2016, management committed to a plan to sell certain fixed assets associated with our animal health pet treats plant. Such assets were classified as held-for-sale beginning at October 1, 2016. On February 1, 2017, we completed the sale of our animal health pet treats plant fixed assets (refer to Note 2). We determined that the carrying value of the fixed assets associated with our animal health pet treats plant exceeded the fair value less the cost to sell. We recorded impairment charges totaling $3.7 million during the year ended December 31, 2016. The assets associated with our animal health pet treats plant were reported in our CHCA segment.

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):

	December 31, 2016
	CHCA			Other
Assets held for sale
Current assets	$	—		$	5.1
Goodwill	—			5.5
Property, plant and equipment	13.5			33.2
Other assets	—			3.8
Less: impairment reserves	(3.7		)	(35.3		)
Total assets held for sale	$	9.8		$	12.3
Liabilities held for sale
Current liabilities	$	0.1		$	1.9
Other liabilities	—			1.9
Total liabilities held for sale	$	0.1		$	3.8

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Note 10

NOTE 10 - INDEBTEDNESS

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

				December 31, 2017			December 31, 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			420.0			420.7			488.8
Notes and bonds
	Coupon	Due
	1.300%	November 8, 2016	(2)	—			—			500.0
*	4.500%	May 23, 2017	(3)	—			189.3			195.5
*	5.125%	December 12, 2017	(3)	—			315.6			325.8
	2.300%	November 8, 2018	(2)	—			600.0			600.0
*	5.000%	May 23, 2019	(3)	144.0			126.2			130.3
	3.500%	March 15, 2021	(4)	280.4			500.0			—
	3.500%	December 15, 2021	(1)	309.6			500.0			500.0
*	5.105%	July 19, 2023	(3)	162.0			142.0			146.7
	4.000%	November 15, 2023	(2)	215.6			800.0			800.0
	3.900%	December 15, 2024	(1)	700.0			700.0			700.0
	4.375%	March 15, 2026	(4)	700.0			700.0			—
	5.300%	November 15, 2043	(2)	90.5			400.0			400.0
	4.900%	December 15, 2044	(1)	303.9			400.0			400.0
	Total notes and bonds			2,906.0			5,373.1			4,698.3
Other financing				11.7			3.6			128.2
Unamortized premium (discount), net				21.4			33.0			73.4
Deferred financing fees				(17.9		)	(33.1		)	(36.6		)
Total borrowings outstanding				3,341.2			5,797.3			6,032.1
	Current indebtedness			(70.4		)	(572.8		)	(1,060.5		)
Total long-term debt less current portion				$	3,270.8		$	5,224.5		$	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 entered into amendments on March 16, 2017 related to the 2014 Revolver and the 2014 Term Loan, providing for additional time to deliver certain financial statements, as well as the modification of certain financial and other covenants. We also entered into additional amendments to the 2014 Revolver and the 2014 Term Loan on April 25, 2017 to modify provisions of such agreements necessary as a result of the correction in accounting related to the Tysabri^® financial asset, as well as waivers of any default or event of default that may arise from any restatement of or deficiencies in our financial statements for the periods specified in such amendments and waivers. No default or event of default existed prior to entering into these amendments and waivers. We are in compliance with all covenants under our debt agreements as of December 31, 2017.

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Note 10

Revolving Credit Agreements

On December 9, 2015, our 100% owned finance subsidiary, Perrigo Finance Unlimited Company ("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, we repaid the €500.0 million ($539.1 million) outstanding under the assumed revolving credit facility and terminated the facility.

On December 5, 2014, Perrigo Finance entered into a $600.0 million revolving credit agreement, which 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 December 31, 2017 or December 31, 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; we also entered into a $300.0 million term loan tranche maturing December 18, 2015, which we repaid in full on June 25, 2015.

On September 6, 2013, Perrigo Company entered into a $1.0 billion term loan agreement (the "2013 Term Loan") (together with the 2013 Revolver, the "2013 Credit Agreements"). The 2013 Term Loan consisted of a $300.0 million tranche maturing December 18, 2015 and a $700.0 million tranche maturing December 18, 2018. Both tranches were drawn in full on December 18, 2013. Amounts outstanding under the 2013 Credit Agreements bore interest at our option (a) at the alternative base rate or (b) the eurodollar rate plus, in either case, applicable margins as set forth in the 2013 Credit Agreements. Perrigo Company obligations under the 2013 Credit Agreements were guaranteed by Perrigo Company plc, certain U.S. subsidiaries of Perrigo Company plc, Elan, and certain Irish subsidiaries of Elan until November 21, 2014, at which time the terms of the 2013 Credit Agreements were amended to remove all guarantors. On December 5, 2014, we repaid the remaining $895.0 million outstanding under our 2013 Term Loan, then terminated it. We recorded a $10.5 million loss on extinguishment of debt during the year endedJune 27, 2015, which consisted of the Bridge Loan Facility interest expense and deferred financing fees related to the 2013 Credit Agreements, and 2013 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:

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Note 10

• $20.0 million in aggregate principal amount of 6.190% senior notes due 2016, which was repaid on May 29, 2015 in full;

• €135.0 million ($147.0 million) in aggregate principal amount of 5.105% 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. On September 29, 2016, we repaid all $500.0 million of the 1.300% 2016 Notes outstanding.

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.

On September 2, 2014, we offered to exchange our private placement senior notes for public bonds (the "Exchange Offer"). The Exchange Offer expired on October 1, 2014, at which time substantially all of the private placement notes had been exchanged for bonds registered with the Securities and Exchange Commission. As a result of the changes in the guarantor structure noted above, we are no longer required to present guarantor financial statements.

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Note 10

Other Financing

Overdraft Facilities

We have overdraft facilities available that we use to support our cash management operations. We report any balances outstanding in the above table under "Other financing". The balance outstanding under the facilities was $6.9 million and $82.9 million at December 31, 2017 and December 31, 2015 respectively, and there were no balances outstanding under the facilities at December 31, 2016.

On March 30, 2015, we assumed and repaid certain overdraft facilities totaling €51.4 million ($56.0 million) with the Omega acquisition.

Debt Repayments and Related Extinguishment During the Year EndedDecember 31, 2017

During the year endedDecember 31, 2017, we reduced our outstanding debt through a variety of transactions (in millions):

Date	Series	Transaction Type	Principal Retired
April 1, 2017	2014 term loan due December 5, 2019	Scheduled quarterly payment	$	13.3
May 8, 2017	$600.0 2.300% senior notes due 2018	Early redemption	600.0
May 23, 2017	€180.0 4.500% retail bonds due 2017	Scheduled maturity	201.3
June 15, 2017	$500.0 3.500% senior notes due 2021	Tender offer	190.4
June 15, 2017	$500.0 3.500% senior notes due 2021	Tender offer	219.6
June 15, 2017	$800.0 4.000% senior notes due 2023	Tender offer	584.4
June 15, 2017	$400.0 5.300% senior notes due 2043	Tender offer	309.5
June 15, 2017	$400.0 4.900% senior notes due 2044	Tender offer	96.1
July 1, 2017	2014 term loan due December 5, 2019	Scheduled quarterly payment	14.3
September 30, 2017	2014 term loan due December 5, 2019	Scheduled quarterly payment	14.8
December 12, 2017	€300.0 5.125% senior notes due 2017	Scheduled maturity	352.3
December 31, 2017	2014 term loan due December 5, 2019	Scheduled quarterly payment	15.0
			$	2,611.0

As a result of the early redemption and tender offer transactions, we recorded a loss of $135.2 million during the three months ended July 1, 2017 in Loss on extinguishment of debt (in millions):

Premium on debt repayment	$	116.1
Transaction costs	3.8
Write-off of deferred financing fees	10.6
Write-off of remaining discount on bond	4.7
Total loss on extinguishment of debt	$	135.2

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Note 10

Future Maturities

The annual future maturities of our short-term and long-term debt, including capitalized leases, are as follows (in millions):

Payment Due	Amount
2018	$	70.4
2019	504.7
2020	0.7
2021	590.0
2022	—
Thereafter	2,171.9

NOTE 11 - EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY

Earnings per Share

A reconciliation of the numerators and denominators used in our basic and diluted EPS calculation is as follows (in millions):

	Year Ended					Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016			December 31, 2015		June 27, 2015
Numerator:
Net income (loss)	$	119.6	$	(4,012.8	)	$	42.5	$	136.1
Denominator:
Weighted average shares outstanding for basic EPS	142.3		143.3			145.6		139.3
Dilutive effect of share-based awards*	0.3		—			0.5		0.5
Weighted average shares outstanding for diluted EPS	142.6		143.3			146.1		139.8
Anti-dilutive share-based awards excluded from computation of diluted EPS*	0.8		—			0.1		0.1

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

Shareholders' Equity

Our common stock consists of ordinary shares of Perrigo Company plc, a public limited company incorporated under the laws of Ireland.

We trade our ordinary shares on the New York Stock Exchange under the symbol PRGO. Our ordinary shares are also traded on the Tel Aviv Stock Exchange.

Dividends

In January 2003, the Board of Directors adopted a policy of paying quarterly dividends. We paid dividends as follows:

	Year Ended				Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
Dividends paid (in millions)	$	91.1	$	83.2	$	36.3	$	64.8
Dividends paid (per share)	$	0.64	$	0.58	$	0.25	$	0.46

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Note 11

The declaration and payment of dividends and the amount paid, if any, are subject to the discretion of the Board of Directors and depend on our earnings, financial condition, capital and surplus requirements and other factors the Board of Directors may consider relevant.

Share Repurchases

In October 2015, the Board of Directors approved a share repurchase plan of up to $2.0 billion (the "2015 Authorization"). We did not repurchase any shares under the share repurchase plan during the three months ended December 31, 2017. During the year endedDecember 31, 2017, we repurchased 2.7 million ordinary shares at an average repurchase price of $71.72 per share, for a total of $191.5 million. We did not repurchase any shares under the share repurchase plan during the year endedDecember 31, 2016. During the six months endedDecember 31, 2015, we repurchased 3.3 million ordinary shares at an average repurchase price of $151.59 per share, for a total of $500.0 million.

NOTE 12 - SHARE-BASED COMPENSATION PLANS

All share-based compensation for employees and directors is granted under the 2013 Long-Term Incentive Plan, as amended (the "Plan"). The Plan has been approved by our shareholders and provides for the granting of awards to our employees and directors. As of December 31, 2017, there were 3.8 million shares available to be granted. The purpose of the Plan is to attract and retain individuals of exceptional talent and encourage these individuals to acquire a vested interest in our success and prosperity. The awards that may be granted under this program include non-qualified stock options, restricted shares, restricted share units, and RTSR units. Restricted shares are generally service-based, requiring a certain length of service before vesting occurs, while restricted share units can be either service-based or performance-based. Performance-based restricted share units require a certain length of service until vesting; however, they contain an additional performance feature, which can vary the amount of shares ultimately paid out based on certain performance criteria specified in the Plan. RTSR performance share units are subject to a market condition. Awards granted under the Plan vest and may be exercised and/or sold from one to ten years after the date of grant based on a vesting schedule.

Share-based compensation expense was as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	43.8	$	23.0	$	22.8	$	31.6

As of December 31, 2017, unrecognized share-based compensation expense was $51.2 million, and the weighted-average period over which the expense is expected to be recognized was approximately 2.0 years. Proceeds from the exercise of stock options are credited to ordinary shares.

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Note 12

Stock Options

A summary of activity related to stock options is presented below (options in thousands):

	Number of Options		Weighted-Average Exercise Price Per Share		Weighted- Average Remaining Term in Years	Aggregate Intrinsic Value
Options outstanding at December 31, 2015	783		$	99.93
Granted	344		$	126.67
Exercised	(122	)	$	67.68
Forfeited or expired	(256	)	$	126.54
Options outstanding at December 31, 2016	749		$	108.40	6.6	$	5.5
Granted	439		$	70.34
Exercised	(31	)	$	24.75
Forfeited or expired	(85	)	$	118.47
Options outstanding December 31, 2017	1,072		$	94.90	6.9	$	10.9
Options exercisable	519		$	107.14	5.0	$	3.8
Options expected to vest	533		$	83.63	8.7	$	6.8

The aggregate intrinsic value for options exercised was as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	1.7	$	5.2	$	6.7	$	20.7

The weighted-average fair values per share at the grant date for options granted were $19.50, $33.53, and $39.96 for the years ended December 31, 2017, December 31, 2016, and June 27, 2015, respectively. There were no options granted during the six months ended December 31, 2015. The fair values were estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:

	Year Ended
	December 31, 2017		December 31, 2016		June 27, 2015
Dividend yield	0.9	%	0.5	%	0.3	%
Volatility, as a percent	30.0	%	27.6	%	27.1	%
Risk-free interest rate	1.8	%	1.3	%	1.7	%
Expected life in years	5.41		5.5		5.3

The valuation model utilizes historical volatility. The risk-free interest rate is based on the yield of U.S. government securities with a maturity date that coincides with the expected term of the option. The expected life in years is estimated based on past exercise behavior of employees.

Non-Vested Restricted Shares

There were no restricted shares granted, vested or outstanding for the years ended December 31, 2017 or December 31, 2016, the six months endedDecember 31, 2015, or the year endedJune 27, 2015. The total fair value of restricted shares that vested was $0.9 million for the year endedJune 27, 2015.

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Note 12

Non-Vested Service-Based Restricted Share Units

A summary of activity related to non-vested service-based restricted share units is presented below (units in thousands):

	Number of Non-vested Service- Based Share Units		Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Remaining Term in Years	Aggregate Intrinsic Value
Non-vested service-based share units outstanding at December 31, 2015	382		$	154.07
Granted	298		$	113.26
Vested	(92	)	$	137.15
Forfeited	(120	)	$	151.64
Non-vested service-based share units outstanding at December 31, 2016	468		$	137.53	1.7	$	39.0
Granted	298		$	70.55
Vested	(112	)	$	128.86
Forfeited	(55	)	$	120.97
Non-vested service-based share units outstanding at December 31, 2017	599		$	107.26	1.5	$	52.2

The weighted-average fair value per share at the date of grant for service-based restricted share units granted was as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	70.55	$	113.26	$	165.64	$	153.99

The total fair value of service-based restricted share units that vested was as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	14.5	$	12.6	$	11.7	$	9.1

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Note 12

Non-Vested Performance-Based Restricted Share Units

A summary of activity related to non-vested performance-based restricted share units is presented below (units in thousands):

	Number of Non-vested Performance- Based Share Units		Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Remaining Term in Years*	Aggregate Intrinsic Value
Non-vested performance-based share units outstanding at December 31, 2015	223		$	146.31
Granted	159		$	126.37
Vested	(81	)	$	128.74
Forfeited	(124	)	$	143.64
Non-vested performance-based share units outstanding at December 31, 2016	177		$	138.29	1.7	$	14.8
Granted	191		$	70.34
Vested	(27	)	$	142.18
Forfeited	(38	)	$	130.34
Non-vested performance-based share units outstanding at December 31, 2017	303		$	93.65	2.0	$	26.5

The weighted-average fair value of performance-based restricted share units can fluctuate depending upon the success or failure of the achievement of performance criteria as set forth in the Plan. The weighted-average fair value per share at the date of grant for performance-based restricted share units granted was as follows:

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	70.34	$	126.37	$	184.49	$	150.14

The total fair value of performance-based restricted share units that vested was as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	3.8	$	10.4	$	6.4	$	5.1

Non-vested Relative Total Shareholder Return Performance Share Units

The fair value of the RTSR performance share units is determined using the Monte Carlo pricing model as the number of shares to be awarded is subject to a market condition. The valuation model considers a range of possible outcomes, and compensation cost is recognized regardless of whether the market condition is actually satisfied.

The assumptions used in estimating the fair value of the RTSR performance share units granted during each year were as follows:

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Note 12

	Year Ended
	December 31, 2017
Dividend yield	0.9	%
Volatility, as a percent	36.1	%
Risk-free interest rate	1.4	%
Expected life in years	2.57

A summary of activity related to non-vested RTSR performance share units is presented below (units in thousands):

	Number of Non-vested RTSR Performance Share Units	Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Remaining Term in Years*	Aggregate Intrinsic Value
Non-vested RTSR performance share units outstanding at December 31, 2016	—	$	—	0	$	—
Granted	39	$	64.82
Non-vested RTSR performance share units outstanding at December 31, 2017	39	$	64.82	2.0	$	3.4

* Midpoint used in calculation.

The weighted-average fair value per share at the date of grant for RTSR performance share units granted was $64.82.

NOTE 13 - ACCUMULATED OTHER COMPREHENSIVE INCOME

Changes in our AOCI balances, net of tax, were as follows (in millions):

	Fair value of derivative financial instruments, net of tax			Foreign currency translation adjustments			Fair value of investment securities, net of tax			Post-retirement and pension liability adjustments, net of tax			Total AOCI
Balance at June 27, 2015	$	(16.3	)	$	130.9		$	(2.9	)	$	(8.2	)	$	103.5
OCI before reclassifications	1.1			(135.5		)	(1.4		)	6.7			(129.1		)
Amounts reclassified from AOCI	1.0			—			10.7			(1.4		)	10.3
Other comprehensive income (loss)	2.1			(135.5		)	9.3			5.3			(118.8		)
Balance at December 31, 2015	(14.2		)	(4.6		)	6.4			(2.9		)	(15.3		)
OCI before reclassifications	(5.4		)	(63.3		)	7.4			(3.2		)	(64.5		)
Amounts reclassified from AOCI	0.1			—			1.3			(3.4		)	(2.0		)
Other comprehensive income (loss)	(5.3		)	(63.3		)	8.7			(6.6		)	(66.5		)
Balance at December 31, 2016	(19.5		)	(67.9		)	15.1			(9.5		)	(81.8		)
OCI before reclassifications	7.1			328.5			(12.5		)	15.0			338.1
Amounts reclassified from AOCI	2.6			—			(1.6		)	(4.2		)	(3.2		)
Other comprehensive income (loss)	9.7			328.5			(14.1		)	10.8			334.9
Balance at December 31, 2017	$	(9.8	)	$	260.6		$	1.0		$	1.3		$	253.1

NOTE 14 - INCOME TAXES

Pre-tax income (loss) and the (benefit) provision for income taxes from continuing operations are summarized as follows (in millions):

	Year Ended						Six Months Ended			Year Ended
	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015
Pre-tax income (loss):
Ireland	$	(454.0	)	$	(3,624.1	)	$	(310.2	)	$	(792.8	)
Other	734.1			(1,224.2		)	319.1			1,053.1
Total pre-tax income (loss)	280.1			(4,848.3		)	8.9			260.3
(Benefit) provision for income taxes:
Current:
Ireland	(8.1		)	0.3			1.6			(2.2		)
United States - federal	96.4			93.0			58.9			77.2
United States - state	4.0			0.7			3.0			6.8
Other foreign	46.1			26.7			53.0			67.4
Subtotal	138.4			120.7			116.5			149.2
Deferred (credit):
Ireland	13.1			(549.4		)	(23.1		)	11.1
United States - federal	6.8			(7.6		)	(34.4		)	(19.9		)
United States - state	1.0			(5.1		)	(3.3		)	(0.8		)
Other foreign	1.2			(394.1		)	(89.3		)	(15.4		)
Subtotal	22.1			(956.2		)	(150.1		)	(25.0		)
Total (benefit) provision for income taxes	$	160.5		$	(835.5	)	$	(33.6	)	$	124.2

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Note 14

A reconciliation of the provision based on the Federal statutory income tax rate to our effective income tax rate is as follows:

	Year Ended				Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
Provision at statutory rate	12.5	%	12.5	%	12.5	%	12.5	%
Ireland tax on non-trading differences	(47.7	)	(0.4	)	(207.4	)	(9.9	)
Expenses not deductible for tax purposes/deductions not expensed for book, net	63.4		(0.7	)	394.0		14.7
Goodwill impairment not deductible for tax purposes	—		(2.8	)	—		—
U.S. Operations:
State income taxes, net of federal benefit	(1.4	)	0.1		38.4		(1.0	)
Research and development credit	(0.6	)	—		(13.2	)	(0.7	)
Other	(5.8	)	0.4		112.3		4.8
Tax Law Change - US	5.4		—		—		—
Tax Law Change - Belgium	(3.2	)	—		—		—
Other foreign differences (earnings taxed at other than applicable statutory rate)	(22.7	)	3.3		(647.2	)	(16.1	)
Intangible impairment differences	(3.0	)	4.8		(397.6	)	—
Worldwide operations:
Valuation allowance changes	17.8		0.8		249.3		25.7
Change in unrecognized taxes	25.3		(0.8	)	82.7		17.7
Withholding taxes	17.3		—		—		—
Effective income tax rate	57.3	%	17.2	%	(376.2	)%	47.7	%

We have provided for income taxes for certain earnings of certain foreign subsidiaries that have not been deemed to be permanently reinvested. No further provision has been made for income taxes on remaining undistributed earnings of foreign subsidiaries of approximately $6.3 billion at December 31, 2017, since it is our intention to indefinitely reinvest undistributed earnings of our foreign subsidiaries. Due to the complexity of the legal entity structure and the complexity of the tax laws in various jurisdictions, we believe it is not practicable to estimate, within any reasonable range, the additional income taxes that may be payable on the remittance of such undistributed earnings.

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Note 14

Deferred income taxes arise from temporary differences between the financial reporting and the tax reporting basis of assets and liabilities and operating loss and tax credit carryforwards for tax purposes. The components of our net deferred income tax asset (liability) were as follows:

	December 31, 2017			December 31, 2016			December 31, 2015
Deferred income tax asset (liability):
Depreciation and amortization	$	(457.8	)	$	(765.2	)	$	(1,550.6	)
Inventory basis differences	21.3			27.4			22.8
Accrued liabilities	87.9			68.5			50.8
Allowance for doubtful accounts	1.5			1.7			1.3
Research and development	58.9			61.7			63.7
Loss and credit carryforwards	292.5			292.4			244.2
Share-based compensation	16.2			18.1			20.6
Foreign tax credit	—			10.6			10.6
Federal benefit of unrecognized tax positions	17.0			24.3			22.8
Interest carryforwards	30.5			435.3			334.6
Other, net	28.2			3.0			14.7
Subtotal	$	96.2		$	177.8		$	(764.5	)
Valuation allowance	(407.7		)	(495.6		)	(536.8		)
Net deferred income tax asset (liability):	$	(311.5	)	$	(317.8	)	$	(1,301.3	)

The above amounts are classified on the Consolidated Balance Sheets as follows (in millions):

	December 31, 2017			December 31, 2016			December 31, 2015
Assets	$	10.4		$	72.1		$	71.4
Liabilities	(321.9		)	(389.9		)	(1,372.7		)
Net deferred income tax (liability) asset	$	(311.5	)	$	(317.8	)	$	(1,301.3	)

At December 31, 2017, we had gross carryforwards as follows:

	December 31, 2017
	Gross Carryforwards(1)		Gross Valuation Allowances
U.S. state net operating losses	$	248.5	$	203.6
Worldwide federal net operating losses excluding U.S. states	$	1,389.0	$	861.6
Worldwide federal capital losses	$	22.0	$	22.0
U.S. federal credits	$	82.6	$	82.6
U.S. state credits	$	71.9	$	71.9
Interest carryforwards	$	478.8	$	127.0

⁽¹⁾Utilization of such carryforwards within the applicable statutory periods is uncertain.

In 2017, we recorded income tax expense related to valuation allowances of $10.3 million in Ireland. In addition, we released valuation allowances of $42.4 million and $55.8 million for Omega and the U.S. and other jurisdictions, respectively, resulting in a tax benefit.

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Note 14

U.S. federal credit carryforwards of $28.2 million, $37.2 millionand $167.8 million expire through 2022, 2025 and 2027, respectively, with the remaining U.S. credits having no expiration. U.S. state net operating loss carryforwards expire through 2037, and U.S. state credit carryforwards expire through 2032. Of the non-U.S. net operating loss carryforwards, $1.8 million, $20.3 million, $0.9 million, and $0.1 million expire through 2019, 2022, 2024 and 2025, respectively, while the remaining amounts of non U.S. net operating loss carryforwards and non-U.S. capital loss carryforwards have no expiration. The valuation allowances for these net operating loss carryforwards are adjusted annually, as necessary. After application of the valuation allowances, as described above, we anticipate no significant limitations will apply with respect to the realization of our net deferred income tax assets.

The following table summarizes the activity related to amounts recorded for uncertain tax positions, excluding interest and penalties (in millions):

	Unrecognized Tax Benefits
Balance at June 27, 2015	$	324.0
Additions:
Positions related to the current year	22.9
Reductions:
Positions related to prior years	(43.5		)
Settlements with taxing authorities	(15.3		)
Balance at December 31, 2015	288.1
Additions:
Positions related to the current year	45.5
Positions related to prior years	8.6
Reductions:
Settlements with taxing authorities	(2.4		)
Lapse of statutes of limitation	(5.3		)
Balance at December 31, 2016	334.5
Additions:
Positions related to the current year	55.0
Positions related to prior years	76.6
Reductions:
Settlements with taxing authorities	(11.1		)
Lapse of statutes of limitation	(0.1		)
Decrease in prior year positions	(35.2		)
Balance at December 31, 2017	$	419.7

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 $82.0 million, $63.5 million, and $52.1 million as of December 31, 2017, December 31, 2016, and December 31, 2015, respectively.

The total liability for uncertain tax positions was $501.7 million, $398.0 million, and $340.3 million as of December 31, 2017, December 31, 2016, and December 31, 2015, respectively, before considering the federal tax benefit of certain state and local items, of which $204.0 million, $248.7 million, and $198.5 million, respectively, would impact the effective tax rate in future periods, if recognized.

We file income tax returns in numerous jurisdictions and are therefore subject to audits by tax authorities. Our primary income tax jurisdictions are Ireland, U.S., Israel, Belgium, France, and the United Kingdom.

Although we believe that our 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 our estimates or from our historical income tax provisions and accruals. The results of an

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Note 14

audit or litigation could have a material effect on 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.

On August 15, 2017, we filed a complaint in the U.S. District Court for the Western District of Michigan to recover $163.6 million of Federal income tax, penalties, and interest assessed and collected by the Internal Revenue Service (“IRS”), plus statutory interest thereon from the dates of payment, for the fiscal years ended June 27, 2009, June 26, 2010, June 25, 2011, and June 30, 2012 (the “2009 tax year,” “2010 tax year,” “2011 tax year,” and “2012 tax year,” respectively). The IRS audits of those years culminated in the issuances of two statutory notices of deficiency: (1) on August 27, 2014 for the 2009 and 2010 tax years and (2) on April 20, 2017 for the 2011 and 2012 tax years. The statutory notices of deficiency both included un-agreed income adjustments related principally to transfer pricing adjustments regarding the purchase, distribution, and sale of store-brand OTC pharmaceutical products in the United States. In addition, the statutory notice of deficiency for the 2011 and 2012 tax years included the capitalization of certain expenses that were deducted when paid or incurred in defending against certain patent infringement lawsuits. We fully paid the assessed amounts of tax, interest, and penalties set forth in the statutory notices and filed timely claims for refund on June 11, 2015 and June 7, 2017 for the 2009-2010 tax years and 2011-2012 tax years, respectively. Our claims for refund were disallowed by certified letters dated August 18, 2015 and July 11, 2017, for the 2009-2010 tax years and 2011-2012 tax years, respectively. The complaint was timely, based upon the refund claim denials, and seeks refunds of tax, interest, and penalties of $37.2 million for the 2009 tax year, $61.5 million for the 2010 tax year, $40.2 million for the 2011 tax year, and $24.7 million for the 2012 tax year. The amounts sought in the complaint for the 2009 and 2010 tax years were recorded as deferred charges on our balance sheet during the three months ended March 28, 2015, and the amounts sought in the complaint for the 2011 and 2012 tax years were recorded as deferred charges on our balance sheet during the three months ended July 1, 2017.

On December 22, 2016, we received a notice of proposed adjustment for the IRS audit of Athena Neurosciences, Inc. (“Athena”), a subsidiary of Elan acquired in 1996, for the years ended December 31, 2011, December 31, 2012, and December 31, 2013. Perrigo acquired Elan in December 2013. This proposed adjustment relates to the deductibility of litigation costs. We disagree with the IRS’s position asserted in the notice of proposed adjustment and intend to contest it.

On July 11, 2017, we received a draft notice of proposed adjustment associated with transfer pricing positions for the IRS audit of Athena for the years ended December 31, 2011, December 31, 2012, and December 31, 2013. Athena was the originator of the patents associated with Tysabri^® prior to the acquisition of Athena by Elan in 1996. In response to the draft notice of proposed adjustment, we provided the IRS with substantial additional documentation supporting our position. The amount of adjustments that may be asserted by the IRS in the final notice of proposed adjustment cannot be quantified at this time; however, based on the draft notice received, the amount to be assessed may be material. We disagree with the IRS’s position as asserted in the draft notice of proposed adjustment and intend to contest it.

We have ongoing audits in multiple other jurisdictions the resolution of which remains uncertain. These jurisdictions include, but are not limited to, the U.S., Israel, Ireland and other jurisdictions in Europe. In addition to the matters discussed above, the IRS is currently auditing our fiscal years ended June 29, 2013, June 28, 2014, and June 27, 2015. The Israel Tax Authority is currently auditing our fiscal years ended June 29, 2013 and June 28, 2014 (which covers the period of the Elan transaction). The Ireland Tax Authority is currently auditing our years ended December 31, 2012 and December 31, 2013.

Based on the final resolution of tax examinations, judicial or administrative proceedings, changes in facts or law, expirations of statute of limitations in specific jurisdictions or other resolutions of, or changes in, tax positions, it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those represented on the financial statements as of December 31, 2017. During the next 12 months, it is reasonably possible that such circumstances may occur that would have a material effect on previously unrecognized tax benefits. As a result, the total net amount of unrecognized tax benefits may decrease, which would reduce the provision for taxes on earnings by a range estimated at $1.0 million to $17.9 million.

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Note 14

Tax Law Changes

On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act (“U.S. Tax Act”). The U.S. Tax Act includes a number of significant changes to existing U.S. tax laws that impact the Company. These changes include a corporate income tax rate reduction from 35% to 21% and the elimination or reduction of certain U.S. deductions and credits including limitations on the U.S. deductibility of interest expense and executive compensation. The U.S. Tax Act also transitions the U.S. taxation of international earnings from a worldwide system to a modified territorial system. These changes are effective beginning in 2018. The U.S. Tax Act also includes a one-time mandatory deemed repatriation tax on accumulated U.S. owned foreign corporations’ previously untaxed foreign earnings (“Transition Toll Tax”). The Transition Toll Tax may be paid over an eight-year period, starting in 2018, and will not accrue interest.

On December 22, 2017, Staff Accounting Bulletin No. 118 ("SAB 118") was issued to address the application of the U.S. GAAP ASC 740 income tax accounting for tax law changes enacted during 2017, in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the U.S. Tax Act. In accordance with SAB 118, we have recorded an income tax benefit of $2.4 million in connection with the remeasurement of certain deferred tax assets and liabilities. We also recorded a $17.5 million increase of current tax expense in connection with the Transition Toll Tax on cumulative U.S. owned foreign earnings of $1.2 billion. The tax impacts represent provisional amounts and are a reasonable estimate at December 31, 2017. Additional work is necessary to perform additional analysis of historical foreign earnings and U.S. cumulative temporary differences, as well as potential correlative adjustments. Any subsequent adjustment to these amounts will be recorded to current tax expense in 2018 when the analysis is complete.

The U.S. Tax Act subjects a U.S. shareholder to tax on global intangible low-taxed income (GILTI) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. Given the complexity of the GILTI provisions, we are still evaluating the effects of the GILTI provisions and have not yet determined our accounting policy. At December 31, 2017, because we are still evaluating the GILTI provisions and our analysis of future taxable income that is subject to GILTI, we are unable to make a reasonable estimate and have not reflected any adjustments related to GILTI in our financial statements.

On December 22, 2017, the Belgian Parliament approved Belgian tax reform legislation (“Belgium Tax Act”), which was signed by the Belgian King and enacted on December 25, 2017. The Belgium Tax Act provides for a reduction to the corporate income tax rate from 34% to 30%, for 2018 and 2019, as well as a reduced corporate income tax rate of 25% for 2020 and beyond. The Belgium Tax Act also increased the participation exemption on dividend distributions to Belgium entities from 95% to 100%. The Belgium Tax Act also introduces Belgium tax consolidation and other anti-tax avoidance directives. We recorded an additional income tax expense of $24.1 million for the remeasurement of certain deferred tax assets and additional income tax benefit of $33.2 million for the remeasurement of certain deferred tax liabilities as a result of the Belgium Tax Act.

For the years ended December 31, 2016 and December 31, 2015, statutory rate changes, primarily in Europe, favorably impacted the effective tax rate in the amount of $4.0 million and $27.9 million, respectively.

NOTE 15 - POST EMPLOYMENT PLANS

Defined Contribution Plans

We have a qualified profit-sharing and investment plan under Section 401(k) of the IRS, which covers substantially all U.S. employees. Our contributions to the plan include an annual nondiscretionary contribution of 3% of an employee's eligible compensation and a discretionary contribution at the option of the Board of Directors. Additionally, we match a portion of employees' contributions.

We also have a defined contribution plan that covers our Ireland employees. We contribute up to 18% of each participating employee’s annual eligible salary on a monthly basis.

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We assumed a number of defined contribution plans associated with the Omega acquisition and we pay contributions to the pension insurance plans.

Our contributions to all of the plans were as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015*
$	25.5	$	26.1	$	18.9	$	25.9

*    Includes Omega activity from March 30, 2015 to June 27, 2015    

Pension and Post-Retirement Healthcare Benefit Plans

We assumed the liability of two defined benefit plans (staff and executive plan) for employees based in Ireland with the Elan acquisition in 2013. These plans were subsequently merged and all plan assets and liabilities were transferred from the executive scheme to the staff scheme as a result of a plan combination.

In connection with the Omega acquisition, we assumed the liability of a number of defined benefit plans. The defined benefit plans cover employees based primarily in the Netherlands, Belgium, Germany, Switzerland, Greece, France, and Norway. Omega companies operate various pension plans across each country.

Our defined benefit pension plans are managed externally and the related pension costs and liabilities are assessed at least annually in accordance with the advice of a qualified professional actuary. We used a December 31, 2017 measurement date and all plan assets and liabilities are reported as of that date.

We provide certain healthcare benefits to eligible U.S. employees and their dependents who meet certain age and service requirements when they retire. Generally, benefits are provided to eligible retirees after age 65 and to their dependents. Increases in our contribution for benefits are limited to increases in the Consumer Price Index. Additional healthcare cost increases are paid through participant contributions. We accrue the expected costs of such benefits during a portion of the employees’ years of service. The plan is not funded. Under current plan provisions, the plan is not eligible for any U.S. federal subsidy related to the Medicare Modernization Act of 2003 Part D Subsidy.

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The change in the projected benefit obligation and plan assets consisted of the following (in millions):

	Pension Benefits									Other Benefits
	Year Ended						Six Months Ended			Year Ended						Six Months Ended
	December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2017			December 31, 2016			December 31, 2015
Projected benefit obligation at beginning of period	$	158.9		$	135.0		$	140.3		$	5.8		$	7.0		$	6.0
Acquisitions	—			—			5.6			—			—			—
Curtailment	(1.0		)	—			—			—			—			—
Service costs	4.5			4.1			2.2			0.6			0.6			0.3
Interest cost	3.3			3.6			1.7			0.2			0.2			0.1
Actuarial (gain) loss	(10.3		)	22.6			(10.1		)	(0.3		)	(1.9		)	0.5
Contributions paid	0.1			0.3			—			—			—			—
Benefits paid	(2.5		)	(1.7		)	(0.6		)	(0.1		)	(0.1		)	(0.1		)
Foreign currency translation	21.0			(5.0		)	(4.1		)	—			—			0.1
Projected benefit obligation at end of period	$	174.0		$	158.9		$	135.0		$	6.2		$	5.8		$	7.0
Fair value of plan assets at beginning of period	138.2			126.7			128.1			—			—			—
Acquisitions	—			—			3.2			—			—			—
Actual return on plan assets	5.5			9.4			(1.7		)	—			—			—
Benefits paid	(2.5		)	(1.7		)	(0.6		)	—			—			—
Employer contributions	2.2			8.2			1.4			—			—			—
Contributions paid	0.1			0.3			—			—			—			—
Foreign currency translation	19.0			(4.7		)	(3.7		)	—			—			—
Fair value of plan assets at end of period	$	162.5		$	138.2		$	126.7		$	—		$	—		$	—
Unfunded status	$	(11.5	)	$	(20.7	)	$	(8.3	)	$	(6.2	)	$	(5.8	)	$	(7.0	)
Presented as:
Other non-current assets	$	22.0		$	10.4		$	16.5		$	—		$	—		$	—
Other non-current liabilities	$	(33.5	)	$	(31.1	)	$	(24.8	)	$	—		$	(5.8	)	$	(7.0	)

The total accumulated benefit obligation for the defined benefit pension plans was as follows (in millions):

Year Ended				Six Months Ended
December 31, 2017		December 31, 2016		December 31, 2015
$	167.6	$	136.3	$	109.4

The following unrecognized actual gains (losses) for the other benefits liability was included in OCI, net of tax (in millions):

Year Ended					Six Months Ended			Year Ended
December 31, 2017		December 31, 2016			December 31, 2015			June 27, 2015
$	0.3	$	(0.7	)	$	(0.4	)	$	0.1

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Note 15

The unamortized net actuarial loss in AOCI net of tax for defined benefit pension and other benefits was as follows (in millions):

Year Ended					Six Months Ended		Year Ended
December 31, 2017			December 31, 2016		December 31, 2015		June 27, 2015*
$	(1.3	)	$	9.5	$	2.9	$	8.2

*    Includes Omega activity from March 30, 2015 to June 27, 2015

The total estimated credit amount to be recognized from AOCI into net periodic cost during the next year is $0.7 million.

At December 31, 2017, the total estimated future benefit payments to be paid by the plans for the next five years is approximately $9.9 million for pension benefits and $1.0 million for other benefits as follows (in millions):

Payment Due	Pension Benefits		Other Benefits
2018	$	1.4	$	0.1
2019	1.5		0.2
2020	2.3		0.2
2021	2.1		0.2
2022	2.6		0.3
Thereafter	20.1		1.9

The expected benefits to be paid are based on the same assumptions used to measure our benefit obligation at December 31, 2017, including the expected future employee service. We expect to contribute $2.2 million to the defined benefit plans within the next year.

Net periodic pension cost consisted of the following (in millions):

	Pension Benefits												Other Benefits
	Year Ended						Six Months Ended			Year Ended			Year Ended					Six Months Ended		Year Ended
	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015*			December 31, 2017			December 31, 2016		December 31, 2015		June 27, 2015*
Service cost	$	4.5		$	4.1		$	2.2		$	0.9		$	0.6		$	0.6	$	0.3	$	0.3
Interest cost	3.3			3.6			1.7			2.4			0.2			0.2		0.1		0.2
Expected return on assets	(4.3		)	(3.9		)	(1.8		)	(2.7		)	—			—		—		—
Curtailment	(0.7		)	—			—			—			—			—		—		—
Net actuarial loss	0.8			0.5			0.4			1.0			(0.1		)	—		—		0.1
Net periodic pension cost	$	3.6		$	4.3		$	2.5		$	1.6		$	0.7		$	0.8	$	0.4	$	0.6

*    Includes Omega activity from March 30, 2015 to June 27, 2015

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Note 15

The weighted-average assumptions used to determine net periodic pension cost and benefit obligation were:

	Pension Benefits								Other Benefits
	Year Ended				Six Months Ended		Year Ended		Year Ended				Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015*		December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015*
Discount rate	1.91	%	1.76	%	2.22	%	2.11	%	3.59	%	4.00	%	4.25	%	4.25	%
Inflation	1.45	%	1.43	%	2.25	%	1.93	%
Expected return on assets	2.90	%	2.89	%	2.93	%	2.85	%

*    Includes Omega activity from March 30, 2015 to June 27, 2015

The discount rate is based on market yields at the valuation date and chosen with reference to the yields available on high quality corporate bonds, having regard to the duration of the plan's liabilities.

As of December 31, 2017, the expected weighted-average long-term rate of return on assets of 2.9%was calculated based on the assumptions of the following returns for each asset class:

Equities	6.0	%
Bonds	1.9	%
Absolute return fund	4.0	%
Insurance contracts	2.8	%
Other	2.5	%

The investment mix of the pension plans' assets is a blended asset allocation, with a diversified portfolio of shares listed and traded on recognized exchanges.     

Certain of our plans have target asset allocation ranges, as of December 31, 2017 these ranges are as follows:

Equities	10% - 20%
Bonds	20% - 30%
Absolute return	50% - 60%

Other plans do not have target asset allocation ranges, for such plans the strategy is to invest primarily 100% in Insurance Contracts.

The purpose of the pension funds is to provide a flow of income for members in retirement. A flow of income delivered through fixed interest bonds provides a costly but close match to this objective. Equities are held within the portfolio as a means of reducing this cost, but holding equities creates a strategic risk because they give a very different pattern of return. Property investments are held to help diversify the portfolio. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies, and investment portfolio reviews.

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Note 15

The following table sets forth the fair value of the pension plan assets, as of December 31, 2017 (in millions):

	Quoted Prices in Active Markets		Other Observable Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Equities	$	0.1	$	19.1	$	—	$	19.2
Bonds	1.8		30.2		—		32.0
Insurance contracts	—		—		50.8		50.8
Absolute return fund	—		54.5		—		54.5
Other	—		6.0		—		6.0
Total	$	1.9	$	109.8	$	50.8	$	162.5

The following table sets forth the fair value of the pension plan assets, as of December 31, 2016 (in millions):

	Quoted Prices in Active Markets		Other Observable Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Equities	$	0.1	$	13.6	$	—	$	13.7
Bonds	1.6		22.8		—		24.4
Insurance contracts	—		—		43.4		43.4
Absolute return fund	—		51.5		—		51.5
Other	—		5.2		—		5.2
Total	$	1.7	$	93.1	$	43.4	$	138.2

The following table sets forth the fair value of the pension plan assets, as of December 31, 2015 (in millions):

	Other Observable Inputs		Unobservable Inputs
	(Level 2)		(Level 3)		Total
Equities	$	14.5	$	—	$	14.5
Bonds	38.1		—		38.1
Property	—		0.3		0.3
Insurance contracts	—		34.9		34.9
Absolute return fund	33.7		—		33.7
Other	5.2		—		5.2
Total	$	91.5	$	35.2	$	126.7

For a discussion of the fair value levels and the valuation methodologies used to measure equities, bonds, and the absolute return fund (refer to Note 6).

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Note 15

The following table sets forth a summary of the changes in the fair value of the Level 3 pension plan assets, which were measured at fair value on a recurring basis (in millions):

	Year Ended					Six Months Ended
	December 31, 2017		December 31, 2016			December 31, 2015
Assets at beginning of year	$	43.4	$	35.2		$	34.3
Actual return on plan assets	1.0		6.7			0.1
Purchases, sales and settlements, net	0.9		(4.2		)	2.1
Net transfers	—		7.6			—
Foreign exchange	5.5		(1.9		)	(1.3		)
Assets at end of year	$	50.8	$	43.4		$	35.2

All properties in the fund are valued by independent valuation experts by forecasting the returns of the market at regular intervals. The inputs to the forecasts include gross national product growth, interest rates and inflation.

The fair value of the insurance contracts is an estimate of the amount that would be received in an orderly sale to a market participant at the measurement date. The amount the plan would receive from the contract holder if the contracts were terminated is the primary input and is unobservable. The insurance contracts are therefore classified as Level 3 investments.

Deferred Compensation Plans

We have non-qualified plans related to deferred compensation and executive retention that allow certain employees and directors to defer compensation subject to specific requirements. Although the plans are not formally funded, we own insurance policies that had a cash surrender value of $34.6 million, $32.7 million and $34.6 million at December 31, 2017, December 31, 2016, andDecember 31, 2015, respectively, that are intended as a long-term funding source for these plans. The assets, which are recorded in Other non-current assets, are not a committed funding source and may, under certain circumstances, be subject to claims from creditors. The deferred compensation liability of $31.6 million, $29.3 million, and $34.5 million at December 31, 2017, December 31, 2016, andDecember 31, 2015, respectively, was recorded in Other non-current liabilities.

NOTE 16 - COMMITMENTS AND CONTINGENCIES

We lease certain assets, principally warehouse facilities and computer equipment, under agreements that expire at various dates through the year ended December 31, 2024. Certain leases contain provisions for renewal and purchase options and require us to pay various related expenses. Future non-cancelable minimum operating lease commitments are as follows (in millions):

Due	Amount
2018	$	38.1
2019	31.9
2020	24.3
2021	18.6
2022	13.7
Thereafter	16.6

Rent expense under all leases was $50.9 million, $53.0 million, $26.2 million, and $39.2 million for the years endedDecember 31, 2017 and December 31, 2016, the six months endedDecember 31, 2015, and the year endedJune 27, 2015, respectively.

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At December 31, 2017, we had non-cancelable purchase obligations totaling $771.0 million consisting of contractual commitments to purchase materials and services to support operations. The obligations are expected to be paid within one year.

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 estimated as of December 31, 2017, we have not recorded a loss reserve. If certain of these matters are determined against us, there could be 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. 

Antitrust Violations

We were named as a counterclaim co-defendant in the lawsuit Fera Pharmaceuticals, LLC v. Akorn, Inc., et al. in the Southern District of New York, in which Akorn, Inc. (“Akorn”) alleged tortious interference and antitrust violations against us and Fera Pharmaceuticals, LLC (“Fera”). Trial was set for February 2018 in the Southern District of New York. This litigation arose out of our acquisition of bacitracin ophthalmic ointment from Fera in 2013. Akorn asserted claims under Sections 1 and 2 of the Sherman Antitrust Act alleging that we and Fera conspired to monopolize, attempted to monopolize, and did unlawfully monopolize the market for sterile bacitracin ophthalmic ointment in the United States through the use of an exclusive agreement with a supplier of sterile bacitracin active pharmaceutical ingredient. The parties have executed a written settlement of all claims and the case has been dismissed.

Price-Fixing Lawsuits

We have been named as a co-defendant with other manufacturers in a number of class actions alleging that we and other manufacturers of the same product engaged in anti-competitive behavior to fix or raise the prices of certain drugs starting, in some instances, as early as June 2013. The products in question are Clobetasol, Desonide, and Econazole. These complaints, along with complaints filed against other companies alleging price fixing with respect to more than two dozen other drugs, have been consolidated for pretrial proceedings as part of a case captioned In re Generic Pharmaceuticals Pricing Antitrust Litigation, MDL No. 2724 in the U.S. District Court for the Eastern District of Pennsylvania. Pursuant to the court’s schedule staging various cases in phases, we have moved to dismiss the complaints relating to Clobetasol and Econazole. We have also recently been named a defendant along with 31 other manufacturers in a complaint filed by three supermarket chains alleging that defendants conspired to fix prices of all generic pharmaceutical products starting in 2013. At this stage, we cannot reasonably predict the outcome of the liability, if any, associated with these claims.

Securities Litigation

In the United States

On May 18, 2016, a shareholder filed a securities case against us and our former CEO, Joseph Papa, in the U.S. District Court for the District of New Jersey (Roofers’ Pension Fund v. Papa, et al.). The plaintiff purported to represent a class of shareholders for the period from April 21, 2015 through May 11, 2016, inclusive. The original complaint alleged 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 concerned the actions taken by us and the former executive to defend against the unsolicited takeover bid by Mylan in the period from April 21, 2015 through November 13, 2015. The plaintiff also alleged that the defendants provided inadequate disclosure concerning alleged integration problems related to the Omega acquisition in the period from April 21, 2015 through May 11, 2016. On July 19, 2016, a different shareholder filed a securities class action against us and our former CEO, Joseph Papa, also in the District of New Jersey (Wilson v. Papa, et al.). The plaintiff purported to represent a class of persons who sold put options on our shares between April 21, 2015 and May 11, 2016. In

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general, the allegations and the claims were the same as those made in the original complaint filed in the Roofers' Pension Fund case described above. On December 8, 2016, the court consolidated Roofers' Pension Fund case and the Wilson case under the Roofers' Pension Fund case number. In February 2017, the court selected the lead plaintiffs for the consolidated case and the lead counsel to the putative class. In March 2017, the court entered a scheduling order.

On June 21, 2017, the court-appointed lead plaintiffs filed an amended complaint that superseded the original complaints in the Roofers’ Pension Fund case and the Wilson case. The lead plaintiffs seek to represent a class of shareholders for the period April 21, 2015 through May 3, 2017, and the amended complaint identifies three subclasses - shareholders who purchased shares during the period on the U.S. exchanges; shareholders who purchased shares during the period on the Tel Aviv exchange; and shareholders who owned shares on the final day of the Mylan tender offer November 13, 2015. The amended complaint names as defendants us and 11 current or former directors and officers of Perrigo (Mses. Judy Brown, Laurie Brlas, Jacqualyn Fouse, Ellen Hoffing, and Messrs. Joe Papa, Marc Coucke, Gary Cohen, Michael Jandernoa, Gerald Kunkle, Herman Morris, and Donal O’Connor). The amended complaint alleges violations of Securities Exchange Act sections 10(b) (and Rule 10b‑5) and 14(e) against all defendants and 20(a) control person liability against the 11 individuals. In general, the allegations concern the actions taken by us and the former executives to defend against the unsolicited takeover bid by Mylan in the period from April 21, 2015 through November 13, 2015 and the allegedly inadequate disclosure throughout the entire class period related to purported integration problems related to the Omega acquisition, alleges incorrect reporting of organic growth at the Company and at Omega, alleges price fixing activities with respect to six generic prescription pharmaceuticals, and alleges improper accounting for the Tysabri^® royalty stream. The amended complaint does not include an estimate of damages. In August 2017, the defendants filed motions to dismiss the amended complaint. The plaintiffs filed their opposition in October 2017. The defendants filed replies in support of the motions to dismiss in November 2017. The court has not indicated whether there will be oral argument of the motions or whether the court will decide the motions on the papers. We intend to defend the lawsuit vigorously.

On November 1, 2017, Carmignac Gestion, S.A., filed a securities lawsuit against us and three individuals (former Chairman and CEO Joseph Papa, former CFO Judy Brown, and former Executive Vice President and Board member Marc Coucke). This lawsuit is not a securities class action. The case is styled Carmignac Gestion, S.A. v. Perrigo Company plc, et al., and was filed in the U.S. District Court for the District of New Jersey. The complaint asserts claims under Securities Exchange Act sections 10(b) (and Rule 10b-5), 14(e), and 18 against all defendants as well as 20(a) control person liability against the individual defendants. In general, the plaintiff’s allegations focus on events during the period from April 2015 through April 2016. Plaintiff contends that the defendants provided inadequate disclosure throughout the period concerning the valuation and integration of Omega, the financial guidance provided by us during that period, our reporting about the generic prescription pharmaceutical business and its prospects, and the activities surrounding the efforts to defeat the Mylan tender offer during 2015. Many of the allegations in this case overlap with the allegations of the June 2017 amended complaint in the Roofers’ Pension Fund case described above. The plaintiff does not provide an estimate of damages. We intend to defend the lawsuit vigorously. The parties jointly requested that the court stay this case pending the outcome of a ruling on the motions to dismiss filed in the Roofers' Pension Fund case (discussed above), and the court granted the stay motion.

On January 16, 2018, Manning & Napier Advisors, LLC filed a securities lawsuit against us and three individuals (former Chairman and CEO Joseph Papa, former CFO Judy Brown, and former Executive Vice President and Board member Marc Coucke). This lawsuit is not a securities class action. The case is styled Manning & Napier Advisors, LLC v. Perrigo Company plc, et al., and was filed in the U.S. District Court for the District of New Jersey. The complaint asserts claims under Securities Exchange Act sections 10(b) (and Rule 10b-5) and 18 against all defendants as well as 20(a) control person liability against the individual defendants. In general, the plaintiff’s allegations focus on events during the period from April 2015 through May 2017. Plaintiff contends that the defendants provided inadequate disclosure at various times during the period concerning valuation and integration of Omega, the financial guidance provided by us during that period, alleged price fixing activities with respect to six generic prescription pharmaceuticals, and alleged improper accounting for the Tysabri^® financial asset. Many of the allegations in this case overlap with the allegations of the June 2017 amended complaint in the Roofers' Pension Fund case described above. The plaintiff does not provide an estimate of damages. We intend to defend the lawsuit vigorously. The parties jointly requested that the court stay this case pending the outcome of a

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ruling on the motion to dismiss filed in the Roofers' Pension Fund case (discussed above), and the court granted the stay motion.

On January 26, 2018, two different plaintiff groups (the Mason Capital group and the Pentwater group) each filed a lawsuit against us and the same individuals who are defendants in the amended complaint in the securities class action case described above (Roofers’ Pension Fund case). The same law firm represents these two plaintiff groups, and the two complaints are substantially similar. These two cases are not securities class actions. One case is styled Mason Capital L.P., et al. v. Perrigo Company plc, et al., and was filed in the U.S. District Court for the District of New Jersey. The other case is styled Pentwater Equity Opportunities Master Fund Ltd., et al.  v. Perrigo Company plc, et al., and also was filed in the U.S. District Court for the District of New Jersey. Both cases are assigned to the same federal judge that is hearing the class action case and the other individual cases described above (Carmignac and Manning & Napier). Each complaint asserts claims under Securities Exchange Act sections 14(e) (related to tender offer disclosures) against all defendants as well as 20(a) control person liability against the individual defendants. In general, the plaintiff’s allegations describe events during the period from April 2015 through May 2017. Plaintiff contends that the defendants provided inadequate disclosure during the tender offer period in 2015 and point to disclosures at various times during the period concerning valuation and integration of Omega, the financial guidance provided by us during that period, alleged price fixing activities with respect to six generic prescription pharmaceuticals, and alleged improper accounting for the Tysabri^® financial asset. Many of the factual allegations in these two cases overlap with the allegations of the June 2017 amended complaint in the Roofers' Pension Fund case described above and the allegations in the Carmignac case described above. The plaintiff does not provide an estimate of damages. The parties to each case jointly requested that the court stay each case pending the outcome of a ruling on the motions to dismiss filed in the Roofers’ Pension Fund case (discussed above). The court granted the stay motion in each case. We intend to defend both lawsuits vigorously.

On February 13, 2018, a group of plaintiff investors affiliated with Harel Insurance Investments & Financial Services, Ltd. filed a lawsuit against us and the same individuals who are defendants in the amended complaint in the securities class action case described above (Roofers’ Pension Fund case). The new complaint is substantially similar to the amended complaint in the Roofers' Pension Fund case. The relevant period in the new complaint stretches from February 2014 to May 2, 2017. The complaint adds as defendants two individuals who served on our Board prior to 2016. The case is styled Harel Insurance Company, Ltd., et al. v. Perrigo Company plc, et al., and was filed in the U.S. District Court for the District of New Jersey and is assigned to the same federal judge that is hearing the class action cases and the four other individual cases described above (Carmignac, Manning & Napier, Mason Capital, and Pentwater). The Harel Insurance Company complaint asserts claims under Securities Exchange Act section 10(b) (and related SEC Rule 10b‑5) and section 14(e) (related to tender offer disclosures) against all defendants as well as 20(a) control person liability against the individual defendants. The complaint also asserts claims based on Israeli securities laws. In general, the plaintiff’s allegations describe events during the period from February 2014 through May 2017. Plaintiff contends that the defendants provided inadequate disclosure during the tender offer events in 2015 and point to disclosures at various times during the period concerning valuation and integration of Omega, the financial guidance provided by us during that period, alleged price fixing activities with respect to six generic prescription pharmaceuticals, and alleged improper accounting for the Tysabri^® financial asset from February 2014 until the withdrawal of past financial statements in April 2017. Many of the factual allegations in these two cases overlap with the allegations of the June 2017 amended complaint in the Roofers' Pension Fund case described above and the allegations in the four opt out cases also described above. The plaintiff does not provide an estimate of damages. The parties jointly filed a stay motion similar to the stay sought in the five other opt out cases. The court granted the stay motion. We intend to defend the lawsuit vigorously.

On February 16, 2018, First Manhattan Company filed a securities lawsuit against us and three individuals (former Chairman and CEO Joseph Papa, former CFO Judy Brown, and former Executive Vice President and Board member Marc Coucke). This lawsuit is not a securities class action. The case is styled First Manhattan Co. v. Perrigo Company plc, et al., and was filed in the U.S. District Court for the District of New Jersey. The case was assigned to the same judge hearing the class action case and the five other opt out cases. The complaint asserts claims under Securities Exchange Act sections 10(b) (and Rule 10b-5), 14(e), and 18 against all defendants as well as 20(a) control person liability against the individual defendants. In general, the plaintiff’s allegations focus on events during the period from April 2015 through May 2017. Plaintiff contends that the defendants provided inadequate disclosure at various times during the period concerning valuation and integration of Omega, the financial guidance provided by us during that period, alleged price fixing activities with respect to six generic prescription pharmaceuticals, and alleged improper accounting for the Tysabri^® financial asset. This lawsuit was

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Note 16

filed by the same law firm that filed the Manning & Napier Advisors case and the Carmignac case described above and generally makes the same factual assertions as in the Manning & Napier Advisors case. Many of the allegations in this case overlap with the allegations of the June 2017 amended complaint in the Roofers' Pension Fund case described above. The plaintiff does not provide an estimate of damages. We intend to defend the lawsuit vigorously. The parties jointly requested that the court stay this case pending the outcome of a ruling on the motions to dismiss filed in the Roofers’ Pension Fund case (discussed above). The court granted the stay motion. 

In Israel

Because our shares are traded on the Tel Aviv exchange under a dual trading arrangement, we are potentially subject to securities litigation in Israel. Three cases were filed; two were voluntarily dismissed and one was stayed. We are consulting Israeli counsel about our response to these allegations and we intend to defend these cases vigorously.

On May 22, 2016, shareholders filed a securities class action against us and five individual defendants: Our former CEO Mr. Papa, our former Executive Vice President and General Manager of the BCH segment Marc Coucke, our then Chief Executive Officer John Hendrickson, our former Board member Gary Kunkle, Jr., and our Board member Laurie Brlas alleging violations of Israeli law in the District Court of Tel Aviv-Jaffa (Schweiger et al. v. Perrigo Company plc, et al.). On June 15, 2016, we 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 Schweiger action was stayed. In October 2017, the Schweiger plaintiffs dismissed their claims without prejudice because of the pendency of another class action case filed in Israel (see discussion below of the Israel Elec. Corp. Employees’ Educ. Fund case). The court approved the voluntary dismissal. 

On March 29, 2017, plaintiff Eyal Keinan commenced an action in the District Court of Tel Aviv-Jaffa asserting securities claims against two defendants: Perrigo and its auditor Ernst & Young LLP ("EY"). The case is styled Keinan v. Perrigo Company plc, et al. The action sought certification of a class of purchasers of Perrigo shares on the Israeli exchange beginning February 6, 2014. The proposed closing date for the class was not clear from the complaint though it appeared to extend into 2017. In general, the plaintiff asserted that we improperly accounted for our stream of royalty income from two drugs: Tysabri^® and Prialt. The court filings contended that the alleged improper accounting caused the audited financial results for Perrigo to be incorrect for the six month period ended December 31, 2015, and the years ended June 27, 2015 and June 28, 2014 and the other financial data released by us over those years and 2016 to also be inaccurate. The plaintiff maintained that the defendants are liable under Israeli securities law or, in the alternative, under U.S. securities law. The plaintiff indicated an initial, preliminary class damages estimate of 686.0 million NIS (approximately $192.0 million at 1 NIS = $0.28 cent). In January 2018, the Keinan plaintiff announced its intention to dismiss his claims because of the pendency of another class action case filed in Israel (see discussion below of the Israel Elec. Corp. Employees’ Educ. Fund case). The court granted the dismissal on February 11, 2018.

On June 28, 2017, a plaintiff filed a complaint in Tel Aviv District Court styled Israel Elec. Corp. Employees’ Educ. Fund v. Perrigo Company plc, et al. The lead plaintiff seeks to represent a class of shareholders who purchased Perrigo stock on the Tel Aviv exchange during the period April 24, 2015 through May 3, 2017 and also a claim for those that owned shares on the final day of the Mylan tender offer (November 13, 2015). The amended complaint names as defendants the Company, EY (the Company’s auditor), and 11 current or former directors and officers of Perrigo (Mses. Judy Brown, Laurie Brlas, Jacqualyn Fouse, Ellen Hoffing, and Messrs. Joe Papa, Marc Coucke, Gary Cohen, Michael Jandernoa, Gerald Kunkle, Herman Morris, and Donal O’Connor). The complaint alleges violations under U.S. securities laws of Securities Exchange Act sections 10(b) (and Rule 10b‑5) and 14(e) against all defendants and 20(a) control person liability against the 11 individuals or, in the alternative, under Israeli securities laws. In general, the allegations concern the actions taken by us and our former executives to defend against the unsolicited takeover bid by Mylan in the period from April 21, 2015 through November 13, 2015 and the allegedly inadequate disclosure concerning purported integration problems related to the Omega acquisition, alleges incorrect reporting of organic growth at the Company, alleges price fixing activities with respect to six generic prescription pharmaceuticals, and alleges improper accounting for the Tysabri^® royalty stream. The plaintiff indicates an initial, preliminary class damages estimate of 2.7 billion NIS (approximately $760.0 million at 1 NIS = $0.28 cent). We intend to defend the lawsuit vigorously.

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Note 16

On July 12, 2017, the plaintiff in the Israel Elec. Corp. Employees’ Educ. Fund v. Perrigo Company plc, et al. case filed a motion to have all three cases pending in Israel either consolidated or the other two cases dismissed so that the Israel Elec. Corp. Educ. Fund plaintiff can proceed as the sole plaintiff. In October 2017, the Schweiger plaintiffs (see description above) voluntarily dismissed their securities class action without prejudice as part of their response to the motion filed by the Israel Elec. Corp. Educ. Fund plaintiff. A variety of other procedural motions were also pending having to do with the timing of any response by defendants. The court held an initial conference on November 9, 2017 to address the motion filed by the Israel Elec. Corp. Educ. Fund plaintiff. Subsequently, the competing class plaintiffs held discussions and informed the court in January 2018 that they had reached an agreement among themselves such that the Education Fund case will continue while the Keinan plaintiff will dismiss its case. The court approved this outcome. At the request of the parties, the court has stayed the Education Fund case pending the final adjudication of the class action case in DNJ (the Roofers’ Pension Fund case described above under Securities Litigation In the United States). The court approved the stay.

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, we 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. We have filed our statement of defense to the underlying proceedings. The parties are currently engaged in mediation in an attempt to settle the matter. The underlying proceedings have been stayed pending the outcome of the mediation process and, if necessary, a decision on the motion to appeal.

On November 14, 2017 the Parties submitted the agreed settlement agreement to the approval of the Supreme Court, which referred the approval back to the District Court. During three hearings that took place on November 29, 2017, December 13, 2017 and January 11, 2018 the District Court opined that it would approve the settlement agreement subject to certain amendments to be proposed by the Court (which would not impact the monetary settlement reached) and set a hearing for January 30, 2018 to discuss and finalize the proposed changes. Meanwhile, the Court ordered the settlement to be (1) provided to the Attorney General for review (standard procedure); and (2) published in the written media (newspapers), to enable the class members to submit any objections or “opt-out” to  the proposed settlement by February 15, 2018.

On February 21, 2018, the District Court held a hearing to, among others, review objections received from class members who had notified the District Court of their desire to opt out of the settlement. In addition, a representative of the Israeli Attorney General’s office notified the District Court that, based upon their preliminary examination of the settlement, they intend to object to the settlement in its current form. The District Court recommended that the parties continue to discuss and minimize objections to the settlement and scheduled another hearing for May 13, 2018.

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Tysabri^® Product Liability Lawsuits

We and our 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^®. Each co-defendant would be responsible for 50% of losses and expenses arising out of any Tysabri^® product liability claims. During calendar year 2016, one case in the U.S. was settled and two others were dismissed with prejudice. In 2017, seven other cases were dismissed with prejudice. While we intend to vigorously defend the remaining lawsuits, 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.

Claim Arising from the Omega Acquisition

On December 16, 2016, we and Perrigo Ireland 2 brought an arbitral claim ("Claim") against Alychlo NV ("Alychlo") and Holdco I BE NV ("Holdco") (together the Sellers) in accordance with clause 26.2 of the Share Purchase Agreement dated November 6, 2014 ("SPA") and the rules of the Belgian Centre for Arbitration and Mediation ("CEPANI"). Our Claim relates to the accuracy and completeness of information about Omega provided by the Sellers as part of the sale process, the withholding of information by the Sellers during that process and breaches of Sellers’ warranties. We are seeking monetary damages from the Sellers. The Sellers served their respective responses to the Claim on February 20, 2017. In its response, Alychlo has asserted a counterclaim for monetary damages contending that we breached the duty of good faith in performing the SPA. There can be no assurance that our Claim will be successful, and Sellers deny liability for the Claim. We deny that Alychlo is entitled to any relief (including monetary relief) under the counterclaim. The arbitration proceedings are confidential as required by the SPA and the rules of the CEPANI.

NOTE 17 - COLLABORATION AGREEMENTS AND OTHER CONTRACTUAL ARRANGEMENTS

We actively collaborate with other pharmaceutical companies to develop, manufacture and market certain products or groups of products. These types of agreements are common in the pharmaceutical industry. We may choose to enter into these types of agreements to, among other things, leverage our or others’ scientific research and development expertise or utilize our extensive marketing and distribution resources. Terms of the various collaboration agreements may require us to make or receive milestone payments upon the achievement of certain product research and development objectives and pay or receive royalties on the future sale, if any, of commercial products resulting from the collaboration. Milestone and up-front payments made are generally recorded in research and development expense if the payments relate to drug candidates that have not yet received regulatory approval. Milestone and up-front payments made related to approved drugs will generally be capitalized and amortized to cost of goods sold over the economic life of the product. Royalties received are generally reflected as revenues, and royalties paid are generally reflected as cost of goods sold. We enter into a number of collaboration agreements in the ordinary course of business. Although we do not consider these arrangements to be material, the following is a brief description of notable agreements entered into during the years endedDecember 31, 2016and June 27, 2015. We did not enter into any collaborative arrangements during the the six months endedDecember 31, 2015.

Year EndedDecember 31, 2017

In December 2017, we entered into a collaboration agreement with a generic pharmaceutical development company, pursuant to which the parties will collaborate in the ongoing development and commercialization of a generic injectable product. We will provide assistance including preparing and filing the product ANDA, and be responsible for commercializing the product. As part of the agreement, we paid a $2.5 million milestone payment on the effective date of the agreement. The $2.5 million fee is reported in Research and development on the consolidated financial statements. We will make additional payments if regulatory approval is obtained and certain other development milestones are achieved. These contingent milestone payments could total $14.5 million in aggregate. 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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Year EndedDecember 31, 2016

During the year ended December 31, 2016, we added three additional products to the May 15, 2015 development agreement discussed below that are subject to similar buy-back terms if the products are approved by the FDA. We did not receive any consideration from the clinical stage development company, nor do we expect to incur any expense related to the development of the additional products. The estimated purchase price for these additional products, based on the initial development budget, is approximately $126.0 million. If development costs exceed the initial budgeted amounts, the purchase price will increase, but will not exceed approximately $174.0 million. If the products are approved by the FDA and we purchase the products, we estimate that one of the acquisitions will occur in 2019 and two of the acquisitions will occur in 2021. There can be no assurance that any such products will be approved by the FDA on the anticipated schedule or at all.

Year EndedJune 27, 2015

On May 15, 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.

On May 1, 2015, we entered into an agreement with a clinical stage biotechnology company for the development of two specialty pharmaceutical products. We paid $18.0 million for an option to acquire the two products, which we reported in research and development expense. On March 1, 2016, we exercised the purchase option to acquire both products. We will make additional payments if we obtain regulatory approval and achieve certain sales milestones, and these contingent milestone payments could total $30.0 million in aggregate. We will also be obligated to make certain royalty payments over periods ranging from seven to ten years from the launch of each product (refer to the Development-Stage Rx Products acquisition inNote 2for additional information regarding the acquisition). In addition, on December 20, 2017, we divested one of the development-stage Rx products (refer to Note 2 for additional information on the divestment.

Additional future milestone payments and receipts related to agreements not specifically discussed above are not material.

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Note 18

NOTE 18 - 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):

Balance at June 28, 2014	$	16.4
Additional charges	5.1
Payments	(18.5		)
Non-cash adjustments	(1.4		)
Balance at June 27, 2015	1.6
Additional charges	26.9
Payments	(6.4		)
Non-cash adjustments	(1.4		)
Balance at December 31, 2015	20.7
Additional charges	31.0
Payments	(35.8		)
Non-cash adjustments	3.8
Balance at December 31, 2016	19.7
Additional charges	61.0
Payments	(59.6		)
Non-cash adjustments	0.3
Balance at December 31, 2017	$	21.4

Restructuring activity includes severance, lease exit costs, and asset impairments. The charges incurred during the six months endedDecember 31, 2015 and the year endedDecember 31, 2016 were primarily associated with actions we took to streamline our organization as announced on October 22, 2015. The charges incurred during the year endedDecember 31, 2017 were primarily associated with actions we took to streamline our organization as announced on February 21, 2017. During the year endedDecember 31, 2017, $61.0 million of restructuring expenses were recorded, $27.4 million of which was recorded in our CHCA segment and $17.1 million in our CHCI segment. There were no other material restructuring programs that impacted any other one reportable segment for the year endedDecember 31, 2017. During the year endedDecember 31, 2016, $31.0 million of restructuring expenses were recorded, $20.9 million of which was recorded in our CHCI segment. There were no other material restructuring programs in any of the periods presented. All charges are recorded in Restructuring expense. The remaining $17.6 million liability for employee severance benefits will be paid within the next year, while the remaining $3.8 million liability for lease exit costs will be incurred over the remaining terms of the applicable leases.

NOTE 19 - SEGMENT AND GEOGRAPHIC INFORMATION

Our segment reporting structure is consistent with the way our chief operating decision maker makes operating decisions, allocates resources and manages the growth and profitability of the business. Operating segments with similar economic characteristics, including long-term profitability, nature of the products sold and production processes, distribution methods, and classes of customers, are aggregated as reportable segments (refer to Note 1).

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We generated third-party revenue in the following geographic locations⁽¹⁾ during each of the periods presented below (in millions):

	Year Ended				Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
Ireland	$	30.4	$	89.1	$	11.4	$	7.2
U.S.	3,272.3		3,353.0		1,686.2		3,303.2
Europe	1,313.2		1,493.0		758.2		576.4
All other countries(2)	330.3		345.5		176.4		340.3
	$	4,946.2	$	5,280.6	$	2,632.2	$	4,227.1

⁽¹⁾The net sales by geography is derived from the location of the entity that sells to a third party.

⁽²⁾Includes revenue generated primarily in Israel, Mexico, Australia, and Canada.

The net book value of Property, plant and equipment, net by location was as follows (in millions):

	December 31, 2017		December 31, 2016		December 31, 2015
Ireland	$	4.6	$	2.7	$	1.3
U.S.	538.3		556.6		555.0
Europe	155.6		144.6		157.2
Israel	81.5		114.3		115.7
All other countries	53.1		51.9		57.0
	$	833.1	$	870.1	$	886.2

Sales to Walmart as a percentage of Consolidated Net sales (reported primarily in our CHCA segment) were as follows:

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
13.0	%	13.0	%	13.0	%	16.0	%

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Below is a summary of our results by reporting segment (in millions):

	CHCA			CHCI(1)			RX			Specialty Sciences			Other				Unallocated			Total
Year Ended December 31, 2017
Net sales	$	2,429.9		$	1,491.0		$	969.7		$	—		$	55.6			$	—		$	4,946.2
Operating income (loss)	$	445.0		$	12.5		$	307.6		$	—		$	8.7			$	(175.6	)	$	598.2
Operating income (loss) %	18.3		%	0.8		%	31.7		%	—		%	15.6		%		—		%	12.1		%
Total assets	$	3,786.8		$	5,029.0		$	2,813.0		$	—		$	—			$	—		$	11,628.8
Capital expenditures	$	39.5		$	27.5		$	21.6		$	—		$	—			$	—		$	88.6
Property, plant and equipment, net	$	512.7		$	180.9		$	139.5		$	—		$	—			$	—		$	833.1
Depreciation/amortization	$	115.2		$	223.7		$	100.1		$	—		$	5.8			$	—		$	444.8
Change in financial assets	$	—		$	—		$	—		$	24.9		$	—			$	—		$	24.9
Year Ended December 31, 2016
Net sales	$	2,507.1		$	1,652.2		$	1,042.8		$	—		$	78.5			$	—		$	5,280.6
Operating income (loss)	$	399.8		$	(2,087.4	)	$	(0.2	)	$	(201.2	)	$	6.1			$	(116.8	)	$	(1,999.7	)
Operating income (loss) %	15.9		%	(126.3		)%	—		%	—		%	7.8		%		—		%	(37.9		)%
Total assets	$	3,351.3		$	4,795.2		$	2,646.4		$	2,775.8		$	301.4			$	—		$	13,870.1
Capital expenditures	$	59.1		$	23.7		$	20.4		$	—		$	3.0			$	—		$	106.2
Property, plant and equip, net	$	528.3		$	167.2		$	129.7		$	0.4		$	44.5			$	—		$	870.1
Depreciation/amortization	$	119.1		$	210.0		$	120.1		$	—		$	7.8			$	—		$	457.0
Change in financial assets	$	—		$	—		$	—		$	2,608.2		$	—			$	—		$	2,608.2
Six Months Ended December 31, 2015
Net sales	$	1,251.5		$	833.0		$	502.6		$	—		$	45.1			$	—		$	2,632.2
Operating income (loss)	$	209.2		$	(148.5	)	$	181.9		$	(6.5	)	$	(19.5	)		$	(149.0	)	$	67.6
Operating income (loss) %	16.7		%	(17.8		)%	36.2		%	—		%	(43.3		)%		—		%	2.6		%
Total assets	$	3,384.8		$	7,083.5		$	2,738.0		$	5,930.2		$	213.1			$	—		$	19,349.6
Capital expenditures	$	38.0		$	26.3		$	12.1		$	—		$	1.4			$	—		$	77.8
Property, plant and equip, net	$	540.9		$	179.5		$	118.5		$	—		$	47.3		—	$	—		$	886.2
Depreciation/amortization	$	60.9		$	81.9		$	34.3		$	—		$	5.3			$	—		$	182.4
Change in financial assets	$	—		$	—		$	—		$	(57.3	)	$	—			$	—		$	(57.3	)
Year Ended June 27, 2015
Net sales	$	2,478.8		$	704.6		$	936.0		$	—		$	107.7			$	—		$	4,227.1
Operating income (loss)	$	381.9		$	38.2		$	364.7		$	(17.6	)	$	26.8			$	(121.5	)	$	672.5
Operating income %	15.4		%	5.4		%	39.0		%	—		%	24.9		%		—		%	15.9		%
Total assets	$	3,763.8		$	7,163.0		$	2,373.4		$	6,040.7		$	251.0			$	—		$	19,591.9
Capital expenditures	$	76.8		$	13.1		$	41.0		$	0.5		$	5.6			$	—		$	137.0
Property, plant and equip, net	$	556.8		$	176.8		$	113.0		$	—		$	85.8			$	—		$	932.4
Depreciation/amortization	$	108.4		$	72.5		$	65.7		$	1.5		$	10.6			$	—		$	258.7
Change in financial assets	$	—		$	—		$	—		$	(78.5	)	$	—			$	—		$	(78.5	)

⁽¹⁾     CHCI includes Omega activity subsequent to March 30, 2015.

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The following is a summary of our revenue by category (in millions):

	Year Ended				Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
CHCA
Cough/Cold/Allergy/Sinus(1)	$	483.7	$	454.6	$	234.6	$	455.6
Analgesics(1)	349.8		343.5		173.1		375.7
Gastrointestinal(1)	340.0		335.4		195.8		384.0
Infant nutritionals	413.9		427.0		200.2		383.8
Smoking cessation	297.2		308.5		147.5		284.5
Vitamins, minerals and dietary supplements(1)	45.4		160.4		105.8		183.5
Animal health	141.3		143.7		62.3		157.0
Other CHCA(1),(2)	358.6		334.0		132.2		254.7
Total CHCA	2,429.9		2,507.1		1,251.5		2,478.8
CHCI
Branded OTC	1,174.0		1,349.2		665.9		368.4
Other CHCI(3)	317.0		303.0		167.1		336.2
Total CHCI	1,491.0		1,652.2		833.0		704.6
Generic prescription drugs	969.7		1,042.8		502.6		936.0
Active pharmaceutical ingredients	55.6		78.5		45.1		107.7
Total revenue	$	4,946.2	$	5,280.6	$	2,632.2	$	4,227.1

⁽¹⁾Includes net sales from our OTC contract manufacturing business.

⁽²⁾  Consists primarily of feminine hygiene, diabetes care, dermatological care, branded OTC, diagnostic products and other miscellaneous or otherwise uncategorized product lines and markets, none of which is greater than 10% of the CHCA segment.

⁽³⁾  Consists primarily of liquids licensed products, cough/cold/allergy, analgesics, diagnostic products and other miscellaneous or otherwise uncategorized product lines and markets, none of which is greater than 10% of the CHCI segment.

NOTE 20 - QUARTERLY FINANCIAL DATA (unaudited)

The following table presents unaudited quarterly consolidated operating results for each of our last ten quarters. The information below has been prepared on a basis consistent with our audited consolidated financial statements (in millions, except per share amounts).

Year Ended December 31, 2017	First Quarter (2)			Second Quarter (3)			Third Quarter (4)		Fourth Quarter (5)
Net sales	$	1,194.0		$	1,237.9		$	1,231.3	$	1,283.0
Gross profit	$	464.4		$	504.6		$	497.8	$	512.7
Change in financial assets	$	(17.1	)	$	38.7		$	2.6	$	0.7
Net income (loss)	$	71.6		$	(69.6	)	$	44.5	$	73.1
Earnings (loss) per share(1):
Basic	$	0.50		$	(0.49	)	$	0.31	$	0.52
Diluted	$	0.50		$	(0.49	)	$	0.31	$	0.52
Weighted average shares outstanding
Basic	143.4			143.3			141.3		140.8
Diluted	143.6			143.3			141.7		141.2

⁽¹⁾    The sum of individual per share amounts may not equal due to rounding.

⁽²⁾  Includes IPR&D impairment charges of $12.2 million, gain on certain divestiture of $21.8 million, and restructuring charges of $38.7 million.

⁽³⁾  Includes intangible asset impairment charges of $18.5 million, changes in financial assets of $38.7 million, and loss on early debt extinguishment of $135.2 million.

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Note 20

⁽⁴⁾  Includes held-for-sale impairment charges of $3.3 million, and fixed asset impairment charges of $4.0 million.

⁽⁵⁾   Includes unusual litigation charge reversal of $0.2 million.

Year Ended December 31, 2016	First Quarter (2)			Second Quarter (3)			Third Quarter (4)			Fourth Quarter (5)
Net sales	$	1,347.3		$	1,340.5		$	1,261.6		$	1,331.2
Gross profit	$	533.1		$	546.5		$	484.5		$	487.7
Change in financial assets	$	204.4		$	910.8		$	377.4		$	1,115.6
Net loss	$	(529.2	)	$	(534.3	)	$	(1,590.2	)	$	(1,359.1	)
Loss per share(1):
Basic	$	(3.70	)	$	(3.73	)	$	(11.10	)	$	(9.48	)
Diluted	$	(3.70	)	$	(3.73	)	$	(11.10	)	$	(9.48	)
Weighted average shares outstanding
Basic	143.2			143.2			143.3			143.4
Diluted	143.2			143.2			143.3			143.4

⁽¹⁾    The sum of individual per share amounts may not equal due to rounding.

⁽²⁾  Includes an intangible asset impairment charges of $273.3 million, and a goodwill impairment charge of $130.5 million.

⁽³⁾  Includes held-for-sale impairment charges of $10.5 million and change in financial assets of $910.8 million.

⁽⁴⁾  Includes intangible asset impairment charges of $866.6 million, goodwill impairment charge of $737.9 thousand, and held-for-sale impairment charges of $10.2 million.

⁽⁵⁾   Includes intangible asset impairment charges of $378.6 million, goodwill impairment charge of $224.1 million, and a reduction in held-for-sale impairment charges of $4.5 million.

Six Months Ended December 31, 2015	September 26, 2015 (2)			December 31, 2015 (3)
Net sales	$	1,273.1		$	1,359.1
Gross profit	$	535.2		$	543.7
Change in financial assets	$	(173.8	)	$	116.6
Net income (loss)	$	260.9		$	(218.4	)
Earnings (loss) per share(1):
Basic	$	1.78		$	(1.51	)
Diluted	$	1.78		$	(1.51	)
Weighted average shares outstanding
Basic	146.3			144.9
Diluted	146.9			144.9

⁽¹⁾  The sum of individual per share amounts may not equal due to rounding.

⁽²⁾  Includes Mylan defense-related fees of $15.6 million.

⁽³⁾  Includes an intangible asset impairment charge of $185.1 million, Mylan defense-related fees of $71.3 million, an impairment charge on our India API held for sale assets of $29.0 million, restructuring charges of $24.7 million, and an investment impairment charge of $10.7 million.

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Note 21

NOTE 21 - TRANSITION PERIOD COMPARATIVE DATA

The following table presents certain financial information (in millions, except per share amounts):

	Six Months Ended
	December 31, 2015			December 27, 2014
				(Unaudited)
Net sales	$	2,632.2		$	1,844.7
Cost of sales	1,553.3			1,170.9
Gross profit	1,078.9			673.8
Operating expenses
Distribution	47.9			29.2
Research and development	88.2			89.8
Selling	325.9			95.3
Administration	306.8			165.6
Impairment charges	215.6			—
Restructuring	26.9			4.2
Total operating expenses	1,011.3			384.1
Operating income	67.6			289.7
Change in financial assets	(57.3		)	(46.9		)
Interest expense, net	89.9			56.7
Other expense (Income), net	25.2			60.3
Loss on extinguishment of debt	0.9			9.6
Income before income taxes	8.9			210.0
Income tax expense (benefit)	(33.6		)	29.4
Net income	$	42.5		$	180.6
Income per share
Basic	$	0.29		$	1.34
Diluted	$	0.29		$	1.34
Weighted-average shares outstanding
Basic	145.6			135.1
Diluted	146.1			135.6
Dividends declared per share	$	0.25		$	0.21

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Not applicable.

ITEM 9A. CONTROLS AND PROCEDURES

(a)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)

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or 15d-15(e) of the Exchange Act) as of December 31, 2017. 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 December 31, 2017 because of the material weakness in our internal control over financial reporting described in the "Management's Annual Report on Internal Control over Financial Reporting." Notwithstanding this material weakness, management concluded that the consolidated financial statements included in this Annual Report present fairly, in all material respects, the financial position of the Company at December 31, 2017 in conformity with GAAP and our external auditors have issued an unqualified opinion on our consolidated financial statements as of and for the year ended December 31, 2017.

(b)Management’s Annual Report on Internal Control Over Financial Reporting

MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

The management of Perrigo Company plc is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934 as a process designed by, or under the supervision of, our principal executive and principal financial officers and effected by our Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles and includes those policies and procedures that:

• Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

• Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

• Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

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. Because of inherent limitations, our internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. 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.

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2017. The framework used in carrying out our evaluation was the 2013 Internal Control - Integrated Framework published by the Committee of Sponsoring Organizations ("COSO") of the Treadway Commission. In evaluating our information technology controls, we also used components of the framework contained in the Control Objectives for Information and related Technology ("COBIT"), which was developed by the Information Systems Audit and Control Association’s IT Governance Institute, as a complement to the COSO internal control framework.

Management has concluded that our internal control over financial reporting was ineffective as of December 31, 2017. The results of management’s assessment have been reviewed with our Audit Committee.

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Income Taxes

The material weaknesses over the income tax process that was identified during our fiscal year ended December 31, 2016 was not remediated during our fiscal year ended December 31, 2017, and we determined that we did not design or maintain effective controls over our income tax accounting process. Accordingly, there is a reasonable possibility that a material misstatement will not be prevented or detected on a timely basis.

The results of management’s assessment have been reviewed with our Audit Committee. Ernst & Young LLP, the independent registered public accounting firm that audited our financial statements included in this Annual Report on Form 10-K, also audited the effectiveness of our internal control over financial reporting, as stated in their report that is included herein.

REMEDIATION PLAN

We are committed to remediating the control deficiencies that gave rise to the material weakness described above. Management is responsible for implementing changes and improvements to internal control over financial reporting and for remediating the control deficiencies that gave rise to the material weakness.

With oversight from the Audit Committee, we have taken significant steps to remediate our internal control deficiencies in income taxes by redesigning our controls, many of which operated for the first time at December 31, 2017. Our efforts have consisted primarily of strengthening our tax organization and designing a suite of controls related to the components of our income tax process, including valuation allowances, uncertain tax positions and non-routine events and transactions, to enhance our management review controls over income taxes. Because many of our controls operated for the first time at December 31, 2017, we have not had a sufficient period of time to demonstrate operating effectiveness in 2017.

Some of the key remediation actions taken include:

• Reviewing our income tax processes and controls and enhancing the overall design and procedures performed in calculating our income tax provision on an interim and annual basis

• Significantly strengthening our tax capabilities through a combination of key new hires and providing additional resources

• Re-designing our management review controls and enhancing the precision of review around the key income tax areas

To complete the remediation, we plan, with oversight from the Audit Committee, to continue to:

• Evaluate the sufficiency of our income tax resources and personnel to determine whether additional enhancements are needed

• Evaluate whether further enhancements are needed to the design of our income tax procedures and controls

• Demonstrate consistent operating effectiveness of our management review controls over income taxes over a number of quarterly periods

We expect to implement the remaining remediation actions in 2018. 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.

(c)    Changes in Internal Control over Financial Reporting

Other than as described above under "Remediation Plan for Material Weakness," there have been no changes in our internal control over financial reporting during the three months ended December 31, 2017 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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180

ITEM 9B. OTHER INFORMATION

Not applicable.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON INTERNAL

CONTROL OVER FINANCIAL REPORTING

To the Shareholders and the Board of Directors of Perrigo Company plc

Opinion on Internal Control Over Financial Reporting

We have audited Perrigo Company plc’s internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, because of the effect of the material weakness described below on the achievement of the objectives of the control criteria, Perrigo Company plc (the Company) has not maintained effective internal control over financial reporting as of December 31, 2017, based on the COSO criteria.

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 the company’s annual or interim financial statements will not be prevented or detected on a timely basis. The following material weakness has been identified and included in management’s assessment. Management has identified a material weakness in controls related to the company’s income tax accounting process.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2017, 2016 and 2015, the related consolidated statements of operations, comprehensive income (loss), shareholders' equity and cash flows for each of the years ended December 31, 2017 and 2016, the period from June 28, 2015 to December 31, 2015, and the fiscal year ended June 27, 2015, and the related notes and the financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). This material weakness was considered in determining the nature, timing and extent of audit tests applied in our audit of the 2017 consolidated financial statements, and this report does not affect our report dated March 1, 2018, which expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance

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with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Grand Rapids, Michigan

March 1, 2018

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PART III.

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

(a)Directors of Perrigo Company plc.

This information is incorporated by reference to our Proxy Statement for the Annual Meeting of Shareholders to be held in May, 2018 under the heading "Election of Directors" or will be included in an amendment to this annual report on Form 10-K.

(b)Executive Officers of Perrigo Company plc.

See Part I, Additional Item of this Form 10-K under the heading "Executive Officers of the Registrant."

(c)Audit Committee Financial Expert.

This information is incorporated by reference to our Proxy Statement for the Annual Meeting of Shareholders to be held in May, 2018 under the heading "Audit Committee" or will be included in an amendment to this annual report on Form 10-K.

(d)Identification and Composition of the Audit Committee.

This information is incorporated by reference to our Proxy Statement for the Annual Meeting of Shareholders to be held in May, 2018 under the heading "Audit Committee" or will be included in an amendment to this annual report on Form 10-K.

(e)Compliance with Section 16(a) of the Exchange Act.

This information is incorporated by reference to our Proxy Statement for the Annual Meeting of Shareholders to be held in May, 2018 under the heading "Section 16(a) Beneficial Ownership Reporting Compliance" or will be included in an amendment to this annual report on Form 10-K.

(f)Code of Ethics.

This information is incorporated by reference to our Proxy Statement for the Annual Meeting of Shareholders to be held in May, 2018 under the heading "Corporate Governance" or will be included in an amendment to this annual report on Form 10-K.

ITEM 11. EXECUTIVE COMPENSATION

This information is incorporated by reference to our Proxy Statement for the Annual Meeting of Shareholders to be held in May, 2018 under the headings "Executive Compensation", "Renumeration Committee Report", "Potential Payments Upon Termination or Change in Control" and "Director Compensation" or will be included in an amendment to this annual report on Form 10-K.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

This information is incorporated by reference to our Proxy Statement for the Annual Meeting of Shareholders to be held in May, 2018 under the heading "Ownership of Perrigo Ordinary Shares" or will be included in an amendment to this annual report on Form 10-K. Information concerning equity compensation plans is incorporated by reference to our Proxy Statement for the Annual Meeting of Shareholders to be held in May, 2018 under the heading "Equity Compensation Plan Information" or will be included in an amendment to this annual report on Form 10-K.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

This information is incorporated by reference to our Proxy Statement for the Annual Meeting of Shareholders to be held in May, 2018 under the heading "Certain Relationships and Related-Party Transactions" and "Corporate Governance" or will be included in an amendment to this annual report on Form 10-K.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

This information is incorporated by reference to our Proxy Statement for the Annual Meeting of Shareholders to be held in May, 2018 under the heading "Ratification, in a Non-Binding Advisory Vote, of the Appointment of Ernst & Young LLP as Independent Auditor of the Company and Authorization, in a Binding Vote, of the Board of Directors, Acting Through the Audit Committee, to Fix the Renumeration of the Auditor" or will be included in an amendment to this annual report on Form 10-K.

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Exhibits

PART IV.

Item 15. Exhibits and Financial Statement Schedules.

(a) The following documents are filed or incorporated by reference as part of this Form 10-K:

1. All financial statements. See Index to Consolidated Financial Statements.

2. Financial Schedules.

Schedule II – Valuation and Qualifying Accounts.

Schedules other than the one listed are omitted because the required information is included in the footnotes, immaterial or not applicable.

3. Exhibits:

2.1	Transaction Agreement, dated as of July 28, 2013, among Perrigo Company, Elan Corporation, plc, Perrigo Company plc, Habsont Limited and Leopard Company (incorporated by reference from Annex A to the joint proxy statement/prospectus included in the Company's Registration Statement on Form S-4/A filed on October 8, 2013) (File No. 333-190859).
2.2	Part A of Appendix I to Rule 2.5 Announcement (Conditions to the Implementation of the Scheme and the Acquisition) (incorporated by reference from Annex B to the joint proxy statement/prospectus included in the Company's Registration Statement on Form S-4/A filed on October 8, 2013) (File No. 333-190859).
2.3+	Asset Purchase Agreement, dated as of February 5, 2013, by and among Elan Pharma International Limited, Elan Pharmaceuticals, Inc. and Biogen Idec International Holding Ltd (incorporated by reference from Exhibit 4(c) (31) of Elan Corporation, plc’s Annual Report on Form 20-F for the year ended December 31, 2012) (File No. 001-13896).
2.4	Agreement for the Sale and Purchase of 685,348,257 Shares Of Omega Pharma Invest N.V., dated as of November 6, 2014, by and among the Company, Alychlo N.V. and Holdco I BE N.V. (incorporated by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K filed on November 12, 2014) (File No. 001-36353).
2.5	Amendment Agreement dated March 27, 2015 to the Agreement for the Sale and Purchase of 685,348,257 Shares Of Omega Pharma Invest N.V., dated as of November 6, 2014, by and among the Company, Alychlo N.V. and Holdco I BE N.V. (incorporated by reference from Exhibit 2.3 to the Company’s Quarterly Report on Form 10-Q filed on April 29, 2015) (File No. 001-36353).
2.6	Assignment Letter dated March 17, 2015 regarding the Agreement for the Sale and Purchase of 685,348,257 Shares Of Omega Pharma Invest N.V., dated as of November 6, 2014, by and among the Company, Alychlo N.V. and Holdco I BE N.V. (incorporated by reference from Exhibit 2.1 to the Company’s Quarterly Report on Form 10-Q filed on April 29, 2015) (File No. 001-36353).
2.7	Closing Letter dated March 17, 2015 regarding the Agreement for the Sale and Purchase of 685,348,257 Shares Of Omega Pharma Invest N.V., dated as of November 6, 2014, by and among the Company, Alychlo N.V. and Holdco I BE N.V. (incorporated by reference from Exhibit 2.2 to the Company’s Quarterly Report on Form 10-Q filed on April 29, 2015) (File No. 001-36353).
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 December 19, 2013) (File No. 333-192946).
3.2	Memorandum and Articles of Association of Perrigo Company plc, as amended and restated (incorporated by reference from Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q filed on August 10, 2017) (File No. 001-36353).
4.1	Indenture dated as of November 8, 2013, among the Company, the guarantors named therein and Wells Fargo Bank, N.A., as Trustee (incorporated by reference from Exhibit 4.1 to the Company's Current Report on Form 8-K filed on November 12, 2013) (File No. 333-190859).

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Exhibits

4.2	First Supplemental Indenture, dated December 18, 2013 to the Indenture dated as of November 8, 2013, among the Company, the guarantors named therein and Wells Fargo Bank, N.A., as Trustee (incorporated by reference from Exhibit 4.1 to the Company's Current Report on Form 8-K filed on December 19, 2013) (File No. 333-190859).
4.3	Base Indenture dated as of December 2, 2014, between Perrigo Finance Unlimited Company, formerly known as Perrigo Finance plc, the Company and Wells Fargo Bank, National Association, as trustee (incorporated by reference from Exhibit 4.1 to the Company's Current Report on Form 8-K filed on December 2, 2014) (File No. 001-36353).
4.4	First Supplemental Indenture dated as of December 2, 2014, between Perrigo Finance Unlimited Company, formerly known as Perrigo Finance plc, the Company and Wells Fargo Bank, National Association, as trustee (incorporated by reference from Exhibit 4.2 to the Company's Current Report on Form 8-K filed on December 2, 2014) (File No. 001-36353).
4.5	Supplemental Indenture No. 2, dated as of March 10, 2016, among Perrigo Finance Unlimited Company, the Company and Wells Fargo Bank, National Association, as trustee (incorporated by reference from Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on March 10, 2016) (File No. 001-36353).
4.6	Form of 3.500% Senior Notes due 2021 (included as Exhibit A-1 to the First Supplemental Indenture dated as of December 2, 2014, between Perrigo Finance Unlimited Company, formerly known as Perrigo Finance plc, the Company and Wells Fargo Bank, National Association, as trustee) (incorporated by reference from Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on December 2, 2014) (File No. 001-36353).
4.7	Form of 3.900% Senior Notes due 2024 (included as Exhibit A-2 to the First Supplemental Indenture dated as of December 2, 2014, between Perrigo Finance Unlimited Company, formerly known as Perrigo Finance plc, the Company and Wells Fargo Bank, National Association, as trustee) (incorporated by reference from Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on December 2, 2014) (File No. 001-36353).
4.8	Form of 4.900% Senior Notes due 2044 (included as Exhibit A-3 to the First Supplemental Indenture dated as of December 2, 2014, between Perrigo Finance Unlimited Company, formerly known as Perrigo Finance plc, the Company and Wells Fargo Bank, National Association, as trustee) (incorporated by reference from Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on December 2, 2014) (File No. 001-36353).
4.9	Form of Global Note representing the 2021 Notes (included in Exhibit 4.5).
4.10	Form of Global Note representing the 2026 Notes (included in Exhibit 4.5).
4.11	Prospectus, dated April 23, 2012, in connection with the public offering of Omega Pharma Invest N.V. of EUR 180,000,000 of 4.500% retail bonds due 2017 and EUR 120,000,000 of 5.000% retail bonds due 2019 (incorporated by reference from Exhibit 4.3 to the Company’s Current Report on Form 8-K filed on April 3, 2015) (File No. 001-36353).
10.1	Senior Unsecured Credit Facilities Commitment Letter by and among the Company, J.P. Morgan Securities LLC, JPMorgan Chase Bank, N.A. and Barclays Bank PLC dated as of November 6, 2014 (incorporated by reference from Exhibit 10.3 to the Company's Current Report on Form 8-K filed on November 12, 2014) (File No. 001-36353).
10.2	Revolving Credit Agreement by and among Perrigo Finance Unlimited Company, formerly known as Perrigo Finance plc, the Company, JP Morgan Chase Bank, N.A., Barclays Bank PLC, and the other lenders party thereto, dated as of December 5, 2014 (incorporated by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 9, 2014) (File No. 001-36353).
10.3	Amendment to the Revolving Credit Agreement, dated February 26, 2016, by and among Perrigo Finance Unlimited Company, formerly known as Perrigo Finance plc, the Company, JPMorgan Chase Bank, N.A., Barclays Bank PLC, and the other lenders party thereto, dated as of December 5, 2014 (incorporated by reference from Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on May 16, 2016) (File No. 001-36353).
10.4	Amendment No. 3, dated December 8, 2016, to the Revolving Credit Agreement by and among Perrigo Finance Unlimited Company, the Company, JPMorgan Chase Bank, N.A. and the other lenders party thereto, dated as of December 5, 2014, as amended by Amendment No. 1, dated as of February 26, 2016, as further amended by Amendment No. 2, dated as of September 9, 2016 (incorporated by reference from Exhibit 10.5 to the Company’s Annual Report on Form 10-K filed on May 22, 2017) (File No. 001-36353).

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Perrigo Company plc - Item 15

Exhibits

10.5	Amendment No. 4 to Revolving Credit Agreement, dated as of March 14, 2017, among the Company, Perrigo Finance Unlimited Company, the lenders party thereto and JP Morgan Chase Bank, N.A., as administrative agent (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 16, 2017) (File No. 001-36353).
10.6	Amendment No. 5 and Waiver to Revolving Credit Agreement, dated as of April 19, 2017, among Perrigo Company plc, Perrigo Finance Unlimited Company, the lenders party thereto and JP Morgan Chase Bank, N.A., as administrative agent (incorporated by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K filed on April 25, 2017).
10.7	Term Loan Credit Agreement by and among Perrigo Finance Unlimited Company, formerly known as Perrigo Finance plc, the Company, JP Morgan Chase Bank, N.A., Barclays Bank PLC, and the other lenders party thereto, dated as of December 5, 2014 (incorporated by reference from Exhibit 10.2 to the Company's Current Report on Form 8-K filed on December 9, 2014) (File No. 001-36353).
10.8	Amendment to the Term Loan Credit Agreement, dated February 26, 2016, by and among Perrigo Finance Unlimited Company, formerly known as Perrigo Finance plc, the Company, JPMorgan Chase Bank, N.A., Barclays Bank PLC, and the other lenders party thereto, dated as of December 5, 2014 (incorporated by reference from Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on May 16, 2016) (File No. 001-36353).
10.9	Amendment No. 2, dated September 9, 2016, to the Term Loan Credit Agreement by and among Perrigo Finance Unlimited Company, the Company, JPMorgan Chase Bank, N.A. and the other lenders party thereto, dated as of December 5, 2014, as amended by Amendment No. 1, dated as of February 26, 2016 (incorporated by reference from Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on September 9, 2016) (File No. 001-36353).
10.10	Amendment No. 3, dated December 8, 2016, to the Term Loan Credit Agreement by and among Perrigo Finance Unlimited Company, the Company, JPMorgan Chase Bank, N.A. and the other lenders party thereto, dated as of December 5, 2014, as amended by Amendment No. 1, dated as of February 26, 2016, as further amended by Amendment No. 2, dated as of September 9, 2016 (incorporated by reference from Exhibit 10.9 to the Company’s Annual Report on Form 10-K filed on May 22, 2017) (File No. 001-36353).
10.11	Amendment No. 4 to Term Loan Credit Agreement, dated as of March 14, 2017, among the Company, Perrigo Finance Unlimited Company, the lenders party thereto and JP Morgan Chase Bank, N.A., as administrative agent (incorporated by reference from Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on March 16, 2017) (File No. 001-36353).
10.12	Amendment No. 5 and Waiver to Term Loan Credit Agreement, dated as of April 19, 2017, among Perrigo Company plc, Perrigo Finance Unlimited Company, the lenders party thereto and JP Morgan Chase Bank, N.A., as administrative agent (incorporated by reference from Exhibit 10.2 to the Company's Current Report on Form 8-K filed on April 25, 2017).
10.13	Purchase and Sale Agreement by and among Perrigo Pharma International Designated Activity Company, Perrigo Company plc and RPI Finance Trust, dated February 27, 2017 (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 28, 2017) (File No. 001-36353).
10.14*	Annual Incentive Plan, adopted November 4, 2008 (incorporated by reference from Perrigo Company’s Proxy Statement for its 2008 Annual Meeting of Shareholders filed on October 1, 2008) (File No. 000-19725).
10.15*	Amendment No. 1 to Annual Incentive Plan, effective as of June 22, 2015 (incorporated by reference from Exhibit 10.10 to the Company's Annual Report on Form 10-K filed on August 13, 2015) (File No. 001-36353).
10.16*	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) (File No. 001-36353).
10.17*	2003 Long-Term Incentive Plan, effective October 29, 2003, as amended (incorporated by reference from the Appendix to Perrigo Company’s Proxy Statement for its 2003 Annual Meeting of Shareholders filed on September 26, 2003) (File No. 000-19725).
10.18*	Amendment to the 2003 Long-Term Incentive Plan, effective as of October 28, 2005 (incorporated by reference from Exhibit 10(a) to Perrigo Company’s Current Report on Form 8-K filed on November 3, 2005) (File No. 000-19725).
10.19*	2003 Long-Term Incentive Plan, as amended as of February 7, 2007 (incorporated by reference from Exhibit 10(a) to Perrigo Company’s Quarterly Report on Form 10-Q filed on May 8, 2007) (File No. 000-19725).

188

Perrigo Company plc - Item 15

Exhibits

10.20*	2008 Long-Term Incentive Plan, adopted November 4, 2008 (incorporated by reference from Exhibit 10(b) to Perrigo Company's Quarterly Report on Form 10-Q filed on February 3, 2009) (File No. 000-19725).
10.21*	2013 Long-Term Incentive Plan (incorporated by reference from Annex J to the Company’s Registration Statement on Form S-4/A filed on October 8, 2013) (File No. 333-190859).
10.22*	Amendment No. 1 to the 2013 Long-Term Incentive Plan, dated as of January 29, 2014 (incorporated by reference from Exhibit 10.12 to the Company’s Quarterly Report on Form 10-Q filed on February 6, 2014) (File No. 333-190859).
10.23*	Amendment No. 2 to the 2013 Long-Term Incentive Plan, effective as of July 9, 2015 (incorporated by reference from Exhibit 10.17 to the Company's Annual Report on Form 10-K, filed on August 13, 2015) (File No. 001-36353).
10.24*	Amendment No. 3 to the 2013 Long-Term Incentive Plan, effective as of November 3,2017 (incorporated by reference from Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on November 9, 2017) (File No. 001-36353).
10.25*	Nonqualified Deferred Compensation Plan, as amended as of October 10, 2007 and effective January 1, 2007 (incorporated by reference from Exhibit 10.1 to Perrigo Company’s Current Report on Form 8-K filed on October 11, 2007) (File No. 000-19725).
10.26*	Amendment One to the Nonqualified Deferred Compensation Plan, dated December 3, 2009 (incorporated by reference from Exhibit 10.14 to the Company's Annual Report on Form 10-K filed on August 14, 2014) (File No. 001-36353).
10.27*	Amendment Two to the Nonqualified Deferred Compensation Plan, dated as of October 10, 2012, (incorporated by reference from Exhibit 10.1 to Perrigo Company’s Quarterly Report on Form 10-Q filed on February 1, 2013) (File No. 000-19725).
10.28*	Amendment Three to the Nonqualified Deferred Compensation Plan, dated as of November 13, 2013 (incorporated by reference from Exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q filed on February 6, 2014) (File No. 333-190859).
10.29*	Amendment Four to the Nonqualified Deferred Compensation Plan, dated as of January 31, 2014 (incorporated by reference from Exhibit 10.13 to the Company’s Quarterly Report on Form 10-Q filed on February 6, 2014) (File No. 333-190859).
10.30*	Amendment Five to the Nonqualified Deferred Compensation Plan, dated as of August 17, 2015 (incorporated by reference from Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on November 2, 2015) (File No. 001-36353).
10.31*	Perrigo Company Employee Severance Programme - Ireland, effective December 18, 2016 (incorporated by reference from Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q filed on August 10, 2017) (File No. 001-36353).
10.32*	Perrigo Company plc Executive Committee Severance Policy, effective as of June 14, 2017 (incorporated by reference from Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q filed on August 10, 2017) (File No. 001-36353).
10.33*	Perrigo Company plc Change in Control Severance Policy for U.S. Employees, as amended and restated effective February 5, 2017 (incorporated by reference from Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on May 30, 2017) (File No. 001-36353).
10.34*	Perrigo Company plc U.S. Severance Policy, as amended and restated effective February 6, 2017 (incorporated by reference from Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on May 30, 2017) (File No. 001-36353).
10.35*	Forms of Non-Qualified Stock Option Agreement pursuant to Perrigo Company’s 2008 Long-Term Incentive Plan (incorporated by reference from Exhibit 10.49 to Perrigo Company’s Annual Report on Form 10-K filed on August 18, 2009) (File No. 000-19725).
10.36*	Form of Non-Qualified Stock Option Agreement under Perrigo Company's 2003 Long-Term Incentive Plan (incorporated by reference from Exhibit 10(a) to Perrigo Company’s Quarterly Report on Form 10-Q filed on February 2, 2005) (File No. 000-19725).
10.37*	Forms of Non-Qualified Stock Option Agreement pursuant to Perrigo Company’s 2008 Long-Term Incentive Plan (incorporated by reference from Exhibit 10(c) to Perrigo Company’s Quarterly Report on Form 10-Q filed on February 3, 2009) (File No. 000-19725).

189

Perrigo Company plc - Item 15

Exhibits

10.38*	Form of Long-Term Incentive Award Agreement under Perrigo Company's 2003 Long-Term Incentive Plan (incorporated by reference from Exhibit 10.1 to Perrigo Company’s Current Report on Form 8-K filed on August 22, 2006) (File No. 000-19725).
10.39*	Form of Long-Term Incentive Award Agreement under Perrigo Company's 2003 Long-Term Incentive Plan (incorporated by reference from Exhibit 10(a) to Perrigo Company’s Quarterly Report on Form 10-Q filed on February 1, 2007) (File No. 000-19725).
10.40*	Form of 2006 Long-Term Incentive Award Agreement, for Approved Section 102 Awards under Perrigo Company’s 2003 Long-Term Incentive Plan (incorporated by reference from Exhibit 10(f) to Perrigo Company’s Quarterly Report on Form 10-Q filed on May 8, 2007) (File No. 000-19725).
10.41*	Form of 2006 Long-Term Incentive Award Agreement under Perrigo Company’s 2003 Long-Term Incentive Plan (incorporated by reference from Exhibit 10(g) to Perrigo Company’s Quarterly Report on Form 10-Q filed on May 8, 2007) (File No. 000-19725).
10.42*	Forms of Restricted Stock Unit Award Agreement pursuant to Perrigo Company’s 2008 Long-Term Incentive Plan (incorporated by reference from Exhibit 10.50 to Perrigo Company’s Annual Report on Form 10-K filed on August 18, 2009) (File No. 000-19725).
10.43*	Forms of Restricted Stock Unit Award Agreement pursuant to Perrigo Company’s 2008 Long-Term Incentive Plan (incorporated by reference from Exhibit 10.52 to Perrigo Company's Annual Report on Form 10-K filed on August 16, 2011) (File No. 000-19725).
10.44*	Forms of Grant Agreement under the Company's 2013 Long-Term Incentive Plan (incorporated by reference from Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q filed on February 6, 2014) (File No. 333-190859).
10.45*	Forms of Restricted Stock Unit Award Agreement (Service-Based) under the Company’s 2013 Long-Term Incentive Plan (incorporated by reference from Exhibit 99.1 to the Company’s Current Report on Form 8-K filed on November 12, 2014) (File No. 001-36353).
10.46*	Forms of Service-Based and Performance-Based Restricted Stock Unit Award Agreements under the Company's 2013 Long-Term Incentive Plan (incorporated by reference from Exhibit 99.1 to the Company’s Current Report on Form 8-K filed on June 22, 2015) (File No. 001-36353).
10.47*	Forms of Amendments to Performance-Based Restricted Stock Unit Award Agreements under the Company's 2013 Long-Term Incentive Plan (incorporated by reference from Exhibit 99.1 to the Company’s Current Report on Form 8-K filed on June 26, 2015) (File No. 001-36353).
10.48*	Forms of Service-Based and Performance-Based Restricted Stock Unit Award Agreements under the Company's 2013 Long-Term Incentive Plan (incorporated by reference from Exhibit 99.1 to the Company's Current Report on Form 8-K filed on August 12, 2015) (File No. 001-36353).
10.49*	Form of Performance-Based Restricted Stock Unit Award Agreement for Non-U.S. Participants under the Company's 2013 Long-Term Incentive Plan (incorporated by reference from Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on November 2, 2015) (File No. 001-36353).
10.50*	Forms of Amendments to Performance-Based Restricted Stock Unit Award Agreements under the Company's 2013 Long-Term Incentive Plan (incorporated by reference from Exhibit 10.4 to the Company's Current Report on Form 8-K filed on November 13, 2015) (File No. 001-36353).
10.51*	Forms of Service-Based Restricted Stock Unit Award Agreements under the Company's 2013 Long-Term Incentive Plan (incorporated by reference from Exhibit 10.41 to the Company’s Transition Report on Form 10-KT filed on February 25, 2016) (File No. 001-36353).
10.52*	Form of Perrigo Company plc Director Indemnity Agreement (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 19, 2013) (File No. 333-190859).
10.53*	Form of Perrigo Company plc Officer Indemnity Agreement (incorporated by reference from Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on December 19, 2013) (File No. 333-190859).
10.54*	Form of Perrigo Company Indemnity Agreement (incorporated by reference from Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on December 19, 2013) (File No. 333-190859).
10.55*	Forms of Amendment to Service-Based Restricted Stock Unit Award Agreements under Perrigo Company plc's 2013 Long-Term Incentive Plan (incorporated by reference from Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q filed on August 10, 2017) (File No. 001-36353).

190

Perrigo Company plc - Item 15

Exhibits

10.56*	Forms of Amendment to Performance-Based Restricted Stock Unit Award Agreements under Perrigo Company plc's 2013 Long-Term Incentive Plan (incorporated by reference from Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q filed on August 10, 2017) (File No. 001-36353).
10.57*	Forms of Amendment to Nonqualified Stock Option Agreements under Perrigo Company plc's 2013 Long-Term Incentive Plan (incorporated by reference from Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q filed on August 10, 2017) (File No. 001-36353).
10.58*	Forms of Service-Based Restricted Stock Unit Award Agreements under the Company's 2013 Long-Term Incentive Plan (incorporated by reference from Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on November 9, 2017) (File No. 001-36353).
10.59*	Forms of Performance-Based Restricted Stock Unit Award Agreements under the Company's 2013 Long-Term Incentive Plan (incorporated by reference from Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed on November 9, 2017) (File No. 001-36353).
10.60*	Forms of Nonqualified Stock Option Agreements under the Company's 2013 Long-Term Incentive Plan (incorporated by reference from Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed on November 9, 2017) (File No. 001-36353).
10.61*	Forms of Service-Based Restricted Stock Unit Award Agreement under Perrigo Company plc’s 2013 Long-Term Incentive Plan (filed herewith).
10.62*	Forms of Performance-Based Restricted Stock Unit Award Agreement under Perrigo Company plc’s 2013 Long-Term Incentive Plan (filed herewith).
10.63*	Form of Nonqualified Stock Option Agreement under Perrigo Company plc’s 2013 Long-Term Incentive Plan (filed herewith).
10.64*	Employment agreement, dated October 25, 2016, by and between Perrigo Israel Pharmaceuticals Ltd. and Sharon Kochan (incorporated by reference from Exhibit 10.49 to the Company’s Annual Report on Form 10-K filed on May 22, 2017) (File No. 001-36353).
10.65*	Amendment No.1 to Employment Agreement, effective as of June 5, 2017, made by and among Perrigo Company plc, Perrigo Management Company and John T. Hendrickson (incorporated by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 5, 2017) (File No. 001-36353).
10.66*	Letter Agreement between Perrigo Company plc and Ronald L. Winowiecki, dated July 18, 2017 (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 21, 2017) (File No. 001-36353).
10.67*	Employment Agreement, effective as of January 15, 2018, by and between Perrigo Pharma International DAC and Uwe Roehrhoff (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on January 8, 2018) (File No. 001-36353).
10.68*	Amendment No. 1 to Employment Agreement, effective as of January 26, 2018, by and between Perrigo Pharma International DAC Company and Uwe Roehrhoff (filed herewith).
10.69*	Management Agreement, effective as of February 20, 2017, by and between Omega Pharma International NV and Svend Andersen (filed herewith).
21	Subsidiaries of the Registrant.
23	Consent of Ernst & Young LLP.
24	Power of Attorney (see signature page).
31	Rule 13a-14(a) Certifications.
32	Section 1350 Certifications.
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.

191

Perrigo Company plc - Item 15

Exhibits

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document.

+ Confidential treatment has been requested for portions of this agreement. A completed copy of the agreement, including the redacted portions, has been filed separately with the SEC.

* Denotes management contract or compensatory plan or arrangement.

(b) Exhibits.

The response to this portion of Item 15 is submitted as a separate section of this Report. See Item 15(a)(3) above.

(c) Financial Statement Schedules.

The response to this portion of Item 15 is submitted as a separate section of this Report. See Item 15(a)(2) above.

192

Perrigo Company plc

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

PERRIGO COMPANY PLC

(in millions)

	Year Ended						Six Months Ended
Allowance for doubtful accounts	December 31, 2017			December 31, 2016			December 31, 2015
Balance at beginning of period	$	6.3		$	4.5		$	2.6
Net bad debt expenses(1)	1.4			2.1			2.5
Additions/(deductions)(2)	(1.5		)	(0.3		)	(0.6		)
Balance at end of period	$	6.2		$	6.3		$	4.5

⁽¹⁾  Includes effects of changes in foreign exchange rates.

⁽²⁾  Uncollectible accounts written off, net of recoveries. Also includes effects of changes in foreign exchange rates.

193

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Annual Report on Form 10-K for the year endedDecember 31, 2017 to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Dublin, Ireland on March 1, 2018.

PERRIGO COMPANY PLC
By:	/s/ Uwe F. Roehrhoff
	Uwe F. Roehrhoff
	Chief Executive Officer and President
	(Principal Executive Officer)

POWER OF ATTORNEY

Each person whose signature appears below hereby appoints Uwe F. Roehrhoff, Ronald L. Winowiecki and Todd W. Kingma and each of them severally, acting alone and without the other, his true and lawful attorney-in-fact with authority to execute in the name of each such person, and to file with the Securities and Exchange Commission, together with any exhibits thereto and other documents therewith, any and all amendments to this Annual Report on Form 10-K for the year endedDecember 31, 2017 necessary or advisable to enable Perrigo Company plc to comply with the Securities Exchange Act of 1934, or any rules, regulations and requirements of the Securities and Exchange Commission in respect thereof, which amendments may make such other changes in the report as the aforesaid attorney-in-fact executing the same deems appropriate.

Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K for the year endedDecember 31, 2017 has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on March 1, 2018.

194

Signature	Title
/s/ Uwe F. Roehrhoff	President and Chief Executive Officer
Uwe F. Roehrhoff	(Principal Executive Officer)
/s/ Ronald L. Winowiecki	Chief Financial Officer
Ronald L. Winowiecki	(Principal Accounting and Financial Officer)
/s/ Laurie Brlas	Chairman
Laurie Brlas
/s/ Bradley A. Alford	Director
Bradley A. Alford
/s/ Rolf A. Classon	Director
Rolf A. Classon
/s/ Adriana Karaboutis	Director
Adriana Karaboutis
/s/ Gary M. Cohen	Director
Gary M. Cohen
/s/ Jeffrey B. Kindler	Director
Jeffrey B. Kindler
/s/ Donal O'Connor	Director
Donal O'Connor
/s/ Geoffrey M. Parker	Director
Geoffrey M. Parker
/s/ Theodore R. Samuels	Director
Theodore R. Samuels
/s/ Jeffrey C. Smith	Director
Jeffrey C. Smith

195

EX-10.61

Exhibit 10.61

PERRIGO COMPANY PLC

RESTRICTED STOCK UNIT AWARD AGREEMENT

(SERVICE-BASED)

(Under the Perrigo Company plc 2013 Long-Term Incentive Plan)

TO:Participant Name

RE:Notice of Restricted Stock Unit Award (Service-Based)

This is to notify you that Perrigo Company plc (the “Company”) has granted you an Award under the Perrigo Company plc 2013 Long-Term Incentive Plan (the “Plan”), effective as of Grant Date (the “Grant Date”). This Award consists of service-based restricted stock units. The terms and conditions of this incentive are set forth in the remainder of this agreement (including any special terms and conditions set forth in any appendix for your country (“Appendix”) (collectively, the “Agreement”). The capitalized terms that are not otherwise defined in this Agreement shall have the meanings ascribed to such terms under the Plan.

SECTION 1

Restricted Stock Units - Service-Based Vesting

1.1Grant. As of the Grant Date, and subject to the terms and conditions of this Agreement and the Plan, the Company grants you Number of Awards Granted (“Restricted Stock Units” or “RSUs”). Each RSU shall entitle you to one ordinary share of the Company, nominal value €0.001 per share (“Ordinary Share”) on the applicable RSU Vesting Date, provided the vesting conditions described in Section 1.2 are satisfied.

1.2Vesting. Except as provided in Section 1.3, the RSUs awarded in Section 1.1 shall vest as follows following the Grant Date (“RSU Vesting Date(s)”): _________________________________; provided, however, that you continue in the service of the Company from the Grant Date through the applicable RSU Vesting Date.

Except as provided in Section 1.3, if your Termination Date occurs prior to the RSU Vesting Date, any RSUs awarded under Section 1.1 that have not previously vested as of such Termination Date shall be permanently forfeited on your Termination Date.

1.3Special Vesting Rules. Notwithstanding Section 1.2 above:

(a)If your Termination Date occurs by reason of death or Disability, any RSUs awarded under Section 1.1 that have not vested prior to such Termination Date shall become fully vested.

(b)If your Termination Date occurs by reason of a Termination without Cause, any RSUs awarded under Section 1.1 shall continue to vest according to the vesting

schedule in effect prior to such Termination Date; provided, however, that if your Termination Date occurs for a reason that is both described in this subsection (b) and in subsection (c) below, the special vesting rules described in subsection (c) shall apply in lieu of the vesting rules described in this subsection (b).

(c)If your Termination Date occurs by reason of a Termination without Cause or a Separation for Good Reason on or after a Change in Control (as defined in the Plan and as such definition may be amended hereafter) and prior to the two (2) year anniversary of the Change in Control, all RSUs awarded under Section 1.1 that have not vested or been forfeited prior to such Termination Date shall become fully vested.

(d)As used in this Agreement, the following terms shall have the meanings set forth below:

(1)“Separation for Good Reason” means your voluntary resignation from the Company and the existence of one or more of the following conditions that arose without your consent: (i) a material change in the geographic location at which you are required to perform services, such that your commute between home and your primary job site increases by more than 30 miles,or (ii) a material diminution in your authority, duties or responsibilities or a material diminution in your base compensation or incentive compensation opportunities; provided, however, that a voluntary resignation from the Company shall not be considered a Separation for Good Reason unless you provide the Company with notice, in writing, of your voluntary resignation and the existence of the condition(s) giving rise to the separation within 90 days of its initial existence. The Company will then have 30 days to remedy the condition, in which case you will not be deemed to have incurred a Separation for Good Reason. In the event the Company fails to cure the condition within the 30 day period, your Termination Date shall occur on the 31st day following the Company’s receipt of such written notice.

(2)“Termination without Cause” means the involuntary termination of your employment or contractual relationship by the Company without Cause, including, but not limited to, (i) a termination effective when you exhaust a leave of absence during, or at the end of, a notice period under the Worker Adjustment and Retraining Notification Act (“WARN”), and (ii) a situation where you are on an approved leave of absence during which your position is protected under applicable law (e.g., a leave under the Family Medical Leave Act), you return from such leave, and you cannot be placed in employment or other form of contractual relationship with the Company.

1.4Settlement of RSUs. As soon as practicable after the RSU Vesting Date, the Company shall transfer to you one Ordinary Share for each RSUs becoming vested on such date (the date of any such transfer shall be the “settlement date” for purposes of this Agreement); provided, however, the Company may withhold shares otherwise transferable to you to the extent necessary to satisfy withholding taxes due by reason of the vesting of the RSUs, in accordance with Section 2.6. You shall have no rights as a stockholder with respect to the RSUs awarded hereunder prior to the date of issuance to you of a certificate or certificates for such shares. Notwithstanding the foregoing, the Committee, in its sole discretion, may elect to settle RSUs in cash based on the fair market value of the Ordinary Shares on the RSU Vesting Date.

1.5Dividend Equivalents. The RSUs awarded under Section 1.1 shall be eligible to receive dividend equivalents in accordance with the following:

(a)An “Account” will be established in your name. Such Account shall be for recordkeeping purposes only, and no assets or other amounts shall be set aside from the Company’s general assets with respect to such Account.

(b)On each date that a cash dividend is paid with respect to Ordinary Shares, the Company shall credit your Account with the dollar amount of dividends you would have received if each RSU held by you on the record date for such dividend payment had been an Ordinary Share. No interest or other earnings shall accrue on such Account.

(c)As of each RSU Vesting Date, you shall receive a payment equal to the amount of dividends that would have been paid on the RSUs vesting on such date had they been Ordinary Shares during the period beginning on the Grant Date and ending on the RSU Vesting Date, and the Account shall be debited appropriately. If you forfeit RSUs, any amounts in the Account attributable to such RSUs shall also be forfeited.

(d)If dividends are paid in the form of Ordinary Shares rather than cash, then you will be credited with one additional RSU for each Ordinary Share that would have been received as a dividend had your outstanding RSUs been Ordinary Shares. Such additional RSUs shall vest or be forfeited at the same time as the RSU to which they relate.

SECTION 2

General Terms and Conditions

2.1Nontransferability. The Award under this Agreement shall not be transferable other than by will or by the laws of descent and distribution.

2.2No Rights as a Stockholder. You shall not have any rights as a stockholder with respect to any Ordinary Shares subject to the RSU awarded under this Agreement prior to the date of issuance to you of a certificate or certificates for such shares.

2.3Cause Termination. If your Termination Date occurs for reasons of Cause, all of your rights under this Agreement, whether or not vested, shall terminate immediately.

2.4Award Subject to Plan. The granting of the Award under this Agreement is being made pursuant to the Plan and the Award shall be payable only in accordance with the applicable terms of the Plan. The Plan contains certain definitions, restrictions, limitations and other terms and conditions all of which shall be applicable to this Agreement. ALL THE PROVISIONS OF THE PLAN ARE INCORPORATED HEREIN BY REFERENCE AND ARE MADE A PART OF THIS AGREEMENT IN THE SAME MANNER AS IF EACH AND EVERY SUCH PROVISION WERE FULLY WRITTEN INTO THIS AGREEMENT. Should the Plan become void or unenforceable by operation of law or judicial decision, this Agreement shall have no force or effect. Nothing set forth in this Agreement is intended, nor shall any of its

provisions be construed, to limit or exclude any definition, restriction, limitation or other term or condition of the Plan as is relevant to this Agreement and as may be specifically applied to it by the Committee. In the event of a conflict in the provisions of this Agreement and the Plan, as a rule of construction the terms of the Plan shall be deemed superior and apply.

2.5Adjustments in Event of Change in Ordinary Shares. In the event of a stock split, stock dividend, recapitalization, reclassification or combination of shares, merger, sale of assets or similar event, the number and kind of shares subject to Award under this Agreement will be appropriately adjusted in an equitable manner to prevent dilution or enlargement of the rights granted to or available for you.

2.6Acknowledgement. The Company and you agree that the RSUs are granted under and governed by the Notice of Grant, this Agreement (including the Appendix, if applicable) and by the provisions of the Plan (incorporated herein by reference). You: (i) acknowledge receipt of a copy of each of the foregoing documents, (ii) represent that you have carefully read and are familiar with their provisions, and (iii) hereby accept the RSUs subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice of Grant.

2.7Withholding. This Award is subject to the withholding of all applicable taxes. The Company may withhold, or permit you to remit to the Company, any Federal, state or local taxes applicable to the grant, vesting or other event giving rise to tax liability with respect to this Award. If you have not remitted the full amount of applicable withholding taxes to the Company by the date the Company is required to pay such withholding to the appropriate taxing authority (or such earlier date that the Company may specify to assist it in timely meeting its withholding obligations), the Company shall have the unilateral right to withhold Ordinary Shares relating to this Award in the amount it determines is sufficient to satisfy the tax withholding required by law. State taxes will be withheld at the appropriate rate set by the state in which you are employed or were last employed by the Company. In no event may the number of shares withheld exceed the number necessary to satisfy the maximum Federal, state and local income and employment tax withholding requirements. You may elect to surrender previously acquired Ordinary Shares or to have the Company withhold Ordinary Shares relating to this Award in an amount sufficient to satisfy all or a portion of the tax withholding required by law.

2.8Compliance with Applicable Law. The issuance of Ordinary Shares will be subject to and conditioned upon compliance by the Company and you, including any written representations, warranties and agreements as the Administrator may request of you for compliance with all (i) applicable U.S. state and federal laws and regulations, (ii) applicable laws of the country where you reside pertaining to the issuance or sale of Ordinary Shares, and (iii) applicable requirements of any stock exchange or automated quotation system on which the Company’s Ordinary Shares may be listed or quoted at the time of such issuance or transfer. Notwithstanding any other provision of this Agreement, the Company shall have no obligation to issue any Ordinary Shares under this Agreement if such issuance would violate any applicable law or any applicable regulation or requirement of any securities exchange or similar entity.

2.9Code Section 409A.

(a)RSUs other than RSUs that continue to vest by reason of your Termination without Cause and dividend equivalents payable under this Agreement are intended to be exempt from Code Section 409A under the exemption for short-term deferrals. Accordingly, RSUs (other than RSUs that continue to vest by reason of your Termination without Cause) will be settled and dividend equivalents will be paid no later than the 15^th day of the third month following the later of (i) the end of your taxable year in which the RSU Vesting Date occurs, or (ii) the end of the fiscal year of the Company in which the RSU Vesting Date occurs.

(b)RSUs that continue to vest by reason of your Termination without Cause are subject to the provisions of this subsection (b). Any distribution in settlement of such RSUs will occur provided your Termination without Cause constitutes a “separation from service” as defined in Treasury Regulation §1.409A-1(h). If the Company determines that you are a “specified employee” as defined in Code Section 409A (i.e., an officer with annual compensation above $130,000 (as adjusted for inflation), a five-percent owner of the Company or a one-percent owner with annual compensation in excess of $150,000), distribution in settlement of any such RSUs that would be payable within six months of your separation from service shall be delayed to the first business day following the six-month anniversary of your separation from service. Any distribution in settlement of such RSUs that would be made more than six months after your separation from service (without application of the six-month delay) shall not be subject to the six-month delay described in this subsection.

2.10Data Privacy. By entering into this Agreement and accepting this Award, you (a) explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of any of your personal data that is necessary to facilitate the implementation, administration and management of the Award and the Plan, (b) understand that the Company may, for the purpose of implementing, administering and managing the Plan, hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, and details of all awards or entitlements to Shares granted to you under the Plan or otherwise (“Personal Data”), (c) understand that Personal Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, including any broker with whom the Shares issued upon vesting of the Award may be deposited, and that these recipients may be located in your country or elsewhere, and that the recipient’s country may have different data privacy laws and protections than your country, (d) waive any data privacy rights you may have with respect to the data, and (e) authorize the Company, its Affiliates and its agents, to store and transmit such information in electronic form.

2.11Successors and Assigns. This Agreement shall be binding upon any or all successors and assigns of the Company.

2.12Applicable Law. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Michigan without regard to principals of conflict of laws. Any proceeding related to or arising out of this Agreement shall be commenced, prosecuted or continued in the Circuit Court in Kent County, Michigan located in

Grand Rapids, Michigan or in the United Stated District Court for the Western District of Michigan, and in any appellate court thereof.

2.13Forfeiture of RSUs. If the Company, as a result of misconduct, is required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement under the securities laws, then (a) if your incentive or equity-based compensation is subject to automatic forfeiture due to such misconduct and restatement under Section 304 of the Sarbanes-Oxley Act of 2002, or (b) if the Committee determines you either knowingly engaged in or failed to prevent the misconduct, or your actions or inactions with respect to the misconduct and restatement constituted gross negligence, you shall (i) be required to reimburse the Company the amount of any payment (including dividend equivalents) relating to any RSUs earned or accrued during the twelve month period following the first public issuance or filing with the SEC (whichever first occurred) of the financial document embodying such financial reporting requirement, and (ii) all outstanding RSUs (including related dividend equivalents) that have not yet been settled shall be immediately forfeited. In addition, Ordinary Shares acquired under this Agreement, and any gains or profits on the sale of such Ordinary Shares, shall be subject to any “clawback” or recoupment policy later adopted by the Company.

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We look forward to your continuing contribution to the growth of the Company. Please acknowledge your receipt of the Plan and this Award.

Very truly yours,

Print Name: ___________________________

Title:_________________________________

PERRIGO COMPANY PLC

RESTRICTED STOCK UNIT AWARD AGREEMENT

(SERVICE-BASED)

(Under the Perrigo Company plc 2013 Long-Term Incentive Plan)

TO:Participant Name

RE:Notice of Restricted Stock Unit Award (Service-Based)

This is to notify you that Perrigo Company plc (the “Company”) has granted you an Award under the Perrigo Company plc 2013 Long-Term Incentive Plan (the “Plan”), effective as of Grant Date (the “Grant Date”). This Award consists of service-based restricted stock units. The terms and conditions of this incentive are set forth in the remainder of this agreement (including any special terms and conditions set forth in any appendix for your country (“Appendix”) (collectively, the “Agreement”). The capitalized terms that are not otherwise defined in this Agreement shall have the meanings ascribed to such terms under the Plan.

SECTION 1

Restricted Stock Units - Service-Based Vesting

1.1Grant. As of the Grant Date, and subject to the terms and conditions of this Agreement and the Plan, the Company grants you Number of Awards Granted (“Restricted Stock Units” or “RSUs”). Each RSU shall entitle you to one ordinary share of the Company, nominal value €0.001 per share (“Ordinary Share”) on the applicable RSU Vesting Date, provided the vesting conditions described in Section 1.2 are satisfied.

1.2Vesting. Except as provided in Section 1.3, the RSUs awarded in Section 1.1 shall vest as follows following the Grant Date (“RSU Vesting Date(s)”): _________________________________; provided, however, that you continue in the service of the Company from the Grant Date through the applicable RSU Vesting Date.

Except as provided in Section 1.3, if your Termination Date occurs prior to the RSU Vesting Date, any RSUs awarded under Section 1.1 that have not previously vested as of such Termination Date shall be permanently forfeited on your Termination Date.

1.3Special Vesting Rules. Notwithstanding Section 1.2 above:

(a)If your Termination Date occurs by reason of death, Disability or Retirement with the Company’s consent, any RSUs awarded under Section 1.1 that have not vested prior to such Termination Date shall become fully vested.

(b)If your Termination Date occurs by reason of an Involuntary Termination for Economic Reasons, any RSUs awarded under Section 1.1 that would otherwise be scheduled to vest under Section 1.2 in the 24-month period following such Termination Date shall continue to vest during such 24-month period according to the vesting schedule in effect prior to such

Termination Date; provided, however, that if your Termination Date occurs for a reason that is both described in this subsection (b) and in subsection (c) below, the special vesting rules described in subsection (c) shall apply in lieu of the vesting rules described in this subsection (b).Any RSUs that are not scheduled to vest during such 24-month period will be permanently forfeited on the Termination Date.

(c)If your Termination Date occurs by reason of a Termination without Cause or a Separation for Good Reason on or after a Change in Control (as defined in the Plan and as such definition may be amended hereafter) and prior to the two (2) year anniversary of the Change in Control, all RSUs awarded under Section 1.1 that have not vested or been forfeited prior to such Termination Date shall become fully vested.

(d)As used in this Section 1.3, the following terms shall have the meanings set forth below:

(1)“Separation for Good Reason” means your voluntary resignation from the Company and the existence of one or more of the following conditions that arose without your consent: (i) a material change in the geographic location at which you are required to perform services, such that your commute between home and your primary job site increases by more than 30 miles,or (ii) a material diminution in your authority, duties or responsibilities or a material diminution in your base compensation or incentive compensation opportunities; provided, however, that a voluntary resignation from the Company shall not be considered a Separation for Good Reason unless you provide the Company with notice, in writing, of your voluntary resignation and the existence of the condition(s) giving rise to the separation within 90 days of its initial existence. The Company will then have 30 days to remedy the condition, in which case you will not be deemed to have incurred a Separation for Good Reason. In the event the Company fails to cure the condition within the 30 day period, your Termination Date shall occur on the 31st day following the Company’s receipt of such written notice.

(2)“Termination without Cause” means the involuntary termination of your employment or contractual relationship by the Company without Cause, including, but not limited to, (i) a termination effective when you exhaust a leave of absence during, or at the end of, a notice period under the Worker Adjustment and Retraining Notification Act (“WARN”), and (ii) a situation where you are on an approved leave of absence during which your position is protected under applicable law (e.g., a leave under the Family Medical Leave Act), you return from such leave, and you cannot be placed in employment or other form of contractual relationship with the Company.

1.4Settlement of RSUs. As soon as practicable after the RSU Vesting Date, the Company shall transfer to you one Ordinary Share for each RSUs becoming vested on such date (the date of any such transfer shall be the “settlement date” for purposes of this Agreement); provided, however, the Company may withhold shares otherwise transferable to you to the extent necessary to satisfy withholding taxes due by reason of the vesting of the RSUs, in accordance with Section 2.6. You shall have no rights as a stockholder with respect to the RSUs awarded hereunder prior to the date of issuance to you of a certificate or certificates for such shares.

Notwithstanding the foregoing, the Committee, in its sole discretion, may elect to settle RSUs in cash based on the fair market value of the Ordinary Shares on the RSU Vesting Date.

1.5Dividend Equivalents. The RSUs awarded under Section 1.1 shall be eligible to receive dividend equivalents in accordance with the following:

(a)An “Account” will be established in your name. Such Account shall be for recordkeeping purposes only, and no assets or other amounts shall be set aside from the Company’s general assets with respect to such Account.

(b)On each date that a cash dividend is paid with respect to Ordinary Shares, the Company shall credit your Account with the dollar amount of dividends you would have received if each RSU held by you on the record date for such dividend payment had been an Ordinary Share. No interest or other earnings shall accrue on such Account.

(c)As of each RSU Vesting Date, you shall receive a payment equal to the amount of dividends that would have been paid on the RSUs vesting on such date had they been Ordinary Shares during the period beginning on the Grant Date and ending on the RSU Vesting Date, and the Account shall be debited appropriately. If you forfeit RSUs, any amounts in the Account attributable to such RSUs shall also be forfeited.

(d)If dividends are paid in the form of Ordinary Shares rather than cash, then you will be credited with one additional RSU for each Ordinary Share that would have been received as a dividend had your outstanding RSUs been Ordinary Shares. Such additional RSUs shall vest or be forfeited at the same time as the RSU to which they relate.

SECTION 2

General Terms and Conditions

2.1Nontransferability. The Award under this Agreement shall not be transferable other than by will or by the laws of descent and distribution.

2.2No Rights as a Stockholder. You shall not have any rights as a stockholder with respect to any Ordinary Shares subject to the RSU awarded under this Agreement prior to the date of issuance to you of a certificate or certificates for such shares.

2.3Cause Termination. If your Termination Date occurs for reasons of Cause, all of your rights under this Agreement, whether or not vested, shall terminate immediately.

2.4Award Subject to Plan. The granting of the Award under this Agreement is being made pursuant to the Plan and the Award shall be payable only in accordance with the applicable terms of the Plan. The Plan contains certain definitions, restrictions, limitations and other terms and conditions all of which shall be applicable to this Agreement. ALL THE PROVISIONS OF THE PLAN ARE INCORPORATED HEREIN BY REFERENCE AND ARE MADE A PART OF THIS AGREEMENT IN THE SAME MANNER AS IF EACH AND EVERY SUCH PROVISION WERE FULLY WRITTEN INTO THIS AGREEMENT. Should the

Plan become void or unenforceable by operation of law or judicial decision, this Agreement shall have no force or effect. Nothing set forth in this Agreement is intended, nor shall any of its provisions be construed, to limit or exclude any definition, restriction, limitation or other term or condition of the Plan as is relevant to this Agreement and as may be specifically applied to it by the Committee. In the event of a conflict in the provisions of this Agreement and the Plan, as a rule of construction the terms of the Plan shall be deemed superior and apply.

2.5Adjustments in Event of Change in Ordinary Shares. In the event of a stock split, stock dividend, recapitalization, reclassification or combination of shares, merger, sale of assets or similar event, the number and kind of shares subject to Award under this Agreement will be appropriately adjusted in an equitable manner to prevent dilution or enlargement of the rights granted to or available for you.

2.6Acknowledgement. The Company and you agree that the RSUs are granted under and governed by the Notice of Grant, this Agreement (including the Appendix, if applicable) and by the provisions of the Plan (incorporated herein by reference). You: (i) acknowledge receipt of a copy of each of the foregoing documents, (ii) represent that you have carefully read and are familiar with their provisions, and (iii) hereby accept the RSUs subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice of Grant.

2.7Taxes and Withholding.

(a)Withholding (Only Applicable to Individuals Subject to U.S. Tax Laws). This Award is subject to the withholding of all applicable taxes. The Company may withhold, or permit you to remit to the Company, any Federal, state or local taxes applicable to the grant, vesting or other event giving rise to tax liability with respect to this Award. If you have not remitted the full amount of applicable withholding taxes to the Company by the date the Company is required to pay such withholding to the appropriate taxing authority (or such earlier date that the Company may specify to assist it in timely meeting its withholding obligations), the Company shall have the unilateral right to withhold Ordinary Shares relating to this Award in the amount it determines is sufficient to satisfy the tax withholding required by law. State taxes will be withheld at the appropriate rate set by the state in which you are employed or were last employed by the Company. In no event may the number of shares withheld exceed the number necessary to satisfy the maximum Federal, state and local income and employment tax withholding requirements. You may elect to surrender previously acquired Ordinary Shares or to have the Company withhold Ordinary Shares relating to this Award in an amount sufficient to satisfy all or a portion of the tax withholding required by law.

(b)Responsibility for Taxes (Only Applicable to Individuals Subject to Tax Laws Outside the U.S.) Regardless of any action the Company or, if different, the Affiliate employing or retaining you takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items is and remains your responsibility and may exceed the amount actually withheld by the Company or the Affiliate employing or retaining you. You further acknowledge that the Company and/or the Affiliate employing or retaining you (1) make no representations or

undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant, vesting or settlement of the RSUs, the subsequent sale of Ordinary Shares acquired pursuant to such settlement and the receipt of any dividends; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you have become subject to tax in more than one jurisdiction between the RSU Grant Date and the date of any relevant taxable event, as applicable, you acknowledge that the Company and/or the Affiliate employing or retaining you (or formerly employing or retaining you, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

(1)Prior to any relevant taxable or tax withholding event, as applicable, you will pay or make adequate arrangements satisfactory to the Company and/or the Affiliate employing or retaining you to satisfy all Tax-Related Items. In this regard, you authorize the Company and/or the Affiliate employing or retaining you, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following:

(A)withholding from your wages or other cash compensation paid to you by the Company and/or the Affiliate employing or retaining you; or

(B)withholding from proceeds of the sale of Ordinary Shares acquired upon settlement of the RSUs either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization); or

(C)withholding in Ordinary Shares to be issued upon settlement of the RSUs.

(2)To avoid negative accounting treatment, the Company may withhold or account for Tax-Related Items by considering applicable statutory withholding amounts or other applicable withholding rates. If the obligation for Tax-Related Items is satisfied by withholding in Ordinary Shares, for tax purposes, you are deemed to have been issued the full number of Ordinary Shares subject to the vested RSUs, notwithstanding that a number of the Ordinary Shares are held back solely for the purpose of paying the Tax-Related Items.

(3)Finally, you shall pay to the Company or the Affiliate employing or retaining you any amount of Tax-Related Items that the Company or the Affiliate employing or retaining you may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Ordinary Shares or the proceeds of the sale of Ordinary Shares, if you fail to comply with your obligations in connection with the Tax-Related Items.

2.8Compliance with Applicable Law. The issuance of Ordinary Shares will be subject to and conditioned upon compliance by the Company and you, including any written representations, warranties and agreements as the Administrator may request of you for

compliance with all (i) applicable U.S. state and federal laws and regulations, (ii) applicable laws of the country where you reside pertaining to the issuance or sale of Ordinary Shares, and (iii) applicable requirements of any stock exchange or automated quotation system on which the Company’s Ordinary Shares may be listed or quoted at the time of such issuance or transfer. Notwithstanding any other provision of this Agreement, the Company shall have no obligation to issue any Ordinary Shares under this Agreement if such issuance would violate any applicable law or any applicable regulation or requirement of any securities exchange or similar entity.

2.9Code Section 409A (Only Applicable to Individuals Subject to U.S. Federal Tax Laws)

(a)RSUs other than RSUs that continue to vest by reason of your Involuntary Termination for Economic Reasons and dividend equivalents payable under this Agreement are intended to be exempt from Code Section 409A under the exemption for short-term deferrals. Accordingly, RSUs (other than RSUs that continue to vest by reason of your Involuntary Termination for Economic Reasons) will be settled and dividend equivalents will be paid no later than the 15^th day of the third month following the later of (i) the end of your taxable year in which the RSU Vesting Date occurs, or (ii) the end of the fiscal year of the Company in which the RSU Vesting Date occurs.

(b)RSUs that continue to vest by reason of your Involuntary Termination for Economic Reasons are subject to the provisions of this subsection (b). Any distribution in settlement of such RSUs will occur provided your Involuntary Termination for Economic Reasons constitutes a “separation from service” as defined in Treasury Regulation §1.409A-1(h). If the Company determines that you are a “specified employee” as defined in Code Section 409A (i.e., an officer with annual compensation above $130,000 (as adjusted for inflation), a five-percent owner of the Company or a one-percent owner with annual compensation in excess of $150,000), distribution in settlement of any such RSUs that would be payable within six months of your separation from service shall be delayed to the first business day following the six-month anniversary of your separation from service. Any distribution in settlement of such RSUs that would be made more than six months after your separation from service (without application of the six-month delay) shall not be subject to the six-month delay described in this subsection.

2.10Data Privacy.

(a)U.S. Data Privacy Rules (Only Applicable if this Award is Subject to U.S. Data Privacy Laws). By entering into this Agreement and accepting this Award, you (a) explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of any of your personal data that is necessary to facilitate the implementation, administration and management of the Award and the Plan, (b) understand that the Company may, for the purpose of implementing, administering and managing the Plan, hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, and details of all awards or entitlements to Shares granted to you under the Plan or otherwise (“Personal Data”), (c) understand that Personal Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan,

including any broker with whom the Shares issued upon vesting of the Award may be deposited, and that these recipients may be located in your country or elsewhere, and that the recipient’s country may have different data privacy laws and protections than your country, (d) waive any data privacy rights you may have with respect to the data, and (e) authorize the Company, its Affiliates and its agents, to store and transmit such information in electronic form.

(b)Non-U.S. Data Privacy Rules (Only Applicable if this Award is Subject to Data Privacy Laws Outside of the U.S.)

(1)By entering into this Agreement and accepting this Award, you hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement and any other RSU grant materials by and among, as applicable, the Affiliate employing or retaining you, the Company and its Affiliates for the exclusive purpose of implementing, administering and managing your participation in the Plan.

(2)You understand that the Company and the Affiliate employing or retaining you may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Ordinary Shares or directorships held in the Company, details of all RSUs or any other entitlement to Ordinary Shares awarded, canceled, exercised, vested, unvested or outstanding in your favor, for the exclusive purpose of implementing, administering and managing the Plan (“Data”).

(3)You understand that Data will be transferred to legal counsel or a broker or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. You understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than your country of residence. You understand that if you reside outside the United States, you may request a list with the names and addresses of any potential recipients of the Data by contacting your local or Company human resources representative. You authorize the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing your participation in the Plan. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan. You understand that if you reside outside the United States, you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local or Company human resources representative. You understand, however, that refusing or withdrawing your consent may affect your ability to participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local or Company human resources representative.

2.11Successors and Assigns. This Agreement shall be binding upon any or all successors and assigns of the Company.

2.12Applicable Law. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Michigan without regard to principals of conflict of laws. Any proceeding related to or arising out of this Agreement shall be commenced, prosecuted or continued in the Circuit Court in Kent County, Michigan located in Grand Rapids, Michigan or in the United Stated District Court for the Western District of Michigan, and in any appellate court thereof.

2.13Forfeiture of RSUs. If the Company, as a result of misconduct, is required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement under the securities laws, then (a) if your incentive or equity-based compensation is subject to automatic forfeiture due to such misconduct and restatement under Section 304 of the Sarbanes-Oxley Act of 2002, or (b) the Committee determines you either knowingly engaged in or failed to prevent the misconduct, or your actions or inactions with respect to the misconduct and restatement constituted gross negligence, you shall (i) be required to reimburse the Company the amount of any payment (including dividend equivalents) relating to any RSUs earned or accrued during the twelve month period following the first public issuance or filing with the SEC (whichever first occurred) of the financial document embodying such financial reporting requirement, and (ii) all outstanding RSUs (including related dividend equivalents) that have not yet been settled shall be immediately forfeited. In addition, Ordinary Shares acquired under this Agreement, and any gains or profits on the sale of such Ordinary Shares, shall be subject to any “clawback” or recoupment policy later adopted by the Company.

2.14Special Rules for Non-U.S. Grantees (Only Applicable if You Reside Outside of the U.S.)

(a)Nature of Grant. In accepting the grant, you acknowledge, understand and agree that:

(1)the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, except as otherwise provided in the Plan;

(2)the grant of the RSUs is voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted repeatedly in the past;

(3)all decisions with respect to future RSU grants, if any, will be at the sole discretion of the Company;

(4)you are voluntarily participating in the Plan;

(5)the RSUs and the Ordinary Shares subject to the RSUs are an extraordinary item and which is outside the scope of your employment or service contract, if any;

(6)the RSUs and the Ordinary Shares subject to the RSUs are not intended to replace any pension rights or compensation;

(7)the RSUs and the Ordinary Shares subject to the RSUs are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company, the Affiliate employing or retaining you or any other Affiliate;

(8)the grant and your participation in the Plan will not be interpreted to form an employment or service contract with the Company or any Affiliate;

(9)the future value of the underlying Ordinary Shares is unknown, indeterminable and cannot be predicted with certainty;

(10)no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from your Termination Date (for any reason whatsoever, whether or not later found to be invalid and whether or not in breach of employment laws in the jurisdiction where you are employed or rendering services, or the terms of your employment agreement, if any), and in consideration of the grant of the RSUs to which you are otherwise not entitled, you irrevocably agree never to institute any claim against the Company or the Affiliate employing or retaining you, waive your ability, if any, to bring any such claim, and release the Company and the Affiliate employing or retaining you from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim; and

(11)you acknowledge and agree that neither the Company, the Affiliate employing or retaining you nor any other Affiliate shall be liable for any foreign exchange rate fluctuation between the currency of the country in which you reside and the United States Dollar that may affect the value of the RSUs or of any amounts due to you pursuant to the settlement of the RSUs or the subsequent sale of any Ordinary Shares acquired upon settlement.

(b)Appendix. Notwithstanding any provisions in this Agreement, the RSU grant shall be subject to any special terms and conditions set forth in any Appendix to this Agreement for your country. Moreover, if you relocate to one of the countries included in the Appendix, the special terms and conditions for such country will apply to you, to the extent the Company determines that the application of such provisions is necessary or advisable in order to comply with laws of the country where you reside or to facilitate the administration of the Plan. If you relocate to the United States, the special terms and conditions in the Appendix will apply, or cease to apply, to you, to the extent the Company determines that the application or otherwise of such provisions is necessary or advisable in order to facilitate the administration of the Plan. The Appendix constitutes part of this Agreement.

(c)Imposition of Other Requirements. The Company reserves the right to impose other requirements on your participation in the Plan, on the RSUs and on any Ordinary Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with laws of the country where you reside or to facilitate the administration of the Plan, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

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We look forward to your continuing contribution to the growth of the Company. Please acknowledge your receipt of the Plan and this Award.

Very truly yours,

Print Name: ___________________________

Title:_________________________________

APPENDIX

PERRIGO COMPANY PLC

Additional Terms and Provisions to

Restricted Stock Unit Award Agreement (Service-Based)

Terms and Conditions

This Appendix (the “Appendix”) includes additional terms and conditions that govern the restricted stock units (“RSUs” or “Award”) granted to you under the Plan if you reside in one of the countries listed below. Certain capitalized terms used but not defined in this Appendix have the meanings set forth in the Plan and/or the Agreement. The Award will not create any entitlement to receive any similar benefit in the future.

Notifications

This Appendix also includes country-specific information of which you should be aware with respect to your participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of January 2018. Such laws are often complex and change frequently. As a result, the Company strongly recommends that you do not rely on the information noted herein as the only source of information relating to the consequences of your participation in the Plan because the information may be out of date at the time that you vest in the RSUs and Ordinary Shares are issued to you or the shares issued upon vesting of the RSUs are sold.

In addition, the information is general in nature and may not apply to your particular situation, and the Company is not in a position to assure you of any particular result. Accordingly, you are advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your particular situation. Finally, please note that if you are a citizen or resident of a country other than the country in which you are currently working, or transfers employment after grant, the information contained in the Appendix may not be applicable.

Australia

Terms and Conditions

RSUs Settled in Shares Only. Notwithstanding any discretion contained in the Plan, or any provision in the Agreement to the contrary, RSUs granted to employees in Australia shall be settled in shares only and do not provide any right for you to receive a cash payment under this Award.

Notifications

Securities Information. If you acquire shares pursuant to the Award and you offer the shares for sale to a person or entity resident in Australia, then the offer may be subject to disclosure requirements under Australian law. You should obtain legal advice on your disclosure obligations prior to making any such offer. If at the time of vesting, the Company determines that it is not legal under Australian securities laws to issue shares, the outstanding Units will be cancelled and no shares will be issued to you nor will any benefits in lieu of shares be paid to you.

Exchange Control Information. Exchange control reporting is required for cash transactions exceeding AUD10,000 and for international fund transfers. The Australian bank assisting with the transaction will file the report for you. If there is no Australian bank involved in the transfer, you will have to file the report.

Austria

Notifications

Exchange Control Information. If you hold Ordinary Shares outside of Austria, you must submit a report to the Austrian National Bank. An exemption applies if the value of the shares as of any given quarter does not exceed €30,000,000 or as of December 31 does not exceed €5,000,000. If the former threshold is exceeded, quarterly obligations are imposed, whereas if the latter threshold is exceeded, annual reports must be given. The annual reporting date is as of December 31 and the deadline for filing the annual report is March 31 of the following year. If quarterly obligations are imposed, the reporting date is the end of each quarter and the deadline for filing the report is the 15th of the month following.

When shares are sold, there may be exchange control obligations if the cash received is held outside Austria. If the transaction volume of all your accounts abroad exceeds €3,000,000, the movements and balances of all accounts must be reported monthly, as of the last day of the month, on or before the fifteenth day of the following month with the form “Meldungen SI-Forderungen und/oder SI-Verpflichtungen.”

Belgium

Notifications

Foreign Asset/Account Reporting Information. You are required to report any security or bank accounts (including brokerage accounts) you maintain outside of Belgium on your annual tax return. In a separate report, you are required to provide the National Bank of Belgium with certain details regarding such foreign accounts (including the account number, bank name and country in which any such account was opened). This report, as well as additional information on how to complete it, can be found on the website of the National Bank of Belgium, www.nbb.be, under Kredietcentrales / Centrales des crédits caption.

Bermuda

Terms and Conditions

The Award Agreement is not subject to and has not received approval from the Bermuda Monetary Authority and the Registrar of Companies in Bermuda, and no statement to the contrary, explicit or implicit, is authorized to be made in this regard. The securities may be offered or sold in Bermuda only in compliance with the provisions of the Investment Business Act 2003 of Bermuda.

Brazil

Terms and Conditions

Labor Law Acknowledgment. You agree that, for all legal purposes, (i) the benefits provided under the Plan are the result of commercial transactions unrelated to your employment; (ii) the Plan is not a part of the terms and conditions of your employment; and (iii) the income from the RSUs, if any, is not part of your remuneration from employment.

Notifications

Compliance with Law. By accepting the RSUs, you agree to comply with Brazilian law when the RSUs vest and the shares are sold. You also agree to report and pay any and all taxes associated with the vesting of the RSUs, the sale of the RSUs acquired pursuant to the Plan, and the receipt of any dividends.

Exchange Control Information. If you are a resident or domiciled in Brazil and hold assets and rights outside Brazil with an aggregate value exceeding US$100,000, you will be required to prepare and submit to the Central Bank of Brazil an annual declaration of such assets and rights. Assets and rights that must be reported include RSUs.

Czech Republic

Notifications

Exchange Control Information. The Czech National Bank may require you to report the RSUs and or Ordinary Shares received and the opening and maintenance of a foreign account. However, because exchange control regulations change frequently and without notice, you should consult your personal legal advisor prior to the vesting of the RSUs to ensure your compliance with current regulations. It is your responsibility to comply with applicable Czech exchange control laws.

Estonia

No country specific provisions.

Finland

No country specific provisions.

France

Terms and Conditions

Consent to Receive Information in English. By accepting the Award, you confirm having read and understood the Plan and the Agreement, which were provided in the English language. You accept the terms of those documents accordingly.

En acceptant cette attribution gratuite d'actions, vous confirmez avoir lu et comprenez le Plan et ce Contrat, incluant tous leurs termes et conditions, qui ont été transmis en langue anglaise. Vous acceptez les dispositions de ces documents en connaissance de cause.

Notifications

Tax Reporting Information.If you hold Ordinary Shares outside of France or maintain a foreign bank account, you are required to report such to the French tax authorities when you file your annual tax return.

Tax Information. The RSUs are not intended to qualify as a French tax qualified restricted stock units under French tax law.

Germany

Notifications

Exchange Control Information. Cross-border payments in excess of €12,500 must be reported monthly to the German Federal Bank. If you use a German bank to transfer a cross-border payment in excess of €12,500 in connection with the sale of shares acquired under the Plan, the bank will make the report for you.

Greece

Notifications

Exchange Control Information.Pursuant to your Award, if you withdraw funds in excess of €15,000 from a bank in Greece and remit those funds out of Greece, you may be required to submit certain documentation/ information to the Greek bank to ensure that the transfer is not in violation of Greek anti-money laundering rules.

Hungary

No country specific provisions.

India

Notifications

Exchange Control Notification. You must repatriate all proceeds received from the sale of the shares to India within 90 days after sale. You will receive a foreign inward remittance certificate (“FIRC”) from the bank where you deposit the foreign currency. You should maintain the FIRC as evidence of the repatriation of funds in the event that the Reserve Bank of India or the employer requests proof of repatriation.

Tax Information. The amount subject to tax at vesting will partially be dependent upon a valuation that the Company or your employer will obtain from a Merchant Banker in India. Neither the Company nor your employer has any responsibility or obligation to obtain the most favorable valuation possible, nor obtain valuations more frequently than required under Indian tax law.

Foreign Asset/Account Reporting Information. You are required to declare in your annual tax return (a) any foreign assets held by you (e.g., Ordinary Shares acquired under the Plan and, possibly, the Award), and (b) any foreign bank accounts for which you have signing authority.

Ireland

Notifications

Director Notification Obligation. If you are a director, shadow director or secretary of the Company's Irish Subsidiary or Affiliate, you must notify the Irish Subsidiary or Affiliate in writing within five business days of receiving or disposing of an interest exceeding 1% of the Company (e.g., RSUs, shares, etc.), or within five business days of becoming aware of the event giving rise to the notification requirement or within five days of becoming a director or secretary if such an interest exists at the time. This notification requirement also applies with respect to the interests of a spouse or children under the age of 18 (whose interests will be attributed to the director, shadow director or secretary).

Israel

Terms and Conditions

If you are a director or an employee (except for director or an employee who is a "Controlling Shareholder" as defined in Section 32(9) of the Israeli Tax Ordinance (New Version), 1961 ("Ordinance")) the grant of SRSU's shall be governed by section 102 of the Ordinance and the rules and regulations promulgated thereunder (“Section 102”). The Company may, pursuant to Section 102, designate at it sole discretion, Awards granted to you as Non-trustee 102 Awards or as trustee 102 Awards ("102 Trustee Awards"). 102 Trustee Awards may be classified by the Company as either 102 Capital Gains Awards or 102 Ordinary Income Awards.

If you are not an employee or a director or if you are a Controlling Shareholder your SRSU's will be granted in accordance with section 3(i) of the Ordinance. 

Trust. All 102 Trustee Awards shall be held in trust by a trustee designated by the Company ("Trustee") for the requisite lockup period prescribed by the Ordinance and the regulations promulgated thereunder, or such other period as may be required by the Israel Tax Authority ("ITA"), with respect to 102 Trustee Grants, during which period Awards or shares of Common Stock issued thereunder, and all rights resulting from them, including bonus shares, must be held by the Trustee. The Trustee shall not release any 102 Trustee Awards, shares of Common Stock issued upon the exercise of any 102 Trustee Awards, or any rights, including bonus shares, resulting from such 102 Trustee Awards or shares of Common Stock, prior to the full payment of

your tax liability. The trustee or the Israeli Affiliate shall withhold any applicable taxes in accordance with Section 102 or any applicable tax ruling obtained by the Company.

Without derogating from the foregoing, if your SRSU's do not qualify as 102 Trustee Awards the Company may still at it sole discretion, deposit your SRSU's in trust to ensure that taxes are properly withheld​.

Compliance with Law. By accepting the SRSUs, you agree to comply with the provisions of Section 102 and the regulations and rules promulgated thereunder or any tax ruling to be obtained by the Company in connection with your SRSU's.

Italy

Terms and Conditions

Data Privacy Notice. The following provision supplements the terms in the Agreement:

You understand that your employer and/or the Company may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social security number (or any other social or national identification number), salary, nationality, job title, number of Ordinary Shares held and the details of all RSUs or any other entitlement to Ordinary Shares awarded, cancelled, exercised, vested, unvested or outstanding (the “Data”) for the purpose of implementing, administering and managing your participation in the Plan. You are aware that providing the Company with the Data is necessary for the performance of this Agreement and that your refusal to provide such Data would make it impossible for the Company to perform its contractual obligations and may affect your ability to participate in the Plan.

The "Controller" of personal data processing is Perrigo Company, plc, with registered offices at Allegan, Michigan, USA, and, pursuant to D.lgs 196/2003, its representative in Italy is Chefaro Pharma Italia Srl with its registered address at Viale Castello della Magliana 18, 00148 Rome, Italy. You understand that the Data may be transferred to the Company or any of its subsidiaries or affiliates, or to any third parties assisting in the implementation, administration and management of the Plan, including any transfer required to a broker or other third party with whom Ordinary Shares acquired pursuant to the vesting of the RSUs or cash from the sale of Ordinary Shares acquired pursuant to the Plan may be deposited. Furthermore, the recipients that may receive, possess, use, retain and transfer such Data for the above mentioned purposes may be located in Italy or elsewhere, including outside of the European Union and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than Italy. The processing activity, including the transfer of your personal data abroad, outside of the European Union, as herein specified and pursuant to applicable laws and regulations, does not require your consent thereto as the processing is necessary for the performance of contractual obligations related to the implementation, administration and management of the Plan. You understand that Data processing relating to the purposes above specified shall take place under automated or non-automated conditions, anonymously when possible, that comply with the

purposes for which Data are collected and with confidentiality and security provisions as set forth by applicable laws and regulations, with specific reference to D.lgs. 196/2003.

You understand that Data will be held only as long as is required by law or as necessary to implement, administer and manage your participation in the Plan. You understand that pursuant to art.7 of D.lgs 196/2003, you have the right, including but not limited to, access, delete, update, request the rectification of your personal Data and cease, for legitimate reasons, the Data processing. Furthermore, you are aware that your Data will not be used for direct marketing purposes.

Plan Document Acknowledgment. In accepting the RSUs, you acknowledge that you have received a copy of the Plan and the Agreement and have reviewed the Plan and the Agreement, including this Appendix, in their entirety and fully understand and accept all provisions of the Plan and the Agreement, including this Appendix.

Notifications

Tax/Exchange Control Information. You are required to report on your annual tax return: (a) any transfers of cash or Ordinary Shares to or from Italy; (b) any foreign investments or investments (including the Ordinary Shares issued at vesting of the RSUs, cash or proceeds from the sale of Ordinary Shares acquired under the Plan) held outside of Italy, if the investment may give rise to income in Italy (this will include reporting the Ordinary Shares issued at vesting of the RSUs if the fair market value of such Ordinary Shares combined with other foreign assets); and (c) the amount of the transfers to and from abroad which have had an impact during the calendar year on your foreign investments or investments held outside of Italy. You are exempt from the formalities in (a) if the investments are made through an authorized broker resident in Italy, as the broker will comply with the reporting obligation on your behalf.

Kazakhstan

Notifications

Exchange Control Information.

Exchange control rules change frequently and you should consult your personal advisor to determine whether you are required to report the acquisition of shares of a foreign company to the National Bank of Kazakhstan.

Latvia

No country specific provisions.

Lithuania

No country specific provisions.

Luxembourg

Notifications

Exchange Control Information. You are required to report any inward remittances of funds to the Banque Central de Luxembourg and/or the Service Central de La Statistique et des Etudes Economiques. If a Luxembourg financial institution is involved in the transaction, it generally will fulfill the reporting obligation on your behalf.

Mexico

Terms and Conditions

Modification. By accepting the RSUs, you understand and agree that any modification of the Plan or the Agreement or its termination shall not constitute a change or impairment of the terms and conditions of employment.

Plan Document Acknowledgment. By accepting the award of the RSUs, you acknowledge that you have received copies of the Plan, have reviewed the Plan and the Agreement in their entirety and fully understand and accept all provisions of the Plan and the Agreement.

In addition, by signing the Agreement, you further acknowledge that you have read and specifically and expressly approve the terms and conditions in the Agreement, in which the following is clearly described and established:

(i) Participation in the Plan does not constitute an acquired right;

(ii) The Plan and participation in the Plan is offered by the Company on a wholly discretionary basis;

(iii) Participation in the Plan is voluntary; and

(iv) The Company and any Parent, Subsidiary or Affiliates are not responsible for any decrease in the value of the shares.

Labor Law Acknowlegement and Policy Statement. In accepting the RSUs, you expressly recognize the Company is solely responsible for the administration of the Plan and that your participation in the Plan and acquisition of Ordinary Shares does not constitute an employment relationship between you and the Company since you are participating in the Plan on a wholly commercial basis and on a wholly commercial basis and your sole employer is Perrigo de Mexico S.A. De C.V. (“Perrigo Mexico”). Based on the foregoing, you expressly recognize that the Plan and the benefits that you may derive from participation in the Plan do not establish any rights between you and your employer, Perrigo Mexico, and do not form part of the employment conditions and/or benefits provided by Perrigo Mexico and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of your employment.

You further understand that your participation in the Plan is as a result of a unilateral and discretionary decision of the Company; therefore, the Company reserves the absolute right to amend and/or discontinue your participation at any time without any liability to you.

Finally, you hereby declare that you do not reserve any action or right to bring any claim against the Company for any compensation or damages as a result of your participation in the Plan and therefore grant a full and broad release to the Employer, the Company and any Parent, Subsidiary or Affiliates with respect to any claim that may arise under the Plan.

Spanish Translation

Modificaciün. Al aceptar las Unidades de Acción Restringida (RSUs, por sus siglas en inglés) usted entiende y esta de acuerdo que cualquier modificación del plan o del acuerdo o su terminación no constituirá un cambio o detrimento de los términos y condiciones de su empleo.

Confirmación del Documento del Plan. Al aceptar el otorgamiento de las RSUs, usted reconoce que ha recibido copias y ha revisado dicho acuerdo en su totalidad y que ha entendido y aceptado completamente todas las disposiciones contenidas en el Plan y en el Acuerdo.

Adicionalmente, al firmar el acuerdo, usted reconoce que ha leído, y aprobado de manera específica y expresa los términos y condiciones en el acuerdo en el que se describe y establece claramente los siguiente:

(i) La participación en el Plan no constituye un derecho adquirido; 

(ii) El plan y la participación en el mismo, son ofrecidos por la Compañía de manera totalmente discrecional; 

(iii) La participación en el Plan es voluntaria; y

(iv) La Compañía, y cualquier Sociedad controladora, Subsidiaria o Filiales no son responsables por ningún decremento en el valor de las Acciones.

Constancia de aceptación de la ley laboral y declaración de la política.  Al aceptar las RSUs, usted reconoce expresamente que la Compañía, es la única responsable de la administración del Plan, y que su participación en el Plan y la adquisición de las acciones comunes no constituyen una relación de trabajo entre usted y la Compañía dado que usted participa en el Plan de manera completamente comercial y el único empleador que tiene es Perrigo de México, S.A. de C.V. (« Perrigo de Mexico »). Con base en lo anterior, usted reconoce expresamente que el Plan y los beneficios que usted pueda obtener de la participación en el Plan, no establecen ningún derecho entre usted y su empleador Perrigo de México y no forman parte de las condiciones de trabajo ni de las prestaciones ofrecidas por Perrigo de México y cualquier modificación del Plan o la terminación de éste, no constituyen un cambio o deterioro de los términos y condiciones de su trabajo.

Además, usted comprende que su participación en el Plan es el resultado de una decisión unilateral y discrecional de la Compañía; por lo tanto, la Compañía se reserva el derecho absoluto de modificar y/o interrumpir la participación de usted en cualquier momento sin ninguna responsabilidad para usted.

Finalmente, usted declara que no se reserva ninguna acción o derecho de presentar algún reclamo o demanda en contra de la Compañía por compensación, daño o perjuicio alguno como resultado de su participación en el Plan, en consecuencia, otorga el más amplio finiquito al Empleador, así

como a la Compañía, a su Sociedad controladora, Subsidiaria o Filiales con respecto a cualquier demanda que pudiera originarse en virtud del Plan.

Netherlands

Notifications

Insider-Trading Notification. Dutch insider-trading rules prohibit you from effectuating certain transactions involving shares if you have inside information about the Company. If you are uncertain whether the insider-trading rules apply to you, you should consult your personal legal advisor.

Norway

No country specific provisions.

Poland

Terms and Conditions

Consent to Receive Information in English. By accepting the Award, you confirm having read and understood the Plan and the Agreement, which were provided in the English language. You accept the terms of those documents accordingly.

Section 2.11 item (h) of the Award Agreement shall be also understood as that the grant and your participation in the Plan will not be interpreted to form or be part of terms and conditions of your employment or service with any Subsidiary or affiliate of the Company.

Notifications

Exchange Control Information. If you hold foreign securities (including shares pursuant to the Award) and maintain accounts abroad, you may be required to file certain reports with the National Bank of Poland. Specifically, if the value of securities and cash held in such foreign accounts exceeds PLN 7,000,000 at the end of the year, you must file reports on the transactions and balances of the accounts on a quarterly basis by the 20th day of the month following the end of each quarter and an annual report by no later than January 30 of the following calendar year. Such reports are filed on special forms available on the website of the National Bank of Poland. Additionally, if you are a Polish citizen and you transfer funds abroad in excess of the PLN equivalent of €15,000, the transfer must be made through an authorized bank, a payment institution or an electronic money institution authorized to render payment services.

Furthermore, at the banks’ request, you may be required to inform eligible banks, within the meaning of the Foreign Exchange Act, about all foreign exchange transactions performed through them.

You are also required to retain the documents connected with foreign exchange transactions for a period of five years, as measured from the end of the year in which such transaction occurred.

Portugal

Terms and Conditions

Language Consent. You hereby expressly declare that you have full knowledge of the English language and have read, understood and fully accepted and agreed with the terms and conditions established in the Plan and Award Agreement.

Conhecimento da Lingua. O Contratado, pelo presente instrumento, declara expressamente que tem pleno conhecimento da língua inglesa e que leu, compreendeu e livremente aceitou e concordou com os termos e condições estabelecidas no Plano e no Acordo de Atribuição (Award Agreement em inglês).

Notifications

Exchange Control Information. If you receive shares pursuant to the Award, the acquisition of the shares should be reported to the Banco de Portugal, for statistical purposes, if you perform economic, financial, or foreign exchange operations, and the volume of activity is greater than EUR 100,000. If the shares are deposited with a commercial bank or financial intermediary in Portugal, such bank or financial intermediary will submit the report on your behalf. If the shares are not deposited with a commercial bank or financial intermediary in Portugal, you are responsible for submitting the report to the Banco de Portugal.

Romania

Notifications

Exchange Control Information. If you acquire more than 10% of the share capital in a foreign entity, the acquisition is required tobe reported to the National Bank of Romania (“NBR”) for statistical purposes. You should consult your personal advisor to determine whether you will be required to submit such documentation to the NBR.

Insider-Trading Notification. Romanian insider-trading rules prohibit you from effectuating certain transactions involving shares if you have inside information about the Company. If you are uncertain whether the insider-trading rules apply to you, you should consult your personal legal advisor.

Serbia

No country specific provisions.

Slovakia

No country specific provisions.

Slovenia

No country specific provisions.

South Africa

Terms and Conditions

Tax Information. By accepting the RSUs, you agree that, immediately upon vesting of the RSUs, you may need to notify your employer of the amount of any gain realized. If you fail to advise your employer of the gain realized upon vesting, you may be liable for a fine. You will be solely responsible for paying any difference between the actual tax liability and the amount withheld by your employer. It is recommended that you consult with your personal tax advisor with respect to your requirements.

Notifications

Exchange Control Information. Because no transfer of funds from South Africa is required under the RSUs, no filing or reporting requirements should apply when the award is granted nor when Ordinary Shares are issued upon vesting of the RSUs. However, because the exchange control regulations are subject to change, you should consult your personal advisor prior to vesting and settlement of the award to ensure compliance with current regulations.

Spain

Terms and Conditions

No Entitlement for Claims or Compensation. By accepting the award of RSUs, you consent to participation in the Plan, and acknowledge that you have received a copy of the Plan document. You understand that the Company has unilaterally, gratuitously and in its sole discretion decided to make awards of RSUs under the Plan to individuals who may be employees, consultants and directors throughout the world. The decision is limited and entered into based upon the express assumption and condition that any RSUs will not economically or otherwise bind the Company or any Parent, Subsidiary or Affiliate, including your employer, on an ongoing basis, other than as expressly set forth in the Agreement. Consequently, you understand that the Award is given on the assumption and condition that the RSUs shall not become part of any employment contract (whether with the Company or any Parent, Subsidiary or Affiliate, including your employer) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation) or any other right whatsoever. Furthermore, you understand and freely accept that there is no guarantee that any benefit whatsoever shall arise from the award, which is gratuitous and discretionary, since the future value of the RSUs and the underlying shares is unknown and unpredictable. You also understand that this Award would not be made but for the assumptions and conditions set forth hereinabove; thus, you understand, acknowledge and freely accept that, should any or all of the assumptions be mistaken or any of the conditions not be met for any reason, the Award, the RSUs and any right to the underlying shares shall be null and void.

Notifications

Exchange Control Information. You must declare the acquisition of Ordinary Shares to the Dirección General de Politica Comercial e Inversiones Exteriores ("DGPCIE") of the Ministerio de Economia for statistical purposes. You must also declare the ownership of any Ordinary

Shares with the Directorate of Foreign Transactions each January while the shares are owned. In addition, you wish to import the share certificates into Spain, you must declare the importation of such securities to the DGPCIE. As a general rule, all payments between Employee and non-residents should be performed through a Spanish Registered Entity (i.e., bank established in Spain).

When receiving foreign currency payments derived from the ownership of Ordinary Shares (i.e., dividends or sale proceeds), you must inform the financial institution receiving the payment of the basis upon which such payment is made. Should amounts exceed €12,500, you will need to provide the following information to the Spanish Registered Entity: (i) your name, address, and fiscal identification number; (ii) the name and corporate domicile of the Company; (iii) the amount of the payment and the currency used; (iv) the country of origin; (v) the reasons for the payment; and (vi) further information that may be required. Exceptions to this rule are when you move funds through a Spanish resident bank account opened abroad, or when collections and payments are carried out in cash. These exceptions, however, are subject to their own reporting requirements.

Tax Information. If you hold assets or rights outside of Spain (including shares acquired under the Plan), you may have to file an informational tax report with the tax authorities declaring such ownership. Generally, if the value of your foreign investments exceeds €50,000, you may have to file this informational return. Please note that reporting requirements are based on what you have previously disclosed and the increase in value of such and the total value of certain groups of foreign assets. Also, the thresholds for annual filing requirements may change each year. Therefore, you should consult your personal advisor regarding whether you will be required to file an informational tax report for asset and rights that you hold abroad.

Sweden

Terms and Conditions

The following shall apply in addition to what is set out under section 2.14 of the Award Agreement:

Forfeiture of entitlements under the Plan in case of termination shall apply in case of termination of employment regardless of whether such termination of employment may be justified under Swedish employment protection legislation, and regardless of whether such termination may be challenged by you, and regardless of whether such termination is invalidated by verdict or a court order.

Switzerland

No country specific provisions.

Turkey

Notifications

Securitities Law Informations. Under Turkish law, you are not permitted to sell Ordinary Shares acquired under the Plan in Turkey. The Ordinary Shares are currently traded on the Nasdaq Global Select Market, which is located outside of Turkey, under the ticker symbol “PRGO” and the Ordinary Shares may be sold through this exchange.

Ukraine

Notifications

Exchange Control Information. Exchange control rules change frequently and you should consult your personal advisor to determine whether you are required to obtain a license for obtaining shares of a foreign company from the National Bank of Ukraine (NBU).

Terms and Conditions

The Award will be outside the scope of your employment or service contract (if any) and as such will not constitute a part of your compensation package under the respective employment or service contract.

United Kingdom

Terms and Conditions

Income Tax and National Insurance Contribution Withholding. The following provision supplements the terms in the Agreement:

If payment or withholding of the income tax due in connection with the RSUs is not made within ninety (90) days of the end of the U.K. tax year in which the event giving rise to the income tax liability or such other period specified in Section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003 occurred (the “Due Date”), the amount of any uncollected income tax shall constitute a loan owed by you to your employer, effective as of the Due Date. You agree that the loan will bear interest at the then-current official rate of Her Majesty’s Revenue & Customs (“HMRC”), it shall be immediately due and repayable, and the Company or your employer may recover it at any time thereafter by any of the means referred to in Section 2.7 of the Agreement.

Notwithstanding the foregoing, if you are a director or executive officer of the Company (within the meaning of Section 13(k) of the U.S. Securities and Exchange Act of 1934, as amended), you will not be eligible for a loan from the Company or your employer to cover the income tax liability. In the event that you are a director or executive officer and the income tax is not collected from or paid by the Due Date, the amount of any uncollected income tax will constitute a benefit to you on which additional income tax and national insurance contributions (“NICs”) will be payable. You will be responsible for reporting any income tax for reimbursing the Company or your employer the value of any employee NICs due on this additional benefit.

* * * * *

EX-10.62

Exhibit 10.62

PERRIGO COMPANY PLC

RESTRICTED STOCK UNIT AWARD AGREEMENT

(PERFORMANCE-BASED)

(Under the Perrigo Company plc 2013 Long-Term Incentive Plan)

TO:Participant Name

RE:Notice of Restricted Stock Unit Award (Performance-Based)

This is to notify you that Perrigo Company plc (the “Company”) has granted you an Award under the Perrigo Company plc 2013 Long-Term Incentive Plan (the “Plan”), effective as of Grant Date (the “Grant Date”). This Award consists of performance-based restricted stock units. The terms and conditions of this incentive are set forth in the remainder of this agreement (including any special terms and conditions set forth in any appendix for your country (“Appendix”) (collectively, the “Agreement”). The capitalized terms that are not otherwise defined in this Agreement shall have the meanings ascribed to such terms under the Plan.

SECTION 1

Restricted Stock Units - Performance-Based Vesting

1.1Grant. As of the Grant Date, and subject to the terms and conditions of this Agreement and the Plan, the Company grants to you Number of Awards Granted performance-based restricted stock units (“PSUs”). The number of PSUs awarded in this Section 1.1 is referred to as the “Target Award.” The Target Award may be increased or decreased depending on the level of attainment of Performance Goals for designated Performance Measures as described in Section 1.2. Each PSU shall entitle you to one ordinary share of the Company, nominal value €0.001 per share (“Ordinary Share”) on the PSU Vesting Date set forth in Section 1.2, provided the applicable Performance Goals for each Performance Measure are satisfied.

1.2Vesting. The number of PSUs awarded in Section 1.1 vesting, if any, shall be determined as of the PSU Vesting Date. That number will be determined based on the average level of attainment of annual Performance Measure(s) for each fiscal year in the Performance Period, in accordance with the schedule determined by the Committee at the time the Performance Measures and applicable Performance Goals are established by the Committee.

The Committee shall establish annually one or more Performance Measures and the Performance Goals with respect to each Performance Measure that must be attained for Threshold, Target and Maximum performance for a fiscal year. The Performance Measure and Performance Goals for each fiscal year will be provided to you.

Following the end of each fiscal year in the Performance Period, the Committee will determine the percentage of Target Award PSUs that would be payable for such fiscal year, based on the attainment of the Performance Goals for each Performance Measure(s) established by the

Committee for that fiscal year. The percentage of the Target Award that would be payable under the schedule shall be adjusted, pro rata, to reflect the attained performance between Threshold and Target, and Target and Maximum.

At the end of the Performance Period, the percentage payout for each fiscal year in the Performance Period will be averaged to determine the actual percentage of Target Award PSUs that will vest and be payable on the PSU Vesting Date. In no event will the calculation of a positive payout percentage for any fiscal year be construed to guarantee that any PSUs will vest on the PSU Vesting Date. Payout percentages for the individual fiscal years are determined solely for purposes of determining the average annual payout percentage for the three-year Performance Period.

Except as provided in Section 1.4, the PSUs will be permanently forfeited if your Termination Date occurs prior to the PSU Vesting Date. If the average annual performance payout for the Performance Period is less than the Threshold performance level established by the Committee, all PSUs that have not previously been forfeited shall be forfeited as of the PSU Vesting Date. If the average annual performance payout for the Performance Period exceeds the Maximum performance level established by the Committee, in no event will the number of PSUs vesting exceed 200% of the Target Award.

1.3Definitions. The following terms shall have the following meanings under this Section 1.

(a)“Performance Goal” means the level of performance that must be attained with respect to a Performance Measure for a fiscal year for Minimum, Target and Maximum payout.

(b)“Performance Measure” for any fiscal year means one or more financial measures, as determined by the Committee. The Committee shall provide how the Performance Measure will be adjusted, if at all, as a result of extraordinary events or circumstances, as determined by the Committee, or to exclude the effects of extraordinary, unusual, or non-recurring items; changes in applicable laws, regulations, or accounting principles; currency fluctuations; discontinued operations; non-cash items, such as amortization, depreciation, or reserves; asset impairment; or any recapitalization, restructuring, reorganization, merger, acquisition, divestiture, consolidation, spin-off, split-up, combination, liquidation, dissolution, sale of assets, or other similar corporation transaction.

(c)“Performance Period” means a period of three consecutive fiscal years of the Company, beginning with the first day of the fiscal year of the Company in which the Grant Date occurs and ending on the last day of the third fiscal year in the 3-year period.

(d)“PSU Vesting Date” means the last day of the Performance Period.

(e)“Separation for Good Reason” means your voluntary resignation from the Company and the existence of one or more of the following conditions that arose without your consent: (i) a material change in the geographic location at which you are required to perform

services, such that your commute between home and your primary job site increases by more than 30 miles,or (ii) a material diminution in your authority, duties or responsibilities or a material diminution in your base compensation or incentive compensation opportunities; provided, however, that a voluntary resignation from the Company shall not be considered a Separation for Good Reason unless you provide the Company with notice, in writing, of your voluntary resignation and the existence of the condition(s) giving rise to the separation within 90 days of its initial existence. The Company will then have 30 days to remedy the condition, in which case you will not be deemed to have incurred a Separation for Good Reason. In the event the Company fails to cure the condition within the 30 day period, your Termination Date shall occur on the 31st day following the Company’s receipt of such written notice.

(f)“Termination without Cause” means the involuntary termination of your employment or contractual relationship by the Company without Cause, including, but not limited to, (i) a termination effective when you exhaust a leave of absence during, or at the end of, a notice period under the Worker Adjustment and Retraining Notification Act (“WARN”), and (ii) a situation where you are on an approved leave of absence during which your position is protected under applicable law (e.g., a leave under the Family Medical Leave Act), you return from such leave, and you cannot be placed in employment or other form of contractual relationship with the Company.

1.4Special Vesting Rules. Notwithstanding Section 1.2 above, if your Termination Date occurs by reason of a Termination without Cause or a Separation for Good Reason on or after a Change in Control (as defined in the Plan and as such definition may be amended hereafter) and prior to the two (2) year anniversary of the Change in Control, all of the PSUs awarded under Section 1.1 that have not previously been forfeited shall become fully vested as if Target performance had been obtained for the Performance Period effective as of your Termination Date. If your Termination Date occurs because of death, Disability, or Retirement, the PSUs shall vest or be forfeited as of the PSU Vesting Date set forth in Section 1.2, based on the attainment of the performance goals. If your Termination Date occurs because of an Involuntary Termination for Economic Reasons, the Company’s Chief Executive Officer (or the Committee, if you are subject to Section 16 of the Exchange Act), in his or her sole and absolute discretion, may permit all or part of the PSUs awarded hereunder to remain outstanding and vest or be forfeited as of the date set forth in Section 1.2, depending on the attainment of Performance Goals; provided, however, that if your Termination Date occurs for a reason that is both described in this sentence and in the first sentence of this Section 1.4, the special vesting rules described in the first sentence of this Section 1.4 shall apply in lieu of the vesting rules described in this sentence. To the extent that the Chief Executive Officer (or Committee, if applicable) does not exercise discretionary authority to allow PSUs to remain outstanding on the date of your Involuntary Termination for Economic Reasons, such PSUs shall be permanently forfeited.

1.5Settlement of PSUs. As soon as practicable following the date of the Committee’s first regularly scheduled meeting following the last day of the Performance Period at which the Committee certifies the average payout for each of the three years in the Performance Period, the Company shall transfer to you one Ordinary Share for each PSU, if any, that becomes vested pursuant to Section 1.2 or 1.4 of this Agreement (the date of any such transfer shall be the

“settlement date” for purposes of this Agreement); provided, however, the Company in its discretion may settle PSUs in cash, based on the fair market value of the shares on the PSU Vesting Date. No fractional shares shall be transferred. Any fractional share shall be rounded to the nearest whole share. The income attributable to the vesting of PSUs and the amount of any required tax withholding will be determined based on the value of the shares on the settlement date. PSUs are not eligible for dividend equivalents.

SECTION 2

General Terms and Conditions

2.1Nontransferability. The Award under this Agreement shall not be transferable other than by will or by the laws of descent and distribution.

2.2No Rights as a Stockholder. You shall not have any rights as a stockholder with respect to any Ordinary Shares subject to the PSU awarded under this Agreement prior to the date of issuance to you of a certificate or certificates for such shares.

2.3Cause Termination. If your Termination Date occurs for reasons of Cause, all of your rights under this Agreement, whether or not vested, shall terminate immediately.

2.4Award Subject to Plan. The granting of the Award under this Agreement is being made pursuant to the Plan and the Award shall be payable only in accordance with the applicable terms of the Plan. The Plan contains certain definitions, restrictions, limitations and other terms and conditions all of which shall be applicable to this Agreement. ALL THE PROVISIONS OF THE PLAN ARE INCORPORATED HEREIN BY REFERENCE AND ARE MADE A PART OF THIS AGREEMENT IN THE SAME MANNER AS IF EACH AND EVERY SUCH PROVISION WERE FULLY WRITTEN INTO THIS AGREEMENT. Should the Plan become void or unenforceable by operation of law or judicial decision, this Agreement shall have no force or effect. Nothing set forth in this Agreement is intended, nor shall any of its provisions be construed, to limit or exclude any definition, restriction, limitation or other term or condition of the Plan as is relevant to this Agreement and as may be specifically applied to it by the Committee. In the event of a conflict in the provisions of this Agreement and the Plan, as a rule of construction the terms of the Plan shall be deemed superior and apply.

2.5Adjustments in Event of Change in Ordinary Shares. In the event of a stock split, stock dividend, recapitalization, reclassification or combination of shares, merger, sale of assets or similar event, the number and kind of shares subject to Award under this Agreement will be appropriately adjusted in an equitable manner to prevent dilution or enlargement of the rights granted to or available for you.

2.6Acknowledgment. The Company and you agree that the PSUs are granted under and governed by the Notice of Grant, this Agreement (including the Appendix, if applicable) and by the provisions of the Plan (incorporated herein by reference). You: (i) acknowledge receipt of a copy of each of the foregoing documents, (ii) represent that you have carefully read and are

familiar with their provisions, and (iii) hereby accept the PSUs subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice of Grant.

2.7Taxes and Withholding.

(a)Withholding (Only Applicable to Individuals Subject to U.S. Tax Laws). This Award is subject to the withholding of all applicable taxes. The Company may withhold, or permit you to remit to the Company, any Federal, state or local taxes applicable to the grant, vesting or other event giving rise to tax liability with respect to this Award. If you have not remitted the full amount of applicable withholding taxes to the Company by the date the Company is required to pay such withholding to the appropriate taxing authority (or such earlier date that the Company may specify to assist it in timely meeting its withholding obligations), the Company shall have the unilateral right to withhold Ordinary Shares relating to this Award in the amount it determines is sufficient to satisfy the tax withholding required by law. State taxes will be withheld at the appropriate rate set by the state in which you are employed or were last employed by the Company. In no event may the number of shares withheld exceed the number necessary to satisfy the maximum Federal, state and local income and employment tax withholding requirements. You may elect to surrender previously acquired Ordinary Shares or to have the Company withhold Ordinary Shares relating to this Award in an amount sufficient to satisfy all or a portion of the tax withholding required by law.

(b)Responsibility for Taxes (Only Applicable to Individuals Subject to Tax Laws Outside the U.S.). Regardless of any action the Company or, if different, the Affiliate employing or retaining you takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items is and remains your responsibility and may exceed the amount actually withheld by the Company or the Affiliate employing or retaining you. You further acknowledge that the Company and/or the Affiliate employing or retaining you (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the PSUs, including, but not limited to, the grant, vesting or settlement of the PSUs, the subsequent sale of Ordinary Shares acquired pursuant to such settlement and the receipt of any dividends; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the PSUs to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you have become subject to tax in more than one jurisdiction between the PSU Grant Date and the date of any relevant taxable event, as applicable, you acknowledge that the Company and/or the Affiliate employing or retaining you (or formerly employing or retaining you, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

(1) Prior to any relevant taxable or tax withholding event, as applicable, you will pay or make adequate arrangements satisfactory to the Company and/or the Affiliate employing or retaining you to satisfy all Tax-Related Items. In this regard, you authorize the Company and/or the Affiliate employing or retaining you, or their respective

agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following:

(A)withholding from your wages or other cash compensation paid to you by the Company and/or the Affiliate employing or retaining you; or

(B)withholding from proceeds of the sale of Ordinary Shares acquired upon settlement of the PSUs either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization); or

(C)withholding in Ordinary Shares to be issued upon settlement of the PSUs.

(2)To avoid negative accounting treatment, the Company may withhold or account for Tax-Related Items by considering applicable statutory withholding amounts or other applicable withholding rates. If the obligation for Tax-Related Items is satisfied by withholding in Ordinary Shares, for tax purposes, you are deemed to have been issued the full number of Ordinary Shares subject to the vested PSUs, notwithstanding that a number of the Ordinary Shares are held back solely for the purpose of paying the Tax-Related Items.

(3)Finally, you shall pay to the Company or the Affiliate employing or retaining you any amount of Tax-Related Items that the Company or the Affiliate employing or retaining you may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Ordinary Shares or the proceeds of the sale of Ordinary Shares, if you fail to comply with your obligations in connection with the Tax-Related Items.

2.8Compliance with Applicable Law. The issuance of Ordinary Shares will be subject to and conditioned upon compliance by the Company and you, including any written representations, warranties and agreements as the Administrator may request of you for compliance with all (i) applicable U.S. state and federal laws and regulations, (ii) applicable laws of the country where you reside pertaining to the issuance or sale of Ordinary Shares, and (iii) applicable requirements of any stock exchange or automated quotation system on which the Company’s Ordinary Shares may be listed or quoted at the time of such issuance or transfer. Notwithstanding any other provision of this Agreement, the Company shall have no obligation to issue any Ordinary Shares under this Agreement if such issuance would violate any applicable law or any applicable regulation or requirement of any securities exchange or similar entity.

2.9Short Term Deferral (Only Applicable to Individuals Subject to U.S. Federal Tax Laws). PSUs payable under this Agreement are intended to be exempt from Code Section 409A under the exemption for short-term deferrals. Accordingly, PSUs will be settled no later than the 15^th day of the third month following the later of (i) the end of the Employee’s taxable year in which the PSU Vesting Date occurs, or (ii) the end of the fiscal year of the Company in which the PSU Vesting Date occurs.

2.10Data Privacy.

(a)U.S. Data Privacy Rules (Only Applicable if this Award is Subject to U.S. Data Privacy Laws). By entering into this Agreement and accepting this Award, you (a) explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of any of your personal data that is necessary to facilitate the implementation, administration and management of the Award and the Plan, (b) understand that the Company may, for the purpose of implementing, administering and managing the Plan, hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, and details of all awards or entitlements to Shares granted to you under the Plan or otherwise (“Personal Data”), (c) understand that Personal Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, including any broker with whom the Shares issued upon vesting of the Award may be deposited, and that these recipients may be located in your country or elsewhere, and that the recipient’s country may have different data privacy laws and protections than your country, (d) waive any data privacy rights you may have with respect to the data, and (e) authorize the Company, its Affiliates and its agents, to store and transmit such information in electronic form.

(b)Non-U.S. Data Privacy Rules (Only Applicable if this Award is Subject to Data Privacy Laws Outside of the U.S.)

(1)By entering into this Agreement and accepting this Award, you hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement and any other PSU grant materials by and among, as applicable, the Affiliate employing or retaining you, the Company and its Affiliates for the exclusive purpose of implementing, administering and managing your participation in the Plan.

(2)You understand that the Company and the Affiliate employing or retaining you may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Ordinary Shares or directorships held in the Company, details of all PSUs or any other entitlement to Ordinary Shares awarded, canceled, exercised, vested, unvested or outstanding in your favor, for the exclusive purpose of implementing, administering and managing the Plan (“Data”).

(3)You understand that Data will be transferred to legal counsel or a broker or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. You understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than your country of residence. You understand that if you reside outside the United States, you may request a list with the names and addresses of any potential recipients of the Data by contacting your local or Company human resources representative. You authorize the Company and any other possible recipients which may assist the Company

(presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing your participation in the Plan. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan. You understand that if you reside outside the United States, you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local or Company human resources representative. You understand, however, that refusing or withdrawing your consent may affect your ability to participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local or Company human resources representative.

2.11Successors and Assigns. This Agreement shall be binding upon any or all successors and assigns of the Company.

2.12Applicable Law. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Michigan without regard to principals of conflict of laws. Any proceeding related to or arising out of this Agreement shall be commenced, prosecuted or continued in the Circuit Court in Kent County, Michigan located in Grand Rapids, Michigan or in the United Stated District Court for the Western District of Michigan, and in any appellate court thereof.

2.13Forfeiture of PSUs. If the Company, as a result of misconduct, is required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement under the securities laws, then (a) if your incentive or equity-based compensation is subject to automatic forfeiture due to such misconduct and restatement under Section 304 of the Sarbanes-Oxley Act of 2002, or (b) the Committee determines you either knowingly engaged in or failed to prevent the misconduct, or your actions or inactions with respect to the misconduct and restatement constituted gross negligence, you shall (i) be required to reimburse the Company the amount of any payment relating to any PSUs earned or accrued during the twelve month period following the first public issuance or filing with the SEC (whichever first occurred) of the financial document embodying such financial reporting requirement, and (ii) all outstanding PSUs (including related dividend equivalents) that have not yet been settled shall be immediately forfeited. In addition, Ordinary Shares acquired under this Agreement, and any gains or profits on the sale of such Ordinary Shares, shall be subject to any “clawback” or recoupment policy later adopted by the Company.

2.14Special Rules for Non-U.S. Grantees (Only Applicable if You Reside Outside of the U.S.)

(a)Nature of Grant. In accepting the grant, you acknowledge, understand and agree that:

(1)the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the

Company at any time, except as otherwise provided in the Plan.

(2)the grant of the PSUs is voluntary and occasional and does not create any contractual or other right to receive future grants of PSUs, or benefits in lieu of the PSUs, even if PSUs have been granted repeatedly in the past;

(3)all decisions with respect to future PSU grants, if any, will be at the sole discretion of the Company;

(4)you are voluntarily participating in the Plan;

(5)the PSUs and the Ordinary Shares subject to the PSUs are an extraordinary item and which is outside the scope of your employment or service contract, if any;

(6)the PSUs and the Ordinary Shares subject to the PSUs are not intended to replace any pension rights or compensation;

(7)the PSUs and the Ordinary Shares subject to the PSUs are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company, the Affiliate employing or retaining you or any other Affiliate;

(8)the grant and your participation in the Plan will not be interpreted to form an employment or service contract with the Company or any Affiliate;

(9)the future value of the underlying Ordinary Shares is unknown, indeterminable and cannot be predicted with certainty;

(10)no claim or entitlement to compensation or damages shall arise from forfeiture of the PSUs resulting from your Termination Date (for any reason whatsoever, whether or not later found to be invalid and whether or not in breach of employment laws in the jurisdiction where you are employed or rendering services, or the terms of your employment agreement, if any), and in consideration of the grant of the PSUs to which you are otherwise not entitled, you irrevocably agree never to institute any claim against the Company or the Affiliate employing or retaining you, waive your ability, if any, to bring any such claim, and release the Company and the Affiliate employing or retaining you from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim; and

(11)you acknowledge and agree that neither the Company, the Affiliate employing or retaining you nor any other Affiliate shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of

the PSUs or of any amounts due to you pursuant to the settlement of the PSUs or the subsequent sale of any Ordinary Shares acquired upon settlement.

(b)Appendix. Notwithstanding any provisions in this Agreement, the PSU grant shall be subject to any special terms and conditions set forth in any Appendix to this Agreement for your country. Moreover, if you relocate to one of the countries included in the Appendix, the special terms and conditions for such country will apply to you, to the extent the Company determines that the application of such provisions is necessary or advisable in order to comply with laws of the country where you reside or to facilitate the administration of the Plan. If you relocate to the United States, the special terms and conditions in the Appendix will apply, or cease to apply, to you, to the extent the Company determines that the application or otherwise of such provisions is necessary or desirable in order to facilitate administration of the Plan. The Appendix constitutes part of this Agreement.

(c)Imposition of Other Requirements. The Company reserves the right to impose other requirements on your participation in the Plan, on the PSUs and on any Ordinary Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with laws of the country where you reside or to facilitate the administration of the Plan, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

****

We look forward to your continuing contribution to the growth of the Company. Please acknowledge your receipt of the Plan and this Award.

Very truly yours,

Print Name: ___________________________

Title:_________________________________

APPENDIX

PERRIGO COMPANY PLC

Additional Terms and Provisions to

Restricted Stock Unit Award Agreement (Performance-Based)

Terms and Conditions

This Appendix (the “Appendix”) includes additional terms and conditions that govern the restricted stock units (Performance-Based) (“PSUs” or “Award”) granted to you under the Plan if you reside in one of the countries listed below. Certain capitalized terms used but not defined in this Appendix have the meanings set forth in the Plan and/or the Agreement. The Award will not create any entitlement to receive any similar benefit in the future.

Notifications

This Appendix also includes country-specific information of which you should be aware with respect to your participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of January 2018. Such laws are often complex and change frequently. As a result, the Company strongly recommends that you do not rely on the information noted herein as the only source of information relating to the consequences of your participation in the Plan because the information may be out of date at the time that you vest in the PSUs and Ordinary Shares are issued to you or the shares issued upon vesting of the PSUs are sold.

In addition, the information is general in nature and may not apply to your particular situation, and the Company is not in a position to assure you of any particular result. Accordingly, you are advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your particular situation. Finally, please note that if you are a citizen or resident of a country other than the country in which you are currently working, or transfers employment after grant, the information contained in the Appendix may not be applicable.

Australia

Terms and Conditions

PSUs Settled in Shares Only. Notwithstanding any discretion contained in the Plan, or any provision in the Agreement to the contrary, PSUs granted to employees in Australia shall be settled in shares only and do not provide any right for you to receive a cash payment under this Award.

Notifications

Securities Information. If you acquire shares pursuant to the Award and you offer the shares for sale to a person or entity resident in Australia, then the offer may be subject to disclosure requirements under Australian law. You should obtain legal advice on your disclosure

obligations prior to making any such offer. If at the time of vesting, the Company determines that it is not legal under Australian securities laws to issue shares, the outstanding Units will be cancelled and no shares will be issued to you nor will any benefits in lieu of shares be paid to you.

Exchange Control Information. Exchange control reporting is required for cash transactions exceeding AUD10,000 and for international fund transfers. The Australian bank assisting with the transaction will file the report for you. If there is no Australian bank involved in the transfer, you will have to file the report.

Austria

Notifications

Exchange Control Information. If you hold Ordinary Shares outside of Austria, you must submit a report to the Austrian National Bank. An exemption applies if the value of the shares as of any given quarter does not exceed €30,000,000 or as of December 31 does not exceed €5,000,000. If the former threshold is exceeded, quarterly obligations are imposed, whereas if the latter threshold is exceeded, annual reports must be given. The annual reporting date is as of December 31 and the deadline for filing the annual report is March 31 of the following year. If quarterly obligations are imposed, the reporting date is the end of each quarter and the deadline for filing the report is the 15th of the month following.

When shares are sold, there may be exchange control obligations if the cash received is held outside Austria. If the transaction volume of all your accounts abroad exceeds €3,000,000, the movements and balances of all accounts must be reported monthly, as of the last day of the month, on or before the fifteenth day of the following month with the form “Meldungen SI-Forderungen und/oder SI-Verpflichtungen.”

Belgium

Notifications

Foreign Asset/Account Reporting Information. You are required to report any security or bank accounts (including brokerage accounts) you maintain outside of Belgium on your annual tax return. In a separate report, you are required to provide the National Bank of Belgium with certain details regarding such foreign accounts (including the account number, bank name and country in which any such account was opened). This report, as well as additional information on how to complete it, can be found on the website of the National Bank of Belgium, www.nbb.be, under Kredietcentrales / Centrales des crédits caption.

Bermuda

Terms and Conditions

The Award Agreement is not subject to and has not received approval from the Bermuda Monetary Authority and the Registrar of Companies in Bermuda, and no statement to the

contrary, explicit or implicit, is authorized to be made in this regard. The securities may be offered or sold in Bermuda only in compliance with the provisions of the Investment Business Act 2003 of Bermuda.

Brazil

Terms and Conditions

Labor Law Acknowledgment. You agree that, for all legal purposes, (i) the benefits provided under the Plan are the result of commercial transactions unrelated to your employment; (ii) the Plan is not a part of the terms and conditions of your employment; and (iii) the income from the PSUs, if any, is not part of your remuneration from employment.

Notifications

Compliance with Law. By accepting the PSUs, you agree to comply with Brazilian law when the PSUs vest and the shares are sold. You also agree to report and pay any and all taxes associated with the vesting of the PSUs, the sale of the PSUs acquired pursuant to the Plan, and the receipt of any dividends.

Exchange Control Information. If you are a resident or domiciled in Brazil and hold assets and rights outside Brazil with an aggregate value exceeding US$100,000, you will be required to prepare and submit to the Central Bank of Brazil an annual declaration of such assets and rights. Assets and rights that must be reported include PSUs.

Czech Republic

Notifications

Exchange Control Information. The Czech National Bank may require you to report the PSUs and or Ordinary Shares received and the opening and maintenance of a foreign account. However, because exchange control regulations change frequently and without notice, you should consult your personal legal advisor prior to the vesting of the PSUs to ensure your compliance with current regulations. It is your responsibility to comply with applicable Czech exchange control laws.

Estonia

No country specific provisions.

Finland

No country specific provisions.

France

Terms and Conditions

Consent to Receive Information in English. By accepting the Award, you confirm having read

and understood the Plan and the Agreement, which were provided in the English language. You accept the terms of those documents accordingly.

En acceptant cette attribution gratuite d'actions, vous confirmez avoir lu et comprenez le Plan et ce Contrat, incluant tous leurs termes et conditions, qui ont été transmis en langue anglaise. Vous acceptez les dispositions de ces documents en connaissance de cause.

Notifications

Tax Reporting Information.If you hold Ordinary Shares outside of France or maintain a foreign bank account, you are required to report such to the French tax authorities when you file your annual tax return.

Tax Information. The PSUs are not intended to qualify as a French tax qualified performance restricted stock units under French tax law.

Germany

Notifications

Exchange Control Information. Cross-border payments in excess of €12,500 must be reported monthly to the German Federal Bank. If you use a German bank to transfer a cross-border payment in excess of €12,500 in connection with the sale of shares acquired under the Plan, the bank will make the report for you.

Greece

Notifications

Exchange Control Information.Pursuant to your Award, if you withdraw funds in excess of €15,000 from a bank in Greece and remit those funds out of Greece, you may be required to submit certain documentation/ information to the Greek bank to ensure that the transfer is not in violation of Greek anti-money laundering rules.

Hungary

No country specific provisions.

India

Notifications

Exchange Control Notification. You must repatriate all proceeds received from the sale of the shares to India within 90 days after sale. You will receive a foreign inward remittance certificate (“FIRC”) from the bank where you deposit the foreign currency. You should maintain the FIRC as evidence of the repatriation of funds in the event that the Reserve Bank of India or the employer requests proof of repatriation.

Tax Information. The amount subject to tax at vesting will partially be dependent upon a valuation that the Company or your employer will obtain from a Merchant Banker in India. Neither the Company nor your employer has any responsibility or obligation to obtain the most favorable valuation possible, nor obtain valuations more frequently than required under Indian tax law.

Foreign Asset/Account Reporting Information. You are required to declare in your annual tax return (a) any foreign assets held by you (e.g., Ordinary Shares acquired under the Plan and, possibly, the Award), and (b) any foreign bank accounts for which you have signing authority.

Ireland

Notifications

Director Notification Obligation. If you are a director, shadow director or secretary of the Company's Irish Subsidiary or Affiliate, you must notify the Irish Subsidiary or Affiliate in writing within five business days of receiving or disposing of an interest exceeding 1% of the Company (e.g., PSUs, shares, etc.), or within five business days of becoming aware of the event giving rise to the notification requirement or within five days of becoming a director or secretary if such an interest exists at the time. This notification requirement also applies with respect to the interests of a spouse or children under the age of 18 (whose interests will be attributed to the director, shadow director or secretary).

Israel

Terms and Conditions

If you are a director or an employee (except for director or an employee who is a "Controlling Shareholder" as defined in Section 32(9) of the Israeli Tax Ordinance (New Version), 1961 ("Ordinance")) the grant of PSU's shall be governed by section 102 of the Ordinance and the rules and regulations promulgated thereunder (“Section 102”). The Company may, pursuant to Section 102, designate at it sole discretion, Awards granted to you as Non-trustee 102 Awards or as trustee 102 Awards ("102 Trustee Awards"). 102 Trustee Awards may be classified by the Company as either 102 Capital Gains Awards or 102 Ordinary Income Awards.

If you are not an employee or a director or if you are a Controlling Shareholder your PSU's will be granted in accordance with section 3(i) of the Ordinance. 

Trust. All 102 Trustee Awards shall be held in trust by a trustee designated by the Company ("Trustee") for the requisite lockup period prescribed by the Ordinance and the regulations promulgated thereunder, or such other period as may be required by the Israel Tax Authority ("ITA"), with respect to 102 Trustee Grants, during which period Awards or shares of Common Stock issued thereunder, and all rights resulting from them, including bonus shares, must be held by the Trustee. The Trustee shall not release any 102 Trustee Awards, shares of Common Stock issued upon the exercise of any 102 Trustee Awards, or any rights, including bonus shares, resulting from such 102 Trustee Awards or shares of Common Stock, prior to the full payment of

the your tax liability. The trustee or the Israeli Affiliate shall withhold any applicable taxes in accordance with Section 102 or any applicable tax ruling obtained by the Company.

Without derogating from the foregoing, if your PSU's do not qualify as 102 Trustee Awards the Company may still at it sole discretion deposit your PSU's in trust to ensure that taxes are properly withheld​.

Settlement of PSUs. Cash settlement may only occur after the laps of the required lockup period.

Compliance with Law. By accepting the PSUs, you agree to comply with the provisions of Section 102 and the regulations and rules promulgated thereunder or any tax ruling to be obtained by the Company in connection with your PSU's.

Italy

Terms and Conditions

Data Privacy Notice. The following provision supplements the terms in the Agreement:

You understand that your employer and/or the Company may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social security number (or any other social or national identification number), salary, nationality, job title, number of Ordinary Shares held and the details of all PSUs or any other entitlement to Ordinary Shares awarded, cancelled, exercised, vested, unvested or outstanding (the “Data”) for the purpose of implementing, administering and managing your participation in the Plan. You are aware that providing the Company with the Data is necessary for the performance of this Agreement and that your refusal to provide such Data would make it impossible for the Company to perform its contractual obligations and may affect your ability to participate in the Plan.

The "Controller" of personal data processing is Perrigo Company, plc, with registered offices at Allegan, Michigan, USA, and, pursuant to D.lgs 196/2003, its representative in Italy is Chefaro Pharma Italia Srl with its registered address at Viale Castello della Magliana 18, 00148 Rome, Italy. You understand that the Data may be transferred to the Company or any of its subsidiaries or affiliates, or to any third parties assisting in the implementation, administration and management of the Plan, including any transfer required to a broker or other third party with whom Ordinary Shares acquired pursuant to the vesting of the PSUs or cash from the sale of Ordinary Shares acquired pursuant to the Plan may be deposited. Furthermore, the recipients that may receive, possess, use, retain and transfer such Data for the above mentioned purposes may be located in Italy or elsewhere, including outside of the European Union and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than Italy. The processing activity, including the transfer of your personal data abroad, outside of the European Union, as herein specified and pursuant to applicable laws and regulations, does not require your consent thereto as the processing is necessary for the performance of contractual obligations related to the implementation, administration and management of the Plan. You

understand that Data processing relating to the purposes above specified shall take place under automated or non-automated conditions, anonymously when possible, that comply with the purposes for which Data are collected and with confidentiality and security provisions as set forth by applicable laws and regulations, with specific reference to D.lgs. 196/2003.

You understand that Data will be held only as long as is required by law or as necessary to implement, administer and manage your participation in the Plan. You understand that pursuant to art.7 of D.lgs 196/2003, you have the right, including but not limited to, access, delete, update, request the rectification of your personal Data and cease, for legitimate reasons, the Data processing. Furthermore, you are aware that your Data will not be used for direct marketing purposes.

Plan Document Acknowledgment. In accepting the PSUs, you acknowledge that you have received a copy of the Plan and the Agreement and have reviewed the Plan and the Agreement, including this Appendix, in their entirety and fully understand and accept all provisions of the Plan and the Agreement, including this Appendix.

Notifications

Tax/Exchange Control Information. You are required to report on your annual tax return: (a) any transfers of cash or Ordinary Shares to or from Italy; (b) any foreign investments or investments (including the Ordinary Shares issued at vesting of the PSUs, cash or proceeds from the sale of Ordinary Shares acquired under the Plan) held outside of Italy, if the investment may give rise to income in Italy (this will include reporting the Ordinary Shares issued at vesting of the PSUs if the fair market value of such Ordinary Shares combined with other foreign assets); and (c) the amount of the transfers to and from abroad which have had an impact during the calendar year on your foreign investments or investments held outside of Italy. You are exempt from the formalities in (a) if the investments are made through an authorized broker resident in Italy, as the broker will comply with the reporting obligation on your behalf.

Kazakhstan

Notifications

Exchange Control Information. Exchange control rules change frequently and you should consult your personal advisor to determine whether you are required to report the acquisition of shares of a foreign company to the National Bank of Kazakhstan.

Latvia

No country specific provisions.

Lithuania

No country specific provisions.

Luxembourg

Notifications

Exchange Control Information. You are required to report any inward remittances of funds to the Banque Central de Luxembourg and/or the Service Central de La Statistique et des Etudes Economiques. If a Luxembourg financial institution is involved in the transaction, it generally will fulfill the reporting obligation on your behalf.

Mexico

Modification. By accepting the PSUs, you understand and agree that any modification of the Plan or the Agreement or its termination shall not constitute a change or impairment of the terms and conditions of employment.

Plan Document Acknowledgment. By accepting the award of the PSUs, you acknowledge that you have received copies of the Plan, have reviewed the Plan and the Agreement in their entirety and fully understand and accept all provisions of the Plan and the Agreement.

In addition, by signing the Agreement, you further acknowledge that you have read and specifically and expressly approve the terms and conditions in the Agreement, in which the following is clearly described and established:

(i) Participation in the Plan does not constitute an acquired right;

(ii) The Plan and participation in the Plan is offered by the Company on a wholly discretionary basis;

(iii) Participation in the Plan is voluntary; and

(iv) The Company and any Parent, Subsidiary or Affiliates are not responsible for any decrease in the value of the shares.

Labor Law Acknowlegement and Policy Statement. In accepting the RSUs, you expressly recognize the Company is solely responsible for the administration of the Plan and that your participation in the Plan and acquisition of Ordinary Shares does not constitute an employment relationship between you and the Company since you are participating in the Plan on a wholly commercial basis and on a wholly commercial basis and your sole employer is Perrigo de Mexico S.A. De C.V. (“Perrigo Mexico”). Based on the foregoing, you expressly recognize that the Plan and the benefits that you may derive from participation in the Plan do not establish any rights between you and your employer, Perrigo Mexico, and do not form part of the employment conditions and/or benefits provided by Perrigo Mexico and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of your employment.

You further understand that your participation in the Plan is as a result of a unilateral and discretionary decision of the Company; therefore, the Company reserves the absolute right to amend and/or discontinue your participation at any time without any liability to you.

Finally, you hereby declare that you do not reserve any action or right to bring any claim against the Company for any compensation or damages as a result of your participation in the Plan and

therefore grant a full and broad release to the Employer, the Company and any Parent, Subsidiary or Affiliates with respect to any claim that may arise under the Plan.

Spanish Translation

Modificaciün. Al aceptar las Unidades de Acción Restringida de Rendimiento (PSUs, por sus siglas en inglés) usted entiende y esta de acuerdo que cualquier modificación del plan o del acuerdo o su terminación no constituirá un cambio o detrimento de los términos y condiciones de su empleo.

Confirmación del Documento del Plan. Al aceptar el otorgamiento de las PSUs, usted reconoce que ha recibido copias y ha revisado dicho acuerdo en su totalidad y que ha entendido y aceptado completamente todas las disposiciones contenidas en el Plan y en el Acuerdo.

Adicionalmente, al firmar el acuerdo, usted reconoce que ha leído, y aprobado de manera específica y expresa los términos y condiciones en el acuerdo en el que se describe y establece claramente los siguiente:

(i) La participación en el Plan no constituye un derecho adquirido; 

(ii) El plan y la participación en el mismo, son ofrecidos por la Compañía de manera totalmente discrecional; 

(iii) La participación en el Plan es voluntaria; y

(iv) La Compañía, y cualquier Sociedad controladora, Subsidiaria o Filiales no son responsables por ningún decremento en el valor de las Acciones.

Constancia de aceptación de la ley laboral y declaración de la política.  Al aceptar las PSUs, usted reconoce expresamente que la Compañía, es la única responsable de la administración del Plan, y que su participación en el Plan y la adquisición de las acciones comunes no constituyen una relación de trabajo entre usted y la Compañía dado que usted participa en el Plan de manera completamente comercial y el único empleador que tiene es Perrigo de México, S.A. de C.V. (« Perrigo de Mexico »). Con base en lo anterior, usted reconoce expresamente que el Plan y los beneficios que usted pueda obtener de la participación en el Plan, no establecen ningún derecho entre usted y su empleador Perrigo de México y no forman parte de las condiciones de trabajo ni de las prestaciones ofrecidas por Perrigo de México y cualquier modificación del Plan o la terminación de éste, no constituyen un cambio o deterioro de los términos y condiciones de su trabajo.

Además, usted comprende que su participación en el Plan es el resultado de una decisión unilateral y discrecional de la Compañía; por lo tanto, la Compañía se reserva el derecho absoluto de modificar y/o interrumpir la participación de usted en cualquier momento sin ninguna responsabilidad para usted.

Finalmente, usted declara que no se reserva ninguna acción o derecho de presentar algún reclamo o demanda en contra de la Compañía por compensación, daño o perjuicio alguno como resultado de su participación en el Plan, en consecuencia, otorga el más amplio finiquito al Empleador, así como a la Compañía, a su Sociedad controladora, Subsidiaria o Filiales con respecto a cualquier demanda que pudiera originarse en virtud del Plan.

Netherlands

Notifications

Insider-Trading Notification. Dutch insider-trading rules prohibit you from effectuating certain transactions involving shares if you have inside information about the Company. If you are uncertain whether the insider-trading rules apply to you, you should consult your personal legal advisor.

Norway

No country specific provisions.

Poland

Terms and Conditions

Consent to Receive Information in English. By accepting the Award, you confirm having read and understood the Plan and the Agreement, which were provided in the English language. You accept the terms of those documents accordingly.

Section 2.11 item (h) of the Award Agreement shall be also understood as that the grant and your participation in the Plan will not be interpreted to form or be part of terms and conditions of your employment or service with any Subsidiary or affiliate of the Company.

Notifications

Exchange Control Information. If you hold foreign securities (including shares pursuant to the Award) and maintain accounts abroad, you may be required to file certain reports with the National Bank of Poland. Specifically, if the value of securities and cash held in such foreign accounts exceeds PLN 7,000,000 at the end of the year, you must file reports on the transactions and balances of the accounts on a quarterly basis by the 20th day of the month following the end of each quarter and an annual report by no later than January 30 of the following calendar year. Such reports are filed on special forms available on the website of the National Bank of Poland. Additionally, if you are a Polish citizen and you transfer funds abroad in excess of the PLN equivalent of €15,000, the transfer must be made through an authorized bank, a payment institution or an electronic money institution authorized to render payment services.

Furthermore, at the banks’ request, Polish residents are required to inform eligible banks, within the meaning of the Foreign Exchange Act, about all foreign exchange transactions performed through them.

Polish residents are also required to store the documents connected with foreign exchange transactions for a period of five years, counting from the end of the year when the foreign exchange transactions were made.

Portugal

Terms and Conditions

Language Consent. You hereby expressly declare that you have full knowledge of the English language and have read, understood and fully accepted and agreed with the terms and conditions established in the Plan and Award Agreement.

Conhecimento da Lingua. O Contratado, pelo presente instrumento, declara expressamente que tem pleno conhecimento da língua inglesa e que leu, compreendeu e livremente aceitou e concordou com os termos e condições estabelecidas no Plano e no Acordo de Atribuição (Award Agreement em inglês).

Notifications

Exchange Control Information. If you receive shares pursuant to the Award, the acquisition of the shares should be reported to the Banco de Portugal, for statistical purposes, if you perform economic, financial, or foreign exchange operations, and the volume of activity is greater than EUR 100,000. If the shares are deposited with a commercial bank or financial intermediary in Portugal, such bank or financial intermediary will submit the report on your behalf. If the shares are not deposited with a commercial bank or financial intermediary in Portugal, you are responsible for submitting the report to the Banco de Portugal.

Romania

Notifications

Exchange Control Information. If you acquire more than 10% of the share capital in a foreign entity, the acquisition is required tobe reported to the National Bank of Romania (“NBR”) for statistical purposes. You should consult your personal advisor to determine whether you will be required to submit such documentation to the NBR.

Insider-Trading Notification. Romanian insider-trading rules prohibit you from effectuating certain transactions involving shares if you have inside information about the Company. If you are uncertain whether the insider-trading rules apply to you, you should consult your personal legal advisor.

Serbia

No country specific provisions.

Slovakia

No country specific provisions.

Slovenia

No country specific provisions.

South Africa

Terms and Conditions

Tax Information. By accepting the PSUs, you agree that, immediately upon vesting of the PSUs, you may need to notify your employer of the amount of any gain realized. If you fail to advise your employer of the gain realized upon vesting, you may be liable for a fine. You will be solely responsible for paying any difference between the actual tax liability and the amount withheld by your employer. It is recommended that you consult with your personal tax advisor with respect to your requirements.

Notifications

Exchange Control Information. Because no transfer of funds from South Africa is required under the PSUs, no filing or reporting requirements should apply when the award is granted nor when Ordinary Shares are issued upon vesting of the PSUs. However, because the exchange control regulations are subject to change, you should consult your personal advisor prior to vesting and settlement of the award to ensure compliance with current regulations.

Spain

Terms and Conditions

No Entitlement for Claims or Compensation. By accepting the award of PSUs, you consent to participation in the Plan, and acknowledge that you have received a copy of the Plan document. You understand that the Company has unilaterally, gratuitously and in its sole discretion decided to make awards of PSUs under the Plan to individuals who may be employees, consultants and directors throughout the world. The decision is limited and entered into based upon the express assumption and condition that any PSUs will not economically or otherwise bind the Company or any Parent, Subsidiary or Affiliate, including your employer, on an ongoing basis, other than as expressly set forth in the Agreement. Consequently, you understand that the Award is given on the assumption and condition that the PSUs shall not become part of any employment contract (whether with the Company or any Parent, Subsidiary or Affiliate, including your employer) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation) or any other right whatsoever. Furthermore, you understand and freely accept that there is no guarantee that any benefit whatsoever shall arise from the award, which is gratuitous and discretionary, since the future value of the PSUs and the underlying shares is unknown and unpredictable. You also understand that this Award would not be made but for the assumptions and conditions set forth hereinabove; thus, you understand, acknowledge and freely accept that, should any or all of the assumptions be mistaken or any of the conditions not be met for any reason, the Award, the PSUs and any right to the underlying shares shall be null and void.

Notifications

Exchange Control Information. You must declare the acquisition of Ordinary Shares to the Dirección General de Politica Comercial e Inversiones Exteriores ("DGPCIE") of the Ministerio de Economia for statistical purposes. You must also declare the ownership of any Ordinary Shares with the Directorate of Foreign Transactions each January while the shares are owned. In addition, you wish to import the share certificates into Spain, you must declare the importation of such securities to the DGPCIE. As a general rule, all payments between Employee and non-residents should be performed through a Spanish Registered Entity (i.e., bank established in Spain).

When receiving foreign currency payments derived from the ownership of Ordinary Shares (i.e., dividends or sale proceeds), you must inform the financial institution receiving the payment of the basis upon which such payment is made. Should amounts exceed €12,500, you will need to provide the following information to the Spanish Registered Entity: (i) your name, address, and fiscal identification number; (ii) the name and corporate domicile of the Company; (iii) the amount of the payment and the currency used; (iv) the country of origin; (v) the reasons for the payment; and (vi) further information that may be required. Exceptions to this rule are when you move funds through a Spanish resident bank account opened abroad, or when collections and payments are carried out in cash. These exceptions, however, are subject to their own reporting requirements.

Tax Information. If you hold assets or rights outside of Spain (including shares acquired under the Plan), you may have to file an informational tax report with the tax authorities declaring such ownership. Generally, if the value of your foreign investments exceeds €50,000, you may have to file this informational return. Please note that reporting requirements are based on what you have previously disclosed and the increase in value of such and the total value of certain groups of foreign assets. Also, the thresholds for annual filing requirements may change each year. Therefore, you should consult your personal advisor regarding whether you will be required to file an informational tax report for asset and rights that you hold abroad.

Sweden

Terms and Conditions

The following shall apply in addition to what is set out under section 2.14 of the Award Agreement:

Forfeiture of entitlements under the Plan in case of termination shall apply in case of termination of employment regardless of whether such termination of employment may be justified under Swedish employment protection legislation, and regardless of whether such termination may be challenged by you, and regardless of whether such termination is invalidated by verdict or a court order.

Switzerland

No country specific provisions.

Turkey

Notifications

Securitities Law Informations. Under Turkish law, you are not permitted to sell Ordinary Shares acquired under the Plan in Turkey. The Ordinary Shares are currently traded on the Nasdaq Global Select Market, which is located outside of Turkey, under the ticker symbol “PRGO” and the Ordinary Shares may be sold through this exchange.

Ukraine

Notifications

Exchange Control Information. Exchange control rules change frequently and you should consult your personal advisor to determine whether you are required to obtain a license for obtaining shares of a foreign company from the National Bank of Ukraine (NBU).

Terms and Conditions

The Award will be outside the scope of your employment or service contract (if any) and as such will not constitute a part of your compensation package under the respective employment or service contract.

United Kingdom

Terms and Conditions

Income Tax and National Insurance Contribution Withholding. The following provision supplements the terms in the Agreement:

If payment or withholding of the income tax due in connection with the PSUs is not made within ninety (90) days of the end of the U.K. tax year in which the event giving rise to the income tax liability or such other period specified in Section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003 occurred (the “Due Date”), the amount of any uncollected income tax shall constitute a loan owed by you to your employer, effective as of the Due Date. You agree that the loan will bear interest at the then-current official rate of Her Majesty’s Revenue & Customs (“HMRC”), it shall be immediately due and repayable, and the Company or your employer may recover it at any time thereafter by any of the means referred to in Section 2.7 of the Agreement.

Notwithstanding the foregoing, if you are a director or executive officer of the Company (within the meaning of Section 13(k) of the U.S. Securities and Exchange Act of 1934, as amended), you will not be eligible for a loan from the Company or your employer to cover the income tax liability. In the event that you are a director or executive officer and the income tax is not collected from or paid by the Due Date, the amount of any uncollected income tax will constitute a benefit to you on which additional income tax and national insurance contributions (“NICs”) will be payable. You will be responsible for reporting any income tax for reimbursing the Company or your employer the value of any employee NICs due on this additional benefit.

* * * * *

PERRIGO COMPANY PLC

RESTRICTED STOCK UNIT AWARD AGREEMENT

(PERFORMANCE-BASED)

(Under the Perrigo Company plc 2013 Long-Term Incentive Plan)

TO:Participant Name

RE:Notice of Restricted Stock Unit Award (Performance-Based)

This is to notify you that Perrigo Company plc (the “Company”) has granted you an Award under the Perrigo Company plc 2013 Long-Term Incentive Plan (the “Plan”), effective as of Grant Date (the “Grant Date”). This Award consists of performance-based restricted stock units. The terms and conditions of this incentive are set forth in the remainder of this agreement (including any special terms and conditions set forth in any appendix for your country (“Appendix”) (collectively, the “Agreement”). The capitalized terms that are not otherwise defined in this Agreement shall have the meanings ascribed to such terms under the Plan.

SECTION 1

Restricted Stock Units - Performance-Based Vesting

1.1Grant. As of the Grant Date, the Company grants to you Number of Awards Granted performance-based restricted stock units (“PSUs”), subject to the terms and conditions set forth in this Agreement. The number of PSUs awarded in this Section 1.1 is referred to as the “Target Award.” The Target Award may be increased or decreased depending on the level of attainment of the Performance Goals described in Section 1.2. Each PSU entitles you to one ordinary share of the Company, nominal value €0.001 per share (“Ordinary Share”) on the PSU Vesting Date set forth in Section 1.2, provided the applicable Performance Goals for the Performance Measure are satisfied.

1.2Vesting. The number of PSUs awarded in Section 1.1 vesting, if any, shall be determined as of the PSU Vesting Date. That number will be determined based on the level of attainment of the Performance Goals for the Performance Period, in accordance with the schedule determined by the Committee at the time the Performance Goals for the Performance Measure are established by the Committee.

At the beginning of a Performance Period, the Committee shall establish one or more Performance Goals for the Performance Measure that must be attained for Threshold, Target and Maximum performance for that Performance Period. The Performance Goal(s) will be provided to you.

Following the end of the Performance Period, the Committee will determine the percentage of Target Award PSUs that would be payable for the Performance Period based on the attainment of the Performance Goals established for that Performance Period. The percentage of

the Target Award that would be payable under the schedule shall be adjusted, pro rata, to reflect the attained performance between Threshold and Target, and Target and Maximum.

Except as provided in Section 1.4, the PSUs will be permanently forfeited if your Termination Date occurs prior to the PSU Vesting Date.

1.3Definitions. The following terms shall have the following meanings under this Section 1.

(a)“Applicable Index” for the Performance Period means the applicable index or the comparison group of peer companies selected by the Committee.

(b)“Performance Goal” means the level of performance that must be attained with respect to the Performance Measure for the Performance Period for Minimum, Target and Maximum payout.

(c)“Performance Measure” means relative total shareholder return (“rTSR”) which shall be based on (i) the 30-day trading price average of Ordinary Shares (as adjusted for dividends) at the end of the Performance Period (“Ending Average”) over the 30-day trading price average of Ordinary Shares (as adjusted for dividends) at the beginning of the Performance Period (“Beginning Average”), and (ii) the extent to which the Ending Average of the Applicable Index exceeds the Beginning Average of the Applicable Index.

The Committee shall provide how the Performance Measure will be adjusted, if at all, as a result of extraordinary events or circumstances, as determined by the Committee, or to exclude the effects of extraordinary, unusual, or non-recurring items; changes in applicable laws, regulations, or accounting principles; currency fluctuations; discontinued operations; non-cash items, such as amortization, depreciation, or reserves; asset impairment; or any recapitalization, restructuring, reorganization, merger, acquisition, divestiture, consolidation, spin-off, split-up, combination, liquidation, dissolution, sale of assets, or other similar corporation transaction.

(d)“Performance Period” means the three-consecutive fiscal year period of the Company beginning on January 1 of the year in which the Grant Date occurs and ending on December 31 of the third year in the three-year period.

(e)“PSU Vesting Date” means the last day of the Performance Period.

(f)“Separation for Good Reason” means your voluntary resignation from the Company and the existence of one or more of the following conditions that arose without your consent: (i) a material change in the geographic location at which you are required to perform services, such that your commute between home and your primary job site increases by more than 30 miles,or (ii) a material diminution in your authority, duties or responsibilities or a material diminution in your base compensation or incentive compensation opportunities; provided, however, that a voluntary resignation from the Company shall not be considered a Separation for Good Reason unless you provide the Company with notice, in writing, of your voluntary resignation and the existence of the condition(s) giving rise to the separation within 90

days of its initial existence. The Company will then have 30 days to remedy the condition, in which case you will not be deemed to have incurred a Separation for Good Reason. In the event the Company fails to cure the condition within the 30 day period, your Termination Date shall occur on the 31st day following the Company’s receipt of such written notice.

(g)“Termination without Cause” means the involuntary termination of your employment or contractual relationship by the Company without Cause, including, but not limited to, (i) a termination effective when you exhaust a leave of absence during, or at the end of, a notice period under the Worker Adjustment and Retraining Notification Act (“WARN”), and (ii) a situation where you are on an approved leave of absence during which your position is protected under applicable law (e.g., a leave under the Family Medical Leave Act), you return from such leave, and you cannot be placed in employment or other form of contractual relationship with the Company.

1.4Special Vesting Rules. Notwithstanding Section 1.2 above, if your Termination Date occurs by reason of a Termination without Cause or a Separation for Good Reason on or after a Change in Control (as defined in the Plan and as such definition may be amended hereafter) and prior to the two (2) year anniversary of the Change in Control, all of the PSUs awarded under Section 1.1 that have not previously been forfeited shall become fully vested as if Target performance had been obtained for the Performance Period effective as of your Termination Date. If your Termination Date occurs because of death, Disability, or Retirement, the PSUs shall vest or be forfeited as of the PSU Vesting Date set forth in Section 1.2, based on the attainment of the performance goals. If your Termination Date occurs because of an Involuntary Termination for Economic Reasons, the Company’s Chief Executive Officer (or the Committee if you are subject to Section 16 of the Exchange Act), in his or her sole and absolute discretion, may permit all or part of the PSUs awarded hereunder to remain outstanding and vest or be forfeited as of the date set forth in Section 1.2, depending on the attainment of Performance Goals; provided, however, that if your Termination Date occurs for a reason that is both described in this sentence and in the first sentence of this Section 1.4, the special vesting rules described in the first sentence of this Section 1.4 shall apply in lieu of the vesting rules described in this sentence. To the extent that the Chief Executive Officer (or Committee, if applicable) does not exercise discretionary authority to allow PSUs to remain outstanding on the date of your Involuntary Termination for Economic Reasons, such PSUs shall be permanently forfeited.

1.5Settlement of PSUs. As soon as practicable following the date of the Committee’s first regularly scheduled meeting following the last day of the Performance Period at which the Committee certifies the attainment of the performance goals for the Performance Period, the Company shall transfer to you one Ordinary Share for each PSU, if any, that becomes vested pursuant to Section 1.2 or 1.4 of this Agreement (the date of any such transfer shall be the “settlement date” for purposes of this Agreement); provided, however, the Company may settle PSUs in cash, based on the fair market value of the shares on the PSU Vesting Date. No fractional shares shall be transferred. Any fractional share shall be rounded to the nearest whole share. The income attributable to the vesting of PSUs and the amount of any required tax withholding will be determined based on the value of the shares on the settlement date. PSUs are not eligible for dividend equivalents.

SECTION 2

General Terms and Conditions

2.1Nontransferability. The Award under this Agreement shall not be transferable other than by will or by the laws of descent and distribution.

2.2No Rights as a Stockholder. You shall not have any rights as a stockholder with respect to any Ordinary Shares subject to the PSU awarded under this Agreement prior to the date of issuance to you of a certificate or certificates for such shares.

2.3Cause Termination. If your Termination Date occurs for reasons of Cause, all of your rights under this Agreement, whether or not vested, shall terminate immediately.

2.4Award Subject to Plan. The granting of the Award under this Agreement is being made pursuant to the Plan and the Award shall be payable only in accordance with the applicable terms of the Plan. The Plan contains certain definitions, restrictions, limitations and other terms and conditions all of which shall be applicable to this Agreement. ALL THE PROVISIONS OF THE PLAN ARE INCORPORATED HEREIN BY REFERENCE AND ARE MADE A PART OF THIS AGREEMENT IN THE SAME MANNER AS IF EACH AND EVERY SUCH PROVISION WERE FULLY WRITTEN INTO THIS AGREEMENT. Should the Plan become void or unenforceable by operation of law or judicial decision, this Agreement shall have no force or effect. Nothing set forth in this Agreement is intended, nor shall any of its provisions be construed, to limit or exclude any definition, restriction, limitation or other term or condition of the Plan as is relevant to this Agreement and as may be specifically applied to it by the Committee. In the event of a conflict in the provisions of this Agreement and the Plan, as a rule of construction the terms of the Plan shall be deemed superior and apply.

2.5Adjustments in Event of Change in Ordinary Shares. In the event of a stock split, stock dividend, recapitalization, reclassification or combination of shares, merger, sale of assets or similar event, the number and kind of shares subject to Award under this Agreement will be appropriately adjusted in an equitable manner to prevent dilution or enlargement of the rights granted to or available for you.

2.6Acknowledgement. The Company and you agree that the PSUs are granted under and governed by the Notice of Grant, this Agreement (including the Appendix, if applicable) and by the provisions of the Plan (incorporated herein by reference). You: (i) acknowledge receipt of a copy of each of the foregoing documents, (ii) represent that you have carefully read and are familiar with their provisions, and (iii) hereby accept the PSUs subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice of Grant.

2.7Taxes and Withholding.

(a)Withholding (Only Applicable to Individuals Subject to U.S. Tax Laws). This Award is subject to the withholding of all applicable taxes. The Company may withhold, or permit you to remit to the Company, any Federal, state or local taxes applicable to the grant,

vesting or other event giving rise to tax liability with respect to this Award. If you have not remitted the full amount of applicable withholding taxes to the Company by the date the Company is required to pay such withholding to the appropriate taxing authority (or such earlier date that the Company may specify to assist it in timely meeting its withholding obligations), the Company shall have the unilateral right to withhold Ordinary Shares relating to this Award in the amount it determines is sufficient to satisfy the tax withholding required by law. State taxes will be withheld at the appropriate rate set by the state in which you are employed or were last employed by the Company. In no event may the number of shares withheld exceed the number necessary to satisfy the maximum Federal, state and local income and employment tax withholding requirements. You may elect to surrender previously acquired Ordinary Shares or to have the Company withhold Ordinary Shares relating to this Award in an amount sufficient to satisfy all or a portion of the tax withholding required by law.

(b)Responsibility for Taxes (Only Applicable to Individuals Subject to Tax Laws Outside the U.S.) Regardless of any action the Company or, if different, the Affiliate employing or retaining you takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items is and remains your responsibility and may exceed the amount actually withheld by the Company or the Affiliate employing or retaining you. You further acknowledge that the Company and/or the Affiliate employing or retaining you (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the PSUs, including, but not limited to, the grant, vesting or settlement of the PSUs, the subsequent sale of Ordinary Shares acquired pursuant to such settlement and the receipt of any dividends; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the PSUs to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you have become subject to tax in more than one jurisdiction between the PSU Grant Date and the date of any relevant taxable event, as applicable, you acknowledge that the Company and/or the Affiliate employing or retaining you (or formerly employing or retaining you, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

(1)Prior to any relevant taxable or tax withholding event, as applicable, you will pay or make adequate arrangements satisfactory to the Company and/or the Affiliate employing or retaining you to satisfy all Tax-Related Items. In this regard, you authorize the Company and/or the Affiliate employing or retaining you, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following:

(A)withholding from your wages or other cash compensation paid to you by the Company and/or the Affiliate employing or retaining you; or

(B)withholding from proceeds of the sale of Ordinary Shares acquired upon settlement of the PSUs either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization); or

(C)withholding in Ordinary Shares to be issued upon settlement of the PSUs.

(2)To avoid negative accounting treatment, the Company may withhold or account for Tax-Related Items by considering applicable statutory withholding amounts or other applicable withholding rates. If the obligation for Tax-Related Items is satisfied by withholding in Ordinary Shares, for tax purposes, you are deemed to have been issued the full number of Ordinary Shares subject to the vested PSUs, notwithstanding that a number of the Ordinary Shares are held back solely for the purpose of paying the Tax-Related Items.

(3)Finally, you shall pay to the Company or the Affiliate employing or retaining you any amount of Tax-Related Items that the Company or the Affiliate employing or retaining you may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Ordinary Shares or the proceeds of the sale of Ordinary Shares, if you fail to comply with your obligations in connection with the Tax-Related Items.

2.8Compliance with Applicable Law. The issuance of Ordinary Shares will be subject to and conditioned upon compliance by the Company and you, including any written representations, warranties and agreements as the Administrator may request of you for compliance with all (i) applicable U.S. state and federal laws and regulations, (ii) applicable laws of the country where you reside pertaining to the issuance or sale of Ordinary Shares, and (iii) applicable requirements of any stock exchange or automated quotation system on which the Company’s Ordinary Shares may be listed or quoted at the time of such issuance or transfer. Notwithstanding any other provision of this Agreement, the Company shall have no obligation to issue any Ordinary Shares under this Agreement if such issuance would violate any applicable law or any applicable regulation or requirement of any securities exchange or similar entity.

2.9Short Term Deferral (Only Applicable to Individuals Subject to U.S. Federal Tax Laws). PSUs payable under this Agreement are intended to be exempt from Code Section 409A under the exemption for short-term deferrals. Accordingly, PSUs will be settled no later than the 15^th day of the third month following the later of (i) the end of the Employee’s taxable year in which the PSU Vesting Date occurs, or (ii) the end of the fiscal year of the Company in which the PSU Vesting Date occurs.

2.10Data Privacy.

(a)U.S. Data Privacy Rules (Only Applicable if this Award is Subject to U.S. Data Privacy Laws). By entering into this Agreement and accepting this Award, you (a) explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of any of your personal data that is necessary to facilitate the implementation, administration and management of the Award and the Plan, (b) understand that the Company may, for the purpose of implementing, administering and managing the Plan, hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary,

nationality, job title, and details of all awards or entitlements to Shares granted to you under the Plan or otherwise (“Personal Data”), (c) understand that Personal Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, including any broker with whom the Shares issued upon vesting of the Award may be deposited, and that these recipients may be located in your country or elsewhere, and that the recipient’s country may have different data privacy laws and protections than your country, (d) waive any data privacy rights you may have with respect to the data, and (e) authorize the Company, its Affiliates and its agents, to store and transmit such information in electronic form.

(b)Non-U.S. Data Privacy Rules (Only Applicable if this Award is Subject to Data Privacy Laws Outside of the U.S.)

(1)By entering into this Agreement and accepting this Award, you hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement and any other PSU grant materials by and among, as applicable, the Affiliate employing or retaining you, the Company and its Affiliates for the exclusive purpose of implementing, administering and managing your participation in the Plan.

(2)You understand that the Company and the Affiliate employing or retaining you may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Ordinary Shares or directorships held in the Company, details of all PSUs or any other entitlement to Ordinary Shares awarded, canceled, exercised, vested, unvested or outstanding in your favor, for the exclusive purpose of implementing, administering and managing the Plan (“Data”).

(3)You understand that Data will be transferred to legal counsel or a broker or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. You understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than your country of residence. You understand that if you reside outside the United States, you may request a list with the names and addresses of any potential recipients of the Data by contacting your local or Company human resources representative. You authorize the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing your participation in the Plan. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan. You understand that if you reside outside the United States, you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local or Company human resources representative. You understand, however, that refusing or withdrawing your consent may affect your ability to

participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local or Company human resources representative.

2.11Successors and Assigns. This Agreement shall be binding upon any or all successors and assigns of the Company.

2.12Applicable Law. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Michigan without regard to principals of conflict of laws. Any proceeding related to or arising out of this Agreement shall be commenced, prosecuted or continued in the Circuit Court in Kent County, Michigan located in Grand Rapids, Michigan or in the United Stated District Court for the Western District of Michigan, and in any appellate court thereof.

2.13Forfeiture of PSUs. If the Company, as a result of misconduct, is required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement under the securities laws, then (a) if your incentive or equity-based compensation is subject to automatic forfeiture due to such misconduct and restatement under Section 304 of the Sarbanes-Oxley Act of 2002, or (b) the Committee determines you either knowingly engaged in or failed to prevent the misconduct, or your actions or inactions with respect to the misconduct and restatement constituted gross negligence, you shall (i) be required to reimburse the Company the amount of any payment relating to any PSUs earned or accrued during the twelve month period following the first public issuance or filing with the SEC (whichever first occurred) of the financial document embodying such financial reporting requirement, and (ii) all outstanding PSUs that have not yet been settled shall be immediately forfeited. In addition, Ordinary Shares acquired under this Agreement, and any gains or profits on the sale of such Ordinary Shares, shall be subject to any “clawback” or recoupment policy later adopted by the Company.

2.14Special Rules for Non-U.S. Grantees (Only Applicable if You Reside Outside of the U.S.)

(a)Nature of Grant. In accepting the grant, you acknowledge, understand and agree that:

(1)the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, except as otherwise provided in the Plan;

(2)the grant of the PSUs is voluntary and occasional and does not create any contractual or other right to receive future grants of PSUs, or benefits in lieu of PSUs, even if PSUs have been granted repeatedly in the past;

(3)all decisions with respect to future PSUs grants, if any, will be at the sole discretion of the Company;

(4)you are voluntarily participating in the Plan;

(5)the PSUs and the Ordinary Shares subject to the PSUs are an extraordinary item and which is outside the scope of your employment or service contract, if any;

(6)the PSUs and the Ordinary Shares subject to the PSUs are not intended to replace any pension rights or compensation;

(7)the PSUs and the Ordinary Shares subject to the PSUs are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company, the Affiliate employing or retaining you or any other Affiliate;

(8)the grant and your participation in the Plan will not be interpreted to form an employment or service contract with the Company or any Affiliate;

(9)the future value of the underlying Ordinary Shares is unknown, indeterminable and cannot be predicted with certainty;

(10)no claim or entitlement to compensation or damages shall arise from forfeiture of the PSUs resulting from your Termination Date (for any reason whatsoever, whether or not later found to be invalid and whether or not in breach of employment laws in the jurisdiction where you are employed or rendering services, or the terms of your employment agreement, if any), and in consideration of the grant of the PSUs to which you are otherwise not entitled, you irrevocably agree never to institute any claim against the Company or the Affiliate employing or retaining you, waive your ability, if any, to bring any such claim, and release the Company and the Affiliate employing or retaining you from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim; and

(11)you acknowledge and agree that neither the Company, the Affiliate employing or retaining you nor any other Affiliate shall be liable for any foreign exchange rate fluctuation between the currency of the country in which you reside and the United States Dollar that may affect the value of the PSUs or of any amounts due to you pursuant to the settlement of the PSUs or the subsequent sale of any Ordinary Shares acquired upon settlement.

(b)Appendix. Notwithstanding any provisions in this Agreement, the PSUs grant shall be subject to any special terms and conditions set forth in any Appendix to this Agreement. Moreover, if you relocate to one of the countries included in the Appendix, the special terms and conditions for such country will apply to you, to the extent the Company determines that the application of such provisions is necessary or advisable in order to comply with laws of the country where you reside or to facilitate the administration of the Plan. If you relocate to the United States, the special terms and conditions in the Appendix will apply, or cease to apply, to you, to the extent the Company determines that the application or otherwise of

such provisions is necessary or advisable in order to facilitate the administration of the Plan. The Appendix constitutes part of this Agreement.

(c)Imposition of Other Requirements. The Company reserves the right to impose other requirements on your participation in the Plan, on the PSUs and on any Ordinary Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with laws of the country where you reside or to facilitate the administration of the Plan, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

****

We look forward to your continuing contribution to the growth of the Company. Please acknowledge your receipt of the Plan and this Award.

Very truly yours,

Print Name: ___________________________

Title:_________________________________

APPENDIX

PERRIGO COMPANY PLC

Additional Terms and Provisions to

Restricted Stock Unit Award Agreement (Performance-Based)

Terms and Conditions

This Appendix (the “Appendix”) includes additional terms and conditions that govern the restricted stock units (Performance-Based) (“PSUs” or “Award”) granted to you under the Plan if you reside in one of the countries listed below. Certain capitalized terms used but not defined in this Appendix have the meanings set forth in the Plan and/or the Agreement. The Award will not create any entitlement to receive any similar benefit in the future.

Notifications

This Appendix also includes country-specific information of which you should be aware with respect to your participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of January 2018. Such laws are often complex and change frequently. As a result, the Company strongly recommends that you do not rely on the information noted herein as the only source of information relating to the consequences of your participation in the Plan because the information may be out of date at the time that you vest in the PSUs and Ordinary Shares are issued to you or the shares issued upon vesting of the PSUs are sold.

In addition, the information is general in nature and may not apply to your particular situation, and the Company is not in a position to assure you of any particular result. Accordingly, you are advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your particular situation. Finally, please note that if you are a citizen or resident of a country other than the country in which you are currently working, or transfers employment after grant, the information contained in the Appendix may not be applicable.

Australia

Terms and Conditions

PSUs Settled in Shares Only. Notwithstanding any discretion contained in the Plan, or any provision in the Agreement to the contrary, PSUs granted to employees in Australia shall be settled in shares only and do not provide any right for you to receive a cash payment under this Award.

Notifications

Securities Information. If you acquire shares pursuant to the Award and you offer the shares for sale to a person or entity resident in Australia, then the offer may be subject to disclosure requirements under Australian law. You should obtain legal advice on your disclosure obligations prior to making any such offer. If at the time of vesting, the Company determines that it is not legal under Australian securities laws to issue shares, the outstanding Units will be cancelled and no shares will be issued to you nor will any benefits in lieu of shares be paid to you.

Exchange Control Information. Exchange control reporting is required for cash transactions exceeding AUD10,000 and for international fund transfers. The Australian bank assisting with the transaction will file the report for you. If there is no Australian bank involved in the transfer, you will have to file the report.

Austria

Notifications

Exchange Control Information. If you hold Ordinary Shares outside of Austria, you must submit a report to the Austrian National Bank. An exemption applies if the value of the shares as of any given quarter does not exceed €30,000,000 or as of December 31 does not exceed €5,000,000. If the former threshold is exceeded, quarterly obligations are imposed, whereas if the latter threshold is exceeded, annual reports must be given. The annual reporting date is as of December 31 and the deadline for filing the annual report is March 31 of the following year. If quarterly obligations are imposed, the reporting date is the end of each quarter and the deadline for filing the report is the 15th of the month following.

When shares are sold, there may be exchange control obligations if the cash received is held outside Austria. If the transaction volume of all your accounts abroad exceeds €3,000,000, the movements and balances of all accounts must be reported monthly, as of the last day of the month, on or before the fifteenth day of the following month with the form “Meldungen SI-Forderungen und/oder SI-Verpflichtungen.”

Belgium

Notifications

Foreign Asset/Account Reporting Information. You are required to report any security or bank accounts (including brokerage accounts) you maintain outside of Belgium on your annual tax return. In a separate report, you are required to provide the National Bank of Belgium with certain details regarding such foreign accounts (including the account number, bank name and country in which any such account was opened). This report, as well as additional information on how to complete it, can be found on the website of the National Bank of Belgium, www.nbb.be, under Kredietcentrales / Centrales des crédits caption.

Bermuda

Terms and Conditions

The Award Agreement is not subject to and has not received approval from the Bermuda Monetary Authority and the Registrar of Companies in Bermuda, and no statement to the contrary, explicit or implicit, is authorized to be made in this regard. The securities may be offered or sold in Bermuda only in compliance with the provisions of the Investment Business Act 2003 of Bermuda.

Brazil

Terms and Conditions

Labor Law Acknowledgment. You agree that, for all legal purposes, (i) the benefits provided under the Plan are the result of commercial transactions unrelated to your employment; (ii) the Plan is not a part of the terms and conditions of your employment; and (iii) the income from the PSUs, if any, is not part of your remuneration from employment.

Notifications

Compliance with Law. By accepting the PSUs, you agree to comply with Brazilian law when the PSUs vest and the shares are sold. You also agree to report and pay any and all taxes associated with the vesting of the PSUs, the sale of the PSUs acquired pursuant to the Plan, and the receipt of any dividends.

Exchange Control Information. If you are a resident or domiciled in Brazil and hold assets and rights outside Brazil with an aggregate value exceeding US$100,000, you will be required to prepare and submit to the Central Bank of Brazil an annual declaration of such assets and rights. Assets and rights that must be reported include PSUs.

Czech Republic

Notifications

Exchange Control Information. The Czech National Bank may require you to report the PSUs and or Ordinary Shares received and the opening and maintenance of a foreign account. However, because exchange control regulations change frequently and without notice, you should consult your personal legal advisor prior to the vesting of the PSUs to ensure your compliance with current regulations. It is your responsibility to comply with applicable Czech exchange control laws.

Estonia

No country specific provisions.

Finland

No country specific provisions.

France

Terms and Conditions

Consent to Receive Information in English. By accepting the Award, you confirm having read and understood the Plan and the Agreement, which were provided in the English language. You accept the terms of those documents accordingly.

En acceptant cette attribution gratuite d'actions, vous confirmez avoir lu et comprenez le Plan et ce Contrat, incluant tous leurs termes et conditions, qui ont été transmis en langue anglaise. Vous acceptez les dispositions de ces documents en connaissance de cause.

Notifications

Tax Reporting Information.If you hold Ordinary Shares outside of France or maintain a foreign bank account, you are required to report such to the French tax authorities when you file your annual tax return.

Tax Information. The PSUs are not intended to qualify as a French tax qualified performance restricted stock units under French tax law.

Germany

Notifications

Exchange Control Information. Cross-border payments in excess of €12,500 must be reported monthly to the German Federal Bank. If you use a German bank to transfer a cross-border payment in excess of €12,500 in connection with the sale of shares acquired under the Plan, the bank will make the report for you.

Greece

Notifications

Exchange Control Information.Pursuant to your Award, if you withdraw funds in excess of €15,000 from a bank in Greece and remit those funds out of Greece, you may be required to submit certain documentation/ information to the Greek bank to ensure that the transfer is not in violation of Greek anti-money laundering rules.

Hungary

No country specific provisions.

India

Notifications

Exchange Control Notification. You must repatriate all proceeds received from the sale of the shares to India within 90 days after sale. You will receive a foreign inward remittance certificate (“FIRC”) from the bank where you deposit the foreign currency. You should maintain the FIRC as evidence of the repatriation of funds in the event that the Reserve Bank of India or the employer requests proof of repatriation.

Tax Information. The amount subject to tax at vesting will partially be dependent upon a valuation that the Company or your employer will obtain from a Merchant Banker in India. Neither the Company nor your employer has any responsibility or obligation to obtain the most favorable valuation possible, nor obtain valuations more frequently than required under Indian tax law.

Foreign Asset/Account Reporting Information. You are required to declare in your annual tax return (a) any foreign assets held by you (e.g., Ordinary Shares acquired under the Plan and, possibly, the Award), and (b) any foreign bank accounts for which you have signing authority.

Ireland

Notifications

Director Notification Obligation. If you are a director, shadow director or secretary of the Company's Irish Subsidiary or Affiliate, you must notify the Irish Subsidiary or Affiliate in writing within five business days of receiving or disposing of an interest exceeding 1% of the Company (e.g., PSUs, shares, etc.), or within five business days of becoming aware of the event giving rise to the notification requirement or within five days of becoming a director or secretary if such an interest exists at the time. This notification requirement also applies with respect to the interests of a spouse or children under the age of 18 (whose interests will be attributed to the director, shadow director or secretary).

Israel

Terms and Conditions

If you are a director or an employee (except for director or an employee who is a "Controlling Shareholder" as defined in Section 32(9) of the Israeli Tax Ordinance (New Version), 1961 ("Ordinance")) the grant of PSU's shall be governed by section 102 of the Ordinance and the rules and regulations promulgated thereunder (“Section 102”). The Company may, pursuant to Section 102, designate at it sole discretion, Awards granted to you as Non-trustee 102 Awards or as trustee 102 Awards ("102 Trustee Awards"). 102 Trustee Awards may be classified by the Company as either 102 Capital Gains Awards or 102 Ordinary Income Awards.

If you are not an employee or a director or if you are a Controlling Shareholder your PSU's will be granted in accordance with section 3(i) of the Ordinance. 

Trust. All 102 Trustee Awards shall be held in trust by a trustee designated by the Company ("Trustee") for the requisite lockup period prescribed by the Ordinance and the regulations promulgated thereunder, or such other period as may be required by the Israel Tax Authority ("ITA"), with respect to 102 Trustee Grants, during which period Awards or shares of Common Stock issued thereunder, and all rights resulting from them, including bonus shares, must be held by the Trustee. The Trustee shall not release any 102 Trustee Awards, shares of Common Stock issued upon the exercise of any 102 Trustee Awards, or any rights, including bonus shares, resulting from such 102 Trustee Awards or shares of Common Stock, prior to the full payment of

the your tax liability. The trustee or the Israeli Affiliate shall withhold any applicable taxes in accordance with Section 102 or any applicable tax ruling obtained by the Company.

Without derogating from the foregoing, if your PSU's do not qualify as 102 Trustee Awards the Company may still at it sole discretion deposit your PSU's in trust to ensure that taxes are properly withheld​.

Settlement of PSUs. Cash settlement may only occur after the laps of the required lockup period.

Compliance with Law. By accepting the PSUs, you agree to comply with the provisions of Section 102 and the regulations and rules promulgated thereunder or any tax ruling to be obtained by the Company in connection with your PSU's.

Italy

Terms and Conditions

Data Privacy Notice. The following provision supplements the terms in the Agreement:

You understand that your employer and/or the Company may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social security number (or any other social or national identification number), salary, nationality, job title, number of Ordinary Shares held and the details of all PSUs or any other entitlement to Ordinary Shares awarded, cancelled, exercised, vested, unvested or outstanding (the “Data”) for the purpose of implementing, administering and managing your participation in the Plan. You are aware that providing the Company with the Data is necessary for the performance of this Agreement and that your refusal to provide such Data would make it impossible for the Company to perform its contractual obligations and may affect your ability to participate in the Plan.

The "Controller" of personal data processing is Perrigo Company, plc, with registered offices at Allegan, Michigan, USA, and, pursuant to D.lgs 196/2003, its representative in Italy is Chefaro Pharma Italia Srl with its registered address at Viale Castello della Magliana 18, 00148 Rome, Italy. You understand that the Data may be transferred to the Company or any of its subsidiaries or affiliates, or to any third parties assisting in the implementation, administration and management of the Plan, including any transfer required to a broker or other third party with whom Ordinary Shares acquired pursuant to the vesting of the PSUs or cash from the sale of Ordinary Shares acquired pursuant to the Plan may be deposited. Furthermore, the recipients that may receive, possess, use, retain and transfer such Data for the above mentioned purposes may be located in Italy or elsewhere, including outside of the European Union and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than Italy. The processing activity, including the transfer of your personal data abroad, outside of the European Union, as herein specified and pursuant to applicable laws and regulations, does not require your consent thereto as the processing is necessary for the performance of contractual obligations related to the implementation, administration and management of the Plan. You

understand that Data processing relating to the purposes above specified shall take place under automated or non-automated conditions, anonymously when possible, that comply with the purposes for which Data are collected and with confidentiality and security provisions as set forth by applicable laws and regulations, with specific reference to D.lgs. 196/2003.

You understand that Data will be held only as long as is required by law or as necessary to implement, administer and manage your participation in the Plan. You understand that pursuant to art.7 of D.lgs 196/2003, you have the right, including but not limited to, access, delete, update, request the rectification of your personal Data and cease, for legitimate reasons, the Data processing. Furthermore, you are aware that your Data will not be used for direct marketing purposes.

Plan Document Acknowledgment. In accepting the PSUs, you acknowledge that you have received a copy of the Plan and the Agreement and have reviewed the Plan and the Agreement, including this Appendix, in their entirety and fully understand and accept all provisions of the Plan and the Agreement, including this Appendix.

Notifications

Tax/Exchange Control Information. You are required to report on your annual tax return: (a) any transfers of cash or Ordinary Shares to or from Italy; (b) any foreign investments or investments (including the Ordinary Shares issued at vesting of the PSUs, cash or proceeds from the sale of Ordinary Shares acquired under the Plan) held outside of Italy, if the investment may give rise to income in Italy (this will include reporting the Ordinary Shares issued at vesting of the PSUs if the fair market value of such Ordinary Shares combined with other foreign assets); and (c) the amount of the transfers to and from abroad which have had an impact during the calendar year on your foreign investments or investments held outside of Italy. You are exempt from the formalities in (a) if the investments are made through an authorized broker resident in Italy, as the broker will comply with the reporting obligation on your behalf.

Kazakhstan

Notifications

Exchange Control Information. Exchange control rules change frequently and you should consult your personal advisor to determine whether you are required to report the acquisition of shares of a foreign company to the National Bank of Kazakhstan.

Latvia

No country specific provisions.

Lithuania

No country specific provisions.

Luxembourg

Notifications

Exchange Control Information. You are required to report any inward remittances of funds to the Banque Central de Luxembourg and/or the Service Central de La Statistique et des Etudes Economiques. If a Luxembourg financial institution is involved in the transaction, it generally will fulfill the reporting obligation on your behalf.

Mexico

Modification. By accepting the PSUs, you understand and agree that any modification of the Plan or the Agreement or its termination shall not constitute a change or impairment of the terms and conditions of employment.

Plan Document Acknowledgment. By accepting the award of the PSUs, you acknowledge that you have received copies of the Plan, have reviewed the Plan and the Agreement in their entirety and fully understand and accept all provisions of the Plan and the Agreement.

In addition, by signing the Agreement, you further acknowledge that you have read and specifically and expressly approve the terms and conditions in the Agreement, in which the following is clearly described and established:

(i) Participation in the Plan does not constitute an acquired right;

(ii) The Plan and participation in the Plan is offered by the Company on a wholly discretionary basis;

(iii) Participation in the Plan is voluntary; and

(iv) The Company and any Parent, Subsidiary or Affiliates are not responsible for any decrease in the value of the shares.

Labor Law Acknowlegement and Policy Statement. In accepting the RSUs, you expressly recognize the Company is solely responsible for the administration of the Plan and that your participation in the Plan and acquisition of Ordinary Shares does not constitute an employment relationship between you and the Company since you are participating in the Plan on a wholly commercial basis and on a wholly commercial basis and your sole employer is Perrigo de Mexico S.A. De C.V. (“Perrigo Mexico”). Based on the foregoing, you expressly recognize that the Plan and the benefits that you may derive from participation in the Plan do not establish any rights between you and your employer, Perrigo Mexico, and do not form part of the employment conditions and/or benefits provided by Perrigo Mexico and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of your employment.

You further understand that your participation in the Plan is as a result of a unilateral and discretionary decision of the Company; therefore, the Company reserves the absolute right to amend and/or discontinue your participation at any time without any liability to you.

Finally, you hereby declare that you do not reserve any action or right to bring any claim against the Company for any compensation or damages as a result of your participation in the Plan and

therefore grant a full and broad release to the Employer, the Company and any Parent, Subsidiary or Affiliates with respect to any claim that may arise under the Plan.

Spanish Translation

Modificaciün. Al aceptar las Unidades de Acción Restringida de Rendimiento (PSUs, por sus siglas en inglés) usted entiende y esta de acuerdo que cualquier modificación del plan o del acuerdo o su terminación no constituirá un cambio o detrimento de los términos y condiciones de su empleo.

Confirmación del Documento del Plan. Al aceptar el otorgamiento de las PSUs, usted reconoce que ha recibido copias y ha revisado dicho acuerdo en su totalidad y que ha entendido y aceptado completamente todas las disposiciones contenidas en el Plan y en el Acuerdo.

Adicionalmente, al firmar el acuerdo, usted reconoce que ha leído, y aprobado de manera específica y expresa los términos y condiciones en el acuerdo en el que se describe y establece claramente los siguiente:

(i) La participación en el Plan no constituye un derecho adquirido; 

(ii) El plan y la participación en el mismo, son ofrecidos por la Compañía de manera totalmente discrecional; 

(iii) La participación en el Plan es voluntaria; y

(iv) La Compañía, y cualquier Sociedad controladora, Subsidiaria o Filiales no son responsables por ningún decremento en el valor de las Acciones.

Constancia de aceptación de la ley laboral y declaración de la política.  Al aceptar las PSUs, usted reconoce expresamente que la Compañía, es la única responsable de la administración del Plan, y que su participación en el Plan y la adquisición de las acciones comunes no constituyen una relación de trabajo entre usted y la Compañía dado que usted participa en el Plan de manera completamente comercial y el único empleador que tiene es Perrigo de México, S.A. de C.V. (« Perrigo de Mexico »). Con base en lo anterior, usted reconoce expresamente que el Plan y los beneficios que usted pueda obtener de la participación en el Plan, no establecen ningún derecho entre usted y su empleador Perrigo de México y no forman parte de las condiciones de trabajo ni de las prestaciones ofrecidas por Perrigo de México y cualquier modificación del Plan o la terminación de éste, no constituyen un cambio o deterioro de los términos y condiciones de su trabajo.

Además, usted comprende que su participación en el Plan es el resultado de una decisión unilateral y discrecional de la Compañía; por lo tanto, la Compañía se reserva el derecho absoluto de modificar y/o interrumpir la participación de usted en cualquier momento sin ninguna responsabilidad para usted.

Finalmente, usted declara que no se reserva ninguna acción o derecho de presentar algún reclamo o demanda en contra de la Compañía por compensación, daño o perjuicio alguno como resultado de su participación en el Plan, en consecuencia, otorga el más amplio finiquito al Empleador, así como a la Compañía, a su Sociedad controladora, Subsidiaria o Filiales con respecto a cualquier demanda que pudiera originarse en virtud del Plan.

Netherlands

Notifications

Insider-Trading Notification. Dutch insider-trading rules prohibit you from effectuating certain transactions involving shares if you have inside information about the Company. If you are uncertain whether the insider-trading rules apply to you, you should consult your personal legal advisor.

Norway

No country specific provisions.

Poland

Terms and Conditions

Consent to Receive Information in English. By accepting the Award, you confirm having read and understood the Plan and the Agreement, which were provided in the English language. You accept the terms of those documents accordingly.

Section 2.11 item (h) of the Award Agreement shall be also understood as that the grant and your participation in the Plan will not be interpreted to form or be part of terms and conditions of your employment or service with any Subsidiary or affiliate of the Company.

Notifications

Exchange Control Information. If you hold foreign securities (including shares pursuant to the Award) and maintain accounts abroad, you may be required to file certain reports with the National Bank of Poland. Specifically, if the value of securities and cash held in such foreign accounts exceeds PLN 7,000,000 at the end of the year, you must file reports on the transactions and balances of the accounts on a quarterly basis by the 20th day of the month following the end of each quarter and an annual report by no later than January 30 of the following calendar year. Such reports are filed on special forms available on the website of the National Bank of Poland. Additionally, if you are a Polish citizen and you transfer funds abroad in excess of the PLN equivalent of €15,000, the transfer must be made through an authorized bank, a payment institution or an electronic money institution authorized to render payment services.

Furthermore, at the banks’ request, Polish residents are required to inform eligible banks, within the meaning of the Foreign Exchange Act, about all foreign exchange transactions performed through them.

Polish residents are also required to store the documents connected with foreign exchange transactions for a period of five years, counting from the end of the year when the foreign exchange transactions were made.

Portugal

Terms and Conditions

Language Consent. You hereby expressly declare that you have full knowledge of the English language and have read, understood and fully accepted and agreed with the terms and conditions established in the Plan and Award Agreement.

Conhecimento da Lingua. O Contratado, pelo presente instrumento, declara expressamente que tem pleno conhecimento da língua inglesa e que leu, compreendeu e livremente aceitou e concordou com os termos e condições estabelecidas no Plano e no Acordo de Atribuição (Award Agreement em inglês).

Notifications

Exchange Control Information. If you receive shares pursuant to the Award, the acquisition of the shares should be reported to the Banco de Portugal, for statistical purposes, if you perform economic, financial, or foreign exchange operations, and the volume of activity is greater than EUR 100,000. If the shares are deposited with a commercial bank or financial intermediary in Portugal, such bank or financial intermediary will submit the report on your behalf. If the shares are not deposited with a commercial bank or financial intermediary in Portugal, you are responsible for submitting the report to the Banco de Portugal.

Romania

Notifications

Exchange Control Information. If you acquire more than 10% of the share capital in a foreign entity, the acquisition is required tobe reported to the National Bank of Romania (“NBR”) for statistical purposes. You should consult your personal advisor to determine whether you will be required to submit such documentation to the NBR.

Insider-Trading Notification. Romanian insider-trading rules prohibit you from effectuating certain transactions involving shares if you have inside information about the Company. If you are uncertain whether the insider-trading rules apply to you, you should consult your personal legal advisor.

Serbia

No country specific provisions.

Slovakia

No country specific provisions.

Slovenia

No country specific provisions.

South Africa

Terms and Conditions

Tax Information. By accepting the PSUs, you agree that, immediately upon vesting of the PSUs, you may need to notify your employer of the amount of any gain realized. If you fail to advise your employer of the gain realized upon vesting, you may be liable for a fine. You will be solely responsible for paying any difference between the actual tax liability and the amount withheld by your employer. It is recommended that you consult with your personal tax advisor with respect to your requirements.

Notifications

Exchange Control Information. Because no transfer of funds from South Africa is required under the PSUs, no filing or reporting requirements should apply when the award is granted nor when Ordinary Shares are issued upon vesting of the PSUs. However, because the exchange control regulations are subject to change, you should consult your personal advisor prior to vesting and settlement of the award to ensure compliance with current regulations.

Spain

Terms and Conditions

No Entitlement for Claims or Compensation. By accepting the award of PSUs, you consent to participation in the Plan, and acknowledge that you have received a copy of the Plan document. You understand that the Company has unilaterally, gratuitously and in its sole discretion decided to make awards of PSUs under the Plan to individuals who may be employees, consultants and directors throughout the world. The decision is limited and entered into based upon the express assumption and condition that any PSUs will not economically or otherwise bind the Company or any Parent, Subsidiary or Affiliate, including your employer, on an ongoing basis, other than as expressly set forth in the Agreement. Consequently, you understand that the Award is given on the assumption and condition that the PSUs shall not become part of any employment contract (whether with the Company or any Parent, Subsidiary or Affiliate, including your employer) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation) or any other right whatsoever. Furthermore, you understand and freely accept that there is no guarantee that any benefit whatsoever shall arise from the award, which is gratuitous and discretionary, since the future value of the PSUs and the underlying shares is unknown and unpredictable. You also understand that this Award would not be made but for the assumptions and conditions set forth hereinabove; thus, you understand, acknowledge and freely accept that, should any or all of the assumptions be mistaken or any of the conditions not be met for any reason, the Award, the PSUs and any right to the underlying shares shall be null and void.

Notifications

Exchange Control Information. You must declare the acquisition of Ordinary Shares to the Dirección General de Politica Comercial e Inversiones Exteriores ("DGPCIE") of the Ministerio de Economia for statistical purposes. You must also declare the ownership of any Ordinary

Shares with the Directorate of Foreign Transactions each January while the shares are owned. In addition, you wish to import the share certificates into Spain, you must declare the importation of such securities to the DGPCIE. As a general rule, all payments between Employee and non-residents should be performed through a Spanish Registered Entity (i.e., bank established in Spain).

When receiving foreign currency payments derived from the ownership of Ordinary Shares (i.e., dividends or sale proceeds), you must inform the financial institution receiving the payment of the basis upon which such payment is made. Should amounts exceed €12,500, you will need to provide the following information to the Spanish Registered Entity: (i) your name, address, and fiscal identification number; (ii) the name and corporate domicile of the Company; (iii) the amount of the payment and the currency used; (iv) the country of origin; (v) the reasons for the payment; and (vi) further information that may be required. Exceptions to this rule are when you move funds through a Spanish resident bank account opened abroad, or when collections and payments are carried out in cash. These exceptions, however, are subject to their own reporting requirements.

Tax Information. If you hold assets or rights outside of Spain (including shares acquired under the Plan), you may have to file an informational tax report with the tax authorities declaring such ownership. Generally, if the value of your foreign investments exceeds €50,000, you may have to file this informational return. Please note that reporting requirements are based on what you have previously disclosed and the increase in value of such and the total value of certain groups of foreign assets. Also, the thresholds for annual filing requirements may change each year. Therefore, you should consult your personal advisor regarding whether you will be required to file an informational tax report for asset and rights that you hold abroad.

Sweden

Terms and Conditions

The following shall apply in addition to what is set out under section 2.14 of the Award Agreement:

Forfeiture of entitlements under the Plan in case of termination shall apply in case of termination of employment regardless of whether such termination of employment may be justified under Swedish employment protection legislation, and regardless of whether such termination may be challenged by you, and regardless of whether such termination is invalidated by verdict or a court order.

Switzerland

No country specific provisions.

Turkey

Notifications

Securitities Law Informations. Under Turkish law, you are not permitted to sell Ordinary Shares acquired under the Plan in Turkey. The Ordinary Shares are currently traded on the Nasdaq Global Select Market, which is located outside of Turkey, under the ticker symbol “PRGO” and the Ordinary Shares may be sold through this exchange.

Ukraine

Notifications

Exchange Control Information. Exchange control rules change frequently and you should consult your personal advisor to determine whether you are required to obtain a license for obtaining shares of a foreign company from the National Bank of Ukraine (NBU).

Terms and Conditions

The Award will be outside the scope of your employment or service contract (if any) and as such will not constitute a part of your compensation package under the respective employment or service contract.

United Kingdom

Terms and Conditions

Income Tax and National Insurance Contribution Withholding. The following provision supplements the terms in the Agreement:

If payment or withholding of the income tax due in connection with the PSUs is not made within ninety (90) days of the end of the U.K. tax year in which the event giving rise to the income tax liability or such other period specified in Section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003 occurred (the “Due Date”), the amount of any uncollected income tax shall constitute a loan owed by you to your employer, effective as of the Due Date. You agree that the loan will bear interest at the then-current official rate of Her Majesty’s Revenue & Customs (“HMRC”), it shall be immediately due and repayable, and the Company or your employer may recover it at any time thereafter by any of the means referred to in Section 2.7 of the Agreement.

Notwithstanding the foregoing, if you are a director or executive officer of the Company (within the meaning of Section 13(k) of the U.S. Securities and Exchange Act of 1934, as amended), you will not be eligible for a loan from the Company or your employer to cover the income tax liability. In the event that you are a director or executive officer and the income tax is not collected from or paid by the Due Date, the amount of any uncollected income tax will constitute a benefit to you on which additional income tax and national insurance contributions (“NICs”) will be payable. You will be responsible for reporting any income tax for reimbursing the Company or your employer the value of any employee NICs due on this additional benefit.

* * * * *

EX-10.63

Exhibit 10.63

PERRIGO COMPANY PLC

NONQUALIFIED STOCK OPTION AGREEMENT

(Under the Perrigo Company plc 2013 Long-Term Incentive Plan)

TO:        Participant Name

RE:        Notice of Nonqualified Stock Option

This is to notify you that Perrigo Company plc (the “Company”) has granted you an Award under the Perrigo Company plc 2013 Long-Term Incentive Plan (the “Plan”), effective as of Grant Date (the “Grant Date”). This Award consists of a nonqualified stock option. The terms and conditions of this incentive are set forth in the remainder of this agreement (including any special terms and conditions set forth in any appendix for your country (“Appendix”) (collectively, the “Agreement”). The capitalized terms that are not otherwise defined in this Agreement shall have the meanings ascribed to such terms under the Plan.

SECTION 1

Nonqualified Stock Option

1.1    Grant of Option. As of the Grant Date, and subject to the terms and conditions of this Agreement and the Plan, the Company grants you a nonqualified stock option (the “Option”) to purchase Number of Awards Granted ordinary shares of the Company, nominal value €0.001 per share (“Ordinary Shares”), at a per share price of $ Grant Date FMV (the “Option Price”), which is equal to the Fair Market Value of such Ordinary Shares as of the Grant Date.

1.2    Timing and Duration of Exercise.

(a)    The Option shall vest with respect to the Shares awarded in Section 1.1 as follows following the Grant Date (each, a “Vesting Date”):____________________, with the vesting of any fractional shares frontloaded to the first such Vesting Date; provided, however, that you continue in the service of the Company from the Grant Date through the applicable Vesting Date. Subject to the requirements of subsection (b) below, vested Shares may be exercised after the applicable Vesting Date. Notwithstanding the foregoing, any portion of the Option that has not vested or been forfeited previously shall immediately vest in full upon, and, subject to subsection (b) below, may be exercised in whole or in part after (1) your Termination Date if your Termination Date occurs by reason of a Termination without Cause or a Separation for Good Reason on or after a Change in Control (as defined in the Plan and as such definition may be amended hereafter) and prior to the two (2) year anniversary of the Change in Control, or (2) your death, Disability, or Retirement.

(b)    Except as provided below, the vested Option must be exercised by you, if at all, while you are providing service to the Company or one of its Affiliates or within three months following your Termination Date, but in no event after Expiration Date (the “Expiration

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Date”). If your Termination Date occurs by reason of your Retirement, death or Disability, the Option may thereafter be exercised by you, or in the event of your death, by your estate or your designated beneficiary, or in the event of your Disability, by you or your legal representative, at any time prior to the Expiration Date. If you die after your Termination Date and during the period in which the Option is exercisable, the right to exercise the Option during such period will be governed by Plan Section 12(d)(4). If your Termination Date occurs because of an Involuntary Termination for Economic Reasons as determined by the Chief Executive Officer (or the Committee in the case of an Employee subject to Section 16 of the Exchange Act), the terms of Plan Section 12(b)(2) shall apply; provided, however, that if your Termination Date occurs for a reason that is both described in this sentence and in subsection (a) above, the special vesting rules described in subsection (a) shall apply in lieu of the vesting rules described in Plan Section 12(b)(2).

Any portion of the Option that is not vested pursuant to this Section 1.2 as of your employment Termination Date will be forfeited immediately. If the Option is not exercised as to all of the vested shares covered by the Option within the applicable time period and in the manner provided herein, the Option will terminate and will not be exercisable thereafter. In no event may the Option be exercised after the Expiration Date.

(c)    As used in this Section 1.2, the following terms shall have the meanings set forth below:

(1)    “Separation for Good Reason” means your voluntary resignation from the Company and the existence of one or more of the following conditions that arose without your consent: (i) a material change in the geographic location at which you are required to perform services, such that your commute between home and your primary job site increases by more than 30 miles,or (ii) a material diminution in your authority, duties or responsibilities or a material diminution in your base compensation or incentive compensation opportunities; provided, however, that a voluntary resignation from the Company shall not be considered a Separation for Good Reason unless you provide the Company with notice, in writing, of your voluntary resignation and the existence of the condition(s) giving rise to the separation within 90 days of its initial existence. The Company will then have 30 days to remedy the condition, in which case you will not be deemed to have incurred a Separation for Good Reason. In the event the Company fails to cure the condition within the 30 day period, your Termination Date shall occur on the 31st day following the Company’s receipt of such written notice.

(2)    “Termination without Cause” means the involuntary termination of your employment or contractual relationship by the Company without Cause, including, but not limited to, (i) a termination effective when you exhaust a leave of absence during, or at the end of, a notice period under the Worker Adjustment and Retraining Notification Act (“WARN”), and (ii) a situation where you are on an approved leave of absence during which your position is protected under applicable law (e.g., a leave under the Family Medical Leave Act), you return from such leave, and you cannot be placed in employment or other form of contractual relationship with the Company.

(Employee Univ NQSO)    Page 2 of 22

1.3    Method of Exercise. The vested Option, or any part of it, shall be exercised by written notice directed to the President, Chief Financial Officer or Secretary of the Company at the Company’s principal office in Allegan, Michigan, or by using other notification permitted by the Company. Such notice must satisfy the following requirements:

(a)    The notice must state the Grant Date, the number of Ordinary Shares subject to the Option, the number of Ordinary Shares with respect to which Option is being exercised, the person in whose name the stock certificate or certificates for such Ordinary Shares is to be registered and the person’s address and Social Security number (or if more than one person, the names, addresses and Social Security numbers of such persons).

(b)    The notice shall be accompanied by check, bank draft, money order or other cash payment, or by delivery of a certificate or certificates, properly endorsed, for Ordinary Shares that you have held for at least six months and that are equivalent in Fair Market Value on the date of exercise to the Option Price (or any combination of cash and shares), in full payment of the Option Price for the number of shares specified in the notice.

(c)    The notice must be signed by the person or persons entitled to exercise the Option and, if the Option is being exercised by any person or persons other than you, be accompanied by proof, satisfactory to the Committee, of the right of such person or persons to exercise the Option.

(d)    The Company may implement procedures for the electronic exercise of this Option, in which case the vested portion of this Option shall be exercisable in accordance with such procedures.

SECTION 2

General Terms and Conditions

2.1    Nontransferability. The Award under this Agreement shall not be transferable other than by will or by the laws of descent and distribution. During your lifetime, the Option granted under this Agreement shall be exercisable only by you or by your guardian or legal representative in the event of your Disability.

2.2    No Rights as a Stockholder. You shall not have any rights as a stockholder with respect to any Ordinary Shares subject to the Option prior to the date of issuance to you of a certificate or certificates for such shares.

2.3    Cause Termination. If your Termination Date occurs for reasons of Cause, all of your rights under this Agreement, whether or not vested, shall terminate immediately.

2.4    Award Subject to Plan. The granting of the Award under this Agreement is being made pursuant to the Plan and the Award shall be exercisable only in accordance with the applicable terms of the Plan. The Plan contains certain definitions, restrictions, limitations and other terms and conditions all of which shall be applicable to this Agreement. ALL THE

(Employee Univ NQSO)    Page 3 of 22

PROVISIONS OF THE PLAN ARE INCORPORATED HEREIN BY REFERENCE AND ARE MADE A PART OF THIS AGREEMENT IN THE SAME MANNER AS IF EACH AND EVERY SUCH PROVISION WERE FULLY WRITTEN INTO THIS AGREEMENT. Should the Plan become void or unenforceable by operation of law or judicial decision, this Agreement shall have no force or effect. Nothing set forth in this Agreement is intended, nor shall any of its provisions be construed, to limit or exclude any definition, restriction, limitation or other term or condition of the Plan as is relevant to this Agreement and as may be specifically applied to it by the Committee. In the event of a conflict in the provisions of this Agreement and the Plan, as a rule of construction the terms of the Plan shall be deemed superior and apply.

2.5    Adjustments in Event of Change in Ordinary Shares. In the event of a stock split, stock dividend, recapitalization, reclassification or combination of shares, merger, sale of assets or similar event, the number and kind of shares subject to Award under this Agreement, and the exercise price thereof, will be appropriately adjusted in an equitable manner to prevent dilution or enlargement of the rights granted to or available for you.

2.6    Acknowledgment. The Company and you agree that the Option is granted under and governed by the Notice of Grant, this Agreement (including the Appendix, if applicable) and by the provisions of the Plan (incorporated herein by reference). You: (i) acknowledge receipt of a copy of each of the foregoing documents, (ii) represent that you have carefully read and are familiar with their provisions, and (iii) hereby accept the Option subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice of Grant.

2.7    Taxes and Withholding.

(a)    Withholding (Only Applicable to Individuals Subject to U.S. Tax Laws). This Award is subject to the withholding of all applicable taxes. The Company may withhold, or permit you to remit to the Company, any Federal, state or local taxes applicable to the grant, vesting or other event giving rise to tax liability with respect to this Award. If you have not remitted the full amount of applicable withholding taxes to the Company by the date the Company is required to pay such withholding to the appropriate taxing authority (or such earlier date that the Company may specify to assist it in timely meeting its withholding obligations), the Company shall have the unilateral right to withhold Ordinary Shares relating to this Award in the amount it determines is sufficient to satisfy the tax withholding required by law. State taxes will be withheld at the appropriate rate set by the state in which you are employed or were last employed by the Company. In no event may the number of shares withheld exceed the number necessary to satisfy the maximum Federal, state and local income and employment tax withholding requirements. You may elect to surrender previously acquired Ordinary Shares or to have the Company withhold Ordinary Shares relating to this Award in an amount sufficient to satisfy all or a portion of the tax withholding required by law.

(b)    Responsibility for Taxes (Only Applicable to Individuals Subject to Tax Laws Outside the U.S.) Regardless of any action the Company or, if different, the Affiliate employing or retaining you takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related items related to your participation in the Plan and

(Employee Univ NQSO)    Page 4 of 22

legally applicable to you (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items is and remains your responsibility and may exceed the amount actually withheld by the Company or the Affiliate employing or retaining you. You further acknowledge that the Company and/or the Affiliate employing or retaining you (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Option, including, but not limited to, the grant, vesting or exercise of the Option, the subsequent sale of Ordinary Shares acquired pursuant to such exercise and the receipt of any dividends; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Option to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you have become subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable event, as applicable, you acknowledge that the Company and/or the Affiliate employing or retaining you (or formerly employing or retaining you, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

(1)     Prior to any relevant taxable or tax withholding event, as applicable, you will pay or make adequate arrangements satisfactory to the Company and/or the Affiliate employing or retaining you to satisfy all Tax-Related Items. In this regard, you authorize the Company and/or the Affiliate employing or retaining you, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following:

(A)    withholding from your wages or other cash compensation paid to you by the Company and/or the Affiliate employing or retaining you; or

(B)    withholding from proceeds of the sale of Ordinary Shares acquired upon exercise of the Option either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization); or

(C)    withholding in Ordinary Shares to be issued upon exercise of the Option.

(2)    To avoid negative accounting treatment, the Company may withhold or account for Tax-Related Items by considering applicable statutory withholding amounts or other applicable withholding rates. If the obligation for Tax-Related Items is satisfied by withholding in Ordinary Shares, for tax purposes, you are deemed to have been issued the full number of Ordinary Shares subject to the exercised Option, notwithstanding that a number of the Ordinary Shares are held back solely for the purpose of paying the Tax-Related Items.

(3)    Finally, you shall pay to the Company or the Affiliate employing or retaining you any amount of Tax-Related Items that the Company or the Affiliate employing or retaining you may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Ordinary Shares or the proceeds of the sale of Ordinary Shares, if you fail to comply with your obligations in connection with the Tax-Related Items.

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2.8    Compliance with Applicable Law. The issuance of Ordinary Shares will be subject to and conditioned upon compliance by the Company and you, including any written representations, warranties and agreements as the Administrator may request of you for compliance with all (i) applicable U.S. state and federal laws and regulations, (ii) applicable laws of the country where you reside pertaining to the issuance or sale of Ordinary Shares, and (iii) applicable requirements of any stock exchange or automated quotation system on which the Company’s Ordinary Shares may be listed or quoted at the time of such issuance or transfer. Notwithstanding any other provision of this Agreement, the Company shall have no obligation to issue any Ordinary Shares under this Agreement if such issuance would violate any applicable law or any applicable regulation or requirement of any securities exchange or similar entity.

2.9    Data Privacy.

(a)    U.S. Data Privacy Rules (Only Applicable if this Award is Subject to U.S. Data Privacy Laws). By entering into this Agreement and accepting this Award, you (a) explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of any of your personal data that is necessary to facilitate the implementation, administration and management of the Award and the Plan, (b) understand that the Company may, for the purpose of implementing, administering and managing the Plan, hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, and details of all awards or entitlements to Shares granted to you under the Plan or otherwise (“Personal Data”), (c) understand that Personal Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, including any broker with whom the Shares issued upon vesting or exercise of the Award may be deposited, and that these recipients may be located in your country or elsewhere, and that the recipient’s country may have different data privacy laws and protections than your country, (d) waive any data privacy rights you may have with respect to the data, and (e) authorize the Company, its Affiliates and its agents, to store and transmit such information in electronic form.

(b)    Non-U.S. Data Privacy Rules (Only Applicable if this Award is Subject to Data Privacy Laws Outside of the U.S.)

(1)    By entering into this Agreement and accepting this Award, you hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement and any other Option grant materials by and among, as applicable, the Affiliate employing or retaining you, the Company and its Affiliates for the exclusive purpose of implementing, administering and managing your participation in the Plan.

(2)    You understand that the Company and the Affiliate employing or retaining you may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Ordinary Shares or directorships held in the Company, details of Option or any other entitlement to Ordinary Shares awarded, canceled,

(Employee Univ NQSO)    Page 6 of 22

exercised, vested, unvested or outstanding in your favor, for the exclusive purpose of implementing, administering and managing the Plan (“Data”).

(3)    You understand that Data will be transferred to legal counsel or a broker or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. You understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than your country of residence. You understand that if you reside outside the United States, you may request a list with the names and addresses of any potential recipients of the Data by contacting your local or Company human resources representative. You authorize the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing your participation in the Plan. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan. You understand that if you reside outside the United States, you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local or Company human resources representative. You understand, however, that refusing or withdrawing your consent may affect your ability to participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local or Company human resources representative.

2.10    Successors and Assigns. This Agreement shall be binding upon any or all successors and assigns of the Company.

2.11    Applicable Law. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Michigan without regard to principals of conflict of laws. Any proceeding related to or arising out of this Agreement shall be commenced, prosecuted or continued in the Circuit Court in Kent County, Michigan located in Grand Rapids, Michigan or in the United Stated District Court for the Western District of Michigan, and in any appellate court thereof.

2.12    Repayment of Option Gain/Forfeiture of Options. If the Company, as a result of misconduct, is required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement under the securities laws, then (a) if your equity compensation is subject to automatic forfeiture due to such misconduct and restatement under Section 304 of the Sarbanes-Oxley Act of 2002, or (b) the Committee determines you either knowingly engaged in or failed to prevent the misconduct, or your actions or inactions with respect to the misconduct and restatement constituted gross negligence, you shall (i) be required to reimburse the Company for any gain associated with any Option exercised during the twelve month period following the first public issuance or filing with the SEC (whichever first occurred)

(Employee Univ NQSO)    Page 7 of 22

of the financial document embodying such financial reporting requirement, and (ii) any outstanding Options shall be immediately forfeited.

2.13    Special Rules for Non-U.S. Grantees (Only Applicable if You Reside Outside of the U.S.)

(a)    Nature of Grant. In accepting the grant, you acknowledge, understand and agree that:

(1)    the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, except as otherwise provided in the Plan.

(2)    the grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future Option grants, or benefits in lieu of the Option, even if the Option has been granted repeatedly in the past;

(3)    all decisions with respect to future Option grants, if any, will be at the sole discretion of the Company;

(4)    you are voluntarily participating in the Plan;

(5)    the Option and the Ordinary Shares subject to the Option are an extraordinary item and which is outside the scope of your employment or service contract, if any;

(6)    the Option and the Ordinary Shares subject to the Option are not intended to replace any pension rights or compensation;

(7)    the Option and the Ordinary Shares subject to the Option are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company, the Affiliate employing or retaining you or any other Affiliate;

(8)    the grant and your participation in the Plan will not be interpreted to form an employment or service contract with the Company or any Affiliate;

(9)    the future value of the underlying Ordinary Shares is unknown, indeterminable and cannot be predicted with certainty;

(10)    no claim or entitlement to compensation or damages shall arise from forfeiture of the Option resulting from your Termination Date (for any reason whatsoever, whether or not later found to be invalid and whether or not in breach of employment laws in the jurisdiction where you are employed or rendering services, or the terms of your employment agreement, if any), and in consideration of the grant of the Option to which you are otherwise not entitled, you irrevocably agree never to institute any claim against the Company or the Affiliate

(Employee Univ NQSO)    Page 8 of 22

employing or retaining you, waive your ability, if any, to bring any such claim, and release the Company and the Affiliate employing or retaining you from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim; and

(11)    you acknowledge and agree that neither the Company, the Affiliate employing or retaining you nor any other Affiliate shall be liable for any foreign exchange rate fluctuation between the currency of the country in which you reside and the United States Dollar that may affect the value of the Option or of any amounts due to you pursuant to the settlement of the Option or the subsequent sale of any Ordinary Shares acquired upon settlement.

(b)    Appendix. Notwithstanding any provisions in this Agreement, the Option grant shall be subject to any special terms and conditions set forth in any Appendix to this Agreement for your country. Moreover, if you relocate to one of the countries included in the Appendix, the special terms and conditions for such country will apply to you, to the extent the Company determines that the application of such provisions is necessary or advisable in order to comply with laws of the country where you reside or to facilitate the administration of the Plan. If you relocate to the United States, the special tersm and conditions in the Appendix will apply, or cease to apply, to you, to the extent the Company determines that the application or otherwise of such provisions is necessary or advisable in order to facilitate the administration of the Plan. The Appendix constitutes part of this Agreement.

(c)    Imposition of Other Requirements. The Company reserves the right to impose other requirements on your participation in the Plan, on the Option and on any Ordinary Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with laws of the country where you reside or to facilitate the administration of the Plan, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

****

We look forward to your continuing contribution to the growth of the Company. Please acknowledge your receipt of the Plan and this Award.

Very truly yours,

Print Name: ___________________________

Title:_________________________________

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APPENDIX

PERRIGO COMPANY PLC

Additional Terms and Provisions to Nonqualified Stock Option Agreement

Terms and Conditions

This Appendix (the “Appendix”) includes additional terms and conditions that govern the nonqualified stock option (“Option”) granted to you under the Plan if you reside in one of the countries listed below. Certain capitalized terms used but not defined in this Appendix have the meanings set forth in the Plan and/or the Agreement. The Award will not create any entitlement to receive any similar benefit in the future.

Notifications

This Appendix also includes country-specific information of which you should be aware with respect to your participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of January 2018. Such laws are often complex and change frequently. As a result, the Company strongly recommends that you do not rely on the information noted herein as the only source of information relating to the consequences of your participation in the Plan because the information may be out of date at the time that your stock options vest, or are exercised and Ordinary Shares are issued to you or when you sell Ordinary Shares acquired under the plan.

In addition, the information is general in nature and may not apply to your particular situation, and the Company is not in a position to assure you of any particular result. Accordingly, you are advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your particular situation. Finally, please note that if you are a citizen or resident of a country other than the country in which you are currently working, or transfers employment after grant, the information contained in the Appendix may not be applicable.

Australia

Notifications

Securities Information. If you acquire shares pursuant to the Option and you offer the shares for sale to a person or entity resident in Australia, then the offer may be subject to disclosure requirements under Australian law. You should obtain legal advice on your disclosure obligations prior to making any such offer. If at the time of vesting, the Company determines that it is not legal under Australian securities laws to issue shares, the outstanding Units will be cancelled and no shares will be issued to you nor will any benefits in lieu of shares be paid to you.

Exchange Control Information. Exchange control reporting is required for cash transactions exceeding AUD10,000 and for international fund transfers. The Australian bank assisting with

(Employee Univ NQSO)    Page 10 of 22

the transaction will file the report for you. If there is no Australian bank involved in the transfer, you will have to file the report.

Austria

Notifications

Exchange Control Information. If you hold Ordinary Shares outside of Austria, you must submit a report to the Austrian National Bank. An exemption applies if the value of the shares as of any given quarter does not exceed €30,000,000 or as of December 31 does not exceed €5,000,000. If the former threshold is exceeded, quarterly obligations are imposed, whereas if the latter threshold is exceeded, annual reports must be given. The annual reporting date is as of December 31 and the deadline for filing the annual report is March 31 of the following year. If quarterly obligations are imposed, the reporting date is the end of each quarter and the deadline for filing the report is the 15th of the month following.

When shares are sold, there may be exchange control obligations if the cash received is held outside Austria. If the transaction volume of all your accounts abroad exceeds €3,000,000, the movements and balances of all accounts must be reported monthly, as of the last day of the month, on or before the fifteenth day of the following month with the form “Meldungen SI-Forderungen und/oder SI-Verpflichtungen.”

Belgium

Notifications

Tax Information. If you accept this Agreement within sixty (60) days of the date that the material terms of the grant are communicated to you in writing (“Offer Date”), you will be subject to tax on the Offer Date. If you accept this Agreement later than sixty (60) days after the Offer Date, you will be subject to tax when you exercise your Option.

Foreign Asset/Account Reporting Information. You are required to report any security or bank accounts (including brokerage accounts) you maintain outside of Belgium on your annual tax return. In a separate report, you are required to provide the National Bank of Belgium with certain details regarding such foreign accounts (including the account number, bank name and country in which any such account was opened). This report, as well as additional information on how to complete it, can be found on the website of the National Bank of Belgium, www.nbb.be, under Kredietcentrales / Centrales des crédits caption.

Bermuda

Terms and Conditions

The Award Agreement is not subject to and has not received approval from the Bermuda Monetary Authority and the Registrar of Companies in Bermuda, and no statement to the contrary, explicit or implicit, is authorized to be made in this regard. The securities may be

(Employee Univ NQSO)    Page 11 of 22

offered or sold in Bermuda only in compliance with the provisions of the Investment Business Act 2003 of Bermuda.

Brazil

Terms and Conditions

Labor Law Acknowledgment. You agree that, for all legal purposes, (i) the benefits provided under the Plan are the result of commercial transactions unrelated to your employment; (ii) the Plan is not a part of the terms and conditions of your employment; and (iii) the income from the Option, if any, is not part of your remuneration from employment.

Notifications

Compliance with Law. By accepting the Option,you agree to comply with Brazilian law when the Option vest and the shares are sold. You also agree to report and pay any and all taxes associated with the vesting of the Option, the sale of the Option acquired pursuant to the Plan, and the receipt of any dividends.

Exchange Control Information. If you are a resident or domiciled in Brazil and hold assets and rights outside Brazil with an aggregate value exceeding US$100,000, you will be required to prepare and submit to the Central Bank of Brazil an annual declaration of such assets and rights. Assets and rights that must be reported include the Option. If you engage in a cash exercise, you should contact your bank to determine the appropriate documentation to be completed to effect a transfer of currency outside of Brazil for the purchase of Shares.

Czech Republic

Notifications

Exchange Control Information. The Czech National Bank may require you to report the Option and or Ordinary Shares received and the opening and maintenance of a foreign account. However, because exchange control regulations change frequently and without notice, you should consult your personal legal advisor prior to the exercise of the Option to ensure your compliance with current regulations. It is your responsibility to comply with applicable Czech exchange control laws.

Estonia

No country specific provisions.

Finland

No country specific provisions.

France

Terms and Conditions

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Consent to Receive Information in English. By accepting the Option, you confirm having read and understood the Plan and the Agreement, which were provided in the English language. You accept the terms of those documents accordingly.

En acceptant cette attribution gratuite d'actions, vous confirmez avoir lu et comprenez le Plan et ce Contrat, incluant tous leurs termes et conditions, qui ont été transmis en langue anglaise. Vous acceptez les dispositions de ces documents en connaissance de cause.

Notifications

Tax Reporting Information.If you hold Ordinary Shares outside of France or maintain a foreign bank account, you are required to report such to the French tax authorities when you file your annual tax return.

Tax Information. The Options are not intended to qualify as a French tax qualified stock options under French tax law.

Germany

Notifications

Exchange Control Information. Cross-border payments in excess of €12,500 must be reported monthly to the German Federal Bank. If you use a German bank to transfer a cross-border payment in excess of €12,500 in connection with the sale of shares acquired under the Plan, the bank will make the report for you.

Greece

Notifications

Exchange Control Information. If you withdraw funds in excess of €15,000 from a bank in Greece to exercise your Option and remit those funds out of Greece, you may be required to submit certain documentation/ information to the Greek bank to ensure that the transfer is not in violation of Greek anti-money laundering rules.

Hungary

No country specific provisions.

India

Notifications

Exchange Control Notification. You must repatriate all proceeds received from the sale of the shares to India within 90 days after sale. You will receive a foreign inward remittance certificate (“FIRC”) from the bank where you deposit the foreign currency. You should maintain the FIRC

(Employee Univ NQSO)    Page 13 of 22

as evidence of the repatriation of funds in the event that the Reserve Bank of India or the employer requests proof of repatriation.

Tax Information. The amount subject to tax at exercise will partially be dependent upon a valuation that the Company or your employer will obtain from a Merchant Banker in India. Neither the Company nor your employer has any responsibility or obligation to obtain the most favorable valuation possible, nor obtain valuations more frequently than required under Indian tax law.

Foreign Asset/Account Reporting Information. You are required to declare in your annual tax return (a) any foreign assets held by you (e.g., Ordinary Shares acquired under the Plan and, possibly, the Award), and (b) any foreign bank accounts for which you have signing authority.

Ireland

Notifications

Director Notification Obligation. If you are a director, shadow director or secretary of the Company's Irish Subsidiary or Affiliate, you must notify the Irish Subsidiary or Affiliate in writing within five business days of receiving or disposing of an interest exceeding 1%in the Company (e.g., Option, shares, etc.), or within five business days of becoming aware of the event giving rise to the notification requirement or within five days of becoming a director or secretary if such an interest exists at the time. This notification requirement also applies with respect to the interests of a spouse or children under the age of 18 (whose interests will be attributed to the director, shadow director or secretary).

Italy

Terms and Conditions

Data Privacy Notice. The following provision supplements the terms in the Agreement:

You understand that your employer and/or the Company may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social security number (or any other social or national identification number), salary, nationality, job title, number of shares held and the details of all Options or any other entitlement to shares awarded, cancelled, exercised, vested, unvested or outstanding (the “Data”) for the purpose of implementing, administering and managing your participation in the Plan. You are aware that providing the Company with the Data is necessary for the performance of this Agreement and that your refusal to provide such Data would make it impossible for the Company to perform its contractual obligations and may affect your ability to participate in the Plan.

The "Controller" of personal data processing is Perrigo Company, plc, with registered offices at Allegan, Michigan USA, and, pursuant to D.lgs 196/2003, its representative in Italy is Chefaro Pharma Italia Srl with its registered address at Viale Castello della Magliana 18, 00148 Rome,

(Employee Univ NQSO)    Page 14 of 22

Italy. You understand that the Data may be transferred to the Company or any of its subsidiaries or affiliates, or to any third parties assisting in the implementation, administration and management of the Plan, including any transfer required to a broker or other third party with whom shares acquired pursuant to the exercise of the Option or cash from the sale of shares acquired pursuant to the Plan may be deposited. Furthermore, the recipients that may receive, possess, use, retain and transfer such Data for the above mentioned purposes may be located in Italy or elsewhere, including outside of the European Union and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than Italy. The processing activity, including the transfer of your personal data abroad, outside of the European Union, as herein specified and pursuant to applicable laws and regulations, does not require your consent thereto as the processing is necessary for the performance of contractual obligations related to the implementation, administration and management of the Plan. You understand that Data processing relating to the purposes above specified shall take place under automated or non-automated conditions, anonymously when possible, that comply with the purposes for which Data are collected and with confidentiality and security provisions as set forth by applicable laws and regulations, with specific reference to D.lgs. 196/2003.

You understand that Data will be held only as long as is required by law or as necessary to implement, administer and manage your participation in the Plan. You understand that pursuant to art.7 of D.lgs 196/2003, you have the right, including but not limited to, access, delete, update, request the rectification of your personal Data and cease, for legitimate reasons, the Data processing. Furthermore, you are aware that your Data will not be used for direct marketing purposes.

Plan Document Acknowledgment. In accepting the Option, you acknowledge that you have received a copy of the Plan and the Agreement and have reviewed the Plan and the Agreement, including this Appendix, in their entirety and fully understand and accept all provisions of the Plan and the Agreement, including this Appendix.

Notifications

Tax/Exchange Control Information. You are required to report on your annual tax return: (a) any transfers of cash or shares to or from Italy; (b) any foreign investments or investments (including the Ordinary Shares issued at exercise of the Option, cash or proceeds from the sale of shares acquired under the Plan) held outside of Italy, if the investment may give rise to income in Italy (this will include reporting the Ordinary Shares issued at exercise of the Option if the fair market value of such Ordinary Shares combined with other foreign assets); and (c) the amount of the transfers to and from abroad which have had an impact during the calendar year on your foreign investments or investments held outside of Italy. You are exempt from the formalities in (a) if the investments are made through an authorized broker resident in Italy, as the broker will comply with the reporting obligation on your behalf.

Kazakhstan

Notifications

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Exchange Control Information. Exchange control rules change frequently and you should consult your personal advisor to determine whether you are required to report the acquisition of shares of a foreign company to the National Bank of Kazakhstan.

Latvia

No country specific provisions.

Lithuania

No country specific provisions.

Luxembourg

Notifications

Exchange Control Information. You are required to report any inward remittances of funds to the Banque Central de Luxembourg and/or the Service Central de La Statistique et des Etudes Economiques. If a Luxembourg financial institution is involved in the transaction, it generally will fulfill the reporting obligation on your behalf.

Mexico

Terms and Conditions

Modification. By accepting the Option, you understand and agree that any modification of the Plan or the Agreement or its termination shall not constitute a change or impairment of the terms and conditions of employment.

Plan Document Acknowledgment. By accepting the award of the Option, you acknowledge that you have received copies of the Plan, have reviewed the Plan and the Agreement in their entirety and fully understand and accept all provisions of the Plan and the Agreement.

In addition, by signing the Agreement, you further acknowledge that you have read and specifically and expressly approve the terms and conditions in the Agreement, in which the following is clearly described and established:

(i) Participation in the Plan does not constitute an acquired right;

(ii) The Plan and participation in the Plan is offered by the Company on a wholly discretionary basis;

(iii) Participation in the Plan is voluntary; and

(iv) The Company and any Parent, Subsidiary or Affiliates are not responsible for any decrease in the value of the shares underlying the options.

Labor Law Acknowledgement and Policy Statement. In accepting the Options, you expressly recognize the Company is solely responsible for the administration of the Plan and that your participation in the Plan and acquisition of Ordinary Shares does not constitute an employment

(Employee Univ NQSO)    Page 16 of 22

relationship between you and the Company since you are participating in the Plan on a wholly commercial basis and on a wholly commercial basis and your sole employer is Perrigo de Mexico S.A. De C.V. (“Perrigo Mexico”). Based on the foregoing, you expressly recognize that the Plan and the benefits that you may derive from participation in the Plan do not establish any rights between you and your employer, Perrigo Mexico, and do not form part of the employment conditions and/or benefits provided by Perrigo Mexico and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of your employment.

You further understand that your participation in the Plan is as a result of a unilateral and discretionary decision of the Company; therefore, the Company reserves the absolute right to amend and/or discontinue your participation at any time without any liability to you.

Finally, you hereby declare that you do not reserve any action or right to bring any claim against the Company for any compensation or damages as a result of your participation in the Plan and therefore grant a full and broad release to the Employer, the Company and any Parent, Subsidiary or Affiliates with respect to any claim that may arise under the Plan.

Spanish Translation

Modificaciόn. Al aceptar las Opciones de Acción (las Opciones) usted entiende y esta de acuerdo que cualquier modificación del plan o del acuerdo o su terminación no constituirá un cambio o detrimento de los términos y condiciones de su empleo.

Confirmación del Documento del Plan. Al aceptar el otorgamiento de las Opciones, usted reconoce que ha recibido copias y ha revisado dicho acuerdo en su totalidad y que ha entendido y aceptado completamente todas las disposiciones contenidas en el Plan y en el Acuerdo.

Adicionalmente, al firmar el acuerdo, usted reconoce que ha leído, y aprobado de manera específica y expresa los términos y condiciones en el acuerdo en el que se describe y establece claramente los siguiente:

(i) La participación en el Plan no constituye un derecho adquirido; 

(ii) El plan y la participación en el mismo, son ofrecidos por la Compañía de manera totalmente discrecional; 

(iii) La participación en el Plan es voluntaria; y

(iv) La Compañía, y cualquier Sociedad controladora, Subsidiaria o Filiales no son responsables por ningún decremento en el valor de las Acciones.

Constancia de aceptación de la ley laboral y declaración de la política.  Al aceptar las Opciones, usted reconoce expresamente que la Compañía, es la única responsable de la administración del Plan, y que su participación en el Plan y la adquisición de las acciones comunes no constituyen una relación de trabajo entre usted y la Compañía dado que usted participa en el Plan de manera completamente comercial y el único empleador que tiene es Perrigo de México, S.A. de C.V. (« Perrigo de Mexico »). Con base en lo anterior, usted reconoce expresamente que el Plan y los beneficios que usted pueda obtener de la participación en el Plan, no establecen ningún derecho entre usted y su empleador Perrigo de México y no forman parte

(Employee Univ NQSO)    Page 17 of 22

de las condiciones de trabajo ni de las prestaciones ofrecidas por Perrigo de México y cualquier modificación del Plan o la terminación de éste, no constituyen un cambio o deterioro de los términos y condiciones de su trabajo.

Además, usted comprende que su participación en el Plan es el resultado de una decisión unilateral y discrecional de la Compañía; por lo tanto, la Compañía se reserva el derecho absoluto de modificar y/o interrumpir la participación de usted en cualquier momento sin ninguna responsabilidad para usted.

Finalmente, usted declara que no se reserva ninguna acción o derecho de presentar algún reclamo o demanda en contra de la Compañía por compensación, daño o perjuicio alguno como resultado de su participación en el Plan, en consecuencia, otorga el más amplio finiquito al Empleador, así como a la Compañía, a su Sociedad controladora, Subsidiaria o Filiales con respecto a cualquier demanda que pudiera originarse en virtud del Plan.

Netherlands

Notifications

Insider-Trading Notification. Dutch insider-trading rules prohibit you from effectuating certain transactions involving shares if you have inside information about the Company. If you are uncertain whether the insider-trading rules apply to you, you should consult your personal legal advisor.

Norway

No country specific provisions.

Poland

Terms and Conditions

Consent to Receive Information in English. By accepting the Option, you confirm having read and understood the Plan and the Agreement, which were provided in the English language. You accept the terms of those documents accordingly.

Notifications

Exchange Control Information. If you hold foreign securities (including shares) and maintain accounts abroad, you may be required to file certain reports with the National Bank of Poland. Specifically, if the value of securities and cash held in such foreign accounts exceeds PLN 7,000,000 at the end of the year, you must file reports on the transactions and balances of the accounts on a quarterly basis by the 20th day of the month following the end of each quarter and an annual report by no later than January 30 of the following calendar year. Such reports are filed on special forms available on the website of the National Bank of Poland. Additionally, if you are a Polish citizen and you transfer funds abroad in excess of the PLN equivalent of €15,000, the transfer must be made through an authorized bank, a payment institution or an electronic money institution authorized to render payment services.

(Employee Univ NQSO)    Page 18 of 22

Furthermore, at the banks’ request, you may be required to inform eligible banks, within the meaning of the Foreign Exchange Act, about all foreign exchange transactions performed through them.

You are also required to retain the documents connected with foreign exchange transactions for a period of five years, as measured from the end of the year in which such transaction occurred.

Portugal

Terms and Conditions

Language Consent. You hereby expressly declare that you have full knowledge of the English language and have read, understood and fully accepted and agreed with the terms and conditions established in the Plan and Award Agreement.

Conhecimento da Lingua. O Contratado, pelo presente instrumento, declara expressamente que tem pleno conhecimento da língua inglesa e que leu, compreendeu e livremente aceitou e concordou com os termos e condições estabelecidas no Plano e no Acordo de Atribuição (Award Agreement em inglês).

Notifications

Exchange Control Information. If you receive shares upon exercise, the acquisition of the shares should be reported to the Banco de Portugal, for statistical purposes, if you perform economic, financial, or foreign exchange operations, and the volume of activity is greater than EUR 100,000. If the shares are deposited with a commercial bank or financial intermediary in Portugal, such bank or financial intermediary will submit the report on your behalf. If the shares are not deposited with a commercial bank or financial intermediary in Portugal, you are responsible for submitting the report to the Banco de Portugal.

Romania

Notifications

Exchange Control Information. If you acquire more than 10% of the share capital in a foreign entity, the acquisition is required tobe reported to the National Bank of Romania (“NBR”) for statistical purposes. You should consult your personal advisor to determine whether you will be required to submit such documentation to the NBR.

Insider-Trading Notification. Romanian insider-trading rules prohibit you from effectuating certain transactions involving shares if you have inside information about the Company. If you are uncertain whether the insider-trading rules apply to you, you should consult your personal legal advisor.

Serbia

No country specific provisions.

(Employee Univ NQSO)    Page 19 of 22

Slovakia

No country specific provisions.

Slovenia

No country specific provisions.

South Africa

Terms and Conditions

Tax Information. By accepting the Option, you agree that, immediately upon exercise of the Option, you may need to notify your employer of the amount of any gain realized. If you fail to advise your employer of the gain realized upon exercise, you may be liable for a fine. You will be solely responsible for paying any difference between the actual tax liability and the amount withheld by your employer. It is recommended that you consult with your personal tax advisor with respect to your requirements.

Notifications

Exchange Control Information. You are required to obtain approval from the exchange control authorities to participate in the Plan. You are strongly advised to consult your personal advisor prior to exercising your Option to ensure compliance with current regulations.

Spain

Terms and Conditions

No Entitlement for Claims or Compensation. By accepting the Option, you consent to participation in the Plan, and acknowledge that you have received a copy of the Plan document. You understand that the Company has unilaterally, gratuitously and in its sole discretion decided to make awards of Options under the Plan to individuals who may be employees, consultants and directors throughout the world. The decision is limited and entered into based upon the express assumption and condition that any Option will not economically or otherwise bind the Company or any Parent, Subsidiary or Affiliate, including your employer, on an ongoing basis, other than as expressly set forth in the Agreement. Consequently, you understand that the Award is given on the assumption and condition that the Option shall not become part of any employment contract (whether with the Company or any Parent, Subsidiary or Affiliate, including your employer) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation) or any other right whatsoever. Furthermore, you understand and freely accept that there is no guarantee that any benefit whatsoever shall arise from the award, which is gratuitous and discretionary, since the future value of the Option and the underlying shares is unknown and unpredictable. You also understand that this Award would not be made but for the assumptions and conditions set forth hereinabove; thus, you understand, acknowledge and freely accept that, should any or all of the assumptions be mistaken or any of the conditions not be met for any reason, the Award, the Option and any right to the underlying shares shall be null and void.

(Employee Univ NQSO)    Page 20 of 22

Notifications

Exchange Control Information. You must declare the acquisition of Ordinary Shares to the Dirección General de Politica Comercial e Inversiones Exteriores ("DGPCIE") of the Ministerio de Economia for statistical purposes. You must also declare the ownership of any Ordinary Shares with the Directorate of Foreign Transactions each January while the shares are owned. In addition, you wish to import the share certificates into Spain, you must declare the importation of such securities to the DGPCIE. As a general rule, all payments between Employee and non-residents should be performed through a Spanish Registered Entity (i.e., bank established in Spain).

When receiving foreign currency payments derived from the ownership of Ordinary Shares (i.e., dividends or sale proceeds), you must inform the financial institution receiving the payment of the basis upon which such payment is made. Should amounts exceed €12,500, you will need to provide the following information to the Spanish Registered Entity: (i) your name, address, and fiscal identification number; (ii) the name and corporate domicile of the Company; (iii) the amount of the payment and the currency used; (iv) the country of origin; (v) the reasons for the payment; and (vi) further information that may be required. Exceptions to this rule are when you move funds through a Spanish resident bank account opened abroad, or when collections and payments are carried out in cash. These exceptions, however, are subject to their own reporting requirements.

Tax Information. If you hold assets or rights outside of Spain (including shares), you may have to file an informational tax report with the tax authorities declaring such ownership. Generally, if the value of your foreign investments exceeds €50,000, you may have to file this informational return. Please note that reporting requirements are based on what you have previously disclosed and the increase in value of such and the total value of certain groups of foreign assets. Also, the thresholds for annual filing requirements may change each year. Therefore, you should consult your personal advisor regarding whether you will be required to file an informational tax report for asset and rights that you hold abroad.

Sweden

No country specific provisions.

Switzerland

No country specific provisions.

Turkey

Notifications

Securitities Law Informations. Under Turkish law, you are not permitted to sell Ordinary Shares acquired under the Plan in Turkey. The Ordinary Shares are currently traded on the Nasdaq Global Select Market, which is located outside of Turkey, under the ticker symbol “PRGO” and the Ordinary Shares may be sold through this exchange.

Ukraine

(Employee Univ NQSO)    Page 21 of 22

Notifications

Exchange Control Information. You may be required toobtain a license for obtaining shares of a foreign company from the National Bank of Ukraine (NBU). You are strongly encouraged to consult a personal advisor to ensure compliance with the exchange control restrictions prior to exercising your Option.

Terms and Conditions

The Award will be outside the scope of your employment or service contract (if any) and as such will not constitute a part of your compensation package under the respective employment or service contract.

United Kingdom

Terms and Conditions

Income Tax and National Insurance Contribution Withholding. The following provision supplements the terms in the Agreement:

If payment or withholding of the income tax due in connection with the Option is not made within ninety (90) days of the end of the U.K. tax year in which the event giving rise to the income tax liability or such other period specified in Section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003 occurred (the “Due Date”), the amount of any uncollected income tax shall constitute a loan owed by you to your employer, effective as of the Due Date. You agree that the loan will bear interest at the then-current official rate of Her Majesty’s Revenue & Customs (“HMRC”), it shall be immediately due and repayable, and the Company or your employer may recover it at any time thereafter by any of the means referred to in Section 2.7 of the Agreement.

Notwithstanding the foregoing, if you are a director or executive officer of the Company (within the meaning of Section 13(k) of the U.S. Securities and Exchange Act of 1934, as amended), you will not be eligible for a loan from the Company or your employer to cover the income tax liability. In the event that you are a director or executive officer and the income tax is not collected from or paid by the Due Date, the amount of any uncollected income tax will constitute a benefit to you on which additional income tax and national insurance contributions (“NICs”) will be payable. You will be responsible for reporting any income tax for reimbursing the Company or your employer the value of any employee NICs due on this additional benefit.

* * * * *

(Employee Univ NQSO)    Page 22 of 22

EX-10.68

Exhibit 10.68

AMENDMENT NO. 1

TO

EMPLOYMENT AGREEMENT

The Employment Agreement made and entered into effective January 15, 2018 (the “Agreement”), by and between Perrigo Pharma International DAC, whose registered office is Treasury Building, Lower Grand Canal Street, Dublin 2 (the “Company”), and Uwe Röhrhoff (“Executive”), is hereby amended by this Amendment No. 1, effective as of January 26, 2018 (this “Amendment”).

WHEREAS, the Company and Executive desire to amend the Agreement in order to provide adequate time for Executive’s orderly resignation from the for-profit boards on which he sat prior to his entering into the Agreement.

NOW, THEREFORE, for good and valuable consideration, the receipt of which is acknowledged, Executive and the Company agree as follows:

1. The second sentence of Paragraph 2(c) of the Agreement (“Standard of Services”) is amended and restated in its entirety, as follows:

“As soon as reasonably practicable following the Effective Date, but in any event on or prior to May 31, 2018, Executive shall resign from all boards of directors of for-profit entities on which he sits.”

2. This Amendment may be executed in counterparts and each counterpart will be deemed an original.

3. Except as expressly provided herein, the Agreement shall remain unaltered and of full force and effect.

[Signature Page Follows]

IN WITNESS WHEREOF, this Amendment has been duly executed by the parties as of the date written above.

EXECUTIVE
/s/ Uwe Röhrhoff
Name:	Uwe Röhrhoff
Title:	President and Chief Executive Officer,
Perrigo Pharma International DAC and Perrigo
Company plc

COMPANY
/s/ Todd W. Kingma
Name:	Todd W. Kingma
Title:	Executive Vice President, General
Counsel, and Secretary

EX-10.69

Date: January 17, 2018

Svend Andersen

Executive

Wrafton Laboratories Limited

Company

Employment Agreement

Employment Agreement, dated January 17, 2018 between:

1. Svend Andersen of 126 Harley Street, Flat 4, Marylebone, W2G 7JS, London, UK (the “Executive”); and

2.    Wrafton Laboratories Limited incorporated and registered in England and Wales with company number 2638733 whose registered office is Braunton, North Devon, EX33 2DL (the “Company”).

This document (the “Agreement”) sets out the entire terms of the Executive’s Appointment with the Company, including those particulars which the Company is required to provide by statute.

AGREED TERMS

1. INTERPRETATION

1.1 The definitions and rules of interpretation in this Clause 1 apply in this agreement.

Appointment: the employment of the Executive by the Company on the terms of this Agreement.

Board: the board of directors of the Company (including any committee of the board duly appointed by it).

Capacity: as agent, consultant, director, employee, owner, partner, shareholder or in any other capacity.

Commencement Date: January 1, 2018

Confidential Information: information (whether or not recorded in documentary form, or stored on any magnetic or optical disk or memory) relating to the business, products, affairs and finances of any Group Company for the time being confidential to any Group Company and trade secrets.

Executive’s family: the Executive’s spouse or civil partner and children under the age of 18.

Garden Leave: any period during which the Company has exercised its rights under Clause 23.

Group Company: the Company, its Subsidiaries or Holding Companies from time to time and any Subsidiary of any Holding Company from time to time.

Incapacity: any sickness, injury or other medical disorder or condition which prevents the Executive from carrying out his duties.

Intellectual Property Rights: patents, utility models, rights to Inventions, copyright and neighbouring and related rights, moral rights, trade marks and service marks, business names and domain names, rights in get-up and trade dress, goodwill and the right to sue for passing off or unfair competition, rights in designs, rights in computer software, database rights, rights to use, and protect the confidentiality of, confidential information (including know-how and trade secrets) and all other intellectual property rights, in each case whether registered or unregistered and including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world.

Invention: any invention, idea, discovery, development, improvement or innovation, whether or not patentable or capable of registration, and whether or not recorded in any medium.

Restricted Business: those parts of the business of the Company and any Group Company with which the Executive was involved to a material extent in the 12 months before Termination.

Restricted Customer: any firm, company or person who, during the 12 months before Termination, was a customer or prospective customer of or was in the habit of dealing with the Company or any Group Company with whom the Executive had contact or about whom he became aware or informed in the course of employment.

Restricted Person: anyone employed or engaged by the Company or any Group Company and with whom the Executive dealt in the 12 months before Termination in the course of employment.

Employee Handbook: the Company's staff handbook as amended from time to time.

Subsidiary and Holding Company: in relation to a company mean "subsidiary" and "holding company" as defined in section 1159 of the Companies Act 2006.

Termination: the termination of the Executive's employment with the Company however caused.

2. TERMS AND CONDITIONS

2.1 The Executive is employed by the Company on the terms and conditions set out in this Agreement.

2.2 Subject to Clause 28.3, the Company reserves the right to make reasonable changes to the terms and conditions of the Executives employment. If the Company changes any of the terms and conditions of the Appointment, it will notify the Executive in writing with reasonable notice in advance of the changes taking effect.

2.3 The Executive consents to the transfer of his employment under this Agreement to any company within the group Company at any time during the Appointment.

3. TERM OF APPOINTMENT

3.1 The Appointment shall be deemed to have commenced on the Commencement Date.

3.2 No employment with any previous employer counts towards the Executive’s period of continuous employment with the Company.

4. EXECUTIVE’S WARRANTIES

4.1 The Executive warrants to the Company that, by entering into this Agreement or performing any of his obligations under it, he will not be in breach of any court order or any express or implied terms of any contract or other obligation binding on him.

4.2 The Executive warrants that he is entitled to work in the United Kingdom without any additional approvals and that he will notify the Company immediately if he ceases to be entitled to work in the United Kingdom at any time during the Appointment.

5. DUTIES AND RESPONSIBILITIES

5.1 The Executive shall serve the Company as EVP & President Consumer Healthcare International or such other role as the Company considers appropriate. The Executive shall report to the Chief Executive Officer and President.

5.2 During the Appointment the Executive shall perform such duties, both as an employee and where relevant as an office holder, as are associated with his position and such other duties as the Board may from time to time properly and reasonably assign to him either in his capacity as director or in connection with the business of the Company or of the business of any one or more Group Companies (including serving on the board of any other executive body of such Group Company) without further remuneration.

5.3 During the Appointment the Executive shall:

(a) act as an employee and director of the Company and carry out duties on behalf of any other Group Company including, if so required by the Board, acting as an officer or consultant of any such Group Company;

(b) comply with the articles of association (as amended from time to time) of any Group Company of which he is a director;

(c) abide by any statutory, fiduciary or common-law duties to any Group Company of which he is a director or employee;

(d) not do anything that would cause him to be disqualified from acting as a director;

(e) comply with the Company's anti-corruption and bribery policy and related procedures;

(f) unless prevented by Incapacity, devote the whole of his time, attention and abilities to the business of the Company and any Group Company of which he is an officer or consultant;

(g) faithfully and diligently exercise such powers and perform such duties as may from time to time be assigned to him by the Board together with such person or persons as the Board may appoint to act jointly with him;

(h) comply with all reasonable and lawful directions given to him by the Board;

(i) report his own wrongdoing and any wrongdoing or proposed wrongdoing of any other employee or director of any Group Company to the Board immediately on becoming aware of it; and

(j) use his best endeavours to promote, protect, develop and extend the business of the Company and the Group.

5.4 The Executive shall comply with any rules, policies and procedures set out in the Employee Handbook. The Employee Handbook, unless otherwise stated, is non-contractual and does not form part of the Executive’s terms and conditions of employment.

6. PLACE OF WORK

6.1 The Executive’s normal place of work is 32 Vauxhall Bridge Road Vauxhall, London SW1V 2SA or such other place in the UK, either on a temporary or permanent basis, which the Company reasonably requires the Executive to discharge their duties.

6.2 The Executive agrees to travel on the Company's business (both within the United Kingdom or abroad) as may be required for the proper performance of his duties under the Appointment.

7. HOURS OF WORK

7.1 The Executive’s normal working hours shall be 9:00 to 5:00 on Mondays to Fridays and such additional hours as are necessary for the proper performance of his duties. The Executive acknowledges that he shall not receive further remuneration in respect of such additional hours.

7.2 The Company reserves the right to change the Executive’s working pattern from time to time upon reasonable notice. This flexibility is required in order for the needs of the business to be met.

7.3 The parties each agree that the nature of the Executive's position is such that his working time cannot be measured and, accordingly, that the Appointment falls within the scope of regulation 20 of the Working Time Regulations 1998 (SI 1998/1833).

8. SALARY

8.1 The Executive shall be paid a gross basic salary of £418,527 per annum (inclusive of any fees due to the Executive by Group Company as an officer of any Group Company).

8.2 The Executive’s salary shall accrue from day to day and be payable monthly in arrears on or about the 25th of each month directly into the Executive’s bank or building society.

8.3 The Company may deduct from the salary, or any other sums owed to the Executive, any money owed to any Group Company by the Executive. This includes, but is not limited to, any sums owed to any Group Company as a consequence of any failure by the Executive to return, or safeguard the condition of, any Group Company property and any overpayment of wages or expenses or any overpayment of annual leave in excess of the Executive’s accrued entitlement.

9. CAR ALLOWANCE

9.1 Provided that the Executive holds a current driving licence, the Executive shall receive a car allowance for use of the Executive's own car of £10,000 per annum which shall be payable together with and in the same manner as the salary in accordance with Clause 8. The car allowance shall not be treated as part of the basic salary for any purpose and shall not be pensionable.

9.2 The Company shall reimburse the Executive in respect of fuel costs for business miles at the Company's business mileage.

9.3 The Executive shall immediately inform the Company if he is disqualified from driving and shall cease to be entitled to receive the allowance under Clause 9.1 or reimbursement of fuel expenses under Clause 9.2.

10. BONUS

10.1 The Board may in its absolute discretion pay the Executive a bonus of such amount, at such intervals and subject to such conditions as the Board may in its absolute discretion determine taking into account specific performance targets to be notified to the Executive by the Board at the beginning of each financial year.

10.2 Any bonus payment made to the Executive shall be purely discretionary and shall not form part of the Executive’s contractual remuneration under this Agreement. If the Company makes a bonus payment to the Executive in respect of a particular financial year of the Company, it shall not be obliged to make subsequent bonus payments in respect of subsequent financial years of the Company.

10.3 The Company may alter the terms of any bonus targets or withdraw them altogether at any time without prior notice.

10.4 Notwithstanding Clause 10.1 the Executive shall in any event have no right to a bonus or a time-apportioned bonus:

(a) if the Appointment terminates for any reason or he is under notice of termination (whether given by the Executive or the Company) at or before the date when a bonus might otherwise have been payable; or

(b) for any period where the Executive is subject to a live warning for either conduct or capability.

10.5 Any bonus payments shall not be pensionable.

11. EXPENSES

The Company shall reimburse (or procure the reimbursement of) all reasonable expenses wholly, properly and necessarily incurred by the Executive in the course of the Appointment, subject to production of VAT receipts or other appropriate evidence of payment, subject always to the Executive’s compliance with the terms of any Company travel and expenses policy in force from time to time.

12. HOLIDAYS

12.1 The Executive shall be entitled to 33 days' paid holiday in each holiday year which shall include the usual public holidays in England and Wales.

12.2 The Executive shall be entitled to carry forward up to 5 days of unused holiday entitlement from one year to a subsequent holiday year provided it is taken by 30 April in that subsequent holiday year.

12.3 The Executive shall have no entitlement to any payment in lieu of accrued but untaken holiday except on termination of the Appointment.

12.4 If either party has served notice to terminate the Appointment, the Board may require the Executive to take any accrued but unused holiday entitlement during the notice period.

13. BENEFITS

Pension

13.1 Membership of the Pension Scheme is optional but the Executive will be entitled to contribute 3% of his basic salary and the Company will provide a contribution of 5% of basic salary. Additionally, the Executive would have the option to take up the Company’s High Earner Policy, and instead take a supplement in line with the Policy within the options permissible, from time to time.

13.2 The Company reserves the right to vary or amend any aspect of the Pension Scheme or withdraw it at any time as long as a replacement scheme is put in place that meets the requirements established by pension legislation.

13.3 Full details of the Pension Scheme, including the rules, conditions of eligibility and the rates of contributions and benefits, can be obtained from the Company.

13.4 The Company will at all times comply with its obligations pursuant to Part 1 of the Pensions Act 2008.

Group Life Assurance

13.5 The Executive is eligible to join the Company’s Life Assurance Scheme (“Life Assurance Scheme”), subject to:

(a) the terms of the Company's Life Assurance Scheme, as amended from time to time;

(b) the rules or insurance policy of the relevant insurance provider, as amended from time to time; and

(c) the Executive satisfying the normal underwriting requirements of the relevant insurance provider and the premium being at a rate which the Company considers reasonable.

13.6 The terms of the Life Assurance Scheme are binding on the Executive in the event of a claim. The Company accepts no liability for payment beyond that which the insurer makes.

13.7 If the insurance provider refuses for any reason to provide life assurance benefit to the Executive, the Company shall not be liable to provide to any replacement benefit of the same or similar kind or to pay any compensation in lieu of such benefit.

Medical Expenses Insurance

13.8 The Executive is eligible to be covered personally by the Company Medical Expenses Insurance Scheme (“Medical Expenses Insurance Scheme”), subject to:

(a) the terms of the Company's Medical Expenses Insurance Scheme, as amended from time to time;

(b) the rules or insurance policy of the relevant insurance provider, as amended from time to time; and

(c) the Executive satisfying the normal underwriting requirements of the relevant insurance provider and the premium being at a rate which the Company considers reasonable.

13.9 Membership of the Medical Expenses Insurance Scheme is optional and non-contributory. The Executive’s dependent family may also be covered at the Executive’s own expense at the rates applicable to the Company. The terms of the Medical Expenses Insurance Scheme are binding on the Executive in the event of a claim.

13.10 If the insurance provider refuses for any reason to provide medical benefit to the Executive the Company shall not be liable to provide any replacement benefit of the same or similar kind or to pay any compensation in lieu of such benefit.

General

13.11 The Company in its sole and absolute discretion may discontinue, replace, withdraw, vary or amend any schemes or benefits pursuant to this Clause 13 at any time and without liability to provide any replacement scheme or benefit or compensation to the Executive.

14. DIRECTORS’ AND OFFICERS’ INSURANCE

During the Appointment and for six years following Termination the Executive shall be entitled to be covered by a policy of directors' and officers' liability insurance on terms no less favourable than those in place from time to time for other members of the Board.

15. INCAPACITY

15.1 If the Executive is absent from work due to Incapacity, the Executive shall notify the Board of the reason for the absence as soon as possible but no later than 09.00 on the first day of absence.

15.2 The Company operates a Discretionary Sick Pay Scheme and the Executive may be paid for periods of sickness entirely at the Company’s discretion. Any payments made to the Executive during periods of sickness will be inclusive of Statutory Sick Pay (‘SSP’). Discretionary Sick Pay will only be considered to be paid regarding genuine absence relating to the Executive’s Incapacity and not for other dependents or family members. For further details on absence reporting procedures, Discretionary Sick Pay and SSP eligibility please refer to the Employee Handbook.

15.3 The Executive agrees to consent to medical examinations (at the Company's expense) by a doctor nominated by the Company should the Company so require. The Executive agrees that any report produced in connection with any such examination may be disclosed to the Company and the Company may discuss the contents of the report with the relevant doctor.

15.4 If the Incapacity is or appears to be occasioned by actionable negligence, nuisance or breach of any statutory duty on the part of a third party in respect of which damages are or may be recoverable, the Executive shall immediately notify the Board of that fact and of any claim, settlement or judgment made or awarded in connection with it and all relevant particulars that the Board may reasonably require.

15.5 The rights of the Company to terminate the Appointment under the terms of this Agreement apply even when such termination would or might cause the Executive to forfeit any entitlement to sick pay, permanent health insurance or other benefits.

16. OUTSIDE INTERESTS

16.1 During the Appointment the Executive shall not, except as a representative of the Company or with the prior written approval of the Board, whether paid or unpaid, be directly or indirectly engaged, concerned or have any financial interest in any Capacity in any other business, trade, profession or occupation (or the setting up of any business, trade, profession or occupation).

16.2 The Executive agrees to disclose to the Board any matters relating to his spouse or civil partner (or anyone living as such), children or parents which may, in the reasonable opinion of the Board, be considered to interfere, conflict or compete with the proper performance of the Executive obligations under this Agreement.

17. CONFIDENTIAL INFORMATION

17.1 The Executive acknowledges that in the course of the Appointment he will have access to Confidential Information. The Employee has therefore agreed to accept the restrictions in this Clause 17.

17.2 The Executive shall not (except in the proper course of his duties), either during the Appointment or at any time after its termination (however arising), use or disclose to any person, company or other organisation whatsoever (and shall use his best endeavours to prevent the publication or disclosure of) any Confidential Information. This shall not apply to:

(a) any use or disclosure authorised by the Board or required by law;

(b) any information which is already in, or comes into, the public domain other than through the Executive’s unauthorised disclosure; or

(c) any protected disclosure within the meaning of section 43A of the Employment Rights Act 1996.

17.3 All correspondence, documents, papers, notes, customer contacts or records (individually held or in list form) (including any of the aforementioned contained in electronic or other data storage) and where applicable Company clothing, safety equipment, general tools and equipment related to the Appointment, keys, Company credit cards, Company mobile phones, Company laptops and other electronic devices, DVD’s/videos/tapes or any other property belonging to the Company or its customers concerning the business of the Company or any of its suppliers, agents, distributors or customers which shall be acquired, received or made by the Executive during the course of the Appointment shall be the property of the Company. This list is not exhaustive.

18. INTELLECTUAL PROPERTY

18.1 The Executive shall give the Company full written details of all Inventions and of all works embodying Intellectual Property Rights made wholly or partially by him at any time during the course of the Appointment. The Executive acknowledges that all Intellectual Property Rights subsisting (or which may in the future subsist) in all such Inventions and works shall automatically, on creation, vest in the Company absolutely. To the extent that they do not vest automatically, the Executive holds them on trust for the Company. The Executive agrees promptly to execute all documents and do all acts as may, in the opinion of the Company, be necessary to give effect to this Clause 18.1.

18.2 The Executive hereby irrevocably waives all moral rights under the Copyright, Designs and Patents Act 1988 (and all similar rights in other jurisdictions) which he has or will have in any existing or future works referred to in Clause 18.1.

18.3 The Executive irrevocably appoints the Company to be his attorney in his name and on his behalf to execute documents, use the Executive’s name and do all things which are necessary or desirable for the Company to obtain for itself or its nominee the full benefit of this clause. A certificate in writing, signed by any director or the secretary of the Company, that any instrument or act falls within the authority conferred by this Agreement shall be conclusive evidence that such is the case so far as any third party is concerned.

19. COMPANY PROPERTY

19.1 If issued with Company property, the Executive must make sure at all times that it is kept safe, in good condition and properly maintained. If the Executive fails to do this or Company property is damaged or lost as a result of the Executive’s actions or omissions, the Company reserves the right to require the Executive to pay for the cost of repair or replacement of the property.

19.2 At any time during the Appointment on demand from the Company, and in any event upon the Termination the Executive will:

(a) Immediately return to the Company all documents (in whatever form) in the Executive’s possession or control relating to the business of the Company or any Group Company and belonging to the Company or any Group Company;

(b) Immediately disclose to the Company all passwords to all password protected files which have been created or protected by the Executive and which are on the Company’s or any Group Companies’ computers;

(c) Immediately return to the Company all other Company or Group Company property in his possession or control; or

(d) immediately upon request from the Company, irretrievably delete any information relating to the business of the Company or any Group Company which is in his possession or control.

20. TERMINATION OF APPOINTMENT

Either the Executive or the Company may terminate the Appointment at any time by giving to the other not less than 6 months’ notice, in writing.

21. TERMINATION WITHOUT NOTICE

21.1 The Company may also terminate the Appointment with immediate effect without notice and with no liability to make any further payment to the Executive (other than in respect of amounts accrued due at the date of Termination) if the Executive:

(a) is disqualified from acting as a director or resigns as a director from any Group Company without the prior written approval of the Board;

(b) is in breach of the Company's anti-corruption and bribery policy and related procedures;

(c) is guilty of any gross misconduct affecting the business of any Group Company;

(d) commits any serious or repeated breach or non-observance of any of the provisions of this Agreement or refuses or neglects to comply with any reasonable and lawful directions of the Board;

(e) is, in the reasonable opinion of the Board, negligent and incompetent in the performance of his duties;

(f) is declared bankrupt or makes any arrangement with or for the benefit of his creditors or has a county court administration order made against him under the County Court Act 1984;

(g) is convicted of any criminal offence (other than an offence under any road traffic legislation in the United Kingdom or elsewhere for which a fine or non-custodial penalty is imposed);

(h) becomes of unsound mind (which includes lacking capacity under the Mental Capacity Act 2005), or a patient under any statute relating to mental health;

(i) ceases to be eligible to work in the United Kingdom;

(j) is guilty of any fraud or dishonesty or acts in any manner which in the opinion of the Board brings or is likely to bring the Executive or any Group Company into disrepute or is materially adverse to the interests of any Group Company; or

(k) is guilty of a serious breach of any rules issued by the Company from time to time regarding its electronic communications systems.

22. PAYMENT IN LIEU OF NOTICE

22.1 Notwithstanding Clauses 20 and 21, the Company may, in its sole and absolute discretion, terminate the Appointment at any time and with immediate effect by notifying the Executive that the Company is exercising its right under this Clause 22.1 and that it will make a payment in lieu of notice (Payment in Lieu) to the Executive. This Payment in Lieu will be equal to the basic salary (as at the date of termination) which the Executive would have been entitled to receive under this Agreement during the notice period referred to at Clause 20 (or, if notice has already been given, during the remainder of the notice period) less income tax and National Insurance contributions.

22.2 For the avoidance of doubt, the Payment in Lieu shall not include any element in relation to:

(a) any bonus or commission payments that might otherwise have been due during the period for which the Payment in Lieu is made;

(b) any payment in respect of any benefits (including, without limitation, company car allowance or Company pension contributions) which the Executive would have been entitled to receive during the period for which the Payment in Lieu is made; and

(c) any payment in respect of any holiday entitlement that would have accrued during the period for which the Payment in Lieu is made.

22.3 The Executive shall have no right to receive a Payment in Lieu unless the Company has exercised its discretion in Clause 22.

23. GARDEN LEAVE

23.1 Following service of notice to terminate the Appointment by either party, or if the Executive purports to terminate the Appointment in breach of contract, the Board may by written notice place the Executive on Garden Leave for the whole or part of the remainder of the Appointment.

23.2 During any period of Garden Leave:

(a) the Company shall be under no obligation to provide any work to the Executive and may revoke any powers the Executive holds on behalf of the Company or any Group Company;

(b) the Company may require the Executive to carry out alternative duties or to only perform such specific duties as are expressly assigned to the Executive, at such location (including the Executive’s home) as the Company may decide;

(c) the Executive shall continue to receive his basic salary and all contractual benefits in the usual way and subject to the terms of any benefit arrangement;

(d) the Executive shall remain an employee of the Company and bound by the terms of this agreement (including any implied duties of good faith and fidelity);

(e) the Employee shall ensure that the Board knows where he will be and how he can be contacted during each working day (except during any periods taken as holiday in the usual way);

(f) the Company may exclude the Executive from any premises of the Company or any Group Company; and

(g) the Company may require the Executive not to contact or deal with (or attempt to contact or deal with) any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other business contact of the Company or any Group Company.

24. CEASING TO BE A DIRECTOR

24.1 Except with the prior approval of the Board, or as provided in the articles of association of any Group Company of which he is a director, the Executive shall not resign as a director of any Group Company.

24.2 If during the Appointment the Executive ceases to be a director of any Group Company (otherwise than by reason of his death, resignation or disqualification pursuant to the articles of association of any relevant Group Company, as amended from time to time, or by statute or court order) the Appointment shall continue with the Executive as an employee only and the terms of this Agreement (other than those relating to the holding of the office of director) shall continue in full force and effect. The Executive shall have no claims in respect of such cessation of office.

25. OBLIGATIONS ON TERMINATION

25.1 On termination of the Appointment (however arising) or, if earlier, at the start of a period of Garden Leave, the Executive shall:

(a) resign immediately without compensation from any office or trusteeship that he holds in or on behalf of any Group Company;

(b) immediately deliver to the Company all documents, books, materials, records, correspondence, papers and information (on whatever media and wherever located) relating to the business or affairs of any Group Company or its business contacts, any keys, credit card and any other property of any Group Company including any car provided to the Executive, which is in his possession or under his control; and

(c) irretrievably delete any information relating to the business of the any Group Company stored on any magnetic or optical disk or memory and all matter derived from such sources which is in his possession or under his control outside the Company's premises.

25.2 On termination of the Appointment however arising the Executive shall not be entitled to any compensation for the loss of any rights or benefits under any share option, bonus, long-term incentive plan or other profit sharing scheme operated by any Group Company in which he may participate.

25.3 During and after the executive’s employment with the Company the executive agrees to make himself available to, be truthful, and to cooperate with, the Company or its advisers in any internal investigation or administrative, regulatory, judicial or quasi-judicial proceedings. The executive acknowledges that this could involve, but is not limited to, pursuing, responding to or defending any regulatory or legal process, providing information in relation to any such process, preparing witness statements and giving evidence in person on behalf of the Company or any group company. The Company shall reimburse any reasonable expenses incurred by the executive as a consequence of complying with his obligations under this clause, provided that such expenses are approved in advance in writing by the Company.

26. POST TERMINATION RESTRICTIONS

26.1 In order to protect the Confidential Information and business connections of the Company and each Group Company to which he has access as a result of the Appointment, the Employee covenants with the Company (for itself and as trustee and agent for each Group Company) that he shall not:

(a) for 12 months after Termination solicit or endeavour to entice away from the Company or any Group Company the business or custom of a Restricted Customer with a view to providing goods or services to that Restricted Customer in competition with any Restricted Business;

(b) for 12 months after Termination offer to employ or engage or otherwise endeavour to entice away from the Company or any Group Company any Restricted Person;

(c) for 12 months after Termination, employ or engage or otherwise facilitate the employment or engagement of any Restricted Person, whether or not such person would be in breach of contract as a result of such employment or engagement;

(d) for 6 months after Termination, be involved in any Capacity with any business concern which is (or intends to be) in competition with any Restricted Business;

(e) for 12 months after Termination be involved with the provision of goods or services to (or otherwise have any business dealings with) any Restricted Customer in the course of any business concern which is in competition with any Restricted Business; or

(f) at any time after Termination, represent himself as connected with the Company or any Group Company in any Capacity, other than as a former employee, or use any registered business names or trading names associated with the Company or any Group Company.

26.2 The restrictions imposed on the Executive by this Clause 26 apply to him acting:

(a) directly or indirectly; and

(b) on his own behalf or on behalf of, or in conjunction with, any firm, company or person.

26.3 The Company and the Executive entered into the restrictions in this Clause 26 having been separately legally advised.

26.4 Each of the restrictions in this Clause 26 is intended to be separate and severable. If any of the restrictions shall be held to be void but would be valid if part of their wording were deleted, such restriction shall apply with such deletion as may be necessary to make it valid or effective.

26.5 The Company acknowledges that any period which the Executive is placed on Garden Leave under Clause 23 shall be offset against the restrictions in this Clause 26.

27. DATA PROTECTION

27.1 The Executive confirms he has read and understood the Company's data protection policy, a copy of which is contained in the Employee Handbook. The Company may change its data protection policy at any time and will notify employees in writing of any changes.

27.2 The Executive acknowledges that the Company holds a personnel file and computer records within England and Wales which contain data relating to the Executive and concerning a wide variety of matters. These include matters such as the Executive’s contact details, application, references, bank details, and other personal details. It may include some sensitive data concerning the Executive’s health and ethnic origin. It is held for the following purposes:

(a) staff administration;

(b) administration of pensions and other employee benefits;

(c) internal accounts and records, marketing and business transactions;

(d) the provision of management information for business purposes such as marketing activities and corporate and staff planning; and

(e) to ensure fair treatment and to otherwise permit the Company to comply with its legal responsibilities.

27.3 The Company may collect from the Executive certain details relating to another individual, for example:

(a) details of a person to contact in case of emergency; or

(b) the Executive’s next of kin for the purpose of death in service benefits.

27.4 In such cases, the Executive agrees that it is his responsibility to ensure that he has informed any such individual of the use of the Executive’s data by the Company or Group Company for one or more of the purposes set out in Clause 27.2 and its possible disclosure in accordance with Clause 27.5.

27.5 The Executive acknowledges that it may, in certain circumstances, for the purposes listed in Clause 27.2, be necessary to disclose his or another individual's personal data to:

(a) a Group Company;

(b) third parties who provide services to the Company or any Group Company;

(c) business partners or third parties of the Company or any Group Company;

(d) the Company's advisers or any relevant regulatory authorities; and/or

(e) other third parties where required by law.

27.6 Some of the disclosures referred to in clause 27.5 may involve the transfer of the Executive or other individual's details outside the European Economic Area (“EEA”) where the laws may not give the same level of legal protection to personal data as within the EEA.

27.7 [Where transfers outside the EEA are necessary, the Company has taken, or shall take, the appropriate steps to satisfy itself that the entity to which the data is transferred has in place the appropriate technical and organisational measures to protect the data against unauthorised or unlawful processing and against accidental loss or destruction of, or damage to the data. In all cases, third parties to whom the Executive’s personal data is transferred will be contractually obliged to use the data only for the relevant purpose specified above and not to forward the data to other parties without the Executive’s consent.]

27.8 By signing this Agreement, the Executive agrees to the processing of his personal information for the purposes referred to in this Clause 27 by the Company and by any party to whom data is disclosed in accordance with Clauses 27.5 and 27.6.]

28. GENERAL

28.1 There is no collective agreement which directly affects the Appointment.

28.2 This Agreement constitutes the entire agreement between the parties and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to its subject matter.

28.3 No variation or agreed termination of this Agreement shall be effective unless it is in writing and signed by the parties (or their authorised representatives).

28.4 This Agreement may be executed in any number of counterparts, each of which when executed shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement.

28.5 No one other than a party to this Agreement shall have any right to enforce any of its terms.

28.6 This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.

28.7 Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this Agreement.

This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

Executed as a deed by the Company acting by [James Michaud], a director, in the presence of: ....................................... [SIGNATURE OF WITNESS] [NAME, ADDRESS [AND OCCUPATION] OF WITNESS]	....................................... [SIGNATURE OF DIRECTOR] Director
Signed as a deed by Svend Andersen in the presence of: ....................................... [SIGNATURE OF WITNESS] [NAME, ADDRESS [AND OCCUPATION] OF WITNESS]	....................................... [SIGNATURE OF EMPLOYEE]

1

EX-21

Exhibit 21

PERRIGO SUBSIDIARIES

Name of Subsidiary	State/Country of Incorporation
Chefaro Ireland Designated Activity Company	Ireland
Perrigo Corporation Designated Activity Company	Ireland
Perrigo Holdings Unlimited Company	Ireland
Perrigo International Finance Designated Activity Company	Ireland
Perrigo Company plc	Ireland
Perrigo Pharma International Designated Activity Company	Ireland
Perrigo Science One Designated Activity Company	Ireland
Habsont Unlimited Company	Ireland
Irish Biosciences Venture Capital Fund	Ireland
Perrigo Ireland 1 Designated Activity Company	Ireland
Perrigo Ireland 2 Designated Activity Company	Ireland
Perrigo Ireland 3 Designated Activity Company	Ireland
Perrigo Ireland 4 Designated Activity Company	Ireland
Perrigo Ireland 5 Designated Activity Company	Ireland
Perrigo Ireland 6 Designated Activity Company	Ireland
Perrigo Ireland 7 Designated Activity Company	Ireland
Perrigo Ireland 8 Designated Activity Company	Ireland
Perrigo Ireland Management Designated Activity Company	Ireland
Omega Pharma Ireland Designated Activity Company	Ireland
Omega Teknika Designated Activity Company	Ireland
Perrigo Science Eight Unlimited Company	Ireland
Perrigo Finance Unlimited Company	Ireland
Perrigo Ireland 9 Unlimited Company	Ireland
Perrigo Ireland 10 Unlimited Company	Ireland
Perrigo Foundation	Ireland
PMI Branded Pharmaceuticals, Inc.	Michigan
Perrigo Company	Michigan
Perrigo Company Charitable Foundation	Michigan
Perrigo Management Company	Michigan
L. Perrigo Company	Michigan
Perrigo Pharmaceuticals Company	Michigan
Perrigo International, Inc.	Michigan
Perrigo Company of South Carolina, Inc.	Michigan
Perrigo Sales Corporation	Michigan
Perrigo International Holdings, LLC	Michigan
Perrigo Research & Development Company	Michigan
Perrigo Sourcing Solutions, Inc.	Michigan
P2C, Inc.	Michigan
Sergeant's Pet Care Products, Inc.	Michigan
Athena Neurosciences, LLC	Delaware
Elan Pharmaceuticals, LLC	Delaware
Perrigo New York, Inc.	Delaware
Perrigo International Holdings II, Inc.	Delaware
Perrigo LLC	Delaware
Perrigo China Business Trustee, LLC	Delaware
Perrigo Diabetes Care, LLC	Delaware

Perrigo Mexico Investment Holdings, LLC	Delaware
Pet Logic, LLC	Delaware
PBM Holdings, LLC	Delaware
PBM Nutritionals, LLC	Delaware
PBM Products, LLC	Delaware
PBM Foods, LLC	Delaware
PBM International Holdings, LLC	Delaware
PBM Canada Holdings, LLC	Delaware
PBM Mexico Holdings, LLC	Delaware
PBM China Holdings, LLC	Delaware
Paddock Laboratories, LLC	Delaware
Velcera, Inc.	Delaware
FidoPharm, Inc.	Delaware
FidoPharmBrands, LLC	Delaware
Cobrek Pharmaceuticals, Inc.	Delaware
Perrigo Company of Tennessee	Tennessee
Perrigo Florida, Inc.	Florida
Meridian Animal Health, LLC	Nevada
LoradoChem, Inc.	Colorado
SPC Trademarks, LLC	Texas
Geiss, Destin & Dunn, Inc	Georgia
NewcoGen-Elan, LLC	Massachusetts
Arginet Investments and Property (2003) Ltd.	Israel
Pharma Clal (1983) Ltd.	Israel
Perrigo Israel Holdings Ltd	Israel
Perrigo Israel Pharmaceuticals Ltd.	Israel
Perrigo Israel Opportunities II Ltd.	Israel
Perrigo Israel Agencies Ltd	Israel
Perrigo Israel Enterprises & Investments Ltd.	Israel
Perrigo Israel Trading Limited Partnership	Israel
Wrafton Laboratories Limited	United Kingdom
Perrigo UK Acquisition Limited	United Kingdom
Perrigo Ventures Limited Partnership	United Kingdom
Perrigo UK Finco Limited Partnership	United Kingdom
Galpharm Healthcare Limited	United Kingdom
Galpharm International Limited	United Kingdom
Kiteacre Limited	United Kingdom
Perrigo Pharma Limited	United Kingdom
Rosemont Holdings Limited	United Kingdom
Rosemont Group Limited	United Kingdom
Rosemont Trustee Company Limited	United Kingdom
Acacia Biopharma Limited	United Kingdom
Rosemont Pharmaceuticals Limited	United Kingdom
Rosemont Pensions Limited	United Kingdom
Omega Pharma Limited	United Kingdom
The Learning Pharmacy Limited	United Kingdom
Perrigo de Mexico S.A. de C.V.	Mexico
Quimica y Farmacia S.A. de C.V.	Mexico
Laboratorios DIBA S.A.	Mexico
Perrigo Mexico Holdings S.A. de C.V.	Mexico

PBM Products Mexico S de R.L. de C.V.	Mexico
Servicios PBM S. de R.L. de C.V.	Mexico
Sergeant's Pet Care Products Mexico, S, DE R.L.DE C.V.	Mexico
Gelcaps Exportadora de Mexico, S.A. de C.V.	Mexico
Cinetic Laboratories Argentina SA	Argentina
Perrigo Australian Holding Company II PTY Limited	Australia
Orion Laboratories PTY Limited	Australia
Aurora Pharmaceuticals Pty Ltd	Australia
Omega Pharma Australia Pty Ltd	Australia
Rubicon Healthcare Holdings Pty Ltd	Australia
Orion Laboratories (NZ) Ltd.	New Zealand
Perrigo Laboratories India Private Limited	India
Herbs Trading GmbH	Austria
Omega Pharma Austria Healthcare GmbH	Austria
Omega Pharma GmbH	Austria
Richard Bittner AG	Austria
Elan International Services Limited	Bermuda
Perrigo International Insurance Limited	Bermuda
Perrigo Do Brasil Serviços E Participações LTDA.	Brazil
Perrigo Danmark A/S	Denmark
Perrigo Denmark Holdings K/S	Denmark
Elan Europa Finance S.á r.l.	Luxembourg
Hud SA	Luxembourg
Omega Pharma Luxembourg SarL	Luxembourg
Promedent SA	Luxembourg
Monksland Holdings B.V.	Netherlands
Perrigo Netherlands B.V.	Netherlands
Perrigo Ireland Holding Company B.V.	Netherlands
Perrigo Israel Holdings II B.V.	Netherlands
Perrigo Netherlands Finco 1 Coöperatief U.A.	Netherlands
Perrigo Netherlands Finco 2 B.V.	Netherlands
Perrigo Netherlands International Partnership C.V.	Netherlands
Bional Nederland B.V.	Netherlands
Damianus B.V.	Netherlands
Insect Repellents B.V.	Netherlands
Oce-Bio Nederland B.V.	Netherlands
Omega Pharma Holding (Nederland) B.V.	Netherlands
Omega Pharma Nederland B.V.	Netherlands
Samenwerkende Apothekers Nederland B.V.	Netherlands
Wartner Europe B.V.	Netherlands
Ymea B.V.	Netherlands
Elan Pharmaceuticals GmbH	Switzerland
Interdelta S.A.	Switzerland
JLR Pharma S.A.	Switzerland
Perrigo China Business Trust	China
Perrigo Trading (Shanghai) Co., Ltd.	China
American Business Sergeant's Pet Care Products Trade (Shanghai) Co., Ltd.	China
Zibo Xinhua - Perrigo Pharmaceutical Company Ltd.	China
Perrigo Asia Holding Company Ltd.	Mauritius
Omega Pharma Ukraine LLC	Ukraine

Belgian Cycling Company NV	Belgium
Biover NV	Belgium
Jaico R.D.P. NV	Belgium
Medgenix Benelux NV	Belgium
Oce Bio BVBA	Belgium
Omega Pharma Belgium NV	Belgium
Omega Pharma Capital NV	Belgium
Omega Pharma Innovation & Development NV	Belgium
Omega Pharma International NV	Belgium
Omega Pharma Invest NV	Belgium
Omega Pharma NV	Belgium
Omega Pharma Trading NV	Belgium
Perrigo Belgium Holding 1 NV	Belgium
Vianatura NV	Belgium
Newbridge Pharmaceuticals Ltd.	British Virgin Islands
Perrigo Bulgaria OOD	Bulgaria
Omega Alpharm Cyprus Ltd.	Cyprus
Omega Pharma AS	Czech Republic
Perrigo Suomi Oy	Finland
Bioxydiet France SAS	France
Cosmediet - Biotechnie SAS	France
Laboratoire de la Mer SAS	France
Laboratoires Omega Pharma France SAS	France
Omega Pharma SAS	France
Naturwohl Pharma GmbH	Germany
Abtei Omega Pharma GmbH	Germany
Omega Pharma Deutschland GmbH	Germany
Omega Pharma Manufacturing GmbH & Co. KG	Germany
Omega Pharma Manufacturing Verwaltungs GmbH	Germany
Paracelsia Pharma GmbH	Germany
Omega Pharma Hellas SA Health and Beauty Products	Greece
Despharma Kft.	Hungary
Omega Pharma Hungary Kft.	Hungary
Chefaro Pharma Italia SrL	Italy
Omega Pharma Baltics SIA	Latvia
Perrigo Norge AS	Norway
Omega Pharma Poland Sp.z.o.o.	Poland
Omega Pharma Portuguesa LDA	Portugal
SC Hipocrate 2000 SRL	Romania
Adriatic Distribution doo Beograd	Serbia
Omega Pharma s.r.o.	Slovakia
Adriatic BST Trgovina in Storitve D.o.o.	Slovenia
OmegaLabs (Pty) Ltd	South Africa
Omega Pharma Espana SA	Spain
Aco Hud Nordic AB	Sweden
Perrigo Sverige AB	Sweden
Omega Pharma Kişisel Bakım Ürünleri Sanayi VE Ticaret Limited Şirketi	Turkey

EX-23

Exhibit 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-192946) pertaining to the various stock incentive plans of Perrigo Company plc of our reports dated March 1, 2018, with respect to the consolidated financial statements and schedule of Perrigo Company plc, and the effectiveness of internal control over financial reporting of Perrigo Company plc included in this Annual Report (Form 10-K) for the year ended December 31, 2017.

/s/ Ernst & Young LLP

Grand Rapids, Michigan

March 1, 2018

EX-31

Exhibit 31

CERTIFICATION

I, Uwe F. Roehrhoff, certify that:

1. I have reviewed this annual report on Form 10-K 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 fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

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: March 1, 2018

/s/ Uwe F. Roehrhoff

Uwe F. Roehrhoff

Chief Executive Officer and President

Exhibit 31

CERTIFICATION

I, Ronald L. Winowiecki, certify that:

1. I have reviewed this annual report on Form 10-K 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 fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

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: March 1, 2018

/s/ Ronald L. Winowiecki

Ronald L. Winowiecki

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. 1349), 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. 1349), each of the undersigned hereby certifies that:

(i) this annual Report on Form 10-K 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:	March 1, 2018	/s/ Uwe F. Roehrhoff
		Uwe F. Roehrhoff
		Chief Executive Officer and President
		(Principal Executive Officer)
Date:	March 1, 2018	/s/ Ronald L. Winowiecki
		Ronald L. Winowiecki
		Chief Financial Officer

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 23, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	PERRIGO CO PLC
Entity Central Index Key	0001585364
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q4
Amendment Flag	false
Entity Common Stock, Shares Outstanding		140,833,598
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 10,768,787,616

XML

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Income Statement [Abstract]
Net sales	$ 2,632.2	$ 4,946.2	$ 5,280.6	$ 4,227.1
Cost of sales	1,553.3	2,966.7	3,228.8	2,582.9
Gross profit	1,078.9	1,979.5	2,051.8	1,644.2
Operating expenses
Distribution	47.9	87.0	88.3	67.7
Research and development	88.2	167.7	184.0	187.8
Selling	325.9	598.4	665.0	319.0
Administration	306.8	461.1	452.2	385.3
Impairment charges	215.6	47.5	2,631.0	6.8
Restructuring	26.9	61.0	31.0	5.1
Other operating income	0.0	(41.4)	0.0	0.0
Total operating expenses	1,011.3	1,381.3	4,051.5	971.7
Operating income (loss)	67.6	598.2	(1,999.7)	672.5
Change in financial assets	(57.3)	24.9	2,608.2	(78.5)
Interest expense, net	89.9	168.1	216.6	146.0
Other expense (Income), net	25.2	(10.1)	22.7	334.2
Loss on extinguishment of debt	0.9	135.2	1.1	10.5
Income (loss) before income taxes	8.9	280.1	(4,848.3)	260.3
Income tax expense (benefit)	(33.6)	160.5	(835.5)	124.2
Net income (loss)	$ 42.5	$ 119.6	$ (4,012.8)	$ 136.1
Earnings (loss) per share
Basic (in dollars per share)	$ 0.29	$ 0.84	$ (28.01)	$ 0.97
Diluted (in dollars per share)	$ 0.29	$ 0.84	$ (28.01)	$ 0.97
Weighted-average shares outstanding
Basic (in dollars per share)	145.6	142.3	143.3	139.3
Diluted (in dollars per shares)	146.1	142.6	143.3	139.8
Dividends declared per share	$ 0.25	$ 0.64	$ 0.58	$ 0.4600

XML

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 42.5	$ 119.6	$ (4,012.8)	$ 136.1
Other comprehensive income:
Foreign currency translation adjustments		(135.5)	328.5	(63.3)	(33.5)
Change in fair value of derivative financial instruments	[1]	2.1	9.7	(5.3)	(0.2)
Change in fair value of investment securities	[2]	9.3	(14.1)	8.7	(5.3)
Change in post-retirement and pension liability	[3]	5.3	10.8	(6.6)	2.9
Other comprehensive income (loss), net of tax		(118.8)	334.9	(66.5)	(36.1)
Comprehensive income (loss)		(76.3)	454.5	(4,079.3)	100.0
Other Comprehensive Income (Loss), Tax [Abstract]
Derivatives qualifying as hedges benefit (expense), tax, portion attributable to parent		(0.4)	(3.5)	2.1	5.7
Available for sale securities benefit (expense), tax		(3.6)	0.5	(4.1)	2.7
Pension and other postretirement benefit (expense) plans, tax		$ (2.8)	$ 0.0	$ 2.5	$ (0.6)

[1] Includes tax effect of $3.5 million, $2.1 million, $0.4 million and $5.7 million for the years ended December 31, 2017, December 31, 2016, the six months ended December 31, 2015, and the year ended June 27, 2015, respectively.

[2] Includes tax effect of $0.5 million, $4.1 million, $3.6 million and $2.7 million for the years ended December 31, 2017, December 31, 2016, the six months ended December 31, 2015, and the year ended June 27, 2015, respectively.

[3] Includes tax effect of $0.0 million, $2.5 million, $2.8 million and $0.6 million for the years ended December 31, 2017, December 31, 2016, the six months ended December 31, 2015, and the year ended June 27, 2015, respectively.

XML

Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 678.7	$ 622.3	$ 417.8
Accounts receivable, net of allowance for doubtful accounts of $6.2, $6.3 and $4.5, respectively	1,130.8	1,176.0	1,189.0
Inventories	806.9	795.0	898.7
Prepaid expenses and other current assets	203.2	212.0	286.1
Total current assets	2,819.6	2,805.3	2,791.6
Property, plant and equipment, net	833.1	870.1	886.2
Financial assets	0.0	2,350.0	5,310.0
Goodwill and other indefinite-lived intangible assets	4,265.7	4,163.9	7,069.0
Other intangible assets, net	3,290.5	3,396.8	2,973.1
Non-current deferred income taxes	10.4	72.1	71.4
Other non-current assets	409.5	211.9	248.3
Total non-current assets	8,809.2	11,064.8	16,558.0
Total assets	11,628.8	13,870.1	19,349.6
Liabilities and Shareholders’ Equity
Accounts payable	450.2	471.7	555.8
Payroll and related taxes	148.8	115.8	125.3
Accrued customer programs	419.7	380.3	396.0
Accrued liabilities	230.8	263.3	351.9
Accrued income taxes	116.1	32.4	62.7
Current indebtedness	70.4	572.8	1,060.5
Total current liabilities	1,436.0	1,836.3	2,552.2
Long-term debt, less current portion	3,270.8	5,224.5	4,971.6
Non-current deferred income taxes	321.9	389.9	1,372.7
Other non-current liabilities	429.5	461.8	346.3
Total non-current liabilities	4,022.2	6,076.2	6,690.6
Total liabilities	5,458.2	7,912.5	9,242.8
Commitments and contingencies - Note 16
Controlling interest:
Preferred shares, $0.0001 par value per share, 10 shares authorized	0.0	0.0	0.0
Ordinary shares, €0.001 par value per share, 10,000 shares authorized	7,892.9	8,135.0	8,142.6
Accumulated other comprehensive income (loss)	253.1	(81.8)	(15.3)
Retained earnings (accumulated deficit)	(1,975.5)	(2,095.1)	1,980.1
Total controlling interest	6,170.5	5,958.1	10,107.4
Noncontrolling interest	0.1	(0.5)	(0.6)
Total shareholders’ equity	6,170.6	5,957.6	10,106.8
Total liabilities and shareholders' equity	$ 11,628.8	$ 13,870.1	$ 19,349.6
Supplemental Disclosures of Balance Sheet Information
Preferred shares, issued and outstanding	0.0	0.0	0.0
Ordinary shares, issued and outstanding	140.8	143.4	143.1

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Consolidated Balance Sheets (Parenthetical) $ in Millions	Dec. 31, 2017 € / shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 € / shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 € / shares	Dec. 31, 2015 USD ($) $ / shares shares
Statement of Financial Position [Abstract]
Allowance for doubtful accounts | $		$ 6.2		$ 6.3		$ 4.5
Shareholders’ equity
Preferred shares, par value (usd per share) | $ / shares		$ 0.0001		$ 0.0001		$ 0.0001
Preferred shares, shares authorized (in shares)		10,000,000		10,000,000		10,000,000
Ordinary shares, par value (EUR per share) | € / shares	€ 0.001		€ 0.001		€ 0.001
Ordinary shares, shares authorized (in shares)		10,000,000,000		10,000,000,000		10,000,000,000

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Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Cash Flows From (For) Operating Activities
Net income (loss)	$ 42.5	$ 119.6	$ (4,012.8)	$ 136.1
Adjustments to derive cash flows
Depreciation and amortization	182.4	444.8	457.0	258.7
Loss on acquisition-related foreign currency derivatives	0.0	0.0	0.0	326.4
Share-based compensation	22.8	43.8	23.0	31.6
Impairment charges	215.6	47.5	2,631.0	6.8
Change in financial assets	(57.3)	24.9	2,608.2	(78.5)
Loss on extinguishment of debt	0.9	135.2	1.1	10.5
Restructuring charges	26.9	61.0	31.0	5.1
Deferred income taxes	(120.0)	(48.9)	(990.9)	(16.3)
Amortization of debt premium	(10.2)	(22.4)	(24.7)	0.2
Other non-cash adjustments, net	18.1	(2.7)	33.5	10.2
Subtotal	321.7	802.8	756.4	690.8
Increase (decrease) in cash due to:
Accounts receivable	52.5	3.2	(0.6)	(51.1)
Inventories	(29.6)	(16.0)	100.7	(11.4)
Accounts payable	(194.1)	(39.6)	(75.7)	120.5
Payroll and related taxes	(38.2)	(27.4)	(41.1)	(30.2)
Accrued customer programs	34.4	34.6	(13.9)	71.3
Accrued liabilities	108.1	(47.8)	(79.5)	42.8
Accrued income taxes	(56.8)	(6.1)	20.9	21.9
Other, net	2.9	(4.8)	(12.3)	0.6
Subtotal	(120.8)	(103.9)	(101.5)	164.4
Net cash from operating activities	200.9	698.9	654.9	855.2
Cash Flows From (For) Investing Activities
Proceeds from royalty rights	166.3	87.3	353.7	344.6
Acquisitions of businesses, net of cash acquired	(791.6)	(0.4)	(427.4)	(2,177.8)
Asset acquisitions	0.0	0.0	(65.1)	(4.0)
Settlement of acquisition-related foreign currency derivatives	(1.3)	0.0	0.0	(329.9)
Proceeds from sale of securities	0.0	0.0	4.5	0.0
Additions to property, plant and equipment	(77.8)	(88.6)	(106.2)	(137.0)
Net proceeds from sale of business and other assets	0.0	154.6	69.1	0.0
Proceeds from sale of the Tysabri® financial asset	0.0	2,200.0	0.0	0.0
Other investing, net	(3.7)	(14.8)	(3.6)	1.8
Net cash from (for) investing activities	(708.1)	2,338.1	(175.0)	(2,302.3)
Cash Flows From (For) Financing Activities
Borrowings (repayments) of revolving credit agreements and other financing, net	718.0	6.8	(802.5)	(54.0)
Issuances of long-term debt	0.0	0.0	1,190.3	2,504.3
Payments on long-term debt	(28.3)	(2,611.0)	(559.2)	(1,823.5)
Premium on early debt retirement	0.0	(116.1)	(0.6)	0.0
Deferred financing fees	(0.3)	(4.8)	(2.8)	(28.1)
Issuance of ordinary shares	4.9	0.7	8.3	1,043.5
Equity issuance costs	0.0	0.0	(10.3)	(35.7)
Repurchase of ordinary shares	(500.0)	(191.5)	0.0	0.0
Cash dividends	(36.3)	(91.1)	(83.2)	(64.8)
Other financing, net	(8.4)	2.3	(8.7)	(19.3)
Net cash from (for) financing activities	149.6	(3,004.7)	(268.7)	1,522.4
Effect of exchange rate changes on cash and cash equivalents	(10.2)	24.1	(6.7)	(89.2)
Net increase (decrease) in cash and cash equivalents	(367.8)	56.4	204.5	(13.9)
Cash and cash equivalents, beginning of period	785.6	622.3	417.8	799.5
Cash and cash equivalents, end of period	417.8	678.7	622.3	785.6
Cash paid/received during the year for:
Interest paid	84.2	187.6	205.1	143.2
Interest received	0.7	9.3	1.2	1.1
Income taxes paid	87.8	186.9	139.5	131.0
Income taxes refunded	$ 1.7	$ 3.6	$ 9.3	$ 9.6

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Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Ordinary Shares Issued	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)
Balance at Jun. 28, 2014	$ 8,720.4	$ 6,678.2	$ 139.6	$ 1,902.6
Balance, shares at Jun. 27, 2015		146,300,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	136.1			136.1
Other comprehensive loss	(36.1)		(36.1)
Issuance of ordinary shares under:
Equity offering, shares		6,800,000
Equity offering	1,035.0	$ 1,035.0
Omega acquisition, shares		5,400,000
Omega acquisition	904.9	$ 904.9
Stock options, shares		200,000
Stock options	8.5	$ 8.5
Restricted stock plan, shares		200,000
Compensation for stock options	6.9	$ 6.9
Compensation for restricted stock	24.7	24.7
Cash dividends	(64.8)			(64.8)
Tax effect from stock transactions	7.0	$ 7.0		0.0
Shares withheld for payment of employee's withholding tax liability, shares		(100,000)
Shares withheld for payment of employee's withholding tax liability	(7.6)	$ (7.6)
Equity issuance costs	(35.7)	$ (35.7)
Balance, shares at Jun. 28, 2014		133,800,000
Balance at Jun. 27, 2015	10,699.3	$ 8,621.9	103.5	1,973.9
Balance, shares at Dec. 31, 2015		143,100,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	42.5			42.5
Other comprehensive loss	(118.8)		(118.8)
Issuance of ordinary shares under:
Stock options, shares		100,000
Stock options	4.9	$ 4.9
Restricted stock plan, shares		100,000
Compensation for stock options	2.5	$ 2.5
Compensation for restricted stock	20.3	20.3
Cash dividends	(36.3)			(36.3)
Tax effect from stock transactions	3.3	$ 3.3
Shares withheld for payment of employee's withholding tax liability, shares		(100,000)
Shares withheld for payment of employee's withholding tax liability	(10.3)	$ (10.3)
Repurchases of ordinary shares, shares		(3,300,000)
Repurchases of ordinary shares	(500.0)	$ (500.0)
Balance, shares at Jun. 27, 2015		146,300,000
Balance at Dec. 31, 2015	10,107.4	$ 8,142.6	(15.3)	1,980.1
Balance, shares at Dec. 31, 2016		143,400,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(4,012.8)			(4,012.8)
Other comprehensive loss	$ (66.5)		(66.5)
Issuance of ordinary shares under:
Stock options, shares	122,000	200,000
Stock options	$ 8.3	$ 8.3
Restricted stock plan, shares		200,000
Compensation for stock options	5.0	$ 5.0
Compensation for restricted stock	18.0	18.0
Cash dividends	(83.2)	(20.8)		(62.4)
Tax effect from stock transactions	(1.5)	$ (1.5)
Shares withheld for payment of employee's withholding tax liability, shares		(100,000)
Shares withheld for payment of employee's withholding tax liability	$ (6.3)	$ (6.3)		0.0
Repurchases of ordinary shares, shares	0
Equity issuance costs	$ (10.3)	$ (10.3)
Balance, shares at Dec. 31, 2015		143,100,000
Balance at Dec. 31, 2016	5,958.1	$ 8,135.0	(81.8)	(2,095.1)
Balance, shares at Dec. 31, 2017		140,800,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	119.6			119.6
Other comprehensive loss	$ 334.9		334.9
Issuance of ordinary shares under:
Stock options, shares	31,000	100,000
Stock options	$ 0.7	$ 0.7
Restricted stock plan, shares		100,000
Compensation for stock options	8.9	$ 8.9
Compensation for restricted stock	34.9	34.9
Cash dividends	(91.1)	$ (91.1)		0.0
Shares withheld for payment of employee's withholding tax liability, shares		(100,000)
Shares withheld for payment of employee's withholding tax liability	(4.0)	$ (4.0)
Repurchases of ordinary shares, shares		(2,700,000)
Repurchases of ordinary shares	(191.5)	$ (191.5)
Balance, shares at Dec. 31, 2016		143,400,000
Balance at Dec. 31, 2017	$ 6,170.5	$ 7,892.9	$ 253.1	$ (1,975.5)

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Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	6 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 27, 2014	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Statement of Stockholders' Equity [Abstract]
Dividends paid (per share)	$ 0.25	$ 0.21	$ 0.64	$ 0.58	$ 0.4600

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Summary of significant accounting policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 healthcare company, delivering value to our customers and consumers by providing Quality Affordable Healthcare Products^®. Founded in 1887 as a packager of home remedies, we have built a unique business model that is best described as the convergence of a fast-moving consumer goods company, a high-quality pharmaceutical manufacturing organization and a world-class supply chain network. We believe we are one of the world's largest manufacturers of over-the-counter (“OTC”) healthcare products and suppliers of infant formulas for the store brand market. We are a leading provider of branded OTC products throughout Europe, and also a leading producer of generic pharmaceutical topical products such as creams, lotions, and gels, as well as nasal sprays and injection ("extended topical") prescription drugs. We are headquartered in Ireland, and sell our products primarily in North America and Europe, as well as in other markets, including Australia, Israel and China.

Basis of Presentation

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. As a result of our change in year end, this report on Form 10-K discloses the results of our operations for:

• The twelve-month period from January 1, 2017 through December 31, 2017;

• The twelve-month period from January 1, 2016 through December 31, 2016;

• The six-month period from June 28, 2015 through December 31, 2015;

• The twelve-month period from June 29, 2014 to June 27, 2015; and

• The six-month period from June 29, 2014 through December 27, 2014.

We 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.

Segment Reporting

Our reporting segments are as follows:

• Consumer Healthcare Americas("CHCA"),comprises our U.S., Mexico and Canada consumer healthcare business (OTC, contract, infant formula and animal health categories).

• Consumer Healthcare International ("CHCI"),comprises our branded consumer healthcare business primarily in Europe and our consumer focused businesses in the U.K., Australia, and Israel. This segment also includes our U.K. liquid licensed products business.

• Prescription Pharmaceuticals("RX"),comprises our U.S. Prescription Pharmaceuticals business.

We also had two legacy operating segments, Specialty Sciences and Other, which contained our Tysabri^® financial asset and Active Pharmaceuticals business ("API") businesses, respectively, which we divested (refer to Note 2 and Note 6). Following these divestitures, there were no substantial assets or operations left in either of these segments. Effective January 1, 2017, all expenses associated with our former Specialty Sciences segment were moved to unallocated expenses. Our segments reflect the way in which our management makes operating decisions, allocates resources and manages the growth and profitability of the Company.

Principles of Consolidation

The consolidated financial statements include our accounts and accounts of all majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Unconsolidated Variable Interest Entities

We have research and development ("R&D") arrangements with certain biotechnology companies that we determined to be variable interest entities ("VIEs"). We did not consolidate the VIEs in our financial statements because we lack the power to direct the activities that most significantly impact their economic performance and thus are not considered the primary beneficiaries of these entities. These arrangements provide us with certain rights and obligations to purchase product candidates from the VIEs, dependent upon the outcome of the development activities.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions, which affect the reported earnings, financial position and various disclosures. Although the estimates are considered reasonable, actual results could differ from the estimates.

Non-U.S. Operations

We translate our non-U.S. dollar-denominated operations’ assets and liabilities denominated in foreign currencies into U.S. dollars at current rates of exchange as of the balance sheet date and income and expense items at the average exchange rate for the reporting period. Translation adjustments resulting from exchange rate fluctuations are recorded in the cumulative translation account, a component of Accumulated Other Comprehensive Income ("AOCI"). Gains or losses from foreign currency transactions are included in Other expense, net.

Revenues

We generally record revenues from product sales when the goods are shipped to the customer. For customers with Free on Board destination terms, a provision is recorded to exclude shipments estimated to be in-transit to these customers at the end of the reporting period. A sales allowance is recorded and accounts receivable are reduced as revenues are recognized for estimated losses on credit sales due to customer claims for discounts, price discrepancies, returned goods and other items. Revenue is also reduced for any contractual customer program arrangements and related liabilities are recorded concurrently.

We maintain customer-related accruals and allowances that consist primarily of chargebacks, rebates, sales returns, shelf stock allowances, administrative fees and other incentive programs. Some of these adjustments relate specifically to the RX segment while others relate only to the CHCA and CHCI segments. Certain of these accruals and allowances are recorded in the balance sheet as current liabilities and others are recorded as a reduction in accounts receivable. Changes in these estimates and assumptions related to customer programs may result in additional accruals or allowances. Customer-related accruals and allowances were $512.3 million,

$484.3 million, and $489.4 million at December 31, 2017, December 31, 2016, and December 31, 2015, respectively.

Revenues from service and royalty arrangements, including revenues from collaborative agreements, consist primarily of royalty payments, payments for R&D services, up-front fees and milestone payments. If an arrangement requires the delivery or performance of multiple deliverables or service elements, we determine whether the individual elements represent separate units of accounting. If the separate elements represent separate units of accounting, we recognize the revenue associated with each element separately and revenue is allocated among elements based on their relative selling prices. If the elements within a multiple deliverable arrangement are not considered separate units of accounting, the delivery of an individual element is considered not to have occurred if there are undelivered elements that are considered essential to the arrangement.

To the extent such arrangements contain refund clauses triggered by non-performance or other adverse circumstances, revenue is not recognized until all contractual obligations are satisfied. Non-refundable up-front fees are deferred and amortized to revenue over the related performance period. We estimate the performance period based on the specific terms of each collaborative agreement. Revenue associated with R&D services is recognized on a proportional performance basis over the period that we perform the related activities under the terms of the agreement. Revenue resulting from the achievement of contingent milestone events stipulated in the agreements is recognized when the milestone is achieved. Milestones are based upon the occurrence of a substantive element specified in the contract.

Shipping and handling costs billed to customers are included in net sales. Conversely, shipping and handling expenses we incur are included in cost of sales.

Cash and Cash Equivalents

Cash and cash equivalents consist primarily of demand deposits and other short-term investments with maturities of three months or less at the date of purchase. The carrying amount of cash and cash equivalents approximates its fair value.

Accounts Receivable

We maintain an allowance for doubtful accounts that reduces our receivables to amounts that are expected to be collected. In estimating the allowance, management considers factors such as current overall and industry-specific economic conditions, statutory requirements, historical and anticipated customer performance, historical experience with write-offs and the level of past-due amounts. Changes in these conditions may result in additional allowances. After all attempts to collect a receivable have failed, the receivable is written off against the allowance.

               In addition, included in our accounts receivable balance is $84.4 million and $83.4 million related to our Tysabri^® financial asset at December 31, 2016 and December 31, 2015, respectively, for amounts earned that have not yet been received.

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in first-out method. Costs include material and conversion costs. Inventory related to R&D is expensed at the point when it is determined the materials have no alternative future use.

We maintain reserves for estimated obsolete or unmarketable inventory based on the difference between the cost of the inventory and its estimated net realizable value. In estimating the reserves, management considers factors such as excess or slow-moving inventories, product expiration dating, products on quality hold, current and future customer demand and market conditions. Changes in these conditions may result in additional reserves (refer to Note 5).

Investments

Available for Sale Investments

We determine the appropriate classification of securities as held-to-maturity, available-for-sale, or trading. The classification depends on the purpose for which the financial assets were acquired. Marketable equity securities are classified as available-for-sale. These securities are carried at fair value with unrealized gains and losses included in AOCI. The assessment for impairment of marketable securities classified as available-for-sale is based on established financial methodologies, including quoted market prices for publicly traded securities. If we determine that a loss in the value of an investment is other than temporary, the investment is written down to its estimated fair value. Any such losses are recorded in Other expense, net (refer to Note 7).

Cost Method Investments

Non-marketable equity securities are carried at cost, less any write down for impairments, and are adjusted for impairment based on methodologies, an assessment of the impact of general private equity market conditions, and discounted projected future cash flows. Non-marketable equity securities are recorded in Other non-current assets (refer to Note 7).

Equity Method Investments

The equity method of accounting is used for unconsolidated entities over which we have significant influence; generally this represents ownership interests of at least 20% and not more than 50%. Under the equity method of accounting, we record the investments at carrying value and adjust for a proportionate share of the profits and losses of these entities each period. We evaluate our equity method investments for recoverability. If we determine that a loss in the value of an investment is other than temporary, the investment is written down to its estimated fair value. Any such losses are recorded in Other expense, net. Evaluations of recoverability are based primarily on projected cash flows. Due to uncertainties in the estimation process, actual results could differ from such estimates. Equity method investments are recorded in Other non-current assets (refer to Note 7).

Derivative Instruments

We record derivative instruments on the balance sheet on a gross basis as either an asset or liability measured at fair value (refer to Note 8). Additionally, changes in a derivative's fair value, which are measured at the end of each period, are recognized in earnings unless specific hedge accounting criteria are met. If hedge accounting criteria are met for cash flow hedges, the changes in a derivative’s fair value are recorded in shareholders’ equity as a component of other comprehensive income ("OCI"), net of tax. These deferred gains and losses are recognized in income in the period in which the hedged item and hedging instrument affect earnings. Any ineffective portion of the change in fair value is immediately recognized in earnings.

We are exposed to credit loss in the event of nonperformance by the counterparties on derivative contracts. It is our policy to manage our credit risk on these transactions by dealing only with financial institutions having a long-term credit rating of "A" or better and by distributing the contracts among several financial institutions to diversify credit concentration risk. Should a counterparty default, our maximum exposure to loss is the asset balance of the instrument. The maximum term of our forward currency exchange contracts is 18 months.

Property, Plant and Equipment, net

Property, plant and equipment, net are recorded at cost and are depreciated using the straight-line method. Useful lives for financial reporting range from 3 to 20 years for machinery and equipment and 10 to 45 years for buildings.Maintenance and repair costs are charged to earnings, while expenditures that increase asset lives are capitalized. Depreciation expense includes amortization of assets recorded under capital leases and totaled $95.2 million, $100.2 million, $53.8 million, and$84.3 million, for the years endedDecember 31, 2017andDecember 31, 2016, the six months endedDecember 31, 2015, and the year endedJune 27, 2015, respectively.

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

	December 31, 2017			December 31, 2016			December 31, 2015
Land	$	45.5		$	45.0		$	47.5
Buildings	514.3			520.2			508.2
Machinery and equipment	1,078.6			1,094.7			1,103.3
Gross property, plant and equipment	1,638.4			1,659.9			1,659.0
Less accumulated depreciation	(805.3		)	(789.8		)	(772.8		)
Property, plant and equipment, net	$	833.1		$	870.1		$	886.2

Financial Assets

Prior to its divestiture on March 27, 2017, we accounted for the Tysabri^® royalty stream as a financial asset and have elected to use the fair value option model (refer to Note 6). We made the election to account for the Tysabri^® financial asset using the fair value option as we believe this method is most appropriate for an asset that does not have a par value, a stated interest stream, or a termination date. The fair value of the Tysabri^® financial asset is determined by using a discounted cash flow analysis related to the expected future cash flows to be received. This asset is classified as Level 3 assets within the fair value hierarchy, as our valuation estimates utilize significant unobservable inputs, including estimates as to the probability and timing of future sales of the related products. Critical estimates in determining the fair value are the underlying revenue assumptions of Tysabri^® sales and the discount rates. The revenue assumptions are impacted by product demand and market growth assumptions, inventory target levels, product approval, currency movements and pricing assumptions. Factors that could cause a change in estimates of future cash flows include a change in estimated market size, entry of a competitive product that would erode market share, manufacturing and approval of a biosimilar equivalent product, a change in pricing strategy or reimbursement coverage, a delay in obtaining regulatory approval, a change in dosage of the product, or a change in the number of treatments.

Goodwill and Intangible Assets

Goodwill

Goodwill represents amounts paid for an acquisition in excess of the fair value of net assets received. Goodwill is tested for impairment annually on the first day of our fourth quarter, or more frequently if changes in circumstances or the occurrence of events suggest an impairment exists.

The test for impairment requires us to make several estimates about fair value, most of which are based on projected future cash flows and market valuation multiples. The estimates associated with the goodwill impairment tests are considered critical due to the judgments required in determining fair value amounts, including projected discounted future cash flows. Changes in these estimates may result in the recognition of an impairment loss. Our annual impairment tests were performed as of October 1, 2017, October 2, 2016, September 27, 2015, and March 29, 2015, for the years ended December 31, 2017 and December 31, 2016, the six months endedDecember 31, 2015, and the year endedJune 27, 2015, respectively.

Intangible Assets

We have intangible assets that we have acquired through various business acquisitions and include trademarks, trade names and brands, in-process research and development ("IPR&D"), developed product technology/formulation and product rights, distribution and license agreements, customer relationships and distribution networks, and non-compete agreements. The assets are typically initially valued using one of the following valuation methods:

• Relief from royalty method: This method assumes that if the acquired company did not own the intangible asset or intellectual property, it would be willing to pay a royalty for its use. The benefit of ownership of the intellectual property is valued as the relief from the royalty expense that would otherwise be incurred. We typically use this method for valuing readily transferable intangible assets that have licensing appeal, such as trade names and trademarks and certain technology assets.

• Multi-period excess earnings method: This method starts with a forecast of the net cash flows expected to be generated by the asset over its estimated useful life. These cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams. We typically use this method for valuing intangible assets such as developed product technology, customer relationships, product formulations and IPR&D.

• Lost income method: This method estimates the fair value of an asset by comparing the value of the business, inclusive of the asset, to the hypothetical value of the same business excluding the asset.

Indefinite-lived intangible assets include IPR&D and certain trademarks, trade names, and brands. IPR&D assets are recognized at fair value and are classified as indefinite-lived assets until the successful completion or abandonment of the associated research and development efforts. If the associated research and development is completed, the IPR&D asset becomes a definite-lived intangible asset and is amortized over the asset's assigned useful life. If it is abandoned, an impairment loss is recorded.

We test indefinite-lived trademarks, trade names, and brands for impairment quarterly, or more frequently if changes in circumstances or the occurrence of events suggest impairment exists, by comparing the carrying value of the assets to their estimated fair values. An impairment loss is recognized if the carrying amount of the asset is not recoverable and its carrying amount exceeds its fair value.

Definite-lived intangible assets consist of a portfolio of developed product technology/formulation and product rights, distribution and license agreements, customer relationships, non-compete agreements, and certain trademarks, trade names, and brands. The assets are amortized on either a straight-line basis or proportionately to the benefits derived from those relationships or agreements. Useful lives vary by asset type and are determined based on the period over which the intangible asset is expected to contribute directly or indirectly to our future cash flows. We also review all other long-lived assets that have finite lives and that are not held for sale for impairment when indicators of impairment are evident by comparing the carrying value of the assets to their estimated future undiscounted cash flows.

See Note 3 for further information on our goodwill and intangible assets.

Assets Held for Sale

We classify assets as "held for sale" when management approves and commits to a formal plan of sale with the expectation the sale will be completed within one year. The net assets of the business held for sale are then recorded at the lower of their current carrying value and the fair market value, less costs to sell (refer to Note 9).

Deferred Financing Fees

We record deferred financing fees as a reduction of long-term debt.

Share-Based Awards

We measure and record compensation expense for all share-based awards based on estimated grant date fair values, and net of any estimated forfeitures over the vesting period of the awards. Forfeiture rates are estimated at the grant date based on historical experience and adjusted in subsequent periods for any differences in actual forfeitures from those estimates.

We estimate the fair value of stock option awards granted based on the Black-Scholes option pricing model, which requires the use of subjective and complex assumptions. These assumptions include estimating the expected term that awards granted are expected to be outstanding, the expected volatility of our stock price for a period commensurate with the expected term of the related options, and the risk-free rate with a maturity closest to the expected term of the related awards. Restricted stock and restricted stock units are valued based on our stock price on the day the awards are granted. The estimated fair value of outstanding Relative Total Shareholder Return performance units (“RTSR”) is based on the grant date fair value of RTSR awards using a Monte Carlo simulation, which includes estimating the movement of stock prices and the effects of volatility, interest rates, and dividends (refer to Note 12).

Income Taxes

We record deferred income tax assets and liabilities on the balance sheet as noncurrent based upon the difference between the financial reporting and the tax reporting basis of assets and liabilities using the enacted tax rates. To the extent that available evidence raises doubt about the realization of a deferred income tax asset, a valuation allowance is established.

We have provided for income taxes for certain earnings of certain foreign subsidiaries which have not been deemed to be permanently reinvested. For those foreign subsidiaries we have deemed to be permanently reinvested, we have provided no further tax provision.

We record reserves for uncertain tax positions to the extent it is more likely than not that the tax position will be sustained on audit, based on the technical merits of the position. Periodic changes in reserves for uncertain tax positions are reflected in the provision for income taxes. We include interest and penalties attributable to uncertain tax positions and income taxes as a component of our income tax provision (refer to Note 14).

Legal Contingencies

We are involved in product liability, patent, commercial, regulatory and other legal proceedings that arise in the normal course of business. We record a liability when a loss is considered probable and the amount can be reasonably estimated. If the reasonable estimate of a probable loss is a range and no amount within that range is a better estimate, the minimum amount in the range is accrued. If a loss is not probable or a probable loss cannot be reasonably estimated, no liability is recorded. We have established reserves for certain of our legal matters (refer to Note 16). We also separately record any insurance recoveries that are probable of occurring.

Research and Development

All R&D costs, including payments related to products under development and research consulting agreements, are expensed as incurred. We may continue to make non-refundable payments to third parties for new technologies and for R&D work that has been completed. These payments may be expensed at the time of payment depending on the nature of the payment made. R&D expense was $167.7 million, $184.0 million, $88.2 million, and $187.8 million for the years endedDecember 31, 2017, and December 31, 2016, the six months endedDecember 31, 2015 and the year endedJune 27, 2015, respectively.

The year endedDecember 31, 2017 included R&D expense related to new product development and clinical trial expenses in our CHCA, CHCI and RX segments. The year endedDecember 31, 2016 included R&D expense related to clinical trials primarily in our CHCA and RX segments. The six months endedDecember 31, 2015 included incremental R&D expense attributable to the Omega Pharma Invest N.V. ("Omega") acquisition. The year endedJune 27, 2015 included incremental R&D expense related to a collaboration agreement entered into as a result the Omega acquisition.

We actively collaborate with other pharmaceutical companies to develop, manufacture and market certain products or groups of products. We may choose to enter into these types of agreements to, among other things, leverage our or others’ scientific research and development expertise or utilize our extensive marketing and distribution resources. Our policy on accounting for costs of strategic collaborations determines the timing of the recognition of certain development costs. In addition, this policy determines whether the cost is classified as development expense or capitalized as an asset. Management is required to form judgments with respect to the commercial status of such products in determining whether development costs meet the criteria for immediate expense or capitalization. For example, when we acquire certain products for which there is already an Abbreviated New Drug Application ("ANDA") or New Drug Application ("NDA") approval directly related to the product, and there is net realizable value based on projected sales for these products, we capitalize the amount paid as an intangible asset. If we acquire product rights that are in the development phase and as to which we have no assurance that the third party will successfully complete its development milestones, we expense the amount paid (refer to Note 17 for more information on our current collaboration agreements).

Advertising Costs

We expense advertising costs as incurred. Advertising costs relate primarily to print advertising, direct mail, on-line advertising and social media communications. For the year endedDecember 31, 2017, 94% of advertising expense was attributable to our CHCI segment. Advertising costs were as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	145.3	$	155.9	$	77.5	$	55.7

Earnings per Share ("EPS")

Basic EPS is calculated using the weighted-average number of ordinary shares outstanding during each period. It excludes both the dilutive effects of additional common shares that would have been outstanding if the shares issued under stock incentive plans had been exercised and the dilutive effect of restricted shares and restricted share units, to the extent those shares and units have not vested. Diluted EPS is calculated including the effects of shares and potential shares issued under stock incentive plans, following the treasury stock method.

Defined Benefit Plans

We operate a number of defined benefit plans for employees globally.

Two significant assumptions, the discount rate and the expected rate of return on plan assets, are important elements of expense and liability measurement. We evaluate these assumptions annually. Other assumptions involve employee demographic factors, such as retirement patterns, mortality, turnover, and the rate of compensation increase.

The liability recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. The defined benefit obligation is calculated periodically by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of either high quality corporate bonds or long term government bonds depending on the depth and liquidity of the high quality corporate bond market in the different geographies where we have pension liabilities. The bonds are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability.     

Actuarial gains and losses are recognized on the Consolidated Statement of Operations using the corridor method. Under the corridor method, to the extent that any cumulative unrecognized net actuarial gain or loss exceeds 10% of the greater of the present value of the defined benefit obligation and the fair value of the plan assets, that portion is recognized over the expected average remaining working lives of the plan participants. Otherwise, the net actuarial gain or loss is recorded in OCI. We recognize the funded status of benefit plans on the Consolidated Balance Sheets. In addition, we recognize the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic pension cost of the period as a component of OCI (refer to Note 15).

Recent Accounting Standard Pronouncements

Below are recent accounting standard updates that we have adopted or 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
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 an initial threshold that an acquired set of assets 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). If the acquired set does not pass the initial threshold, then the guidance requires that, to be a business, the set must include an input and a substantive process that together significantly contribute to the ability to create outputs. Different factors are considered to determine whether the set includes a substantive process, such as the inclusion of an organized workforce. 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, 2017	We early adopted this new standard and will apply it prospectively when determining whether transactions should be accounted for as asset acquisitions (divestitures) or business combinations (divestitures). During the year ended December 31, 2017, we applied the new guidance when determining whether certain product divestitures represented sales of assets or businesses.
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 the awards 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 adopted this standard as of January 1, 2017. We elected to estimate the number of awards expected to be forfeited and adjust the estimate when it is likely to change, consistent with past practice. We did not change the amounts that we withhold to cover income taxes on awards. As the requirement to record all income tax effects of vested or settled awards through the income statement is prospective in nature, there was no cumulative effect of adopting the standard on our balance sheet.

Recently Issued Accounting Standards Not Yet Adopted
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 have substantially completed our evaluation of the impact of adoption of the new revenue standard  on our Consolidated Financial Statements. We will adopt the new revenue standard effective January 1, 2018 using the modified retrospective method. Upon adoption, we anticipate recognizing an adjustment of $5.4 million to the opening balance of retained earnings. The impact of adoption relates primarily to the new guidance on when revenue should be recognized, focusing on indicators of the customer gaining control. Under this new model, in certain cases revenue may be recognized over-time as opposed to a point in time. In our business, revenue may be recognized over-time for certain of our contract manufacturing and private label arrangements in which we produce products that do not have an alternative use, and if the contracts with customers were canceled, we would have an enforceable right to payment for performance completed to date, inclusive of a reasonable profit margin. As a result, we expect to recognize revenue earlier in the performance period for these arrangements as product is customized, as opposed to when units are shipped or delivered. Our assessment of the new revenue standard has also included, but has not been limited to, estimation of variable consideration and identification of performance obligations and we have determined that the related accounting is not materially different compared to our current practice.
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 than under historical guidance. The guidance excludes intra-entity transfers of inventory. For intra-entity transfers of inventory, the Financial Accounting Standards Board ("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 have identified certain intra-entity asset transfers that will require an adjustment; based on our current analysis, no material adjustments have been identified at this time.
Financial Instruments - Recognition and Measurement of Financial Assets and Liabilities	The objective of this simplification update is to improve the decision usefulness of financial instrument reporting, and it principally affects accounting for equity investments currently classified as available for sale and financial liabilities where the fair value option has been elected. Entities will have to measure many equity investments at fair value and recognize changes in fair value in net income rather than other comprehensive income as required under current U.S. GAAP.	January 1, 2018	We have identified certain investments that will require an adjustment; based on our current analysis, no material adjustments have been identified at this time.

Recently Issued Accounting Standards Not Yet Adopted (continued)
Standard	Description	Effective Date	Effect on the Financial Statements or Other Significant Matters
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. The actual impact will depend on our lease portfolio at the time of adoption. We have commenced the first step of identifying a task force to take the lead in implementing the new lease standard.
Derivatives and Hedging	This update was issued to enable entities to better portray the economics of their risk management activities in the financial statements and enhance the transparency and understandability of hedge results. In addition, the amendments simplify the application of hedge accounting in certain situations. Under the new rule, the entity’s ability to hedge non-financial and financial risk components is expanded. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and also eases certain documentation and assessment requirements. Early adoption is permitted.	January 1, 2019	We are currently evaluating the implications of adoption on our Consolidated Financial Statements.
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.
Intangibles - Goodwill and Other Simplifying the Test for Goodwill	The objective of this update is to reduce the cost and complexity of subsequent goodwill accounting by simplifying the impairment test by removing the Step 2 requirement to perform a hypothetical purchase price allocation when the carrying value of a reporting unit exceeds its fair value. If a reporting unit’s carrying value exceeds its fair value, an entity would record an impairment charge based on that difference, limited to the amount of goodwill attributed to that reporting unit. The proposal would not change the guidance on completing Step 1 of the goodwill impairment test. The proposed guidance would be applied prospectively. Early adoption is permitted.	January 1, 2020	We are currently evaluating the implications of adoption on our Consolidated Financial Statements.

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Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Acquisitions and divestitures

ACQUISITIONS AND DIVESTITURES

All of the below acquisitions, with the exception of the generic Benzaclin™ product purchase, 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 were included in the Consolidated Financial Statements prospectively from the date of each acquisition. Unless otherwise indicated, acquisition costs incurred were immaterial and were recorded in Administration expense.

Acquisitions Completed During the Year EndedDecember 31, 2016

Generic Benzaclin™ Product

On August 2, 2016, we purchased the remaining 60.9% product rights to a generic Benzaclin™ product ("Generic Benzaclin™"), which we had developed and marketed in collaboration with Barr Laboratories, Inc. ("Barr"), a subsidiary of Teva Pharmaceuticals, for $62.0 million in cash. In September 2007, we entered into an initial development, marketing and commercialization agreement with Barr, in which Barr contributed to the product's development costs and we developed and marketed the product in the U.S. and Israel. Under this agreement, we paid Barr a percentage of net income from the product's sales in these territories, adjusted for Barr's contributions to the product's development costs. By purchasing the remaining product rights from Barr, we are now entitled to 100% of income from sales of the product. Operating results attributable to Generic Benzaclin™ are included within our RX segment. The intangible asset acquired is a distribution and license agreement with a nine-year useful life.

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 standard topical products such as creams, lotions and gels, as well as inhalants and injections ("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 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 R&D expense. On March 1, 2016, to further invest in our specialty "prescription only" ("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 IPR&D 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 amount of contingent consideration recognized was $24.9 million and was recorded in Other non-current liabilities. On December 20, 2017, we completed the sale of one of the Development-Stage Rx Products to an ophthalmic pharmaceutical company (see below for additional details on the divestiture).

Purchase Price Allocation of Acquisitions Completed During the Year EndedDecember 31, 2016

The Tretinoin Products, Developed-Stage Rx Products, andfourproduct acquisitions openingbalance sheets are final. The below table indicates the purchase price allocations for acquisitions completed during the year endedDecember 31, 2016 (in millions):

	Tretinoin Products		Development-Stage Rx Products		All Other(1)
Purchase price paid	$	416.4	$	—	$	17.1
Contingent consideration	—		24.9		26.2
Total purchase consideration	$	416.4	$	24.9	$	43.3
Assets acquired:
Cash and cash equivalents	$	—	$	—	$	3.8
Accounts receivable	—		—		4.9
Inventories	1.4		—		7.1
Prepaid expenses and other current assets	—		—		0.1
Property, plant and equipment, net	—		—		1.2
Goodwill	1.7		—		—
Definite-lived intangibles:
Distribution and license agreements, supply agreements	$	—	$	—	$	1.8
Developed product technology, formulations, and product rights	411.0		—		18.0
Customer relationships and distribution networks	—		—		8.2
Non-compete agreements	2.3		—		—
Indefinite-lived intangibles:
In-process research and development	$	—	$	24.9	$	4.9
Total intangible assets	$	413.3	$	24.9	$	32.9
Total assets	$	416.4	$	24.9	$	50.0
Liabilities assumed:
Accounts payable	$	—	$	—	$	2.8
Accrued liabilities	—		—		0.1
Long-term debt	—		—		3.3
Net deferred income tax liabilities	—		—		0.5
Total liabilities	$	—	$	—	$	6.7
Net assets acquired	$	416.4	$	24.9	$	43.3

(1) Consists of four product acquisitions in our CHCA, CHCI and RX segments.

Acquisitions Completed During the Six Months EndedDecember 31, 2015

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. The acquisition complemented our Rx portfolio. Operating results attributable to the acquisition are included within our RX segment. The intangible assets acquired included 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. During the year ended December 31, 2016, we recorded an impairment charge of $342.2 million (refer to Note 3).

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 CHCI 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 CHCI 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 CHCA 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 CHCI 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.

Purchase Price Allocation of Acquisitions Completed During the Six Months EndedDecember 31, 2015

The Entocort^®, Naturwohl,ScarAway^®, GSK Products, andeightproduct development acquisitions openingbalance sheets are final.The below table indicates the purchase price allocations for acquisitions completed during thesix months endedDecember 31, 2015(in millions):

	Entocort®		Naturwohl		ScarAway®		GSK Products		All Other(1)
Purchase price paid	$	380.2	$	150.4	$	26.7	$	223.6	$	15.3
Contingent consideration	—		—		—		—		13.9
Total purchase consideration	$	380.2	$	150.4	$	26.7	$	223.6	$	29.2
Assets acquired:
Cash and cash equivalents	$	—	$	4.6	$	—	$	—	$	—
Accounts receivable	—		3.3		—		—		—
Inventories	0.2		1.5		1.0		—		—
Goodwill	—		61.0		3.5		32.6		—
Definite-lived intangibles:
Distribution and license agreements, supply agreements	$	—	$	21.4	$	—	$	—	$	—
Developed product technology, formulations, and product rights	380.0		—		0.5		—		—
Customer relationships and distribution networks	—		25.9		9.8		61.5		—
Trademarks, trade names, and brands	—		64.2		11.4		129.5		—
Non-compete agreements	—		0.3		0.5		—		—
Indefinite-lived intangibles:
In-process research and development	$	—	$	—	$	—	$	—	$	29.2
Total intangible assets	$	380.0	$	111.8	$	22.2	$	191.0	$	29.2
Total assets	$	380.2	$	182.2	$	26.7	$	223.6	$	29.2
Liabilities assumed:
Accounts payable	$	—	$	2.8	$	—	$	—	$	—
Accrued liabilities	—		1.6		—		—		—
Net deferred income tax liabilities	—		27.4		—		—		—
Total liabilities	$	—	$	31.8	$	—	$	—	$	—
Net assets acquired	$	380.2	$	150.4	$	26.7	$	223.6	$	29.2

⁽¹⁾  Consists of eight product development acquisitions in our CHCA, CHCI and RX segments.

Acquisitions Completed During the Year EndedJune 27, 2015

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 CHCA 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 was written up by $0.9 million to its 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, 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 presence.

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 and issued 6.8 million ordinary shares, which raised $999.3 million, net of issuance costs (refer to Note 10).

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 by up to €120.9 million ($127.2 million as of December 31, 2017) in cash that has been escrowed and 1.08 million of our ordinary shares, which are both being held in escrow to secure such obligations. 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. On December 16, 2016, we commenced an arbitral claim against the Sellers in connection with the Sellers' obligations to us under the Share Purchase Agreement. The fact of the claim has been made public, but the proceedings otherwise remain confidential. The Sellers deny liability (refer to Note 16 for additional information).

The operating results attributable to Omega are included in the CHCI 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 (in millions):

	Year Ended
Line item	June 27, 2015
Administration	$	29.7
Interest expense, net	23.7
Other expense, net	324.0
Loss on extinguishment of debt	9.6
Total acquisition-related costs	$	387.0

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 CHCI 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. The weighted-average useful life of all intangible assets acquired is 20.6 years (refer to Note 3 for further detail on Goodwill and Other Intangible Assets).

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 (refer to Note 10 for more information on the debt we assumed from Omega and our subsequent payments on the debt).

Lumara Health, Inc.

On October 31, 2014, we acquired a portfolio of women's healthcare products from Lumara Health, Inc., ("Lumara") a privately-held, Chesterfield, Missouri-based specialty pharmaceutical company, for $83.0 million in cash. The acquisition of this portfolio further expanded our women's healthcare product offerings. Operating results attributable to the acquired Lumara products are included in the RX segment. The intangible assets acquired consisted of three product formulations with useful lives ranging from eight to 12 years. The assets were valued utilizing the multi-period excess earnings method.

Purchase Price Allocation of Acquisitions Completed During the Year Ended June 27, 2015

The Gelcaps, Omega, and Lumara opening balance sheets are final. Measurement period adjustments to the Gelcaps opening balance sheet were not material; there were no measurement period adjustments to the Lumara opening balance sheet. Measurement period adjustment made to the Omega opening balance sheet are shown below.

	June 27, 2015		Measurement Period Adjustments			December 31, 2015
Accounts receivable	$	227.4	$	(4.5	)	$	222.9
Inventories	$	288.9	$	(11.9	)	$	277.0
Property, plant and equipment, net	$	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

The measurement period changes in the Omega purchase accounting were due primarily to refinements in the underlying valuation assumptions for the intangible assets, including updates to the allocations of projected cash flows to the intangible assets and the related jurisdictional tax rates that were used in those projections, the accounting of intangible assets as definite-lived versus indefinite-lived assets, and finalization of the related deferred taxes. Valuation adjustments made during the measurement period resulted in a $10.2 million reduction of amortization expense (recorded primarily in Selling expense) for the six months endedDecember 31, 2015 that were related to the year ended June 27, 2015 (refer to Note 3 for further detail on Goodwill and Other Intangible Assets).

The below table indicates the purchase price allocation for acquisitions completed during the year endedJune 27, 2015 (in millions):

	Gelcaps		Omega		Lumara
Total purchase consideration	$	37.9	$	2,983.2	$	83.0
Assets acquired:
Cash and cash equivalents	$	4.6	$	14.7	$	—
Accounts receivable	7.3		222.9		2.9
Inventories	7.2		277.0		1.5
Prepaid expenses and other current assets	2.1		51.2		0.4
Property, plant and equipment, net	6.0		130.8		0.1
Goodwill	6.0		1,688.7		—
Definite-lived intangibles:
Developed product technology, formulations, and product rights	$	—	$	31.4	$	82.0
Customer relationships and distribution networks	6.6		1,056.3		—
Trademarks, trade names, and brands	—		287.5		—
Indefinite-lived intangibles:
Trademarks, trade names, and brands	4.4		2,003.8		—
Total intangible assets	$	11.0	$	3,379.0	$	82.0
Other non-current assets	0.4		2.4		—
Total assets	$	44.6	$	5,766.7	$	86.9
Liabilities assumed:
Accounts payable	$	3.3	$	225.0	$	—
Short-term debt	—		112.6		—
Accrued liabilities	1.6		49.3		3.9
Payroll and related taxes	—		51.3		—
Accrued customer programs	—		28.9		—
Long-term debt	—		1,471.0		—
Net deferred income tax liabilities	1.4		785.5		—
Other non-current liabilities	0.4		59.9		—
Total liabilities	$	6.7	$	2,783.5	$	3.9
Net assets acquired	$	37.9	$	2,983.2	$	83.0

Actual and Unaudited Pro Forma Impact of Acquisitions

Our Consolidated Financial Statements include operating results from the Tretinoin Products, Entocort^®, Naturwohl, GSK Products, ScarAway^®, Omega, Gelcaps, and Lumara^® acquisitions as well as from three small product acquisitions, from the date of each acquisition through December 31, 2017. Net sales and operating income attributable to the Tretinoin Products and two small product acquisitions included in our financial statements for the year endedDecember 31, 2016 totaled $85.3 million and $45.1 million, respectively. Net sales and operating income attributable to the Entocort^®, Naturwohl, ScarAway^®, and GSK acquisitions included in our financial statements for the six months endedDecember 31, 2015 totaled $51.0 million and $20.6 million, respectively. Net sales and operating income attributable to the Omega, Gelcaps, and Lumara acquisitions included in our financial statements for the year endedJune 27, 2015 totaled $418.2 million and $18.9 million, respectively.

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

	Year Ended			Six Months Ended		Year Ended
(Unaudited)	December 31, 2016			December 31, 2015		June 27, 2015
Net sales	$	5,288.6		$	2,748.8	$	5,682.5
Net income (loss)	$	(4,011.0	)	$	81.0	$	250.2

The historical consolidated financial information of Perrigo, and the Tretinoin Products, Entocort^®, Naturwohl, GSK Products, and ScarAway^®, Omega, Gelcaps, and Lumara^® acquisitions and the 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 year ended June 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 period ended December 31, 2016 to the period ended June 27, 2015. The unaudited pro forma results do not reflect future events that have occurred or may occur after the acquisitions.

Divestitures Completed During the Year EndedDecember 31, 2017

On January 3, 2017, we sold certain ANDAs for $15.0 million to a third party, which was recorded as a gain in Other operating income on the Consolidated Statements of Operations in our RX segment.

On February 1, 2017, we completed the sale of the animal health pet treats plant fixed assets within our CHCA segment, which were previously classified as held-for sale. We received $7.7 million in proceeds, which resulted in an immaterial loss.

On April 6, 2017, we completed the sale of our India API business to Strides Shasun Limited. We received $22.2 million of proceeds, inclusive of an estimated working capital adjustment, which resulted in an immaterial gain recorded in our Other segment. Prior to closing the sale, we determined that the carrying value of the India API business exceeded its fair value less the cost to sell, resulting in an impairment charge of $35.3 million, which was recorded in Impairment charges on the Consolidated Statements of Operations for the year ended December 31, 2016.

On August 25, 2017, we completed the sale of our Russian business, which was previously classified as held-for-sale, to Alvogen Pharma LLC. The total sale price was €12.7 million ($15.1 million), inclusive of an estimated working capital adjustment, which resulted in an immaterial gain recorded in our CHCI segment. Prior to closing the sale, we determined that the carrying value of the Russian business exceeded its fair value less the cost to sell, resulting in an impairment charge of $3.7 million, which was recorded in Impairment charges on the Consolidated Statements of Operations for the three months ended July 1, 2017.

On November 21, 2017, we completed the sale of our Israel API business, which was previously classified as held-for-sale, to SK Capital for a sale price of $110.0 million, which resulted in an immaterial gain recorded in our Other segment in Other expense (Income), net on the Consolidated Statements of Operations.

As a result of the sale, we recognized a guarantee liability (refer to Note 6). Per the agreement, we will be reimbursed for tax receivables for tax years prior to closing and will need to reimburse SK Capital for the settlement of any uncertain tax liability positions for tax years prior to closing. In addition, after closing and going forward, the Israel API business, will be assessed by and liable to the Israel Tax Authority ("ITA") for any audit findings. We are no longer the primary obligor on the liabilities transferred to SK Capital on November 21, 2017, however, we have provided a guarantee on certain obligations that were recorded at a fair value of $13.8 million, with a maximum possible payout of $34.9 million.

On December 20, 2017, we completed the sale of one of the Development-Stage Rx Products to an ophthalmic pharmaceutical company. We will potentially receive the following consideration: (1) a milestone payment of $1.5 million after the buyer achieves net sales of $25.0 million in any given calendar year; (2) a milestone payment of $5.0 million after the buyer achieves $50.0 million in net sales in any given year; and (3) royalty payments of 2.5% of all net sales of the product from the date of the first commercial sales of the product and continuing until market entry of a generic equivalent of the product.

Divestitures Completed During the Year EndedDecember 31, 2016

On August 5, 2016, we completed the sale of our U.S. Vitamins, Minerals, and Supplements ("VMS") business within our CHCA segment to International Vitamins Corporation ("IVC") for $61.8 million inclusive of an estimated working capital adjustment. Prior to closing the sale, we determined that the carrying value of the VMS business exceeded its fair value less the cost to sell, resulting in an impairment charge of $6.2 million, which was recorded in Impairment charges on the Consolidated Statements of Operations for the year ended December 31, 2016.

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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

Changes in the carrying amount of goodwill, by reportable segment, were as follows (in millions):

	CHCA			CHCI			RX			Specialty Sciences			Other			Total
Balance at June 27, 2015	$	1,817.2		$	1,530.2		$	1,086.0		$	199.6		$	88.2		$	4,721.2
Business acquisitions	9.7			87.4			—			—			—			97.1
Changes in assets held-for-sale	(13.0		)	—			—			—			(14.6		)	(27.6		)
Currency translation adjustments	(0.8		)	(53.3		)	(1.9		)	—			(2.1		)	(58.1		)
Purchase accounting adjustments	1.2			418.9			—			—			—			420.1
Balance at December 31, 2015	1,814.3			1,983.2			1,084.1			199.6			71.5			5,152.7
Business acquisitions	—			—			1.7			—			—			1.7
Changes in assets held-for-sale	4.5			—			—			—			9.0			13.5
Impairments	(24.5		)	(868.4		)	—			(199.6		)	—			(1,092.5		)
Currency translation adjustments	(0.9		)	(27.5		)	0.8			—			0.9			(26.7		)
Purchase accounting adjustments	17.2			(16.5		)	—			—			—			0.7
Balance at December 31, 2016	1,810.6			1,070.8			1,086.6			—			81.4			4,049.4
Re-allocation of goodwill(1)	35.3			—			27.7			—			(63.0		)	—
Business divestitures	—			(4.1		)	—			—			(26.4		)	(30.5		)
Currency translation adjustments	1.5			139.0			8.0			—			8.0			156.5
Balance at December 31, 2017	$	1,847.4		$	1,205.7		$	1,122.3		$	—		$	—		$	4,175.4

⁽¹⁾ Certain cash flow associated with the API business were retained. We performed a relative fair value allocation of the business retained and allocated it among the two segments where the business was allocated.

The increase in goodwill in the year endedDecember 31, 2017 was due primarily to foreign currency translation adjustments. The decrease in goodwill for the year endedDecember 31, 2016 was due primarily to impairment charges recorded in the CHCI and Specialty Sciences segments as discussed below. The increase in goodwill in the six months endedDecember 31, 2015 was due primarily to purchase accounting adjustments to the Omega acquisition, as well as the Naturwohl and GSK acquisitions recorded in the CHCI segment (refer to Note 2).

As required by our policy, we tested goodwill for impairment in the fourth quarter of 2017 (refer to Note 1). We determined the fair value of each of our reporting units exceeded their net book values. The fair values of the BCH, UK AUS and Animal Health reporting units were each less than 25.0% higher than their respective net book values as of the annual assessment date. As a result, these reporting units are inherently at a higher risk for future impairments if they experience deterioration in business performance or market multiples, or increases in discount rates. These reporting units had the following remaining goodwill balances as of December 31, 2017 (in millions):

Reporting Unit	Goodwill Remaining in Reporting Unit		Segment	Fair Value in excess of Carrying Value
BCH	$	1,026.0	CHCI	6.6%
Animal Health	$	178.9	CHCA	23.6%
UK AUS	$	53.1	CHCI	18.3%

Subsequently, at the end of the fourth quarter of 2017, the Animal Health reporting unit had an indication of potential impairment resulting from the termination of a supply agreement. We prepared an impairment test as of December 31, 2017 and determined the fair value of the Animal Health reporting unit continued to exceed net book value, by 8.9%. The 8.9% margin was lower than the excess fair value over carrying value of 23.6% that was estimated as of October 1, 2017. Therefore, while no impairment was recorded in 2017, the supply agreement termination increased the risk of future impairment in this reporting unit.

The discounted cash flow forecasts used for these reporting units in goodwill impairment testing include assumptions about future activity levels in both the near term and longer-term. If growth in these reporting units is lower than expected, we may experience deterioration in our cash flow forecasts that may indicate goodwill in the reporting units may be impaired in future impairment tests. We continue to monitor the progress and assess the reporting units for potential impairment should impairment indicators arise, as applicable, and at least annually during our fourth quarter impairment testing.

During the year ended December 31, 2016, we identified indicators of goodwill impairment for certain of our reporting units, which required us to complete interim goodwill impairment testing (refer to Note 1 for our impairment process). Step one of the goodwill impairment test involves 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 units’ fair value include 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. If a reporting unit does not pass step one of the goodwill impairment test, step two is completed. The second step of the goodwill impairment test requires that we determine the implied fair value of the reporting unit’s goodwill, which involves determining the value of the reporting unit’s individual assets and liabilities. If the reporting unit’s carrying value exceeds its book value, an impairment charge is recorded.

During the three months ended April 2, 2016, we identified indicators of impairment for our Branded Consumer Healthcare - 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. BCH-ROW 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. 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 $130.5 million in impairment charges on the Consolidated Statement of Operations within our CHCI segment.

During the three months ended October 1, 2016, we identified additional indicators of goodwill impairment in both our BCH-ROW and our Branded Consumer Healthcare - Belgium ("BCH-Belgium") reporting units. With respect to both reporting units, the primary impairment indicators included an additional decline in our 2016 performance expectations for the remainder of the year and a reduction in our long-range revenue growth and margin forecasts due to the factors outlined below. Neither the BCH-ROW nor the BCH-Belgium reporting units passed step one of goodwill impairment testing.

As it relates to the BCH-ROW reporting unit, the changes in fair value from previous estimates were due primarily to (1) changes in the market and performance of certain brands due to moderated new product launch assumptions, (2) execution of certain key product strategies falling short of expectations causing a reduction to baseline forecast models in France, Germany and Italy and (3) certain macro-economic factors continuing to impact the business more than expected in France, Russia and Turkey in addition to unfavorable foreign currency impacts experienced (primarily in the UK related to Brexit.) As it relates to the BCH-Belgium reporting unit, the changes in fair value from previous estimates were due to changes in the forecasts as a result of a reduction in volume with a major wholesaler due to factors consistent with those outlined for the BCH-ROW reporting unit.

Based on our 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 impairment charge of $675.6 million related to the BCH-ROW reporting unit and $62.3 million related to the BCH-Belgium reporting unit on the Consolidated Statement of Operations within our CHCI segment.

During the three months ended December 31, 2016, we identified indicators of goodwill impairment in the BCH-Belgium reporting unit related to the early termination of a distribution agreement. We prepared a goodwill impairment test as of December 3, 2016, which was the end of the month in which the impairment indicator occurred. Step one of the goodwill impairment test indicated that the fair value of the BCH-Belgium reporting unit as greater than its net book value. As a result, we did not perform the second step of the goodwill impairment test.

During the three months ended December 31, 2016, we identified indicators of goodwill impairment in the Animal Health reporting unit related to changes in the market and performance of certain brands. We prepared a goodwill impairment test as of October 2, 2016 as part of our annual goodwill impairment testing process. Step one of the goodwill impairment test indicated that the fair value of the Animal Health reporting unit was below its net book value. As a result, we performed the second step of the goodwill impairment test to measure the amount of impairment. We concluded that Animal Health goodwill was impaired by $24.5 million, which we recorded in Impairment charges on the Consolidated Statement of Operations within our CHCA segment.

During the three months ended December 31, 2016, we identified indicators of goodwill impairment in the Specialty Sciences reporting unit related to our decision to review strategic alternatives for the Tysabri^® financial asset. As a result of the impairment indicators, we prepared a goodwill impairment test as of December 31, 2016. Step one of the goodwill impairment test indicated that the fair value of the Specialty Sciences reporting unit was below its net book value. 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 $199.6 million in Impairment charges on the Consolidated Statement of Operations within our Specialty Sciences segment.

No impairment charges were recorded as a result of the annual goodwill impairment testing during the six months ended December 31, 2015. During the year endedJune 27, 2015, we performed our annual goodwill impairment testing, which indicated that our CHCA 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 CHCA segment during the year endedJune 27, 2015 in Impairment charges. No other segments were affected by this impairment charge.

Intangible Assets

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

	December 31, 2017				December 31, 2016				December 31, 2015
	Gross		Accumulated Amortization		Gross		Accumulated Amortization		Gross		Accumulated Amortization
Definite-lived intangibles:
Distribution and license agreements, supply agreements	$	311.2	$	169.8	$	305.6	$	120.4	$	242.4	$	77.7
Developed product technology, formulations, and product rights	1,358.4		598.7		1,418.1		526.0		1,387.6		426.0
Customer relationships and distribution networks	1,642.0		460.6		1,489.9		307.5		1,520.7		193.0
Trademarks, trade names, and brands	1,335.4		129.5		1,189.3		55.3		539.4		22.8
Non-compete agreements	14.7		12.6		14.3		11.2		15.2		12.7
Total definite-lived intangibles	$	4,661.7	$	1,371.2	$	4,417.2	$	1,020.4	$	3,705.3	$	732.2
Indefinite-lived intangibles:
Trademarks, trade names, and brands	$	52.1	$	—	$	50.5	$	—	$	1,868.1	$	—
In-process research and development	38.2		—		64.0		—		48.2		—
Total indefinite-lived intangibles	$	90.3	$	—	$	114.5	$	—	$	1,916.3	$	—
Total other intangible assets	$	4,752.0	$	1,371.2	$	4,531.7	$	1,020.4	$	5,621.6	$	732.2

Certain intangible assets are denominated in currencies other than the U.S. dollars; therefore, their gross and net carrying values are subject to foreign currency movements.

The increase in gross amortizable intangible assets during the year endedDecember 31, 2017 was due primarily to foreign currency translation. The decrease in gross amortizable intangible assets during the year endedDecember 31, 2016 was due to the reclassification of Omega indefinite-lived assets to definite-lived assets as described below, offset by current year impairments taken as described below. The increase during the six months endedDecember 31, 2015 was due to the Entocort^®, GSK, Naturwohl, and ScarAway^® acquisitions, offset partially by purchase price adjustments to the Omega intangible assets (refer to Note 2).

Intangible asset impairments taken are as follows (in millions):

	Year Ended										Six Months Ended
	December 31, 2017				December 31, 2016						December 31, 2015
	Definite-Lived Intangible Assets		IPR&D		Indefinite-Lived Intangible Assets		Definite-Lived Intangible Assets		IPR&D		Indefinite-Lived Intangible Assets
CHCA	$	—	$	—	$	0.4	$	—	$	—	$	—
CHCI	—		1.1		849.1		321.4		3.5		185.1
RX	19.7		11.6		—		342.2		—		—
Other	—		—		—		2.0		—		—
	$	19.7	$	12.7	$	849.5	$	665.6	$	3.5	$	185.1

During the three months ended July 1, 2017, we identified impairment indicators for our Lumara Health, Inc. ("Lumara") product assets. The primary impairment indicators included the decline in our 2017 performance expectations and a reduction in our long-range revenue growth forecast. The assessment utilized the multi-period excess earnings method to determine fair value and resulted in an impairment charge of $18.5 million in Impairment charges on the Consolidated Statements of Operations within our RX segment, which represented the difference between the carrying amount of the intangible assets and their estimated fair value.

During the three months 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 Consolidated Statements of Operations within our CHCI 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, geographical expansion within the markets in which the CHCI segment distributes products, gross margins consistent with historical trends, and advertising and promotion investments largely consistent with the segment's growth plans.

During the three months ended October 1, 2016, we identified additional indicators of impairment associated with certain indefinite-lived and definite-lived intangible brand category assets acquired in conjunction with the Omega acquisition. The primary impairment indicators are discussed above in goodwill. The assessment of the indefinite-lived assets utilized the excess earnings method to determine fair value and resulted in an impairment charge of $575.7 million. With regards to definite-lived assets, it was determined that the carrying value of one asset group was not recoverable based on an assessment of the undiscounted future cash flows expected to be generated by the asset group. Given this, the excess earnings method was utilized to determine fair value of the definite-lived asset and resulted in an impairment charge of $290.9 million. Both charges, which represented the difference between the carrying amount of the intangible assets and their estimated fair value, were recorded in Impairment charges on the Consolidated Statements of Operations within our CHCI segment. The main assumptions supporting the fair value of these assets and cash flow projections are included in the goodwill discussions above.

During the three months ended December 31, 2016, we identified impairment indicators in our Entocort^® product assets which related to the entrance of new market competition and resulting negative impacts on sales volume and pricing. Utilizing a multi-period excess earnings method, we determined that the Entocort^® product assets were impaired by $342.2 million. We recorded this impairment in Impairment charges on the Consolidated Statement of Operations within our RX segment.

During the three months ended December 31, 2016, we identified impairment indicators in certain definite-lived intangible assets, including trademarks and trade names related to our Herron products that we originally acquired through the acquisition of Aspen. After determining the assets were impaired, we utilized the relief from royalty method to quantify the impairment, resulting in a $30.5 million impairment. We recorded these impairments in Impairment charges on the Consolidated Statement of Operations within our CHCI segment.

During our impairment testing for the six months ended December 31, 2015, we identified an impairment of certain indefinite-lived intangible assets based on management’s expectations of the prospects for future revenues, profits, and cash flows associated with these assets. The indefinite-lived intangible assets were purchased in conjunction with the Omega acquisition and are included in the CHCI segment. The assessment utilized the excess earnings method to determine fair value and resulted in an impairment charge of $185.1 million, which represents the difference between the carrying amount of the intangible assets and their estimated fair value. The amount was recorded in Impairment charges on the Consolidated Statements of Operations within the CHCI segment. The primary assumptions supporting the fair value of these assets and cash flow projections assume modest revenue growth based on product line extensions, product life cycle strategies, and geographical expansion within the markets in which the CHCI segment currently distributes products, and gross margins and advertising and promotion investments largely consistent with historical trends.

No material impairment charges were recorded as a result of the annual intangible asset impairment testing during the year endedJune 27, 2015.

We recorded an impairment charge of $12.7 million and $3.5 million on certain IPR&D assets during the years endedDecember 31, 2017 and December 31, 2016, respectively, due to changes in the projected development and regulatory timelines for various projects, we also recorded a decrease in the contingent consideration liability associated with certain IPR&D assets in Other operating income on the Consolidated Statements of Operations (refer to Note 6).

In addition, due to reprioritization of certain brands in the CHCI segment and change in performance expectations for the cough/cold/allergy, anti-parasite, personal care, lifestyle, and natural health brands, we reclassified $364.5 million and $674.4 million of indefinite-lived assets to definite-lived assets with useful lives of 20 years, which we began amortizing during the second and third quarters of 2016, respectively.

The remaining weighted-average useful life for our amortizable intangible assets by asset class at December 31, 2017 was as follows:

Amortizable Intangible Asset Category	Remaining Weighted-Average Useful Life (Years)
Distribution and license agreements, supply agreements	7
Developed product technology, formulations, and product rights	12
Customer relationships and distribution networks	17
Trademarks, trade names, and brands	20
Non-compete agreements	2

We recorded amortization expense of $349.6 million, $356.8 million, $128.6 million, $174.5 million during the years endedDecember 31, 2017 and December 31, 2016, the six months endedDecember 31, 2015, and the year endedJune 27, 2015, respectively. The amortization expense in the year endedDecember 31, 2017 remained relatively flat. The increase in amortization expense in the year endedDecember 31, 2016 was due primarily to the incremental amortization expense incurred on the definite-lived intangible assets acquired from the Omega, Entocort^®,and Tretinoin Products acquisitions. In addition, we incurred additional amortization in 2016 due to the previously indefinite-lived Omega brands changing classification to definite-lived during the year. The increase in amortization expense in the six months endedDecember 31, 2015 was due primarily to definite-lived assets acquired from Omega. The increase in amortization expense in the year endedJune 27, 2015 was due primarily to the inclusion of one quarter of amortization expense related to the intangible assets acquired from Omega.

Estimated future amortization expense includes the additional amortization related to recently acquired intangible assets subject to amortization. Our estimated future amortization expense is as follows (in millions):

Year	Amount
2018	$	341.0
2019	316.4
2020	280.8
2021	251.8
2022	222.0
Thereafter	1,878.5

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Accounts Receivable Factoring

12 Months Ended

Dec. 31, 2017

Accounts Receivable Factoring [Abstract]

ACCOUNTS RECEIVABLE FACTORING

ACCOUNTS RECEIVABLE FACTORING

We have 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 per invoice is charged on the gross amount of accounts receivables assigned to the Factors, and interest is calculated at the applicable EUR LIBOR rate plus a spread. The total amount factored on a non-recourse basis and excluded from accounts receivable was $27.5 million, $50.7 million, and $64.5 million at December 31, 2017, December 31, 2016 and December 31, 2015, respectively.

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Inventories

12 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

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

	December 31, 2017		December 31, 2016		December 31, 2015
Finished goods	$	454.3	$	431.1	$	537.2
Work in process	152.8		165.7		151.6
Raw materials	199.8		198.2		209.9
Total inventories	$	806.9	$	795.0	$	898.7

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Fair Value Measurements

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair value measurement

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 tables summarize the valuation of our financial instruments carried at fair value by the above pricing categories (in millions):

		Fair Value
	Fair Value Hierarchy	December 31, 2017		December 31, 2016		December 31, 2015
Measured at fair value on a recurring basis:
Assets:
Investment securities	Level 1	$	17.0	$	38.2	$	14.9
Foreign currency forward contracts	Level 2	$	6.3	$	3.8	$	4.8
Funds associated with Israeli severance liability	Level 2	16.3		15.9		17.2
Total level 2 assets		$	22.6	$	19.7	$	22.0
Royalty Pharma contingent milestone payments	Level 3	$	134.5	$	—	$	—
Financial assets	Level 3	—		2,350.0		5,310.0
Total level 3 assets		$	134.5	$	2,350.0	$	5,310.0
Liabilities:
Interest rate swap agreements	Level 2	$	—	$	—	$	0.3
Foreign currency forward contracts	Level 2	3.8		5.0		3.9
Total level 2 liabilities		$	3.8	$	5.0	$	4.2
Contingent consideration	Level 3	$	22.0	$	69.9	$	17.9
Measured at fair value on a non-recurring basis:
Assets:
Goodwill(1)	Level 3	$	—	$	1,148.4	$	—
Indefinite-lived intangible assets(2)	Level 3	—		0.3		1,031.8
Definite-lived intangible assets(3)	Level 3	11.5		758.0		—
Assets held for sale, net	Level 3	—		18.2		37.5
Total level 3 assets		$	11.5	$	1,924.9	$	1,069.3

⁽¹⁾  As of December 31, 2016, goodwill with a carrying amount of $2.2 billion was written down to its implied fair value of $1.1 billion.

⁽²⁾  As of December 31, 2016, indefinite-lived intangible assets with a carrying amount of $0.7 million were written down to a fair value of $0.3 million. As of December 31, 2015, indefinite-lived intangible assets with a carrying amount of $1.2 billion were written down to a fair value of $1.0 billion.

⁽³⁾  As of December 31, 2017, definite-lived intangible assets with a carrying amount of $31.2 million were written down to a fair value of $11.5 million. As of December 31, 2016, definite-lived intangible assets with a carrying amount of $2.3 billion were written down to a fair value of $758.0 million. Included in this balance are indefinite-lived intangible assets with a fair value of $364.5 million and $674.2 million that were reclassified to definite-lived assets at April 3, 2016 and October 2, 2016, respectively.

There were no transfers among Level 1, 2, and 3 during the years endedDecember 31, 2017, and December 31, 2016, or the six months endedDecember 31, 2015. Our policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period (refer to Note 7 for information on our investment securities and Note 8 for a discussion of derivatives).

Foreign Currency Forward Contracts

The fair value of foreign currency forward contracts is determined using a market approach, which utilizes values for comparable derivative instruments.

Funds Associated with Israel Severance Liability

Israeli labor laws and agreements require us to pay benefits to employees dismissed or retiring under certain circumstances. Severance pay is calculated on the basis of the most recent employee salary levels and the length of employee service. Our Israeli subsidiaries also provide retirement bonuses to certain managerial employees. We make regular deposits to retirement funds and purchase insurance policies to partially fund these liabilities. The funds 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.

Financial Assets

On December 18, 2013, we acquired Elan, which hada royalty agreement with Biogen Idec Inc. ("Biogen"),whereby Biogen conveyed the right to receive royalties that are typically payable on sales revenue generated by the sale, distribution or other use of the drug Tysabri^®. Pursuant to the royalty agreement, we were entitled to royalty payments from Biogen based on its Tysabri^® sales in all indications and geographies. We received royalties of 12% on worldwide Biogen sales of Tysabri^® from December 18, 2013 through April 30, 2014. From May 1, 2014, we received royalties of 18% on annual worldwide Biogen sales of Tysabri^® up to $2.0 billion and 25% on annual sales above $2.0 billion.

Prior to its divestiture on March 27, 2017, we accounted for the Tysabri^® royalty stream as a financial asset and elected to use the fair value option model. We made the election to account for the Tysabri^® financial asset using the fair value option as we believed this method was most appropriate for an asset that did not have a par value, a stated interest stream, or a termination date. The financial asset acquired represented a single unit of accounting. The fair value of the financial asset acquired was determined by using a discounted cash flow analysis related to the expected probability weighted future cash flows to be generated by the royalty stream. The financial asset was classified as a Level 3 asset within the fair value hierarchy, as our valuation utilized significant unobservable inputs, including industry analyst estimates for global Tysabri^® sales, probability weighted as to the timing and amount of future cash flows along with certain discount rate assumptions. Cash flow forecasts included the estimated effect and timing of future competition, considering patents in effect for Tysabri^® through 2024 and contractual rights to receive cash flows into perpetuity. The discounted cash flows were based upon the expected royalty stream forecasted into perpetuity using a 20-year discrete period with a declining rate terminal value. The pre-tax discount rate utilized was 7.72% and 7.83% at December 31, 2015, and June 27, 2015, respectively.

In the first quarter of 2016, a competitor's pipeline product, Ocrevus^®, received breakthrough therapy designation from the U.S. Food and Drug Administration ("FDA"). Breakthrough therapy designation is granted when a drug is intended alone or in combination with one or more other drugs to treat a serious or life threatening disease or condition and preliminary clinical evidence indicates that the drug may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints, such as substantial treatment effects observed early in clinical development. In June 2016, the FDA granted priority review with a target action date in December 2016. A priority review is a designation when the FDA will direct overall attention and resources to the evaluation of applications for drugs that, if approved, would be significant improvements in the safety or effectiveness of the treatment, diagnosis, or prevention of serious conditions when compared to standard applications. The product was approved late in the first quarter of 2017. The product is expected to compete with Tysabri^®, and we expected it to have a significant negative impact on the Tysabri^® royalty stream. Industry analysts believe that, based on released clinical study information, Ocrevus^® will compete favorably against Tysabri^® in the relapsing, remitting multiple sclerosis market segment due to its high efficacy and convenient dosage form.

Given the new market information for Ocrevus^®, we used industry analyst estimates to reduce our first ten year growth forecasts from an average growth of approximately 3.4% in the fourth calendar quarter of 2015 to an average decline of approximately minus 2.0% in the third and fourth calendar quarters of 2016. In November 2016, we announced we were evaluating strategic alternatives for the Tysabri^® financial asset. As of December 31, 2016, the financial asset was adjusted based on the strategic review and sale process. These effects, combined with the change in discount rate each quarter, led to a reduction in fair value of $204.4 million, $910.8 million, $377.4 million and $1.1 billion in the first, second, third and fourth quarters of 2016, respectively.

At December 31, 2015, and June 27, 2015, we performed an evaluation to assess the discount rate and general market conditions potentially affecting the fair value of our Tysabri^® financial asset. As of December 31, 2015, had this discount rate increased or decreased by 0.5%, the fair value of the asset would have increased by $270.0 million or decreased by $260.0 million, respectively. As of June 27, 2015, had this discount rate increased or decreased by 0.5%, the fair value of the asset would have decreased by $260.0 million or increased by $290.0 million, respectively. The estimated fair value of the asset is subject to variation should those cash flows vary significantly from those estimates. Quarterly, we assess the expected future cash flows and to the extent such payments are greater or less than initial estimates, or the timing of such payments is materially different than the original estimates, we will adjust the estimated fair value of the asset. As of December 31, 2015, if the expected royalty cash flows used in the estimation process had increased or decreased by 5.0%, the fair value of the asset would have increased by $270.0 million or decreased by $280.0 million, respectively. As of June 27, 2015, if the expected royalty cash flows used in the estimation process had increased or decreased by 5.0%, the fair value of the asset would have increased by $280.0 million or decreased by $280.0 million, respectively. In November 2016, we announced we were evaluating strategic alternatives for the Tysabri^® financial asset. As of December 31, 2016, the financial asset was adjusted based on this strategic review and sale process.

On March 27, 2017, we announced the completed divestment of our Tysabri^® financial asset to Royalty Pharma for up to $2.85 billion, consisting of $2.2 billion in cash and up to $250.0 million and $400.0 million in milestone payments if the royalties on global net sales of Tysabri^® that are received by Royalty Pharma meet specific thresholds in 2018 and 2020, respectively. As a result of this transaction, we transferred the entire financial asset to Royalty Pharma and recorded a $17.1 million gain during the three months ended April 1, 2017. We elected to account for the contingent milestone payments using the fair value option method, and these were recorded at an estimated fair value of $134.5 million as of December 31, 2017. We chose the fair value option as we believe it will help investors understand the potential future cash flows we may receive associated with the two contingent milestones.

The following table summarizes the change in our Consolidated Balance Sheet for the Tysabri^® Financial Asset, which includes our fair value adjustment that is a Level 3 measurement under ASC 820 and is included in our Consolidated Statement of Operations for the years ended December 31, 2017 and December 31, 2016, six months ended December 31, 2015, and year ended June 27, 2015 (in millions):

	Year Ended						Six Months Ended			Year Ended
	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015
Tysabri® financial asset
Beginning balance	$	2,350.0		$	5,310.0		$	5,420.0		$	5,680.0
Royalties earned	—			(351.8		)	(167.3		)	(338.5		)
Change in fair value	—			(2,608.2		)	57.3			78.5
Divestitures	(2,350.0		)	—			—			—
Ending balance	$	—		$	2,350.0		$	5,310.0		$	5,420.0

Royalty Pharma Contingent Milestone Payments

We valued the contingent milestone payments using a modified Black-Scholes Option Pricing Model ("BSOPM"). Key inputs in the BSOPM are the estimated volatility and rate of return of royalties on global net sales of Tysabri^® that are received by Royalty Pharma over time until payment of the contingent milestone payments is completed. Volatility and the estimated fair value of the milestones have a positive relationship such that higher volatility translates to a higher estimated fair value of the contingent milestone payments. In the valuation of contingent milestone payments performed, we assumed volatility of 30.0% and a rate of return of 8.07% as of December 31, 2017. We assess volatility and rate of return inputs quarterly by analyzing certain market volatility benchmarks and the risk associated with Royalty Pharma achieving the underlying projected royalties. During the year endedDecember 31, 2017, the fair value of the Royalty Pharma contingent milestone payments decreased $42.0 million, as a result of the decrease in the estimated projected Tysabri^® revenues due to the launch of Ocrevus^® late in the first quarter of 2017.

In addition, payment of the contingent milestone payments is dependent on global net sales of Tysabri^®. Of the $134.5 million of estimated fair valued contingent milestone payments as of December 31, 2017, $79.7 million and $54.8 million relates to the 2018 and 2020 contingent milestone payments, respectively. If Tysabri^® global net sales do not meet the prescribed threshold in 2018, we will write off the $79.7 million asset as an expense to Change in financial assets on the Consolidated Statement of Operations. If the prescribed threshold is exceeded, we will write up the asset to $250 million and recognize income of $170.3 million in Change in financial assets on the Consolidated Statement of Operations. If Tysabri^® global net sales do not meet the prescribed threshold in 2020, we will write off the $54.8 million asset as an expense to Change in financial assets on the Consolidated Statement of Operations. If the prescribed threshold is exceeded, we will write up the asset to $400.0 million and recognize income of $345.2 million in Change in financial assets on the Consolidated Statement of Operations.

Global Tysabri^® net sales need to exceed $1.9 billion and $2.0 billion in 2018 and 2020, respectively in order for Royalty Pharma to receive the level of royalties needed to trigger the milestone payments owed to us.

See Note 1 for amounts recorded in our accounts receivable related to our Tysabri^® financial asset.

The table below presents a reconciliation for the Royalty Pharma contingent milestone payments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions). Change in fair value in the table was recorded in Change in financial assets on the Consolidated Statements of Operations.

	Year Ended
	December 31, 2017
Royalty Pharma Contingent Milestone Payments
Beginning balance	$	—
Additions	184.5
Payments	(8.0		)
Change in fair value	(42.0		)
Ending balance	$	134.5

Interest Rate Swaps

The fair values of interest rate swaps are determined using a market approach, which utilizes values for comparable swap instruments.

Guarantee Liability Related to The Israel API Sale

On November 21, 2017, we completed the sale of our Israel API business to SK Capital (refer to Item 8. Note 2). As a result of the sale, we recognized a guarantee liability, which was classified as a level 3 liability. Per the agreement, we will be reimbursed for tax receivables for tax years prior to closing and will need to reimburse SK Capital for the settlement of any uncertain tax liability positions for tax years prior to closing. In addition, after closing and going forward, the Israel API business, will be assessed by and liable to the Israel Tax Authority ("ITA") for any audit findings. As of November 21, 2017, we are no longer the primary obligor on the liabilities transferred to SK Capital, however, we have provided a guarantee on certain obligations that were recorded at a fair value of $13.8 million, with a maximum possible payout of $34.9 million.

Contingent Consideration

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. We reduced a contingent consideration liability associated with certain IPR&D assets (refer to Note 3) and recorded a corresponding gain of $17.4 million during the year endedDecember 31, 2017. The liability decrease relates to a reduction of the probability of achievement assumptions and anticipated cash flows (refer to Note 2). In addition, we sold a certain IPR&D asset and the corresponding contingent consideration of $12.5 million was reduced. Purchases or additions for the year ended December 31, 2016 included contingent consideration associated with five transactions.

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 Other expense (Income), net on the Consolidated Statements of Operations.

	Year Ended						Six Months Ended
	December 31, 2017			December 31, 2016			December 31, 2015
Contingent Consideration
Beginning balance	$	69.9		$	17.9		$	—
Net realized losses	(19.5		)	(2.1		)	—
Purchases or additions	—			56.7			17.9
Divestiture	(12.5		)	—			—
Currency translation adjustments	1.5			0.1			—
Settlements	(17.4		)	(2.7		)	—
Ending balance	$	22.0		$	69.9		$	17.9

Non-recurring Fair Value Measurements

The non-recurring fair values represent only those assets whose carrying values were adjusted to fair value during the reporting period.

Goodwill and Indefinite-Lived Intangible Assets

We have six reporting units for which we assess the goodwill in each reporting unit for impairment. We conduct our goodwill and indefinite-lived intangible asset impairment test on the first day of the fourth quarter, unless indications of impairment exists during an interim period. We utilize a comparable company market approach, weighted equally with a discounted cash flow analysis, to determine the fair value of the reporting units. We utilize either a relief from royalty method or a multi-period excess earnings method to value our indefinite-lived intangible assets. We use a consistent set of projected financial information for the goodwill and indefinite-lived asset impairment tests. The discounted cash flow analysis that we prepared for goodwill impairment testing purposes for the year endedDecember 31, 2017 included long-term growth rates ranging from of 2.0% to 3.0%. We also utilized discount rates ranging from 7.5% to 13.5%, which were deemed to be commensurate with the required investment return and risk involved in realizing the projected free cash flows of each reporting unit. In addition, we burdened projected free cash flows with the capital spending deemed necessary to support the cash flows of each reporting unit, and applied the tax rates that were applicable to the jurisdictions represented within each reporting unit. We recorded Impairment charges on the Consolidated Statements of Operations related to Goodwill and indefinite lived intangible assets of $1.1 billion and $849.5 million, for the year endedDecember 31, 2016, respectively. We recorded Impairment charges on the Consolidated Statements of Operations related to indefinite-lived intangible assets of $185.1 million for the six months ended December 31, 2015. As of December 31, 2017, the remaining goodwill and indefinite-lived asset balances were $4.2 billion and $90.3 million, respectively (refer to Note 3).

Definite-Lived Intangible Assets

When assessing our definite-lived assets for impairment, we utilize either a multi-period excess earnings method or a relief from royalty method to determine the fair value of the asset and use the forecasts that are consistent with those used in the reporting unit analysis. We conduct our definite-lived intangible asset impairment test quarterly when indications of impairment exists. Below is a summary of the various metrics used in our valuations:

	Year Ended
	December 31, 2017
	Lumara
5-year average growth rate	(4.1)%
Discount rate	13.5%
Valuation method	MPEEM

	Year Ended
	December 31, 2016
	Omega - Lifestyle	Omega - XLS	Entocort® - Branded Products	Entocort® - AG Products	Herron Trade Names and Trademarks
5-year average growth rate	2.5%	3.2%	(31.7)%	(30.4)%	4.6%
Long-term growth rates	2.0%	NA	(10.0)%	(4.7)%	2.5%
Discount rate	9.3%	9.5%	13.0%	10.5%	10.8%
Royalty rate	NA	4.0%	NA	NA	11.0%
Valuation method	MPEEM	Relief from Royalty	MPEEM	MPEEM	Relief from Royalty

We recorded Impairment charges on the Consolidated Statements of Operations related to definite-lived intangible assets of $665.6 million during the year endedDecember 31, 2016. These impairments were primarily recorded in our BCH and RX goodwill reporting units (refer to Note 3 for a additional detail on impaired definite-lived intangible assets).

Fixed Rate Long-term Debt

Our fixed rate long-term debt consisted of public bonds, a private placement note and retail bonds as follows (in millions):

		Year Ended
	Fair Value Hierarchy	December 31, 2017		December 31, 2016		December 31, 2015
Public bonds	Level 1
Carrying value		$	2.6	$	4.6	$	3.9
Fair value		$	2.7	$	4.6	$	3.8
Retail bonds and private placement note	Level 2
Carrying value (excluding premium)		$	306.0	$	773.1	$	798.3
Fair value		$	342.1	$	825.0	$	859.8
Premium		$	21.4	$	49.8	$	82.5

The fair values of our public bonds for all periods were based on quoted market prices. The fair values of our retail bonds and private placement note for all periods were based on interest rates offered for borrowings of a similar nature and remaining maturities.

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

12 Months Ended

Dec. 31, 2017

Investments, Debt and Equity Securities, Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

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):

	Year Ended				Six Months Ended
	December 31, 2017		December 31, 2016		December 31, 2015
Equity securities, at cost less impairments	$	15.5	$	16.5	$	6.4
Gross unrealized gains	1.5		21.7		9.3
Gross unrealized losses	—		—		(0.8		)
Estimated fair value of equity securities	$	17.0	$	38.2	$	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 $1.8 million and $10.7 million during the year endedDecember 31, 2016, and the six months endedDecember 31, 2015, respectively, related to other-than-temporary impairments of marketable equity securities due to prolonged losses incurred on each of the investments.

We have evaluated the near-term prospects of the equity securities in relation to the severity and duration of any impairments, and based on that evaluation, we have the ability and intent to hold these investments until a recovery of fair value.

We sold a number of our investment securities and recorded gains of $1.6 million and $1.0 million during the years endedDecember 31, 2017 and December 31, 2016, respectively. The gains were reclassified out of AOCI and into earnings.

Cost Method Investments

Our cost method investments totaled $6.3 million, $6.9 million, and $6.9 million at December 31, 2017, December 31, 2016, and December 31, 2015, respectively, and were included in Other non-current assets. During the year ended December 31, 2017, due to significant and prolonged losses incurred by one of our cost method investments, we recorded a $1.0 million impairment charge in Other (income) expense, neton theConsolidated Statements of Operations.

Equity Method Investments

Our equity method investments totaled $4.9 million, $4.6 million, and $45.5 million at December 31, 2017, December 31, 2016, and December 31, 2015, respectively, and were included in Other non-current assets. We recorded net gains of $0.3 million, and net losses of $4.1 million, $5.4 million, and $11.6 million during the years endedDecember 31, 2017 and December 31, 2016, the six months endedDecember 31, 2015, and the year endedJune 27, 2015, respectively, for our proportionate share of the equity method investment earnings or losses. The gains and losses were recorded in Other (income) expense, net on the Consolidated Statements of Operations.

During the year endedDecember 31, 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"). In addition, due to significant and prolonged losses incurred on one of our equity method investments, we recorded a $22.3 million impairment charge in Other (income) expense, net on the Consolidated Statements of Operations.

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Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments and hedging activities

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 December 31, 2017, December 31, 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 three months ended July 1, 2017, we repaid $584.4 million of senior notes with an interest rate of 4.000% due 2023 and $309.5 million of senior notes with an interest rate of 5.300% due 2043 (refer to Note 10). As a result of the senior note repayments on June 15, 2017, the proportionate amount remaining in OCI related to the pre-issuance hedge was reclassified to earnings. Accordingly, we recorded a loss of $5.9 million in Other expense, net, during the three months ended July 1, 2017 for the amount remaining in OCI.

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 three months ended April 2, 2016.

During the year ended June 27, 2015, we repaid a $300.0 million term loan with floating interest rates priced off the LIBOR yield curve (refer to Note 10). As a result of the term loan repayment on June 24, 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 year ended June 27, 2015 for the amount remaining in AOCI when the hedges were terminated.

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 (refer to Note 10).

During the year ended June 27, 2015, we entered into forward interest rate swaps and treasury locks (together "Rate Locks") to hedge against changes in the interest rates between the date the Rate Locks were entered into and the date of the issuance of our 2014 Bonds (refer to Note 10). These Rate Locks were designated as cash flow hedges of expected future debt issuances with a notional amount totaling $750.0 million. The Rate Locks were settled upon the issuance of an aggregate $1.6 billion principal amount of our 2014 Bonds on December 2, 2014 for a cumulative after-tax loss of $5.8 million in OCI after recording $1.1 million of ineffectiveness to Other expense, net, during the year endedJune 27, 2015.

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, and expected future royalties denominated in a foreign currency. Both types of forward contracts have a maximum maturity date of 18 months. The total notional amount for these contracts was $592.3 million, $533.5 million, and $755.5 million, as of December 31, 2017, December 31, 2016, and December 31, 2015, respectively.

In June 2015, in order to economically hedge the foreign currency exposure associated with the planned payment of the euro-denominated GSK Products acquisition (refer to 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 year endedJune 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.

In November 2014, 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 option contracts with a total notional amount of €2.0 billion. The option contracts settled in December 2014, resulting in a loss of $26.4 million. The option contracts were replaced with non-designated forward contracts that matured during the three months ended March 28, 2015. We recorded losses of $298.1 million during the year endedJune 27, 2015 related to the settlement of the forward contracts.Both losses were recorded primarily 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.

Effects of Derivatives on the Financial Statements

The below tables indicate the effects of all derivative instruments on the 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
		Fair Value
	Balance Sheet Location	December 31, 2017		December 31, 2016		December 31, 2015
Designated derivatives:
Foreign currency forward contracts	Other current assets	$	4.1	$	3.1	$	3.8
Non-designated derivatives:
Foreign currency forward contracts	Other current assets	$	2.2	$	0.7	$	1.0

		Liability Derivatives
		Fair Value
	Balance Sheet Location	December 31, 2017		December 31, 2016		December 31, 2015
Designated derivatives:
Foreign currency forward contracts	Accrued liabilities	$	1.4	$	3.0	$	2.0
Interest rate swap agreements	Other non-current liabilities	—		—		0.3
Total designated derivatives		$	1.4	$	3.0	$	2.3
Non-designated derivatives:
Foreign currency forward contracts	Accrued liabilities	$	2.4	$	2.0	$	1.9

The gains (losses) recorded in OCI for the effective portion of our designated cash flow hedges were as follows:

	Amount of Gain/(Loss) Recorded in OCI (Effective Portion)
	Year Ended					Six Months Ended			Year Ended
Designated Cash Flow Hedges	December 31, 2017		December 31, 2016			December 31, 2015			June 27, 2015
Treasury locks	$	—	$	—		$	—		$	(2.7	)
Interest rate swap agreements	—		(9.0		)	(0.3		)	(10.1		)
Foreign currency forward contracts	9.4		2.1			1.7			(7.7		)
	$	9.4	$	(6.9	)	$	1.4		$	(20.5	)

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 into Earnings (Effective Portion)
		Year Ended						Six Months Ended			Year Ended
Designated Cash Flow Hedges	Income Statement Location	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015
Treasury locks	Interest expense, net	$	(0.1	)	$	(0.1	)	$	—		$	(0.1	)
Interest rate swap agreements	Interest expense, net	(2.1		)	(2.3		)	(0.8		)	(16.4		)
	Other expense (Income), net	(6.0		)	—			—			—
Foreign currency forward contracts	Net sales	1.5			1.3			(1.8		)	1.9
	Cost of sales	5.6			3.0			0.8			(4.2		)
	Interest expense, net	(2.6		)	(1.6		)	(0.4		)	—
	Other expense (Income), net	(1.5		)	0.4			1.1			(4.4		)
		$	(5.2	)	$	0.7		$	(1.1	)	$	(23.2	)

The net of tax amount expected to be reclassified out of AOCI into earnings during the next 12 months is a $5.5 milliongain.

The gains (losses) recognized against earnings for the ineffective portion of our designated cash flow hedges were as follows:

		Amount of Gain/(Loss) Recognized against Earnings (Ineffective Portion)
		Year Ended					Six Months Ended			Year Ended
Designated Cash Flow Hedges	Income Statement Location	December 31, 2017		December 31, 2016			December 31, 2015			June 27, 2015
Treasury locks	Other expense (Income), net	$	—	$	—		$	—		$	(0.4	)
Interest rate swap agreements	Other expense (Income), net	—		(0.1		)	—			(0.7		)
Foreign currency forward contracts	Net sales	0.2		(0.1		)	(0.1		)	(0.1		)
	Cost of sales	0.1		(0.1		)	0.2			0.2
	Other expense, net	1.0		$	0.6		—			—
Total		$	1.3	$	0.3		$	0.1		$	(1.0	)

The effects of our non-designated derivatives on the Consolidated Statements of Operations were as follows:

		Amount of Gain/(Loss) Recognized in Income
		Year Ended						Six Months Ended			Year Ended
Non-Designated Derivatives	Income Statement Location	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015
Foreign currency forward contracts	Other expense (Income), net	$	12.6		$	(2.4	)	$	(8.0	)	$	(295.4	)
	Interest expense, net	(5.3		)	(2.2		)	(0.7		)	(3.4		)
Foreign exchange option contracts	Other expense (Income), net	—			—			—			(26.4		)
Total		$	7.3		$	(4.6	)	$	(8.7	)	$	(325.2	)

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Assets Held for Sale

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE

Our India API business was classified as held-for-sale beginning as of December 31, 2015. We recorded impairment charges totaling $6.3 million and $29.0 million during the years ended December 31, 2016 and December 31, 2015, respectively, after determining the carrying value of the India API business exceeded its fair value less the cost to sell. On April 6, 2017, we completed the sale of our India API business (refer to Note 2). The India API business was reported in our Other segment.

During the three months ended October 1, 2016, management committed to a plan to sell certain fixed assets associated with our animal health pet treats plant. Such assets were classified as held-for-sale beginning at October 1, 2016. On February 1, 2017, we completed the sale of our animal health pet treats plant fixed assets (refer to Note 2). We determined that the carrying value of the fixed assets associated with our animal health pet treats plant exceeded the fair value less the cost to sell. We recorded impairment charges totaling $3.7 million during the year ended December 31, 2016. The assets associated with our animal health pet treats plant were reported in our CHCA segment.

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):

	December 31, 2016
	CHCA			Other
Assets held for sale
Current assets	$	—		$	5.1
Goodwill	—			5.5
Property, plant and equipment	13.5			33.2
Other assets	—			3.8
Less: impairment reserves	(3.7		)	(35.3		)
Total assets held for sale	$	9.8		$	12.3
Liabilities held for sale
Current liabilities	$	0.1		$	1.9
Other liabilities	—			1.9
Total liabilities held for sale	$	0.1		$	3.8

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Indebtedness

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Indebtness

INDEBTEDNESS

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

				December 31, 2017			December 31, 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			420.0			420.7			488.8
Notes and bonds
	Coupon	Due
	1.300%	November 8, 2016	(2)	—			—			500.0
*	4.500%	May 23, 2017	(3)	—			189.3			195.5
*	5.125%	December 12, 2017	(3)	—			315.6			325.8
	2.300%	November 8, 2018	(2)	—			600.0			600.0
*	5.000%	May 23, 2019	(3)	144.0			126.2			130.3
	3.500%	March 15, 2021	(4)	280.4			500.0			—
	3.500%	December 15, 2021	(1)	309.6			500.0			500.0
*	5.105%	July 19, 2023	(3)	162.0			142.0			146.7
	4.000%	November 15, 2023	(2)	215.6			800.0			800.0
	3.900%	December 15, 2024	(1)	700.0			700.0			700.0
	4.375%	March 15, 2026	(4)	700.0			700.0			—
	5.300%	November 15, 2043	(2)	90.5			400.0			400.0
	4.900%	December 15, 2044	(1)	303.9			400.0			400.0
	Total notes and bonds			2,906.0			5,373.1			4,698.3
Other financing				11.7			3.6			128.2
Unamortized premium (discount), net				21.4			33.0			73.4
Deferred financing fees				(17.9		)	(33.1		)	(36.6		)
Total borrowings outstanding				3,341.2			5,797.3			6,032.1
	Current indebtedness			(70.4		)	(572.8		)	(1,060.5		)
Total long-term debt less current portion				$	3,270.8		$	5,224.5		$	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 entered into amendments on March 16, 2017 related to the 2014 Revolver and the 2014 Term Loan, providing for additional time to deliver certain financial statements, as well as the modification of certain financial and other covenants. We also entered into additional amendments to the 2014 Revolver and the 2014 Term Loan on April 25, 2017 to modify provisions of such agreements necessary as a result of the correction in accounting related to the Tysabri^® financial asset, as well as waivers of any default or event of default that may arise from any restatement of or deficiencies in our financial statements for the periods specified in such amendments and waivers. No default or event of default existed prior to entering into these amendments and waivers. We are in compliance with all covenants under our debt agreements as of December 31, 2017.

Revolving Credit Agreements

On December 9, 2015, our 100% owned finance subsidiary, Perrigo Finance Unlimited Company ("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, we repaid the €500.0 million ($539.1 million) outstanding under the assumed revolving credit facility and terminated the facility.

On December 5, 2014, Perrigo Finance entered into a $600.0 million revolving credit agreement, which 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 December 31, 2017 or December 31, 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; we also entered into a $300.0 million term loan tranche maturing December 18, 2015, which we repaid in full on June 25, 2015.

On September 6, 2013, Perrigo Company entered into a $1.0 billion term loan agreement (the "2013 Term Loan") (together with the 2013 Revolver, the "2013 Credit Agreements"). The 2013 Term Loan consisted of a $300.0 million tranche maturing December 18, 2015 and a $700.0 million tranche maturing December 18, 2018. Both tranches were drawn in full on December 18, 2013. Amounts outstanding under the 2013 Credit Agreements bore interest at our option (a) at the alternative base rate or (b) the eurodollar rate plus, in either case, applicable margins as set forth in the 2013 Credit Agreements. Perrigo Company obligations under the 2013 Credit Agreements were guaranteed by Perrigo Company plc, certain U.S. subsidiaries of Perrigo Company plc, Elan, and certain Irish subsidiaries of Elan until November 21, 2014, at which time the terms of the 2013 Credit Agreements were amended to remove all guarantors. On December 5, 2014, we repaid the remaining $895.0 million outstanding under our 2013 Term Loan, then terminated it. We recorded a $10.5 million loss on extinguishment of debt during the year endedJune 27, 2015, which consisted of the Bridge Loan Facility interest expense and deferred financing fees related to the 2013 Credit Agreements, and 2013 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 6.190% senior notes due 2016, which was repaid on May 29, 2015 in full;

• €135.0 million ($147.0 million) in aggregate principal amount of 5.105% 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. On September 29, 2016, we repaid all $500.0 million of the 1.300% 2016 Notes outstanding.

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.

On September 2, 2014, we offered to exchange our private placement senior notes for public bonds (the "Exchange Offer"). The Exchange Offer expired on October 1, 2014, at which time substantially all of the private placement notes had been exchanged for bonds registered with the Securities and Exchange Commission. As a result of the changes in the guarantor structure noted above, we are no longer required to present guarantor financial statements.

Other Financing

Overdraft Facilities

We have overdraft facilities available that we use to support our cash management operations. We report any balances outstanding in the above table under "Other financing". The balance outstanding under the facilities was $6.9 million and $82.9 million at December 31, 2017 and December 31, 2015 respectively, and there were no balances outstanding under the facilities at December 31, 2016.

On March 30, 2015, we assumed and repaid certain overdraft facilities totaling €51.4 million ($56.0 million) with the Omega acquisition.

Debt Repayments and Related Extinguishment During the Year EndedDecember 31, 2017

During the year endedDecember 31, 2017, we reduced our outstanding debt through a variety of transactions (in millions):

Date	Series	Transaction Type	Principal Retired
April 1, 2017	2014 term loan due December 5, 2019	Scheduled quarterly payment	$	13.3
May 8, 2017	$600.0 2.300% senior notes due 2018	Early redemption	600.0
May 23, 2017	€180.0 4.500% retail bonds due 2017	Scheduled maturity	201.3
June 15, 2017	$500.0 3.500% senior notes due 2021	Tender offer	190.4
June 15, 2017	$500.0 3.500% senior notes due 2021	Tender offer	219.6
June 15, 2017	$800.0 4.000% senior notes due 2023	Tender offer	584.4
June 15, 2017	$400.0 5.300% senior notes due 2043	Tender offer	309.5
June 15, 2017	$400.0 4.900% senior notes due 2044	Tender offer	96.1
July 1, 2017	2014 term loan due December 5, 2019	Scheduled quarterly payment	14.3
September 30, 2017	2014 term loan due December 5, 2019	Scheduled quarterly payment	14.8
December 12, 2017	€300.0 5.125% senior notes due 2017	Scheduled maturity	352.3
December 31, 2017	2014 term loan due December 5, 2019	Scheduled quarterly payment	15.0
			$	2,611.0

As a result of the early redemption and tender offer transactions, we recorded a loss of $135.2 million during the three months ended July 1, 2017 in Loss on extinguishment of debt (in millions):

Premium on debt repayment	$	116.1
Transaction costs	3.8
Write-off of deferred financing fees	10.6
Write-off of remaining discount on bond	4.7
Total loss on extinguishment of debt	$	135.2

Future Maturities

The annual future maturities of our short-term and long-term debt, including capitalized leases, are as follows (in millions):

Payment Due	Amount
2018	$	70.4
2019	504.7
2020	0.7
2021	590.0
2022	—
Thereafter	2,171.9

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Earnings (Loss) Per Share And Shareholder's Equity

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY

EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY

Earnings per Share

A reconciliation of the numerators and denominators used in our basic and diluted EPS calculation is as follows (in millions):

	Year Ended					Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016			December 31, 2015		June 27, 2015
Numerator:
Net income (loss)	$	119.6	$	(4,012.8	)	$	42.5	$	136.1
Denominator:
Weighted average shares outstanding for basic EPS	142.3		143.3			145.6		139.3
Dilutive effect of share-based awards*	0.3		—			0.5		0.5
Weighted average shares outstanding for diluted EPS	142.6		143.3			146.1		139.8
Anti-dilutive share-based awards excluded from computation of diluted EPS*	0.8		—			0.1		0.1

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

Shareholders' Equity

Our common stock consists of ordinary shares of Perrigo Company plc, a public limited company incorporated under the laws of Ireland.

We trade our ordinary shares on the New York Stock Exchange under the symbol PRGO. Our ordinary shares are also traded on the Tel Aviv Stock Exchange.

Dividends

In January 2003, the Board of Directors adopted a policy of paying quarterly dividends. We paid dividends as follows:

	Year Ended				Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
Dividends paid (in millions)	$	91.1	$	83.2	$	36.3	$	64.8
Dividends paid (per share)	$	0.64	$	0.58	$	0.25	$	0.46

The declaration and payment of dividends and the amount paid, if any, are subject to the discretion of the Board of Directors and depend on our earnings, financial condition, capital and surplus requirements and other factors the Board of Directors may consider relevant.

Share Repurchases

In October 2015, the Board of Directors approved a share repurchase plan of up to $2.0 billion (the "2015 Authorization"). We did not repurchase any shares under the share repurchase plan during the three months ended December 31, 2017. During the year endedDecember 31, 2017, we repurchased 2.7 million ordinary shares at an average repurchase price of $71.72 per share, for a total of $191.5 million. We did not repurchase any shares under the share repurchase plan during the year endedDecember 31, 2016. During the six months endedDecember 31, 2015, we repurchased 3.3 million ordinary shares at an average repurchase price of $151.59 per share, for a total of $500.0 million.

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Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2017

Share-based Compensation [Abstract]

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS

All share-based compensation for employees and directors is granted under the 2013 Long-Term Incentive Plan, as amended (the "Plan"). The Plan has been approved by our shareholders and provides for the granting of awards to our employees and directors. As of December 31, 2017, there were 3.8 million shares available to be granted. The purpose of the Plan is to attract and retain individuals of exceptional talent and encourage these individuals to acquire a vested interest in our success and prosperity. The awards that may be granted under this program include non-qualified stock options, restricted shares, restricted share units, and RTSR units. Restricted shares are generally service-based, requiring a certain length of service before vesting occurs, while restricted share units can be either service-based or performance-based. Performance-based restricted share units require a certain length of service until vesting; however, they contain an additional performance feature, which can vary the amount of shares ultimately paid out based on certain performance criteria specified in the Plan. RTSR performance share units are subject to a market condition. Awards granted under the Plan vest and may be exercised and/or sold from one to ten years after the date of grant based on a vesting schedule.

Share-based compensation expense was as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	43.8	$	23.0	$	22.8	$	31.6

As of December 31, 2017, unrecognized share-based compensation expense was $51.2 million, and the weighted-average period over which the expense is expected to be recognized was approximately 2.0 years. Proceeds from the exercise of stock options are credited to ordinary shares.

Stock Options

A summary of activity related to stock options is presented below (options in thousands):

	Number of Options		Weighted-Average Exercise Price Per Share		Weighted- Average Remaining Term in Years	Aggregate Intrinsic Value
Options outstanding at December 31, 2015	783		$	99.93
Granted	344		$	126.67
Exercised	(122	)	$	67.68
Forfeited or expired	(256	)	$	126.54
Options outstanding at December 31, 2016	749		$	108.40	6.6	$	5.5
Granted	439		$	70.34
Exercised	(31	)	$	24.75
Forfeited or expired	(85	)	$	118.47
Options outstanding December 31, 2017	1,072		$	94.90	6.9	$	10.9
Options exercisable	519		$	107.14	5.0	$	3.8
Options expected to vest	533		$	83.63	8.7	$	6.8

The aggregate intrinsic value for options exercised was as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	1.7	$	5.2	$	6.7	$	20.7

The weighted-average fair values per share at the grant date for options granted were $19.50, $33.53, and $39.96 for the years ended December 31, 2017, December 31, 2016, and June 27, 2015, respectively. There were no options granted during the six months ended December 31, 2015. The fair values were estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:

	Year Ended
	December 31, 2017		December 31, 2016		June 27, 2015
Dividend yield	0.9	%	0.5	%	0.3	%
Volatility, as a percent	30.0	%	27.6	%	27.1	%
Risk-free interest rate	1.8	%	1.3	%	1.7	%
Expected life in years	5.41		5.5		5.3

The valuation model utilizes historical volatility. The risk-free interest rate is based on the yield of U.S. government securities with a maturity date that coincides with the expected term of the option. The expected life in years is estimated based on past exercise behavior of employees.

Non-Vested Restricted Shares

There were no restricted shares granted, vested or outstanding for the years ended December 31, 2017 or December 31, 2016, the six months endedDecember 31, 2015, or the year endedJune 27, 2015. The total fair value of restricted shares that vested was $0.9 million for the year endedJune 27, 2015.

Non-Vested Service-Based Restricted Share Units

A summary of activity related to non-vested service-based restricted share units is presented below (units in thousands):

	Number of Non-vested Service- Based Share Units		Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Remaining Term in Years	Aggregate Intrinsic Value
Non-vested service-based share units outstanding at December 31, 2015	382		$	154.07
Granted	298		$	113.26
Vested	(92	)	$	137.15
Forfeited	(120	)	$	151.64
Non-vested service-based share units outstanding at December 31, 2016	468		$	137.53	1.7	$	39.0
Granted	298		$	70.55
Vested	(112	)	$	128.86
Forfeited	(55	)	$	120.97
Non-vested service-based share units outstanding at December 31, 2017	599		$	107.26	1.5	$	52.2

The weighted-average fair value per share at the date of grant for service-based restricted share units granted was as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	70.55	$	113.26	$	165.64	$	153.99

The total fair value of service-based restricted share units that vested was as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	14.5	$	12.6	$	11.7	$	9.1

Non-Vested Performance-Based Restricted Share Units

A summary of activity related to non-vested performance-based restricted share units is presented below (units in thousands):

	Number of Non-vested Performance- Based Share Units		Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Remaining Term in Years*	Aggregate Intrinsic Value
Non-vested performance-based share units outstanding at December 31, 2015	223		$	146.31
Granted	159		$	126.37
Vested	(81	)	$	128.74
Forfeited	(124	)	$	143.64
Non-vested performance-based share units outstanding at December 31, 2016	177		$	138.29	1.7	$	14.8
Granted	191		$	70.34
Vested	(27	)	$	142.18
Forfeited	(38	)	$	130.34
Non-vested performance-based share units outstanding at December 31, 2017	303		$	93.65	2.0	$	26.5

The weighted-average fair value of performance-based restricted share units can fluctuate depending upon the success or failure of the achievement of performance criteria as set forth in the Plan. The weighted-average fair value per share at the date of grant for performance-based restricted share units granted was as follows:

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	70.34	$	126.37	$	184.49	$	150.14

The total fair value of performance-based restricted share units that vested was as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	3.8	$	10.4	$	6.4	$	5.1

Non-vested Relative Total Shareholder Return Performance Share Units

The fair value of the RTSR performance share units is determined using the Monte Carlo pricing model as the number of shares to be awarded is subject to a market condition. The valuation model considers a range of possible outcomes, and compensation cost is recognized regardless of whether the market condition is actually satisfied.

The assumptions used in estimating the fair value of the RTSR performance share units granted during each year were as follows:

	Year Ended
	December 31, 2017
Dividend yield	0.9	%
Volatility, as a percent	36.1	%
Risk-free interest rate	1.4	%
Expected life in years	2.57

A summary of activity related to non-vested RTSR performance share units is presented below (units in thousands):

	Number of Non-vested RTSR Performance Share Units	Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Remaining Term in Years*	Aggregate Intrinsic Value
Non-vested RTSR performance share units outstanding at December 31, 2016	—	$	—	0	$	—
Granted	39	$	64.82
Non-vested RTSR performance share units outstanding at December 31, 2017	39	$	64.82	2.0	$	3.4

* Midpoint used in calculation.

The weighted-average fair value per share at the date of grant for RTSR performance share units granted was $64.82.

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Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME

ACCUMULATED OTHER COMPREHENSIVE INCOME

Changes in our AOCI balances, net of tax, were as follows (in millions):

	Fair value of derivative financial instruments, net of tax			Foreign currency translation adjustments			Fair value of investment securities, net of tax			Post-retirement and pension liability adjustments, net of tax			Total AOCI
Balance at June 27, 2015	$	(16.3	)	$	130.9		$	(2.9	)	$	(8.2	)	$	103.5
OCI before reclassifications	1.1			(135.5		)	(1.4		)	6.7			(129.1		)
Amounts reclassified from AOCI	1.0			—			10.7			(1.4		)	10.3
Other comprehensive income (loss)	2.1			(135.5		)	9.3			5.3			(118.8		)
Balance at December 31, 2015	(14.2		)	(4.6		)	6.4			(2.9		)	(15.3		)
OCI before reclassifications	(5.4		)	(63.3		)	7.4			(3.2		)	(64.5		)
Amounts reclassified from AOCI	0.1			—			1.3			(3.4		)	(2.0		)
Other comprehensive income (loss)	(5.3		)	(63.3		)	8.7			(6.6		)	(66.5		)
Balance at December 31, 2016	(19.5		)	(67.9		)	15.1			(9.5		)	(81.8		)
OCI before reclassifications	7.1			328.5			(12.5		)	15.0			338.1
Amounts reclassified from AOCI	2.6			—			(1.6		)	(4.2		)	(3.2		)
Other comprehensive income (loss)	9.7			328.5			(14.1		)	10.8			334.9
Balance at December 31, 2017	$	(9.8	)	$	260.6		$	1.0		$	1.3		$	253.1

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Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income taxes

INCOME TAXES

Pre-tax income (loss) and the (benefit) provision for income taxes from continuing operations are summarized as follows (in millions):

	Year Ended						Six Months Ended			Year Ended
	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015
Pre-tax income (loss):
Ireland	$	(454.0	)	$	(3,624.1	)	$	(310.2	)	$	(792.8	)
Other	734.1			(1,224.2		)	319.1			1,053.1
Total pre-tax income (loss)	280.1			(4,848.3		)	8.9			260.3
(Benefit) provision for income taxes:
Current:
Ireland	(8.1		)	0.3			1.6			(2.2		)
United States - federal	96.4			93.0			58.9			77.2
United States - state	4.0			0.7			3.0			6.8
Other foreign	46.1			26.7			53.0			67.4
Subtotal	138.4			120.7			116.5			149.2
Deferred (credit):
Ireland	13.1			(549.4		)	(23.1		)	11.1
United States - federal	6.8			(7.6		)	(34.4		)	(19.9		)
United States - state	1.0			(5.1		)	(3.3		)	(0.8		)
Other foreign	1.2			(394.1		)	(89.3		)	(15.4		)
Subtotal	22.1			(956.2		)	(150.1		)	(25.0		)
Total (benefit) provision for income taxes	$	160.5		$	(835.5	)	$	(33.6	)	$	124.2

A reconciliation of the provision based on the Federal statutory income tax rate to our effective income tax rate is as follows:

	Year Ended				Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
Provision at statutory rate	12.5	%	12.5	%	12.5	%	12.5	%
Ireland tax on non-trading differences	(47.7	)	(0.4	)	(207.4	)	(9.9	)
Expenses not deductible for tax purposes/deductions not expensed for book, net	63.4		(0.7	)	394.0		14.7
Goodwill impairment not deductible for tax purposes	—		(2.8	)	—		—
U.S. Operations:
State income taxes, net of federal benefit	(1.4	)	0.1		38.4		(1.0	)
Research and development credit	(0.6	)	—		(13.2	)	(0.7	)
Other	(5.8	)	0.4		112.3		4.8
Tax Law Change - US	5.4		—		—		—
Tax Law Change - Belgium	(3.2	)	—		—		—
Other foreign differences (earnings taxed at other than applicable statutory rate)	(22.7	)	3.3		(647.2	)	(16.1	)
Intangible impairment differences	(3.0	)	4.8		(397.6	)	—
Worldwide operations:
Valuation allowance changes	17.8		0.8		249.3		25.7
Change in unrecognized taxes	25.3		(0.8	)	82.7		17.7
Withholding taxes	17.3		—		—		—
Effective income tax rate	57.3	%	17.2	%	(376.2	)%	47.7	%

We have provided for income taxes for certain earnings of certain foreign subsidiaries that have not been deemed to be permanently reinvested. No further provision has been made for income taxes on remaining undistributed earnings of foreign subsidiaries of approximately $6.3 billion at December 31, 2017, since it is our intention to indefinitely reinvest undistributed earnings of our foreign subsidiaries. Due to the complexity of the legal entity structure and the complexity of the tax laws in various jurisdictions, we believe it is not practicable to estimate, within any reasonable range, the additional income taxes that may be payable on the remittance of such undistributed earnings.

Deferred income taxes arise from temporary differences between the financial reporting and the tax reporting basis of assets and liabilities and operating loss and tax credit carryforwards for tax purposes. The components of our net deferred income tax asset (liability) were as follows:

	December 31, 2017			December 31, 2016			December 31, 2015
Deferred income tax asset (liability):
Depreciation and amortization	$	(457.8	)	$	(765.2	)	$	(1,550.6	)
Inventory basis differences	21.3			27.4			22.8
Accrued liabilities	87.9			68.5			50.8
Allowance for doubtful accounts	1.5			1.7			1.3
Research and development	58.9			61.7			63.7
Loss and credit carryforwards	292.5			292.4			244.2
Share-based compensation	16.2			18.1			20.6
Foreign tax credit	—			10.6			10.6
Federal benefit of unrecognized tax positions	17.0			24.3			22.8
Interest carryforwards	30.5			435.3			334.6
Other, net	28.2			3.0			14.7
Subtotal	$	96.2		$	177.8		$	(764.5	)
Valuation allowance	(407.7		)	(495.6		)	(536.8		)
Net deferred income tax asset (liability):	$	(311.5	)	$	(317.8	)	$	(1,301.3	)

The above amounts are classified on the Consolidated Balance Sheets as follows (in millions):

	December 31, 2017			December 31, 2016			December 31, 2015
Assets	$	10.4		$	72.1		$	71.4
Liabilities	(321.9		)	(389.9		)	(1,372.7		)
Net deferred income tax (liability) asset	$	(311.5	)	$	(317.8	)	$	(1,301.3	)

At December 31, 2017, we had gross carryforwards as follows:

	December 31, 2017
	Gross Carryforwards(1)		Gross Valuation Allowances
U.S. state net operating losses	$	248.5	$	203.6
Worldwide federal net operating losses excluding U.S. states	$	1,389.0	$	861.6
Worldwide federal capital losses	$	22.0	$	22.0
U.S. federal credits	$	82.6	$	82.6
U.S. state credits	$	71.9	$	71.9
Interest carryforwards	$	478.8	$	127.0

⁽¹⁾Utilization of such carryforwards within the applicable statutory periods is uncertain.

In 2017, we recorded income tax expense related to valuation allowances of $10.3 million in Ireland. In addition, we released valuation allowances of $42.4 million and $55.8 million for Omega and the U.S. and other jurisdictions, respectively, resulting in a tax benefit.

U.S. federal credit carryforwards of $28.2 million, $37.2 millionand $167.8 million expire through 2022, 2025 and 2027, respectively, with the remaining U.S. credits having no expiration. U.S. state net operating loss carryforwards expire through 2037, and U.S. state credit carryforwards expire through 2032. Of the non-U.S. net operating loss carryforwards, $1.8 million, $20.3 million, $0.9 million, and $0.1 million expire through 2019, 2022, 2024 and 2025, respectively, while the remaining amounts of non U.S. net operating loss carryforwards and non-U.S. capital loss carryforwards have no expiration. The valuation allowances for these net operating loss carryforwards are adjusted annually, as necessary. After application of the valuation allowances, as described above, we anticipate no significant limitations will apply with respect to the realization of our net deferred income tax assets.

The following table summarizes the activity related to amounts recorded for uncertain tax positions, excluding interest and penalties (in millions):

	Unrecognized Tax Benefits
Balance at June 27, 2015	$	324.0
Additions:
Positions related to the current year	22.9
Reductions:
Positions related to prior years	(43.5		)
Settlements with taxing authorities	(15.3		)
Balance at December 31, 2015	288.1
Additions:
Positions related to the current year	45.5
Positions related to prior years	8.6
Reductions:
Settlements with taxing authorities	(2.4		)
Lapse of statutes of limitation	(5.3		)
Balance at December 31, 2016	334.5
Additions:
Positions related to the current year	55.0
Positions related to prior years	76.6
Reductions:
Settlements with taxing authorities	(11.1		)
Lapse of statutes of limitation	(0.1		)
Decrease in prior year positions	(35.2		)
Balance at December 31, 2017	$	419.7

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 $82.0 million, $63.5 million, and $52.1 million as of December 31, 2017, December 31, 2016, and December 31, 2015, respectively.

The total liability for uncertain tax positions was $501.7 million, $398.0 million, and $340.3 million as of December 31, 2017, December 31, 2016, and December 31, 2015, respectively, before considering the federal tax benefit of certain state and local items, of which $204.0 million, $248.7 million, and $198.5 million, respectively, would impact the effective tax rate in future periods, if recognized.

We file income tax returns in numerous jurisdictions and are therefore subject to audits by tax authorities. Our primary income tax jurisdictions are Ireland, U.S., Israel, Belgium, France, and the United Kingdom.

Although we believe that our 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 our estimates or from our historical income tax provisions and accruals. The results of an audit or litigation could have a material effect on 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.

On August 15, 2017, we filed a complaint in the U.S. District Court for the Western District of Michigan to recover $163.6 million of Federal income tax, penalties, and interest assessed and collected by the Internal Revenue Service (“IRS”), plus statutory interest thereon from the dates of payment, for the fiscal years ended June 27, 2009, June 26, 2010, June 25, 2011, and June 30, 2012 (the “2009 tax year,” “2010 tax year,” “2011 tax year,” and “2012 tax year,” respectively). The IRS audits of those years culminated in the issuances of two statutory notices of deficiency: (1) on August 27, 2014 for the 2009 and 2010 tax years and (2) on April 20, 2017 for the 2011 and 2012 tax years. The statutory notices of deficiency both included un-agreed income adjustments related principally to transfer pricing adjustments regarding the purchase, distribution, and sale of store-brand OTC pharmaceutical products in the United States. In addition, the statutory notice of deficiency for the 2011 and 2012 tax years included the capitalization of certain expenses that were deducted when paid or incurred in defending against certain patent infringement lawsuits. We fully paid the assessed amounts of tax, interest, and penalties set forth in the statutory notices and filed timely claims for refund on June 11, 2015 and June 7, 2017 for the 2009-2010 tax years and 2011-2012 tax years, respectively. Our claims for refund were disallowed by certified letters dated August 18, 2015 and July 11, 2017, for the 2009-2010 tax years and 2011-2012 tax years, respectively. The complaint was timely, based upon the refund claim denials, and seeks refunds of tax, interest, and penalties of $37.2 million for the 2009 tax year, $61.5 million for the 2010 tax year, $40.2 million for the 2011 tax year, and $24.7 million for the 2012 tax year. The amounts sought in the complaint for the 2009 and 2010 tax years were recorded as deferred charges on our balance sheet during the three months ended March 28, 2015, and the amounts sought in the complaint for the 2011 and 2012 tax years were recorded as deferred charges on our balance sheet during the three months ended July 1, 2017.

On December 22, 2016, we received a notice of proposed adjustment for the IRS audit of Athena Neurosciences, Inc. (“Athena”), a subsidiary of Elan acquired in 1996, for the years ended December 31, 2011, December 31, 2012, and December 31, 2013. Perrigo acquired Elan in December 2013. This proposed adjustment relates to the deductibility of litigation costs. We disagree with the IRS’s position asserted in the notice of proposed adjustment and intend to contest it.

On July 11, 2017, we received a draft notice of proposed adjustment associated with transfer pricing positions for the IRS audit of Athena for the years ended December 31, 2011, December 31, 2012, and December 31, 2013. Athena was the originator of the patents associated with Tysabri^® prior to the acquisition of Athena by Elan in 1996. In response to the draft notice of proposed adjustment, we provided the IRS with substantial additional documentation supporting our position. The amount of adjustments that may be asserted by the IRS in the final notice of proposed adjustment cannot be quantified at this time; however, based on the draft notice received, the amount to be assessed may be material. We disagree with the IRS’s position as asserted in the draft notice of proposed adjustment and intend to contest it.

We have ongoing audits in multiple other jurisdictions the resolution of which remains uncertain. These jurisdictions include, but are not limited to, the U.S., Israel, Ireland and other jurisdictions in Europe. In addition to the matters discussed above, the IRS is currently auditing our fiscal years ended June 29, 2013, June 28, 2014, and June 27, 2015. The Israel Tax Authority is currently auditing our fiscal years ended June 29, 2013 and June 28, 2014 (which covers the period of the Elan transaction). The Ireland Tax Authority is currently auditing our years ended December 31, 2012 and December 31, 2013.

Based on the final resolution of tax examinations, judicial or administrative proceedings, changes in facts or law, expirations of statute of limitations in specific jurisdictions or other resolutions of, or changes in, tax positions, it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those represented on the financial statements as of December 31, 2017. During the next 12 months, it is reasonably possible that such circumstances may occur that would have a material effect on previously unrecognized tax benefits. As a result, the total net amount of unrecognized tax benefits may decrease, which would reduce the provision for taxes on earnings by a range estimated at $1.0 million to $17.9 million.

Tax Law Changes

On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act (“U.S. Tax Act”). The U.S. Tax Act includes a number of significant changes to existing U.S. tax laws that impact the Company. These changes include a corporate income tax rate reduction from 35% to 21% and the elimination or reduction of certain U.S. deductions and credits including limitations on the U.S. deductibility of interest expense and executive compensation. The U.S. Tax Act also transitions the U.S. taxation of international earnings from a worldwide system to a modified territorial system. These changes are effective beginning in 2018. The U.S. Tax Act also includes a one-time mandatory deemed repatriation tax on accumulated U.S. owned foreign corporations’ previously untaxed foreign earnings (“Transition Toll Tax”). The Transition Toll Tax may be paid over an eight-year period, starting in 2018, and will not accrue interest.

On December 22, 2017, Staff Accounting Bulletin No. 118 ("SAB 118") was issued to address the application of the U.S. GAAP ASC 740 income tax accounting for tax law changes enacted during 2017, in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the U.S. Tax Act. In accordance with SAB 118, we have recorded an income tax benefit of $2.4 million in connection with the remeasurement of certain deferred tax assets and liabilities. We also recorded a $17.5 million increase of current tax expense in connection with the Transition Toll Tax on cumulative U.S. owned foreign earnings of $1.2 billion. The tax impacts represent provisional amounts and are a reasonable estimate at December 31, 2017. Additional work is necessary to perform additional analysis of historical foreign earnings and U.S. cumulative temporary differences, as well as potential correlative adjustments. Any subsequent adjustment to these amounts will be recorded to current tax expense in 2018 when the analysis is complete.

The U.S. Tax Act subjects a U.S. shareholder to tax on global intangible low-taxed income (GILTI) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. Given the complexity of the GILTI provisions, we are still evaluating the effects of the GILTI provisions and have not yet determined our accounting policy. At December 31, 2017, because we are still evaluating the GILTI provisions and our analysis of future taxable income that is subject to GILTI, we are unable to make a reasonable estimate and have not reflected any adjustments related to GILTI in our financial statements.

On December 22, 2017, the Belgian Parliament approved Belgian tax reform legislation (“Belgium Tax Act”), which was signed by the Belgian King and enacted on December 25, 2017. The Belgium Tax Act provides for a reduction to the corporate income tax rate from 34% to 30%, for 2018 and 2019, as well as a reduced corporate income tax rate of 25% for 2020 and beyond. The Belgium Tax Act also increased the participation exemption on dividend distributions to Belgium entities from 95% to 100%. The Belgium Tax Act also introduces Belgium tax consolidation and other anti-tax avoidance directives. We recorded an additional income tax expense of $24.1 million for the remeasurement of certain deferred tax assets and additional income tax benefit of $33.2 million for the remeasurement of certain deferred tax liabilities as a result of the Belgium Tax Act.

For the years ended December 31, 2016 and December 31, 2015, statutory rate changes, primarily in Europe, favorably impacted the effective tax rate in the amount of $4.0 million and $27.9 million, respectively.

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Post Employment Plans

12 Months Ended

Dec. 31, 2017

Postemployment Benefits [Abstract]

Post employment plans

POST EMPLOYMENT PLANS

Defined Contribution Plans

We have a qualified profit-sharing and investment plan under Section 401(k) of the IRS, which covers substantially all U.S. employees. Our contributions to the plan include an annual nondiscretionary contribution of 3% of an employee's eligible compensation and a discretionary contribution at the option of the Board of Directors. Additionally, we match a portion of employees' contributions.

We also have a defined contribution plan that covers our Ireland employees. We contribute up to 18% of each participating employee’s annual eligible salary on a monthly basis.

We assumed a number of defined contribution plans associated with the Omega acquisition and we pay contributions to the pension insurance plans.

Our contributions to all of the plans were as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015*
$	25.5	$	26.1	$	18.9	$	25.9

*    Includes Omega activity from March 30, 2015 to June 27, 2015    

Pension and Post-Retirement Healthcare Benefit Plans

We assumed the liability of two defined benefit plans (staff and executive plan) for employees based in Ireland with the Elan acquisition in 2013. These plans were subsequently merged and all plan assets and liabilities were transferred from the executive scheme to the staff scheme as a result of a plan combination.

In connection with the Omega acquisition, we assumed the liability of a number of defined benefit plans. The defined benefit plans cover employees based primarily in the Netherlands, Belgium, Germany, Switzerland, Greece, France, and Norway. Omega companies operate various pension plans across each country.

Our defined benefit pension plans are managed externally and the related pension costs and liabilities are assessed at least annually in accordance with the advice of a qualified professional actuary. We used a December 31, 2017 measurement date and all plan assets and liabilities are reported as of that date.

We provide certain healthcare benefits to eligible U.S. employees and their dependents who meet certain age and service requirements when they retire. Generally, benefits are provided to eligible retirees after age 65 and to their dependents. Increases in our contribution for benefits are limited to increases in the Consumer Price Index. Additional healthcare cost increases are paid through participant contributions. We accrue the expected costs of such benefits during a portion of the employees’ years of service. The plan is not funded. Under current plan provisions, the plan is not eligible for any U.S. federal subsidy related to the Medicare Modernization Act of 2003 Part D Subsidy.

The change in the projected benefit obligation and plan assets consisted of the following (in millions):

	Pension Benefits									Other Benefits
	Year Ended						Six Months Ended			Year Ended						Six Months Ended
	December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2017			December 31, 2016			December 31, 2015
Projected benefit obligation at beginning of period	$	158.9		$	135.0		$	140.3		$	5.8		$	7.0		$	6.0
Acquisitions	—			—			5.6			—			—			—
Curtailment	(1.0		)	—			—			—			—			—
Service costs	4.5			4.1			2.2			0.6			0.6			0.3
Interest cost	3.3			3.6			1.7			0.2			0.2			0.1
Actuarial (gain) loss	(10.3		)	22.6			(10.1		)	(0.3		)	(1.9		)	0.5
Contributions paid	0.1			0.3			—			—			—			—
Benefits paid	(2.5		)	(1.7		)	(0.6		)	(0.1		)	(0.1		)	(0.1		)
Foreign currency translation	21.0			(5.0		)	(4.1		)	—			—			0.1
Projected benefit obligation at end of period	$	174.0		$	158.9		$	135.0		$	6.2		$	5.8		$	7.0
Fair value of plan assets at beginning of period	138.2			126.7			128.1			—			—			—
Acquisitions	—			—			3.2			—			—			—
Actual return on plan assets	5.5			9.4			(1.7		)	—			—			—
Benefits paid	(2.5		)	(1.7		)	(0.6		)	—			—			—
Employer contributions	2.2			8.2			1.4			—			—			—
Contributions paid	0.1			0.3			—			—			—			—
Foreign currency translation	19.0			(4.7		)	(3.7		)	—			—			—
Fair value of plan assets at end of period	$	162.5		$	138.2		$	126.7		$	—		$	—		$	—
Unfunded status	$	(11.5	)	$	(20.7	)	$	(8.3	)	$	(6.2	)	$	(5.8	)	$	(7.0	)
Presented as:
Other non-current assets	$	22.0		$	10.4		$	16.5		$	—		$	—		$	—
Other non-current liabilities	$	(33.5	)	$	(31.1	)	$	(24.8	)	$	—		$	(5.8	)	$	(7.0	)

The total accumulated benefit obligation for the defined benefit pension plans was as follows (in millions):

Year Ended				Six Months Ended
December 31, 2017		December 31, 2016		December 31, 2015
$	167.6	$	136.3	$	109.4

The following unrecognized actual gains (losses) for the other benefits liability was included in OCI, net of tax (in millions):

Year Ended					Six Months Ended			Year Ended
December 31, 2017		December 31, 2016			December 31, 2015			June 27, 2015
$	0.3	$	(0.7	)	$	(0.4	)	$	0.1

The unamortized net actuarial loss in AOCI net of tax for defined benefit pension and other benefits was as follows (in millions):

Year Ended					Six Months Ended		Year Ended
December 31, 2017			December 31, 2016		December 31, 2015		June 27, 2015*
$	(1.3	)	$	9.5	$	2.9	$	8.2

*    Includes Omega activity from March 30, 2015 to June 27, 2015

The total estimated credit amount to be recognized from AOCI into net periodic cost during the next year is $0.7 million.

At December 31, 2017, the total estimated future benefit payments to be paid by the plans for the next five years is approximately $9.9 million for pension benefits and $1.0 million for other benefits as follows (in millions):

Payment Due	Pension Benefits		Other Benefits
2018	$	1.4	$	0.1
2019	1.5		0.2
2020	2.3		0.2
2021	2.1		0.2
2022	2.6		0.3
Thereafter	20.1		1.9

The expected benefits to be paid are based on the same assumptions used to measure our benefit obligation at December 31, 2017, including the expected future employee service. We expect to contribute $2.2 million to the defined benefit plans within the next year.

Net periodic pension cost consisted of the following (in millions):

	Pension Benefits												Other Benefits
	Year Ended						Six Months Ended			Year Ended			Year Ended					Six Months Ended		Year Ended
	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015*			December 31, 2017			December 31, 2016		December 31, 2015		June 27, 2015*
Service cost	$	4.5		$	4.1		$	2.2		$	0.9		$	0.6		$	0.6	$	0.3	$	0.3
Interest cost	3.3			3.6			1.7			2.4			0.2			0.2		0.1		0.2
Expected return on assets	(4.3		)	(3.9		)	(1.8		)	(2.7		)	—			—		—		—
Curtailment	(0.7		)	—			—			—			—			—		—		—
Net actuarial loss	0.8			0.5			0.4			1.0			(0.1		)	—		—		0.1
Net periodic pension cost	$	3.6		$	4.3		$	2.5		$	1.6		$	0.7		$	0.8	$	0.4	$	0.6

*    Includes Omega activity from March 30, 2015 to June 27, 2015

The weighted-average assumptions used to determine net periodic pension cost and benefit obligation were:

	Pension Benefits								Other Benefits
	Year Ended				Six Months Ended		Year Ended		Year Ended				Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015*		December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015*
Discount rate	1.91	%	1.76	%	2.22	%	2.11	%	3.59	%	4.00	%	4.25	%	4.25	%
Inflation	1.45	%	1.43	%	2.25	%	1.93	%
Expected return on assets	2.90	%	2.89	%	2.93	%	2.85	%

*    Includes Omega activity from March 30, 2015 to June 27, 2015

The discount rate is based on market yields at the valuation date and chosen with reference to the yields available on high quality corporate bonds, having regard to the duration of the plan's liabilities.

As of December 31, 2017, the expected weighted-average long-term rate of return on assets of 2.9%was calculated based on the assumptions of the following returns for each asset class:

Equities	6.0	%
Bonds	1.9	%
Absolute return fund	4.0	%
Insurance contracts	2.8	%
Other	2.5	%

The investment mix of the pension plans' assets is a blended asset allocation, with a diversified portfolio of shares listed and traded on recognized exchanges.     

Certain of our plans have target asset allocation ranges, as of December 31, 2017 these ranges are as follows:

Equities	10% - 20%
Bonds	20% - 30%
Absolute return	50% - 60%

Other plans do not have target asset allocation ranges, for such plans the strategy is to invest primarily 100% in Insurance Contracts.

The purpose of the pension funds is to provide a flow of income for members in retirement. A flow of income delivered through fixed interest bonds provides a costly but close match to this objective. Equities are held within the portfolio as a means of reducing this cost, but holding equities creates a strategic risk because they give a very different pattern of return. Property investments are held to help diversify the portfolio. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies, and investment portfolio reviews.

The following table sets forth the fair value of the pension plan assets, as of December 31, 2017 (in millions):

	Quoted Prices in Active Markets		Other Observable Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Equities	$	0.1	$	19.1	$	—	$	19.2
Bonds	1.8		30.2		—		32.0
Insurance contracts	—		—		50.8		50.8
Absolute return fund	—		54.5		—		54.5
Other	—		6.0		—		6.0
Total	$	1.9	$	109.8	$	50.8	$	162.5

The following table sets forth the fair value of the pension plan assets, as of December 31, 2016 (in millions):

	Quoted Prices in Active Markets		Other Observable Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Equities	$	0.1	$	13.6	$	—	$	13.7
Bonds	1.6		22.8		—		24.4
Insurance contracts	—		—		43.4		43.4
Absolute return fund	—		51.5		—		51.5
Other	—		5.2		—		5.2
Total	$	1.7	$	93.1	$	43.4	$	138.2

The following table sets forth the fair value of the pension plan assets, as of December 31, 2015 (in millions):

	Other Observable Inputs		Unobservable Inputs
	(Level 2)		(Level 3)		Total
Equities	$	14.5	$	—	$	14.5
Bonds	38.1		—		38.1
Property	—		0.3		0.3
Insurance contracts	—		34.9		34.9
Absolute return fund	33.7		—		33.7
Other	5.2		—		5.2
Total	$	91.5	$	35.2	$	126.7

For a discussion of the fair value levels and the valuation methodologies used to measure equities, bonds, and the absolute return fund (refer to Note 6).

The following table sets forth a summary of the changes in the fair value of the Level 3 pension plan assets, which were measured at fair value on a recurring basis (in millions):

	Year Ended					Six Months Ended
	December 31, 2017		December 31, 2016			December 31, 2015
Assets at beginning of year	$	43.4	$	35.2		$	34.3
Actual return on plan assets	1.0		6.7			0.1
Purchases, sales and settlements, net	0.9		(4.2		)	2.1
Net transfers	—		7.6			—
Foreign exchange	5.5		(1.9		)	(1.3		)
Assets at end of year	$	50.8	$	43.4		$	35.2

All properties in the fund are valued by independent valuation experts by forecasting the returns of the market at regular intervals. The inputs to the forecasts include gross national product growth, interest rates and inflation.

The fair value of the insurance contracts is an estimate of the amount that would be received in an orderly sale to a market participant at the measurement date. The amount the plan would receive from the contract holder if the contracts were terminated is the primary input and is unobservable. The insurance contracts are therefore classified as Level 3 investments.

Deferred Compensation Plans

We have non-qualified plans related to deferred compensation and executive retention that allow certain employees and directors to defer compensation subject to specific requirements. Although the plans are not formally funded, we own insurance policies that had a cash surrender value of $34.6 million, $32.7 million and $34.6 million at December 31, 2017, December 31, 2016, andDecember 31, 2015, respectively, that are intended as a long-term funding source for these plans. The assets, which are recorded in Other non-current assets, are not a committed funding source and may, under certain circumstances, be subject to claims from creditors. The deferred compensation liability of $31.6 million, $29.3 million, and $34.5 million at December 31, 2017, December 31, 2016, andDecember 31, 2015, respectively, was recorded in Other non-current liabilities.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

We lease certain assets, principally warehouse facilities and computer equipment, under agreements that expire at various dates through the year ended December 31, 2024. Certain leases contain provisions for renewal and purchase options and require us to pay various related expenses. Future non-cancelable minimum operating lease commitments are as follows (in millions):

Due	Amount
2018	$	38.1
2019	31.9
2020	24.3
2021	18.6
2022	13.7
Thereafter	16.6

Rent expense under all leases was $50.9 million, $53.0 million, $26.2 million, and $39.2 million for the years endedDecember 31, 2017 and December 31, 2016, the six months endedDecember 31, 2015, and the year endedJune 27, 2015, respectively.

At December 31, 2017, we had non-cancelable purchase obligations totaling $771.0 million consisting of contractual commitments to purchase materials and services to support operations. The obligations are expected to be paid within one year.

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 estimated as of December 31, 2017, we have not recorded a loss reserve. If certain of these matters are determined against us, there could be 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. 

Antitrust Violations

We were named as a counterclaim co-defendant in the lawsuit Fera Pharmaceuticals, LLC v. Akorn, Inc., et al. in the Southern District of New York, in which Akorn, Inc. (“Akorn”) alleged tortious interference and antitrust violations against us and Fera Pharmaceuticals, LLC (“Fera”). Trial was set for February 2018 in the Southern District of New York. This litigation arose out of our acquisition of bacitracin ophthalmic ointment from Fera in 2013. Akorn asserted claims under Sections 1 and 2 of the Sherman Antitrust Act alleging that we and Fera conspired to monopolize, attempted to monopolize, and did unlawfully monopolize the market for sterile bacitracin ophthalmic ointment in the United States through the use of an exclusive agreement with a supplier of sterile bacitracin active pharmaceutical ingredient. The parties have executed a written settlement of all claims and the case has been dismissed.

Price-Fixing Lawsuits

We have been named as a co-defendant with other manufacturers in a number of class actions alleging that we and other manufacturers of the same product engaged in anti-competitive behavior to fix or raise the prices of certain drugs starting, in some instances, as early as June 2013. The products in question are Clobetasol, Desonide, and Econazole. These complaints, along with complaints filed against other companies alleging price fixing with respect to more than two dozen other drugs, have been consolidated for pretrial proceedings as part of a case captioned In re Generic Pharmaceuticals Pricing Antitrust Litigation, MDL No. 2724 in the U.S. District Court for the Eastern District of Pennsylvania. Pursuant to the court’s schedule staging various cases in phases, we have moved to dismiss the complaints relating to Clobetasol and Econazole. We have also recently been named a defendant along with 31 other manufacturers in a complaint filed by three supermarket chains alleging that defendants conspired to fix prices of all generic pharmaceutical products starting in 2013. At this stage, we cannot reasonably predict the outcome of the liability, if any, associated with these claims.

Securities Litigation

In the United States

On May 18, 2016, a shareholder filed a securities case against us and our former CEO, Joseph Papa, in the U.S. District Court for the District of New Jersey (Roofers’ Pension Fund v. Papa, et al.). The plaintiff purported to represent a class of shareholders for the period from April 21, 2015 through May 11, 2016, inclusive. The original complaint alleged 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 concerned the actions taken by us and the former executive to defend against the unsolicited takeover bid by Mylan in the period from April 21, 2015 through November 13, 2015. The plaintiff also alleged that the defendants provided inadequate disclosure concerning alleged integration problems related to the Omega acquisition in the period from April 21, 2015 through May 11, 2016. On July 19, 2016, a different shareholder filed a securities class action against us and our former CEO, Joseph Papa, also in the District of New Jersey (Wilson v. Papa, et al.). The plaintiff purported to represent a class of persons who sold put options on our shares between April 21, 2015 and May 11, 2016. In general, the allegations and the claims were the same as those made in the original complaint filed in the Roofers' Pension Fund case described above. On December 8, 2016, the court consolidated Roofers' Pension Fund case and the Wilson case under the Roofers' Pension Fund case number. In February 2017, the court selected the lead plaintiffs for the consolidated case and the lead counsel to the putative class. In March 2017, the court entered a scheduling order.

On June 21, 2017, the court-appointed lead plaintiffs filed an amended complaint that superseded the original complaints in the Roofers’ Pension Fund case and the Wilson case. The lead plaintiffs seek to represent a class of shareholders for the period April 21, 2015 through May 3, 2017, and the amended complaint identifies three subclasses - shareholders who purchased shares during the period on the U.S. exchanges; shareholders who purchased shares during the period on the Tel Aviv exchange; and shareholders who owned shares on the final day of the Mylan tender offer November 13, 2015. The amended complaint names as defendants us and 11 current or former directors and officers of Perrigo (Mses. Judy Brown, Laurie Brlas, Jacqualyn Fouse, Ellen Hoffing, and Messrs. Joe Papa, Marc Coucke, Gary Cohen, Michael Jandernoa, Gerald Kunkle, Herman Morris, and Donal O’Connor). The amended complaint alleges violations of Securities Exchange Act sections 10(b) (and Rule 10b‑5) and 14(e) against all defendants and 20(a) control person liability against the 11 individuals. In general, the allegations concern the actions taken by us and the former executives to defend against the unsolicited takeover bid by Mylan in the period from April 21, 2015 through November 13, 2015 and the allegedly inadequate disclosure throughout the entire class period related to purported integration problems related to the Omega acquisition, alleges incorrect reporting of organic growth at the Company and at Omega, alleges price fixing activities with respect to six generic prescription pharmaceuticals, and alleges improper accounting for the Tysabri^® royalty stream. The amended complaint does not include an estimate of damages. In August 2017, the defendants filed motions to dismiss the amended complaint. The plaintiffs filed their opposition in October 2017. The defendants filed replies in support of the motions to dismiss in November 2017. The court has not indicated whether there will be oral argument of the motions or whether the court will decide the motions on the papers. We intend to defend the lawsuit vigorously.

On November 1, 2017, Carmignac Gestion, S.A., filed a securities lawsuit against us and three individuals (former Chairman and CEO Joseph Papa, former CFO Judy Brown, and former Executive Vice President and Board member Marc Coucke). This lawsuit is not a securities class action. The case is styled Carmignac Gestion, S.A. v. Perrigo Company plc, et al., and was filed in the U.S. District Court for the District of New Jersey. The complaint asserts claims under Securities Exchange Act sections 10(b) (and Rule 10b-5), 14(e), and 18 against all defendants as well as 20(a) control person liability against the individual defendants. In general, the plaintiff’s allegations focus on events during the period from April 2015 through April 2016. Plaintiff contends that the defendants provided inadequate disclosure throughout the period concerning the valuation and integration of Omega, the financial guidance provided by us during that period, our reporting about the generic prescription pharmaceutical business and its prospects, and the activities surrounding the efforts to defeat the Mylan tender offer during 2015. Many of the allegations in this case overlap with the allegations of the June 2017 amended complaint in the Roofers’ Pension Fund case described above. The plaintiff does not provide an estimate of damages. We intend to defend the lawsuit vigorously. The parties jointly requested that the court stay this case pending the outcome of a ruling on the motions to dismiss filed in the Roofers' Pension Fund case (discussed above), and the court granted the stay motion.

On January 16, 2018, Manning & Napier Advisors, LLC filed a securities lawsuit against us and three individuals (former Chairman and CEO Joseph Papa, former CFO Judy Brown, and former Executive Vice President and Board member Marc Coucke). This lawsuit is not a securities class action. The case is styled Manning & Napier Advisors, LLC v. Perrigo Company plc, et al., and was filed in the U.S. District Court for the District of New Jersey. The complaint asserts claims under Securities Exchange Act sections 10(b) (and Rule 10b-5) and 18 against all defendants as well as 20(a) control person liability against the individual defendants. In general, the plaintiff’s allegations focus on events during the period from April 2015 through May 2017. Plaintiff contends that the defendants provided inadequate disclosure at various times during the period concerning valuation and integration of Omega, the financial guidance provided by us during that period, alleged price fixing activities with respect to six generic prescription pharmaceuticals, and alleged improper accounting for the Tysabri^® financial asset. Many of the allegations in this case overlap with the allegations of the June 2017 amended complaint in the Roofers' Pension Fund case described above. The plaintiff does not provide an estimate of damages. We intend to defend the lawsuit vigorously. The parties jointly requested that the court stay this case pending the outcome of a ruling on the motion to dismiss filed in the Roofers' Pension Fund case (discussed above), and the court granted the stay motion.

On January 26, 2018, two different plaintiff groups (the Mason Capital group and the Pentwater group) each filed a lawsuit against us and the same individuals who are defendants in the amended complaint in the securities class action case described above (Roofers’ Pension Fund case). The same law firm represents these two plaintiff groups, and the two complaints are substantially similar. These two cases are not securities class actions. One case is styled Mason Capital L.P., et al. v. Perrigo Company plc, et al., and was filed in the U.S. District Court for the District of New Jersey. The other case is styled Pentwater Equity Opportunities Master Fund Ltd., et al.  v. Perrigo Company plc, et al., and also was filed in the U.S. District Court for the District of New Jersey. Both cases are assigned to the same federal judge that is hearing the class action case and the other individual cases described above (Carmignac and Manning & Napier). Each complaint asserts claims under Securities Exchange Act sections 14(e) (related to tender offer disclosures) against all defendants as well as 20(a) control person liability against the individual defendants. In general, the plaintiff’s allegations describe events during the period from April 2015 through May 2017. Plaintiff contends that the defendants provided inadequate disclosure during the tender offer period in 2015 and point to disclosures at various times during the period concerning valuation and integration of Omega, the financial guidance provided by us during that period, alleged price fixing activities with respect to six generic prescription pharmaceuticals, and alleged improper accounting for the Tysabri^® financial asset. Many of the factual allegations in these two cases overlap with the allegations of the June 2017 amended complaint in the Roofers' Pension Fund case described above and the allegations in the Carmignac case described above. The plaintiff does not provide an estimate of damages. The parties to each case jointly requested that the court stay each case pending the outcome of a ruling on the motions to dismiss filed in the Roofers’ Pension Fund case (discussed above). The court granted the stay motion in each case. We intend to defend both lawsuits vigorously.

On February 13, 2018, a group of plaintiff investors affiliated with Harel Insurance Investments & Financial Services, Ltd. filed a lawsuit against us and the same individuals who are defendants in the amended complaint in the securities class action case described above (Roofers’ Pension Fund case). The new complaint is substantially similar to the amended complaint in the Roofers' Pension Fund case. The relevant period in the new complaint stretches from February 2014 to May 2, 2017. The complaint adds as defendants two individuals who served on our Board prior to 2016. The case is styled Harel Insurance Company, Ltd., et al. v. Perrigo Company plc, et al., and was filed in the U.S. District Court for the District of New Jersey and is assigned to the same federal judge that is hearing the class action cases and the four other individual cases described above (Carmignac, Manning & Napier, Mason Capital, and Pentwater). The Harel Insurance Company complaint asserts claims under Securities Exchange Act section 10(b) (and related SEC Rule 10b‑5) and section 14(e) (related to tender offer disclosures) against all defendants as well as 20(a) control person liability against the individual defendants. The complaint also asserts claims based on Israeli securities laws. In general, the plaintiff’s allegations describe events during the period from February 2014 through May 2017. Plaintiff contends that the defendants provided inadequate disclosure during the tender offer events in 2015 and point to disclosures at various times during the period concerning valuation and integration of Omega, the financial guidance provided by us during that period, alleged price fixing activities with respect to six generic prescription pharmaceuticals, and alleged improper accounting for the Tysabri^® financial asset from February 2014 until the withdrawal of past financial statements in April 2017. Many of the factual allegations in these two cases overlap with the allegations of the June 2017 amended complaint in the Roofers' Pension Fund case described above and the allegations in the four opt out cases also described above. The plaintiff does not provide an estimate of damages. The parties jointly filed a stay motion similar to the stay sought in the five other opt out cases. The court granted the stay motion. We intend to defend the lawsuit vigorously.

On February 16, 2018, First Manhattan Company filed a securities lawsuit against us and three individuals (former Chairman and CEO Joseph Papa, former CFO Judy Brown, and former Executive Vice President and Board member Marc Coucke). This lawsuit is not a securities class action. The case is styled First Manhattan Co. v. Perrigo Company plc, et al., and was filed in the U.S. District Court for the District of New Jersey. The case was assigned to the same judge hearing the class action case and the five other opt out cases. The complaint asserts claims under Securities Exchange Act sections 10(b) (and Rule 10b-5), 14(e), and 18 against all defendants as well as 20(a) control person liability against the individual defendants. In general, the plaintiff’s allegations focus on events during the period from April 2015 through May 2017. Plaintiff contends that the defendants provided inadequate disclosure at various times during the period concerning valuation and integration of Omega, the financial guidance provided by us during that period, alleged price fixing activities with respect to six generic prescription pharmaceuticals, and alleged improper accounting for the Tysabri^® financial asset. This lawsuit was filed by the same law firm that filed the Manning & Napier Advisors case and the Carmignac case described above and generally makes the same factual assertions as in the Manning & Napier Advisors case. Many of the allegations in this case overlap with the allegations of the June 2017 amended complaint in the Roofers' Pension Fund case described above. The plaintiff does not provide an estimate of damages. We intend to defend the lawsuit vigorously. The parties jointly requested that the court stay this case pending the outcome of a ruling on the motions to dismiss filed in the Roofers’ Pension Fund case (discussed above). The court granted the stay motion. 

In Israel

Because our shares are traded on the Tel Aviv exchange under a dual trading arrangement, we are potentially subject to securities litigation in Israel. Three cases were filed; two were voluntarily dismissed and one was stayed. We are consulting Israeli counsel about our response to these allegations and we intend to defend these cases vigorously.

On May 22, 2016, shareholders filed a securities class action against us and five individual defendants: Our former CEO Mr. Papa, our former Executive Vice President and General Manager of the BCH segment Marc Coucke, our then Chief Executive Officer John Hendrickson, our former Board member Gary Kunkle, Jr., and our Board member Laurie Brlas alleging violations of Israeli law in the District Court of Tel Aviv-Jaffa (Schweiger et al. v. Perrigo Company plc, et al.). On June 15, 2016, we 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 Schweiger action was stayed. In October 2017, the Schweiger plaintiffs dismissed their claims without prejudice because of the pendency of another class action case filed in Israel (see discussion below of the Israel Elec. Corp. Employees’ Educ. Fund case). The court approved the voluntary dismissal. 

On March 29, 2017, plaintiff Eyal Keinan commenced an action in the District Court of Tel Aviv-Jaffa asserting securities claims against two defendants: Perrigo and its auditor Ernst & Young LLP ("EY"). The case is styled Keinan v. Perrigo Company plc, et al. The action sought certification of a class of purchasers of Perrigo shares on the Israeli exchange beginning February 6, 2014. The proposed closing date for the class was not clear from the complaint though it appeared to extend into 2017. In general, the plaintiff asserted that we improperly accounted for our stream of royalty income from two drugs: Tysabri^® and Prialt. The court filings contended that the alleged improper accounting caused the audited financial results for Perrigo to be incorrect for the six month period ended December 31, 2015, and the years ended June 27, 2015 and June 28, 2014 and the other financial data released by us over those years and 2016 to also be inaccurate. The plaintiff maintained that the defendants are liable under Israeli securities law or, in the alternative, under U.S. securities law. The plaintiff indicated an initial, preliminary class damages estimate of 686.0 million NIS (approximately $192.0 million at 1 NIS = $0.28 cent). In January 2018, the Keinan plaintiff announced its intention to dismiss his claims because of the pendency of another class action case filed in Israel (see discussion below of the Israel Elec. Corp. Employees’ Educ. Fund case). The court granted the dismissal on February 11, 2018.

On June 28, 2017, a plaintiff filed a complaint in Tel Aviv District Court styled Israel Elec. Corp. Employees’ Educ. Fund v. Perrigo Company plc, et al. The lead plaintiff seeks to represent a class of shareholders who purchased Perrigo stock on the Tel Aviv exchange during the period April 24, 2015 through May 3, 2017 and also a claim for those that owned shares on the final day of the Mylan tender offer (November 13, 2015). The amended complaint names as defendants the Company, EY (the Company’s auditor), and 11 current or former directors and officers of Perrigo (Mses. Judy Brown, Laurie Brlas, Jacqualyn Fouse, Ellen Hoffing, and Messrs. Joe Papa, Marc Coucke, Gary Cohen, Michael Jandernoa, Gerald Kunkle, Herman Morris, and Donal O’Connor). The complaint alleges violations under U.S. securities laws of Securities Exchange Act sections 10(b) (and Rule 10b‑5) and 14(e) against all defendants and 20(a) control person liability against the 11 individuals or, in the alternative, under Israeli securities laws. In general, the allegations concern the actions taken by us and our former executives to defend against the unsolicited takeover bid by Mylan in the period from April 21, 2015 through November 13, 2015 and the allegedly inadequate disclosure concerning purported integration problems related to the Omega acquisition, alleges incorrect reporting of organic growth at the Company, alleges price fixing activities with respect to six generic prescription pharmaceuticals, and alleges improper accounting for the Tysabri^® royalty stream. The plaintiff indicates an initial, preliminary class damages estimate of 2.7 billion NIS (approximately $760.0 million at 1 NIS = $0.28 cent). We intend to defend the lawsuit vigorously.

On July 12, 2017, the plaintiff in the Israel Elec. Corp. Employees’ Educ. Fund v. Perrigo Company plc, et al. case filed a motion to have all three cases pending in Israel either consolidated or the other two cases dismissed so that the Israel Elec. Corp. Educ. Fund plaintiff can proceed as the sole plaintiff. In October 2017, the Schweiger plaintiffs (see description above) voluntarily dismissed their securities class action without prejudice as part of their response to the motion filed by the Israel Elec. Corp. Educ. Fund plaintiff. A variety of other procedural motions were also pending having to do with the timing of any response by defendants. The court held an initial conference on November 9, 2017 to address the motion filed by the Israel Elec. Corp. Educ. Fund plaintiff. Subsequently, the competing class plaintiffs held discussions and informed the court in January 2018 that they had reached an agreement among themselves such that the Education Fund case will continue while the Keinan plaintiff will dismiss its case. The court approved this outcome. At the request of the parties, the court has stayed the Education Fund case pending the final adjudication of the class action case in DNJ (the Roofers’ Pension Fund case described above under Securities Litigation In the United States). The court approved the stay.

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, we 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. We have filed our statement of defense to the underlying proceedings. The parties are currently engaged in mediation in an attempt to settle the matter. The underlying proceedings have been stayed pending the outcome of the mediation process and, if necessary, a decision on the motion to appeal.

On November 14, 2017 the Parties submitted the agreed settlement agreement to the approval of the Supreme Court, which referred the approval back to the District Court. During three hearings that took place on November 29, 2017, December 13, 2017 and January 11, 2018 the District Court opined that it would approve the settlement agreement subject to certain amendments to be proposed by the Court (which would not impact the monetary settlement reached) and set a hearing for January 30, 2018 to discuss and finalize the proposed changes. Meanwhile, the Court ordered the settlement to be (1) provided to the Attorney General for review (standard procedure); and (2) published in the written media (newspapers), to enable the class members to submit any objections or “opt-out” to  the proposed settlement by February 15, 2018.

On February 21, 2018, the District Court held a hearing to, among others, review objections received from class members who had notified the District Court of their desire to opt out of the settlement. In addition, a representative of the Israeli Attorney General’s office notified the District Court that, based upon their preliminary examination of the settlement, they intend to object to the settlement in its current form. The District Court recommended that the parties continue to discuss and minimize objections to the settlement and scheduled another hearing for May 13, 2018.

Tysabri^® Product Liability Lawsuits

We and our 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^®. Each co-defendant would be responsible for 50% of losses and expenses arising out of any Tysabri^® product liability claims. During calendar year 2016, one case in the U.S. was settled and two others were dismissed with prejudice. In 2017, seven other cases were dismissed with prejudice. While we intend to vigorously defend the remaining lawsuits, 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.

Claim Arising from the Omega Acquisition

On December 16, 2016, we and Perrigo Ireland 2 brought an arbitral claim ("Claim") against Alychlo NV ("Alychlo") and Holdco I BE NV ("Holdco") (together the Sellers) in accordance with clause 26.2 of the Share Purchase Agreement dated November 6, 2014 ("SPA") and the rules of the Belgian Centre for Arbitration and Mediation ("CEPANI"). Our Claim relates to the accuracy and completeness of information about Omega provided by the Sellers as part of the sale process, the withholding of information by the Sellers during that process and breaches of Sellers’ warranties. We are seeking monetary damages from the Sellers. The Sellers served their respective responses to the Claim on February 20, 2017. In its response, Alychlo has asserted a counterclaim for monetary damages contending that we breached the duty of good faith in performing the SPA. There can be no assurance that our Claim will be successful, and Sellers deny liability for the Claim. We deny that Alychlo is entitled to any relief (including monetary relief) under the counterclaim. The arbitration proceedings are confidential as required by the SPA and the rules of the CEPANI.

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Collaboration Agreements And Other Contractual Arrangements

12 Months Ended

Dec. 31, 2017

Collaboration Agreements [Abstract]

COLLABORATION AGREEMENTS AND OTHER CONTRACTUAL ARRANGEMENTS

COLLABORATION AGREEMENTS AND OTHER CONTRACTUAL ARRANGEMENTS

We actively collaborate with other pharmaceutical companies to develop, manufacture and market certain products or groups of products. These types of agreements are common in the pharmaceutical industry. We may choose to enter into these types of agreements to, among other things, leverage our or others’ scientific research and development expertise or utilize our extensive marketing and distribution resources. Terms of the various collaboration agreements may require us to make or receive milestone payments upon the achievement of certain product research and development objectives and pay or receive royalties on the future sale, if any, of commercial products resulting from the collaboration. Milestone and up-front payments made are generally recorded in research and development expense if the payments relate to drug candidates that have not yet received regulatory approval. Milestone and up-front payments made related to approved drugs will generally be capitalized and amortized to cost of goods sold over the economic life of the product. Royalties received are generally reflected as revenues, and royalties paid are generally reflected as cost of goods sold. We enter into a number of collaboration agreements in the ordinary course of business. Although we do not consider these arrangements to be material, the following is a brief description of notable agreements entered into during the years endedDecember 31, 2016and June 27, 2015. We did not enter into any collaborative arrangements during the the six months endedDecember 31, 2015.

Year EndedDecember 31, 2017

In December 2017, we entered into a collaboration agreement with a generic pharmaceutical development company, pursuant to which the parties will collaborate in the ongoing development and commercialization of a generic injectable product. We will provide assistance including preparing and filing the product ANDA, and be responsible for commercializing the product. As part of the agreement, we paid a $2.5 million milestone payment on the effective date of the agreement. The $2.5 million fee is reported in Research and development on the consolidated financial statements. We will make additional payments if regulatory approval is obtained and certain other development milestones are achieved. These contingent milestone payments could total $14.5 million in aggregate. There can be no assurance that any such products will be approved by the FDA on the anticipated schedule or at all.

Year EndedDecember 31, 2016

During the year ended December 31, 2016, we added three additional products to the May 15, 2015 development agreement discussed below that are subject to similar buy-back terms if the products are approved by the FDA. We did not receive any consideration from the clinical stage development company, nor do we expect to incur any expense related to the development of the additional products. The estimated purchase price for these additional products, based on the initial development budget, is approximately $126.0 million. If development costs exceed the initial budgeted amounts, the purchase price will increase, but will not exceed approximately $174.0 million. If the products are approved by the FDA and we purchase the products, we estimate that one of the acquisitions will occur in 2019 and two of the acquisitions will occur in 2021. There can be no assurance that any such products will be approved by the FDA on the anticipated schedule or at all.

Year EndedJune 27, 2015

On May 15, 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.

On May 1, 2015, we entered into an agreement with a clinical stage biotechnology company for the development of two specialty pharmaceutical products. We paid $18.0 million for an option to acquire the two products, which we reported in research and development expense. On March 1, 2016, we exercised the purchase option to acquire both products. We will make additional payments if we obtain regulatory approval and achieve certain sales milestones, and these contingent milestone payments could total $30.0 million in aggregate. We will also be obligated to make certain royalty payments over periods ranging from seven to ten years from the launch of each product (refer to the Development-Stage Rx Products acquisition inNote 2for additional information regarding the acquisition). In addition, on December 20, 2017, we divested one of the development-stage Rx products (refer to Note 2 for additional information on the divestment.

Additional future milestone payments and receipts related to agreements not specifically discussed above are not material.

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Restructuring Charges

12 Months Ended

Dec. 31, 2017

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):

Balance at June 28, 2014	$	16.4
Additional charges	5.1
Payments	(18.5		)
Non-cash adjustments	(1.4		)
Balance at June 27, 2015	1.6
Additional charges	26.9
Payments	(6.4		)
Non-cash adjustments	(1.4		)
Balance at December 31, 2015	20.7
Additional charges	31.0
Payments	(35.8		)
Non-cash adjustments	3.8
Balance at December 31, 2016	19.7
Additional charges	61.0
Payments	(59.6		)
Non-cash adjustments	0.3
Balance at December 31, 2017	$	21.4

Restructuring activity includes severance, lease exit costs, and asset impairments. The charges incurred during the six months endedDecember 31, 2015 and the year endedDecember 31, 2016 were primarily associated with actions we took to streamline our organization as announced on October 22, 2015. The charges incurred during the year endedDecember 31, 2017 were primarily associated with actions we took to streamline our organization as announced on February 21, 2017. During the year endedDecember 31, 2017, $61.0 million of restructuring expenses were recorded, $27.4 million of which was recorded in our CHCA segment and $17.1 million in our CHCI segment. There were no other material restructuring programs that impacted any other one reportable segment for the year endedDecember 31, 2017. During the year endedDecember 31, 2016, $31.0 million of restructuring expenses were recorded, $20.9 million of which was recorded in our CHCI segment. There were no other material restructuring programs in any of the periods presented. All charges are recorded in Restructuring expense. The remaining $17.6 million liability for employee severance benefits will be paid within the next year, while the remaining $3.8 million liability for lease exit costs will be incurred over the remaining terms of the applicable leases.

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Segment and Geographic Information

12 Months Ended

Dec. 31, 2017

Segments and Geographic Information [Abstract]

SEGMENT AND GEOGRAPHIC INFORMATION

SEGMENT AND GEOGRAPHIC INFORMATION

Our segment reporting structure is consistent with the way our chief operating decision maker makes operating decisions, allocates resources and manages the growth and profitability of the business. Operating segments with similar economic characteristics, including long-term profitability, nature of the products sold and production processes, distribution methods, and classes of customers, are aggregated as reportable segments (refer to Note 1).

We generated third-party revenue in the following geographic locations⁽¹⁾ during each of the periods presented below (in millions):

	Year Ended				Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
Ireland	$	30.4	$	89.1	$	11.4	$	7.2
U.S.	3,272.3		3,353.0		1,686.2		3,303.2
Europe	1,313.2		1,493.0		758.2		576.4
All other countries(2)	330.3		345.5		176.4		340.3
	$	4,946.2	$	5,280.6	$	2,632.2	$	4,227.1

⁽¹⁾The net sales by geography is derived from the location of the entity that sells to a third party.

⁽²⁾Includes revenue generated primarily in Israel, Mexico, Australia, and Canada.

The net book value of Property, plant and equipment, net by location was as follows (in millions):

	December 31, 2017		December 31, 2016		December 31, 2015
Ireland	$	4.6	$	2.7	$	1.3
U.S.	538.3		556.6		555.0
Europe	155.6		144.6		157.2
Israel	81.5		114.3		115.7
All other countries	53.1		51.9		57.0
	$	833.1	$	870.1	$	886.2

Sales to Walmart as a percentage of Consolidated Net sales (reported primarily in our CHCA segment) were as follows:

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
13.0	%	13.0	%	13.0	%	16.0	%

Below is a summary of our results by reporting segment (in millions):

	CHCA			CHCI(1)			RX			Specialty Sciences			Other				Unallocated			Total
Year Ended December 31, 2017
Net sales	$	2,429.9		$	1,491.0		$	969.7		$	—		$	55.6			$	—		$	4,946.2
Operating income (loss)	$	445.0		$	12.5		$	307.6		$	—		$	8.7			$	(175.6	)	$	598.2
Operating income (loss) %	18.3		%	0.8		%	31.7		%	—		%	15.6		%		—		%	12.1		%
Total assets	$	3,786.8		$	5,029.0		$	2,813.0		$	—		$	—			$	—		$	11,628.8
Capital expenditures	$	39.5		$	27.5		$	21.6		$	—		$	—			$	—		$	88.6
Property, plant and equipment, net	$	512.7		$	180.9		$	139.5		$	—		$	—			$	—		$	833.1
Depreciation/amortization	$	115.2		$	223.7		$	100.1		$	—		$	5.8			$	—		$	444.8
Change in financial assets	$	—		$	—		$	—		$	24.9		$	—			$	—		$	24.9
Year Ended December 31, 2016
Net sales	$	2,507.1		$	1,652.2		$	1,042.8		$	—		$	78.5			$	—		$	5,280.6
Operating income (loss)	$	399.8		$	(2,087.4	)	$	(0.2	)	$	(201.2	)	$	6.1			$	(116.8	)	$	(1,999.7	)
Operating income (loss) %	15.9		%	(126.3		)%	—		%	—		%	7.8		%		—		%	(37.9		)%
Total assets	$	3,351.3		$	4,795.2		$	2,646.4		$	2,775.8		$	301.4			$	—		$	13,870.1
Capital expenditures	$	59.1		$	23.7		$	20.4		$	—		$	3.0			$	—		$	106.2
Property, plant and equip, net	$	528.3		$	167.2		$	129.7		$	0.4		$	44.5			$	—		$	870.1
Depreciation/amortization	$	119.1		$	210.0		$	120.1		$	—		$	7.8			$	—		$	457.0
Change in financial assets	$	—		$	—		$	—		$	2,608.2		$	—			$	—		$	2,608.2
Six Months Ended December 31, 2015
Net sales	$	1,251.5		$	833.0		$	502.6		$	—		$	45.1			$	—		$	2,632.2
Operating income (loss)	$	209.2		$	(148.5	)	$	181.9		$	(6.5	)	$	(19.5	)		$	(149.0	)	$	67.6
Operating income (loss) %	16.7		%	(17.8		)%	36.2		%	—		%	(43.3		)%		—		%	2.6		%
Total assets	$	3,384.8		$	7,083.5		$	2,738.0		$	5,930.2		$	213.1			$	—		$	19,349.6
Capital expenditures	$	38.0		$	26.3		$	12.1		$	—		$	1.4			$	—		$	77.8
Property, plant and equip, net	$	540.9		$	179.5		$	118.5		$	—		$	47.3		—	$	—		$	886.2
Depreciation/amortization	$	60.9		$	81.9		$	34.3		$	—		$	5.3			$	—		$	182.4
Change in financial assets	$	—		$	—		$	—		$	(57.3	)	$	—			$	—		$	(57.3	)
Year Ended June 27, 2015
Net sales	$	2,478.8		$	704.6		$	936.0		$	—		$	107.7			$	—		$	4,227.1
Operating income (loss)	$	381.9		$	38.2		$	364.7		$	(17.6	)	$	26.8			$	(121.5	)	$	672.5
Operating income %	15.4		%	5.4		%	39.0		%	—		%	24.9		%		—		%	15.9		%
Total assets	$	3,763.8		$	7,163.0		$	2,373.4		$	6,040.7		$	251.0			$	—		$	19,591.9
Capital expenditures	$	76.8		$	13.1		$	41.0		$	0.5		$	5.6			$	—		$	137.0
Property, plant and equip, net	$	556.8		$	176.8		$	113.0		$	—		$	85.8			$	—		$	932.4
Depreciation/amortization	$	108.4		$	72.5		$	65.7		$	1.5		$	10.6			$	—		$	258.7
Change in financial assets	$	—		$	—		$	—		$	(78.5	)	$	—			$	—		$	(78.5	)

⁽¹⁾     CHCI includes Omega activity subsequent to March 30, 2015.

The following is a summary of our revenue by category (in millions):

	Year Ended				Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
CHCA
Cough/Cold/Allergy/Sinus(1)	$	483.7	$	454.6	$	234.6	$	455.6
Analgesics(1)	349.8		343.5		173.1		375.7
Gastrointestinal(1)	340.0		335.4		195.8		384.0
Infant nutritionals	413.9		427.0		200.2		383.8
Smoking cessation	297.2		308.5		147.5		284.5
Vitamins, minerals and dietary supplements(1)	45.4		160.4		105.8		183.5
Animal health	141.3		143.7		62.3		157.0
Other CHCA(1),(2)	358.6		334.0		132.2		254.7
Total CHCA	2,429.9		2,507.1		1,251.5		2,478.8
CHCI
Branded OTC	1,174.0		1,349.2		665.9		368.4
Other CHCI(3)	317.0		303.0		167.1		336.2
Total CHCI	1,491.0		1,652.2		833.0		704.6
Generic prescription drugs	969.7		1,042.8		502.6		936.0
Active pharmaceutical ingredients	55.6		78.5		45.1		107.7
Total revenue	$	4,946.2	$	5,280.6	$	2,632.2	$	4,227.1

⁽¹⁾Includes net sales from our OTC contract manufacturing business.

⁽²⁾  Consists primarily of feminine hygiene, diabetes care, dermatological care, branded OTC, diagnostic products and other miscellaneous or otherwise uncategorized product lines and markets, none of which is greater than 10% of the CHCA segment.

⁽³⁾  Consists primarily of liquids licensed products, cough/cold/allergy, analgesics, diagnostic products and other miscellaneous or otherwise uncategorized product lines and markets, none of which is greater than 10% of the CHCI segment.

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Quarterly Financial Data

12 Months Ended

Dec. 31, 2017

Quarterly Financial Data [Abstract]

Quarterly financial data (unaudited)

QUARTERLY FINANCIAL DATA (unaudited)

The following table presents unaudited quarterly consolidated operating results for each of our last ten quarters. The information below has been prepared on a basis consistent with our audited consolidated financial statements (in millions, except per share amounts).

Year Ended December 31, 2017	First Quarter (2)			Second Quarter (3)			Third Quarter (4)		Fourth Quarter (5)
Net sales	$	1,194.0		$	1,237.9		$	1,231.3	$	1,283.0
Gross profit	$	464.4		$	504.6		$	497.8	$	512.7
Change in financial assets	$	(17.1	)	$	38.7		$	2.6	$	0.7
Net income (loss)	$	71.6		$	(69.6	)	$	44.5	$	73.1
Earnings (loss) per share(1):
Basic	$	0.50		$	(0.49	)	$	0.31	$	0.52
Diluted	$	0.50		$	(0.49	)	$	0.31	$	0.52
Weighted average shares outstanding
Basic	143.4			143.3			141.3		140.8
Diluted	143.6			143.3			141.7		141.2

⁽¹⁾    The sum of individual per share amounts may not equal due to rounding.

⁽²⁾  Includes IPR&D impairment charges of $12.2 million, gain on certain divestiture of $21.8 million, and restructuring charges of $38.7 million.

⁽³⁾  Includes intangible asset impairment charges of $18.5 million, changes in financial assets of $38.7 million, and loss on early debt extinguishment of $135.2 million.

⁽⁴⁾  Includes held-for-sale impairment charges of $3.3 million, and fixed asset impairment charges of $4.0 million.

⁽⁵⁾   Includes unusual litigation charge reversal of $0.2 million.

Year Ended December 31, 2016	First Quarter (2)			Second Quarter (3)			Third Quarter (4)			Fourth Quarter (5)
Net sales	$	1,347.3		$	1,340.5		$	1,261.6		$	1,331.2
Gross profit	$	533.1		$	546.5		$	484.5		$	487.7
Change in financial assets	$	204.4		$	910.8		$	377.4		$	1,115.6
Net loss	$	(529.2	)	$	(534.3	)	$	(1,590.2	)	$	(1,359.1	)
Loss per share(1):
Basic	$	(3.70	)	$	(3.73	)	$	(11.10	)	$	(9.48	)
Diluted	$	(3.70	)	$	(3.73	)	$	(11.10	)	$	(9.48	)
Weighted average shares outstanding
Basic	143.2			143.2			143.3			143.4
Diluted	143.2			143.2			143.3			143.4

⁽¹⁾    The sum of individual per share amounts may not equal due to rounding.

⁽²⁾  Includes an intangible asset impairment charges of $273.3 million, and a goodwill impairment charge of $130.5 million.

⁽³⁾  Includes held-for-sale impairment charges of $10.5 million and change in financial assets of $910.8 million.

⁽⁴⁾  Includes intangible asset impairment charges of $866.6 million, goodwill impairment charge of $737.9 thousand, and held-for-sale impairment charges of $10.2 million.

⁽⁵⁾   Includes intangible asset impairment charges of $378.6 million, goodwill impairment charge of $224.1 million, and a reduction in held-for-sale impairment charges of $4.5 million.

Six Months Ended December 31, 2015	September 26, 2015 (2)			December 31, 2015 (3)
Net sales	$	1,273.1		$	1,359.1
Gross profit	$	535.2		$	543.7
Change in financial assets	$	(173.8	)	$	116.6
Net income (loss)	$	260.9		$	(218.4	)
Earnings (loss) per share(1):
Basic	$	1.78		$	(1.51	)
Diluted	$	1.78		$	(1.51	)
Weighted average shares outstanding
Basic	146.3			144.9
Diluted	146.9			144.9

⁽¹⁾  The sum of individual per share amounts may not equal due to rounding.

⁽²⁾  Includes Mylan defense-related fees of $15.6 million.

⁽³⁾  Includes an intangible asset impairment charge of $185.1 million, Mylan defense-related fees of $71.3 million, an impairment charge on our India API held for sale assets of $29.0 million, restructuring charges of $24.7 million, and an investment impairment charge of $10.7 million.

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Transition Period Comparative Data

12 Months Ended

Dec. 31, 2017

Transition period financial data [Abstract]

TRANSITION PERIOD COMPARATIVE DATA

TRANSITION PERIOD COMPARATIVE DATA

The following table presents certain financial information (in millions, except per share amounts):

	Six Months Ended
	December 31, 2015			December 27, 2014
				(Unaudited)
Net sales	$	2,632.2		$	1,844.7
Cost of sales	1,553.3			1,170.9
Gross profit	1,078.9			673.8
Operating expenses
Distribution	47.9			29.2
Research and development	88.2			89.8
Selling	325.9			95.3
Administration	306.8			165.6
Impairment charges	215.6			—
Restructuring	26.9			4.2
Total operating expenses	1,011.3			384.1
Operating income	67.6			289.7
Change in financial assets	(57.3		)	(46.9		)
Interest expense, net	89.9			56.7
Other expense (Income), net	25.2			60.3
Loss on extinguishment of debt	0.9			9.6
Income before income taxes	8.9			210.0
Income tax expense (benefit)	(33.6		)	29.4
Net income	$	42.5		$	180.6
Income per share
Basic	$	0.29		$	1.34
Diluted	$	0.29		$	1.34
Weighted-average shares outstanding
Basic	145.6			135.1
Diluted	146.1			135.6
Dividends declared per share	$	0.25		$	0.21

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Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Jun. 27, 2015

Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

VALUATION AND QUALIFYING ACCOUNTS

PERRIGO COMPANY PLC

(in millions)

	Year Ended						Six Months Ended
Allowance for doubtful accounts	December 31, 2017			December 31, 2016			December 31, 2015
Balance at beginning of period	$	6.3		$	4.5		$	2.6
Net bad debt expenses(1)	1.4			2.1			2.5
Additions/(deductions)(2)	(1.5		)	(0.3		)	(0.6		)
Balance at end of period	$	6.2		$	6.3		$	4.5

⁽¹⁾  Includes effects of changes in foreign exchange rates.

⁽²⁾  Uncollectible accounts written off, net of recoveries. Also includes effects of changes in foreign exchange rates.

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

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. As a result of our change in year end, this report on Form 10-K discloses the results of our operations for:

• The twelve-month period from January 1, 2017 through December 31, 2017;

• The twelve-month period from January 1, 2016 through December 31, 2016;

• The six-month period from June 28, 2015 through December 31, 2015;

• The twelve-month period from June 29, 2014 to June 27, 2015; and

• The six-month period from June 29, 2014 through December 27, 2014.

We 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.

Segment Reporting

Segment Reporting

Our reporting segments are as follows:

• Consumer Healthcare Americas("CHCA"),comprises our U.S., Mexico and Canada consumer healthcare business (OTC, contract, infant formula and animal health categories).

• Consumer Healthcare International ("CHCI"),comprises our branded consumer healthcare business primarily in Europe and our consumer focused businesses in the U.K., Australia, and Israel. This segment also includes our U.K. liquid licensed products business.

• Prescription Pharmaceuticals("RX"),comprises our U.S. Prescription Pharmaceuticals business.

We also had two legacy operating segments, Specialty Sciences and Other, which contained our Tysabri^® financial asset and Active Pharmaceuticals business ("API") businesses, respectively, which we divested (refer to Note 2 and Note 6). Following these divestitures, there were no substantial assets or operations left in either of these segments. Effective January 1, 2017, all expenses associated with our former Specialty Sciences segment were moved to unallocated expenses. Our segments reflect the way in which our management makes operating decisions, allocates resources and manages the growth and profitability of the Company.

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include our accounts and accounts of all majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Unconsolidated Variable Interest Entity

Unconsolidated Variable Interest Entities

We have research and development ("R&D") arrangements with certain biotechnology companies that we determined to be variable interest entities ("VIEs"). We did not consolidate the VIEs in our financial statements because we lack the power to direct the activities that most significantly impact their economic performance and thus are not considered the primary beneficiaries of these entities. These arrangements provide us with certain rights and obligations to purchase product candidates from the VIEs, dependent upon the outcome of the development activities.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions, which affect the reported earnings, financial position and various disclosures. Although the estimates are considered reasonable, actual results could differ from the estimates

Non-U.S. Operations

Non-U.S. Operations

We translate our non-U.S. dollar-denominated operations’ assets and liabilities denominated in foreign currencies into U.S. dollars at current rates of exchange as of the balance sheet date and income and expense items at the average exchange rate for the reporting period. Translation adjustments resulting from exchange rate fluctuations are recorded in the cumulative translation account, a component of Accumulated Other Comprehensive Income ("AOCI"). Gains or losses from foreign currency transactions are included in Other expense, net.

Revenues

Revenues

We generally record revenues from product sales when the goods are shipped to the customer. For customers with Free on Board destination terms, a provision is recorded to exclude shipments estimated to be in-transit to these customers at the end of the reporting period. A sales allowance is recorded and accounts receivable are reduced as revenues are recognized for estimated losses on credit sales due to customer claims for discounts, price discrepancies, returned goods and other items. Revenue is also reduced for any contractual customer program arrangements and related liabilities are recorded concurrently.

We maintain customer-related accruals and allowances that consist primarily of chargebacks, rebates, sales returns, shelf stock allowances, administrative fees and other incentive programs. Some of these adjustments relate specifically to the RX segment while others relate only to the CHCA and CHCI segments. Certain of these accruals and allowances are recorded in the balance sheet as current liabilities and others are recorded as a reduction in accounts receivable. Changes in these estimates and assumptions related to customer programs may result in additional accruals or allowances. Customer-related accruals and allowances were $512.3 million,

$484.3 million, and $489.4 million at December 31, 2017, December 31, 2016, and December 31, 2015, respectively.

Revenues from service and royalty arrangements, including revenues from collaborative agreements, consist primarily of royalty payments, payments for R&D services, up-front fees and milestone payments. If an arrangement requires the delivery or performance of multiple deliverables or service elements, we determine whether the individual elements represent separate units of accounting. If the separate elements represent separate units of accounting, we recognize the revenue associated with each element separately and revenue is allocated among elements based on their relative selling prices. If the elements within a multiple deliverable arrangement are not considered separate units of accounting, the delivery of an individual element is considered not to have occurred if there are undelivered elements that are considered essential to the arrangement.

To the extent such arrangements contain refund clauses triggered by non-performance or other adverse circumstances, revenue is not recognized until all contractual obligations are satisfied. Non-refundable up-front fees are deferred and amortized to revenue over the related performance period. We estimate the performance period based on the specific terms of each collaborative agreement. Revenue associated with R&D services is recognized on a proportional performance basis over the period that we perform the related activities under the terms of the agreement. Revenue resulting from the achievement of contingent milestone events stipulated in the agreements is recognized when the milestone is achieved. Milestones are based upon the occurrence of a substantive element specified in the contract.

Shipping and handling costs billed to customers are included in net sales. Conversely, shipping and handling expenses we incur are included in cost of sales.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents consist primarily of demand deposits and other short-term investments with maturities of three months or less at the date of purchase. The carrying amount of cash and cash equivalents approximates its fair value.

Accounts Receivable

Accounts Receivable

We maintain an allowance for doubtful accounts that reduces our receivables to amounts that are expected to be collected. In estimating the allowance, management considers factors such as current overall and industry-specific economic conditions, statutory requirements, historical and anticipated customer performance, historical experience with write-offs and the level of past-due amounts. Changes in these conditions may result in additional allowances. After all attempts to collect a receivable have failed, the receivable is written off against the allowance.

               In addition, included in our accounts receivable balance is $84.4 million and $83.4 million related to our Tysabri^® financial asset at December 31, 2016 and December 31, 2015, respectively, for amounts earned that have not yet been received.

Inventories

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in first-out method. Costs include material and conversion costs. Inventory related to R&D is expensed at the point when it is determined the materials have no alternative future use.

We maintain reserves for estimated obsolete or unmarketable inventory based on the difference between the cost of the inventory and its estimated net realizable value. In estimating the reserves, management considers factors such as excess or slow-moving inventories, product expiration dating, products on quality hold, current and future customer demand and market conditions. Changes in these conditions may result in additional reserves (refer to Note 5).

Available for Sale Investments

Available for Sale Investments

We determine the appropriate classification of securities as held-to-maturity, available-for-sale, or trading. The classification depends on the purpose for which the financial assets were acquired. Marketable equity securities are classified as available-for-sale. These securities are carried at fair value with unrealized gains and losses included in AOCI. The assessment for impairment of marketable securities classified as available-for-sale is based on established financial methodologies, including quoted market prices for publicly traded securities. If we determine that a loss in the value of an investment is other than temporary, the investment is written down to its estimated fair value. Any such losses are recorded in Other expense, net (refer to Note 7).

Cost Method Investments

Cost Method Investments

Non-marketable equity securities are carried at cost, less any write down for impairments, and are adjusted for impairment based on methodologies, an assessment of the impact of general private equity market conditions, and discounted projected future cash flows. Non-marketable equity securities are recorded in Other non-current assets (refer to Note 7).

Equity Method Investments

Equity Method Investments

The equity method of accounting is used for unconsolidated entities over which we have significant influence; generally this represents ownership interests of at least 20% and not more than 50%. Under the equity method of accounting, we record the investments at carrying value and adjust for a proportionate share of the profits and losses of these entities each period. We evaluate our equity method investments for recoverability. If we determine that a loss in the value of an investment is other than temporary, the investment is written down to its estimated fair value. Any such losses are recorded in Other expense, net. Evaluations of recoverability are based primarily on projected cash flows. Due to uncertainties in the estimation process, actual results could differ from such estimates. Equity method investments are recorded in Other non-current assets (refer to Note 7).

Derivatives Instruments

Derivative Instruments

We record derivative instruments on the balance sheet on a gross basis as either an asset or liability measured at fair value (refer to Note 8). Additionally, changes in a derivative's fair value, which are measured at the end of each period, are recognized in earnings unless specific hedge accounting criteria are met. If hedge accounting criteria are met for cash flow hedges, the changes in a derivative’s fair value are recorded in shareholders’ equity as a component of other comprehensive income ("OCI"), net of tax. These deferred gains and losses are recognized in income in the period in which the hedged item and hedging instrument affect earnings. Any ineffective portion of the change in fair value is immediately recognized in earnings.

We are exposed to credit loss in the event of nonperformance by the counterparties on derivative contracts. It is our policy to manage our credit risk on these transactions by dealing only with financial institutions having a long-term credit rating of "A" or better and by distributing the contracts among several financial institutions to diversify credit concentration risk. Should a counterparty default, our maximum exposure to loss is the asset balance of the instrument. The maximum term of our forward currency exchange contracts is 18 months.

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 December 31, 2017, December 31, 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.    

Property, Plant and Equipment, Net

Property, Plant and Equipment, net

Property, plant and equipment, net are recorded at cost and are depreciated using the straight-line method. Useful lives for financial reporting range from 3 to 20 years for machinery and equipment and 10 to 45 years for buildings.Maintenance and repair costs are charged to earnings, while expenditures that increase asset lives are capitalized.

Financial Assets

Financial Assets

Prior to its divestiture on March 27, 2017, we accounted for the Tysabri^® royalty stream as a financial asset and have elected to use the fair value option model (refer to Note 6). We made the election to account for the Tysabri^® financial asset using the fair value option as we believe this method is most appropriate for an asset that does not have a par value, a stated interest stream, or a termination date. The fair value of the Tysabri^® financial asset is determined by using a discounted cash flow analysis related to the expected future cash flows to be received. This asset is classified as Level 3 assets within the fair value hierarchy, as our valuation estimates utilize significant unobservable inputs, including estimates as to the probability and timing of future sales of the related products. Critical estimates in determining the fair value are the underlying revenue assumptions of Tysabri^® sales and the discount rates. The revenue assumptions are impacted by product demand and market growth assumptions, inventory target levels, product approval, currency movements and pricing assumptions. Factors that could cause a change in estimates of future cash flows include a change in estimated market size, entry of a competitive product that would erode market share, manufacturing and approval of a biosimilar equivalent product, a change in pricing strategy or reimbursement coverage, a delay in obtaining regulatory approval, a change in dosage of the product, or a change in the number of treatments.

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

Goodwill represents amounts paid for an acquisition in excess of the fair value of net assets received. Goodwill is tested for impairment annually on the first day of our fourth quarter, or more frequently if changes in circumstances or the occurrence of events suggest an impairment exists.

The test for impairment requires us to make several estimates about fair value, most of which are based on projected future cash flows and market valuation multiples. The estimates associated with the goodwill impairment tests are considered critical due to the judgments required in determining fair value amounts, including projected discounted future cash flows. Changes in these estimates may result in the recognition of an impairment loss. Our annual impairment tests were performed as of October 1, 2017, October 2, 2016, September 27, 2015, and March 29, 2015, for the years ended December 31, 2017 and December 31, 2016, the six months endedDecember 31, 2015, and the year endedJune 27, 2015, respectively.

Intangible Assets

We have intangible assets that we have acquired through various business acquisitions and include trademarks, trade names and brands, in-process research and development ("IPR&D"), developed product technology/formulation and product rights, distribution and license agreements, customer relationships and distribution networks, and non-compete agreements. The assets are typically initially valued using one of the following valuation methods:

• Relief from royalty method: This method assumes that if the acquired company did not own the intangible asset or intellectual property, it would be willing to pay a royalty for its use. The benefit of ownership of the intellectual property is valued as the relief from the royalty expense that would otherwise be incurred. We typically use this method for valuing readily transferable intangible assets that have licensing appeal, such as trade names and trademarks and certain technology assets.

• Multi-period excess earnings method: This method starts with a forecast of the net cash flows expected to be generated by the asset over its estimated useful life. These cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams. We typically use this method for valuing intangible assets such as developed product technology, customer relationships, product formulations and IPR&D.

• Lost income method: This method estimates the fair value of an asset by comparing the value of the business, inclusive of the asset, to the hypothetical value of the same business excluding the asset.

Indefinite-lived intangible assets include IPR&D and certain trademarks, trade names, and brands. IPR&D assets are recognized at fair value and are classified as indefinite-lived assets until the successful completion or abandonment of the associated research and development efforts. If the associated research and development is completed, the IPR&D asset becomes a definite-lived intangible asset and is amortized over the asset's assigned useful life. If it is abandoned, an impairment loss is recorded.

We test indefinite-lived trademarks, trade names, and brands for impairment quarterly, or more frequently if changes in circumstances or the occurrence of events suggest impairment exists, by comparing the carrying value of the assets to their estimated fair values. An impairment loss is recognized if the carrying amount of the asset is not recoverable and its carrying amount exceeds its fair value.

Definite-lived intangible assets consist of a portfolio of developed product technology/formulation and product rights, distribution and license agreements, customer relationships, non-compete agreements, and certain trademarks, trade names, and brands. The assets are amortized on either a straight-line basis or proportionately to the benefits derived from those relationships or agreements. Useful lives vary by asset type and are determined based on the period over which the intangible asset is expected to contribute directly or indirectly to our future cash flows. We also review all other long-lived assets that have finite lives and that are not held for sale for impairment when indicators of impairment are evident by comparing the carrying value of the assets to their estimated future undiscounted cash flows.

See Note 3 for further information on our goodwill and intangible assets.

Assets Held for Sale

Assets Held for Sale

We classify assets as "held for sale" when management approves and commits to a formal plan of sale with the expectation the sale will be completed within one year. The net assets of the business held for sale are then recorded at the lower of their current carrying value and the fair market value, less costs to sell (refer to Note 9).

Deferred Financing Fees

Deferred Financing Fees

We record deferred financing fees as a reduction of long-term debt.

Share-Based Awards

Share-Based Awards

We measure and record compensation expense for all share-based awards based on estimated grant date fair values, and net of any estimated forfeitures over the vesting period of the awards. Forfeiture rates are estimated at the grant date based on historical experience and adjusted in subsequent periods for any differences in actual forfeitures from those estimates.

We estimate the fair value of stock option awards granted based on the Black-Scholes option pricing model, which requires the use of subjective and complex assumptions. These assumptions include estimating the expected term that awards granted are expected to be outstanding, the expected volatility of our stock price for a period commensurate with the expected term of the related options, and the risk-free rate with a maturity closest to the expected term of the related awards. Restricted stock and restricted stock units are valued based on our stock price on the day the awards are granted. The estimated fair value of outstanding Relative Total Shareholder Return performance units (“RTSR”) is based on the grant date fair value of RTSR awards using a Monte Carlo simulation, which includes estimating the movement of stock prices and the effects of volatility, interest rates, and dividends (refer to Note 12).

Income Taxes

Income Taxes

We record deferred income tax assets and liabilities on the balance sheet as noncurrent based upon the difference between the financial reporting and the tax reporting basis of assets and liabilities using the enacted tax rates. To the extent that available evidence raises doubt about the realization of a deferred income tax asset, a valuation allowance is established.

We have provided for income taxes for certain earnings of certain foreign subsidiaries which have not been deemed to be permanently reinvested. For those foreign subsidiaries we have deemed to be permanently reinvested, we have provided no further tax provision.

We record reserves for uncertain tax positions to the extent it is more likely than not that the tax position will be sustained on audit, based on the technical merits of the position. Periodic changes in reserves for uncertain tax positions are reflected in the provision for income taxes. We include interest and penalties attributable to uncertain tax positions and income taxes as a component of our income tax provision (refer to Note 14)

Legal Contingencies

Legal Contingencies

We are involved in product liability, patent, commercial, regulatory and other legal proceedings that arise in the normal course of business. We record a liability when a loss is considered probable and the amount can be reasonably estimated. If the reasonable estimate of a probable loss is a range and no amount within that range is a better estimate, the minimum amount in the range is accrued. If a loss is not probable or a probable loss cannot be reasonably estimated, no liability is recorded. We have established reserves for certain of our legal matters (refer to Note 16). We also separately record any insurance recoveries that are probable of occurring.

Research and Development

Research and Development

All R&D costs, including payments related to products under development and research consulting agreements, are expensed as incurred. We may continue to make non-refundable payments to third parties for new technologies and for R&D work that has been completed. These payments may be expensed at the time of payment depending on the nature of the payment made. R&D expense was $167.7 million, $184.0 million, $88.2 million, and $187.8 million for the years endedDecember 31, 2017, and December 31, 2016, the six months endedDecember 31, 2015 and the year endedJune 27, 2015, respectively.

The year endedDecember 31, 2017 included R&D expense related to new product development and clinical trial expenses in our CHCA, CHCI and RX segments. The year endedDecember 31, 2016 included R&D expense related to clinical trials primarily in our CHCA and RX segments. The six months endedDecember 31, 2015 included incremental R&D expense attributable to the Omega Pharma Invest N.V. ("Omega") acquisition. The year endedJune 27, 2015 included incremental R&D expense related to a collaboration agreement entered into as a result the Omega acquisition.

We actively collaborate with other pharmaceutical companies to develop, manufacture and market certain products or groups of products. We may choose to enter into these types of agreements to, among other things, leverage our or others’ scientific research and development expertise or utilize our extensive marketing and distribution resources. Our policy on accounting for costs of strategic collaborations determines the timing of the recognition of certain development costs. In addition, this policy determines whether the cost is classified as development expense or capitalized as an asset. Management is required to form judgments with respect to the commercial status of such products in determining whether development costs meet the criteria for immediate expense or capitalization. For example, when we acquire certain products for which there is already an Abbreviated New Drug Application ("ANDA") or New Drug Application ("NDA") approval directly related to the product, and there is net realizable value based on projected sales for these products, we capitalize the amount paid as an intangible asset. If we acquire product rights that are in the development phase and as to which we have no assurance that the third party will successfully complete its development milestones, we expense the amount paid (refer to Note 17 for more information on our current collaboration agreements).

Advertising Costs

Advertising Costs

We expense advertising costs as incurred. Advertising costs relate primarily to print advertising, direct mail, on-line advertising and social media communications.

Earnings per Share (EPS)

Earnings per Share ("EPS")

Basic EPS is calculated using the weighted-average number of ordinary shares outstanding during each period. It excludes both the dilutive effects of additional common shares that would have been outstanding if the shares issued under stock incentive plans had been exercised and the dilutive effect of restricted shares and restricted share units, to the extent those shares and units have not vested. Diluted EPS is calculated including the effects of shares and potential shares issued under stock incentive plans, following the treasury stock method.

Defined Benefit Plans

Defined Benefit Plans

We operate a number of defined benefit plans for employees globally.

Two significant assumptions, the discount rate and the expected rate of return on plan assets, are important elements of expense and liability measurement. We evaluate these assumptions annually. Other assumptions involve employee demographic factors, such as retirement patterns, mortality, turnover, and the rate of compensation increase.

The liability recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. The defined benefit obligation is calculated periodically by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of either high quality corporate bonds or long term government bonds depending on the depth and liquidity of the high quality corporate bond market in the different geographies where we have pension liabilities. The bonds are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability.     

Actuarial gains and losses are recognized on the Consolidated Statement of Operations using the corridor method. Under the corridor method, to the extent that any cumulative unrecognized net actuarial gain or loss exceeds 10% of the greater of the present value of the defined benefit obligation and the fair value of the plan assets, that portion is recognized over the expected average remaining working lives of the plan participants. Otherwise, the net actuarial gain or loss is recorded in OCI. We recognize the funded status of benefit plans on the Consolidated Balance Sheets. In addition, we recognize the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic pension cost of the period as a component of OCI (refer to Note 15).

Recently Accounting Standards Pronouncements

Recent Accounting Standard Pronouncements

Below are recent accounting standard updates that we have adopted or 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
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 an initial threshold that an acquired set of assets 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). If the acquired set does not pass the initial threshold, then the guidance requires that, to be a business, the set must include an input and a substantive process that together significantly contribute to the ability to create outputs. Different factors are considered to determine whether the set includes a substantive process, such as the inclusion of an organized workforce. 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, 2017	We early adopted this new standard and will apply it prospectively when determining whether transactions should be accounted for as asset acquisitions (divestitures) or business combinations (divestitures). During the year ended December 31, 2017, we applied the new guidance when determining whether certain product divestitures represented sales of assets or businesses.
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 the awards 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 adopted this standard as of January 1, 2017. We elected to estimate the number of awards expected to be forfeited and adjust the estimate when it is likely to change, consistent with past practice. We did not change the amounts that we withhold to cover income taxes on awards. As the requirement to record all income tax effects of vested or settled awards through the income statement is prospective in nature, there was no cumulative effect of adopting the standard on our balance sheet.

Recently Issued Accounting Standards Not Yet Adopted
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 have substantially completed our evaluation of the impact of adoption of the new revenue standard  on our Consolidated Financial Statements. We will adopt the new revenue standard effective January 1, 2018 using the modified retrospective method. Upon adoption, we anticipate recognizing an adjustment of $5.4 million to the opening balance of retained earnings. The impact of adoption relates primarily to the new guidance on when revenue should be recognized, focusing on indicators of the customer gaining control. Under this new model, in certain cases revenue may be recognized over-time as opposed to a point in time. In our business, revenue may be recognized over-time for certain of our contract manufacturing and private label arrangements in which we produce products that do not have an alternative use, and if the contracts with customers were canceled, we would have an enforceable right to payment for performance completed to date, inclusive of a reasonable profit margin. As a result, we expect to recognize revenue earlier in the performance period for these arrangements as product is customized, as opposed to when units are shipped or delivered. Our assessment of the new revenue standard has also included, but has not been limited to, estimation of variable consideration and identification of performance obligations and we have determined that the related accounting is not materially different compared to our current practice.
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 than under historical guidance. The guidance excludes intra-entity transfers of inventory. For intra-entity transfers of inventory, the Financial Accounting Standards Board ("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 have identified certain intra-entity asset transfers that will require an adjustment; based on our current analysis, no material adjustments have been identified at this time.
Financial Instruments - Recognition and Measurement of Financial Assets and Liabilities	The objective of this simplification update is to improve the decision usefulness of financial instrument reporting, and it principally affects accounting for equity investments currently classified as available for sale and financial liabilities where the fair value option has been elected. Entities will have to measure many equity investments at fair value and recognize changes in fair value in net income rather than other comprehensive income as required under current U.S. GAAP.	January 1, 2018	We have identified certain investments that will require an adjustment; based on our current analysis, no material adjustments have been identified at this time.

Recently Issued Accounting Standards Not Yet Adopted (continued)
Standard	Description	Effective Date	Effect on the Financial Statements or Other Significant Matters
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. The actual impact will depend on our lease portfolio at the time of adoption. We have commenced the first step of identifying a task force to take the lead in implementing the new lease standard.
Derivatives and Hedging	This update was issued to enable entities to better portray the economics of their risk management activities in the financial statements and enhance the transparency and understandability of hedge results. In addition, the amendments simplify the application of hedge accounting in certain situations. Under the new rule, the entity’s ability to hedge non-financial and financial risk components is expanded. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and also eases certain documentation and assessment requirements. Early adoption is permitted.	January 1, 2019	We are currently evaluating the implications of adoption on our Consolidated Financial Statements.
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.
Intangibles - Goodwill and Other Simplifying the Test for Goodwill	The objective of this update is to reduce the cost and complexity of subsequent goodwill accounting by simplifying the impairment test by removing the Step 2 requirement to perform a hypothetical purchase price allocation when the carrying value of a reporting unit exceeds its fair value. If a reporting unit’s carrying value exceeds its fair value, an entity would record an impairment charge based on that difference, limited to the amount of goodwill attributed to that reporting unit. The proposal would not change the guidance on completing Step 1 of the goodwill impairment test. The proposed guidance would be applied prospectively. Early adoption is permitted.	January 1, 2020	We are currently evaluating the implications of adoption on our Consolidated Financial Statements.

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Property, plant and equipment

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

	December 31, 2017			December 31, 2016			December 31, 2015
Land	$	45.5		$	45.0		$	47.5
Buildings	514.3			520.2			508.2
Machinery and equipment	1,078.6			1,094.7			1,103.3
Gross property, plant and equipment	1,638.4			1,659.9			1,659.0
Less accumulated depreciation	(805.3		)	(789.8		)	(772.8		)
Property, plant and equipment, net	$	833.1		$	870.1		$	886.2

Schedule of advertising expense

Advertising costs were as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	145.3	$	155.9	$	77.5	$	55.7

Schedule of new accounting pronouncements and changes in accounting principles

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
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 an initial threshold that an acquired set of assets 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). If the acquired set does not pass the initial threshold, then the guidance requires that, to be a business, the set must include an input and a substantive process that together significantly contribute to the ability to create outputs. Different factors are considered to determine whether the set includes a substantive process, such as the inclusion of an organized workforce. 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, 2017	We early adopted this new standard and will apply it prospectively when determining whether transactions should be accounted for as asset acquisitions (divestitures) or business combinations (divestitures). During the year ended December 31, 2017, we applied the new guidance when determining whether certain product divestitures represented sales of assets or businesses.
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 the awards 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 adopted this standard as of January 1, 2017. We elected to estimate the number of awards expected to be forfeited and adjust the estimate when it is likely to change, consistent with past practice. We did not change the amounts that we withhold to cover income taxes on awards. As the requirement to record all income tax effects of vested or settled awards through the income statement is prospective in nature, there was no cumulative effect of adopting the standard on our balance sheet.

Recently Issued Accounting Standards Not Yet Adopted
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 have substantially completed our evaluation of the impact of adoption of the new revenue standard  on our Consolidated Financial Statements. We will adopt the new revenue standard effective January 1, 2018 using the modified retrospective method. Upon adoption, we anticipate recognizing an adjustment of $5.4 million to the opening balance of retained earnings. The impact of adoption relates primarily to the new guidance on when revenue should be recognized, focusing on indicators of the customer gaining control. Under this new model, in certain cases revenue may be recognized over-time as opposed to a point in time. In our business, revenue may be recognized over-time for certain of our contract manufacturing and private label arrangements in which we produce products that do not have an alternative use, and if the contracts with customers were canceled, we would have an enforceable right to payment for performance completed to date, inclusive of a reasonable profit margin. As a result, we expect to recognize revenue earlier in the performance period for these arrangements as product is customized, as opposed to when units are shipped or delivered. Our assessment of the new revenue standard has also included, but has not been limited to, estimation of variable consideration and identification of performance obligations and we have determined that the related accounting is not materially different compared to our current practice.
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 than under historical guidance. The guidance excludes intra-entity transfers of inventory. For intra-entity transfers of inventory, the Financial Accounting Standards Board ("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 have identified certain intra-entity asset transfers that will require an adjustment; based on our current analysis, no material adjustments have been identified at this time.
Financial Instruments - Recognition and Measurement of Financial Assets and Liabilities	The objective of this simplification update is to improve the decision usefulness of financial instrument reporting, and it principally affects accounting for equity investments currently classified as available for sale and financial liabilities where the fair value option has been elected. Entities will have to measure many equity investments at fair value and recognize changes in fair value in net income rather than other comprehensive income as required under current U.S. GAAP.	January 1, 2018	We have identified certain investments that will require an adjustment; based on our current analysis, no material adjustments have been identified at this time.

Recently Issued Accounting Standards Not Yet Adopted (continued)
Standard	Description	Effective Date	Effect on the Financial Statements or Other Significant Matters
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. The actual impact will depend on our lease portfolio at the time of adoption. We have commenced the first step of identifying a task force to take the lead in implementing the new lease standard.
Derivatives and Hedging	This update was issued to enable entities to better portray the economics of their risk management activities in the financial statements and enhance the transparency and understandability of hedge results. In addition, the amendments simplify the application of hedge accounting in certain situations. Under the new rule, the entity’s ability to hedge non-financial and financial risk components is expanded. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and also eases certain documentation and assessment requirements. Early adoption is permitted.	January 1, 2019	We are currently evaluating the implications of adoption on our Consolidated Financial Statements.
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.
Intangibles - Goodwill and Other Simplifying the Test for Goodwill	The objective of this update is to reduce the cost and complexity of subsequent goodwill accounting by simplifying the impairment test by removing the Step 2 requirement to perform a hypothetical purchase price allocation when the carrying value of a reporting unit exceeds its fair value. If a reporting unit’s carrying value exceeds its fair value, an entity would record an impairment charge based on that difference, limited to the amount of goodwill attributed to that reporting unit. The proposal would not change the guidance on completing Step 1 of the goodwill impairment test. The proposed guidance would be applied prospectively. Early adoption is permitted.	January 1, 2020	We are currently evaluating the implications of adoption on our Consolidated Financial Statements.

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Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Schedule of assets acquired and liabilities assumed

The below table indicates the purchase price allocations for acquisitions completed during the year endedDecember 31, 2016 (in millions):

	Tretinoin Products		Development-Stage Rx Products		All Other(1)
Purchase price paid	$	416.4	$	—	$	17.1
Contingent consideration	—		24.9		26.2
Total purchase consideration	$	416.4	$	24.9	$	43.3
Assets acquired:
Cash and cash equivalents	$	—	$	—	$	3.8
Accounts receivable	—		—		4.9
Inventories	1.4		—		7.1
Prepaid expenses and other current assets	—		—		0.1
Property, plant and equipment, net	—		—		1.2
Goodwill	1.7		—		—
Definite-lived intangibles:
Distribution and license agreements, supply agreements	$	—	$	—	$	1.8
Developed product technology, formulations, and product rights	411.0		—		18.0
Customer relationships and distribution networks	—		—		8.2
Non-compete agreements	2.3		—		—
Indefinite-lived intangibles:
In-process research and development	$	—	$	24.9	$	4.9
Total intangible assets	$	413.3	$	24.9	$	32.9
Total assets	$	416.4	$	24.9	$	50.0
Liabilities assumed:
Accounts payable	$	—	$	—	$	2.8
Accrued liabilities	—		—		0.1
Long-term debt	—		—		3.3
Net deferred income tax liabilities	—		—		0.5
Total liabilities	$	—	$	—	$	6.7
Net assets acquired	$	416.4	$	24.9	$	43.3

(1) Consists of four product acquisitions in our CHCA, CHCI and RX segments

The below table indicates the purchase price allocations for acquisitions completed during thesix months endedDecember 31, 2015(in millions):

	Entocort®		Naturwohl		ScarAway®		GSK Products		All Other(1)
Purchase price paid	$	380.2	$	150.4	$	26.7	$	223.6	$	15.3
Contingent consideration	—		—		—		—		13.9
Total purchase consideration	$	380.2	$	150.4	$	26.7	$	223.6	$	29.2
Assets acquired:
Cash and cash equivalents	$	—	$	4.6	$	—	$	—	$	—
Accounts receivable	—		3.3		—		—		—
Inventories	0.2		1.5		1.0		—		—
Goodwill	—		61.0		3.5		32.6		—
Definite-lived intangibles:
Distribution and license agreements, supply agreements	$	—	$	21.4	$	—	$	—	$	—
Developed product technology, formulations, and product rights	380.0		—		0.5		—		—
Customer relationships and distribution networks	—		25.9		9.8		61.5		—
Trademarks, trade names, and brands	—		64.2		11.4		129.5		—
Non-compete agreements	—		0.3		0.5		—		—
Indefinite-lived intangibles:
In-process research and development	$	—	$	—	$	—	$	—	$	29.2
Total intangible assets	$	380.0	$	111.8	$	22.2	$	191.0	$	29.2
Total assets	$	380.2	$	182.2	$	26.7	$	223.6	$	29.2
Liabilities assumed:
Accounts payable	$	—	$	2.8	$	—	$	—	$	—
Accrued liabilities	—		1.6		—		—		—
Net deferred income tax liabilities	—		27.4		—		—		—
Total liabilities	$	—	$	31.8	$	—	$	—	$	—
Net assets acquired	$	380.2	$	150.4	$	26.7	$	223.6	$	29.2

⁽¹⁾  Consists of eight product development acquisitions in our CHCA, CHCI and RX segments.

The below table indicates the purchase price allocation for acquisitions completed during the year endedJune 27, 2015 (in millions):

	Gelcaps		Omega		Lumara
Total purchase consideration	$	37.9	$	2,983.2	$	83.0
Assets acquired:
Cash and cash equivalents	$	4.6	$	14.7	$	—
Accounts receivable	7.3		222.9		2.9
Inventories	7.2		277.0		1.5
Prepaid expenses and other current assets	2.1		51.2		0.4
Property, plant and equipment, net	6.0		130.8		0.1
Goodwill	6.0		1,688.7		—
Definite-lived intangibles:
Developed product technology, formulations, and product rights	$	—	$	31.4	$	82.0
Customer relationships and distribution networks	6.6		1,056.3		—
Trademarks, trade names, and brands	—		287.5		—
Indefinite-lived intangibles:
Trademarks, trade names, and brands	4.4		2,003.8		—
Total intangible assets	$	11.0	$	3,379.0	$	82.0
Other non-current assets	0.4		2.4		—
Total assets	$	44.6	$	5,766.7	$	86.9
Liabilities assumed:
Accounts payable	$	3.3	$	225.0	$	—
Short-term debt	—		112.6		—
Accrued liabilities	1.6		49.3		3.9
Payroll and related taxes	—		51.3		—
Accrued customer programs	—		28.9		—
Long-term debt	—		1,471.0		—
Net deferred income tax liabilities	1.4		785.5		—
Other non-current liabilities	0.4		59.9		—
Total liabilities	$	6.7	$	2,783.5	$	3.9
Net assets acquired	$	37.9	$	2,983.2	$	83.0

Fair value of consideration transferred in business acquisition

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

Schedule of acquisition-related costs

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 (in millions):

	Year Ended
Line item	June 27, 2015
Administration	$	29.7
Interest expense, net	23.7
Other expense, net	324.0
Loss on extinguishment of debt	9.6
Total acquisition-related costs	$	387.0

Schedule of prior period adjustments

Measurement period adjustment made to the Omega opening balance sheet are shown below.

	June 27, 2015		Measurement Period Adjustments			December 31, 2015
Accounts receivable	$	227.4	$	(4.5	)	$	222.9
Inventories	$	288.9	$	(11.9	)	$	277.0
Property, plant and equipment, net	$	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

Pro forma information

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

	Year Ended			Six Months Ended		Year Ended
(Unaudited)	December 31, 2016			December 31, 2015		June 27, 2015
Net sales	$	5,288.6		$	2,748.8	$	5,682.5
Net income (loss)	$	(4,011.0	)	$	81.0	$	250.2

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Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

Changes in the carrying amount of goodwill, by reportable segment, were as follows (in millions):

	CHCA			CHCI			RX			Specialty Sciences			Other			Total
Balance at June 27, 2015	$	1,817.2		$	1,530.2		$	1,086.0		$	199.6		$	88.2		$	4,721.2
Business acquisitions	9.7			87.4			—			—			—			97.1
Changes in assets held-for-sale	(13.0		)	—			—			—			(14.6		)	(27.6		)
Currency translation adjustments	(0.8		)	(53.3		)	(1.9		)	—			(2.1		)	(58.1		)
Purchase accounting adjustments	1.2			418.9			—			—			—			420.1
Balance at December 31, 2015	1,814.3			1,983.2			1,084.1			199.6			71.5			5,152.7
Business acquisitions	—			—			1.7			—			—			1.7
Changes in assets held-for-sale	4.5			—			—			—			9.0			13.5
Impairments	(24.5		)	(868.4		)	—			(199.6		)	—			(1,092.5		)
Currency translation adjustments	(0.9		)	(27.5		)	0.8			—			0.9			(26.7		)
Purchase accounting adjustments	17.2			(16.5		)	—			—			—			0.7
Balance at December 31, 2016	1,810.6			1,070.8			1,086.6			—			81.4			4,049.4
Re-allocation of goodwill(1)	35.3			—			27.7			—			(63.0		)	—
Business divestitures	—			(4.1		)	—			—			(26.4		)	(30.5		)
Currency translation adjustments	1.5			139.0			8.0			—			8.0			156.5
Balance at December 31, 2017	$	1,847.4		$	1,205.7		$	1,122.3		$	—		$	—		$	4,175.4

⁽¹⁾ Certain cash flow associated with the API business were retained. We performed a relative fair value allocation of the business retained and allocated it among the two segments where the business was allocated.

These reporting units had the following remaining goodwill balances as of December 31, 2017 (in millions):

Reporting Unit	Goodwill Remaining in Reporting Unit		Segment	Fair Value in excess of Carrying Value
BCH	$	1,026.0	CHCI	6.6%
Animal Health	$	178.9	CHCA	23.6%
UK AUS	$	53.1	CHCI	18.3%

Schedule of finite and indefinite-lived intangible assets

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

	December 31, 2017				December 31, 2016				December 31, 2015
	Gross		Accumulated Amortization		Gross		Accumulated Amortization		Gross		Accumulated Amortization
Definite-lived intangibles:
Distribution and license agreements, supply agreements	$	311.2	$	169.8	$	305.6	$	120.4	$	242.4	$	77.7
Developed product technology, formulations, and product rights	1,358.4		598.7		1,418.1		526.0		1,387.6		426.0
Customer relationships and distribution networks	1,642.0		460.6		1,489.9		307.5		1,520.7		193.0
Trademarks, trade names, and brands	1,335.4		129.5		1,189.3		55.3		539.4		22.8
Non-compete agreements	14.7		12.6		14.3		11.2		15.2		12.7
Total definite-lived intangibles	$	4,661.7	$	1,371.2	$	4,417.2	$	1,020.4	$	3,705.3	$	732.2
Indefinite-lived intangibles:
Trademarks, trade names, and brands	$	52.1	$	—	$	50.5	$	—	$	1,868.1	$	—
In-process research and development	38.2		—		64.0		—		48.2		—
Total indefinite-lived intangibles	$	90.3	$	—	$	114.5	$	—	$	1,916.3	$	—
Total other intangible assets	$	4,752.0	$	1,371.2	$	4,531.7	$	1,020.4	$	5,621.6	$	732.2

Schedule of Intangible Assets Impairment

Intangible asset impairments taken are as follows (in millions):

	Year Ended										Six Months Ended
	December 31, 2017				December 31, 2016						December 31, 2015
	Definite-Lived Intangible Assets		IPR&D		Indefinite-Lived Intangible Assets		Definite-Lived Intangible Assets		IPR&D		Indefinite-Lived Intangible Assets
CHCA	$	—	$	—	$	0.4	$	—	$	—	$	—
CHCI	—		1.1		849.1		321.4		3.5		185.1
RX	19.7		11.6		—		342.2		—		—
Other	—		—		—		2.0		—		—
	$	19.7	$	12.7	$	849.5	$	665.6	$	3.5	$	185.1

Schedule of acquired finite-lived intangible assets by major class

The remaining weighted-average useful life for our amortizable intangible assets by asset class at December 31, 2017 was as follows:

Amortizable Intangible Asset Category	Remaining Weighted-Average Useful Life (Years)
Distribution and license agreements, supply agreements	7
Developed product technology, formulations, and product rights	12
Customer relationships and distribution networks	17
Trademarks, trade names, and brands	20
Non-compete agreements	2

Schedule of finite-lived intangible assets, future amortization expense

Our estimated future amortization expense is as follows (in millions):

Year	Amount
2018	$	341.0
2019	316.4
2020	280.8
2021	251.8
2022	222.0
Thereafter	1,878.5

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Inventories (Tables)

12 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Schedule of inventory, current

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

	December 31, 2017		December 31, 2016		December 31, 2015
Finished goods	$	454.3	$	431.1	$	537.2
Work in process	152.8		165.7		151.6
Raw materials	199.8		198.2		209.9
Total inventories	$	806.9	$	795.0	$	898.7

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair value, assets measured on recurring and nonrecurring basis

The following tables summarize the valuation of our financial instruments carried at fair value by the above pricing categories (in millions):

		Fair Value
	Fair Value Hierarchy	December 31, 2017		December 31, 2016		December 31, 2015
Measured at fair value on a recurring basis:
Assets:
Investment securities	Level 1	$	17.0	$	38.2	$	14.9
Foreign currency forward contracts	Level 2	$	6.3	$	3.8	$	4.8
Funds associated with Israeli severance liability	Level 2	16.3		15.9		17.2
Total level 2 assets		$	22.6	$	19.7	$	22.0
Royalty Pharma contingent milestone payments	Level 3	$	134.5	$	—	$	—
Financial assets	Level 3	—		2,350.0		5,310.0
Total level 3 assets		$	134.5	$	2,350.0	$	5,310.0
Liabilities:
Interest rate swap agreements	Level 2	$	—	$	—	$	0.3
Foreign currency forward contracts	Level 2	3.8		5.0		3.9
Total level 2 liabilities		$	3.8	$	5.0	$	4.2
Contingent consideration	Level 3	$	22.0	$	69.9	$	17.9
Measured at fair value on a non-recurring basis:
Assets:
Goodwill(1)	Level 3	$	—	$	1,148.4	$	—
Indefinite-lived intangible assets(2)	Level 3	—		0.3		1,031.8
Definite-lived intangible assets(3)	Level 3	11.5		758.0		—
Assets held for sale, net	Level 3	—		18.2		37.5
Total level 3 assets		$	11.5	$	1,924.9	$	1,069.3

⁽¹⁾  As of December 31, 2016, goodwill with a carrying amount of $2.2 billion was written down to its implied fair value of $1.1 billion.

⁽²⁾  As of December 31, 2016, indefinite-lived intangible assets with a carrying amount of $0.7 million were written down to a fair value of $0.3 million. As of December 31, 2015, indefinite-lived intangible assets with a carrying amount of $1.2 billion were written down to a fair value of $1.0 billion.

⁽³⁾  As of December 31, 2017, definite-lived intangible assets with a carrying amount of $31.2 million were written down to a fair value of $11.5 million. As of December 31, 2016, definite-lived intangible assets with a carrying amount of $2.3 billion were written down to a fair value of $758.0 million. Included in this balance are indefinite-lived intangible assets with a fair value of $364.5 million and $674.2 million that were reclassified to definite-lived assets at April 3, 2016 and October 2, 2016, respectively.

Fair value assets, unobservable inputs reconciliation

The following table summarizes the change in our Consolidated Balance Sheet for the Tysabri^® Financial Asset, which includes our fair value adjustment that is a Level 3 measurement under ASC 820 and is included in our Consolidated Statement of Operations for the years ended December 31, 2017 and December 31, 2016, six months ended December 31, 2015, and year ended June 27, 2015 (in millions):

	Year Ended						Six Months Ended			Year Ended
	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015
Tysabri® financial asset
Beginning balance	$	2,350.0		$	5,310.0		$	5,420.0		$	5,680.0
Royalties earned	—			(351.8		)	(167.3		)	(338.5		)
Change in fair value	—			(2,608.2		)	57.3			78.5
Divestitures	(2,350.0		)	—			—			—
Ending balance	$	—		$	2,350.0		$	5,310.0		$	5,420.0

The table below presents a reconciliation for the Royalty Pharma contingent milestone payments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions). Change in fair value in the table was recorded in Change in financial assets on the Consolidated Statements of Operations.

	Year Ended
	December 31, 2017
Royalty Pharma Contingent Milestone Payments
Beginning balance	$	—
Additions	184.5
Payments	(8.0		)
Change in fair value	(42.0		)
Ending balance	$	134.5

Liabilities unobservable inputs reconciliation

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 Other expense (Income), net on the Consolidated Statements of Operations.

	Year Ended						Six Months Ended
	December 31, 2017			December 31, 2016			December 31, 2015
Contingent Consideration
Beginning balance	$	69.9		$	17.9		$	—
Net realized losses	(19.5		)	(2.1		)	—
Purchases or additions	—			56.7			17.9
Divestiture	(12.5		)	—			—
Currency translation adjustments	1.5			0.1			—
Settlements	(17.4		)	(2.7		)	—
Ending balance	$	22.0		$	69.9		$	17.9

Fair value inputs assets

Below is a summary of the various metrics used in our valuations:

	Year Ended
	December 31, 2017
	Lumara
5-year average growth rate	(4.1)%
Discount rate	13.5%
Valuation method	MPEEM

	Year Ended
	December 31, 2016
	Omega - Lifestyle	Omega - XLS	Entocort® - Branded Products	Entocort® - AG Products	Herron Trade Names and Trademarks
5-year average growth rate	2.5%	3.2%	(31.7)%	(30.4)%	4.6%
Long-term growth rates	2.0%	NA	(10.0)%	(4.7)%	2.5%
Discount rate	9.3%	9.5%	13.0%	10.5%	10.8%
Royalty rate	NA	4.0%	NA	NA	11.0%
Valuation method	MPEEM	Relief from Royalty	MPEEM	MPEEM	Relief from Royalty

Long-term debt fair value

Our fixed rate long-term debt consisted of public bonds, a private placement note and retail bonds as follows (in millions):

		Year Ended
	Fair Value Hierarchy	December 31, 2017		December 31, 2016		December 31, 2015
Public bonds	Level 1
Carrying value		$	2.6	$	4.6	$	3.9
Fair value		$	2.7	$	4.6	$	3.8
Retail bonds and private placement note	Level 2
Carrying value (excluding premium)		$	306.0	$	773.1	$	798.3
Fair value		$	342.1	$	825.0	$	859.8
Premium		$	21.4	$	49.8	$	82.5

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Investments (Tables)

12 Months Ended

Dec. 31, 2017

Investments, Debt and Equity Securities, Equity Method Investments and Joint Ventures [Abstract]

Schedule of unrealized gains (losses) on available for sale securities

Unrealized investment gains (losses) on available for sale securities were as follows (in millions):

	Year Ended				Six Months Ended
	December 31, 2017		December 31, 2016		December 31, 2015
Equity securities, at cost less impairments	$	15.5	$	16.5	$	6.4
Gross unrealized gains	1.5		21.7		9.3
Gross unrealized losses	—		—		(0.8		)
Estimated fair value of equity securities	$	17.0	$	38.2	$	14.9

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Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments in statement of financial position, fair value

The balance sheet location and gross fair value of our outstanding derivative instruments were as follows:

		Asset Derivatives
		Fair Value
	Balance Sheet Location	December 31, 2017		December 31, 2016		December 31, 2015
Designated derivatives:
Foreign currency forward contracts	Other current assets	$	4.1	$	3.1	$	3.8
Non-designated derivatives:
Foreign currency forward contracts	Other current assets	$	2.2	$	0.7	$	1.0

		Liability Derivatives
		Fair Value
	Balance Sheet Location	December 31, 2017		December 31, 2016		December 31, 2015
Designated derivatives:
Foreign currency forward contracts	Accrued liabilities	$	1.4	$	3.0	$	2.0
Interest rate swap agreements	Other non-current liabilities	—		—		0.3
Total designated derivatives		$	1.4	$	3.0	$	2.3
Non-designated derivatives:
Foreign currency forward contracts	Accrued liabilities	$	2.4	$	2.0	$	1.9

Schedule of derivative instruments, effect on other comprehensive income (loss)

The gains (losses) recorded in OCI for the effective portion of our designated cash flow hedges were as follows:

	Amount of Gain/(Loss) Recorded in OCI (Effective Portion)
	Year Ended					Six Months Ended			Year Ended
Designated Cash Flow Hedges	December 31, 2017		December 31, 2016			December 31, 2015			June 27, 2015
Treasury locks	$	—	$	—		$	—		$	(2.7	)
Interest rate swap agreements	—		(9.0		)	(0.3		)	(10.1		)
Foreign currency forward contracts	9.4		2.1			1.7			(7.7		)
	$	9.4	$	(6.9	)	$	1.4		$	(20.5	)

Reclassification out of accumulated other comprehensive income

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 into Earnings (Effective Portion)
		Year Ended						Six Months Ended			Year Ended
Designated Cash Flow Hedges	Income Statement Location	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015
Treasury locks	Interest expense, net	$	(0.1	)	$	(0.1	)	$	—		$	(0.1	)
Interest rate swap agreements	Interest expense, net	(2.1		)	(2.3		)	(0.8		)	(16.4		)
	Other expense (Income), net	(6.0		)	—			—			—
Foreign currency forward contracts	Net sales	1.5			1.3			(1.8		)	1.9
	Cost of sales	5.6			3.0			0.8			(4.2		)
	Interest expense, net	(2.6		)	(1.6		)	(0.4		)	—
	Other expense (Income), net	(1.5		)	0.4			1.1			(4.4		)
		$	(5.2	)	$	0.7		$	(1.1	)	$	(23.2	)

Schedule of hedge ineffectiveness

The gains (losses) recognized against earnings for the ineffective portion of our designated cash flow hedges were as follows:

		Amount of Gain/(Loss) Recognized against Earnings (Ineffective Portion)
		Year Ended					Six Months Ended			Year Ended
Designated Cash Flow Hedges	Income Statement Location	December 31, 2017		December 31, 2016			December 31, 2015			June 27, 2015
Treasury locks	Other expense (Income), net	$	—	$	—		$	—		$	(0.4	)
Interest rate swap agreements	Other expense (Income), net	—		(0.1		)	—			(0.7		)
Foreign currency forward contracts	Net sales	0.2		(0.1		)	(0.1		)	(0.1		)
	Cost of sales	0.1		(0.1		)	0.2			0.2
	Other expense, net	1.0		$	0.6		—			—
Total		$	1.3	$	0.3		$	0.1		$	(1.0	)

Schedule of other derivatives not designated as hedging instruments, statements of financial performance and financial position, location

The effects of our non-designated derivatives on the Consolidated Statements of Operations were as follows:

		Amount of Gain/(Loss) Recognized in Income
		Year Ended						Six Months Ended			Year Ended
Non-Designated Derivatives	Income Statement Location	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015
Foreign currency forward contracts	Other expense (Income), net	$	12.6		$	(2.4	)	$	(8.0	)	$	(295.4	)
	Interest expense, net	(5.3		)	(2.2		)	(0.7		)	(3.4		)
Foreign exchange option contracts	Other expense (Income), net	—			—			—			(26.4		)
Total		$	7.3		$	(4.6	)	$	(8.7	)	$	(325.2	)

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Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Schedule of assets held for sale

The amounts consisted of the following (in millions):

	December 31, 2016
	CHCA			Other
Assets held for sale
Current assets	$	—		$	5.1
Goodwill	—			5.5
Property, plant and equipment	13.5			33.2
Other assets	—			3.8
Less: impairment reserves	(3.7		)	(35.3		)
Total assets held for sale	$	9.8		$	12.3
Liabilities held for sale
Current liabilities	$	0.1		$	1.9
Other liabilities	—			1.9
Total liabilities held for sale	$	0.1		$	3.8

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Indebtedness (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of debt

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

				December 31, 2017			December 31, 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			420.0			420.7			488.8
Notes and bonds
	Coupon	Due
	1.300%	November 8, 2016	(2)	—			—			500.0
*	4.500%	May 23, 2017	(3)	—			189.3			195.5
*	5.125%	December 12, 2017	(3)	—			315.6			325.8
	2.300%	November 8, 2018	(2)	—			600.0			600.0
*	5.000%	May 23, 2019	(3)	144.0			126.2			130.3
	3.500%	March 15, 2021	(4)	280.4			500.0			—
	3.500%	December 15, 2021	(1)	309.6			500.0			500.0
*	5.105%	July 19, 2023	(3)	162.0			142.0			146.7
	4.000%	November 15, 2023	(2)	215.6			800.0			800.0
	3.900%	December 15, 2024	(1)	700.0			700.0			700.0
	4.375%	March 15, 2026	(4)	700.0			700.0			—
	5.300%	November 15, 2043	(2)	90.5			400.0			400.0
	4.900%	December 15, 2044	(1)	303.9			400.0			400.0
	Total notes and bonds			2,906.0			5,373.1			4,698.3
Other financing				11.7			3.6			128.2
Unamortized premium (discount), net				21.4			33.0			73.4
Deferred financing fees				(17.9		)	(33.1		)	(36.6		)
Total borrowings outstanding				3,341.2			5,797.3			6,032.1
	Current indebtedness			(70.4		)	(572.8		)	(1,060.5		)
Total long-term debt less current portion				$	3,270.8		$	5,224.5		$	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.

Schedule of extinguishment of debt

During the year endedDecember 31, 2017, we reduced our outstanding debt through a variety of transactions (in millions):

Date	Series	Transaction Type	Principal Retired
April 1, 2017	2014 term loan due December 5, 2019	Scheduled quarterly payment	$	13.3
May 8, 2017	$600.0 2.300% senior notes due 2018	Early redemption	600.0
May 23, 2017	€180.0 4.500% retail bonds due 2017	Scheduled maturity	201.3
June 15, 2017	$500.0 3.500% senior notes due 2021	Tender offer	190.4
June 15, 2017	$500.0 3.500% senior notes due 2021	Tender offer	219.6
June 15, 2017	$800.0 4.000% senior notes due 2023	Tender offer	584.4
June 15, 2017	$400.0 5.300% senior notes due 2043	Tender offer	309.5
June 15, 2017	$400.0 4.900% senior notes due 2044	Tender offer	96.1
July 1, 2017	2014 term loan due December 5, 2019	Scheduled quarterly payment	14.3
September 30, 2017	2014 term loan due December 5, 2019	Scheduled quarterly payment	14.8
December 12, 2017	€300.0 5.125% senior notes due 2017	Scheduled maturity	352.3
December 31, 2017	2014 term loan due December 5, 2019	Scheduled quarterly payment	15.0
			$	2,611.0

As a result of the early redemption and tender offer transactions, we recorded a loss of $135.2 million during the three months ended July 1, 2017 in Loss on extinguishment of debt (in millions):

Premium on debt repayment	$	116.1
Transaction costs	3.8
Write-off of deferred financing fees	10.6
Write-off of remaining discount on bond	4.7
Total loss on extinguishment of debt	$	135.2

Schedule of maturities of short-term and long-term debt

The annual future maturities of our short-term and long-term debt, including capitalized leases, are as follows (in millions):

Payment Due	Amount
2018	$	70.4
2019	504.7
2020	0.7
2021	590.0
2022	—
Thereafter	2,171.9

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Earnings (Loss) Per Share And Shareholder's Equity (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Schedule of earnings per share

A reconciliation of the numerators and denominators used in our basic and diluted EPS calculation is as follows (in millions):

	Year Ended					Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016			December 31, 2015		June 27, 2015
Numerator:
Net income (loss)	$	119.6	$	(4,012.8	)	$	42.5	$	136.1
Denominator:
Weighted average shares outstanding for basic EPS	142.3		143.3			145.6		139.3
Dilutive effect of share-based awards*	0.3		—			0.5		0.5
Weighted average shares outstanding for diluted EPS	142.6		143.3			146.1		139.8
Anti-dilutive share-based awards excluded from computation of diluted EPS*	0.8		—			0.1		0.1

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

Schedule of dividends payable

In January 2003, the Board of Directors adopted a policy of paying quarterly dividends. We paid dividends as follows:

	Year Ended				Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
Dividends paid (in millions)	$	91.1	$	83.2	$	36.3	$	64.8
Dividends paid (per share)	$	0.64	$	0.58	$	0.25	$	0.46

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Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2017

Share-based Compensation [Abstract]

Schedule of share-based compensation expense

Share-based compensation expense was as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	43.8	$	23.0	$	22.8	$	31.6

Schedule of share-based compensation, stock options, activity

A summary of activity related to stock options is presented below (options in thousands):

	Number of Options		Weighted-Average Exercise Price Per Share		Weighted- Average Remaining Term in Years	Aggregate Intrinsic Value
Options outstanding at December 31, 2015	783		$	99.93
Granted	344		$	126.67
Exercised	(122	)	$	67.68
Forfeited or expired	(256	)	$	126.54
Options outstanding at December 31, 2016	749		$	108.40	6.6	$	5.5
Granted	439		$	70.34
Exercised	(31	)	$	24.75
Forfeited or expired	(85	)	$	118.47
Options outstanding December 31, 2017	1,072		$	94.90	6.9	$	10.9
Options exercisable	519		$	107.14	5.0	$	3.8
Options expected to vest	533		$	83.63	8.7	$	6.8

Schedule of aggregate intrinsic value

The aggregate intrinsic value for options exercised was as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	1.7	$	5.2	$	6.7	$	20.7

Schedule of share-based payment award, stock options, valuation assumptions

The assumptions used in estimating the fair value of the RTSR performance share units granted during each year were as follows:

	Year Ended
	December 31, 2017
Dividend yield	0.9	%
Volatility, as a percent	36.1	%
Risk-free interest rate	1.4	%
Expected life in years	2.57

The fair values were estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:

	Year Ended
	December 31, 2017		December 31, 2016		June 27, 2015
Dividend yield	0.9	%	0.5	%	0.3	%
Volatility, as a percent	30.0	%	27.6	%	27.1	%
Risk-free interest rate	1.8	%	1.3	%	1.7	%
Expected life in years	5.41		5.5		5.3

Schedule of nonvested RSUs

A summary of activity related to non-vested service-based restricted share units is presented below (units in thousands):

	Number of Non-vested Service- Based Share Units		Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Remaining Term in Years	Aggregate Intrinsic Value
Non-vested service-based share units outstanding at December 31, 2015	382		$	154.07
Granted	298		$	113.26
Vested	(92	)	$	137.15
Forfeited	(120	)	$	151.64
Non-vested service-based share units outstanding at December 31, 2016	468		$	137.53	1.7	$	39.0
Granted	298		$	70.55
Vested	(112	)	$	128.86
Forfeited	(55	)	$	120.97
Non-vested service-based share units outstanding at December 31, 2017	599		$	107.26	1.5	$	52.2

Schedule of weighted average grant date fair value

The weighted-average fair value per share at the date of grant for performance-based restricted share units granted was as follows:

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	70.34	$	126.37	$	184.49	$	150.14

The weighted-average fair value per share at the date of grant for service-based restricted share units granted was as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	70.55	$	113.26	$	165.64	$	153.99

Schedule of total fair value of RSUs

The total fair value of service-based restricted share units that vested was as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	14.5	$	12.6	$	11.7	$	9.1

Schedule of nonvested PSUs

A summary of activity related to non-vested performance-based restricted share units is presented below (units in thousands):

	Number of Non-vested Performance- Based Share Units		Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Remaining Term in Years*	Aggregate Intrinsic Value
Non-vested performance-based share units outstanding at December 31, 2015	223		$	146.31
Granted	159		$	126.37
Vested	(81	)	$	128.74
Forfeited	(124	)	$	143.64
Non-vested performance-based share units outstanding at December 31, 2016	177		$	138.29	1.7	$	14.8
Granted	191		$	70.34
Vested	(27	)	$	142.18
Forfeited	(38	)	$	130.34
Non-vested performance-based share units outstanding at December 31, 2017	303		$	93.65	2.0	$	26.5

A summary of activity related to non-vested RTSR performance share units is presented below (units in thousands):

	Number of Non-vested RTSR Performance Share Units	Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Remaining Term in Years*	Aggregate Intrinsic Value
Non-vested RTSR performance share units outstanding at December 31, 2016	—	$	—	0	$	—
Granted	39	$	64.82
Non-vested RTSR performance share units outstanding at December 31, 2017	39	$	64.82	2.0	$	3.4

Schedule total fair value

The total fair value of performance-based restricted share units that vested was as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
$	3.8	$	10.4	$	6.4	$	5.1

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Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Schedule of accumulated other comprehensive income (loss)

Changes in our AOCI balances, net of tax, were as follows (in millions):

	Fair value of derivative financial instruments, net of tax			Foreign currency translation adjustments			Fair value of investment securities, net of tax			Post-retirement and pension liability adjustments, net of tax			Total AOCI
Balance at June 27, 2015	$	(16.3	)	$	130.9		$	(2.9	)	$	(8.2	)	$	103.5
OCI before reclassifications	1.1			(135.5		)	(1.4		)	6.7			(129.1		)
Amounts reclassified from AOCI	1.0			—			10.7			(1.4		)	10.3
Other comprehensive income (loss)	2.1			(135.5		)	9.3			5.3			(118.8		)
Balance at December 31, 2015	(14.2		)	(4.6		)	6.4			(2.9		)	(15.3		)
OCI before reclassifications	(5.4		)	(63.3		)	7.4			(3.2		)	(64.5		)
Amounts reclassified from AOCI	0.1			—			1.3			(3.4		)	(2.0		)
Other comprehensive income (loss)	(5.3		)	(63.3		)	8.7			(6.6		)	(66.5		)
Balance at December 31, 2016	(19.5		)	(67.9		)	15.1			(9.5		)	(81.8		)
OCI before reclassifications	7.1			328.5			(12.5		)	15.0			338.1
Amounts reclassified from AOCI	2.6			—			(1.6		)	(4.2		)	(3.2		)
Other comprehensive income (loss)	9.7			328.5			(14.1		)	10.8			334.9
Balance at December 31, 2017	$	(9.8	)	$	260.6		$	1.0		$	1.3		$	253.1

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of income before income tax and components of Income tax expense (benefit)

Pre-tax income (loss) and the (benefit) provision for income taxes from continuing operations are summarized as follows (in millions):

	Year Ended						Six Months Ended			Year Ended
	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015
Pre-tax income (loss):
Ireland	$	(454.0	)	$	(3,624.1	)	$	(310.2	)	$	(792.8	)
Other	734.1			(1,224.2		)	319.1			1,053.1
Total pre-tax income (loss)	280.1			(4,848.3		)	8.9			260.3
(Benefit) provision for income taxes:
Current:
Ireland	(8.1		)	0.3			1.6			(2.2		)
United States - federal	96.4			93.0			58.9			77.2
United States - state	4.0			0.7			3.0			6.8
Other foreign	46.1			26.7			53.0			67.4
Subtotal	138.4			120.7			116.5			149.2
Deferred (credit):
Ireland	13.1			(549.4		)	(23.1		)	11.1
United States - federal	6.8			(7.6		)	(34.4		)	(19.9		)
United States - state	1.0			(5.1		)	(3.3		)	(0.8		)
Other foreign	1.2			(394.1		)	(89.3		)	(15.4		)
Subtotal	22.1			(956.2		)	(150.1		)	(25.0		)
Total (benefit) provision for income taxes	$	160.5		$	(835.5	)	$	(33.6	)	$	124.2

Schedule of effective income tax rate reconciliation

A reconciliation of the provision based on the Federal statutory income tax rate to our effective income tax rate is as follows:

	Year Ended				Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
Provision at statutory rate	12.5	%	12.5	%	12.5	%	12.5	%
Ireland tax on non-trading differences	(47.7	)	(0.4	)	(207.4	)	(9.9	)
Expenses not deductible for tax purposes/deductions not expensed for book, net	63.4		(0.7	)	394.0		14.7
Goodwill impairment not deductible for tax purposes	—		(2.8	)	—		—
U.S. Operations:
State income taxes, net of federal benefit	(1.4	)	0.1		38.4		(1.0	)
Research and development credit	(0.6	)	—		(13.2	)	(0.7	)
Other	(5.8	)	0.4		112.3		4.8
Tax Law Change - US	5.4		—		—		—
Tax Law Change - Belgium	(3.2	)	—		—		—
Other foreign differences (earnings taxed at other than applicable statutory rate)	(22.7	)	3.3		(647.2	)	(16.1	)
Intangible impairment differences	(3.0	)	4.8		(397.6	)	—
Worldwide operations:
Valuation allowance changes	17.8		0.8		249.3		25.7
Change in unrecognized taxes	25.3		(0.8	)	82.7		17.7
Withholding taxes	17.3		—		—		—
Effective income tax rate	57.3	%	17.2	%	(376.2	)%	47.7	%

Schedule of deferred tax assets and liabilities

The components of our net deferred income tax asset (liability) were as follows:

	December 31, 2017			December 31, 2016			December 31, 2015
Deferred income tax asset (liability):
Depreciation and amortization	$	(457.8	)	$	(765.2	)	$	(1,550.6	)
Inventory basis differences	21.3			27.4			22.8
Accrued liabilities	87.9			68.5			50.8
Allowance for doubtful accounts	1.5			1.7			1.3
Research and development	58.9			61.7			63.7
Loss and credit carryforwards	292.5			292.4			244.2
Share-based compensation	16.2			18.1			20.6
Foreign tax credit	—			10.6			10.6
Federal benefit of unrecognized tax positions	17.0			24.3			22.8
Interest carryforwards	30.5			435.3			334.6
Other, net	28.2			3.0			14.7
Subtotal	$	96.2		$	177.8		$	(764.5	)
Valuation allowance	(407.7		)	(495.6		)	(536.8		)
Net deferred income tax asset (liability):	$	(311.5	)	$	(317.8	)	$	(1,301.3	)

The above amounts are classified on the Consolidated Balance Sheets as follows (in millions):

	December 31, 2017			December 31, 2016			December 31, 2015
Assets	$	10.4		$	72.1		$	71.4
Liabilities	(321.9		)	(389.9		)	(1,372.7		)
Net deferred income tax (liability) asset	$	(311.5	)	$	(317.8	)	$	(1,301.3	)

Summary of operating loss carryforwards

At December 31, 2017, we had gross carryforwards as follows:

	December 31, 2017
	Gross Carryforwards(1)		Gross Valuation Allowances
U.S. state net operating losses	$	248.5	$	203.6
Worldwide federal net operating losses excluding U.S. states	$	1,389.0	$	861.6
Worldwide federal capital losses	$	22.0	$	22.0
U.S. federal credits	$	82.6	$	82.6
U.S. state credits	$	71.9	$	71.9
Interest carryforwards	$	478.8	$	127.0

⁽¹⁾Utilization of such carryforwards within the applicable statutory periods is uncertain.

Summary of income tax contingencies

The following table summarizes the activity related to amounts recorded for uncertain tax positions, excluding interest and penalties (in millions):

	Unrecognized Tax Benefits
Balance at June 27, 2015	$	324.0
Additions:
Positions related to the current year	22.9
Reductions:
Positions related to prior years	(43.5		)
Settlements with taxing authorities	(15.3		)
Balance at December 31, 2015	288.1
Additions:
Positions related to the current year	45.5
Positions related to prior years	8.6
Reductions:
Settlements with taxing authorities	(2.4		)
Lapse of statutes of limitation	(5.3		)
Balance at December 31, 2016	334.5
Additions:
Positions related to the current year	55.0
Positions related to prior years	76.6
Reductions:
Settlements with taxing authorities	(11.1		)
Lapse of statutes of limitation	(0.1		)
Decrease in prior year positions	(35.2		)
Balance at December 31, 2017	$	419.7

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Post Employment Plans - (Tables)

12 Months Ended

Dec. 31, 2017

Postemployment Benefits [Abstract]

Defined contribution plan disclosures

Our contributions to all of the plans were as follows (in millions):

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015*
$	25.5	$	26.1	$	18.9	$	25.9

Schedule of change in the projected benefit obligation and plan assets

The change in the projected benefit obligation and plan assets consisted of the following (in millions):

	Pension Benefits									Other Benefits
	Year Ended						Six Months Ended			Year Ended						Six Months Ended
	December 31, 2017			December 31, 2016			December 31, 2015			December 31, 2017			December 31, 2016			December 31, 2015
Projected benefit obligation at beginning of period	$	158.9		$	135.0		$	140.3		$	5.8		$	7.0		$	6.0
Acquisitions	—			—			5.6			—			—			—
Curtailment	(1.0		)	—			—			—			—			—
Service costs	4.5			4.1			2.2			0.6			0.6			0.3
Interest cost	3.3			3.6			1.7			0.2			0.2			0.1
Actuarial (gain) loss	(10.3		)	22.6			(10.1		)	(0.3		)	(1.9		)	0.5
Contributions paid	0.1			0.3			—			—			—			—
Benefits paid	(2.5		)	(1.7		)	(0.6		)	(0.1		)	(0.1		)	(0.1		)
Foreign currency translation	21.0			(5.0		)	(4.1		)	—			—			0.1
Projected benefit obligation at end of period	$	174.0		$	158.9		$	135.0		$	6.2		$	5.8		$	7.0
Fair value of plan assets at beginning of period	138.2			126.7			128.1			—			—			—
Acquisitions	—			—			3.2			—			—			—
Actual return on plan assets	5.5			9.4			(1.7		)	—			—			—
Benefits paid	(2.5		)	(1.7		)	(0.6		)	—			—			—
Employer contributions	2.2			8.2			1.4			—			—			—
Contributions paid	0.1			0.3			—			—			—			—
Foreign currency translation	19.0			(4.7		)	(3.7		)	—			—			—
Fair value of plan assets at end of period	$	162.5		$	138.2		$	126.7		$	—		$	—		$	—
Unfunded status	$	(11.5	)	$	(20.7	)	$	(8.3	)	$	(6.2	)	$	(5.8	)	$	(7.0	)
Presented as:
Other non-current assets	$	22.0		$	10.4		$	16.5		$	—		$	—		$	—
Other non-current liabilities	$	(33.5	)	$	(31.1	)	$	(24.8	)	$	—		$	(5.8	)	$	(7.0	)

Schedule of accumulated benefit obligation

The total accumulated benefit obligation for the defined benefit pension plans was as follows (in millions):

Year Ended				Six Months Ended
December 31, 2017		December 31, 2016		December 31, 2015
$	167.6	$	136.3	$	109.4

Schedule of unrecognized actual gains (losses)

The following unrecognized actual gains (losses) for the other benefits liability was included in OCI, net of tax (in millions):

Year Ended					Six Months Ended			Year Ended
December 31, 2017		December 31, 2016			December 31, 2015			June 27, 2015
$	0.3	$	(0.7	)	$	(0.4	)	$	0.1

Schedule of unamortized net actuarial loss in AOCI net of tax

The unamortized net actuarial loss in AOCI net of tax for defined benefit pension and other benefits was as follows (in millions):

Year Ended					Six Months Ended		Year Ended
December 31, 2017			December 31, 2016		December 31, 2015		June 27, 2015*
$	(1.3	)	$	9.5	$	2.9	$	8.2

*    Includes Omega activity from March 30, 2015 to June 27, 2015

Schedule of expected benefit payments

At December 31, 2017, the total estimated future benefit payments to be paid by the plans for the next five years is approximately $9.9 million for pension benefits and $1.0 million for other benefits as follows (in millions):

Payment Due	Pension Benefits		Other Benefits
2018	$	1.4	$	0.1
2019	1.5		0.2
2020	2.3		0.2
2021	2.1		0.2
2022	2.6		0.3
Thereafter	20.1		1.9

Schedule of net periodic pension cost

Net periodic pension cost consisted of the following (in millions):

	Pension Benefits												Other Benefits
	Year Ended						Six Months Ended			Year Ended			Year Ended					Six Months Ended		Year Ended
	December 31, 2017			December 31, 2016			December 31, 2015			June 27, 2015*			December 31, 2017			December 31, 2016		December 31, 2015		June 27, 2015*
Service cost	$	4.5		$	4.1		$	2.2		$	0.9		$	0.6		$	0.6	$	0.3	$	0.3
Interest cost	3.3			3.6			1.7			2.4			0.2			0.2		0.1		0.2
Expected return on assets	(4.3		)	(3.9		)	(1.8		)	(2.7		)	—			—		—		—
Curtailment	(0.7		)	—			—			—			—			—		—		—
Net actuarial loss	0.8			0.5			0.4			1.0			(0.1		)	—		—		0.1
Net periodic pension cost	$	3.6		$	4.3		$	2.5		$	1.6		$	0.7		$	0.8	$	0.4	$	0.6

*    Includes Omega activity from March 30, 2015 to June 27, 2015

Schedule of assumptions used

As of December 31, 2017, the expected weighted-average long-term rate of return on assets of 2.9%was calculated based on the assumptions of the following returns for each asset class:

Equities	6.0	%
Bonds	1.9	%
Absolute return fund	4.0	%
Insurance contracts	2.8	%
Other	2.5	%

The weighted-average assumptions used to determine net periodic pension cost and benefit obligation were:

	Pension Benefits								Other Benefits
	Year Ended				Six Months Ended		Year Ended		Year Ended				Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015*		December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015*
Discount rate	1.91	%	1.76	%	2.22	%	2.11	%	3.59	%	4.00	%	4.25	%	4.25	%
Inflation	1.45	%	1.43	%	2.25	%	1.93	%
Expected return on assets	2.90	%	2.89	%	2.93	%	2.85	%

*    Includes Omega activity from March 30, 2015 to June 27, 2015

Schedule of allocation of plan assets

Certain of our plans have target asset allocation ranges, as of December 31, 2017 these ranges are as follows:

Equities	10% - 20%
Bonds	20% - 30%
Absolute return	50% - 60%

The following table sets forth the fair value of the pension plan assets, as of December 31, 2017 (in millions):

	Quoted Prices in Active Markets		Other Observable Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Equities	$	0.1	$	19.1	$	—	$	19.2
Bonds	1.8		30.2		—		32.0
Insurance contracts	—		—		50.8		50.8
Absolute return fund	—		54.5		—		54.5
Other	—		6.0		—		6.0
Total	$	1.9	$	109.8	$	50.8	$	162.5

The following table sets forth the fair value of the pension plan assets, as of December 31, 2016 (in millions):

	Quoted Prices in Active Markets		Other Observable Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Equities	$	0.1	$	13.6	$	—	$	13.7
Bonds	1.6		22.8		—		24.4
Insurance contracts	—		—		43.4		43.4
Absolute return fund	—		51.5		—		51.5
Other	—		5.2		—		5.2
Total	$	1.7	$	93.1	$	43.4	$	138.2

The following table sets forth the fair value of the pension plan assets, as of December 31, 2015 (in millions):

	Other Observable Inputs		Unobservable Inputs
	(Level 2)		(Level 3)		Total
Equities	$	14.5	$	—	$	14.5
Bonds	38.1		—		38.1
Property	—		0.3		0.3
Insurance contracts	—		34.9		34.9
Absolute return fund	33.7		—		33.7
Other	5.2		—		5.2
Total	$	91.5	$	35.2	$	126.7

Schedule of summary of the changes in the fair value of the Level 3 pension plan assets

The following table sets forth a summary of the changes in the fair value of the Level 3 pension plan assets, which were measured at fair value on a recurring basis (in millions):

	Year Ended					Six Months Ended
	December 31, 2017		December 31, 2016			December 31, 2015
Assets at beginning of year	$	43.4	$	35.2		$	34.3
Actual return on plan assets	1.0		6.7			0.1
Purchases, sales and settlements, net	0.9		(4.2		)	2.1
Net transfers	—		7.6			—
Foreign exchange	5.5		(1.9		)	(1.3		)
Assets at end of year	$	50.8	$	43.4		$	35.2

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Commitments and Contingencies - Operating Leases, Future Minimum Payments Due (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum rental payments for operating leases

Future non-cancelable minimum operating lease commitments are as follows (in millions):

Due	Amount
2018	$	38.1
2019	31.9
2020	24.3
2021	18.6
2022	13.7
Thereafter	16.6

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Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2017

Restructuring Charges [Abstract]

Schedule of restructuring charges

The following reflects our restructuring activity (in millions):

Balance at June 28, 2014	$	16.4
Additional charges	5.1
Payments	(18.5		)
Non-cash adjustments	(1.4		)
Balance at June 27, 2015	1.6
Additional charges	26.9
Payments	(6.4		)
Non-cash adjustments	(1.4		)
Balance at December 31, 2015	20.7
Additional charges	31.0
Payments	(35.8		)
Non-cash adjustments	3.8
Balance at December 31, 2016	19.7
Additional charges	61.0
Payments	(59.6		)
Non-cash adjustments	0.3
Balance at December 31, 2017	$	21.4

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Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2017

Segments and Geographic Information [Abstract]

Schedule of revenue by geographic location

We generated third-party revenue in the following geographic locations⁽¹⁾ during each of the periods presented below (in millions):

	Year Ended				Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
Ireland	$	30.4	$	89.1	$	11.4	$	7.2
U.S.	3,272.3		3,353.0		1,686.2		3,303.2
Europe	1,313.2		1,493.0		758.2		576.4
All other countries(2)	330.3		345.5		176.4		340.3
	$	4,946.2	$	5,280.6	$	2,632.2	$	4,227.1

⁽¹⁾The net sales by geography is derived from the location of the entity that sells to a third party.

⁽²⁾Includes revenue generated primarily in Israel, Mexico, Australia, and Canada.

Schedule of property and equipment by geographic location

The net book value of Property, plant and equipment, net by location was as follows (in millions):

	December 31, 2017		December 31, 2016		December 31, 2015
Ireland	$	4.6	$	2.7	$	1.3
U.S.	538.3		556.6		555.0
Europe	155.6		144.6		157.2
Israel	81.5		114.3		115.7
All other countries	53.1		51.9		57.0
	$	833.1	$	870.1	$	886.2

Schedules of Concentration of Risk, by Risk Factor

Sales to Walmart as a percentage of Consolidated Net sales (reported primarily in our CHCA segment) were as follows:

Year Ended				Six Months Ended		Year Ended
December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
13.0	%	13.0	%	13.0	%	16.0	%

Schedule of segment reporting information, by segment

Below is a summary of our results by reporting segment (in millions):

	CHCA			CHCI(1)			RX			Specialty Sciences			Other				Unallocated			Total
Year Ended December 31, 2017
Net sales	$	2,429.9		$	1,491.0		$	969.7		$	—		$	55.6			$	—		$	4,946.2
Operating income (loss)	$	445.0		$	12.5		$	307.6		$	—		$	8.7			$	(175.6	)	$	598.2
Operating income (loss) %	18.3		%	0.8		%	31.7		%	—		%	15.6		%		—		%	12.1		%
Total assets	$	3,786.8		$	5,029.0		$	2,813.0		$	—		$	—			$	—		$	11,628.8
Capital expenditures	$	39.5		$	27.5		$	21.6		$	—		$	—			$	—		$	88.6
Property, plant and equipment, net	$	512.7		$	180.9		$	139.5		$	—		$	—			$	—		$	833.1
Depreciation/amortization	$	115.2		$	223.7		$	100.1		$	—		$	5.8			$	—		$	444.8
Change in financial assets	$	—		$	—		$	—		$	24.9		$	—			$	—		$	24.9
Year Ended December 31, 2016
Net sales	$	2,507.1		$	1,652.2		$	1,042.8		$	—		$	78.5			$	—		$	5,280.6
Operating income (loss)	$	399.8		$	(2,087.4	)	$	(0.2	)	$	(201.2	)	$	6.1			$	(116.8	)	$	(1,999.7	)
Operating income (loss) %	15.9		%	(126.3		)%	—		%	—		%	7.8		%		—		%	(37.9		)%
Total assets	$	3,351.3		$	4,795.2		$	2,646.4		$	2,775.8		$	301.4			$	—		$	13,870.1
Capital expenditures	$	59.1		$	23.7		$	20.4		$	—		$	3.0			$	—		$	106.2
Property, plant and equip, net	$	528.3		$	167.2		$	129.7		$	0.4		$	44.5			$	—		$	870.1
Depreciation/amortization	$	119.1		$	210.0		$	120.1		$	—		$	7.8			$	—		$	457.0
Change in financial assets	$	—		$	—		$	—		$	2,608.2		$	—			$	—		$	2,608.2
Six Months Ended December 31, 2015
Net sales	$	1,251.5		$	833.0		$	502.6		$	—		$	45.1			$	—		$	2,632.2
Operating income (loss)	$	209.2		$	(148.5	)	$	181.9		$	(6.5	)	$	(19.5	)		$	(149.0	)	$	67.6
Operating income (loss) %	16.7		%	(17.8		)%	36.2		%	—		%	(43.3		)%		—		%	2.6		%
Total assets	$	3,384.8		$	7,083.5		$	2,738.0		$	5,930.2		$	213.1			$	—		$	19,349.6
Capital expenditures	$	38.0		$	26.3		$	12.1		$	—		$	1.4			$	—		$	77.8
Property, plant and equip, net	$	540.9		$	179.5		$	118.5		$	—		$	47.3		—	$	—		$	886.2
Depreciation/amortization	$	60.9		$	81.9		$	34.3		$	—		$	5.3			$	—		$	182.4
Change in financial assets	$	—		$	—		$	—		$	(57.3	)	$	—			$	—		$	(57.3	)
Year Ended June 27, 2015
Net sales	$	2,478.8		$	704.6		$	936.0		$	—		$	107.7			$	—		$	4,227.1
Operating income (loss)	$	381.9		$	38.2		$	364.7		$	(17.6	)	$	26.8			$	(121.5	)	$	672.5
Operating income %	15.4		%	5.4		%	39.0		%	—		%	24.9		%		—		%	15.9		%
Total assets	$	3,763.8		$	7,163.0		$	2,373.4		$	6,040.7		$	251.0			$	—		$	19,591.9
Capital expenditures	$	76.8		$	13.1		$	41.0		$	0.5		$	5.6			$	—		$	137.0
Property, plant and equip, net	$	556.8		$	176.8		$	113.0		$	—		$	85.8			$	—		$	932.4
Depreciation/amortization	$	108.4		$	72.5		$	65.7		$	1.5		$	10.6			$	—		$	258.7
Change in financial assets	$	—		$	—		$	—		$	(78.5	)	$	—			$	—		$	(78.5	)

⁽¹⁾     CHCI includes Omega activity subsequent to March 30, 2015.

Schedule of sales by major product category

The following is a summary of our revenue by category (in millions):

	Year Ended				Six Months Ended		Year Ended
	December 31, 2017		December 31, 2016		December 31, 2015		June 27, 2015
CHCA
Cough/Cold/Allergy/Sinus(1)	$	483.7	$	454.6	$	234.6	$	455.6
Analgesics(1)	349.8		343.5		173.1		375.7
Gastrointestinal(1)	340.0		335.4		195.8		384.0
Infant nutritionals	413.9		427.0		200.2		383.8
Smoking cessation	297.2		308.5		147.5		284.5
Vitamins, minerals and dietary supplements(1)	45.4		160.4		105.8		183.5
Animal health	141.3		143.7		62.3		157.0
Other CHCA(1),(2)	358.6		334.0		132.2		254.7
Total CHCA	2,429.9		2,507.1		1,251.5		2,478.8
CHCI
Branded OTC	1,174.0		1,349.2		665.9		368.4
Other CHCI(3)	317.0		303.0		167.1		336.2
Total CHCI	1,491.0		1,652.2		833.0		704.6
Generic prescription drugs	969.7		1,042.8		502.6		936.0
Active pharmaceutical ingredients	55.6		78.5		45.1		107.7
Total revenue	$	4,946.2	$	5,280.6	$	2,632.2	$	4,227.1

⁽¹⁾Includes net sales from our OTC contract manufacturing business.

⁽²⁾  Consists primarily of feminine hygiene, diabetes care, dermatological care, branded OTC, diagnostic products and other miscellaneous or otherwise uncategorized product lines and markets, none of which is greater than 10% of the CHCA segment.

⁽³⁾  Consists primarily of liquids licensed products, cough/cold/allergy, analgesics, diagnostic products and other miscellaneous or otherwise uncategorized product lines and markets, none of which is greater than 10% of the CHCI segment.

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Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Data [Abstract]

Schedule of Quarterly Financial Information

The following table presents unaudited quarterly consolidated operating results for each of our last ten quarters. The information below has been prepared on a basis consistent with our audited consolidated financial statements (in millions, except per share amounts).

Year Ended December 31, 2017	First Quarter (2)			Second Quarter (3)			Third Quarter (4)		Fourth Quarter (5)
Net sales	$	1,194.0		$	1,237.9		$	1,231.3	$	1,283.0
Gross profit	$	464.4		$	504.6		$	497.8	$	512.7
Change in financial assets	$	(17.1	)	$	38.7		$	2.6	$	0.7
Net income (loss)	$	71.6		$	(69.6	)	$	44.5	$	73.1
Earnings (loss) per share(1):
Basic	$	0.50		$	(0.49	)	$	0.31	$	0.52
Diluted	$	0.50		$	(0.49	)	$	0.31	$	0.52
Weighted average shares outstanding
Basic	143.4			143.3			141.3		140.8
Diluted	143.6			143.3			141.7		141.2

⁽¹⁾    The sum of individual per share amounts may not equal due to rounding.

⁽²⁾  Includes IPR&D impairment charges of $12.2 million, gain on certain divestiture of $21.8 million, and restructuring charges of $38.7 million.

⁽³⁾  Includes intangible asset impairment charges of $18.5 million, changes in financial assets of $38.7 million, and loss on early debt extinguishment of $135.2 million.

⁽⁴⁾  Includes held-for-sale impairment charges of $3.3 million, and fixed asset impairment charges of $4.0 million.

⁽⁵⁾   Includes unusual litigation charge reversal of $0.2 million.

Year Ended December 31, 2016	First Quarter (2)			Second Quarter (3)			Third Quarter (4)			Fourth Quarter (5)
Net sales	$	1,347.3		$	1,340.5		$	1,261.6		$	1,331.2
Gross profit	$	533.1		$	546.5		$	484.5		$	487.7
Change in financial assets	$	204.4		$	910.8		$	377.4		$	1,115.6
Net loss	$	(529.2	)	$	(534.3	)	$	(1,590.2	)	$	(1,359.1	)
Loss per share(1):
Basic	$	(3.70	)	$	(3.73	)	$	(11.10	)	$	(9.48	)
Diluted	$	(3.70	)	$	(3.73	)	$	(11.10	)	$	(9.48	)
Weighted average shares outstanding
Basic	143.2			143.2			143.3			143.4
Diluted	143.2			143.2			143.3			143.4

⁽¹⁾    The sum of individual per share amounts may not equal due to rounding.

⁽²⁾  Includes an intangible asset impairment charges of $273.3 million, and a goodwill impairment charge of $130.5 million.

⁽³⁾  Includes held-for-sale impairment charges of $10.5 million and change in financial assets of $910.8 million.

⁽⁴⁾  Includes intangible asset impairment charges of $866.6 million, goodwill impairment charge of $737.9 thousand, and held-for-sale impairment charges of $10.2 million.

⁽⁵⁾   Includes intangible asset impairment charges of $378.6 million, goodwill impairment charge of $224.1 million, and a reduction in held-for-sale impairment charges of $4.5 million.

Six Months Ended December 31, 2015	September 26, 2015 (2)			December 31, 2015 (3)
Net sales	$	1,273.1		$	1,359.1
Gross profit	$	535.2		$	543.7
Change in financial assets	$	(173.8	)	$	116.6
Net income (loss)	$	260.9		$	(218.4	)
Earnings (loss) per share(1):
Basic	$	1.78		$	(1.51	)
Diluted	$	1.78		$	(1.51	)
Weighted average shares outstanding
Basic	146.3			144.9
Diluted	146.9			144.9

⁽¹⁾  The sum of individual per share amounts may not equal due to rounding.

⁽²⁾  Includes Mylan defense-related fees of $15.6 million.

⁽³⁾  Includes an intangible asset impairment charge of $185.1 million, Mylan defense-related fees of $71.3 million, an impairment charge on our India API held for sale assets of $29.0 million, restructuring charges of $24.7 million, and an investment impairment charge of $10.7 million.

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Transition Period Comparative Data (Tables)

12 Months Ended

Dec. 31, 2017

Transition period financial data [Abstract]

Transition period comparative income statement

The following table presents certain financial information (in millions, except per share amounts):

	Six Months Ended
	December 31, 2015			December 27, 2014
				(Unaudited)
Net sales	$	2,632.2		$	1,844.7
Cost of sales	1,553.3			1,170.9
Gross profit	1,078.9			673.8
Operating expenses
Distribution	47.9			29.2
Research and development	88.2			89.8
Selling	325.9			95.3
Administration	306.8			165.6
Impairment charges	215.6			—
Restructuring	26.9			4.2
Total operating expenses	1,011.3			384.1
Operating income	67.6			289.7
Change in financial assets	(57.3		)	(46.9		)
Interest expense, net	89.9			56.7
Other expense (Income), net	25.2			60.3
Loss on extinguishment of debt	0.9			9.6
Income before income taxes	8.9			210.0
Income tax expense (benefit)	(33.6		)	29.4
Net income	$	42.5		$	180.6
Income per share
Basic	$	0.29		$	1.34
Diluted	$	0.29		$	1.34
Weighted-average shares outstanding
Basic	145.6			135.1
Diluted	146.1			135.6
Dividends declared per share	$	0.25		$	0.21

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Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 27, 2014	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Summary of Significant Accounting Policies [Line Items]
Customer related acruals and allowances	$ 489.4		$ 512.3	$ 484.3
Depreciation	53.8		95.2	100.2	$ 84.3
Property, Plant and Equipment, Gross [Abstract]
Land	47.5		45.5	45.0
Buildings	508.2		514.3	520.2
Machinery and equipment	1,103.3		1,078.6	1,094.7
Gross property, plant and equipment	1,659.0		1,638.4	1,659.9
Less accumulated depreciation	(772.8)		(805.3)	(789.8)
Property, plant and equipment, net	886.2		833.1	870.1	932.4
Research and development	88.2	$ 89.8	167.7	184.0	187.8
Advertising expense	$ 77.5		145.3	$ 155.9	$ 55.7
Cumulative Effect on Retained Earnings, Net of Tax			$ 5.4
CHCI
Property, Plant and Equipment, Gross [Abstract]
Omega advertising percentage			94.00%
Foreign currency forward contracts
Summary of Significant Accounting Policies [Line Items]
Maximum remaining maturity of foreign currency derivatives	18 months		18 months	18 months
Minimum
Summary of Significant Accounting Policies [Line Items]
Previous years fiscal period (in weeks)				365 days
Minimum | Machinery and Equipment
Summary of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life (in years)			3 years
Minimum | Building
Summary of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life (in years)			10 years
Maximum
Summary of Significant Accounting Policies [Line Items]
Previous years fiscal period (in weeks)				372 days
Maximum | Machinery and Equipment
Summary of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life (in years)			20 years
Maximum | Building
Summary of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life (in years)			45 years
Tysabri [Member]
Summary of Significant Accounting Policies [Line Items]
Accounts receivable	$ 83.4			$ 84.4

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Acquisitions and Divestitures - 2016 Acquisitions (Details) $ in Millions						6 Months Ended		9 Months Ended	12 Months Ended
	Dec. 20, 2017 product	Aug. 02, 2016 USD ($)	Mar. 01, 2016 USD ($)	Jan. 22, 2016 USD ($)	May 01, 2015 USD ($)	Dec. 31, 2015 USD ($)	Dec. 27, 2014 USD ($)	Oct. 01, 2016	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jun. 27, 2015 USD ($)
Business Acquisition [Line Items]
Finite lived assets, useful life								20 years
Research and development						$ 88.2	$ 89.8		$ 167.7	$ 184.0	$ 187.8
Benzaclin
Business Acquisition [Line Items]
Effective date of acquisition		Aug. 02, 2016
Percentage of interest acquired		60.90%
Purchase price paid		$ 62.0
Benzaclin | Distribution and license agreements, supply agreements
Business Acquisition [Line Items]
Finite lived assets, useful life		9 years
Tretinoin Products
Business Acquisition [Line Items]
Effective date of acquisition				Jan. 22, 2016
Purchase price paid				$ 416.4
Contingent consideration				$ 0.0
Tretinoin Products | Developed product technology, formulations, and product rights
Business Acquisition [Line Items]
Finite lived assets, useful life				20 years
Tretinoin Products | Non-compete agreements
Business Acquisition [Line Items]
Finite lived assets, useful life				5 years
Development-Stage Rx Products
Business Acquisition [Line Items]
Purchase price paid			$ 0.0
Research and development					$ 18.0
Contingent consideration			$ 24.9
Number of products sold | product	1
Development-Stage Rx Products | Minimum
Business Acquisition [Line Items]
Royalty payment period			7 years
Development-Stage Rx Products | Maximum
Business Acquisition [Line Items]
Royalty payment period			10 years

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Acquisitions and Divestitures - Purchase Price Allocation for Year Ended 2016 (Details) $ in Millions					6 Months Ended		12 Months Ended
		Mar. 01, 2016 USD ($)	Jan. 22, 2016 USD ($)	May 01, 2015 product	Dec. 31, 2015 USD ($) product		Dec. 31, 2017 USD ($) product	Dec. 31, 2016 USD ($) product		Jun. 27, 2015 USD ($) product
Assets acquired:
Goodwill					$ 5,152.7		$ 4,175.4	$ 4,049.4		$ 4,721.2
Liabilities assumed:
Business combination, number of products purchased | product							3	2		2
Tretinoin Products
Business Acquisition [Line Items]
Purchase price paid			$ 416.4
Contingent consideration			0.0
Total purchase consideration			416.4
Assets acquired:
Cash and cash equivalents			0.0
Accounts receivable			0.0
Inventories			1.4
Prepaid expenses and other current assets			0.0
Property, plant and equipment, net			0.0
Goodwill			1.7
Indefinite-lived intangibles:
Total intangible assets			413.3
Total assets			416.4
Liabilities assumed:
Accounts payable			0.0
Accrued liabilities			0.0
Long-term debt			0.0
Net deferred income tax liabilities			0.0
Total liabilities			0.0
Net assets acquired			416.4
Tretinoin Products | In-process research and development
Indefinite-lived intangibles:
Indefinite-lived intangibles			0.0
Tretinoin Products | Distribution and license agreements, supply agreements
Definite-lived intangibles:
Definite-lived intangibles			0.0
Tretinoin Products | Developed product technology, formulations, and product rights
Definite-lived intangibles:
Definite-lived intangibles			411.0
Tretinoin Products | Customer relationships and distribution networks
Definite-lived intangibles:
Definite-lived intangibles			0.0
Tretinoin Products | Non-compete agreements
Definite-lived intangibles:
Definite-lived intangibles			$ 2.3
Development-Stage Rx Products
Business Acquisition [Line Items]
Purchase price paid		$ 0.0
Contingent consideration		24.9
Total purchase consideration		24.9
Assets acquired:
Cash and cash equivalents		0.0
Accounts receivable		0.0
Inventories		0.0
Prepaid expenses and other current assets		0.0
Property, plant and equipment, net		0.0
Goodwill		0.0
Indefinite-lived intangibles:
Total intangible assets		24.9
Total assets		24.9
Liabilities assumed:
Accounts payable		0.0
Accrued liabilities		0.0
Long-term debt		0.0
Net deferred income tax liabilities		0.0
Total liabilities		0.0
Net assets acquired		24.9
Business combination, number of products purchased | product				2
Development-Stage Rx Products | In-process research and development
Indefinite-lived intangibles:
Indefinite-lived intangibles		24.9
Development-Stage Rx Products | Distribution and license agreements, supply agreements
Definite-lived intangibles:
Definite-lived intangibles		0.0
Development-Stage Rx Products | Developed product technology, formulations, and product rights
Definite-lived intangibles:
Definite-lived intangibles		0.0
Development-Stage Rx Products | Customer relationships and distribution networks
Definite-lived intangibles:
Definite-lived intangibles		0.0
Development-Stage Rx Products | Non-compete agreements
Definite-lived intangibles:
Definite-lived intangibles		$ 0.0
All Other
Business Acquisition [Line Items]
Purchase price paid					15.3	[1]		$ 17.1	[2]
Contingent consideration					13.9	[1]		26.2	[2]
Total purchase consideration					29.2	[1]		43.3	[2]
Assets acquired:
Cash and cash equivalents					0.0	[1]		3.8	[2]
Accounts receivable					0.0	[1]		4.9	[2]
Inventories					0.0	[1]		7.1	[2]
Prepaid expenses and other current assets	[2]							0.1
Property, plant and equipment, net	[2]							1.2
Goodwill					0.0	[1]		0.0	[2]
Indefinite-lived intangibles:
Total intangible assets					29.2	[1]		32.9	[2]
Total assets					29.2	[1]		50.0	[2]
Liabilities assumed:
Accounts payable					0.0	[1]		2.8	[2]
Accrued liabilities					0.0	[1]		0.1	[2]
Long-term debt	[2]							3.3
Net deferred income tax liabilities					0.0	[1]		0.5	[2]
Total liabilities					0.0	[1]		6.7	[2]
Net assets acquired					$ 29.2	[1]		$ 43.3	[2]
Business combination, number of products purchased | product					8			4
All Other | In-process research and development
Indefinite-lived intangibles:
Indefinite-lived intangibles					$ 29.2	[1]		$ 4.9	[2]
All Other | Distribution and license agreements, supply agreements
Definite-lived intangibles:
Definite-lived intangibles					0.0	[1]		1.8	[2]
All Other | Developed product technology, formulations, and product rights
Definite-lived intangibles:
Definite-lived intangibles					0.0	[1]		18.0	[2]
All Other | Customer relationships and distribution networks
Definite-lived intangibles:
Definite-lived intangibles					0.0	[1]		8.2	[2]
All Other | Non-compete agreements
Definite-lived intangibles:
Definite-lived intangibles					$ 0.0	[1]		$ 0.0	[2]

[1] Consists of eight product development acquisitions in our CHCA, CHCI and RX segments.

[2] Consists of four product acquisitions in our CHCA, CHCI and RX segments.

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Acquisitions and Divestitures - 2015 Acquisitions (Details) $ in Thousands, € in Millions								3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 15, 2015 USD ($)	Sep. 15, 2015 EUR (€)	Sep. 15, 2015 USD ($)	Aug. 28, 2015 USD ($) product	May 12, 2015 USD ($)	Mar. 30, 2015 USD ($) shares	Oct. 31, 2014 USD ($) products	Jun. 27, 2015 USD ($) shares	Dec. 31, 2015 USD ($) shares	Oct. 01, 2016	Dec. 31, 2017 EUR (€) product	Dec. 31, 2017 USD ($) product shares	Dec. 31, 2016 USD ($) product shares	Jun. 27, 2015 USD ($) product shares	Dec. 02, 2014 USD ($)	Jun. 28, 2014 shares	Nov. 08, 2013 USD ($)
Business Acquisition [Line Items]
Finite lived assets, useful life										20 years
Impairment of intangible assets, definite-lived intangible												$ 19,700	$ 665,600
Business combination, number of products purchased | product											3	3	2	2
Senior notes								$ 4,698,300				$ 2,906,000	$ 5,373,100	$ 4,698,300			$ 2,300,000
Common Stock
Business Acquisition [Line Items]
Shares outstanding (in shares) | shares								146,300,000	143,100,000			140,800,000	143,400,000	146,300,000		133,800,000
Shares issued during period (in shares) | shares														6,800,000
Proceeds from issuance of stock														$ 999,300
Developed product technology, formulations, and product rights
Business Acquisition [Line Items]
Remaining Weighted-Average Useful Life (Years)											12 years	12 years
Customer relationships and distribution networks
Business Acquisition [Line Items]
Remaining Weighted-Average Useful Life (Years)											17 years	17 years
Non-compete agreements
Business Acquisition [Line Items]
Remaining Weighted-Average Useful Life (Years)											2 years	2 years
Distribution and license agreements, supply agreements
Business Acquisition [Line Items]
Remaining Weighted-Average Useful Life (Years)											7 years	7 years
Entocort®
Business Acquisition [Line Items]
Effective date of acquisition	Dec. 15, 2015
Purchase price paid	$ 380,200
Entocort® | Minimum | Developed product technology, formulations, and product rights
Business Acquisition [Line Items]
Finite lived assets, useful life	10 years
Entocort® | Maximum | Developed product technology, formulations, and product rights
Business Acquisition [Line Items]
Finite lived assets, useful life	15 years
Naturwohl
Business Acquisition [Line Items]
Effective date of acquisition		Sep. 15, 2015	Sep. 15, 2015
Purchase price paid			$ 150,400
Percentage of interest acquired		100.00%	100.00%
Naturwohl | Trademarks, trade names, and brands
Business Acquisition [Line Items]
Finite lived assets, useful life		20 years	20 years
Naturwohl | Customer relationships and distribution networks
Business Acquisition [Line Items]
Finite lived assets, useful life		15 years	15 years
Naturwohl | Non-compete agreements
Business Acquisition [Line Items]
Finite lived assets, useful life		3 years	3 years
Naturwohl | Distribution and license agreements, supply agreements
Business Acquisition [Line Items]
Finite lived assets, useful life		3 years	3 years
Naturwohl | Euro
Business Acquisition [Line Items]
Purchase price paid | €		€ 133.5
ScarAway®
Business Acquisition [Line Items]
Effective date of acquisition				Aug. 28, 2015
Purchase price paid				$ 26,700
Business combination, number of products purchased | product				5
ScarAway® | Developed product technology, formulations, and product rights
Business Acquisition [Line Items]
Finite lived assets, useful life				8 years
ScarAway® | Trademarks, trade names, and brands
Business Acquisition [Line Items]
Finite lived assets, useful life				25 years
ScarAway® | Customer relationships and distribution networks
Business Acquisition [Line Items]
Finite lived assets, useful life				15 years
ScarAway® | Non-compete agreements
Business Acquisition [Line Items]
Finite lived assets, useful life				4 years
GSK Products
Business Acquisition [Line Items]
Effective date of acquisition				Aug. 28, 2015
Purchase price paid				$ 223,600
GSK Products | Trademarks, trade names, and brands
Business Acquisition [Line Items]
Finite lived assets, useful life				20 years
GSK Products | Customer relationships and distribution networks
Business Acquisition [Line Items]
Finite lived assets, useful life				15 years
GSK Products | Euro
Business Acquisition [Line Items]
Purchase price paid				$ 200,000
Gelcaps
Business Acquisition [Line Items]
Effective date of acquisition					May 12, 2015
Purchase price paid					$ 37,900
Percentage of interest acquired					100.00%
Gelcaps | Inventories
Business Acquisition [Line Items]
Adjustment, increase (decrease) in inventory								$ 600
Gelcaps | Property, Plant and Equipment
Business Acquisition [Line Items]
Adjustment, increase (decrease) in property plant and equipment								(900)
Gelcaps | Trademarks, trade names, and brands
Business Acquisition [Line Items]
Finite lived assets, useful life					25 years
Gelcaps | Customer relationships and distribution networks
Business Acquisition [Line Items]
Finite lived assets, useful life					20 years
Omega
Business Acquisition [Line Items]
Effective date of acquisition						Mar. 30, 2015
Purchase price paid						$ 2,983,200
Percentage of interest acquired						95.77%
Shares outstanding (in shares) | shares						685,348,257
Repurchases of common stock (in shares) | shares						30,243,983
Indemnification available from acquired company's sellers												$ 1,080
Remaining Weighted-Average Useful Life (Years)						20 years 7 months 6 days
Accounting adjustment to intangibles									$ 10,200
Omega | Inventories
Business Acquisition [Line Items]
Adjustment, increase (decrease) in inventory								15,100
Omega | Property, Plant and Equipment
Business Acquisition [Line Items]
Adjustment, increase (decrease) in property plant and equipment								$ 41,500
Omega | Long-term debt
Business Acquisition [Line Items]
Business combination fair value adjustment						$ 101,900
Omega | Trademarks, trade names, and brands
Business Acquisition [Line Items]
Finite lived assets, useful life						8 years
Omega | Customer relationships and distribution networks
Business Acquisition [Line Items]
Finite lived assets, useful life						21 years
Omega | Non-compete agreements
Business Acquisition [Line Items]
Remaining Weighted-Average Useful Life (Years)											3 years	3 years
Omega | Non-solicit agreement
Business Acquisition [Line Items]
Remaining Weighted-Average Useful Life (Years)											2 years	2 years
Omega | Brands
Business Acquisition [Line Items]
Finite lived assets, useful life						22 years
Omega | Minimum | Developed product technology, formulations, and product rights
Business Acquisition [Line Items]
Finite lived assets, useful life						4 years
Omega | Maximum
Business Acquisition [Line Items]
Indemnification available from acquired company's sellers											€ 120.9	$ 127,200
Omega | Maximum | Developed product technology, formulations, and product rights
Business Acquisition [Line Items]
Finite lived assets, useful life						13 years
Lumara
Business Acquisition [Line Items]
Effective date of acquisition							Oct. 31, 2014
Purchase price paid							$ 83,000
Number of formulations | products							3
Lumara | Minimum | Developed product technology, formulations, and product rights
Business Acquisition [Line Items]
Finite lived assets, useful life							8 years
Lumara | Maximum | Developed product technology, formulations, and product rights
Business Acquisition [Line Items]
Finite lived assets, useful life							12 years
2014 bonds [Member]
Business Acquisition [Line Items]
Senior notes															$ 1,600,000

XML

Acquisitions and Divestitures - Purchase Price Allocation for Six Months Ended December 2015 (Details) $ in Millions					6 Months Ended		12 Months Ended
		Dec. 15, 2015 USD ($)	Sep. 15, 2015 USD ($)	Aug. 28, 2015 USD ($) product	Dec. 31, 2015 USD ($) product		Dec. 31, 2017 USD ($) product	Dec. 31, 2016 USD ($) product		Jun. 27, 2015 USD ($) product
Assets acquired:
Goodwill					$ 5,152.7		$ 4,175.4	$ 4,049.4		$ 4,721.2
Liabilities assumed:
Business combination, number of products purchased | product							3	2		2
Entocort®
Business Acquisition [Line Items]
Purchase price paid		$ 380.2
Contingent consideration		0.0
Total purchase consideration		380.2
Assets acquired:
Cash and cash equivalents		0.0
Accounts receivable		0.0
Inventories		0.2
Goodwill		0.0
Indefinite-lived intangibles:
Total intangible assets		380.0
Total assets		380.2
Liabilities assumed:
Accounts payable		0.0
Accrued liabilities		0.0
Net deferred income tax liabilities		0.0
Total liabilities		0.0
Net assets acquired		380.2
Naturwohl
Business Acquisition [Line Items]
Purchase price paid			$ 150.4
Contingent consideration			0.0
Total purchase consideration			150.4
Assets acquired:
Cash and cash equivalents			4.6
Accounts receivable			3.3
Inventories			1.5
Goodwill			61.0
Indefinite-lived intangibles:
Total intangible assets			111.8
Total assets			182.2
Liabilities assumed:
Accounts payable			2.8
Accrued liabilities			1.6
Net deferred income tax liabilities			27.4
Total liabilities			31.8
Net assets acquired			150.4
ScarAway®
Business Acquisition [Line Items]
Purchase price paid				$ 26.7
Contingent consideration				0.0
Total purchase consideration				26.7
Assets acquired:
Cash and cash equivalents				0.0
Accounts receivable				0.0
Inventories				1.0
Goodwill				3.5
Indefinite-lived intangibles:
Total intangible assets				22.2
Total assets				26.7
Liabilities assumed:
Accounts payable				0.0
Accrued liabilities				0.0
Net deferred income tax liabilities				0.0
Total liabilities				0.0
Net assets acquired				$ 26.7
Business combination, number of products purchased | product				5
GSK Products
Business Acquisition [Line Items]
Purchase price paid				$ 223.6
Contingent consideration				0.0
Total purchase consideration				223.6
Assets acquired:
Cash and cash equivalents				0.0
Accounts receivable				0.0
Inventories				0.0
Goodwill				32.6
Indefinite-lived intangibles:
Total intangible assets				191.0
Total assets				223.6
Liabilities assumed:
Accounts payable				0.0
Accrued liabilities				0.0
Net deferred income tax liabilities				0.0
Total liabilities				0.0
Net assets acquired				223.6
All Other
Business Acquisition [Line Items]
Purchase price paid					15.3	[1]		$ 17.1	[2]
Contingent consideration					13.9	[1]		26.2	[2]
Total purchase consideration					29.2	[1]		43.3	[2]
Assets acquired:
Cash and cash equivalents					0.0	[1]		3.8	[2]
Accounts receivable					0.0	[1]		4.9	[2]
Inventories					0.0	[1]		7.1	[2]
Goodwill					0.0	[1]		0.0	[2]
Indefinite-lived intangibles:
Total intangible assets					29.2	[1]		32.9	[2]
Total assets					29.2	[1]		50.0	[2]
Liabilities assumed:
Accounts payable					0.0	[1]		2.8	[2]
Accrued liabilities					0.0	[1]		0.1	[2]
Net deferred income tax liabilities					0.0	[1]		0.5	[2]
Total liabilities					0.0	[1]		6.7	[2]
Net assets acquired					$ 29.2	[1]		$ 43.3	[2]
Business combination, number of products purchased | product					8			4
Distribution and license agreements, supply agreements | Entocort®
Definite-lived intangibles:
Definite-lived intangibles		0.0
Distribution and license agreements, supply agreements | Naturwohl
Definite-lived intangibles:
Definite-lived intangibles			21.4
Distribution and license agreements, supply agreements | ScarAway®
Definite-lived intangibles:
Definite-lived intangibles				0.0
Distribution and license agreements, supply agreements | GSK Products
Definite-lived intangibles:
Definite-lived intangibles				0.0
Distribution and license agreements, supply agreements | All Other
Definite-lived intangibles:
Definite-lived intangibles					$ 0.0	[1]		$ 1.8	[2]
Developed product technology, formulations, and product rights | Entocort®
Definite-lived intangibles:
Definite-lived intangibles		380.0
Developed product technology, formulations, and product rights | Naturwohl
Definite-lived intangibles:
Definite-lived intangibles			0.0
Developed product technology, formulations, and product rights | ScarAway®
Definite-lived intangibles:
Definite-lived intangibles				0.5
Developed product technology, formulations, and product rights | GSK Products
Definite-lived intangibles:
Definite-lived intangibles				0.0
Developed product technology, formulations, and product rights | All Other
Definite-lived intangibles:
Definite-lived intangibles					0.0	[1]		18.0	[2]
Customer relationships and distribution networks | Entocort®
Definite-lived intangibles:
Definite-lived intangibles		0.0
Customer relationships and distribution networks | Naturwohl
Definite-lived intangibles:
Definite-lived intangibles			25.9
Customer relationships and distribution networks | ScarAway®
Definite-lived intangibles:
Definite-lived intangibles				9.8
Customer relationships and distribution networks | GSK Products
Definite-lived intangibles:
Definite-lived intangibles				61.5
Customer relationships and distribution networks | All Other
Definite-lived intangibles:
Definite-lived intangibles					0.0	[1]		8.2	[2]
Trademarks, trade names, and brands | Entocort®
Definite-lived intangibles:
Definite-lived intangibles		0.0
Trademarks, trade names, and brands | Naturwohl
Definite-lived intangibles:
Definite-lived intangibles			64.2
Trademarks, trade names, and brands | ScarAway®
Definite-lived intangibles:
Definite-lived intangibles				11.4
Trademarks, trade names, and brands | GSK Products
Definite-lived intangibles:
Definite-lived intangibles				129.5
Trademarks, trade names, and brands | All Other
Definite-lived intangibles:
Definite-lived intangibles	[1]				0.0
Non-compete agreements | Entocort®
Definite-lived intangibles:
Definite-lived intangibles		0.0
Non-compete agreements | Naturwohl
Definite-lived intangibles:
Definite-lived intangibles			0.3
Non-compete agreements | ScarAway®
Definite-lived intangibles:
Definite-lived intangibles				0.5
Non-compete agreements | GSK Products
Definite-lived intangibles:
Definite-lived intangibles				0.0
Non-compete agreements | All Other
Definite-lived intangibles:
Definite-lived intangibles					0.0	[1]		0.0	[2]
In-process research and development | Entocort®
Indefinite-lived intangibles:
Indefinite-lived intangibles		$ 0.0
In-process research and development | Naturwohl
Indefinite-lived intangibles:
Indefinite-lived intangibles			$ 0.0
In-process research and development | ScarAway®
Indefinite-lived intangibles:
Indefinite-lived intangibles				0.0
In-process research and development | GSK Products
Indefinite-lived intangibles:
Indefinite-lived intangibles				$ 0.0
In-process research and development | All Other
Indefinite-lived intangibles:
Indefinite-lived intangibles					$ 29.2	[1]		$ 4.9	[2]

[1] Consists of eight product development acquisitions in our CHCA, CHCI and RX segments.

[2] Consists of four product acquisitions in our CHCA, CHCI and RX segments.

XML

Acquisitions and Divestitures - Fair value of Consideration Paid (Details) - Omega $ / shares in Units, shares in Millions, $ in Millions	Mar. 30, 2015 USD ($) $ / shares shares
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Perrigo ordinary shares issued (in shares) | shares	5.4
Perrigo per share price at transaction close (in dollars per share) | $ / shares	$ 167.64
Total value of Perrigo ordinary shares issued	$ 904.9
Cash consideration	2,078.3
Total consideration	$ 2,983.2

XML

Acquisitions and Divestitures - Schedule of Acquisition Costs (Details) - Omega $ in Millions	12 Months Ended
	Jun. 27, 2015 USD ($)
Schedule of acquisition expenses [Line Items]
Acquisition related costs	$ 387.0
Administration
Schedule of acquisition expenses [Line Items]
Acquisition related costs	29.7
Interest expense, net
Schedule of acquisition expenses [Line Items]
Acquisition related costs	23.7
Other expense, net
Schedule of acquisition expenses [Line Items]
Acquisition related costs	324.0
Loss on extinguishment of debt
Schedule of acquisition expenses [Line Items]
Acquisition related costs	$ 9.6

XML

Acquisitions and Divestitures - Measurement Period Adjustments (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 27, 2015	Mar. 30, 2015
Measurement period adjustments
Goodwill	$ 4,175.4	$ 4,049.4	$ 5,152.7	$ 4,721.2
Omega
Measurement period adjustments
Accounts receivable					$ 222.9
Inventories					277.0
Property, plant and equipment, net					130.8
Goodwill					1,688.7
Intangible assets:
Total intangible assets			3,379.0		3,379.0
Accrued liabilities					49.3
Net deferred income tax liabilities					785.5
Other non-current liabilities					59.9
Previously Reported | Omega
Measurement period adjustments
Accounts receivable				227.4
Inventories				288.9
Property, plant and equipment, net				121.2
Goodwill				1,269.6
Intangible assets:
Total intangible assets				3,806.8
Accrued liabilities				50.0
Net deferred income tax liabilities				771.1
Other non-current liabilities				88.9
Measurement Period Adjustments | Omega
Measurement period adjustments
Accounts receivable			(4.5)
Inventories			(11.9)
Property, plant and equipment, net			9.6
Goodwill			419.1
Intangible assets:
Total intangible assets			(427.8)
Accrued liabilities			(0.7)
Net deferred income tax liabilities			14.4
Other non-current liabilities			(29.0)
Developed product technology, formulations, and product rights | Omega
Intangible assets:
Definite-lived intangibles					31.4
Developed product technology, formulations, and product rights | Previously Reported | Omega
Intangible assets:
Definite-lived intangibles				36.9
Developed product technology, formulations, and product rights | Measurement Period Adjustments | Omega
Intangible assets:
Definite-lived intangibles			(5.5)
Customer relationships and distribution networks | Omega
Intangible assets:
Definite-lived intangibles					1,056.3
Customer relationships and distribution networks | Previously Reported | Omega
Intangible assets:
Definite-lived intangibles				1,342.7
Customer relationships and distribution networks | Measurement Period Adjustments | Omega
Intangible assets:
Definite-lived intangibles			(286.4)
Trademarks, trade names, and brands | Omega
Intangible assets:
Definite-lived intangibles					287.5
Trademarks, trade names, and brands | Previously Reported | Omega
Intangible assets:
Definite-lived intangibles				282.0
Trademarks, trade names, and brands | Measurement Period Adjustments | Omega
Intangible assets:
Definite-lived intangibles			5.5
Trademarks, trade names, and brands | Omega
Intangible assets:
Indefinite-lived intangibles					$ 2,003.8
Trademarks, trade names, and brands | Previously Reported | Omega
Intangible assets:
Indefinite-lived intangibles				$ 2,145.2
Trademarks, trade names, and brands | Measurement Period Adjustments | Omega
Intangible assets:
Indefinite-lived intangibles			$ (141.4)

XML

Acquisitions and Divestitures - Purchase Price Allocation for Year Ended June 2015 (Details) - USD ($) $ in Millions	May 12, 2015	Mar. 30, 2015	Oct. 31, 2014	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 27, 2015
Assets acquired:
Goodwill				$ 4,175.4	$ 4,049.4	$ 5,152.7	$ 4,721.2
Gelcaps
Business Acquisition [Line Items]
Total purchase consideration	$ 37.9
Assets acquired:
Cash and cash equivalents	4.6
Accounts receivable	7.3
Inventories	7.2
Prepaid expenses and other current assets	2.1
Property, plant and equipment, net	6.0
Goodwill	6.0
Indefinite-lived intangibles:
Total intangible assets	11.0
Other non-current assets	0.4
Total assets	44.6
Liabilities assumed:
Accounts payable	3.3
Short-term debt	0.0
Accrued liabilities	1.6
Payroll and related taxes	0.0
Accrued customer programs	0.0
Long-term debt	0.0
Net deferred income tax liabilities	1.4
Other non-current liabilities	0.4
Total liabilities	6.7
Net assets acquired	37.9
Omega
Business Acquisition [Line Items]
Total purchase consideration		$ 2,983.2
Assets acquired:
Cash and cash equivalents		14.7
Accounts receivable		222.9
Inventories		277.0
Prepaid expenses and other current assets		51.2
Property, plant and equipment, net		130.8
Goodwill		1,688.7
Indefinite-lived intangibles:
Total intangible assets		3,379.0				$ 3,379.0
Other non-current assets		2.4
Total assets		5,766.7
Liabilities assumed:
Accounts payable		225.0
Short-term debt		112.6
Accrued liabilities		49.3
Payroll and related taxes		51.3
Accrued customer programs		28.9
Long-term debt		1,471.0
Net deferred income tax liabilities		785.5
Other non-current liabilities		59.9
Total liabilities		2,783.5
Net assets acquired		2,983.2
Lumara
Business Acquisition [Line Items]
Total purchase consideration			$ 83.0
Assets acquired:
Cash and cash equivalents			0.0
Accounts receivable			2.9
Inventories			1.5
Prepaid expenses and other current assets			0.4
Property, plant and equipment, net			0.1
Goodwill			0.0
Indefinite-lived intangibles:
Total intangible assets			82.0
Other non-current assets			0.0
Total assets			86.9
Liabilities assumed:
Accounts payable			0.0
Short-term debt			0.0
Accrued liabilities			3.9
Payroll and related taxes			0.0
Accrued customer programs			0.0
Long-term debt			0.0
Net deferred income tax liabilities			0.0
Other non-current liabilities			0.0
Total liabilities			3.9
Net assets acquired			83.0
Developed product technology, formulations, and product rights | Gelcaps
Definite-lived intangibles:
Definite-lived intangibles	0.0
Developed product technology, formulations, and product rights | Omega
Definite-lived intangibles:
Definite-lived intangibles		31.4
Developed product technology, formulations, and product rights | Lumara
Definite-lived intangibles:
Definite-lived intangibles			82.0
Customer relationships and distribution networks | Gelcaps
Definite-lived intangibles:
Definite-lived intangibles	6.6
Customer relationships and distribution networks | Omega
Definite-lived intangibles:
Definite-lived intangibles		1,056.3
Customer relationships and distribution networks | Lumara
Definite-lived intangibles:
Definite-lived intangibles			0.0
Trademarks, trade names, and brands | Gelcaps
Definite-lived intangibles:
Definite-lived intangibles	0.0
Trademarks, trade names, and brands | Omega
Definite-lived intangibles:
Definite-lived intangibles		287.5
Trademarks, trade names, and brands | Lumara
Definite-lived intangibles:
Definite-lived intangibles			0.0
Trademarks, trade names, and brands | Gelcaps
Indefinite-lived intangibles:
Indefinite-lived intangibles	$ 4.4
Trademarks, trade names, and brands | Omega
Indefinite-lived intangibles:
Indefinite-lived intangibles		$ 2,003.8
Trademarks, trade names, and brands | Lumara
Indefinite-lived intangibles:
Indefinite-lived intangibles			$ 0.0

XML

Acquisitions and Divestitures - Pro Forma (Details) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015 USD ($)	Dec. 31, 2017 product	Dec. 31, 2016 USD ($) product	Jun. 27, 2015 USD ($) product
Business Combinations [Abstract]
Business combination, number of products purchased | product		3	2	2
Net sales from acquisitions	$ 51.0		$ 85.3	$ 418.2
Operating income from acquisitions	20.6		45.1	18.9
Net sales	2,748.8		5,288.6	5,682.5
Net income (loss)	$ 81.0		$ (4,011.0)	$ 250.2

XML

Acquisitions and Divestitures - Divestitures (Details) € in Millions, $ in Millions									3 Months Ended						6 Months Ended	12 Months Ended
	Dec. 20, 2017 product	Nov. 21, 2017 USD ($)	Aug. 25, 2017 EUR (€)	Aug. 25, 2017 USD ($)	Apr. 06, 2017 USD ($)	Feb. 01, 2017 USD ($)	Jan. 03, 2017 USD ($)	Aug. 05, 2016 USD ($)	Sep. 30, 2017 USD ($)	Jul. 01, 2017 USD ($)	Apr. 01, 2017 USD ($)	Dec. 31, 2016 USD ($)	Oct. 01, 2016 USD ($)	Jul. 02, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jun. 27, 2015 USD ($)
Business Acquisition [Line Items]
Net proceeds from sale of business and other assets															$ 0.0	$ 154.6	$ 69.1	$ 0.0
Gain (loss) on disposition of business											$ 21.8
Guarantor maximum exposure																34.9
Net sales threshold for 1.5 million milestone payment																25.0
Net sales threshold for 5 million milestone payment																$ 50.0
Unrecorded gain contingency, royalty payment percentage																2.50%
Impairment charge									$ 3.3			$ 4.5	$ 10.2	$ 10.5
First
Business Acquisition [Line Items]
Gain contingency, unrecorded amount																$ 1.5
Second
Business Acquisition [Line Items]
Gain contingency, unrecorded amount																$ 5.0
ANDA
Business Acquisition [Line Items]
Net proceeds from sale of business and other assets							$ 15.0
CHCA
Business Acquisition [Line Items]
Net proceeds from sale of business and other assets						$ 7.7		$ 61.8
Other
Business Acquisition [Line Items]
Net proceeds from sale of business and other assets					$ 22.2
Impairment charge																	35.3
CHCI
Business Acquisition [Line Items]
Net proceeds from sale of business and other assets			€ 12.7	$ 15.1
Impairment charge										$ 3.7
CHCA
Business Acquisition [Line Items]
Impairment charge																	$ 6.2
Development-Stage Rx Products
Business Acquisition [Line Items]
Number of products sold | product	1
Held for sale | Israel API
Business Acquisition [Line Items]
Net proceeds from sale of business and other assets		$ 110.0

XML

Goodwill and Other Intangible Assets - Goodwill Roll Forward (Details) - USD ($)		3 Months Ended				6 Months Ended	12 Months Ended
		Dec. 31, 2016	Dec. 31, 2016	Oct. 01, 2016	Apr. 02, 2016	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Goodwill [Roll Forward]
Beginning balance					$ 5,152,700,000	$ 4,721,200,000	$ 4,049,400,000	$ 5,152,700,000
Business acquisitions						97,100,000		1,700,000
Changes in assets held-for-sale						(27,600,000)		13,500,000
Impairments		$ (224,100,000)		$ (737,900)	(130,500,000)	0		(1,092,500,000)
Re-allocation of goodwill	[1]						0
Business divestitures							(30,500,000)
Currency translation adjustments						(58,100,000)	156,500,000	(26,700,000)
Purchase accounting adjustments						420,100,000		700,000
Ending balance		4,049,400,000	$ 4,049,400,000			5,152,700,000	4,175,400,000	4,049,400,000	$ 4,721,200,000
CHCA
Goodwill [Roll Forward]
Beginning balance					1,814,300,000	1,817,200,000	1,810,600,000	1,814,300,000
Business acquisitions						9,700,000		0
Changes in assets held-for-sale						(13,000,000)		4,500,000
Impairments								(24,500,000)	(6,800,000)
Re-allocation of goodwill	[1]						35,300,000
Business divestitures							0
Currency translation adjustments						(800,000)	1,500,000	(900,000)
Purchase accounting adjustments						1,200,000		17,200,000
Ending balance		1,810,600,000	1,810,600,000			1,814,300,000	1,847,400,000	1,810,600,000	1,817,200,000
CHCI
Goodwill [Roll Forward]
Beginning balance					1,983,200,000	1,530,200,000	1,070,800,000	1,983,200,000
Business acquisitions						87,400,000		0
Changes in assets held-for-sale						0		0
Impairments					(130,500,000)			(868,400,000)
Re-allocation of goodwill	[1]						0
Business divestitures							(4,100,000)
Currency translation adjustments						(53,300,000)	139,000,000	(27,500,000)
Purchase accounting adjustments						418,900,000		(16,500,000)
Ending balance		1,070,800,000	1,070,800,000			1,983,200,000	1,205,700,000	1,070,800,000	1,530,200,000
RX
Goodwill [Roll Forward]
Beginning balance					1,084,100,000	1,086,000,000	1,086,600,000	1,084,100,000
Business acquisitions						0		1,700,000
Changes in assets held-for-sale						0		0
Impairments								0
Re-allocation of goodwill	[1]						27,700,000
Business divestitures							0
Currency translation adjustments						(1,900,000)	8,000,000	800,000
Purchase accounting adjustments						0		0
Ending balance		1,086,600,000	1,086,600,000			1,084,100,000	1,122,300,000	1,086,600,000	1,086,000,000
Specialty Sciences
Goodwill [Roll Forward]
Beginning balance					199,600,000	199,600,000	0	199,600,000
Business acquisitions						0		0
Changes in assets held-for-sale						0		0
Impairments			(199,600,000)					(199,600,000)
Re-allocation of goodwill	[1]						0
Business divestitures							0
Currency translation adjustments						0	0	0
Purchase accounting adjustments						0		0
Ending balance		0	0			199,600,000	0	0	199,600,000
Other
Goodwill [Roll Forward]
Beginning balance					$ 71,500,000	88,200,000	81,400,000	71,500,000
Business acquisitions						0		0
Changes in assets held-for-sale						(14,600,000)		9,000,000
Impairments								0
Re-allocation of goodwill	[1]						(63,000,000)
Business divestitures							(26,400,000)
Currency translation adjustments						(2,100,000)	8,000,000	900,000
Purchase accounting adjustments						0		0
Ending balance		$ 81,400,000	$ 81,400,000			$ 71,500,000	$ 0	$ 81,400,000	$ 88,200,000

[1] Certain cash flow associated with the API business were retained. We performed a relative fair value allocation of the business retained and allocated it among the two segments where the business was allocated.

XML

Goodwill and Other Intangible Assets - Goodwill Impairment Narrative (Details) - USD ($)	3 Months Ended				6 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2016	Oct. 01, 2016	Apr. 02, 2016	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015	Oct. 01, 2017
Goodwill [Line Items]
Goodwill impairment charge		$ 224,100,000	$ 737,900	$ 130,500,000	$ 0		$ 1,092,500,000
CHCI
Goodwill [Line Items]
Goodwill impairment charge				$ 130,500,000			868,400,000
CHCI | BCH
Goodwill [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount (less than)									6.60%
CHCI | BCH | Goodwill
Goodwill [Line Items]
Discount rate increase						0.50%
Long-term grow rate decrease						0.50%
CHCI | BCH | Maximum
Goodwill [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount (less than)						25.00%
CHCI | UK AUS
Goodwill [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount (less than)									18.30%
CHCI | UK AUS | Maximum
Goodwill [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount (less than)						25.00%
CHCI | BCH - ROW
Goodwill [Line Items]
Goodwill impairment charge			675,600,000
CHCI | BCH - Belgium
Goodwill [Line Items]
Goodwill impairment charge			$ 62,300,000
CHCA
Goodwill [Line Items]
Goodwill impairment charge							24,500,000	$ 6,800,000
CHCA | Animal health
Goodwill [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount (less than)									23.60%
Percentage of fair value in excess of carrying amount, margin						8.90%
Goodwill impairment charge	$ 24,500,000
CHCA | Animal health | Maximum
Goodwill [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount (less than)						25.00%
Specialty Sciences
Goodwill [Line Items]
Goodwill impairment charge	$ 199,600,000						$ 199,600,000

XML

Goodwill and Other Intangible Assets - Schedule of Goodwill and Fair Value by Reporting Unit (Details) - USD ($) $ in Millions	Dec. 31, 2017	Oct. 01, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 27, 2015
Goodwill [Line Items]
Goodwill	$ 4,175.4		$ 4,049.4	$ 5,152.7	$ 4,721.2
CHCI
Goodwill [Line Items]
Goodwill	1,205.7		1,070.8	1,983.2	1,530.2
CHCI | BCH
Goodwill [Line Items]
Goodwill	1,026.0
Reporting unit, percentage of fair value in excess of carrying amount (less than)		6.60%
CHCI | UK AUS
Goodwill [Line Items]
Goodwill	53.1
Reporting unit, percentage of fair value in excess of carrying amount (less than)		18.30%
CHCA
Goodwill [Line Items]
Goodwill	1,847.4		$ 1,810.6	$ 1,814.3	$ 1,817.2
CHCA | Animal health
Goodwill [Line Items]
Goodwill	$ 178.9
Reporting unit, percentage of fair value in excess of carrying amount (less than)		23.60%

XML

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite And Indefinite Lived Assets By Major Class [Line Items]
Definite lived assets, gross	$ 4,661.7	$ 4,417.2	$ 3,705.3
Accumulated Amortization	1,371.2	1,020.4	732.2
Indefinite-lived intangible assets, gross	90.3	114.5	1,916.3
Total other intangible assets	4,752.0	4,531.7	5,621.6
Trademarks, trade names, and brands
Finite And Indefinite Lived Assets By Major Class [Line Items]
Indefinite-lived intangible assets, gross	52.1	50.5	1,868.1
In-process research and development
Finite And Indefinite Lived Assets By Major Class [Line Items]
Indefinite-lived intangible assets, gross	38.2	64.0	48.2
Distribution and license agreements, supply agreements
Finite And Indefinite Lived Assets By Major Class [Line Items]
Definite lived assets, gross	311.2	305.6	242.4
Accumulated Amortization	169.8	120.4	77.7
Developed product technology, formulations, and product rights
Finite And Indefinite Lived Assets By Major Class [Line Items]
Definite lived assets, gross	1,358.4	1,418.1	1,387.6
Accumulated Amortization	598.7	526.0	426.0
Customer relationships and distribution networks
Finite And Indefinite Lived Assets By Major Class [Line Items]
Definite lived assets, gross	1,642.0	1,489.9	1,520.7
Accumulated Amortization	460.6	307.5	193.0
Trademarks, trade names, and brands
Finite And Indefinite Lived Assets By Major Class [Line Items]
Definite lived assets, gross	1,335.4	1,189.3	539.4
Accumulated Amortization	129.5	55.3	22.8
Non-compete agreements
Finite And Indefinite Lived Assets By Major Class [Line Items]
Definite lived assets, gross	14.7	14.3	15.2
Accumulated Amortization	$ 12.6	$ 11.2	$ 12.7

XML

Goodwill and Other Intangible Assets - Intangible Assets Impairments (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended	12 Months Ended
	Jul. 01, 2017	Apr. 01, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, definite-lived intangible					$ 19.7	$ 665.6
Impairment of intangible assets, indefinite-lived		$ 12.2		$ 185.1	12.7	849.5
CHCA
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, definite-lived intangible					0.0
Impairment of intangible assets, indefinite-lived				0.0	0.0
CHCI
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, definite-lived intangible					0.0	321.4
Impairment of intangible assets, indefinite-lived			$ 30.5	185.1	1.1
RX
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, definite-lived intangible	$ 18.5				19.7	342.2
Impairment of intangible assets, indefinite-lived				0.0	11.6
Other
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, definite-lived intangible					0.0	2.0
Impairment of intangible assets, indefinite-lived				$ 0.0	0.0
In-process research and development
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, indefinite-lived					$ 12.7	3.5
In-process research and development | CHCA
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, indefinite-lived						0.0
In-process research and development | CHCI
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, indefinite-lived						3.5
In-process research and development | RX
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, indefinite-lived						0.0
In-process research and development | Other
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, indefinite-lived						0.0
Trademarks, trade names, and brands
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, indefinite-lived						849.5
Trademarks, trade names, and brands | CHCA
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, indefinite-lived						0.4
Trademarks, trade names, and brands | CHCI
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, indefinite-lived						849.1
Trademarks, trade names, and brands | RX
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, indefinite-lived						0.0
Trademarks, trade names, and brands | Other
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, indefinite-lived						$ 0.0

XML

Goodwill and Other Intangible Assets - Intangible Assets Narrative (Details) - USD ($) $ in Millions	3 Months Ended							6 Months Ended	9 Months Ended	12 Months Ended
	Jul. 01, 2017	Apr. 01, 2017	Dec. 31, 2016	Dec. 31, 2016	Oct. 01, 2016	Apr. 02, 2016	Dec. 31, 2015	Dec. 31, 2015	Oct. 01, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015	Sep. 30, 2016	Apr. 03, 2016
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets	$ 18.5			$ 378.6	$ 866.6	$ 273.3	$ 185.1					$ 0.0
Impairment of intangible assets, definite-lived intangible										$ 19.7	$ 665.6
Impairment of intangible assets, indefinite-lived		$ 12.2						$ 185.1		12.7	849.5
Amortization of intangible assets								128.6		349.6	356.8	$ 174.5
Indefinite-lived intangible assets													$ 674.4
Finite lived assets, useful life									20 years
RX
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, definite-lived intangible	$ 18.5									19.7	342.2
Impairment of intangible assets, indefinite-lived								0.0		11.6
CHCI
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, definite-lived intangible										0.0	321.4
Impairment of intangible assets, indefinite-lived			$ 30.5					$ 185.1		1.1
Omega | CHCI
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, definite-lived intangible					290.9
Impairment of intangible assets, indefinite-lived					$ 575.7	$ 273.4
Entocort® | RX
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, definite-lived intangible											342.2
In-process research and development
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, indefinite-lived										$ 12.7	3.5
In-process research and development | RX
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, indefinite-lived											0.0
In-process research and development | CHCI
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Impairment of intangible assets, indefinite-lived											$ 3.5
Nonrecurring
Schedule of Definite and Indefinite Intangible Asset [Line Items]
Indefinite-lived intangible assets														$ 364.5

XML

Goodwill and Other Intangible Assets - Intangible Asset Remaining Weighted-Average Useful Life (Details)	12 Months Ended
	Dec. 31, 2017
Distribution and license agreements, supply agreements
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted-Average Useful Life (Years)	7 years
Developed product technology, formulations, and product rights
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted-Average Useful Life (Years)	12 years
Customer relationships and distribution networks
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted-Average Useful Life (Years)	17 years
Trademarks, trade names, and brands
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted-Average Useful Life (Years)	20 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted-Average Useful Life (Years)	2 years

XML

Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Millions	Dec. 31, 2017 USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2018	$ 341.0
2019	316.4
2020	280.8
2021	251.8
2022	222.0
Thereafter	$ 1,878.5

XML

Accounts Receivable Factoring (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounts Receivable Factoring [Abstract]
Accounts receivable factored and excluded from balance sheet	$ 27.5	$ 50.7	$ 64.5

XML

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Finished goods	$ 454.3	$ 431.1	$ 537.2
Work in process	152.8	165.7	151.6
Raw materials	199.8	198.2	209.9
Total inventories	$ 806.9	$ 795.0	$ 898.7

XML

Fair Value Measurements - Financial Instruments at Fair Value (Details) - USD ($) $ in Millions		Dec. 31, 2017		Dec. 31, 2016		Oct. 02, 2016	Sep. 30, 2016	Apr. 03, 2016	Mar. 01, 2016	Dec. 31, 2015
Assets:
Royalty Pharma contingent milestone payments									$ 30.0
Financial assets		$ 0.0		$ 2,350.0						$ 5,310.0
Indefinite-lived intangible assets							$ 674.4
Liabilities:
Indefinite-lived intangible assets, gross		90.3		114.5						1,916.3
Definite lived assets, gross		4,661.7		4,417.2						3,705.3
Recurring | Level 1
Assets:
Investment securities		17.0		38.2						14.9
Recurring | Level 2
Assets:
Foreign currency forward contracts		6.3		3.8						4.8
Funds associated with Israeli severance liability		16.3		15.9						17.2
Total assets		22.6		19.7						22.0
Liabilities:
Interest rate swap agreements		0.0		0.0						0.3
Foreign currency forward contracts		3.8		5.0						3.9
Total liabilities		3.8		5.0						4.2
Recurring | Level 3
Assets:
Royalty Pharma contingent milestone payments		134.5		0.0						0.0
Financial assets		0.0		2,350.0						5,310.0
Total assets		134.5		2,350.0						5,310.0
Liabilities:
Contingent consideration		22.0		69.9						17.9
Nonrecurring
Assets:
Indefinite-lived intangible assets								$ 364.5
Liabilities:
Intangible assets, gross										1,200.0
Definite lived assets, gross		31.2		2,300.0
Nonrecurring | Level 3
Assets:
Goodwill	[1]	0.0		1,148.4						0.0
Indefinite-lived intangible assets		0.0	[2]	0.3	[2]	$ 674.2				1,031.8	[2]
Definite-lived intangible assets	[3]	11.5		758.0						0.0
Assets held for sale, net		0.0		18.2						37.5
Total assets		$ 11.5		1,924.9						$ 1,069.3
Liabilities:
Goodwill, gross				2,200.0
Indefinite-lived intangible assets, gross				$ 0.7

[1] As of December 31, 2016, goodwill with a carrying amount of $2.2 billion was written down to its implied fair value of $1.1 billion.

[2] As of December 31, 2016, indefinite-lived intangible assets with a carrying amount of $0.7 million were written down to a fair value of $0.3 million. As of December 31, 2015, indefinite-lived intangible assets with a carrying amount of $1.2 billion were written down to a fair value of $1.0 billion.

[3] As of December 31, 2017, definite-lived intangible assets with a carrying amount of $31.2 million were written down to a fair value of $11.5 million. As of December 31, 2016, definite-lived intangible assets with a carrying amount of $2.3 billion were written down to a fair value of $758.0 million. Included in this balance are indefinite-lived intangible assets with a fair value of $364.5 million and $674.2 million that were reclassified to definite-lived assets at April 3, 2016 and October 2, 2016, respectively.

XML

Fair Value Measurements - Additional Information (Details)			3 Months Ended																					5 Months Ended	6 Months Ended		12 Months Ended						44 Months Ended
		Mar. 27, 2017 USD ($)	Dec. 31, 2017 USD ($)		Sep. 30, 2017 USD ($)	[3]	Jul. 01, 2017 USD ($)	[4]	Apr. 01, 2017 USD ($)		Dec. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)		Oct. 01, 2016 USD ($)		Jul. 02, 2016 USD ($)	[8]	Apr. 02, 2016 USD ($)		Dec. 31, 2015 USD ($)		Sep. 26, 2015 USD ($)	[11]	Apr. 30, 2014	Dec. 31, 2015 USD ($)	Dec. 27, 2014 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) reporting_unit	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jun. 27, 2015 USD ($)	Dec. 31, 2017 USD ($)	Mar. 01, 2016 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percent of royalty revenues generated by specific agreement																								12.00%
Net sales	[1]																								$ 2,632,200,000				$ 4,946,200,000	$ 5,280,600,000		$ 4,227,100,000
Royalty stream discrete period																													20
Discount rate																															7.72%	7.83%
Discrete growth rate														2.00%						3.40%
Change in financial assets, gain (loss)			$ (700,000)	[2]	$ (2,600,000)		$ (38,700,000)		$ 17,100,000	[5]	$ (1,100,000,000)	$ (1,115,600,000)	[6]	$ (377,400,000)	[7]	$ (910,800,000)		$ (204,400,000)	[9]	$ (116,600,000)	[10]	$ 173,800,000			57,300,000	$ 46,900,000			$ (24,900,000)	(2,608,200,000)		$ 78,500,000
Discount rate on fair value asset, percent																															0.50%	0.50%
Fair value, assets, sensitivity analysis, effect of 0.5 percent increase in discount rate, decrease in fair value																				270,000,000					270,000,000						$ 270,000,000	$ 290,000,000
Fair value, assets, sensitivity analysis, effect of 0.5 percent decrease in discount rate, increase in fair value																				260,000,000					260,000,000						$ 260,000,000	$ 260,000,000
Discount Rate, royalty evaluation, percent																															5.00%	5.00%
Sensitivity analysis, effect of 5.0 percent increase in royalty rate, increase in fair value																				270,000,000					270,000,000						$ 270,000,000	$ 280,000,000
Sensitivity analysis, effect of 5.0 percent decrease in royalty rate, decrease in fair value																				280,000,000					280,000,000						280,000,000	280,000,000
Net proceeds from sale of business and other assets																									0				154,600,000	69,100,000		0
Gain (loss) on disposition of business									21,800,000
Royalty Pharma contingent milestone payments																																		$ 30,000,000
Guarantor maximum exposure			34,900,000																										34,900,000				$ 34,900,000
Gain (loss) on settlement of contingent consideration																													$ 17,400,000
Number of reporting units | reporting_unit																													6
Goodwill impairment charge												224,100,000		$ 737,900				130,500,000							0					1,092,500,000
Impairment of intangible assets, indefinite-lived									12,200,000																185,100,000				$ 12,700,000	849,500,000
Goodwill			4,175,400,000								4,049,400,000	4,049,400,000								5,152,700,000					5,152,700,000				4,175,400,000	4,049,400,000	5,152,700,000	4,721,200,000	4,175,400,000
Indefinite-lived intangible assets, gross			90,300,000								114,500,000	114,500,000								1,916,300,000					1,916,300,000				90,300,000	114,500,000	1,916,300,000		90,300,000
Impairment of intangible assets, definite-lived intangible																													19,700,000	665,600,000
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Royalty Pharma contingent milestone payments			134,500,000								0	0								0					0				134,500,000	0	0		134,500,000
Change in fair value																													42,000,000
Guarantee on certain obligations			13,800,000																										13,800,000				13,800,000
Specialty Sciences
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on disposition of business									$ 17,100,000
Goodwill impairment charge											199,600,000																			199,600,000
Goodwill			0								0	0								199,600,000					199,600,000				0	0	199,600,000	199,600,000	0
CHCI
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net sales																									833,000,000				1,491,000,000	1,652,200,000		704,600,000
Goodwill impairment charge																		$ 130,500,000												868,400,000
Impairment of intangible assets, indefinite-lived											30,500,000														185,100,000				1,100,000
Goodwill			$ 1,205,700,000								$ 1,070,800,000	$ 1,070,800,000								$ 1,983,200,000					1,983,200,000				1,205,700,000	1,070,800,000	$ 1,983,200,000	$ 1,530,200,000	1,205,700,000
Impairment of intangible assets, definite-lived intangible																													$ 0	$ 321,400,000
Royalty Pharma
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sale price of divestiture - cash plus non-cash		$ 2,850,000,000
Net proceeds from sale of business and other assets		2,200,000,000
Contingent proceeds from divestiture of business, milestone one, maximum		250,000,000
Contingent proceeds from divestiture of business, milestone two, maximum		$ 400,000,000
Expected volatility rate																													30.00%
Rate of return			8.07%
Royalty Pharma Contingent Milestone Payments [Member] | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Royalty Pharma contingent milestone payments			$ 134,500,000																										$ 134,500,000				$ 134,500,000
Goodwill | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate																													7.50%
Long-term growth rates																													2.00%
Goodwill | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate																													13.50%
Long-term growth rates																													3.00%
Tysabri | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percent of royalty revenues generated by specific agreement																																	18.00%
Net sales																																	$ 2,000,000,000
Tysabri | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percent of royalty revenues generated by specific agreement																																	25.00%
Net sales																																	$ 2,000,000,000
Lumara
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate																													13.50%
Discrete growth rate																													(4.10%)
Omega - Lifestyle
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate																														9.30%
Discrete growth rate																														2.50%
Long-term growth rates																														2.00%
Omega-XLS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate																														9.50%
Discrete growth rate																														3.20%
Entocort - Branded Products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate																														13.00%
Discrete growth rate																														(31.70%)
Long-term growth rates																														(10.00%)
Entocort - AG Products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate																														10.50%
Discrete growth rate																														(30.40%)
Long-term growth rates																														(4.70%)
Herron Trade Names and Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate																														10.80%
Discrete growth rate																														4.60%
Long-term growth rates																														2.50%
Forecast
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in financial assets, gain (loss)																											$ 345,200,000	$ 170,300,000
Royalty Pharma contingent milestone payments																											54,800,000	79,700,000
Assets, Fair Value Adjustment																											400,000,000	250,000,000
Net sales threshold for milestone payment																											$ 2,000,000,000	$ 1,900,000,000
Contingent consideration | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for new credit guarantees																									$ 0				$ 12,500,000	$ 0

[1] The net sales by geography is derived from the location of the entity that sells to a third party.

[2] (5) Includes unusual litigation charge reversal of $0.2 million.Year Ended December 31, 2016FirstQuarter (2) SecondQuarter (3) ThirdQuarter (4) FourthQuarter (5)Net sales$1,347.3 $1,340.5 $1,261.6 $1,331.2Gross profit$533.1 $546.5 $484.5 $487.7Change in financial assets$204.4 $910.8 $377.4 $1,115.6Net loss$(529.2) $(534.3) $(1,590.2) $(1,359.1)Loss per share(1): Basic$(3.70) $(3.73) $(11.10) $(9.48)Diluted$(3.70) $(3.73) $(11.10) $(9.48)Weighted average shares outstanding Basic143.2 143.2 143.3 143.4Diluted143.2 143.2 143.3 143.4

[3] Includes held-for-sale impairment charges of $3.3 million, and fixed asset impairment charges of $4.0 million.

[4] Includes intangible asset impairment charges of $18.5 million, changes in financial assets of $38.7 million, and loss on early debt extinguishment of $135.2 million.

[5] Includes IPR&D impairment charges of $12.2 million, gain on certain divestiture of $21.8 million, and restructuring charges of $38.7 million.

[6] Includes intangible asset impairment charges of $378.6 million, goodwill impairment charge of $224.1 million, and a reduction in held-for-sale impairment charges of $4.5 million.

[7] Includes intangible asset impairment charges of $866.6 million, goodwill impairment charge of $737.9 thousand, and held-for-sale impairment charges of $10.2 million.

[8] Includes held-for-sale impairment charges of $10.5 million and change in financial assets of $910.8 million.

[9] Includes an intangible asset impairment charges of $273.3 million, and a goodwill impairment charge of $130.5 million.

[10] Includes an intangible asset impairment charge of $185.1 million, Mylan defense-related fees of $71.3 million, an impairment charge on our India API held for sale assets of $29.0 million, restructuring charges of $24.7 million, and an investment impairment charge of $10.7 million.

[11] Includes Mylan defense-related fees of $15.6 million.

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Fair Value Measurements - Tysabri Financial Asset (Details) - Recurring - Level 3 - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value		$ (42.0)
Tysabri Financial Asset
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 5,420.0	2,350.0	$ 5,310.0	$ 5,680.0
Royalties earned	(167.3)	0.0	(351.8)	(338.5)
Change in fair value	57.3	0.0	(2,608.2)	78.5
Divestitures	0.0	(2,350.0)	0.0	0.0
Ending balance	$ 5,310.0	$ 0.0	$ 2,350.0	$ 5,420.0

XML

Fair Value Measurements - Level 3 Recurring Basis (Details) - Recurring - Level 3 - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 69.9	$ 17.9
Ending balance	$ 17.9	22.0	69.9
Contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0.0	69.9	17.9
Net realized losses	0.0	(19.5)	(2.1)
Purchases or additions	17.9	0.0	56.7
Divestitures	0.0	(12.5)	0.0
Currency translation adjustments	0.0	1.5	0.1
Settlements	0.0	(17.4)	(2.7)
Ending balance	$ 17.9	$ 22.0	$ 69.9

XML

Fair Value Measurements - Royalty Pharma Contingent Milestone Payments (Details) - Level 3 - Recurring - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value		$ (42.0)
Accounts Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 5,420.0	2,350.0	$ 5,310.0	$ 5,680.0
Royalties earned	(167.3)	0.0	(351.8)	(338.5)
Change in fair value	57.3	0.0	(2,608.2)	78.5
Ending balance	$ 5,310.0	0.0	2,350.0	$ 5,420.0
Royalty Pharma Contingent Milestone Payments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		0.0
Additions		184.5
Royalties earned		(8.0)
Ending balance		$ 134.5	$ 0.0

XML

Fair Value Measurements - Inputs (Details)	3 Months Ended		12 Months Ended
	Oct. 01, 2016	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 27, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discrete growth rate	2.00%	3.40%
Discount rate					7.72%	7.83%
Lumara
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discrete growth rate			(4.10%)
Discount rate			13.50%
Omega - Lifestyle
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discrete growth rate				2.50%
Long-term growth rates				2.00%
Discount rate				9.30%
Omega - XLS
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discrete growth rate				3.20%
Discount rate				9.50%
Fair Value Inputs, Royalty Rate				4.00%
Entocort® - Branded Products
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discrete growth rate				(31.70%)
Long-term growth rates				(10.00%)
Discount rate				13.00%
Entocort® - AG Products
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discrete growth rate				(30.40%)
Long-term growth rates				(4.70%)
Discount rate				10.50%
Trademarks, trade names, and brands
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discrete growth rate				4.60%
Long-term growth rates				2.50%
Discount rate				10.80%
Fair Value Inputs, Royalty Rate				11.00%

XML

Fair Value Measurements - Fair Value of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 27, 2015	Nov. 08, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Public bonds	$ 2,906.0	$ 5,373.1		$ 4,698.3	$ 2,300.0
Public bonds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Public bonds	2,700.0	4,600.0	$ 3,800.0
Retail bonds and private placement note | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value (excluding premium)	300.0	800.0	800.0
Fair value	300.0	800.0	900.0
Premium	0.0	0.0	100.0
Reported Value Measurement | Public bonds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Public bonds	$ 2,600.0	$ 4,600.0	$ 3,900.0

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Investments - Available for Sale Securities (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Net unrealized investment gains (losses):
Equity securities, at cost less impairments	$ 6.4	$ 6.4	$ 15.5	$ 16.5
Gross unrealized gains	9.3	9.3	1.5	21.7
Gross unrealized losses	(0.8)	(0.8)	0.0	0.0
Estimated fair value of equity securities	14.9	14.9	17.0	38.2
Other than temporary impairment losses, investments, portion recognized in earnings, net, available-for-sale securities	$ 10.7	$ 10.7		1.8
Available-for-sale securities, gross unrealized gain			$ 1.6	$ 1.0

XML

Investments - Cost and Equity Method Investments (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Schedule of Equity Method Investments [Line Items]
Cost-method investments, other than temporary impairment		$ 1.0
Net gain (loss) from equity method investment	$ 5.4	0.3	$ (4.1)	$ 11.6
Transfer from investments			15.5
Unrealized gain (loss) on investments			8.7
Equity method investment other than temporary impairment			22.3
Other noncurrent assets
Schedule of Equity Method Investments [Line Items]
Cost method Investments	6.9	6.3	6.9
Equity method investments	$ 45.5	$ 4.9	$ 4.6

XML

Derivative Instruments and Hedging Activities - Additional Information (Details)			3 Months Ended			6 Months Ended	12 Months Ended
	Jun. 15, 2017 USD ($)	Dec. 02, 2014 USD ($)	Jul. 01, 2017 USD ($)	Apr. 02, 2016 USD ($)	Dec. 27, 2014 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jun. 27, 2015 USD ($)	Mar. 30, 2015 EUR (€)	Mar. 30, 2015 USD ($)	Nov. 14, 2014 EUR (€)	Nov. 08, 2013	Sep. 06, 2013 USD ($)
Derivatives, Fair Value [Line Items]
Repayments of debt							$ 2,611,000,000
Amount of loss recognized in income		$ 5,800,000	$ 5,900,000	$ 7,000,000
Proceeds from issuance of debt		1,600,000,000		$ 1,200,000,000
Loans payable									$ 300,000,000					$ 1,000,000,000
Derivative, loss on derivative						$ 0	0	$ 0	326,400,000
Gain (loss) on cash flow hedge ineffectiveness									1,100,000
Gain (loss) on cash flow hedges to be reclassified during next 12 months							5,500,000
Other expense, net
Derivatives, Fair Value [Line Items]
Derivative, loss on derivative									$ 3,600,000
Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Derivative, notional amount						$ 755,500,000	$ 592,300,000	$ 533,500,000
Maximum remaining maturity of foreign currency derivatives						18 months	18 months	18 months
Designated derivatives | Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Amount of loss recognized in income					$ 26,400,000				$ 1,900,000
Designated derivatives | Interest rate swap agreements
Derivatives, Fair Value [Line Items]
Derivative, notional amount		$ 750,000,000				$ 200,000,000			240,000,000
Non-designated derivatives
Derivatives, Fair Value [Line Items]
Amount of loss recognized in income						$ 8,700,000	$ (7,300,000)	$ 4,600,000	325,200,000
Non-designated derivatives | Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Derivative, notional amount | €												€ 2,000,000,000
Omega | Designated derivatives | Interest rate swap agreements
Derivatives, Fair Value [Line Items]
Derivative, notional amount											$ 20,000,000
Perrigo Co PLC | Non-designated derivatives | Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Amount of loss recognized in income									$ 298,100,000
Omega | Designated derivatives | Interest rate swap agreements
Derivatives, Fair Value [Line Items]
Derivative, notional amount										€ 135,000,000	147,015,000.000
Credit facility indebtedness | Omega
Derivatives, Fair Value [Line Items]
Business combination, current liabilities, long-term debt										€ 500,000,000	$ 544,500,000
4.00% Unsecured Senior Notes due November 15, 2023
Derivatives, Fair Value [Line Items]
Repayments of debt	$ 584,400,000		584,400,000
Interest rate, stated percentage							4.00%						4.00%
5.30% Unsecured Senior Notes due November 15, 2043
Derivatives, Fair Value [Line Items]
Repayments of debt	$ 309,500,000		$ 309,500,000
Interest rate, stated percentage							5.30%						5.30%
6.19% Senior Note | Omega
Derivatives, Fair Value [Line Items]
Interest rate, stated percentage										6.19%	6.19%
Business combination, current liabilities, long-term debt											$ 20,000,000.0

XML

Derivative Instruments and Hedging Activities - Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Designated derivatives
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 1.4	$ 3.0	$ 2.3
Foreign currency forward contracts | Designated derivatives | Other current assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	4.1	3.1	3.8
Foreign currency forward contracts | Designated derivatives | Accrued liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	1.4	3.0	2.0
Foreign currency forward contracts | Non-designated derivatives | Other current assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	2.2	0.7	1.0
Foreign currency forward contracts | Non-designated derivatives | Accrued liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	2.4	2.0	1.9
Interest rate swap agreements | Designated derivatives | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 0.0	$ 0.0	$ 0.3

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Derivative Instruments and Hedging Activities - Gains (Losses) Recorded In OCI For the Effective Portion of Our Designated Cash Flow Hedges (Details) - Designated derivatives - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recorded in OCI (Effective Portion)	$ 1.4	$ 9.4	$ (6.9)	$ (20.5)
Treasury locks
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recorded in OCI (Effective Portion)	0.0	0.0	0.0	(2.7)
Interest rate swap agreements
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recorded in OCI (Effective Portion)	(0.3)	0.0	(9.0)	(10.1)
Foreign currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recorded in OCI (Effective Portion)	$ 1.7	$ 9.4	$ 2.1	$ (7.7)

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Derivative Instruments and Hedging Activities - Amount of Gain (Loss) Reclassified from AOCI into Earnings (Effective Portion) (Details) - Designated derivatives - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion)	$ (1.1)	$ (5.2)	$ 0.7	$ (23.2)
Treasury locks | Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion)	0.0	(0.1)	(0.1)	(0.1)
Interest rate swap agreements | Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion)	(0.8)	(2.1)	(2.3)	(16.4)
Interest rate swap agreements | Other expense (Income), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion)	0.0	(6.0)	0.0	0.0
Foreign currency forward contracts | Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion)	(0.4)	(2.6)	(1.6)	0.0
Foreign currency forward contracts | Other expense (Income), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion)	1.1	(1.5)	0.4	(4.4)
Foreign currency forward contracts | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion)	(1.8)	1.5	1.3	1.9
Foreign currency forward contracts | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion)	$ 0.8	$ 5.6	$ 3.0	$ (4.2)

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Derivative Instruments and Hedging Activities - Amount of Gain/(Loss) Recognized against Earnings (Ineffective Portion) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized against Earnings (Ineffective Portion)	$ 0.1	$ 1.3	$ 0.3	$ (1.0)
Treasury locks | Other expense (Income), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized against Earnings (Ineffective Portion)	0.0	0.0	0.0	(0.4)
Interest rate swap agreements | Other expense (Income), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized against Earnings (Ineffective Portion)	0.0	0.0	(0.1)	(0.7)
Foreign currency forward contracts | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized against Earnings (Ineffective Portion)	(0.1)	0.2	(0.1)	(0.1)
Foreign currency forward contracts | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized against Earnings (Ineffective Portion)	0.2	0.1	(0.1)	0.2
Foreign currency forward contracts | Other expense (Income), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized against Earnings (Ineffective Portion)	$ 0.0	$ 1.0	$ 0.6	$ 0.0

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Derivative Instruments and Hedging Activities - Non-Designated Derivatives (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended	12 Months Ended
	Dec. 02, 2014	Jul. 01, 2017	Apr. 02, 2016	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Income	$ (5.8)	$ (5.9)	$ (7.0)
Non-designated derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Income				$ (8.7)	$ 7.3	$ (4.6)	$ (325.2)
Foreign currency forward contracts | Other expense (Income), net | Non-designated derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Income				(8.0)	12.6	(2.4)	(295.4)
Foreign currency forward contracts | Interest expense, net | Non-designated derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Income				(0.7)	(5.3)	(2.2)	(3.4)
Foreign exchange option | Other expense (Income), net | Non-designated derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Income				$ 0.0	$ 0.0	$ 0.0	$ (26.4)

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Assets Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended					12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016	Oct. 01, 2016	Jul. 02, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge	$ 3.3	$ 4.5	$ 10.2	$ 10.5
Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge						$ 35.3
Held for sale | CHCA
Assets held for sale
Current assets		0.0				0.0
Goodwill		0.0				0.0
Property, plant and equipment		13.5				13.5
Other assets		0.0				0.0
Less: impairment reserves		(3.7)				(3.7)
Total assets held for sale		9.8				9.8
Liabilities held for sale
Current liabilities		0.1				0.1
Other liabilities		0.0				0.0
Total liabilities held for sale		0.1				0.1
Held for sale | Other
Assets held for sale
Current assets		5.1				5.1
Goodwill		5.5				5.5
Property, plant and equipment		33.2				33.2
Other assets		3.8				3.8
Less: impairment reserves		(35.3)				(35.3)
Total assets held for sale		12.3				12.3
Liabilities held for sale
Current liabilities		1.9				1.9
Other liabilities		1.9				1.9
Total liabilities held for sale		$ 3.8				3.8
Held for sale | API
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge					$ 29.0
Held for sale | API | Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge						6.3	$ 29.0
Held for sale | Animal Health pet treats | CHCA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge						$ 3.7

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Indebtedness - Borrowings Outstanding (Details) - USD ($)									3 Months Ended	12 Months Ended
		Dec. 31, 2017	Sep. 30, 2017	Jul. 01, 2017	Jun. 15, 2017	May 08, 2017	Apr. 01, 2017	Dec. 02, 2014	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Sep. 26, 2016	Mar. 07, 2016	Dec. 31, 2015	Jun. 27, 2015	Nov. 08, 2013	Sep. 06, 2013
Debt Instrument [Line Items]
Revolving credit agreements		$ 0							$ 0	$ 0	$ 0				$ 680,000,000
Term loans															300,000,000		$ 1,000,000,000
Senior notes		2,906,000,000							2,906,000,000	2,906,000,000	5,373,100,000				4,698,300,000	$ 2,300,000,000
Other financing		11,700,000							11,700,000	11,700,000	3,600,000				128,200,000
Unamortized premium (discount), net		21,400,000							21,400,000	21,400,000	33,000,000				73,400,000
Deferred financing fees		(17,900,000)							(17,900,000)	(17,900,000)	(33,100,000)				(36,600,000)
Total borrowings outstanding		3,341,200,000							3,341,200,000	3,341,200,000	5,797,300,000				6,032,100,000
Current indebtedness		(70,400,000)							(70,400,000)	(70,400,000)	(572,800,000)				(1,060,500,000)
Total long-term debt, less current portion		3,270,800,000							3,270,800,000	3,270,800,000	5,224,500,000			$ 4,971,600,000	4,971,600,000
2015 Revolver
Debt Instrument [Line Items]
Revolving credit agreements		0							0	0	0				380,000,000
2014 Revolver
Debt Instrument [Line Items]
Revolving credit agreements		$ 0							$ 0	0	0				300,000,000
2014 Euro-Denominated Term Loan due December 5, 2019
Debt Instrument [Line Items]
Debt instrument, date of repayment		Dec. 31, 2017	Sep. 30, 2017	Jul. 01, 2017			Apr. 01, 2017		Dec. 31, 2017
Term loans	[1]	$ 420,000,000							$ 420,000,000	$ 420,000,000	420,700,000				488,800,000
1.30% Unsecured Senior Notes due November 8, 2016
Debt Instrument [Line Items]
Interest rate, stated percentage		1.30%							1.30%	1.30%		1.30%				1.30%
Maturity date										Nov. 08, 2016
Senior notes	[2]	$ 0							$ 0	$ 0	0				500,000,000
4.500% Unsecured Senior Notes due May 23, 2017
Debt Instrument [Line Items]
Interest rate, stated percentage		4.50%							4.50%	4.50%
Maturity date										May 23, 2017
Senior notes	[1],[3]	$ 0							$ 0	$ 0	189,300,000				195,500,000
5.125% Unsecured Senior Notes due December 12, 2017
Debt Instrument [Line Items]
Interest rate, stated percentage		5.125%							5.125%	5.125%
Maturity date										Dec. 12, 2017
Senior notes	[1],[3]	$ 0							$ 0	$ 0	315,600,000				325,800,000
2.30% Unsecured Senior notes November 8, 2018
Debt Instrument [Line Items]
Debt instrument, date of repayment						May 08, 2017
Interest rate, stated percentage		2.30%							2.30%	2.30%						2.30%
Maturity date										Nov. 08, 2018
Senior notes	[2]	$ 0							$ 0	$ 0	600,000,000				600,000,000
5.000% Unsecured Senior notes due May 23, 2019
Debt Instrument [Line Items]
Interest rate, stated percentage		5.00%							5.00%	5.00%
Maturity date										May 23, 2019
Senior notes	[1],[3]	$ 144,000,000							$ 144,000,000	$ 144,000,000	126,200,000				130,300,000
3.500% Unsecured Senior notes due March 15, 2021
Debt Instrument [Line Items]
Debt instrument, date of repayment					Jun. 15, 2017
Interest rate, stated percentage		3.50%							3.50%	3.50%			3.50%
Maturity date										Mar. 15, 2021
Senior notes	[4]	$ 280,400,000							$ 280,400,000	$ 280,400,000	500,000,000				0
3.5% Senior note due 2021
Debt Instrument [Line Items]
Debt instrument, date of repayment					Jun. 15, 2017
Interest rate, stated percentage		3.50%						3.50%	3.50%	3.50%
Maturity date								Jan. 01, 2021		Dec. 15, 2021
Senior notes	[5]	$ 309,600,000							$ 309,600,000	$ 309,600,000	500,000,000				500,000,000
5.105% Senior note due July 19, 2023
Debt Instrument [Line Items]
Interest rate, stated percentage		5.1045%							5.1045%	5.1045%
Maturity date										Jul. 19, 2023
Senior notes	[1],[3]	$ 162,000,000							$ 162,000,000	$ 162,000,000	142,000,000				146,700,000
4.00% Unsecured Senior Notes due November 15, 2023
Debt Instrument [Line Items]
Debt instrument, date of repayment					Jun. 15, 2017
Interest rate, stated percentage		4.00%							4.00%	4.00%						4.00%
Maturity date										Nov. 15, 2023
Senior notes	[2]	$ 215,600,000							$ 215,600,000	$ 215,600,000	800,000,000				800,000,000
3.9% senior note due 2024
Debt Instrument [Line Items]
Interest rate, stated percentage		3.90%						3.90%	3.90%	3.90%
Maturity date								Jan. 01, 2024		Dec. 15, 2024
Senior notes	[5]	$ 700,000,000							$ 700,000,000	$ 700,000,000	700,000,000				700,000,000
4.375% senior note due March 15, 2026
Debt Instrument [Line Items]
Interest rate, stated percentage		4.375%							4.375%	4.375%			4.375%
Maturity date										Mar. 15, 2026
Senior notes	[4]	$ 700,000,000							$ 700,000,000	$ 700,000,000	700,000,000				0
5.30% Unsecured Senior Notes due November 15, 2043
Debt Instrument [Line Items]
Debt instrument, date of repayment					Jun. 15, 2017
Interest rate, stated percentage		5.30%							5.30%	5.30%						5.30%
Maturity date										Nov. 15, 2043
Senior notes	[2]	$ 90,500,000							$ 90,500,000	$ 90,500,000	400,000,000				400,000,000
4.9% Senior Loan due 2044
Debt Instrument [Line Items]
Debt instrument, date of repayment					Jun. 15, 2017
Interest rate, stated percentage		4.90%						4.90%	4.90%	4.90%
Maturity date								Jan. 01, 2044		Dec. 15, 2044
Senior notes	[5]	$ 303,900,000							$ 303,900,000	$ 303,900,000	$ 400,000,000				$ 400,000,000

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

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

[3] Debt assumed from Omega.

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

[5] Discussed below collectively as the "2014 Notes."

XML

Indebtedness - Additional Information (Details)																				3 Months Ended		6 Months Ended		12 Months Ended
		Dec. 31, 2017 USD ($)	Dec. 12, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jul. 01, 2017 USD ($)	Jun. 15, 2017 USD ($)	May 23, 2017 USD ($)	May 08, 2017 USD ($)	Apr. 01, 2017 USD ($)	Sep. 26, 2016 USD ($)	Mar. 15, 2016 USD ($)	Mar. 07, 2016 USD ($)	Dec. 09, 2015 USD ($)	Apr. 08, 2015 EUR (€)	Apr. 08, 2015 USD ($)	Mar. 30, 2015 EUR (€)	Mar. 30, 2015 USD ($)	Dec. 05, 2014 USD ($)	Dec. 02, 2014 USD ($)	Dec. 31, 2017 USD ($)	Jul. 01, 2017 USD ($)	Dec. 31, 2015 USD ($)	Dec. 27, 2014 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jun. 27, 2015 USD ($)	Mar. 30, 2015 USD ($)	Dec. 05, 2014 EUR (€)	Dec. 05, 2014 USD ($)	Nov. 08, 2013 USD ($)	Sep. 06, 2013 USD ($)
Debt Instrument [Line Items]
Debt instrument, issuance date												Mar. 07, 2016	Dec. 09, 2015					Dec. 05, 2014
Repayments of debt																								$ 2,611,000,000
Revolving credit agreements		$ 0																		$ 0				0	$ 0	$ 680,000,000
Extinguishment of debt										$ 500,000,000								$ 895,000,000
Loans payable																										300,000,000					$ 1,000,000,000
Loss on extinguishment of debt																					$ 135,200,000	$ 900,000	$ 9,600,000	135,200,000	1,100,000	10,500,000
Senior notes		2,906,000,000																		2,906,000,000				2,906,000,000	5,373,100,000	4,698,300,000				$ 2,300,000,000
Line of credit facility, fair value of amount outstanding		6,900,000																		6,900,000		$ 82,900,000		6,900,000	0
2015 Revolver
Debt Instrument [Line Items]
Debt instrument, face amount													$ 750,000,000
Repayments of debt											$ 750,000,000
Revolving credit agreements		0																		0				0	0	380,000,000
2014 Revolver
Debt Instrument [Line Items]
Debt instrument, face amount																													$ 600,000,000
Repayments of debt											$ 435,000,000
Revolving credit agreements		$ 0																		$ 0				0	0	300,000,000
Line of credit facility, maximum borrowing capacity																											$ 1,000,000,000
2014 Euro-Denominated Term Loan due December 5, 2019
Debt Instrument [Line Items]
Debt instrument, date of repayment		Dec. 31, 2017		Sep. 30, 2017	Jul. 01, 2017				Apr. 01, 2017											Dec. 31, 2017
Debt instrument, face amount																												€ 500,000,000	614,300,000
Repayments of debt		$ 15,000,000		$ 14,800,000	$ 14,300,000				$ 13,300,000
Loans payable	[1]	$ 420,000,000																		$ 420,000,000				$ 420,000,000	420,700,000	488,800,000
Debt instrument, description																								2014 term loan due December 5, 2019
Debt instrument, transaction type					Scheduled quarterly payment				Scheduled quarterly payment
5.125% Senior note due 2017
Debt Instrument [Line Items]
Debt instrument, date of repayment			Dec. 12, 2017
Repayments of debt			$ 352,300,000
Debt instrument, description			€300.0 5.125% senior notes due 2017
Debt instrument, transaction type			Scheduled maturity
2014 Euro-Denominated Term Loan due December 5, 2019 additional draw
Debt Instrument [Line Items]
Debt instrument, face amount																												€ 300,000,000	$ 368,600,000
3.500% Unsecured Senior notes due March 15, 2021
Debt Instrument [Line Items]
Debt instrument, date of repayment						Jun. 15, 2017
Debt instrument, face amount												$ 500,000,000.0
Repayments of debt						$ 219,600,000
Interest rate, stated percentage		3.50%										3.50%								3.50%				3.50%
Senior notes	[2]	$ 280,400,000																		$ 280,400,000				$ 280,400,000	500,000,000	0
Maturity date																								Mar. 15, 2021
Debt instrument, description						$500.0 3.500% senior notes due 2021
Debt instrument, transaction type						Tender offer
4.375% senior note due March 15, 2026
Debt Instrument [Line Items]
Debt instrument, face amount												$ 700,000,000.0
Interest rate, stated percentage		4.375%										4.375%								4.375%				4.375%
Senior notes	[2]	$ 700,000,000																		$ 700,000,000				$ 700,000,000	700,000,000	0
Maturity date																								Mar. 15, 2026
Debt securities
Debt Instrument [Line Items]
Senior notes												$ 1,200,000,000
4.5% Retail Bond
Debt Instrument [Line Items]
Debt instrument, date of repayment							May 23, 2017
Repayments of debt							$ 201,300,000
Debt instrument, description							€180.0 4.500% retail bonds due 2017
Debt instrument, transaction type							Scheduled maturity
3.5% Senior note due 2021
Debt Instrument [Line Items]
Debt instrument, date of repayment						Jun. 15, 2017
Debt instrument, issuance date																			Dec. 02, 2014
Debt instrument, face amount																			$ 500,000,000
Repayments of debt						$ 190,400,000
Interest rate, stated percentage		3.50%																	3.50%	3.50%				3.50%
Senior notes	[3]	$ 309,600,000																		$ 309,600,000				$ 309,600,000	500,000,000	500,000,000
Maturity date																			Jan. 01, 2021					Dec. 15, 2021
Debt instrument, description						$500.0 3.500% senior notes due 2021
Debt instrument, transaction type						Tender offer
3.9% senior note due 2024
Debt Instrument [Line Items]
Debt instrument, face amount																			$ 700,000,000
Interest rate, stated percentage		3.90%																	3.90%	3.90%				3.90%
Senior notes	[3]	$ 700,000,000																		$ 700,000,000				$ 700,000,000	700,000,000	700,000,000
Maturity date																			Jan. 01, 2024					Dec. 15, 2024
4.9% Senior Loan due 2044
Debt Instrument [Line Items]
Debt instrument, date of repayment						Jun. 15, 2017
Debt instrument, face amount																			$ 400,000,000
Repayments of debt						$ 96,100,000
Interest rate, stated percentage		4.90%																	4.90%	4.90%				4.90%
Senior notes	[3]	$ 303,900,000																		$ 303,900,000				$ 303,900,000	400,000,000	400,000,000
Maturity date																			Jan. 01, 2044					Dec. 15, 2044
Debt instrument, description						$400.0 4.900% senior notes due 2044
Debt instrument, transaction type						Tender offer
2014 bonds [Member]
Debt Instrument [Line Items]
Senior notes																			$ 1,600,000,000
1.30% Unsecured Senior Notes due November 8, 2016
Debt Instrument [Line Items]
Debt instrument, face amount																														$ 500,000,000.000
Interest rate, stated percentage		1.30%								1.30%										1.30%				1.30%						1.30%
Senior notes	[4]	$ 0																		$ 0				$ 0	0	500,000,000
Maturity date																								Nov. 08, 2016
2.30% Unsecured Senior notes November 8, 2018
Debt Instrument [Line Items]
Debt instrument, date of repayment								May 08, 2017
Debt instrument, face amount																														$ 600,000,000.000
Repayments of debt								$ 600,000,000
Interest rate, stated percentage		2.30%																		2.30%				2.30%						2.30%
Senior notes	[4]	$ 0																		$ 0				$ 0	600,000,000	600,000,000
Maturity date																								Nov. 08, 2018
Debt instrument, description								$600.0 2.300% senior notes due 2018
Debt instrument, transaction type								Early redemption
4.00% Unsecured Senior Notes due November 15, 2023
Debt Instrument [Line Items]
Debt instrument, date of repayment						Jun. 15, 2017
Debt instrument, face amount																														$ 800,000,000.000
Repayments of debt						$ 584,400,000															584,400,000
Interest rate, stated percentage		4.00%																		4.00%				4.00%						4.00%
Senior notes	[4]	$ 215,600,000																		$ 215,600,000				$ 215,600,000	800,000,000	800,000,000
Maturity date																								Nov. 15, 2023
Debt instrument, description						$800.0 4.000% senior notes due 2023
Debt instrument, transaction type						Tender offer
5.30% Unsecured Senior Notes due November 15, 2043
Debt Instrument [Line Items]
Debt instrument, date of repayment						Jun. 15, 2017
Debt instrument, face amount																														$ 400,000,000.000
Repayments of debt						$ 309,500,000															$ 309,500,000
Interest rate, stated percentage		5.30%																		5.30%				5.30%						5.30%
Senior notes	[4]	$ 90,500,000																		$ 90,500,000				$ 90,500,000	$ 400,000,000	$ 400,000,000
Maturity date																								Nov. 15, 2043
Debt instrument, description						$400.0 5.300% senior notes due 2043
Debt instrument, transaction type						Tender offer
2013 Term Loan due December 18, 2018
Debt Instrument [Line Items]
Loans payable																															700,000,000.000
2013 Term Loan due December 18, 2015
Debt Instrument [Line Items]
Loans payable																															$ 300,000,000.000
Omega
Debt Instrument [Line Items]
Extinguishment of debt														€ 500,000,000	$ 539,100,000
Long-term debt																											1,471,000,000
Omega | 6.19% Senior Note
Debt Instrument [Line Items]
Business combination, current liabilities, long-term debt																											$ 20,000,000.0
Interest rate, stated percentage																6.19%											6.19%
Maturity date																Jan. 01, 2016	Jan. 01, 2016
Omega | 5.1045% Senior Note
Debt Instrument [Line Items]
Interest rate, stated percentage																5.1045%											5.1045%
Maturity date																Jan. 01, 2023	Jan. 01, 2023
Long-term debt																€ 135,000,000.0											$ 147,000,000
Omega | 5.125% Retail Bond
Debt Instrument [Line Items]
Business combination, current liabilities, long-term debt																€ 300,000,000											$ 326,700,000
Interest rate, stated percentage																5.125%											5.125%
Maturity date																Jan. 01, 2017	Jan. 01, 2017
Omega | 4.5% Retail Bond
Debt Instrument [Line Items]
Business combination, current liabilities, long-term debt																€ 180,000,000											$ 196,000,000
Interest rate, stated percentage																4.50%											4.50%
Maturity date																Jan. 01, 2017	Jan. 01, 2017
Omega | 5.0% Retail Bond [Member]
Debt Instrument [Line Items]
Business combination, current liabilities, long-term debt																€ 120,000,000											$ 130,700,000
Interest rate, stated percentage																5.00%											5.00%
Maturity date																Jan. 01, 2019	Jan. 01, 2019
Omega | Credit facility indebtedness
Debt Instrument [Line Items]
Business combination, current liabilities, long-term debt																€ 500,000,000											$ 544,500,000
Omega | Over Draft
Debt Instrument [Line Items]
Business combination, current liabilities, long-term debt																51,400,000											$ 56,000,000
Omega
Debt Instrument [Line Items]
Amount debt exceeded par value																€ 93,600,000	$ 101,900,000

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

[2] Discussed below collectively as the "2016 Notes."

[3] Discussed below collectively as the "2014 Notes."

[4] Discussed below collectively as the "2013 Notes."

XML

Indebtedness - Debt Repayment and Related Extinguishment (Details)									3 Months Ended		12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 12, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jul. 01, 2017 USD ($)	Jun. 15, 2017 USD ($)	May 23, 2017 USD ($)	May 08, 2017 USD ($)	Apr. 01, 2017 USD ($)	Dec. 31, 2017 EUR (€)	Jul. 01, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Mar. 07, 2016 USD ($)	Dec. 05, 2014 EUR (€)	Dec. 05, 2014 USD ($)	Dec. 02, 2014 USD ($)	Nov. 08, 2013 USD ($)
Debt Instrument [Line Items]
Repayments of debt											$ 2,611,000,000
2014 Euro-Denominated Term Loan due December 5, 2019
Debt Instrument [Line Items]
Debt instrument, date of repayment	Dec. 31, 2017		Sep. 30, 2017	Jul. 01, 2017				Apr. 01, 2017	Dec. 31, 2017
Debt instrument, face amount														€ 500,000,000	$ 614,300,000
Debt instrument, description											2014 term loan due December 5, 2019
Debt instrument, transaction type				Scheduled quarterly payment				Scheduled quarterly payment
Repayments of debt	$ 15,000,000		$ 14,800,000	$ 14,300,000				$ 13,300,000
2.30% Unsecured Senior notes November 8, 2018
Debt Instrument [Line Items]
Debt instrument, date of repayment							May 08, 2017
Debt instrument, face amount																	$ 600,000,000.000
Interest rate, stated percentage									2.30%			2.30%					2.30%
Debt instrument, description							$600.0 2.300% senior notes due 2018
Debt instrument, transaction type							Early redemption
Repayments of debt							$ 600,000,000
4.5% Retail Bond
Debt Instrument [Line Items]
Debt instrument, date of repayment						May 23, 2017
Debt instrument, description						€180.0 4.500% retail bonds due 2017
Debt instrument, transaction type						Scheduled maturity
Repayments of debt						$ 201,300,000
3.5% Senior note due 2021
Debt Instrument [Line Items]
Debt instrument, date of repayment					Jun. 15, 2017
Debt instrument, face amount																$ 500,000,000
Interest rate, stated percentage									3.50%			3.50%				3.50%
Debt instrument, description					$500.0 3.500% senior notes due 2021
Debt instrument, transaction type					Tender offer
Repayments of debt					$ 190,400,000
3.500% Unsecured Senior notes due March 15, 2021
Debt Instrument [Line Items]
Debt instrument, date of repayment					Jun. 15, 2017
Debt instrument, face amount													$ 500,000,000.0
Interest rate, stated percentage									3.50%			3.50%	3.50%
Debt instrument, description					$500.0 3.500% senior notes due 2021
Debt instrument, transaction type					Tender offer
Repayments of debt					$ 219,600,000
4.00% Unsecured Senior Notes due November 15, 2023
Debt Instrument [Line Items]
Debt instrument, date of repayment					Jun. 15, 2017
Debt instrument, face amount																	$ 800,000,000.000
Interest rate, stated percentage									4.00%			4.00%					4.00%
Debt instrument, description					$800.0 4.000% senior notes due 2023
Debt instrument, transaction type					Tender offer
Repayments of debt					$ 584,400,000					$ 584,400,000
5.30% Unsecured Senior Notes due November 15, 2043
Debt Instrument [Line Items]
Debt instrument, date of repayment					Jun. 15, 2017
Debt instrument, face amount																	$ 400,000,000.000
Interest rate, stated percentage									5.30%			5.30%					5.30%
Debt instrument, description					$400.0 5.300% senior notes due 2043
Debt instrument, transaction type					Tender offer
Repayments of debt					$ 309,500,000					$ 309,500,000
4.9% Senior Loan due 2044
Debt Instrument [Line Items]
Debt instrument, date of repayment					Jun. 15, 2017
Debt instrument, face amount																$ 400,000,000
Interest rate, stated percentage									4.90%			4.90%				4.90%
Debt instrument, description					$400.0 4.900% senior notes due 2044
Debt instrument, transaction type					Tender offer
Repayments of debt					$ 96,100,000
5.125% Senior note due 2017
Debt Instrument [Line Items]
Debt instrument, date of repayment		Dec. 12, 2017
Debt instrument, description		€300.0 5.125% senior notes due 2017
Debt instrument, transaction type		Scheduled maturity
Repayments of debt		$ 352,300,000
Senior Notes [Member] | Senior Notes due 2018 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount												$ 600,000,000
Interest rate, stated percentage									2.30%			2.30%
Senior Notes [Member] | Senior Note 1 due 2021 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount												$ 500,000,000
Interest rate, stated percentage									3.50%			3.50%
Senior Notes [Member] | Senior Note 2 due 2021 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount												$ 500,000,000
Interest rate, stated percentage									3.50%			3.50%
Senior Notes [Member] | Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount												$ 800,000,000
Interest rate, stated percentage									4.00%			4.00%
Senior Notes [Member] | Senior Notes due 2043 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount												$ 400,000,000
Interest rate, stated percentage									5.30%			5.30%
Senior Notes [Member] | Senior Notes due 2044 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount												$ 400,000,000
Interest rate, stated percentage									4.90%			4.90%
Senior Notes [Member] | Senior Notes due 2017 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount | €									€ 300,000,000
Interest rate, stated percentage									5.125%			5.125%
Bonds [Member] | Retail Bonds due 2017 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount | €									€ 180,000,000
Interest rate, stated percentage									4.50%			4.50%

XML

Indebtedness - Debt Extinguishment (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Jul. 01, 2017	Dec. 31, 2015	Dec. 27, 2014	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Gains (Losses) on Extinguishment of Debt [Abstract]
Premium on debt repayment	$ 116.1
Transaction costs	3.8
Write-off of deferred financing fees	10.6
Write-off of unamortized discount	4.7
Total loss on extinguishment of debt	$ 135.2	$ 0.9	$ 9.6	$ 135.2	$ 1.1	$ 10.5

XML

Indebtedness - Future Maturities (Details) $ in Millions	Dec. 31, 2017 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2018	$ 70.4
2019	504.7
2020	0.7
2021	590.0
2022	0.0
Thereafter	$ 2,171.9

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Earnings (Loss) Per Share And Shareholder's Equity - Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended																				6 Months Ended		12 Months Ended
		Dec. 31, 2017	[1]	Sep. 30, 2017	[2]	Jul. 01, 2017	[3]	Apr. 01, 2017	[4]	Dec. 31, 2016	[5]	Oct. 01, 2016	[6]	Jul. 02, 2016	[7]	Apr. 02, 2016	[8]	Dec. 31, 2015	[9]	Sep. 26, 2015	[10]	Dec. 31, 2015	Dec. 27, 2014	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Numerator:
Net income (loss)		$ 73.1		$ 44.5		$ (69.6)		$ 71.6		$ (1,359.1)		$ (1,590.2)		$ (534.3)		$ (529.2)		$ (218.4)		$ 260.9		$ 42.5	$ 180.6	$ 119.6	$ (4,012.8)	$ 136.1
Denominator:
Basic (in shares)		140.8	[11]	141.3	[11]	143.3	[11]	143.4	[11]	143.4	[11]	143.3	[11]	143.2	[11]	143.2	[11]	144.9	[11]	146.3	[11]	145.6	135.1	142.3	143.3	139.3
Dilutive effect of share-based awards	[12]																					0.5		0.3	0.0	0.5
Diluted (in shares)		141.2	[11]	141.7	[11]	143.3	[11]	143.6	[11]	143.4	[11]	143.3	[11]	143.2	[11]	143.2	[11]	144.9	[11]	146.9	[11]	146.1	135.6	142.6	143.3	139.8
Antidilutive share-based awards oustanding																						0.1		0.8	0.0	0.1

[1] (5) Includes unusual litigation charge reversal of $0.2 million.Year Ended December 31, 2016FirstQuarter (2) SecondQuarter (3) ThirdQuarter (4) FourthQuarter (5)Net sales$1,347.3 $1,340.5 $1,261.6 $1,331.2Gross profit$533.1 $546.5 $484.5 $487.7Change in financial assets$204.4 $910.8 $377.4 $1,115.6Net loss$(529.2) $(534.3) $(1,590.2) $(1,359.1)Loss per share(1): Basic$(3.70) $(3.73) $(11.10) $(9.48)Diluted$(3.70) $(3.73) $(11.10) $(9.48)Weighted average shares outstanding Basic143.2 143.2 143.3 143.4Diluted143.2 143.2 143.3 143.4

[2] Includes held-for-sale impairment charges of $3.3 million, and fixed asset impairment charges of $4.0 million.

[3] Includes intangible asset impairment charges of $18.5 million, changes in financial assets of $38.7 million, and loss on early debt extinguishment of $135.2 million.

[4] Includes IPR&D impairment charges of $12.2 million, gain on certain divestiture of $21.8 million, and restructuring charges of $38.7 million.

[5] Includes intangible asset impairment charges of $378.6 million, goodwill impairment charge of $224.1 million, and a reduction in held-for-sale impairment charges of $4.5 million.

[6] Includes intangible asset impairment charges of $866.6 million, goodwill impairment charge of $737.9 thousand, and held-for-sale impairment charges of $10.2 million.

[7] Includes held-for-sale impairment charges of $10.5 million and change in financial assets of $910.8 million.

[8] Includes an intangible asset impairment charges of $273.3 million, and a goodwill impairment charge of $130.5 million.

[9] Includes an intangible asset impairment charge of $185.1 million, Mylan defense-related fees of $71.3 million, an impairment charge on our India API held for sale assets of $29.0 million, restructuring charges of $24.7 million, and an investment impairment charge of $10.7 million.

[10] Includes Mylan defense-related fees of $15.6 million.

[11] The sum of individual per share amounts may not equal due to rounding.

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

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Earnings (Loss) Per Share And Shareholder's Equity - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 27, 2014	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Earnings Per Share [Abstract]
Dividends paid (in millions)	$ 36.3		$ 91.1	$ 83.2	$ 64.8
Dividends paid (per share)	$ 0.25	$ 0.21	$ 0.64	$ 0.58	$ 0.4600

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Earnings (Loss) Per Share And Shareholder's Equity (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Oct. 22, 2015
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount				$ 2,000,000,000
Repurchases of ordinary shares, shares			0
Repurchases of ordinary shares	$ 500,000,000	$ 191,500,000
Common Stock
Equity, Class of Treasury Stock [Line Items]
Repurchases of ordinary shares, shares	3,300,000	2,700,000
Average repurchase price (in USD per share)	$ 151.59	$ 71.72
Repurchases of ordinary shares	$ 500,000,000	$ 191,500,000

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Share-Based Compensation Plans - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available to be granted		3.8
Unrecognized share-based compensation expense		$ 51.2
Unrecognized share-based compensation expense, period of recognition		2 years
Options granted, weighted average grant date fair value (in dollars per share)		$ 19.50	$ 33.53	$ 39.96
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested, total fair value				$ 0.9
Service-based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested, total fair value	$ 11.7	$ 14.5	$ 12.6	9.1
Nonvested shares outstanding (in shares)	$ 154.07	$ 107.26	$ 137.53
Performance-based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested, total fair value	$ 6.4	$ 3.8	$ 10.4	$ 5.1
Nonvested shares outstanding (in shares)	$ 146.31	$ 93.65	$ 138.29
RTSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares outstanding (in shares)		$ 64.82	$ 0.00
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
Maximum | RTSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		10 years

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Share-Based Compensation Plans - Share-based Compensation Expense (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation	$ 22.8	$ 43.8	$ 23.0	$ 31.6

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Share-Based Compensation Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Number of Options
Options outstanding, number of options (in shares)		749	783
Granted (in shares)		439	344
Exercised (in shares)		(31)	(122)
Forfeited or expired (in shares)		(85)	(256)
Options outstanding, number of options (in shares)	783	1,072	749
Options exercisable (in shares)		519
Options expected to vest (in shares)		533
Weighted-Average Exercise Price Per Share
Beginning options outstanding, weighted average exercise price (in dollars per share)		$ 108.40	$ 99.93
Granted (in dollars per share)		70.34	126.67
Exercised (in dollars per share)		24.75	67.68
Forfeited or expired (in dollars per share)		118.47	126.54
Ending options outstanding, weighted average exercise price (in dollars per share)	$ 99.93	94.90	$ 108.40
Options exercisable (in dollars per share)		107.14
Options expected to vest (in dollars per share)		$ 83.63
Weighted- Average Remaining Term in Years		6 years 10 months 24 days	6 years 7 months 6 days
Weighted- Average Remaining Term in Years, Options exercisable		5 years
Weighted- Average Remaining Term in Years, Options expected to vest		8 years 8 months 12 days
Aggregate Intrinsic Value		$ 10.9	$ 5.5
Aggregate Intrinsic Value, Options exercisable		3.8
Aggregate Intrinsic Value, Options expected to vest		6.8
Options exercised, aggregate intrinsic value	$ 6.7	$ 1.7	$ 5.2	$ 20.7

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Share-Based Compensation Plans - Options Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Share-based Compensation [Abstract]
Dividend yield	0.90%	0.50%	0.30%
Volatility, as a percent	30.00%	27.60%	27.10%
Risk-free interest rate	1.80%	1.30%	1.70%
Expected life in years	5 years 4 months 28 days	5 years 5 months 27 days	5 years 3 months 18 days

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Share-Based Compensation Plans - Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Number of Non-vested Service- Based Share Units
Beginning balance (in shares)	0	0	0
Granted (in shares)	0	0	0	0
Vested (in shares)	0	0	0	0
Ending balance (in shares)	0	0	0	0
Service-based Restricted Share Units
Number of Non-vested Service- Based Share Units
Beginning balance (in shares)		468,000	382,000
Granted (in shares)		298,000	298,000
Vested (in shares)		(112,000)	(92,000)
Forfeited (in shares)		(55,000)	(120,000)
Ending balance (in shares)	382,000	599,000	468,000
Weighted- Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)		$ 137.53	$ 154.07
Granted (in dollars per share)	$ 165.64	70.55	113.26	$ 153.99
Vested (in dollars per share)		128.86	137.15
Forfeited (in dollars per share)		120.97	151.64
Ending balance (in dollars per share)	$ 154.07	$ 107.26	$ 137.53
Weighted- Average Remaining Term in Years		1 year 6 months	1 year 8 months 16 days
Aggregate Intrinsic Value		$ 52.2	$ 39.0
Performance-based Restricted Share Units
Number of Non-vested Service- Based Share Units
Beginning balance (in shares)		177,000	223,000
Granted (in shares)		191,000	159,000
Vested (in shares)		(27,000)	(81,000)
Forfeited (in shares)		(38,000)	(124,000)
Ending balance (in shares)	223,000	303,000	177,000
Weighted- Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)		$ 138.29	$ 146.31
Granted (in dollars per share)	$ 184.49	70.34	126.37	$ 150.14
Vested (in dollars per share)		142.18	128.74
Forfeited (in dollars per share)		130.34	143.64
Ending balance (in dollars per share)	$ 146.31	$ 93.65	$ 138.29
Weighted- Average Remaining Term in Years		2 years	1 year 8 months 5 days
Aggregate Intrinsic Value		$ 26.5	$ 14.8

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Share-Based Compensation Plans - RTSR fair value assumptions (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.90%	0.50%	0.30%
Volatility, as a percent	30.00%	27.60%	27.10%
Risk-free interest rate	1.80%	1.30%	1.70%
Expected life in years	5 years 4 months 28 days	5 years 5 months 27 days	5 years 3 months 18 days
RTSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.90%
Volatility, as a percent	36.10%
Risk-free interest rate	1.40%
Expected life in years	2 years 6 months 26 days

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Share-Based Compensation Plans - Relative Total Shareholder Return Performance Unit Activity (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended	12 Months Ended
		Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance (in shares)		0	0	0
Granted (in shares)		0	0	0	0
Ending balance (in shares)		0	0	0	0
RTSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance (in shares)			0
Granted (in shares)			39,000
Ending balance (in shares)			39,000	0
Nonvested shares outstanding (in shares)			$ 64.82	$ 0.00
Granted, weighted average grant date fair value (in dollars per share)			$ 64.82
Weighted- Average Remaining Term in Years	[1]		2 years
Aggregate Intrinsic Value			$ 3.4

[1] Midpoint used in calculation.

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Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Accumulated Other Comprehensive Income [Roll Forward]
Balance	$ 10,699.3	$ 5,958.1	$ 10,107.4	$ 8,720.4
OCI before reclassifications	(129.1)	338.1	(64.5)
Amounts reclassified from AOCI	10.3	(3.2)	(2.0)
Other comprehensive income (loss), net of tax	(118.8)	334.9	(66.5)	(36.1)
Balance	10,107.4	6,170.5	5,958.1	10,699.3
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income [Roll Forward]
Balance	103.5	(81.8)	(15.3)	139.6
Other comprehensive income (loss), net of tax	(118.8)	334.9	(66.5)	(36.1)
Balance	(15.3)	253.1	(81.8)	103.5
Fair value of derivative financial instruments, net of tax
Accumulated Other Comprehensive Income [Roll Forward]
Balance	(16.3)	(19.5)	(14.2)
OCI before reclassifications	1.1	7.1	(5.4)
Amounts reclassified from AOCI	1.0	2.6	0.1
Other comprehensive income (loss), net of tax	2.1	9.7	(5.3)
Balance	(14.2)	(9.8)	(19.5)	(16.3)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income [Roll Forward]
Balance	130.9	(67.9)	(4.6)
OCI before reclassifications	(135.5)	328.5	(63.3)
Amounts reclassified from AOCI	0.0	0.0	0.0
Other comprehensive income (loss), net of tax	(135.5)	328.5	(63.3)
Balance	(4.6)	260.6	(67.9)	130.9
Fair value of investment securities, net of tax
Accumulated Other Comprehensive Income [Roll Forward]
Balance	(2.9)	15.1	6.4
OCI before reclassifications	(1.4)	(12.5)	7.4
Amounts reclassified from AOCI	10.7	(1.6)	1.3
Other comprehensive income (loss), net of tax	9.3	(14.1)	8.7
Balance	6.4	1.0	15.1	(2.9)
Post-retirement and pension liability adjustments, net of tax
Accumulated Other Comprehensive Income [Roll Forward]
Balance	(8.2)	(9.5)	(2.9)
OCI before reclassifications	6.7	15.0	(3.2)
Amounts reclassified from AOCI	(1.4)	(4.2)	(3.4)
Other comprehensive income (loss), net of tax	5.3	10.8	(6.6)
Balance	$ (2.9)	$ 1.3	$ (9.5)	$ (8.2)

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Income Taxes - Pre-tax Income and the Provision for Income Taxes (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 27, 2014	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Pre-tax income:
Ireland	$ 8.9	$ 210.0	$ 280.1	$ (4,848.3)	$ 260.3
Other	319.1		734.1	(1,224.2)	1,053.1
Total pre-tax income (loss)	8.9		280.1	(4,848.3)	260.3
Current:
Ireland	1.6		(8.1)	0.3	(2.2)
Subtotal	116.5		138.4	120.7	149.2
Deferred (credit):
Ireland	(23.1)		13.1	(549.4)	11.1
Subtotal	(150.1)		22.1	(956.2)	(25.0)
Total (benefit) provision for income taxes	(33.6)	$ 29.4	160.5	(835.5)	124.2
United States
Current:
United States - federal	58.9		96.4	93.0	77.2
United States - state	3.0		4.0	0.7	6.8
Deferred (credit):
United States - federal	(34.4)		6.8	(7.6)	(19.9)
United States - state	(3.3)		1.0	(5.1)	(0.8)
Other Income Tax Authority
Current:
Other foreign	53.0		46.1	26.7	67.4
Deferred (credit):
Other foreign	(89.3)		1.2	(394.1)	(15.4)
Ireland
Pre-tax income:
Ireland	$ (310.2)		$ (454.0)	$ (3,624.1)	$ (792.8)

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Income Taxes - Effective Income Tax Rate (Details)	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Provision at statutory rate	12.50%	12.50%	12.50%	12.50%
Ireland tax on non-trading differences	(207.40%)	(47.70%)	(0.40%)	(9.90%)
Expenses not deductible for tax purposes/deductions not expensed for book, net	394.00%	63.40%	(0.70%)	14.70%
Goodwill impairment not deductible for tax purposes	0.00%	0.00%	(2.80%)	0.00%
U.S. Operations:
State income taxes, net of federal benefit	38.40%	(1.40%)	0.10%	(1.00%)
Research and development credit	(13.20%)	(0.60%)	(0.00%)	(0.70%)
Other	112.30%	(5.80%)	0.40%	4.80%
Other foreign differences (earnings taxed at other than applicable statutory rate)	(647.20%)	(22.70%)	3.30%	(16.10%)
Intangible impairment differences	(397.60%)	(3.00%)	4.80%	0.00%
Worldwide operations:
Valuation allowance changes	249.30%	17.80%	0.80%	25.70%
Change in unrecognized taxes	82.70%	25.30%	(0.80%)	17.70%
Withholding taxes	0.00%	17.30%	0.00%	0.00%
Effective income tax rate	(376.20%)	57.30%	17.20%	47.70%
United States
Worldwide operations:
Rate Change Impacts	0.00%	5.40%	0.00%	0.00%
Belgium Taxing Authority
Worldwide operations:
Rate Change Impacts	0.00%	(3.20%)	0.00%	0.00%

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Income Taxes - Net Deferred Income Tax Asset (Liability) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred income tax asset (liability):
Depreciation and amortization	$ (457.8)	$ (765.2)	$ (1,550.6)
Inventory basis differences	21.3	27.4	22.8
Accrued liabilities	87.9	68.5	50.8
Allowance for doubtful accounts	1.5	1.7	1.3
Research and development	58.9	61.7	63.7
Loss and credit carryforwards	292.5	292.4	244.2
Share-based compensation	16.2	18.1	20.6
Foreign tax credit	0.0	10.6	10.6
Federal benefit of unrecognized tax positions	17.0	24.3	22.8
Interest carryforwards	30.5	435.3	334.6
Other, net	28.2	3.0	14.7
Subtotal	96.2	177.8	(764.5)
Valuation allowance	(407.7)	(495.6)	(536.8)
Net deferred income tax asset (liability):	(311.5)	(317.8)	(1,301.3)
Non-current deferred income taxes	10.4	72.1	71.4
Non-current deferred income taxes	$ 321.9	$ 389.9	$ 1,372.7

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Income Taxes - Gross Carryforwards (Details) $ in Millions	Dec. 31, 2017 USD ($)
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 1,389.0	[1]
Operating loss carryforwards, valuation allowance	861.6
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	82.6	[1]
Tax credit carryforwards, valuation allowance	82.6
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	248.5	[1]
Operating loss carryforwards, valuation allowance	203.6
Tax credit carryforwards	71.9	[1]
Tax credit carryforwards, valuation allowance	71.9
Capital Loss Carryforward | Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	22.0	[1]
Tax credit carryforwards, valuation allowance	22.0
Interest Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	478.8	[1]
Tax credit carryforwards, valuation allowance	$ 127.0

[1] Utilization of such carryforwards within the applicable statutory periods is uncertain.

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Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning balance	$ 324.0	$ 334.5	$ 288.1
Positions related to the current year, increase	22.9	55.0	45.5
Positions related to prior years, decrease	(43.5)
Positions related to prior years, increase		76.6	8.6
Settlements with taxing authorities	(15.3)	(11.1)	(2.4)
Lapse of statutes of limitation		(0.1)	(5.3)
Decrease in prior year positions		(35.2)
Unrecognized tax benefits, ending balance	$ 288.1	$ 419.7	$ 334.5

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Income Taxes - Narrative (Details) - USD ($) $ in Millions			12 Months Ended
		Aug. 15, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Operating Loss Carryforwards [Line Items]
Undistributed earnings of foreign subsidiaries reinvested indefinitely for which no provision have been provided			$ 6,300.0
Unrecognized tax benefits liability, interest and penalties accrued			82.0	$ 63.5	$ 52.1
Unrecognized tax benefits, including income tax penalties and interest accrued			501.7	398.0	340.3
Unrecognized tax benefits that would impact effective tax rate			204.0	248.7	198.5
Penalties and interest expense		$ 163.6				$ 24.7	$ 40.2	$ 61.5	$ 37.2
Tax cuts and jobs act of 2017, change in tax rate, income tax expense (benefit)			(2.4)
Tax cuts and jobs act, transition tax for accumulated foreign earnings			17.5
Tax cuts and jobs act 2017, undistributed accumulated earnings of foreign subsidiary			1,200.0
Non-US Taxing Authority | Expires tax Year 2019
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards			1.8
Non-US Taxing Authority | Expires tax year 2022
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards			20.3
Non-US Taxing Authority | Expires tax Year 2024
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards			0.9
Non-US Taxing Authority | Expires tax year 2025
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards			0.1
Belgium Taxing Authority
Operating Loss Carryforwards [Line Items]
Income tax expense as a result of Belgium Tax Act			24.1
Income tax benefit as a result of Belgium Tax Act			33.2
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Valuation allowance increase (decrease), amount			(10.3)
Tax credit carryforwards	[1]		82.6
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Valuation allowance increase (decrease), amount			42.4
Foreign Tax Authority | United States | Expires tax year 2022
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards			28.2
Foreign Tax Authority | United States | Expires tax year 2025
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards			37.2
Foreign Tax Authority | United States | Expires tax year 2027
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards			167.8
Minimum
Operating Loss Carryforwards [Line Items]
Decrease in unrecognized tax benefits is reasonably possible			1.0
Maximum
Operating Loss Carryforwards [Line Items]
Decrease in unrecognized tax benefits is reasonably possible			17.9
Omega
Operating Loss Carryforwards [Line Items]
Valuation allowance increase (decrease), amount			$ (55.8)
Europe
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit), adjustment of DTA and DTL				$ (4.0)	$ (27.9)

[1] Utilization of such carryforwards within the applicable statutory periods is uncertain.

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Post Employment Plans - Additional Information (Details) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015 USD ($)	Dec. 31, 2017 USD ($) years	Dec. 31, 2016 USD ($)	Jun. 27, 2015	Dec. 31, 2013 plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Amount to be amortized from accumulated other comprehensive income (loss) next fiscal year		$ 0.7
Expected future benefit payments, year one through five		9.9
Estimated future employer contributions in next fiscal year		$ 2.2
Other plans without target asset allocations | Insurance contracts
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target allocation, percentage		100.00%
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected future benefit payments, year one through five		$ 1.0
Postretirement health coverage
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Retiree eligible age | years		65
Pension plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on assets, percent	2.93%	2.90%	2.89%	2.85%
Deferred compensation arrangement with individual, by type of compensation, pension and Other Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Cash surrender value of insurance policies	$ 34.6	$ 34.6	$ 32.7
Deferred compensation liability, non-current	$ 34.5	$ 31.6	$ 29.3
Unites States
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer nondiscretionary contribution to plan		3.00%
Ireland
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer matching contribution, percent of employees' gross pay		18.00%
Elan corporation
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of defined benefit plans assumed | plan					2

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Post Employment Plans - Contributions to the plans (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Postemployment Benefits [Abstract]
Defined contribution plans cost	$ 18.9	$ 25.5	$ 26.1	$ 25.9	[1]

[1] Includes Omega activity from March 30, 2015 to June 27, 2015

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Post Employment Plans - Projected Benefit Obligation (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2015		Dec. 31, 2017	Dec. 31, 2016		Jun. 27, 2015
Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning			$ 138.2	$ 126.7
Fair value of plan assets at end of period	$ 126.7		162.5	138.2
Pension plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation, beginning	140.3		158.9	135.0
Acquisitions	5.6		0.0	0.0
Curtailment	0.0		(1.0)	0.0
Service costs	2.2		4.5	4.1		$ 0.9	[1]
Interest cost	1.7		3.3	3.6		2.4	[1]
Actuarial (gain) loss	(10.1)		(10.3)	22.6
Contributions paid	0.0		0.1	0.3
Benefits paid	(0.6)		(2.5)	(1.7)
Foreign currency translation	(4.1)		21.0	(5.0)
Projected benefit obligation, ending	135.0		174.0	158.9		140.3
Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning	128.1		138.2	126.7
Purchases, sales and settlements, net	3.2		0.0	0.0
Actual return on plan assets	(1.7)		5.5	9.4
Benefits paid	(0.6)		(2.5)	(1.7)
Employer contributions	1.4		2.2	8.2
Contributions paid	0.0		0.1	0.3
Foreign currency translation	(3.7)		19.0	(4.7)
Fair value of plan assets at end of period	126.7		162.5	138.2		128.1
Funded (unfunded) status	(8.3)		(11.5)	(20.7)
Presented as:
Other non-current assets	16.5		22.0	10.4
Other non-current liabilities	(24.8)		(33.5)	(31.1)
Other Postretirement Benefits Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation, beginning	6.0	[1]	5.8	7.0	[1]
Acquisitions	0.0	[1]	0.0	0.0
Curtailment	0.0		0.0	0.0
Service costs	0.3	[1]	0.6	0.6		0.3	[1]
Interest cost	0.1	[1]	0.2	0.2		0.2	[1]
Actuarial (gain) loss	0.5	[1]	(0.3)	(1.9)
Contributions paid	0.0	[1]	0.0	0.0
Benefits paid	(0.1)	[1]	(0.1)	(0.1)
Foreign currency translation	0.1	[1]	0.0	0.0
Projected benefit obligation, ending	7.0	[1]	6.2	5.8		6.0	[1]
Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning	0.0	[1]	0.0	0.0	[1]
Purchases, sales and settlements, net	0.0	[1]	0.0	0.0
Actual return on plan assets	0.0	[1]	0.0	0.0
Benefits paid	0.0	[1]	0.0	0.0
Employer contributions	0.0	[1]	0.0	0.0
Contributions paid	0.0	[1]	0.0	0.0
Foreign currency translation	0.0	[1]	0.0	0.0
Fair value of plan assets at end of period	0.0	[1]	0.0	0.0		$ 0.0	[1]
Funded (unfunded) status	(7.0)	[1]	(6.2)	(5.8)
Presented as:
Other non-current assets	0.0	[1]	0.0	0.0
Other non-current liabilities	$ (7.0)	[1]	$ 0.0	$ (5.8)

[1] Includes Omega activity from March 30, 2015 to June 27, 2015

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Post Employment Plans - Accumulated benefit obligation (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Postemployment Benefits [Abstract]
Unfunded accumulated projected benefit obligation	$ 167.6	$ 136.3	$ 109.4

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Post Employment Plans - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 27, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI pension and other postretirement benefit plans	$ (1.3)	$ 9.5	$ 2.9	$ 8.2	[1]
Other Postretirement Benefits Plan
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI pension and other postretirement benefit plans	$ (0.3)	$ 0.7	$ 0.4	$ (0.1)

[1] Includes Omega activity from March 30, 2015 to June 27, 2015

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Post Employment Plans - Schedule of Defined Benefit Plan Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 27, 2015
Postemployment Benefits [Abstract]
AOCI pension and other postretirement benefit plans	$ 1.3	$ (9.5)	$ (2.9)	$ (8.2)	[1]

[1] Includes Omega activity from March 30, 2015 to June 27, 2015

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Post Employment Plans - Expected Future Minimum Benefit Payment (Details) $ in Millions	Dec. 31, 2017 USD ($)
Pension plan
Defined Benefit Plan Disclosure [Line Items]
2018	$ 1.4
2019	1.5
2020	2.3
2021	2.1
2022	2.6
Thereafter	20.1
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
2018	0.1
2019	0.2
2020	0.2
2021	0.2
2022	0.3
Thereafter	$ 1.9

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Post Employment Plans - Net periodic pension cost (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2015		Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015	[1]
Pension plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service costs	$ 2.2		$ 4.5	$ 4.1	$ 0.9
Interest cost	1.7		3.3	3.6	2.4
Expected return on assets	(1.8)		(4.3)	(3.9)	(2.7)
Curtailment	0.0		(0.7)	0.0	0.0
Net actuarial loss	0.4		0.8	0.5	1.0
Net periodic pension cost	2.5		3.6	4.3	1.6
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service costs	0.3	[1]	0.6	0.6	0.3
Interest cost	0.1	[1]	0.2	0.2	0.2
Expected return on assets	0.0		0.0	0.0	0.0
Curtailment	0.0		0.0	0.0	0.0
Net actuarial loss	0.0		(0.1)	0.0	0.1
Net periodic pension cost	$ 0.4		$ 0.7	$ 0.8	$ 0.6

[1] Includes Omega activity from March 30, 2015 to June 27, 2015

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Post Employment Plans - Weighted Average Assumptions (Details)	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Pension plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	2.22%	1.91%	1.76%	2.11%
Inflation	2.25%	1.45%	1.43%	1.93%
Expected return on assets	2.93%	2.90%	2.89%	2.85%
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	4.25%	3.59%	4.00%	4.25%	[1]

[1] Includes Omega activity from March 30, 2015 to June 27, 2015

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Post Employment Plans - Expected Long-term Rate of Return (Details)	12 Months Ended
	Dec. 31, 2017
Equities
Defined Benefit Plan Disclosure [Line Items]
Expected return on assets, percent	6.00%
Bonds
Defined Benefit Plan Disclosure [Line Items]
Expected return on assets, percent	1.90%
Absolute return fund
Defined Benefit Plan Disclosure [Line Items]
Expected return on assets, percent	4.00%
Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Expected return on assets, percent	2.80%
Other
Defined Benefit Plan Disclosure [Line Items]
Expected return on assets, percent	2.50%

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Post Employment Plans - Target Asset Allocation Ranges (Details)	Dec. 31, 2017
Minimum | Equities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation, percentage	10.00%
Minimum | Bonds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation, percentage	20.00%
Minimum | Absolute return fund
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation, percentage	50.00%
Maximum | Equities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation, percentage	20.00%
Maximum | Bonds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation, percentage	30.00%
Maximum | Absolute return fund
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation, percentage	60.00%

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Post Employment Plans - Fair Value of Pension Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 27, 2015
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	$ 162.5	$ 138.2	$ 126.7
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	1.9	1.7
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	109.8	93.1	91.5
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	50.8	43.4	35.2	$ 34.3
Equities
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	19.2	13.7	14.5
Equities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0.1	0.1
Equities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	19.1	13.6	14.5
Equities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0.0	0.0	0.0
Bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	32.0	24.4	38.1
Bonds | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	1.8	1.6
Bonds | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	30.2	22.8	38.1
Bonds | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0.0	0.0	0.0
Property
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets			0.3
Property | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets			0.0
Property | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets			0.3
Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	50.8	43.4	34.9
Insurance contracts | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0.0	0.0
Insurance contracts | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0.0	0.0	0.0
Insurance contracts | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	50.8	43.4	34.9
Absolute return fund
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	54.5	51.5	33.7
Absolute return fund | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0.0	0.0
Absolute return fund | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	54.5	51.5	33.7
Absolute return fund | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0.0	0.0	0.0
Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	6.0	5.2	5.2
Other | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	0.0	0.0
Other | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	6.0	5.2	5.2
Other | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	$ 0.0	$ 0.0	$ 0.0

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Post Employment Plans - Changes in Fair Value of Level 3 Pension Plan Assets (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning		$ 138.2	$ 126.7
Fair value of plan assets at end of period	$ 126.7	162.5	138.2
Level 3
Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning	34.3	43.4	35.2
Actual return on plan assets	0.1	1.0	6.7
Purchases, sales and settlements, net	2.1	0.9	(4.2)
Net transfers	0.0	0.0	7.6
Foreign currency translation	(1.3)	5.5	(1.9)
Fair value of plan assets at end of period	$ 35.2	$ 50.8	$ 43.4

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Commitments and Contingencies - Additional Details (Details) ₪ in Millions, $ in Millions								2 Months Ended	6 Months Ended	12 Months Ended
	Feb. 13, 2018 product case defendant	Jul. 12, 2017 case	Jun. 28, 2017 USD ($) product defendant	Jun. 28, 2017 ILS (₪) product defendant	Mar. 29, 2017 USD ($) product	Mar. 29, 2017 ILS (₪) product	May 22, 2016 defendant	Nov. 30, 2011 application	Dec. 31, 2015 USD ($)	Dec. 31, 2017 USD ($) case	Dec. 31, 2016 USD ($) case	Jun. 27, 2015 USD ($)	Feb. 16, 2018 product individual case	Jan. 26, 2018 product plaintiff case complaint	Jan. 16, 2018 product individual	Dec. 31, 2017 USD ($)	Dec. 31, 2017 $ / ₪	Dec. 31, 2017 manufacturer	Dec. 31, 2017 supermarket	Dec. 31, 2017 case	Dec. 31, 2017 dozens	Nov. 14, 2017 hearing	Nov. 01, 2017 individual	Jun. 21, 2017 product subclass individual
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2018 | $																$ 38.1
2019 | $																31.9
2020 | $																24.3
2021 | $																18.6
2022 | $																13.7
Thereafter | $																16.6
Loss Contingencies [Line Items]
Rent expense under all leases | $									$ 26.2	$ 50.9	$ 53.0	$ 39.2
Purchase obligation | $																$ 771.0
Number of dozens of other drugs | dozens																					2
Number of manufacturers | manufacturer																		31
Number of supermarket chains | supermarket																			3
Number of subclasses | subclass																								3
Number of former directors and officers | individual																								11
Number of generic prescription pharmaceuticals | product			6	6																				6
Number of individuals | individual																							3
Number of cases		3
Number of defendants | defendant							5
Number of drugs | product					2	2
Preliminary class damages			$ 760.0	₪ 2,700.0	$ 192.0	₪ 686.0
Foreign currency exchange rate, remeasurement										0.0028							0.0028
Number of current or former directors and officers | defendant			11	11
Number of cases dismissed		2								7
Number of applications filed | application								9
Number of applications dismissed | application								1
Number of applications consolidated | application								8
Number of applications | application								1
Number of hearings | hearing																						3
Losses and expenses per co-defendant, percentage										50.00%
Number of claims settled											1
Number of claims dismissed with prejudice											2
Subsequent Event [Member]
Loss Contingencies [Line Items]
Number of generic prescription pharmaceuticals | product	6												6	6	6
Number of individuals | individual													3		3
Number of plaintiff groups | plaintiff														2
Number of complaints | complaint														2
Number of cases not securities class actions														2
Number of cases	4													1
Number of defendants | defendant	2
Number of overlapped cases	2
Number of opt out cases	4												5
ISRAEL
Loss Contingencies [Line Items]
Pending cases																				3
Number of cases dismissed										2
Loss Contingency, Number Of Cases Stayed										1

XML

Collaboration Agreements And Other Contractual Arrangements (Details) $ in Millions					1 Months Ended	6 Months Ended		12 Months Ended
	Dec. 20, 2017 product	Mar. 01, 2016 USD ($)	May 15, 2015 USD ($) product	May 01, 2015 USD ($) product	Dec. 31, 2017 USD ($)	Dec. 31, 2015 USD ($)	Dec. 27, 2014 USD ($)	Dec. 31, 2021 product	Dec. 31, 2019 product	Dec. 31, 2017 USD ($) product	Dec. 31, 2016 USD ($) product	Jun. 27, 2015 USD ($) product	Dec. 31, 2020 USD ($)	Dec. 31, 2018 USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Research and development						$ 88.2	$ 89.8			$ 167.7	$ 184.0	$ 187.8
Royalty Pharma contingent milestone payments		$ 30.0
Business combination, number of products purchased | product										3	2	2
May 2015 agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of products added to agreement | product											3
Business combination, number of products purchased | product			2
May 2015 agreement | Minimum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Royalty Pharma contingent milestone payments			$ 78.0								$ 126.0
May 2015 agreement | Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Royalty Pharma contingent milestone payments			$ 105.0								$ 174.0
Development-Stage Rx Products
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Research and development				$ 18.0
Business combination, number of products purchased | product				2
Number of products sold | product	1
Development-Stage Rx Products | Minimum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Royalty payment period		7 years
Development-Stage Rx Products | Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Royalty payment period		10 years
Forecast
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Royalty Pharma contingent milestone payments													$ 54.8	$ 79.7
Forecast | May 2015 agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Business combination, number of products purchased | product								2	1
ANDA
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Research and development					$ 2.5
ANDA | Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Royalty Pharma contingent milestone payments					$ 14.5					$ 14.5

XML

Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 01, 2017	Dec. 31, 2015	Dec. 31, 2015	Dec. 27, 2014	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Restructuring Reserve [Roll Forward]
Beginning balance	$ 19.7		$ 1.6	$ 16.4	$ 19.7	$ 20.7	$ 16.4
Additional charges	$ 38.7	$ 24.7	26.9	$ 4.2	61.0	31.0	5.1
Payments			(6.4)		(59.6)	(35.8)	(18.5)
Non-cash adjustments			(1.4)		0.3	3.8	(1.4)
Ending balance		$ 20.7	$ 20.7		21.4	19.7	$ 1.6
Severance
Restructuring Reserve [Roll Forward]
Ending balance					17.6
Contract Termination
Restructuring Reserve [Roll Forward]
Ending balance					3.8
CHCA
Restructuring Reserve [Roll Forward]
Additional charges					27.4
CHCI
Restructuring Reserve [Roll Forward]
Additional charges					$ 17.1	$ 20.9

XML

Segment and Geographic Information (Details) - USD ($) $ in Millions		3 Months Ended																					6 Months Ended		12 Months Ended
		Dec. 31, 2017		Sep. 30, 2017	[3]	Jul. 01, 2017	[4]	Apr. 01, 2017	[5]	Dec. 31, 2016	Dec. 31, 2016		Oct. 01, 2016	[7]	Jul. 02, 2016	[8]	Apr. 02, 2016	[9]	Dec. 31, 2015		Sep. 26, 2015	[11]	Dec. 31, 2015	Dec. 27, 2014	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Segment Reporting Information [Line Items]
Net sales	[1]																						$ 2,632.2		$ 4,946.2	$ 5,280.6	$ 4,227.1
Operating income																							$ 67.6	$ 289.7	$ 598.2	$ (1,999.7)	$ 672.5
Operating income %																							2.60%		12.10%	(37.90%)	15.90%
Assets		$ 11,628.8								$ 13,870.1	$ 13,870.1								$ 19,349.6				$ 19,349.6		$ 11,628.8	$ 13,870.1	$ 19,591.9
Capital expenditures																							77.8		88.6	106.2	137.0
Property and equip, net		833.1								870.1	870.1								886.2				886.2		833.1	870.1	932.4
Depreciation/amortization																							182.4		444.8	457.0	258.7
Change in financial assets		0.7	[2]	$ 2.6		$ 38.7		$ (17.1)		1,100.0	1,115.6	[6]	$ 377.4		$ 910.8		$ 204.4		116.6	[10]	$ (173.8)		(57.3)	$ (46.9)	24.9	2,608.2	(78.5)
CHCA
Segment Reporting Information [Line Items]
Net sales																							1,251.5		2,429.9	2,507.1	2,478.8
CHCA | Cough/Cold/Allergy/Sinus
Segment Reporting Information [Line Items]
Net sales	[12]																						234.6		483.7	454.6	455.6
CHCA | Analgesics
Segment Reporting Information [Line Items]
Net sales	[12]																						173.1		349.8	343.5	375.7
CHCA | Gastrointestinal
Segment Reporting Information [Line Items]
Net sales	[12]																						195.8		340.0	335.4	384.0
CHCA | Infant nutritionals
Segment Reporting Information [Line Items]
Net sales																							200.2		413.9	427.0	383.8
CHCA | Smoking cessation
Segment Reporting Information [Line Items]
Net sales																							147.5		297.2	308.5	284.5
CHCA | Vitamins, minerals and dietary supplements
Segment Reporting Information [Line Items]
Net sales	[12]																						105.8		45.4	160.4	183.5
CHCA | Animal health
Segment Reporting Information [Line Items]
Net sales																							62.3		141.3	143.7	157.0
CHCA | Other CHCA
Segment Reporting Information [Line Items]
Net sales	[12],[13]																						132.2		358.6	334.0	254.7
CHCI
Segment Reporting Information [Line Items]
Net sales																							833.0		1,491.0	1,652.2	704.6
CHCI | Branded OTC
Segment Reporting Information [Line Items]
Net sales																							665.9		1,174.0	1,349.2	368.4
CHCI | Other CHCI
Segment Reporting Information [Line Items]
Net sales	[14]																						167.1		317.0	303.0	336.2
RX | Generic prescription drugs
Segment Reporting Information [Line Items]
Net sales																							502.6		969.7	1,042.8	936.0
Other | Active pharmaceutical ingredients
Segment Reporting Information [Line Items]
Net sales																							45.1		55.6	78.5	107.7
Ireland
Segment Reporting Information [Line Items]
Net sales	[1]																						11.4		30.4	89.1	7.2
Property and equip, net		4.6								2.7	2.7								1.3				1.3		4.6	2.7
Unites States
Segment Reporting Information [Line Items]
Net sales	[1]																						1,686.2		3,272.3	3,353.0	3,303.2
Property and equip, net		538.3								556.6	556.6								555.0				555.0		538.3	556.6
Europe
Segment Reporting Information [Line Items]
Net sales	[1]																						758.2		1,313.2	1,493.0	576.4
Property and equip, net		155.6								144.6	144.6								157.2				157.2		155.6	144.6
ISRAEL
Segment Reporting Information [Line Items]
Property and equip, net		81.5								114.3	114.3								115.7				115.7		81.5	114.3
All other countries
Segment Reporting Information [Line Items]
Net sales	[1],[15]																						176.4		330.3	345.5	$ 340.3
Property and equip, net		53.1								51.9	51.9								57.0				$ 57.0		$ 53.1	$ 51.9
Walmart | Net sales | Customer Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage																							13.00%		13.00%	13.00%	16.00%
Operating Segments | CHCA
Segment Reporting Information [Line Items]
Net sales																							$ 1,251.5		$ 2,429.9	$ 2,507.1	$ 2,478.8
Operating income																							$ 209.2		$ 445.0	$ 399.8	$ 381.9
Operating income %																							16.70%		18.30%	15.90%	15.40%
Assets		3,786.8								3,351.3	3,351.3								3,384.8				$ 3,384.8		$ 3,786.8	$ 3,351.3	$ 3,763.8
Capital expenditures																							38.0		39.5	59.1	76.8
Property and equip, net		512.7								528.3	528.3								540.9				540.9		512.7	528.3	556.8
Depreciation/amortization																							60.9		115.2	119.1	108.4
Change in financial assets																							0.0		0.0	0.0	0.0
Operating Segments | CHCI
Segment Reporting Information [Line Items]
Net sales	[16]																						833.0		1,491.0	1,652.2	704.6
Operating income	[16]																						$ (148.5)		$ 12.5	$ (2,087.4)	$ 38.2
Operating income %	[16]																						(17.80%)		0.80%	(126.30%)	5.40%
Assets	[16]	5,029.0								4,795.2	4,795.2								7,083.5				$ 7,083.5		$ 5,029.0	$ 4,795.2	$ 7,163.0
Capital expenditures	[16]																						26.3		27.5	23.7	13.1
Property and equip, net	[16]	180.9								167.2	167.2								179.5				179.5		180.9	167.2	176.8
Depreciation/amortization	[16]																						81.9		223.7	210.0	72.5
Change in financial assets	[16]																						0.0		0.0	0.0	0.0
Operating Segments | RX
Segment Reporting Information [Line Items]
Net sales																							502.6		969.7	1,042.8	936.0
Operating income																							$ 181.9		$ 307.6	$ (0.2)	$ 364.7
Operating income %																							36.20%		31.70%	0.00%	39.00%
Assets		2,813.0								2,646.4	2,646.4								2,738.0				$ 2,738.0		$ 2,813.0	$ 2,646.4	$ 2,373.4
Capital expenditures																							12.1		21.6	20.4	41.0
Property and equip, net		139.5								129.7	129.7								118.5				118.5		139.5	129.7	113.0
Depreciation/amortization																							34.3		100.1	120.1	65.7
Change in financial assets																							0.0		0.0	0.0	0.0
Operating Segments | Specialty Sciences
Segment Reporting Information [Line Items]
Net sales																							0.0		0.0	0.0	0.0
Operating income																							$ (6.5)		$ 0.0	$ (201.2)	$ (17.6)
Operating income %																							0.00%		0.00%	0.00%	0.00%
Assets		0.0								2,775.8	2,775.8								5,930.2				$ 5,930.2		$ 0.0	$ 2,775.8	$ 6,040.7
Capital expenditures																							0.0		0.0	0.0	0.5
Property and equip, net		0.0								0.4	0.4								0.0				0.0		0.0	0.4	0.0
Depreciation/amortization																							0.0		0.0	0.0	1.5
Change in financial assets																							(57.3)		24.9	2,608.2	(78.5)
Operating Segments | Other
Segment Reporting Information [Line Items]
Net sales																							45.1		55.6	78.5	107.7
Operating income																							$ (19.5)		$ 8.7	$ 6.1	$ 26.8
Operating income %																							(43.30%)		15.60%	7.80%	24.90%
Assets		0.0								301.4	301.4								213.1				$ 213.1		$ 0.0	$ 301.4	$ 251.0
Capital expenditures																							1.4		0.0	3.0	5.6
Property and equip, net		0.0								44.5	44.5								47.3				47.3		0.0	44.5	85.8
Depreciation/amortization																							5.3		5.8	7.8	10.6
Change in financial assets																							0.0		0.0	0.0	0.0
Unallocated
Segment Reporting Information [Line Items]
Net sales																							0.0		0.0	0.0	0.0
Operating income																							$ (149.0)		$ (175.6)	$ (116.8)	$ (121.5)
Operating income %																							0.00%		0.00%	0.00%	0.00%
Assets		0.0								0.0	0.0								0.0				$ 0.0		$ 0.0	$ 0.0	$ 0.0
Capital expenditures																							0.0		0.0	0.0	0.0
Property and equip, net		$ 0.0								$ 0.0	$ 0.0								$ 0.0				0.0		0.0	0.0	0.0
Depreciation/amortization																							0.0		0.0	0.0	0.0
Change in financial assets																							$ 0.0		$ 0.0	$ 0.0	$ 0.0

[1] The net sales by geography is derived from the location of the entity that sells to a third party.

[2] (5) Includes unusual litigation charge reversal of $0.2 million.Year Ended December 31, 2016FirstQuarter (2) SecondQuarter (3) ThirdQuarter (4) FourthQuarter (5)Net sales$1,347.3 $1,340.5 $1,261.6 $1,331.2Gross profit$533.1 $546.5 $484.5 $487.7Change in financial assets$204.4 $910.8 $377.4 $1,115.6Net loss$(529.2) $(534.3) $(1,590.2) $(1,359.1)Loss per share(1): Basic$(3.70) $(3.73) $(11.10) $(9.48)Diluted$(3.70) $(3.73) $(11.10) $(9.48)Weighted average shares outstanding Basic143.2 143.2 143.3 143.4Diluted143.2 143.2 143.3 143.4

[3] Includes held-for-sale impairment charges of $3.3 million, and fixed asset impairment charges of $4.0 million.

[4] Includes intangible asset impairment charges of $18.5 million, changes in financial assets of $38.7 million, and loss on early debt extinguishment of $135.2 million.

[5] Includes IPR&D impairment charges of $12.2 million, gain on certain divestiture of $21.8 million, and restructuring charges of $38.7 million.

[6] Includes intangible asset impairment charges of $378.6 million, goodwill impairment charge of $224.1 million, and a reduction in held-for-sale impairment charges of $4.5 million.

[7] Includes intangible asset impairment charges of $866.6 million, goodwill impairment charge of $737.9 thousand, and held-for-sale impairment charges of $10.2 million.

[8] Includes held-for-sale impairment charges of $10.5 million and change in financial assets of $910.8 million.

[9] Includes an intangible asset impairment charges of $273.3 million, and a goodwill impairment charge of $130.5 million.

[10] Includes an intangible asset impairment charge of $185.1 million, Mylan defense-related fees of $71.3 million, an impairment charge on our India API held for sale assets of $29.0 million, restructuring charges of $24.7 million, and an investment impairment charge of $10.7 million.

[11] Includes Mylan defense-related fees of $15.6 million.

[12] Includes net sales from our OTC contract manufacturing business.

[13] Consists primarily of feminine hygiene, diabetes care, dermatological care, branded OTC, diagnostic products and other miscellaneous or otherwise uncategorized product lines and markets, none of which is greater than 10% of the CHCA segment.

[14] Consists primarily of liquids licensed products, cough/cold/allergy, analgesics, diagnostic products and other miscellaneous or otherwise uncategorized product lines and markets, none of which is greater than 10% of the CHCI segment.

[15] Includes revenue generated primarily in Israel, Mexico, Australia, and Canada.

[16] CHCI includes Omega activity subsequent to March 30, 2015.

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Quarterly Financial Data (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended																					6 Months Ended		12 Months Ended
	Dec. 31, 2017		Sep. 30, 2017		Jul. 01, 2017		Apr. 01, 2017		Dec. 31, 2016	Dec. 31, 2016		Oct. 01, 2016		Jul. 02, 2016		Apr. 02, 2016		Dec. 31, 2015		Sep. 26, 2015		Dec. 31, 2015	Dec. 27, 2014	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Quarterly Financial Data [Line Items]
Net sales	$ 1,283,000,000	[1]	$ 1,231,300,000	[2]	$ 1,237,900,000	[3]	$ 1,194,000,000	[4]		$ 1,331,200,000	[5]	$ 1,261,600,000	[6]	$ 1,340,500,000	[7]	$ 1,347,300,000	[8]	$ 1,359,100,000	[9]	$ 1,273,100,000	[10]	$ 2,632,200,000	$ 1,844,700,000	$ 4,946,200,000	$ 5,280,600,000	$ 4,227,100,000
Gross profit	512,700,000	[1]	497,800,000	[2]	504,600,000	[3]	464,400,000	[4]		487,700,000	[5]	484,500,000	[6]	546,500,000	[7]	533,100,000	[8]	543,700,000	[9]	535,200,000	[10]	1,078,900,000	673,800,000	1,979,500,000	2,051,800,000	1,644,200,000
Change in financial assets	700,000	[1]	2,600,000	[2]	38,700,000	[3]	(17,100,000)	[4]	$ 1,100,000,000	1,115,600,000	[5]	377,400,000	[6]	910,800,000	[7]	204,400,000	[8]	116,600,000	[9]	(173,800,000)	[10]	(57,300,000)	(46,900,000)	24,900,000	2,608,200,000	(78,500,000)
Net income (loss)	$ 73,100,000	[1]	$ 44,500,000	[2]	$ (69,600,000)	[3]	$ 71,600,000	[4]		$ (1,359,100,000)	[5]	$ (1,590,200,000)	[6]	$ (534,300,000)	[7]	$ (529,200,000)	[8]	$ (218,400,000)	[9]	$ 260,900,000	[10]	$ 42,500,000	$ 180,600,000	$ 119,600,000	$ (4,012,800,000)	$ 136,100,000
Earnings (loss) per share
Basic (in dollars per share)	$ 0.52	[1],[11]	$ 0.31	[2],[11]	$ (0.49)	[3],[11]	$ 0.50	[4],[11]		$ (9.48)	[5],[11]	$ (11.10)	[6],[11]	$ (3.73)	[7],[11]	$ (3.70)	[8],[11]	$ (1.51)	[9],[11]	$ 1.78	[10],[11]	$ 0.29	$ 1.34	$ 0.84	$ (28.01)	$ 0.97
Diluted (in dollars per share)	$ 0.52	[1],[11]	$ 0.31	[2],[11]	$ (0.49)	[3],[11]	$ 0.50	[4],[11]		$ (9.48)	[5],[11]	$ (11.10)	[6],[11]	$ (3.73)	[7],[11]	$ (3.70)	[8],[11]	$ (1.51)	[9],[11]	$ 1.78	[10],[11]	$ 0.29	$ 1.34	$ 0.84	$ (28.01)	$ 0.97
Weighted-average shares outstanding
Basic (in shares)	140.8	[1],[11]	141.3	[2],[11]	143.3	[3],[11]	143.4	[4],[11]		143.4	[5],[11]	143.3	[6],[11]	143.2	[7],[11]	143.2	[8],[11]	144.9	[9],[11]	146.3	[10],[11]	145.6	135.1	142.3	143.3	139.3
Diluted (in shares)	141.2	[1],[11]	141.7	[2],[11]	143.3	[3],[11]	143.6	[4],[11]		143.4	[5],[11]	143.3	[6],[11]	143.2	[7],[11]	143.2	[8],[11]	144.9	[9],[11]	146.9	[10],[11]	146.1	135.6	142.6	143.3	139.8
Selected Quarterly Financial Information [Abstract]
Impairment of intangible assets, indefinite-lived							$ 12,200,000															$ 185,100,000		$ 12,700,000	$ 849,500,000
Gain (loss) on disposition of business							21,800,000
Restructuring							$ 38,700,000											$ 24,700,000				26,900,000	$ 4,200,000	61,000,000	31,000,000	$ 5,100,000
Impairment of intangible assets					$ 18,500,000					$ 378,600,000		$ 866,600,000				$ 273,300,000		185,100,000								0
Goodwill impairment charge										224,100,000		737,900				$ 130,500,000						0			1,092,500,000
Loss on extinguishment of debt					$ 135,200,000																	900,000	$ 9,600,000	$ 135,200,000	1,100,000	$ 10,500,000
Held-for-sale impairment charges			$ 3,300,000							$ 4,500,000		$ 10,200,000		$ 10,500,000
Fixed asset impairment			$ 4,000,000
Legal fee charge (reversal)																		71,300,000		$ 15,600,000
Gain (loss) related to litigation settlement	$ 200,000
Other than temporary impairment losses, investments, portion recognized in earnings, net, available-for-sale securities																		10,700,000				$ 10,700,000			$ 1,800,000
Held for sale | API
Selected Quarterly Financial Information [Abstract]
Held-for-sale impairment charges																		$ 29,000,000

[1] (5) Includes unusual litigation charge reversal of $0.2 million.Year Ended December 31, 2016FirstQuarter (2) SecondQuarter (3) ThirdQuarter (4) FourthQuarter (5)Net sales$1,347.3 $1,340.5 $1,261.6 $1,331.2Gross profit$533.1 $546.5 $484.5 $487.7Change in financial assets$204.4 $910.8 $377.4 $1,115.6Net loss$(529.2) $(534.3) $(1,590.2) $(1,359.1)Loss per share(1): Basic$(3.70) $(3.73) $(11.10) $(9.48)Diluted$(3.70) $(3.73) $(11.10) $(9.48)Weighted average shares outstanding Basic143.2 143.2 143.3 143.4Diluted143.2 143.2 143.3 143.4

[2] Includes held-for-sale impairment charges of $3.3 million, and fixed asset impairment charges of $4.0 million.

[3] Includes intangible asset impairment charges of $18.5 million, changes in financial assets of $38.7 million, and loss on early debt extinguishment of $135.2 million.

[4] Includes IPR&D impairment charges of $12.2 million, gain on certain divestiture of $21.8 million, and restructuring charges of $38.7 million.

[5] Includes intangible asset impairment charges of $378.6 million, goodwill impairment charge of $224.1 million, and a reduction in held-for-sale impairment charges of $4.5 million.

[6] Includes intangible asset impairment charges of $866.6 million, goodwill impairment charge of $737.9 thousand, and held-for-sale impairment charges of $10.2 million.

[7] Includes held-for-sale impairment charges of $10.5 million and change in financial assets of $910.8 million.

[8] Includes an intangible asset impairment charges of $273.3 million, and a goodwill impairment charge of $130.5 million.

[9] Includes an intangible asset impairment charge of $185.1 million, Mylan defense-related fees of $71.3 million, an impairment charge on our India API held for sale assets of $29.0 million, restructuring charges of $24.7 million, and an investment impairment charge of $10.7 million.

[10] Includes Mylan defense-related fees of $15.6 million.

[11] The sum of individual per share amounts may not equal due to rounding.

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Transition Period Comparative Data (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended																					6 Months Ended		12 Months Ended
	Dec. 31, 2017	[1]	Sep. 30, 2017	[2]	Jul. 01, 2017		Apr. 01, 2017		Dec. 31, 2016	Dec. 31, 2016	[5]	Oct. 01, 2016	[6]	Jul. 02, 2016	[7]	Apr. 02, 2016	[8]	Dec. 31, 2015		Sep. 26, 2015	[10]	Dec. 31, 2015	Dec. 27, 2014	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2015
Transition period financial data [Abstract]
Net sales	$ 1,283.0		$ 1,231.3		$ 1,237.9	[3]	$ 1,194.0	[4]		$ 1,331.2		$ 1,261.6		$ 1,340.5		$ 1,347.3		$ 1,359.1	[9]	$ 1,273.1		$ 2,632.2	$ 1,844.7	$ 4,946.2	$ 5,280.6	$ 4,227.1
Cost of sales																						1,553.3	1,170.9	2,966.7	3,228.8	2,582.9
Gross profit	512.7		497.8		504.6	[3]	464.4	[4]		487.7		484.5		546.5		533.1		543.7	[9]	535.2		1,078.9	673.8	1,979.5	2,051.8	1,644.2
Operating expenses
Distribution																						47.9	29.2	87.0	88.3	67.7
Research and development																						88.2	89.8	167.7	184.0	187.8
Selling																						325.9	95.3	598.4	665.0	319.0
Administration																						306.8	165.6	461.1	452.2	385.3
Impairment charges																						215.6	0.0	47.5	2,631.0	6.8
Restructuring							38.7											24.7				26.9	4.2	61.0	31.0	5.1
Total operating expenses																						1,011.3	384.1	1,381.3	4,051.5	971.7
Operating income (loss)																						67.6	289.7	598.2	(1,999.7)	672.5
Change in financial assets	0.7		2.6		38.7	[3]	(17.1)	[4]	$ 1,100.0	1,115.6		377.4		910.8		204.4		116.6	[9]	(173.8)		(57.3)	(46.9)	24.9	2,608.2	(78.5)
Interest expense, net																						89.9	56.7	168.1	216.6	146.0
Other expense (Income), net																						25.2	60.3	(10.1)	22.7	334.2
Loss on extinguishment of debt					135.2																	0.9	9.6	135.2	1.1	10.5
Income (loss) before income taxes																						8.9	210.0	280.1	(4,848.3)	260.3
Income tax expense (benefit)																						(33.6)	29.4	160.5	(835.5)	124.2
Net income (loss)	$ 73.1		$ 44.5		$ (69.6)	[3]	$ 71.6	[4]		$ (1,359.1)		$ (1,590.2)		$ (534.3)		$ (529.2)		$ (218.4)	[9]	$ 260.9		$ 42.5	$ 180.6	$ 119.6	$ (4,012.8)	$ 136.1
Earnings (loss) per share
Basic (in dollars per share)	$ 0.52	[11]	$ 0.31	[11]	$ (0.49)	[3],[11]	$ 0.50	[4],[11]		$ (9.48)	[11]	$ (11.10)	[11]	$ (3.73)	[11]	$ (3.70)	[11]	$ (1.51)	[9],[11]	$ 1.78	[11]	$ 0.29	$ 1.34	$ 0.84	$ (28.01)	$ 0.97
Diluted (in dollars per share)	$ 0.52	[11]	$ 0.31	[11]	$ (0.49)	[3],[11]	$ 0.50	[4],[11]		$ (9.48)	[11]	$ (11.10)	[11]	$ (3.73)	[11]	$ (3.70)	[11]	$ (1.51)	[9],[11]	$ 1.78	[11]	$ 0.29	$ 1.34	$ 0.84	$ (28.01)	$ 0.97
Weighted Average Shares Outstanding [Abstract]
Basic (in shares)	140.8	[11]	141.3	[11]	143.3	[3],[11]	143.4	[4],[11]		143.4	[11]	143.3	[11]	143.2	[11]	143.2	[11]	144.9	[9],[11]	146.3	[11]	145.6	135.1	142.3	143.3	139.3
Diluted (in shares)	141.2	[11]	141.7	[11]	143.3	[3],[11]	143.6	[4],[11]		143.4	[11]	143.3	[11]	143.2	[11]	143.2	[11]	144.9	[9],[11]	146.9	[11]	146.1	135.6	142.6	143.3	139.8
Dividends declared per share																						$ 0.25	$ 0.21	$ 0.64	$ 0.58	$ 0.4600

[1] (5) Includes unusual litigation charge reversal of $0.2 million.Year Ended December 31, 2016FirstQuarter (2) SecondQuarter (3) ThirdQuarter (4) FourthQuarter (5)Net sales$1,347.3 $1,340.5 $1,261.6 $1,331.2Gross profit$533.1 $546.5 $484.5 $487.7Change in financial assets$204.4 $910.8 $377.4 $1,115.6Net loss$(529.2) $(534.3) $(1,590.2) $(1,359.1)Loss per share(1): Basic$(3.70) $(3.73) $(11.10) $(9.48)Diluted$(3.70) $(3.73) $(11.10) $(9.48)Weighted average shares outstanding Basic143.2 143.2 143.3 143.4Diluted143.2 143.2 143.3 143.4

[2] Includes held-for-sale impairment charges of $3.3 million, and fixed asset impairment charges of $4.0 million.

[3] Includes intangible asset impairment charges of $18.5 million, changes in financial assets of $38.7 million, and loss on early debt extinguishment of $135.2 million.

[4] Includes IPR&D impairment charges of $12.2 million, gain on certain divestiture of $21.8 million, and restructuring charges of $38.7 million.

[5] Includes intangible asset impairment charges of $378.6 million, goodwill impairment charge of $224.1 million, and a reduction in held-for-sale impairment charges of $4.5 million.

[6] Includes intangible asset impairment charges of $866.6 million, goodwill impairment charge of $737.9 thousand, and held-for-sale impairment charges of $10.2 million.

[7] Includes held-for-sale impairment charges of $10.5 million and change in financial assets of $910.8 million.

[8] Includes an intangible asset impairment charges of $273.3 million, and a goodwill impairment charge of $130.5 million.

[9] Includes an intangible asset impairment charge of $185.1 million, Mylan defense-related fees of $71.3 million, an impairment charge on our India API held for sale assets of $29.0 million, restructuring charges of $24.7 million, and an investment impairment charge of $10.7 million.

[10] Includes Mylan defense-related fees of $15.6 million.

[11] The sum of individual per share amounts may not equal due to rounding.

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Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance		$ 2.6	$ 6.3	$ 4.5
Net bad debt expenses	[1]	2.5	1.4	2.1
Additions (deductions)	[2]	(0.6)	(1.5)	(0.3)
Ending Balance		$ 4.5	$ 6.2	$ 6.3

[1] Includes effects of changes in foreign exchange rates

[2] Uncollectible accounts written off, net of recoveries. Also includes effects of changes in foreign exchange rates.