Indebtedness (Tables)

3 Months Ended

Apr. 01, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Total borrowings are summarized as follows (in millions):

			April 1, 2023		December 31, 2022
Term loan
	2022 Term loan A due April 20, 2027		490.6		493.8
	2022 Term loan B due April 20, 2029		1,091.8		1,094.5
	Total term loans		1,582.4		1,588.3
Notes and Bonds
	Coupon	Due
	3.900%	December 15, 2024	700.0		700.0
	4.375%	March 15, 2026	700.0		700.0
	4.400%	June 15, 2030(1)	750.0		750.0
	5.300%	November 15, 2043	90.5		90.5
	4.900%	December 15, 2044	303.9		303.9
	Total notes and bonds		2,544.4		2,544.4
Other financing			19.4		20.6
Unamortized premium (discount), net			(15.3)		(15.9)
Deferred financing fees			(29.3)		(30.8)
Total borrowings outstanding			4,101.6		4,106.6
	Current indebtedness		(38.8)		(36.2)
Total long-term debt less current portion			$	4,062.8	$	4,070.4

(1) The coupon rate noted above is as of April 1, 2023, this will increase from 4.400% to 4.650% on payments starting after June 15, 2023, following a credit rating downgrade by Moody's in the first quarter of 2023. Future interest rate adjustments are subject to a 2.0% total cap above the original 3.150% interest rate based on certain rating events as specified in the Note’s Supplemental Indenture No. 3, dated as of June 19, 2020, among Perrigo Finance Unlimited Company, Perrigo Company plc and Wells Fargo Bank, National Association, as trustee.