Guarantor Financial Information (Tables)

3 Months Ended

Mar. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]



	Condensed Consolidating Statements of Operations
For the three months ended March 31, 2017	Shire plc (Parent Guarantor)			SAIIDAC (SAIIDAC Notes Subsidiary Issuer)			Baxalta Inc. (Baxalta Notes Subsidiary Issuer and SAIIDAC Notes Subsidiary Guarantor)			Non-Guarantor Non-Issuer Subsidiaries			Non-Guarantor Subsidiaries of Baxalta Notes			Eliminations			Consolidated
(In millions)
Revenues:
Product sales	$	—		$	—		$	—		$	3,412.3		$	3,412.3		$	—		$	3,412.3
Royalties and other revenues	—			—			—			160.0			160.0			—			160.0
Total revenues	—			—			—			3,572.3			3,572.3			—			3,572.3
Costs and expenses:
Cost of sales	—			—			1.2			1,325.8			1,325.8			—			1,327.0
Research and development	—			—			—			379.3			379.3			—			379.3
Selling, general and administrative	14.0			—			5.7			869.2			869.2			—			888.9
Amortization of acquired intangible assets	—			—			—			364.0			364.0			—			364.0
Integration and acquisition costs	—			—			25.6			90.4			90.4			—			116.0
Reorganization costs	—			—			—			5.5			5.5			—			5.5
Gain on sale of product rights	—			—			—			(5.5		)	(5.5		)	—			(5.5		)
Total operating expenses	14.0			—			32.5			3,028.7			3,028.7			—			3,075.2

Operating (loss) / income from continuing operations	(14.0		)	—			(32.5		)	543.6			543.6			—			497.1

Interest (expense) / income, net	(30.3		)	5.4			(21.4		)	(92.9		)	(87.5		)	—			(139.2		)
Other income, net	—			—			0.5			4.0			4.0			—			4.5
Total other (expense) / income, net	(30.3		)	5.4			(20.9		)	(88.9		)	(83.5		)	—			(134.7		)

(Loss) / income from continuing operations before income taxes and equity in income / (losses) of equity method investees	(44.3		)	5.4			(53.4		)	454.7			460.1			—			362.4
Income taxes	1.5			(1.3		)	(19.9		)	12.9			11.6			—			(6.8		)
Equity in income / (losses) of equity method investees, net of taxes	417.8			—			(126.8		)	(0.8		)	(0.8		)	(291.0		)	(0.8		)
Income / (loss) from continuing operations, net of taxes	375.0			4.1			(200.1		)	466.8			470.9			(291.0		)	354.8
Gain from discontinued operations, net of taxes	—			—			—			20.2			20.2			—			20.2
Net income / (loss)	375.0			4.1			(200.1		)	487.0			491.1			(291.0		)	375.0
Comprehensive income / (loss)	$	645.5		$	4.1		$	48.7		$	754.0		$	758.1		$	(806.8	)	$	645.5



	Condensed Consolidating Statements of Operations
For the three months ended March 31, 2016	Shire plc (Parent Guarantor)			SAIIDAC (SAIIDAC Notes Subsidiary Issuer)			Baxalta Inc. (Baxalta Notes Subsidiary Issuer and SAIIDAC Notes Subsidiary Guarantor)		Non-Guarantor Non-Issuer Subsidiaries			Non-Guarantor Subsidiaries of Baxalta Notes			Eliminations			Consolidated
(In millions)
Revenues:
Product sales	$	—		$	—		$	—	$	1,627.3		$	1,627.3		$	—		$	1,627.3
Royalties and other revenues	—			—			—		82.0			82.0			—			82.0
Total revenues	—			—			—		1,709.3			1,709.3			—			1,709.3
Costs and expenses:
Cost of sales	—			—			—		248.6			248.6			—			248.6
Research and development	—			—			—		217.1			217.1			—			217.1
Selling, general and administrative	17.0			—			—		457.9			457.9			—			474.9
Amortization of acquired intangible assets	—			—			—		134.6			134.6			—			134.6
Integration and acquisition costs				—			—		91.1			91.1			—			91.1
Reorganization costs	—			—			—		3.3			3.3			—			3.3
Gain on sale of product rights	—			—			—		(4.2		)	(4.2		)	—			(4.2		)
Total operating expenses	17.0			—			—		1,148.4			1,148.4			—			1,165.4

Operating (loss) / income from continuing operations	(17.0		)	—			—		560.9			560.9			—			543.9

Interest (expense) / income, net	(21.9		)	(21.8		)	—		—			(21.8		)	—			(43.7		)
Other income, net	(0.3		)	—			—		(8.2		)	(8.2		)	—			(8.5		)
Total other (expense) / income, net	(22.2		)	(21.8		)	—		(8.2		)	(30.0		)	—			(52.2		)

(Loss) / income from continuing operations before income taxes and equity in income / (losses) of equity method investees	(39.2		)	(21.8		)	—		552.7			530.9			—			491.7
Income taxes	1.0			5.5			—		(88.6		)	(83.1		)	—			(82.1		)
Equity in income / (losses) of equity method investees, net of taxes	457.2			—			—		(0.1		)	(0.1		)	(457.2		)	(0.1		)
Income / (loss) from continuing operations, net of taxes	419.0			(16.3		)	—		464.0			447.7			(457.2		)	409.5
Gain from discontinued operations, net of taxes	—			—			—		9.5			9.5			—			9.5
Net income / (loss)	419.0			(16.3		)	—		473.5			457.2			(457.2		)	419.0
Comprehensive income / (loss)	$	443.4		$	(16.3	)	$	—	$	497.9		$	481.6		$	(481.6	)	$	443.4

Condensed Balance Sheet



	Condensed Consolidating Balance Sheet
As of March 31, 2017	Shire plc (Parent Guarantor)		SAIIDAC (SAIIDAC Notes Subsidiary Issuer)		Baxalta Inc. (Baxalta Notes Subsidiary Issuer and SAIIDAC Notes Subsidiary Guarantor)		Non-Guarantor Non-Issuer Subsidiaries		Non-Guarantor Subsidiaries of Baxalta Notes		Eliminations			Consolidated
(In millions)
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—	$	0.3	$	368.7	$	368.7	$	—		$	369.0
Restricted cash	—		—		—		34.1		34.1		—			34.1
Accounts receivable, net	—		—		—		2,579.5		2,579.5		—			2,579.5
Inventories	—		—		—		3,345.8		3,345.8		—			3,345.8
Prepaid expenses and other current assets	1.4		—		91.0		694.8		694.8		—			787.2
Intercompany receivables	—		47.5		95.9		5,172.5		5,220.0		(5,315.9		)	—
Short term intercompany loan receivable	—		1,995.1		—		—		1,995.1		(1,995.1		)	—
Total current assets	1.4		2,042.6		187.2		12,195.4		14,238.0		(7,311.0		)	7,115.6
Investments	36,484.0		—		34,799.8		12,607.6		12,607.6		(83,665.2		)	226.2
Property, plant and equipment, net	—		—		28.6		6,467.5		6,467.5		—			6,496.1
Goodwill	—		—		—		19,149.1		19,149.1		—			19,149.1
Intangible assets, net	—		—		—		32,834.1		32,834.1		—			32,834.1
Deferred tax asset	—		—		271.5		125.5		125.5		(271.5		)	125.5
Long term intercompany loan receivable	—		14,036.2		411.4		—		14,036.2		(14,447.6		)	—
Other non-current assets	3.9		—		33.6		176.0		176.0		—			213.5
Total assets	$	36,489.3	$	16,078.8	$	35,732.1	$	83,555.2	$	99,634.0	$	(105,695.3	)	$	66,160.1
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	1.6	$	7.3	$	61.1	$	3,481.3	$	3,488.6	$	—		$	3,551.3
Short term borrowings and capital leases	1,030.0		1,995.1		—		24.4		2,019.5		—			3,049.5
Intercompany payables	5,315.9		—		—		—		—		(5,315.9		)	—
Short term intercompany loan payable	—		—		—		1,995.1		1,995.1		(1,995.1		)	—
Other current liabilities	—		—		75.0		334.6		334.6		—			409.6
Total current liabilities	6,347.5		2,002.4		136.1		5,835.4		7,837.8		(7,311.0		)	7,010.4
Long term borrowings and capital leases	—		14,036.2		5,061.4		398.3		14,434.5		—			19,495.9
Deferred tax liability	—		—		—		8,024.1		8,024.1		(271.5		)	7,752.6
Long term intercompany loan payable	—		—		—		14,447.6		14,447.6		(14,447.6		)	—
Other non-current liabilities	409.9		—		63.6		1,695.8		1,695.8		—			2,169.3
Total liabilities	6,757.4		16,038.6		5,261.1		30,401.2		46,439.8		(22,030.1		)	36,428.2
Total equity	29,731.9		40.2		30,471.0		53,154.0		53,194.2		(83,665.2		)	29,731.9
Total liabilities and equity	$	36,489.3	$	16,078.8	$	35,732.1	$	83,555.2	$	99,634.0	$	(105,695.3	)	$	66,160.1



	Condensed Consolidating Balance Sheet
As of December 31, 2016	Shire plc (Parent Guarantor)		SAIIDAC (SAIIDAC Notes Subsidiary Issuer)		Baxalta Inc. (Baxalta Notes Subsidiary Issuer and SAIIDAC Notes Subsidiary Guarantor)		Non-Guarantor Non-Issuer Subsidiaries		Non-Guarantor Subsidiaries of Baxalta Notes		Eliminations			Consolidated
(In millions)
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—	$	41.7	$	487.1	$	487.1	$	—		$	528.8
Restricted cash	—		—		—		25.6		25.6		—			25.6
Accounts receivable, net	—		—		—		2,616.5		2,616.5		—			2,616.5
Inventories	—		—		—		3,562.3		3,562.3		—			3,562.3
Prepaid expenses and other current assets	1.8		—		97.1		707.4		707.4		—			806.3
Intercompany receivables	—		120.5		—		5,154.4		5,274.9		(5,274.9		)	—
Short term intercompany loan receivable	—		2,594.8		—		—		2,594.8		(2,594.8		)	—
Total current assets	1.8		2,715.3		138.8		12,553.3		15,268.6		(7,869.7		)	7,539.5
Investments	35,656.1		—		34,644.2		12,571.8		12,571.8		(82,680.5		)	191.6
Property, plant and equipment, net	—		—		27.4		6,442.2		6,442.2		—			6,469.6
Goodwill	—		—		—		17,888.2		17,888.2		—			17,888.2
Intangible assets, net	—		—		—		34,697.5		34,697.5		—			34,697.5
Deferred tax asset	—		—		273.0		96.7		96.7		(273.0		)	96.7
Long term intercompany loan receivable	—		14,431.0		480.7		—		14,431.0		(14,911.7		)	—
Other non-current assets	3.9		—		33.8		114.6		114.6		—			152.3
Total assets	$	35,661.8	$	17,146.3	$	35,597.9	$	84,364.3	$	101,510.6	$	(105,734.9	)	$	67,035.4
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	1.3	$	85.7	$	20.0	$	4,205.4	$	4,291.1	$	—		$	4,312.4
Short term borrowings and capital leases	450.0		2,594.8		—		23.2		2,618.0		—			3,068.0
Intercompany payables	5,247.1		—		27.8		—		—		(5,274.9		)	—
Short term intercompany loans payable	—		—		—		2,594.8		2,594.8		(2,594.8		)	—
Other current liabilities	—		—		64.6		298.3		298.3		—			362.9
Total current liabilities	5,698.4		2,680.5		112.4		7,121.7		9,802.2		(7,869.7		)	7,743.3
Long term borrowings and capital leases	—		14,431.0		5,063.7		405.1		14,836.1		—			19,899.8
Deferred tax liability	—		—		—		8,595.7		8,595.7		(273.0		)	8,322.7
Long term intercompany loans payable	610.1		—		—		14,301.6		14,301.6		(14,911.7		)	—
Other non-current liabilities	405.3		—		61.7		1,654.6		1,654.6		—			2,121.6
Total liabilities	6,713.8		17,111.5		5,237.8		32,078.7		49,190.2		(23,054.4		)	38,087.4
Total equity	28,948.0		34.8		30,360.1		52,285.6		52,320.4		(82,680.5		)	28,948.0
Total liabilities and equity	$	35,661.8	$	17,146.3	$	35,597.9	$	84,364.3	$	101,510.6	$	(105,734.9	)	$	67,035.4

Condensed Cash Flow Statement



	Condensed Consolidating Statement of Cash Flows
For the three months ended March 31, 2017	Shire plc (Parent Guarantor)			SAIIDAC (SAIIDAC Notes Subsidiary Issuer)			Baxalta Inc. (Baxalta Notes Subsidiary Issuer and SAIIDAC Notes Subsidiary Guarantor)			Non-Guarantor Non-Issuer Subsidiaries			Non-Guarantor Subsidiaries of Baxalta Notes			Eliminations			Consolidated
(In millions)
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided (used in) operating activities	$	(9.6	)	$	(84.1	)	$	(0.3	)	$	553.1		$	469.0		$	—		$	459.1
CASH FLOWS FROM INVESTING ACTIVITIES:
Transactions with subsidiaries	(760.6		)	—			(110.5		)	(733.2		)	(733.2		)	1,604.3			—
Movements in restricted cash	—			—			—			(8.5		)	(8.5		)	—			(8.5		)
Purchases of PP&E and non-current investments	—			—			(2.4		)	(210.1		)	(210.1		)	—			(212.5		)
Other, net	0.3			—			2.0			(1.1		)	(1.1		)	—			1.2
Net cash provided by (used in) investing activities	(760.3		)	—			(110.9		)	(952.9		)	(952.9		)	1,604.3			(219.8		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving line of credit, long term and short term borrowings	1,400.0			—			—			1.9			1.9			—			1,401.9
Repayment of revolving line of credit, long term and short term borrowings	(820.0		)	(1,000.0		)	—			(5.7		)	(1,005.7		)	—			(1,825.7		)
Proceeds from intercompany borrowings	189.8			1,084.1			69.3			261.1			1,345.2			(1,604.3		)	—
Proceeds from exercise of options	0.1			—			1.7			20.3			20.3			—			22.1
Other, net	—			—			(1.2		)	1.1			1.1			—			(0.1		)
Net cash provided by (used in) financing activities	769.9			84.1			69.8			278.7			362.8			(1,604.3		)	(401.8		)
Effect of foreign exchange rate changes on cash and cash equivalents	—			—			—			2.7			2.7			—			2.7
Net increase in cash and cash equivalents	—			—			(41.4		)	(118.4		)	(118.4		)	—			(159.8		)
Cash and cash equivalents at beginning of period	—			—			41.7			487.1			487.1			—			528.8
Cash and cash equivalents at end of period	$	—		$	—		$	0.3		$	368.7		$	368.7		$	—		$	369.0



	Condensed Consolidating Statement of Cash Flows
For the three months ended March 31, 2016	Shire plc (Parent Guarantor)			SAIIDAC (SAIIDAC Notes Subsidiary Issuer)			Baxalta Inc. (Baxalta Notes Subsidiary Issuer and SAIIDAC Notes Subsidiary Guarantor)		Non-Guarantor Non-Issuer Subsidiaries			Non-Guarantor Subsidiaries of Baxalta Notes			Eliminations			Consolidated
(In millions)
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided (used in) operating activities	$	(45.9	)	$	(11.5	)	$	—	$	446.9		$	435.4		$	—		$	389.5
CASH FLOWS FROM INVESTING ACTIVITIES:
Transactions with subsidiaries	(1,900.0		)	(5,494.7		)	—		(2,235.9		)	(7,730.6		)	9,630.6			—
Movements in restricted cash	—			—			—		64.8			64.8			—			64.8
Purchases of subsidiary undertakings and businesses, net of cash acquired	—			—			—		(5,692.8		)	(5,692.8		)	—			(5,692.8		)
Purchases of PP&E and non-current investments	—			—			—		(51.6		)	(51.6		)	—			(51.6		)
Other, net	—			—			—		5.5			5.5			—			5.5
Net cash provided by (used in) investing activities	(1,900.0		)	(5,494.7		)	—		(7,910.0		)	(13,404.7		)	9,630.6			(5,674.1		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving line of credit, long term and short term borrowings	705.0			5,600.0			—		—			5,600.0			—			6,305.0
Repayment of revolving line of credit, long term and short term borrowings	(995.0		)	—			—		(0.1		)	(0.1		)	—			(995.1		)
Proceeds from intercompany borrowings	2,235.9			—			—		7,394.7			7,394.7			(9,630.6		)	—
Debt issuance costs	—			(93.8		)	—		—			(93.8		)	—			(93.8		)
Proceeds from exercise of options	—			—			—		0.1			0.1			—			0.1
Other, net	—			—			—		0.9			0.9			—			0.9
Net cash provided by (used in) financing activities	1,945.9			5,506.2			—		7,395.6			12,901.8			(9,630.6		)	5,217.1
Effect of foreign exchange rate changes on cash and cash equivalents	—			—			—		1.0			1.0			—			1.0
Net decrease in cash and cash equivalents	—			—			—		(66.5		)	(66.5		)	—			(66.5		)
Cash and cash equivalents at beginning of period	—			—			—		135.5			135.5			—			135.5
Cash and cash equivalents at end of period	$	—		$	—		$	—	$	69.0		$	69.0		$	—		$	69.0