Company Quick10K Filing
Perrigo
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 136 $6,361
10-Q 2019-11-06 Quarter: 2019-09-28
10-Q 2019-08-08 Quarter: 2019-06-29
10-Q 2019-05-09 Quarter: 2019-03-30
10-K 2019-02-27 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-29
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-08 Quarter: 2018-03-31
10-K 2018-03-01 Annual: 2017-12-31
10-Q 2017-11-09 Quarter: 2017-09-30
10-Q 2017-08-10 Quarter: 2017-07-01
10-Q 2017-05-30 Quarter: 2017-04-01
10-Q 2016-11-10 Quarter: 2016-10-01
10-Q 2016-08-10 Quarter: 2016-07-02
10-Q 2016-05-16 Quarter: 2016-04-02
10-Q 2015-11-02 Quarter: 2015-09-26
10-K 2015-08-13 Annual: 2015-06-27
10-Q 2015-04-29 Quarter: 2015-03-28
10-Q 2015-02-05 Quarter: 2014-12-27
10-Q 2014-11-06 Quarter: 2014-09-27
10-K 2014-08-14 Annual: 2014-06-28
10-Q 2014-05-07 Quarter: 2014-03-29
10-Q 2014-02-06 Quarter: 2013-12-28
10-Q 2013-11-04 Quarter: 2013-09-28
8-K 2020-01-14 Earnings, Exhibits
8-K 2019-11-06 Earnings, Exhibits
8-K 2019-08-15 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-08-08 Earnings, Exhibits
8-K 2019-08-07 Officers
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-05-08 Enter Agreement
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-04-26 Other Events
8-K 2019-04-26 Shareholder Vote, Exhibits
8-K 2019-03-17 Officers, Exhibits
8-K 2019-02-27 Earnings, Exhibits
8-K 2019-02-13 Officers
8-K 2018-12-20 Other Events
8-K 2018-11-08 Earnings, Exhibits
8-K 2018-10-02 Officers, Exhibits
8-K 2018-08-09 Earnings, Exhibits
8-K 2018-05-08 Earnings, Exhibits
8-K 2018-03-09 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-03-01 Earnings, Exhibits
8-K 2018-02-27 Earnings, Exhibits
8-K 2018-02-20 Officers
8-K 2018-01-06 Officers, Exhibits
PRGO 2019-09-28
Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Note 1
Note 1 - Summary of Significant Accounting Policies
Note 2
Note 2 - Revenue Recognition
Note 3 - Acquisitions and Divestitures
Note 3
Note 4
Note 4 - Goodwill and Intangible Assets
Note 5 - Inventories
Note 6
Note 6 - Fair Value Measurements
Note 7 - Investments
Note 8 - Derivative Instruments and Hedging Activities
Note 8
Note 9 - Leases
Note 9
Note 10
Note 10 - Indebtedness
Note 11 - Earnings per Share and Shareholders' Equity
Note 12
Note 12 - Accumulated Other Comprehensive Income (Loss)
Note 13 - Income Taxes
Note 13
Note 14 - Contingencies
Note 14
Note 15 - Restructuring Charges
Note 16 - Segment Information
Note 16
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 cy19q310qex311.htm
EX-31.2 cy19q310qex312.htm
EX-32 cy19q310qex32.htm

Perrigo Earnings 2019-09-28

PRGO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
ALNY 7,978 2,716 959 101 92 -858 -856 6,838 91% -8.0 -32%
CTLT 7,731 6,184 3,896 2,518 805 137 408 10,377 32% 25.4 2%
JAZZ 7,584 5,489 2,505 2,027 441 656 858 8,730 22% 10.2 12%
RDY 6,726 225,427 85,230 0 0 0 0 6,714 0%
PRGO 6,361 11,429 5,702 4,652 1,747 218 761 8,788 38% 11.5 2%
AMRN 6,020 390 241 307 236 -84 -84 5,865 77% -69.5 -22%
NKTR 5,930 2,100 542 119 73 -423 -394 5,844 62% -14.8 -20%
ARRY 5,260 567 265 240 221 -126 -113 4,960 92% -43.8 -22%
GLPG 5,015 1,439 225 0 0 0 0 5,015 0%
LOXO 4,868 659 280 124 0 7 7 4,732 0% 697.4 1%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________________________
 FORM 10-Q
_______________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 28, 2019

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 001-36353
_______________________________________________
Perrigo Company plc
(Exact name of registrant as specified in its charter)
_______________________________________________
Ireland
 
Not Applicable
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)

The Sharp Building, Hogan Place, Dublin 2, Ireland D02 TY74
+353 1 7094000
(Address, including zip code, and telephone number, including
area code, of registrant’s principal executive offices)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Ordinary shares
PRGO
New York Stock Exchange
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      No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).    Yes     No 
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 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
 
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 Exchange Act).
   Yes   No
As of November 1, 2019, there were 136,109,593 ordinary shares outstanding.




PERRIGO COMPANY PLC
FORM 10-Q
INDEX
 
PAGE
NUMBER
 
 
PART I. FINANCIAL INFORMATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1
 
 
 
2
 
 
 
3
 
 
 
4
 
 
 
5
 
 
 
6
 
 
 
7
 
 
 
8
 
 
 
9
 
 
 
10
 
 
 
11
 
 
 
12
 
 
 
13
 
 
 
14
 
 
 
15
 
 
 
16
 
 
 
 
 
 
 
 
 
 
 
 
PART II. OTHER INFORMATION
 
 
 
 
 
 
 
 
 
 
 
 
 



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; resolution of uncertain tax positions, including the Company's appeal of the Notice of Assessment ("NoA") issued by the Irish Office of the Revenue Commissioners (“Irish Revenue”) and the draft and final Notices of Proposed Adjustment ("NOPAs") issued by the U.S. Internal Revenue Service and the impact that an adverse result in any such proceeding could have on operating results, cash flows and liquidity; potential third-party claims and litigation, including litigation relating to our restatement of previously-filed financial information and litigation relating to uncertain tax positions, including the NoA and NOPAs; potential impacts of ongoing or future government investigations and regulatory initiatives; potential costs and reputational impact of product recalls and sales halts; the impact of 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 strategic and other initiatives. Statements regarding the separation of the RX business, including the expected benefits, anticipated timing, form of any such separation and whether the separation ultimately occurs, are all subject to various risks and uncertainties, including future financial and operating results, our ability to separate the business, the effect of existing interdependencies with our manufacturing and shared service operations, and the tax consequences of the planned separation to us or our shareholders. 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 our form 10-K for the year-ended December 31, 2018, 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.


1

Perrigo Company plc - Item 1

PART I.     FINANCIAL INFORMATION

ITEM 1.        FINANCIAL STATEMENTS (UNAUDITED)

PERRIGO COMPANY PLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(unaudited)
 
 
Three Months Ended
 
Nine Months Ended
 
September 28,
2019
 
September 29,
2018
 
September 28,
2019
 
September 29,
2018
Net sales
$
1,191.1

 
$
1,133.1

 
$
3,514.6

 
$
3,536.5

Cost of sales
778.3

 
708.3

 
2,222.1

 
2,148.0

Gross profit
412.8

 
424.8

 
1,292.5

 
1,388.5

 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
Distribution
23.4

 
22.5

 
70.5

 
71.0

Research and development
44.0

 
43.7

 
128.0

 
174.0

Selling
134.1

 
134.7

 
422.8

 
451.2

Administration
131.9

 
105.6

 
384.2

 
310.0

Impairment charges
10.9

 
221.8

 
42.9

 
223.5

Restructuring
5.2

 
18.0

 
26.7

 
23.2

Other operating expense
8.9

 
0.5

 
5.7

 
6.6

Total operating expenses
358.4

 
546.8

 
1,080.8

 
1,259.5

 
 
 
 
 
 
 
 
Operating income (loss)
54.4

 
(122.0
)
 
211.7

 
129.0

 
 
 
 
 
 
 
 
Change in financial assets
(2.6
)
 
(74.9
)
 
(18.5
)
 
(65.9
)
Interest expense, net
30.5

 
31.7

 
90.4

 
95.2

Other (income) expense, net
(71.0
)
 
0.2

 
(65.6
)
 
12.3

Loss on extinguishment of debt
0.2

 

 
0.2

 
0.5

Income (loss) before income taxes
97.3

 
(79.0
)
 
205.2

 
86.9

Income tax expense (benefit)
5.1

 
(11.5
)
 
40.1

 
37.3

Net income (loss)
$
92.2

 
$
(67.5
)
 
$
165.1

 
$
49.6

 
 
 
 
 
 
 
 
Earnings (loss) per share
 
 
 
 
 
 
 
Basic
$
0.68

 
$
(0.49
)
 
$
1.21

 
$
0.36

Diluted
$
0.67

 
$
(0.49
)
 
$
1.21

 
$
0.36

 
 
 
 
 
 
 
 
Weighted-average shares outstanding
 
 
 
 
 
 
 
Basic
136.0

 
137.4

 
136.0

 
138.5

Diluted
136.8

 
137.4

 
136.4

 
139.0



See accompanying Notes to the Condensed Consolidated Financial Statements.

2

Perrigo Company plc - Item 1

PERRIGO COMPANY PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(unaudited)
 
Three Months Ended
 
Nine Months Ended
 
September 28,
2019
 
September 29,
2018
 
September 28,
2019
 
September 29,
2018
Net income (loss)
$
92.2

 
$
(67.5
)
 
$
165.1

 
$
49.6

Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustments
(74.0
)
 
(9.9
)
 
(63.0
)
 
(102.5
)
Change in fair value of derivative financial instruments, net of tax
31.6

 
(0.9
)
 
36.0

 
(5.0
)
Change in post-retirement and pension liability, net of tax
(0.5
)
 
(1.0
)
 
(1.0
)
 
(1.4
)
Other comprehensive income (loss), net of tax
(42.9
)
 
(11.8
)
 
(28.0
)
 
(108.9
)
Comprehensive income (loss)
$
49.3

 
$
(79.3
)
 
$
137.1

 
$
(59.3
)
See accompanying Notes to the Condensed Consolidated Financial Statements.


3

Perrigo Company plc - Item 1

PERRIGO COMPANY PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
(unaudited)
 
September 28,
2019
 
December 31,
2018
Assets
 
 
 
Cash and cash equivalents
$
398.5

 
$
551.1

Accounts receivable, net of allowance for doubtful accounts of $6.3 and $6.4, respectively
1,102.2

 
1,073.1

Inventories
990.5

 
878.0

Prepaid expenses and other current assets
248.6

 
400.0

Total current assets
2,739.8

 
2,902.2

Property, plant and equipment, net
871.4

 
829.1

Operating lease assets
131.9

 

Goodwill and indefinite-lived intangible assets
4,269.7

 
4,029.1

Definite-lived intangible assets, net
2,899.3

 
2,858.9

Deferred income taxes
2.7

 
1.2

Other non-current assets
396.0

 
362.9

Total non-current assets
8,571.0

 
8,081.2

Total assets
$
11,310.8

 
$
10,983.4

Liabilities and Shareholders’ Equity
 
 
 
Accounts payable
$
524.9

 
$
474.9

Payroll and related taxes
147.3

 
132.1

Accrued customer programs
358.8

 
442.4

Other accrued liabilities
213.1

 
201.3

Accrued income taxes
77.5

 
96.5

Current indebtedness
3.1

 
190.2

Total current liabilities
1,324.7

 
1,537.4

Long-term debt, less current portion
3,361.5

 
3,052.2

Deferred income taxes
314.3

 
282.3

Other non-current liabilities
551.2

 
443.4

Total non-current liabilities
4,227.0

 
3,777.9

Total liabilities
5,551.7

 
5,315.3

Commitments and contingencies - Refer to Note 14

 

Shareholders’ equity
 
 
 
Controlling interests:
 
 
 
Preferred shares, $0.0001 par value per share, 10 shares authorized

 

Ordinary shares, €0.001 par value per share, 10,000 shares authorized
7,378.8

 
7,421.7

Accumulated other comprehensive income
56.6

 
84.6

Retained earnings (accumulated deficit)
(1,676.6
)
 
(1,838.3
)
Total controlling interest
5,758.8

 
5,668.0

Noncontrolling interest
0.3

 
0.1

Total shareholders’ equity
5,759.1

 
5,668.1

Total liabilities and shareholders' equity
$
11,310.8

 
$
10,983.4

 
 
 
 
Supplemental Disclosures of Balance Sheet Information
 
 
 
Preferred shares, issued and outstanding

 

Ordinary shares, issued and outstanding
136.1

 
135.9


See accompanying Notes to the Condensed Consolidated Financial Statements.

4

Perrigo Company plc - Item 1

PERRIGO COMPANY PLC
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in millions, except per share amounts)
(unaudited)
 
Ordinary Shares
Issued
 
Accumulated
Other
Comprehensive
Income
 
Retained
Earnings
(Accumulated Deficit)
 
Total
 
Shares
 
Amount
Balance at December 31, 2017
140.8

 
$
7,892.9

 
$
253.1

 
$
(1,975.5
)
 
$
6,170.5

Adoption of new accounting standards

 

 
(1.0
)
 
6.3

 
5.3

Net income

 

 

 
80.8

 
80.8

Other comprehensive income (loss)

 

 
72.2

 

 
72.2

Stock options exercised

 
0.2

 

 

 
0.2

Restricted stock plan
0.2

 

 

 

 

Compensation for stock options

 
2.7

 

 

 
2.7

Compensation for restricted stock

 
10.0

 

 

 
10.0

Cash dividends, $0.19 per share

 
(26.7
)
 

 

 
(26.7
)
Shares withheld for payment of employees' withholding tax liability

 
(1.5
)
 

 

 
(1.5
)
Repurchases of ordinary shares
(1.3
)
 
(108.1
)
 

 

 
(108.1
)
Balance at March 31, 2018
139.7

 
$
7,769.5

 
$
324.3

 
$
(1,888.4
)
 
$
6,205.4

 
 
 
 
 
 
 
 
 
 
Net income

 

 

 
36.2

 
36.2

Other comprehensive income (loss)

 

 
(169.3
)
 

 
(169.3
)
Stock options exercised

 
0.1

 

 

 
0.1

Restricted stock plan
0.1

 

 

 

 

Compensation for stock options

 
2.7

 

 

 
2.7

Compensation for restricted stock

 
6.9

 

 

 
6.9

Cash dividends, $0.19 per share

 
(26.1
)
 

 

 
(26.1
)
Shares withheld for payment of employees' withholding tax liability
(0.1
)
 
(1.9
)
 

 

 
(1.9
)
Repurchases of ordinary shares
(2.0
)
 
(156.9
)
 

 

 
(156.9
)
Balance at June 30, 2018
137.7

 
$
7,594.3

 
$
155.0

 
$
(1,852.2
)
 
$
5,897.1

 
 
 
 
 
 
 
 
 
 
Net loss

 

 

 
(67.5
)
 
(67.5
)
Other comprehensive income (loss)

 

 
(11.8
)
 

 
(11.8
)
Stock options exercised
0.1

 
0.5

 

 

 
0.5

Restricted stock plan
(0.1
)
 

 

 

 

Compensation for stock options

 
0.5

 

 

 
0.5

Compensation for restricted stock

 
3.8

 

 

 
3.8

Cash dividends, $0.19 per share

 
(25.9
)
 

 

 
(25.9
)
Shares withheld for payment of employees' withholding tax liability

 
(1.9
)
 

 

 
(1.9
)
Repurchases of ordinary shares
(1.8
)
 
(135.0
)
 

 

 
(135.0
)
Balance at September 29, 2018
135.9

 
$
7,436.3

 
$
143.2

 
$
(1,919.7
)
 
$
5,659.8



5

Perrigo Company plc - Item 1

PERRIGO COMPANY PLC
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (CONTINUED)
(in millions, except per share amounts)
(unaudited)
 
Ordinary Shares
Issued
 
Accumulated
Other
Comprehensive
Income
 
Retained
Earnings
(Accumulated Deficit)
 
Total
 
Shares
 
Amount
Balance at December 31, 2018
135.9

 
$
7,421.7

 
$
84.6

 
$
(1,838.3
)
 
$
5,668.0

Adoption of new accounting standards

 

 

 
(3.4
)
 
(3.4
)
Net income

 

 

 
63.9

 
63.9

Other comprehensive income (loss)

 

 
(15.6
)
 

 
(15.6
)
Restricted stock plan
0.2

 

 

 

 

Compensation for stock options

 
1.8

 

 

 
1.8

Compensation for restricted stock

 
14.2

 

 

 
14.2

Cash dividends, $0.19 per share

 
(25.9
)
 

 

 
(25.9
)
Shares withheld for payment of employees' withholding tax liability
(0.1
)
 
(2.4
)
 

 

 
(2.4
)
Balance at March 30, 2019
136.0

 
$
7,409.4

 
$
69.0

 
$
(1,777.8
)
 
$
5,700.6

 
 
 
 
 
 
 
 
 
 
Net income

 

 

 
9.0

 
9.0

Other comprehensive income (loss)

 

 
30.5

 

 
30.5

Stock options exercised

 
0.3

 

 

 
0.3

Compensation for stock options

 
1.3

 

 

 
1.3

Compensation for restricted stock

 
14.2

 

 

 
14.2

Cash dividends, $0.21 per share

 
(28.9
)
 

 

 
(28.9
)
Shares withheld for payment of employees' withholding tax liability

 
(0.8
)
 

 

 
(0.8
)
Balance at June 29, 2019
136.0

 
$
7,395.5

 
$
99.5

 
$
(1,768.8
)
 
$
5,726.2

 
 
 
 
 
 
 
 
 
 
Net income

 

 

 
92.2

 
92.2

Other comprehensive income (loss)

 

 
(42.9
)
 

 
(42.9
)
Stock options exercised

 
0.4

 

 

 
0.4

Restricted stock plan
0.1

 

 

 

 

Compensation for stock options

 
0.9

 

 

 
0.9

Compensation for restricted stock

 
11.9

 

 

 
11.9

Cash dividends, $0.21 per share

 
(28.8
)
 

 

 
(28.8
)
Shares withheld for payment of employees' withholding tax liability

 
(1.1
)
 

 

 
(1.1
)
Balance at September 28, 2019
136.1

 
$
7,378.8

 
$
56.6

 
$
(1,676.6
)
 
$
5,758.8


See accompanying Notes to the Condensed Consolidated Financial Statements.

6

Perrigo Company plc - Item 1

PERRIGO COMPANY PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
 
Nine Months Ended
 
September 28,
2019
 
September 29,
2018
Cash Flows From (For) Operating Activities
 
 
 
Net income
$
165.1

 
$
49.6

Adjustments to derive cash flows:
 
 
 
Depreciation and amortization
293.5

 
324.0

Gain on sale of business
(72.4
)
 

Share-based compensation
40.9

 
26.6

Impairment charges
42.9

 
223.5

Change in financial assets
(18.5
)
 
(65.9
)
Restructuring charges
26.7

 
23.2

Deferred income taxes
10.1

 
(8.4
)
Amortization of debt premium
(3.8
)
 
(6.2
)
Other non-cash adjustments, net
38.5

 
6.4

Subtotal
523.0

 
572.8

Increase (decrease) in cash due to:
 
 
 
Accounts receivable
(12.1
)
 
20.2

Inventories
(78.3
)
 
(101.3
)
Accounts payable
33.7

 
44.5

Payroll and related taxes
(10.6
)
 
(40.8
)
Accrued customer programs
(82.7
)
 
(1.2
)
Accrued liabilities
(24.8
)
 
(31.1
)
Accrued income taxes
(65.8
)
 
(60.0
)
Other, net
15.9

 
(4.4
)
Subtotal
(224.7
)
 
(174.1
)
Net cash from (for) operating activities
298.3

 
398.7

Cash Flows From (For) Investing Activities
 
 
 
Proceeds from royalty rights
2.2

 
11.4

Purchase of investment securities

 
(7.5
)
Acquisitions of businesses, net of cash acquired
(749.5
)
 

Proceeds from the Royalty Pharma contingent milestone
250.0

 

Asset acquisitions
(86.2
)
 
(32.8
)
Additions to property, plant and equipment
(90.3
)
 
(56.8
)
Net proceeds from sale of business
183.4

 

Other investing, net
0.6

 
5.0

Net cash from (for) investing activities
(489.8
)
 
(80.7
)
Cash Flows From (For) Financing Activities
 
 
 
Issuances of long-term debt
600.0

 
431.0

Payments on long-term debt
(476.0
)
 
(470.0
)
Borrowings (repayments) of revolving credit agreements and other financing, net
0.8

 
(8.7
)
Deferred financing fees
(1.0
)
 
(2.4
)
Issuance of ordinary shares
0.7

 
1.0

Repurchase of ordinary shares

 
(