Company Quick10K Filing
Quick10K
Perrigo
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$52.62 136 $7,150
10-Q 2019-06-29 Quarter: 2019-06-29
10-Q 2019-03-30 Quarter: 2019-03-30
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-29 Quarter: 2018-09-29
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-07-01 Quarter: 2017-07-01
10-Q 2017-04-01 Quarter: 2017-04-01
10-Q 2016-10-01 Quarter: 2016-10-01
10-Q 2016-07-02 Quarter: 2016-07-02
10-Q 2016-04-02 Quarter: 2016-04-02
10-Q 2015-09-26 Quarter: 2015-09-26
10-K 2015-06-27 Annual: 2015-06-27
10-Q 2015-03-28 Quarter: 2015-03-28
10-Q 2014-12-27 Quarter: 2014-12-27
10-Q 2014-09-27 Quarter: 2014-09-27
10-K 2014-06-28 Annual: 2014-06-28
10-Q 2014-03-29 Quarter: 2014-03-29
10-Q 2013-12-28 Quarter: 2013-12-28
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 Earnings, Exhibits
8-K 2019-05-08 Enter Agreement
8-K 2019-04-26 Other Events
8-K 2019-04-26 Shareholder Vote, Exhibits
8-K 2019-03-17 Officers, Exhibits
8-K 2019-02-13 Officers
8-K 2018-12-20 Other Events
8-K 2018-10-02 Officers, Exhibits
8-K 2018-03-09 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-02-27 Earnings, Exhibits
8-K 2018-02-20 Officers
8-K 2018-01-06 Officers, Exhibits
AGR Avangrid 15,160
W Wayfair 13,520
GWR Genesee & Wyoming 4,880
GBDC Golub Capital BDC 1,090
BCSF Bain Capital Specialty Finance 1,020
ACT Advanced Credit Technologies 13
KOOL Cesca Therapeutics 6
NODC Nodechain 0
FUTL Futureland 0
HDP Hortonworks 0
PRGO 2019-06-29
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
Note 4 - Goodwill and Intangible Assets
Note 4
Note 5 - Inventories
Note 6 - Fair Value Measurements
Note 6
Note 7 - Investments
Note 8
Note 8 - Assets Held for Sale
Note 9 - Derivative Instruments and Hedging Activities
Note 9
Note 10 - Leases
Note 10
Note 11 - Indebtedness
Note 11
Note 12 - Earnings per Share and Shareholders' Equity
Note 12
Note 13 - Accumulated Other Comprehensive Income (Loss)
Note 14 - Income Taxes
Note 14
Note 15
Note 15 - Contingencies
Note 16 - Restructuring Charges
Note 16
Note 17 - Segment Information
Note 18 - Subsequent Events
Note 18
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-10.3 cy19q210qex103.htm
EX-10.4 cy19q210qex104.htm
EX-31.1 cy19q210qex311.htm
EX-31.2 cy19q210qex312.htm
EX-32 cy19q210qex32.htm

Perrigo Earnings 2019-06-29

PRGO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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: June 29, 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 August 2, 2019, there were 136,054,652 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
 
 
 
17
 
 
 
18
 
 
 
 
 
 
 
 
 
 
 
 
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 Notice of Proposed Adjustment ("NOPA") issued by the U.S. Internal Revenue Service and the impact that an adverse result in such proceedings would 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 the NOPA; potential impacts of ongoing or future government investigations and regulatory initiatives; 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
 
Six Months Ended
 
June 29,
2019
 
June 30,
2018
 
June 29,
2019
 
June 30,
2018
Net sales
$
1,149.0

 
$
1,186.4

 
$
2,323.5

 
$
2,403.4

Cost of sales
718.2

 
715.4

 
1,443.9

 
1,439.7

Gross profit
430.8

 
471.0

 
879.6

 
963.7

 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
Distribution
23.7

 
23.8

 
47.1

 
48.5

Research and development
43.9

 
91.9

 
84.0

 
130.3

Selling
140.1

 
155.2

 
288.7

 
316.5

Administration
127.2

 
96.8

 
252.3

 
204.5

Impairment charges
27.8

 
1.7

 
31.9

 
1.7

Restructuring
12.2

 
3.7

 
21.5

 
5.2

Other operating expense (income)
0.9

 
3.2

 
(3.2
)
 
6.1

Total operating expenses
375.8

 
376.3

 
722.3

 
712.8

 
 
 
 
 
 
 
 
Operating income
55.0

 
94.7

 
157.3

 
250.9

 
 
 
 
 
 
 
 
Change in financial assets
(5.5
)
 
(0.6
)
 
(15.9
)
 
9.0

Interest expense, net
31.2

 
32.1

 
59.8

 
63.5

Other (income) expense, net
2.3

 
7.9

 
5.5

 
12.1

Loss on extinguishment of debt

 

 

 
0.5

Income before income taxes
27.0

 
55.3

 
107.9

 
165.8

Income tax expense
18.0

 
19.1

 
35.0

 
48.8

Net income
$
9.0

 
$
36.2

 
$
72.9

 
$
117.0

 
 
 
 
 
 
 
 
Earnings per share
 
 
 
 
 
 
 
Basic
$
0.07

 
$
0.26

 
$
0.54

 
$
0.84

Diluted
$
0.07

 
$
0.26

 
$
0.54

 
$
0.84

 
 
 
 
 
 
 
 
Weighted-average shares outstanding
 
 
 
 
 
 
 
Basic
136.0

 
138.1

 
136.0

 
139.5

Diluted
136.5

 
138.7

 
136.3

 
140.0



See accompanying Notes to the Condensed Consolidated Financial Statements.

2

Perrigo Company plc - Item 1

PERRIGO COMPANY PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 29,
2019
 
June 30,
2018
 
June 29,
2019
 
June 30,
2018
Net income
$
9.0

 
$
36.2

 
$
72.9

 
$
117.0

Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustments
27.8

 
(165.6
)
 
11.0

 
(92.6
)
Change in fair value of derivative financial instruments, net of tax
2.7

 
(3.5
)
 
4.4

 
(4.1
)
Change in post-retirement and pension liability, net of tax

 
(0.2
)
 
(0.5
)
 
(0.4
)
Other comprehensive income (loss), net of tax
30.5

 
(169.3
)
 
14.9

 
(97.1
)
Comprehensive income (loss)
$
39.5

 
$
(133.1
)
 
$
87.8

 
$
19.9

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)
 
June 29,
2019
 
December 31,
2018
Assets
 
 
 
Cash and cash equivalents
$
1,055.7

 
$
551.1

Accounts receivable, net of allowance for doubtful accounts of $6.3 and $6.4, respectively
1,117.1

 
1,073.1

Inventories
940.5

 
878.0

Prepaid expenses and other current assets
322.1

 
400.0

Total current assets
3,435.4

 
2,902.2

Property, plant and equipment, net
824.3

 
829.1

Operating lease assets
135.4

 

Goodwill and indefinite-lived intangible assets
3,967.8

 
4,029.1

Definite-lived intangible assets, net
2,675.2

 
2,858.9

Deferred income taxes
6.8

 
1.2

Other non-current assets
383.8

 
362.9

Total non-current assets
7,993.3

 
8,081.2

Total assets
$
11,428.7

 
$
10,983.4

Liabilities and Shareholders’ Equity
 
 
 
Accounts payable
$
513.7

 
$
474.9

Payroll and related taxes
126.3

 
132.1

Accrued customer programs
385.2

 
442.4

Accrued liabilities
262.7

 
201.3

Accrued income taxes
104.1

 
96.5

Current indebtedness
398.8

 
190.2

Total current liabilities
1,790.8

 
1,537.4

Long-term debt, less current portion
3,084.4

 
3,052.2

Deferred income taxes
280.2

 
282.3

Other non-current liabilities
546.9

 
443.4

Total non-current liabilities
3,911.5

 
3,777.9

Total liabilities
5,702.3

 
5,315.3

Commitments and contingencies - Refer to Note 15

 

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
7,395.5

 
7,421.7

Accumulated other comprehensive income
99.5

 
84.6

Retained earnings (accumulated deficit)
(1,768.8
)
 
(1,838.3
)
Total controlling interest
5,726.2

 
5,668.0

Noncontrolling interest
0.2

 
0.1

Total shareholders’ equity
5,726.4

 
5,668.1

Total liabilities and shareholders' equity
$
11,428.7

 
$
10,983.4

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

 

Ordinary shares, issued and outstanding
136.0

 
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

 

 
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

 

 
(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

 
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 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

 

 
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


See accompanying Notes to the Condensed Consolidated Financial Statements.

5

Perrigo Company plc - Item 1

PERRIGO COMPANY PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
 
Six Months Ended
 
June 29,
2019
 
June 30,
2018
Cash Flows From (For) Operating Activities
 
 
 
Net income
$
72.9

 
$
117.0

Adjustments to derive cash flows:
 
 
 
Depreciation and amortization
191.5

 
217.8

Share-based compensation
28.0

 
22.3

Impairment charges
31.9

 
1.7

Change in financial assets
(15.9
)
 
9.0

Loss on extinguishment of debt

 
0.5

Restructuring charges
21.5

 
5.2

Deferred income taxes
9.2

 
(14.2
)
Amortization of debt premium
(3.0
)
 
(3.7
)
Other non-cash adjustments, net
26.4

 
5.1

Subtotal
362.5

 
360.7

Increase (decrease) in cash due to:
 
 
 
Accounts receivable
(55.3
)
 
(24.3
)
Inventories
(78.3
)
 
(99.3
)
Accounts payable
41.2

 
89.2

Payroll and related taxes
(23.0
)
 
(48.4
)
Accrued customer programs
(52.8
)
 
33.9

Accrued liabilities
(19.2
)
 
(30.4
)
Accrued income taxes
(36.7
)
 
(20.8
)
Other, net
19.9

 
(5.9
)
Subtotal
(204.2
)
 
(106.0
)
Net cash from (for) operating activities
158.3

 
254.7

Cash Flows From (For) Investing Activities
 
 
 
Proceeds from royalty rights
1.7

 
10.3

Purchase of investment securities

 
(7.5
)
Royalty Pharma contingent milestone payment
250.0

 

Asset acquisitions
(35.0
)
 

Additions to property, plant and equipment
(54.7
)
 
(33.3
)
Net proceeds from sale of business and other assets

 
1.3

Net cash from (for) investing activities
162.0

 
(29.2
)
Cash Flows From (For) Financing Activities
 
 
 
Issuances of long-term debt

 
431.0

Payments on long-term debt
(158.9
)
 
(457.3
)
Borrowings (repayments) of revolving credit agreements and other financing, net
397.5

 
(8.2
)
Deferred financing fees

 
(2.4
)
Issuance of ordinary shares
0.3

 

Repurchase of ordinary shares

 
(265.0
)
Cash dividends
(54.8
)
 
(52.8
)
Other financing, net
(5.9
)
 
(7.5
)
Net cash from (for) financing activities
178.2

 
(362.2
)
Effect of exchange rate changes on cash and cash equivalents
6.1

 
(15.5
)
Net increase (decrease) in cash and cash equivalents
504.6

 
(152.2
)
Cash and cash equivalents, beginning of period
551.1

 
678.7

Cash and cash equivalents, end of period
$
1,055.7

 
$
526.5


See accompanying Notes to the Condensed Consolidated Financial Statements.

6

Perrigo Company plc - Item 1
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 dedicated to making lives better by bringing “Quality, Affordable Self-Care Products™” that consumers trust everywhere they are sold. We are a leading provider of over-the-counter ("OTC") health and wellness solutions that enhance individual well-being by empowering consumers to proactively prevent or treat conditions that can be self-managed. We are also a leading producer of generic prescription pharmaceutical topical products such as creams, lotions, gels, and nasal sprays.

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2018. In the opinion of management, all adjustments (consisting of normal recurring accruals and other adjustments) considered necessary for a fair presentation of the unaudited Condensed Consolidated Financial Statements have been included and include our accounts and the accounts of all majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Segment Reporting Change

               During the three months ended March 30, 2019, we changed the composition of our operating and reporting segments. We moved our Israeli diagnostic business from the Consumer Self-Care International segment to the Prescription Pharmaceuticals segment and we made certain adjustments to our allocations between segments. These changes were made to reflect changes in the way in which management makes operating decisions, allocates resources, and manages the growth and profitability of the Company. Financial information related to our business segments and geographic locations can be found in Note 2 and Note 17.

Our new reporting and operating segments are as follows:

Consumer Self-Care Americas ("CSCA"), formerly Consumer Healthcare Americas, comprises our consumer self-care business (OTC, contract manufacturing, infant formula and animal health categories) in the U.S., Mexico and Canada.
Consumer Self-Care International ("CSCI"), formerly Consumer Healthcare International, comprises our branded consumer self-care business primarily in Europe, our consumer-focused business in the United Kingdom and Australia, and our liquid licensed products business in the United Kingdom.
Prescription Pharmaceuticals ("RX") comprises our Prescription Pharmaceuticals business in the U.S. and our diagnostic business in Israel, which was previously in our CSCI segment.


7

Perrigo Company plc - Item 1
Note 1


Recent Accounting Standard Pronouncements
    
Below are recent Accounting Standard Updates ("ASU") that we are still assessing to determine the effect on our Condensed Consolidated Financial Statements. We do not believe that any other recently issued accounting standards could have a material effect on our Condensed Consolidated Financial Statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances.
Recently Issued Accounting Standards Not Yet Adopted
Standard
 
Description
 
Effective Date
 
Effect on the Financial Statements or Other Significant Matters
ASU 2018-15: Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract
 
This guidance requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred.
 
January 1, 2020
 
We currently plan to adopt the standard prospectively on the effective date. Upon adoption, no impact is currently expected, however, future hosting arrangements treated as service contracts will need to be evaluated for capitalizable costs during implementation. The Consolidated Financial Statement impact will align with the presentation of the underlying hosting contracts, which will be included within Operating expenses.
ASU 2018-13: Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement
 
This guidance amends ASC 820 to add, remove, and modify certain disclosure requirements for fair value measurements.
 
January 1, 2020
 
We currently plan to adopt the standard on the effective date. Upon adoption, we will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurement. We will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy.
ASU 2016-13: Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

ASU 2018-19: Codification Improvements for Topic 326: Measurement of Credit Losses on Financial Instruments

ASU 2019-05: Financial Instruments-Credit Losses: Targeted Transition Relief
 
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.
 
January 1, 2020
 
We are in the process of completing our evaluation. Upon adoption, we are not expecting a material impact on the financial statements.

ASU 2018-18: Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606
 
This guidance amends ASC 808 to clarify that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer. The proposed guidance would be applied retrospectively to the date of initial adoption of Topic 606.
 
January 1, 2020
 
We are in the process of completing our evaluation. Upon adoption, we are not expecting a material impact on the financial statements.
ASU 2018-14: Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans
 
This guidance amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other post-retirement plans.
 
December 31, 2020
 
We are currently evaluating the implications of adoption on our Consolidated Financial Statements.




8

Perrigo Company plc - Item 1
Note 2


NOTE 2 – REVENUE RECOGNITION

Revenue is recognized when or as a customer obtains control of promised products. The amount of revenue recognized reflects the consideration we expect to be entitled to receive in exchange for these products.

Disaggregation of Revenue

We generated net sales in the following geographic locations(1) (in millions):
 
Three Months Ended
 
Six Months Ended
 
June 29,
2019
 
June 30,
2018
 
June 29,
2019
 
June 30,
2018
U.S.
$
768.6

 
$
772.3

 
$
1,537.4

 
$
1,558.7

Europe(2)
315.8

 
344.3

 
656.7

 
706.2

All other countries(3)
64.6

 
69.8

 
129.4

 
138.5

 
$
1,149.0

 
$
1,186.4

 
$
2,323.5

 
$
2,403.4


(1) Derived from the location of the entity that sells to a third party.
(2) Includes Ireland net sales of $6.9 million and $12.1 million for the three and six months ended June 29, 2019, respectively, and $5.0 million and $10.4 million for the three and six months ended June 30, 2018, respectively.
(3) Includes net sales generated primarily in Israel, Mexico, Australia and Canada.

The following is a summary of our net sales by category (in millions):
 
Three Months Ended
 
Six Months Ended
 
June 29,
2019
 
June 30,
2018
 
June 29,
2019
 
June 30,
2018
CSCA(1)
 
 
 
 
 
 
 
Cough/cold/allergy/sinus
$
120.9

 
$
109.3

 
$
253.5

 
$
250.8

Gastrointestinal
106.2

 
103.0

 
206.5

 
195.2

Infant nutritionals
85.5

 
109.2

 
181.5

 
212.6

Analgesics
88.2

 
92.2

 
177.0

 
185.9

Smoking cessation
77.0

 
71.2

 
143.8

 
137.1

Animal health
22.4

 
31.9

 
42.0

 
58.2

Vitamins, minerals and dietary supplements
3.9

 
4.3

 
7.3

 
7.3

Other CSCA(2)
78.0

 
75.8

 
152.3

 
151.4

Total CSCA
582.1

 
596.9

 
1,163.9

 
1,198.5

CSCI
 
 
 
 
 
 
 
Cough/cold/allergy/sinus
74.1

 
84.7

 
169.8

 
183.4

Lifestyle
81.2

 
86.1

 
162.7

 
175.8

Personal care and derma-therapeutics
69.2

 
79.7

 
135.2

 
155.3

Natural health and vitamins, minerals and dietary supplements
25.6

 
27.9

 
55.4

 
61.1

Anti-parasites
26.0

 
30.4

 
52.7

 
58.5

Other CSCI(3)
51.4

 
49.1

 
102.5

 
101.6

Total CSCI
327.5

 
357.9

 
678.3

 
735.7

Total RX
239.4

 
231.6

 
481.3

 
469.2

Total net sales
$
1,149.0

 
$
1,186.4

 
$
2,323.5

 
$
2,403.4


(1)    Includes net sales from our OTC contract manufacturing business.
(2)
Consists primarily of branded OTC, diabetic care, diagnostic products and other miscellaneous or otherwise uncategorized product lines and markets, none of which is greater than 10% of the segment net sales.
(3)
Consists primarily of liquid licensed products, our distribution business and other miscellaneous or otherwise uncategorized product lines and markets, none of which is greater than 10% of the segment net sales.


9

Perrigo Company plc - Item 1
Note 2


While the majority of revenue is recognized at a point in time, certain of our product revenue is recognized on an over time basis. Predominately, over time customer contracts exist in contract manufacturing arrangements, which occur in both the CSCA and CSCI segments. Contract manufacturing revenue was $65.8 million and $133.1 million for the three and six months ended June 29, 2019, respectively, and $77.1 million and $146.5 million for the three and six months ended June 30, 2018, respectively.

We also recognize a portion of the store brand OTC product revenues in the CSCA segment on an over time basis; however, the timing difference between over time and point in time revenue recognition for store brand contracts is not significant due to the short time period between the customization of the product and shipment or delivery.