Condensed Consolidating and Combining Financial Information (Tables)

12 Months Ended

Sep. 27, 2013

Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET

At September 27, 2013

(in millions)

	Mallinckrodt plc		Mallinckrodt International Finance S.A.		Other Subsidiaries		Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents	$	1.2	$	56.5	$	217.8	$	—		$	275.5
Accounts receivable, net		—		—		400.8		—			400.8
Inventories		—		—		403.1		—			403.1
Deferred income taxes		—		—		171.1		—			171.1
Prepaid expenses and other current assets		1.0		—		133.4		—			134.4
Intercompany receivables		2.7		—		12.2		(14.9	)		—
Total current assets		4.9		56.5		1,338.4		(14.9	)		1,384.9
Property, plant and equipment, net		—		—		997.4		—			997.4
Goodwill		—		—		532.0		—			532.0
Intangible assets, net		—		—		422.1		—			422.1
Investment in subsidiary		1,266.1		2,520.4		—		(3,786.5	)		—
Intercompany loan receivable		—		2.4		409.6		(412.0	)		—
Other assets		—		11.2		209.0		—			220.2
Total assets	$	1,271.0	$	2,590.5	$	3,908.5	$	(4,213.4	)	$	3,556.6
Liabilities and Shareholder’s Equity
Current Liabilities:
Current maturities of long-term debt	$	—	$	—	$	1.5	$	—		$	1.5
Accounts payable		0.1		—		120.8		—			120.9
Accrued payroll and payroll-related costs		0.1		—		66.4		—			66.5
Accrued branded rebates		—		—		34.6		—			34.6
Accrued and other current liabilities		0.6		18.3		357.8		—			376.7
Intercompany payable		12.2		—		2.7		(14.9	)		—
Total current liabilities		13.0		18.3		583.8		(14.9	)		600.2
Long-term debt		—		898.1		20.2		—			918.3
Pension and postretirement benefits		—		—		108.0		—			108.0
Environmental liabilities		—		—		39.5		—			39.5
Deferred income taxes		—		—		310.1		—			310.1
Other income tax liabilities		—		—		153.1		—			153.1
Intercompany loan payable		2.4		409.6		—		(412.0	)		—
Other liabilities		—		—		171.8		—			171.8
Total liabilities		15.4		1,326.0		1,386.5		(426.9	)		2,301.0
Shareholder’s equity		1,255.6		1,264.5		2,522.0		(3,786.5	)		1,255.6
Total liabilities and shareholder’s equity	$	1,271.0	$	2,590.5	$	3,908.5	$	(4,213.4	)	$	3,556.6

Condensed Consolidating Statement of Operations

CONDENSED CONSOLIDATING AND COMBINING STATEMENT OF COMPREHENSIVE INCOME

Fiscal Year Ended September 27, 2013

(in millions)

	Mallinckrodt plc			Mallinckrodt International Finance S.A.			Other Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	2,204.5		$	—		$	2,204.5
Cost of sales		—			—			1,179.6			—			1,179.6
Gross profit		—			—			1,024.9			—			1,024.9
Selling, general and administrative expenses		5.4			0.1			604.4			—			609.9
Research and development expenses		—			—			165.7			—			165.7
Separation costs		3.2			0.6			70.4			—			74.2
Restructuring charges, net		—			—			33.2			—			33.2
Gain on divestiture		—			—			(2.9	)		—			(2.9	)
Operating (loss) income		(8.6	)		(0.7	)		154.1			—			144.8
Interest expense		—			(19.6	)		0.1			—			(19.5	)
Interest income		—			—			0.3			—			0.3
Other income, net		0.2			—			0.6			—			0.8
Intercompany interest and fees		(9.5	)		—			9.5			—			—
Equity in net income of subsidiaries		76.4			96.7			—			(173.1	)		—
Income from continuing operations before income taxes		58.5			76.4			164.6			(173.1	)		126.4
Income tax (benefit) expense		(0.3	)		—			68.9			—			68.6
Income from continuing operations		58.8			76.4			95.7			(173.1	)		57.8
Income from discontinued operations, net of income taxes		—			—			1.0			—			1.0
Net income		58.8			76.4			96.7			(173.1	)		58.8
Other comprehensive income (loss), net of tax		28.4			28.4			35.7			(64.1	)		28.4
Comprehensive income	$	87.2		$	104.8		$	132.4		$	(237.2	)	$	87.2

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING AND COMBINING STATEMENT OF CASH FLOWS

Fiscal Year Ended September 27, 2013

(in millions)

	Mallinckrodt plc			Mallinckrodt International Finance S.A.			Other Subsidiaries			Eliminations			Consolidated
Cash Flows From Operating Activities:
Net cash (used in) provided by operating activities	$	(1.8	)	$	(8.4	)	$	146.1		$	—		$	135.9
Cash Flows From Investing Activities:
Capital expenditures		—			—			(147.9	)		—			(147.9	)
Acquisition, net of cash acquired		—			—			(88.1	)		—			(88.1	)
Intercompany loan investment		—			(2.4	)		(409.6	)		412.0			—
Investment in subsidiary		—			(68.0	)		—			68.0			—
Other		—			—			1.3			—			1.3
Net cash (used in) provided by investing activities		—			(70.4	)		(644.3	)		480.0			(234.7	)
Cash Flows From Financing Activities:
Issuance of external debt		—			898.1			—			—			898.1
Repayment of capital leases		—			—			(1.3	)		—			(1.3	)
Debt financing costs		—			(12.0	)		—			—			(12.0	)
Excess tax benefit from share-based compensation		—			—			3.4			—			3.4
Net transfers to parent		—			(1,160.4	)		644.5			—			(515.9	)
Proceeds from exercise of share options		0.6			—			—			—			0.6
Intercompany loan borrowings		2.4			409.6			—			(412.0	)		—
Capital contribution		—			—			68.0			(68.0	)		—
Other		—			—			0.1			—			0.1
Net cash provided by (used in) financing activities		3.0			135.3			714.7			(480.0	)		373.0
Effect of currency rate changes on cash		—			—			1.3			—			1.3
Net increase in cash and cash equivalents		1.2			56.5			217.8			—			275.5
Cash and cash equivalents at beginning of period		—			—			—			—			—
Cash and cash equivalents at end of period	$	1.2		$	56.5		$	217.8		$	—		$	275.5