Condensed Consolidating and Combining Financial Statements (Tables)

6 Months Ended

12 Months Ended

Mar. 28, 2014

Sep. 27, 2013

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Condensed Consolidating Balance Sheets

MALLINCKRODT PLC

CONDENSED CONSOLIDATING BALANCE SHEET

As of March 28, 2014

(unaudited, in millions)

	Mallinckrodt plc		Mallinckrodt International Finance S.A.		Other Subsidiaries		Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents	$	0.2	$	86.7	$	248.0	$	—		$	334.9
Accounts receivable, net		—		—		334.2		—			334.2
Inventories		—		—		444.7		—			444.7
Deferred income taxes		—		—		371.7		—			371.7
Prepaid expenses and other current assets		0.5		0.2		146.9		—			147.6
Intercompany receivable		5.9		—		8.3		(14.2	)		—
Total current assets		6.6		86.9		1,553.8		(14.2	)		1,633.1
Property, plant and equipment, net		—		—		997.5		—			997.5
Goodwill		—		—		853.9		—			853.9
Intangible assets, net		—		—		1,715.0		—			1,715.0
Investment in subsidiaries		1,319.4		3,896.9		—		(5,216.3	)		—
Intercompany loan receivable		21.5		—		468.4		(489.9	)		—
Other assets		—		42.0		213.8		—			255.8
Total Assets	$	1,347.5	$	4,025.8	$	5,802.4	$	(5,720.4	)	$	5,455.3
Liabilities and Shareholders’ Equity
Current Liabilities:
Current maturities of long-term debt	$	—	$	9.8	$	1.4	$	—		$	11.2
Accounts payable		1.6		—		118.3		—			119.9
Accrued payroll and payroll-related costs		0.1		—		57.9		—			58.0
Accrued branded rebates		—		—		33.6		—			33.6
Accrued and other current liabilities		1.1		21.0		381.0		—			403.1
Intercompany payable		6.3		2.1		5.8		(14.2	)		—
Total current liabilities		9.1		32.9		598.0		(14.2	)		625.8
Long-term debt		—		2,185.2		19.5		—			2,204.7
Pension and postretirement benefits		—		—		104.0		—			104.0
Environmental liabilities		—		—		63.7		—			63.7
Deferred income taxes		—		—		794.8		—			794.8
Other income tax liabilities		—		—		148.1		—			148.1
Intercompany loans payable		—		489.9		—		(489.9	)		—
Other liabilities		—		—		175.8		—			175.8
Total liabilities		9.1		2,708.0		1,903.9		(504.1	)		4,116.9
Shareholders’ equity		1,338.4		1,317.8		3,898.5		(5,216.3	)		1,338.4
Total Liabilities and Shareholders’ Equity	$	1,347.5	$	4,025.8	$	5,802.4	$	(5,720.4	)	$	5,455.3

MALLINCKRODT PLC

CONDENSED CONSOLIDATING BALANCE SHEET

As of September 27, 2013

(unaudited, 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 receivable		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 subsidiaries		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 Shareholders’ 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 loans 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
Shareholders’ equity		1,255.6		1,264.5		2,522.0		(3,786.5	)		1,255.6
Total Liabilities and Shareholders’ Equity	$	1,271.0	$	2,590.5	$	3,908.5	$	(4,213.4	)	$	3,556.6

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

Schedule of Condensed Consolidating and Combining Statement of Comprehensive Income

MALLINCKRODT PLC

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the three months ended March 28, 2014

(unaudited, in millions)

	Mallinckrodt plc			Mallinckrodt International Finance S.A.			Other Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	557.8		$	—		$	557.8
Cost of sales		—			—			295.2			—			295.2
Gross profit		—			—			262.6			—			262.6
Selling, general and administrative expenses		7.9			0.1			186.1			—			194.1
Research and development expenses		—			—			41.4			—			41.4
Separation costs		0.6			—			2.0			—			2.6
Restructuring charges, net		—			—			21.7			—			21.7
Gains on divestiture and license		—			—			(0.9	)		—			(0.9	)
Operating (loss) income		(8.5	)		(0.1	)		12.3			—			3.7
Interest expense		—			(12.8	)		0.4			—			(12.4	)
Interest income		—			—			0.5			—			0.5
Other income (expense), net		22.3			—			(22.7	)		—			(0.4	)
Intercompany interest and fees		(0.9	)		—			0.9			—			—
Equity in net income of subsidiaries		(1.1	)		11.7			—			(10.6	)		—
Income (loss) from continuing operations before income taxes		11.8			(1.2	)		(8.6	)		(10.6	)		(8.6	)
Income tax expense (benefit)		0.2			(0.1	)		(20.4	)		—			(20.3	)
Income (loss) from continuing operations		11.6			(1.1	)		11.8			(10.6	)		11.7
Loss from discontinued operations, net of income taxes		—			—			(0.1	)		—			(0.1	)
Net income (loss)		11.6			(1.1	)		11.7			(10.6	)		11.6
Other comprehensive loss, net of tax		(2.3	)		(2.3	)		(2.4	)		4.7			(2.3	)
Comprehensive income (loss)	$	9.3		$	(3.4	)	$	9.3		$	(5.9	)	$	9.3

MALLINCKRODT PLC

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the three months ended March 29, 2013

(unaudited, in millions)

	Mallinckrodt plc			Mallinckrodt International Finance S.A.			Other Subsidiaries			Eliminations			Combined
Net sales	$	—		$	—		$	585.3		$	—		$	585.3
Cost of sales		—			—			311.8			—			311.8
Gross profit		—			—			273.5			—			273.5
Selling, general and administrative expenses		—			—			160.7			—			160.7
Research and development expenses		—			—			39.2			—			39.2
Separation costs		—			—			14.4			—			14.4
Restructuring charges, net		—			—			6.4			—			6.4
Gains on divestiture and license		—			—			(0.7	)		—			(0.7	)
Operating income		—			—			53.5			—			53.5
Interest expense		—			—			(0.1	)		—			(0.1	)
Interest income		—			—			0.1			—			0.1
Other income (expense), net		—			—			—			—			—
Intercompany interest and fees		—			—			—			—			—
Equity in net income of subsidiaries		34.0			34.0			—			(68.0	)		—
Income from continuing operations before income taxes		34.0			34.0			53.5			(68.0	)		53.5
Income tax expense		—			—			19.0			—			19.0
Income from continuing operations		34.0			34.0			34.5			(68.0	)		34.5
Loss from discontinued operations, net of income taxes		—			—			(0.5	)		—			(0.5	)
Net income		34.0			34.0			34.0			(68.0	)		34.0
Other comprehensive loss, net of tax		(14.5	)		(14.5	)		(10.5	)		25.0			(14.5	)
Comprehensive income	$	19.5		$	19.5		$	23.5		$	(43.0	)	$	19.5

MALLINCKRODT PLC

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the six months ended March 28, 2014

(unaudited, in millions)

	Mallinckrodt plc			Mallinckrodt International Finance S.A.			Other Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	1,098.0		$	—		$	1,098.0
Cost of sales		—			—			579.8			—			579.8
Gross profit		—			—			518.2			—			518.2
Selling, general and administrative expenses		11.9			0.2			328.2			—			340.3
Research and development expenses		—			—			80.4			—			80.4
Separation costs		1.4			—			3.4			—			4.8
Restructuring charges, net		—			—			29.7			—			29.7
Gains on divestiture and license		—			—			(13.8	)		—			(13.8	)
Operating (loss) income		(13.3	)		(0.2	)		90.3			—			76.8
Interest expense		—			(23.3	)		1.1			—			(22.2	)
Interest income		—			—			0.8			—			0.8
Other income (expense), net		23.0			—			(24.0	)		—			(1.0	)
Intercompany interest and fees		(4.0	)		—			4.0			—			—
Equity in net income of subsidiaries		51.5			74.9			—			(126.4	)		—
Income from continuing operations before income taxes		57.2			51.4			72.2			(126.4	)		54.4
Income tax (benefit) expense		—			(0.1	)		(3.6	)		—			(3.7	)
Income from continuing operations		57.2			51.5			75.8			(126.4	)		58.1
Loss from discontinued operations, net of income taxes		—			—			(0.9	)		—			(0.9	)
Net income		57.2			51.5			74.9			(126.4	)		57.2
Other comprehensive loss, net of tax		(2.1	)		(2.1	)		(2.3	)		4.4			(2.1	)
Comprehensive income	$	55.1		$	49.4		$	72.6		$	(122.0	)	$	55.1

MALLINCKRODT PLC

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the six months ended March 29, 2013

(unaudited, in millions)

	Mallinckrodt plc			Mallinckrodt International Finance S.A.			Other Subsidiaries			Eliminations			Combined
Net sales	$	—		$	—		$	1,089.3		$	—		$	1,089.3
Cost of sales		—			—			582.3			—			582.3
Gross profit		—			—			507.0			—			507.0
Selling, general and administrative expenses		—			—			307.5			—			307.5
Research and development expenses		—			—			77.6			—			77.6
Separation costs		—			—			26.4			—			26.4
Restructuring charges, net		—			—			6.6			—			6.6
Gains on divestiture and license		—			—			(1.4	)		—			(1.4	)
Operating income		—			—			90.3			—			90.3
Interest expense		—			—			(0.2	)		—			(0.2	)
Interest income		—			—			0.1			—			0.1
Other income (expense), net		—			—			0.2			—			0.2
Intercompany interest and fees		—			—			—			—			—
Equity in net income of subsidiaries		53.2			53.2			—			(106.4	)		—
Income from continuing operations before income taxes		53.2			53.2			90.4			(106.4	)		90.4
Income tax expense		—			—			36.1			—			36.1
Income from continuing operations		53.2			53.2			54.3			(106.4	)		54.3
Loss from discontinued operations, net of income taxes		—			—			(1.1	)		—			(1.1	)
Net income		53.2			53.2			53.2			(106.4	)		53.2
Other comprehensive loss, net of tax		(13.9	)		(13.9	)		(9.9	)		23.8			(13.9	)
Comprehensive income	$	39.3		$	39.3		$	43.3		$	(82.6	)	$	39.3

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

Schedule of Condensed Consolidating and Combining Statement of Cash Flows

MALLINCKRODT PLC

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the six months ended March 28, 2014

(unaudited, 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	$	8.6		$	(17.1	)	$	149.7		$	—		$	141.2
Cash Flows From Investing Activities:
Capital expenditures		—			—			(50.7	)		—			(50.7	)
Acquisitions and intangibles, net of cash acquired		—			—			(1,293.2	)		—			(1,293.2	)
Intercompany loan investment		(21.5	)		—			(58.8	)		80.3			—
Repayment of intercompany loan investment		—			2.4			—			(2.4	)		—
Investment in subsidiary		—			(1,300.0	)		—			1,300.0			—
Restricted cash		—			—			4.1			—			4.1
Other		—			—			8.0			—			8.0
Net cash (used in) investing activities		(21.5	)		(1,297.6	)		(1,390.6	)		1,377.9			(1,331.8	)
Cash Flows From Financing Activities:
Issuance of external debt		—			1,296.8			—			—			1,296.8
Repayment of external debt		—			—			(30.1	)		—			(30.1	)
Repayment of capital leases		—			—			(0.7	)		—			(0.7	)
Debt financing costs		—			(32.2	)		—			—			(32.2	)
Excess tax benefit from share-based compensation		—			—			4.0			—			4.0
Proceeds from exercise of share options		16.1			—			—			—			16.1
Purchase of treasury shares		(1.8	)		—			—			—			(1.8	)
Advances from intercompany borrowings		—			80.3			—			(80.3	)		—
Payment on intercompany borrowings		(2.4	)		—			—			2.4			—
Capital contribution		—			—			1,300.0			(1,300.0	)		—
Net cash provided by (used in) financing activities		11.9			1,344.9			1,273.2			(1,377.9	)		1,252.1
Effect of currency rate changes on cash		—			—			(2.1	)		—			(2.1	)
Net increase in cash and cash equivalents		(1.0	)		30.2			30.2			—			59.4
Cash and cash equivalents at beginning of period		1.2			56.5			217.8			—			275.5
Cash and cash equivalents at end of period	$	0.2		$	86.7		$	248.0		$	—		$	334.9

MALLINCKRODT PLC

CONDENSED COMBINING STATEMENT OF CASH FLOWS

For the six months ended March 29, 2013

(unaudited, in millions)

	Mallinckrodt plc		Mallinckrodt International Finance S.A.			Other Subsidiaries			Eliminations		Combined
Cash Flows From Operating Activities:
Net cash (used in) provided by operating activities	$	—	$	(4.8	)	$	(3.0	)	$	—	$	(7.8	)
Cash Flows From Investing Activities:
Capital expenditures		—		—			(76.7	)		—		(76.7	)
Acquisition, net of cash acquired		—		—			(88.1	)		—		(88.1	)
Restricted cash		—		—			0.9			—		0.9
Other		—		—			(1.1	)		—		(1.1	)
Net cash (used in) investing activities		—		—			(165.0	)		—		(165.0	)
Cash Flows From Financing Activities:
Repayment of capital leases		—		—			(0.7	)		—		(0.7	)
Debt financing costs		—		—			(2.3	)		—		(2.3	)
Excess tax benefit from share-based compensation		—		—			3.0			—		3.0
Net transfers from (to) parent		—		4.8			168.0			—		172.8
Net cash provided by (used in) financing activities		—		4.8			168.0			—		172.8
Effect of currency rate changes on cash		—		—			—			—		—
Net increase in cash and cash equivalents		—		—			—			—		—
Cash and cash equivalents at beginning of period		—		—			—			—		—
Cash and cash equivalents at end of period	$	—	$	—		$	—		$	—	$	—

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