Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Dec. 27, 2013

Condensed Consolidating Financial Statements [Abstract]

Schedule of Condensed Consolidating Balance Sheets

MALLINCKRODT PLC

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 27, 2013

(unaudited, in millions)

	Mallinckrodt plc		Mallinckrodt International Finance S.A.		Other Subsidiaries		Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents	$	1.1	$	34.9	$	251.8	$	—		$	287.8
Accounts receivable, net	—		—		396.8		—			396.8
Inventories	—		—		428.9		—			428.9
Deferred income taxes	—		—		163.5		—			163.5
Prepaid expenses and other current assets	0.7		—		131.1		—			131.8
Intercompany receivable	2.7		—		5.5		(8.2		)	—
Total current assets	4.5		34.9		1,377.6		(8.2		)	1,408.8
Property, plant and equipment, net	—		—		997.3		—			997.3
Goodwill	—		—		532.0		—			532.0
Intangible assets, net	—		—		413.3		—			413.3
Investment in subsidiaries	1,320.1		2,584.9		—		(3,905.0		)	—
Intercompany loan receivable	—		3.9		409.5		(413.4		)	—
Other assets	—		10.8		207.2		—			218.0
Total Assets	$	1,324.6	$	2,634.5	$	3,936.9	$	(4,326.6	)	$	3,569.4
Liabilities and Shareholders' Equity
Current Liabilities:
Current maturities of long-term debt	$	—	$	—	$	1.4	$	—		$	1.4
Accounts payable	5.3		0.1		139.1		—			144.5
Accrued payroll and payroll-related costs	—		—		32.7		—			32.7
Accrued branded rebates	—		—		37.5		—			37.5
Accrued and other current liabilities	0.6		8.2		329.1		—			337.9
Intercompany payable	5.5		—		2.7		(8.2		)	—
Total current liabilities	11.4		8.3		542.5		(8.2		)	554.0
Long-term debt	—		898.2		19.8		—			918.0
Pension and postretirement benefits	—		—		105.9		—			105.9
Environmental liabilities	—		—		38.7		—			38.7
Deferred income taxes	—		—		317.3		—			317.3
Other income tax liabilities	—		—		149.7		—			149.7
Intercompany loans payable	3.9		409.5		—		(413.4		)	—
Other liabilities	—		—		176.5		—			176.5
Total liabilities	15.3		1,316.0		1,350.4		(421.6		)	2,260.1
Shareholders' equity	1,309.3		1,318.5		2,586.5		(3,905.0		)	1,309.3
Total Liabilities and Shareholders' Equity	$	1,324.6	$	2,634.5	$	3,936.9	$	(4,326.6	)	$	3,569.4

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

Schedule of Condensed Consolidating Statement of Comprehensive Income

MALLINCKRODT PLC

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the three months ended December 27, 2013

(unaudited, in millions)

	Mallinckrodt plc			Mallinckrodt International Finance S.A.			Other Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	540.2		$	—		$	540.2
Cost of sales	—			—			284.6			—			284.6
Gross profit	—			—			255.6			—			255.6
Selling, general and administrative expenses	4.0			0.1			142.1			—			146.2
Research and development expenses	—			—			39.0			—			39.0
Separation costs	0.8			—			1.4			—			2.2
Restructuring charges, net	—			—			8.0			—			8.0
Gains on divestiture and license	—			—			(12.9		)	—			(12.9		)
Operating income	(4.8		)	(0.1		)	78.0			—			73.1
Interest expense	—			(10.5		)	0.7			—			(9.8		)
Interest income	—			—			0.3			—			0.3
Other income (expense), net	0.7			—			(1.3		)	—			(0.6		)
Intercompany interest and fees	(3.1		)	—			3.1			—			—
Equity in net income of subsidiaries	52.6			63.2			—			(115.8		)	—
Income from continuing operations before income taxes	45.4			52.6			80.8			(115.8		)	63.0
Income tax (benefit) expense	(0.2		)	—			16.8			—			16.6
Income from continuing operations	45.6			52.6			64.0			(115.8		)	46.4
Loss from discontinued operations, net of income taxes	—			—			(0.8		)	—			(0.8		)
Net income	45.6			52.6			63.2			(115.8		)	45.6
Other comprehensive income, net of tax	0.2			0.2			0.1			(0.3		)	0.2
Comprehensive income	$	45.8		$	52.8		$	63.3		$	(116.1	)	$	45.8

Schedule of Condensed Consolidating Statement of Cash Flows

MALLINCKRODT PLC

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the three months ended December 27, 2013

(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	$	(5.0	)	$	(20.0	)	$	47.1		$	—		$	22.1
Cash Flows From Investing Activities:
Capital expenditures	—			—			(21.7		)	—			(21.7		)
Intercompany loan investment	—			(1.5		)	0.1			1.4			—
Restricted cash	—			—			4.1			—			4.1
Other	—			—			5.0			—			5.0
Net cash (used in) investing activities	—			(1.5		)	(12.5		)	1.4			(12.6		)
Cash Flows From Financing Activities:
Repayment of capital leases	—			—			(0.3		)	—			(0.3		)
Excess tax benefit from share-based compensation	—			—			1.3			—			1.3
Proceeds from exercise of share options	4.2			—			—			—			4.2
Purchase of treasury shares	(0.9		)	—			—			—			(0.9		)
Intercompany loan borrowings, net	1.5			(0.1		)	—			(1.4		)	—
Other	0.1			—			(0.2		)	—			(0.1		)
Net cash provided by (used in) financing activities	4.9			(0.1		)	0.8			(1.4		)	4.2
Effect of currency rate changes on cash	—			—			(1.4		)	—			(1.4		)
Net increase in cash and cash equivalents	(0.1		)	(21.6		)	34.0			—			12.3
Cash and cash equivalents at beginning of period	1.2			56.5			217.8			—			275.5
Cash and cash equivalents at end of period	$	1.1		$	34.9		$	251.8		$	—		$	287.8