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Condensed Consolidating and Combining Financial Statements (Tables)
 12 Months Ended
Sep. 26, 2014
Condensed Consolidating Financial Statements [Abstract]  
Schedule of Condensed Consolidating Balance Sheets
MALLINCKRODT PLC
CONDENSED CONSOLIDATING BALANCE SHEET
As of September 26, 2014
(in millions)


 
Mallinckrodt plc
 
Mallinckrodt International Finance S.A.
 
Other Subsidiaries
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
0.3

 
$
18.5

 
$
689.0

 
$
—

 
$
707.8

Accounts receivable, net
—

 
—

 
545.6

 
—

 
545.6

Inventories
—

 
—

 
396.6

 
—

 
396.6

Deferred income taxes
—

 
—

 
165.2

 
—

 
165.2

Prepaid expenses and other current assets
0.5

 
10.8

 
244.5

 
—

 
255.8

Intercompany receivable
13.5

 
—

 
25.7

 
(39.2
)
 
—

Total current assets
14.3

 
29.3

 
2,066.6

 
(39.2
)
 
2,071.0

Property, plant and equipment, net
—

 
—

 
949.2

 
—

 
949.2

Goodwill
—

 
—

 
2,401.9

 
—

 
2,401.9

Intangible assets, net
—

 
—

 
7,112.2

 
—

 
7,112.2

Investment in subsidiaries
586.8

 
10,645.7

 
4,945.1

 
(16,177.6
)
 
—

Intercompany loan receivable
4,385.0

 
—

 
1,941.6

 
(6,326.6
)
 
—

Other assets
—

 
76.5

 
254.0

 
—

 
330.5

Total Assets
$
4,986.1

 
$
10,751.5

 
$
19,670.6

 
$
(22,543.4
)
 
$
12,864.8

 
 
 
 
 
 
 
 
 
—

Liabilities and Shareholders' Equity
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Current maturities of long-term debt
$
—

 
$
18.2

 
$
3.0

 
$
—

 
$
21.2

Accounts payable
1.2

 
0.2

 
127.3

 
—

 
128.7

Accrued payroll and payroll-related costs
0.1

 
—

 
125.0

 
—

 
125.1

Accrued royalties
—

 
—

 
68.0

 
—

 
68.0

Accrued branded rebates
—

 
—

 
15.1

 
—

 
15.1

Accrued and other current liabilities
1.1

 
50.9

 
494.7

 
—

 
546.7

Intercompany payable
25.7

 
—

 
13.5

 
(39.2
)
 
—

Total current liabilities
28.1

 
69.3

 
846.6

 
(39.2
)
 
904.8

Long-term debt
—

 
3,770.4

 
181.1

 
—

 
3,951.5

Pension and postretirement benefits
—

 
—

 
119.1

 
—

 
119.1

Environmental liabilities
—

 
—

 
59.9

 
—

 
59.9

Deferred income taxes
—

 
—

 
2,398.6

 
—

 
2,398.6

Other income tax liabilities
—

 
—

 
122.6

 
—

 
122.6

Intercompany loans payable
—

 
1,966.6

 
4,360.0

 
(6,326.6
)
 
—

Other liabilities
—

 
—

 
350.3

 
—

 
350.3

Total liabilities
28.1

 
5,806.3

 
8,438.2

 
(6,365.8
)
 
7,906.8

Shareholders' equity
4,958.0

 
4,945.2

 
11,232.4

 
(16,177.6
)
 
4,958.0

Total Liabilities and Shareholders' Equity
$
4,986.1

 
$
10,751.5

 
$
19,670.6

 
$
(22,543.4
)
 
$
12,864.8

MALLINCKRODT PLC
CONDENSED CONSOLIDATING BALANCE SHEET
As of 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 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 royalties
—

 
—

 
13.2

 
—

 
13.2

Accrued branded rebates
—

 
—

 
34.6

 
—

 
34.6

Accrued and other current liabilities
0.6

 
18.3

 
344.6

 
—

 
363.5

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 and Combining Statements of Comprehensive Income
MALLINCKRODT PLC
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
Fiscal year ended September 26, 2014
(in millions)

 
Mallinckrodt plc
 
Mallinckrodt International Finance S.A.
 
Other Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$
—

 
$
—

 
$
2,540.4

 
$
—

 
$
2,540.4

Cost of sales
—

 
—

 
1,337.3

 
—

 
1,337.3

Gross profit
—

 
—

 
1,203.1

 
—

 
1,203.1

Selling, general and administrative expenses
38.6

 
7.3

 
796.2

 
—

 
842.1

Research and development expenses
—

 
—

 
166.9

 
—

 
166.9

Separation costs
2.5

 
—

 
7.1

 
—

 
9.6

Restructuring charges, net
35.3

 
—

 
93.3

 
—

 
128.6

Non-restructuring impairments
—

 
—

 
355.6

 
—

 
355.6

Gains on divestiture and license
—

 
—

 
(15.6
)
 
—

 
(15.6
)
Operating (loss) income
(76.4
)
 
(7.3
)
 
(200.4
)
 
—

 
(284.1
)
 
 
 
 
 
 
 
 
 
—

Interest expense
—

 
(86.3
)
 
—

 
3.7

 
(82.6
)
Interest income
—

 
—

 
5.2

 
(3.7
)
 
1.5

Other income (expense), net
30.9

 
—

 
(29.1
)
 
—

 
1.8

Intercompany interest and fees
(9.0
)
 
—

 
9.0

 
—

 
—

Equity in net income of subsidiaries
(264.8
)
 
(171.2
)
 
(300.2
)
 
736.2

 
—

Income (loss) from continuing operations before income taxes
(319.3
)
 
(264.8
)
 
(515.5
)
 
736.2

 
(363.4
)
Income tax expense (benefit)
—

 
—

 
(44.8
)
 
—

 
(44.8
)
Income (loss) from continuing operations
(319.3
)
 
(264.8
)
 
(470.7
)
 
736.2

 
(318.6
)
Loss from discontinued operations, net of income taxes
—

 
—

 
(0.7
)
 
—

 
(0.7
)
Net income (loss)
(319.3
)
 
(264.8
)
 
(471.4
)
 
736.2

 
(319.3
)
Other comprehensive loss, net of tax
(42.8
)
 
(42.8
)
 
(84.1
)
 
126.9

 
(42.8
)
Comprehensive income (loss)
$
(362.1
)
 
$
(307.6
)
 
$
(555.5
)
 
$
863.1

 
$
(362.1
)

MALLINCKRODT PLC
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
Fiscal year ended September 27, 2013
(in millions)

 
Mallinckrodt plc
 
Mallinckrodt International Finance S.A.
 
Other Subsidiaries
 
Eliminations
 
Combined
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

Gains on divestiture and license
—

 
—

 
(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 (expense), 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 expense
(0.3
)
 
—

 
68.9

 
—

 
68.6

Income from continuing operations
58.8

 
76.4

 
95.7

 
(173.1
)
 
57.8

Loss 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 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 Statements of Cash Flows
MALLINCKRODT PLC
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Fiscal year ended September 26, 2014
(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
$
18.2

 
$
(65.0
)
 
$
420.2

 
$
—

 
$
373.4

Cash Flows From Investing Activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
—

 
(127.8
)
 
—

 
(127.8
)
Acquisitions and intangibles, net of cash acquired
—

 
—

 
(2,793.8
)
 
—

 
(2,793.8
)
Intercompany loan investment
(25.0
)
 
(298.1
)
 
(915.8
)
 
1,238.9

 
—

Subsidiary dividend proceeds
—

 
300.5

 
—

 
(300.5
)
 
—

Investment in subsidiary
—

 
(3,735.5
)
 
—

 
3,735.5

 
—

Restricted cash
—

 
—

 
4.1

 
—

 
4.1

Other
—

 
—

 
26.7

 
—

 
26.7

Net cash (used in) provided by investing activities
(25.0
)
 
(3,733.1
)
 
(3,806.6
)
 
4,673.9

 
(2,890.8
)
Cash Flows From Financing Activities:
 
 
 
 
 
 
 
 
 
Issuance of external debt
—

 
2,893.3

 
149.9

 
—

 
3,043.2

Repayment of external debt and capital leases
—

 
(3.3
)
 
(31.5
)
 
—

 
(34.8
)
Excess tax benefit from share-based compensation
—

 
—

 
8.9

 
—

 
8.9

Debt financing costs
—

 
(70.7
)
 
(1.0
)
 
—

 
(71.7
)
Net transfers to parent
—

 
—

 
—

 
—

 
—

Proceeds from exercise of share options
25.8

 
—

 
—

 
—

 
25.8

Subsidiary dividend payment
—

 
—

 
(300.5
)
 
300.5

 
—

Intercompany loan borrowings
(2.4
)
 
940.8

 
300.5

 
(1,238.9
)
 
—

Capital contribution
—

 
—

 
3,735.5

 
(3,735.5
)
 
—

Repurchase of shares
(17.5
)
 
—

 
—

 
—

 
(17.5
)
Other
—

 
—

 
—

 
—

 
—

Net cash provided by (used in) financing activities
5.9

 
3,760.1

 
3,861.8

 
(4,673.9
)
 
2,953.9

Effect of currency rate changes on cash
—

 
—

 
(4.2
)
 
—

 
(4.2
)
Net increase in cash and cash equivalents
(0.9
)
 
(38.0
)
 
471.2

 
—

 
432.3

Cash and cash equivalents at beginning of period
1.2

 
56.5

 
217.8

 
—

 
275.5

Cash and cash equivalents at end of period
0.3

 
18.5

 
689.0

 
—

 
707.8


MALLINCKRODT PLC
CONDENSED 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
)
Acquisitions and intangibles, 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 external debt and capital leases
—

 
—

 
(1.3
)
 
—

 
(1.3
)
Excess tax benefit from share-based compensation
—

 
—

 
3.4

 
—

 
3.4

Debt financing costs
—

 
(12.0
)
 
—

 
—

 
(12.0
)
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