Share Plans (Tables)

12 Months Ended

Sep. 25, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Incentive Equity Awards Issued Upon Completion of Conversion

Mallinckrodt incentive equity awards issued upon completion of the Conversion and the related weighted-average grant date fair value is presented below:

	Awards	Weighted-Average Grant-Date Fair Value
Share options	2,399,822	$	7.96
Restricted share units	575,213	38.97

Schedule of Share Option Awards Status Upon Completion of the Conversion

A summary of the status of the Company's share option awards upon completion of the Conversion on June 28, 2013 is presented below:

	Shares Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at June 28, 2013	2,399,822	$	35.94	8.0	$	22.9
Exercisable at June 28, 2013	550,097	30.94		5.9	8.0

Schedule of the Valuation Assumptions Used in the Conversion

The weighted-average assumptions used in the Black-Scholes pricing model for determining the fair value of the share option awards immediately before and immediately after the Separation were as follows:

	Pre- Separation			Post- Separation
Expected share price volatility	26		%	32		%
Risk-free interest rate	0.99		%	0.99		%
Expected annual dividend per share	1.65		%	—		%
Expected life of options (in years)	3.8			3.8
Fair value per option	$	18.04		$	16.51
Share option awards	1,745,258			2,399,822

The weighted-average assumptions used in the Black-Scholes pricing model for shares granted in fiscal 2015, along with the weighted-average grant-date fair value, were as follows:

	2015			2014
Expected share price volatility	29		%	32		%
Risk-free interest rate	1.72		%	1.96		%
Expected annual dividend per share	—		%	—		%
Expected life of options (in years)	5.3			5.5
Fair value per option	$	30.08		$	17.38

Schedule of Share Option Activity

Share option activity and information is as follows:

	Share Options		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at September 27, 2013	2,760,231		$	37.30
Granted	675,921		52.63
Converted from Questcor Acquisition	1,292,736		25.08
Exercised	(878,330	)	30.96
Expired/Forfeited	(323,769	)	41.83
Outstanding at September 26, 2014	3,526,789		36.84
Granted	635,567		102.20
Exercised	(1,132,778	)	29.79
Expired/Forfeited	(243,135	)	58.00
Outstanding at September 25, 2015	2,786,443		52.76		7.3	$	63.2
Vested and unvested expected to vest as of September 25, 2015	2,649,351		50.94		7.4	59.0
Exercisable at September 25, 2015	1,054,336		34.20		5.8	36.2

Share-based Compensation, Performance Shares Award Outstanding Activity

PSU activity is as follows ⁽¹⁾:

	Shares			Weighted-Average Grant-Date Fair Value
Non-vested at September 27, 2013	$	—		$	—
Granted	79,230			63.40
Performance metric adjustment	—			—
Vested	—			—
Forfeited	(6,490		)	62.65
Non-vested at September 26, 2014	72,740			63.46
Granted	77,306			125.84
Performance metric adjustment	—			—
Vested	—			—
Forfeited	(19,072		)	92.05
Non-vested at September 25, 2015	130,974			96.05

(1)    The number of shares disclosed within this table are at the target number of 100%.

Schedule of Share-based Payment Award, Performance Share Awards, Valuation Assumptions

The assumptions used in the Monte Carlo model for PSUs granted during each year were as follows:

	2015		2014
Expected stock price volatility	27	%	28	%
Peer group stock price volatility	32	%	33	%
Correlation of returns	14	%	17	%

Schedule of Restricted Share Unit Activity

The grant-date fair value of RSAs, adjusted for estimated forfeitures, is recognized as expense on a straight-line basis over the service period.

	Shares		Weighted-Average Grant-Date Fair Value
Non-vested at September 27, 2013	—		$	—
Granted	—		—
Converted from Questcor Acquisition	1,829,164		70.88
Vested	(390,731	)	70.88
Forfeited	(6,402	)	70.88
Non-vested at September 26, 2014	1,432,031		70.88
Granted	—		—
Vested	(1,362,823	)	70.88
Forfeited	(34,646	)	70.88
Non-vested at September 25, 2015	34,562		70.88

RSU activity is as follows:

	Shares		Weighted-Average Grant-Date Fair Value
Non-vested at September 27, 2013	724,269		$	40.62
Granted	229,281		55.40
Converted from Questcor Acquisition	30,747		70.88
Vested	(300,237	)	34.77
Forfeited	(94,838	)	42.48
Non-vested at September 26, 2014	589,222		47.88
Granted	273,733		105.68
Vested	(219,189	)	49.84
Forfeited	(71,272	)	68.15
Non-vested at September 25, 2015	572,494		73.45