Close

Form 10-Q PERRIGO Co plc For: Jul 02

August 9, 2022 3:58 PM EDT

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
000158536412/312022Q2FALSEhttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2022#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#LongTermDebtCurrenthttp://fasb.org/us-gaap/2022#LongTermDebtCurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2022#LongTermDebtNoncurrenthttp://fasb.org/us-gaap/2022#LongTermDebtNoncurrentP5YP5YP7Y5.104500015853642022-01-012022-07-020001585364prgo:OrdinaryShares0001ParValueMember2022-01-012022-07-020001585364prgo:A3.9seniornotedue2024Member2022-01-012022-07-020001585364prgo:A4.375seniornotedueMarch152026Member2022-01-012022-07-020001585364prgo:A44SeniorNotesDueJune152030Member2022-01-012022-07-020001585364prgo:A5.30UnsecuredSeniorNotesdueNovember152043Member2022-01-012022-07-020001585364prgo:A4.9SeniorLoandue2044Member2022-01-012022-07-0200015853642022-08-05xbrli:shares00015853642022-04-032022-07-02iso4217:USD00015853642021-04-042021-07-0300015853642021-01-012021-07-03iso4217:USDxbrli:shares00015853642022-07-0200015853642021-12-31iso4217:EURxbrli:shares0001585364us-gaap:CommonStockMember2020-12-310001585364us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001585364us-gaap:RetainedEarningsMember2020-12-3100015853642020-12-310001585364us-gaap:RetainedEarningsMember2021-01-012021-04-0300015853642021-01-012021-04-030001585364us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-04-030001585364us-gaap:CommonStockMember2021-01-012021-04-030001585364us-gaap:CommonStockMember2021-04-030001585364us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-030001585364us-gaap:RetainedEarningsMember2021-04-0300015853642021-04-030001585364us-gaap:RetainedEarningsMember2021-04-042021-07-030001585364us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-042021-07-030001585364us-gaap:CommonStockMember2021-04-042021-07-030001585364us-gaap:CommonStockMember2021-07-030001585364us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-030001585364us-gaap:RetainedEarningsMember2021-07-0300015853642021-07-030001585364us-gaap:CommonStockMember2021-12-310001585364us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001585364us-gaap:RetainedEarningsMember2021-12-310001585364us-gaap:RetainedEarningsMember2022-01-012022-04-0200015853642022-01-012022-04-020001585364us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-04-020001585364us-gaap:CommonStockMember2022-01-012022-04-020001585364us-gaap:CommonStockMember2022-04-020001585364us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-020001585364us-gaap:RetainedEarningsMember2022-04-0200015853642022-04-020001585364us-gaap:RetainedEarningsMember2022-04-032022-07-020001585364us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-032022-07-020001585364us-gaap:CommonStockMember2022-04-032022-07-020001585364us-gaap:CommonStockMember2022-07-020001585364us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-020001585364us-gaap:RetainedEarningsMember2022-07-020001585364country:US2022-04-032022-07-020001585364country:US2021-04-042021-07-030001585364country:US2022-01-012022-07-020001585364country:US2021-01-012021-07-030001585364srt:EuropeMember2022-04-032022-07-020001585364srt:EuropeMember2021-04-042021-07-030001585364srt:EuropeMember2022-01-012022-07-020001585364srt:EuropeMember2021-01-012021-07-030001585364prgo:OtherGeographicalAreasMember2022-04-032022-07-020001585364prgo:OtherGeographicalAreasMember2021-04-042021-07-030001585364prgo:OtherGeographicalAreasMember2022-01-012022-07-020001585364prgo:OtherGeographicalAreasMember2021-01-012021-07-030001585364country:IE2022-04-032022-07-020001585364country:IE2022-01-012022-07-020001585364country:IE2021-04-042021-07-030001585364country:IE2021-01-012021-07-030001585364prgo:UpperRespiratoryMemberprgo:ConsumerSelfCareAmericasMember2022-04-032022-07-020001585364prgo:UpperRespiratoryMemberprgo:ConsumerSelfCareAmericasMember2021-04-042021-07-030001585364prgo:UpperRespiratoryMemberprgo:ConsumerSelfCareAmericasMember2022-01-012022-07-020001585364prgo:UpperRespiratoryMemberprgo:ConsumerSelfCareAmericasMember2021-01-012021-07-030001585364prgo:NutritionMemberprgo:ConsumerSelfCareAmericasMember2022-04-032022-07-020001585364prgo:NutritionMemberprgo:ConsumerSelfCareAmericasMember2021-04-042021-07-030001585364prgo:NutritionMemberprgo:ConsumerSelfCareAmericasMember2022-01-012022-07-020001585364prgo:NutritionMemberprgo:ConsumerSelfCareAmericasMember2021-01-012021-07-030001585364prgo:DigestiveHealthMemberprgo:ConsumerSelfCareAmericasMember2022-04-032022-07-020001585364prgo:DigestiveHealthMemberprgo:ConsumerSelfCareAmericasMember2021-04-042021-07-030001585364prgo:DigestiveHealthMemberprgo:ConsumerSelfCareAmericasMember2022-01-012022-07-020001585364prgo:DigestiveHealthMemberprgo:ConsumerSelfCareAmericasMember2021-01-012021-07-030001585364prgo:PainandSleepaidsMemberprgo:ConsumerSelfCareAmericasMember2022-04-032022-07-020001585364prgo:PainandSleepaidsMemberprgo:ConsumerSelfCareAmericasMember2021-04-042021-07-030001585364prgo:PainandSleepaidsMemberprgo:ConsumerSelfCareAmericasMember2022-01-012022-07-020001585364prgo:PainandSleepaidsMemberprgo:ConsumerSelfCareAmericasMember2021-01-012021-07-030001585364prgo:OralSelfcareMemberprgo:ConsumerSelfCareAmericasMember2022-04-032022-07-020001585364prgo:OralSelfcareMemberprgo:ConsumerSelfCareAmericasMember2021-04-042021-07-030001585364prgo:OralSelfcareMemberprgo:ConsumerSelfCareAmericasMember2022-01-012022-07-020001585364prgo:OralSelfcareMemberprgo:ConsumerSelfCareAmericasMember2021-01-012021-07-030001585364prgo:HealthyLifestyleMemberprgo:ConsumerSelfCareAmericasMember2022-04-032022-07-020001585364prgo:HealthyLifestyleMemberprgo:ConsumerSelfCareAmericasMember2021-04-042021-07-030001585364prgo:HealthyLifestyleMemberprgo:ConsumerSelfCareAmericasMember2022-01-012022-07-020001585364prgo:HealthyLifestyleMemberprgo:ConsumerSelfCareAmericasMember2021-01-012021-07-030001585364prgo:SkinCareMemberprgo:ConsumerSelfCareAmericasMember2022-04-032022-07-020001585364prgo:SkinCareMemberprgo:ConsumerSelfCareAmericasMember2021-04-042021-07-030001585364prgo:SkinCareMemberprgo:ConsumerSelfCareAmericasMember2022-01-012022-07-020001585364prgo:SkinCareMemberprgo:ConsumerSelfCareAmericasMember2021-01-012021-07-030001585364prgo:WomensHealthMemberprgo:ConsumerSelfCareAmericasMember2022-04-032022-07-020001585364prgo:WomensHealthMemberprgo:ConsumerSelfCareAmericasMember2021-04-042021-07-030001585364prgo:WomensHealthMemberprgo:ConsumerSelfCareAmericasMember2022-01-012022-07-020001585364prgo:WomensHealthMemberprgo:ConsumerSelfCareAmericasMember2021-01-012021-07-030001585364prgo:VitaminsMineralsandSupplementsMemberprgo:ConsumerSelfCareAmericasMember2022-04-032022-07-020001585364prgo:VitaminsMineralsandSupplementsMemberprgo:ConsumerSelfCareAmericasMember2021-04-042021-07-030001585364prgo:VitaminsMineralsandSupplementsMemberprgo:ConsumerSelfCareAmericasMember2022-01-012022-07-020001585364prgo:VitaminsMineralsandSupplementsMemberprgo:ConsumerSelfCareAmericasMember2021-01-012021-07-030001585364prgo:OtherCSCAMemberprgo:ConsumerSelfCareAmericasMember2022-04-032022-07-020001585364prgo:OtherCSCAMemberprgo:ConsumerSelfCareAmericasMember2021-04-042021-07-030001585364prgo:OtherCSCAMemberprgo:ConsumerSelfCareAmericasMember2022-01-012022-07-020001585364prgo:OtherCSCAMemberprgo:ConsumerSelfCareAmericasMember2021-01-012021-07-030001585364prgo:ConsumerSelfCareAmericasMember2022-04-032022-07-020001585364prgo:ConsumerSelfCareAmericasMember2021-04-042021-07-030001585364prgo:ConsumerSelfCareAmericasMember2022-01-012022-07-020001585364prgo:ConsumerSelfCareAmericasMember2021-01-012021-07-030001585364prgo:SkinCareMemberprgo:ConsumerSelfCareInternationalMember2022-04-032022-07-020001585364prgo:SkinCareMemberprgo:ConsumerSelfCareInternationalMember2021-04-042021-07-030001585364prgo:SkinCareMemberprgo:ConsumerSelfCareInternationalMember2022-01-012022-07-020001585364prgo:SkinCareMemberprgo:ConsumerSelfCareInternationalMember2021-01-012021-07-030001585364prgo:UpperRespiratoryMemberprgo:ConsumerSelfCareInternationalMember2022-04-032022-07-020001585364prgo:UpperRespiratoryMemberprgo:ConsumerSelfCareInternationalMember2021-04-042021-07-030001585364prgo:UpperRespiratoryMemberprgo:ConsumerSelfCareInternationalMember2022-01-012022-07-020001585364prgo:UpperRespiratoryMemberprgo:ConsumerSelfCareInternationalMember2021-01-012021-07-030001585364prgo:ConsumerSelfCareInternationalMemberprgo:PainandSleepaidsMember2022-04-032022-07-020001585364prgo:ConsumerSelfCareInternationalMemberprgo:PainandSleepaidsMember2021-04-042021-07-030001585364prgo:ConsumerSelfCareInternationalMemberprgo:PainandSleepaidsMember2022-01-012022-07-020001585364prgo:ConsumerSelfCareInternationalMemberprgo:PainandSleepaidsMember2021-01-012021-07-030001585364prgo:ConsumerSelfCareInternationalMemberprgo:VitaminsMineralsandSupplementsMember2022-04-032022-07-020001585364prgo:ConsumerSelfCareInternationalMemberprgo:VitaminsMineralsandSupplementsMember2021-04-042021-07-030001585364prgo:ConsumerSelfCareInternationalMemberprgo:VitaminsMineralsandSupplementsMember2022-01-012022-07-020001585364prgo:ConsumerSelfCareInternationalMemberprgo:VitaminsMineralsandSupplementsMember2021-01-012021-07-030001585364prgo:ConsumerSelfCareInternationalMemberprgo:HealthyLifestyleMember2022-04-032022-07-020001585364prgo:ConsumerSelfCareInternationalMemberprgo:HealthyLifestyleMember2021-04-042021-07-030001585364prgo:ConsumerSelfCareInternationalMemberprgo:HealthyLifestyleMember2022-01-012022-07-020001585364prgo:ConsumerSelfCareInternationalMemberprgo:HealthyLifestyleMember2021-01-012021-07-030001585364prgo:ConsumerSelfCareInternationalMemberprgo:WomensHealthMember2022-04-032022-07-020001585364prgo:ConsumerSelfCareInternationalMemberprgo:WomensHealthMember2021-04-042021-07-030001585364prgo:ConsumerSelfCareInternationalMemberprgo:WomensHealthMember2022-01-012022-07-020001585364prgo:ConsumerSelfCareInternationalMemberprgo:WomensHealthMember2021-01-012021-07-030001585364prgo:ConsumerSelfCareInternationalMemberprgo:OralSelfcareMember2022-04-032022-07-020001585364prgo:ConsumerSelfCareInternationalMemberprgo:OralSelfcareMember2021-04-042021-07-030001585364prgo:ConsumerSelfCareInternationalMemberprgo:OralSelfcareMember2022-01-012022-07-020001585364prgo:ConsumerSelfCareInternationalMemberprgo:OralSelfcareMember2021-01-012021-07-030001585364prgo:ConsumerSelfCareInternationalMemberprgo:DigestiveHealthMember2022-04-032022-07-020001585364prgo:ConsumerSelfCareInternationalMemberprgo:DigestiveHealthMember2021-04-042021-07-030001585364prgo:ConsumerSelfCareInternationalMemberprgo:DigestiveHealthMember2022-01-012022-07-020001585364prgo:ConsumerSelfCareInternationalMemberprgo:DigestiveHealthMember2021-01-012021-07-030001585364prgo:ConsumerSelfCareInternationalMemberprgo:OtherCSCIMember2022-04-032022-07-020001585364prgo:ConsumerSelfCareInternationalMemberprgo:OtherCSCIMember2021-04-042021-07-030001585364prgo:ConsumerSelfCareInternationalMemberprgo:OtherCSCIMember2022-01-012022-07-020001585364prgo:ConsumerSelfCareInternationalMemberprgo:OtherCSCIMember2021-01-012021-07-030001585364prgo:ConsumerSelfCareInternationalMember2022-04-032022-07-020001585364prgo:ConsumerSelfCareInternationalMember2021-04-042021-07-030001585364prgo:ConsumerSelfCareInternationalMember2022-01-012022-07-020001585364prgo:ConsumerSelfCareInternationalMember2021-01-012021-07-030001585364prgo:ContractManufacturingMember2022-04-032022-07-020001585364prgo:ContractManufacturingMember2022-01-012022-07-020001585364prgo:ContractManufacturingMember2021-04-042021-07-030001585364prgo:ContractManufacturingMember2021-01-012021-07-030001585364prgo:HRAPharmaMember2022-04-29xbrli:pure0001585364prgo:HRAPharmaMember2022-04-292022-04-29iso4217:EUR0001585364prgo:HRAPharmaMember2022-01-012022-07-020001585364prgo:HRAPharmaMember2022-04-032022-07-020001585364us-gaap:TrademarksAndTradeNamesMemberprgo:HRAPharmaMember2022-04-290001585364prgo:HRAPharmaMemberus-gaap:DevelopedTechnologyRightsMember2022-04-290001585364prgo:HRAPharmaMemberprgo:DistributionNetworksMember2022-04-290001585364prgo:HRAPharmaMemberus-gaap:InProcessResearchAndDevelopmentMember2022-04-290001585364us-gaap:TrademarksAndTradeNamesMemberprgo:HRAPharmaMembersrt:MinimumMember2022-04-292022-04-290001585364srt:MaximumMemberus-gaap:TrademarksAndTradeNamesMemberprgo:HRAPharmaMember2022-04-292022-04-290001585364prgo:HRAPharmaMemberus-gaap:DevelopedTechnologyRightsMembersrt:MinimumMember2022-04-292022-04-290001585364srt:MaximumMemberprgo:HRAPharmaMemberus-gaap:DevelopedTechnologyRightsMember2022-04-292022-04-290001585364prgo:HRAPharmaMemberprgo:DistributionNetworksMembersrt:MinimumMember2022-04-292022-04-290001585364srt:MaximumMemberprgo:HRAPharmaMemberprgo:DistributionNetworksMember2022-04-292022-04-290001585364us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberprgo:AdventInternationalMember2022-03-090001585364us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberprgo:AdventInternationalMember2022-03-092022-03-090001585364us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-03-090001585364us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberprgo:LatinAmericaBusinessMember2022-03-082022-03-080001585364prgo:ConsumerSelfCareInternationalMemberprgo:ScarAwayMember2022-03-242022-03-240001585364prgo:ConsumerSelfCareAmericasMember2021-12-310001585364prgo:ConsumerSelfCareAmericasMember2022-07-020001585364prgo:ConsumerSelfCareInternationalMember2021-12-310001585364prgo:ConsumerSelfCareInternationalMember2022-07-020001585364prgo:TrademarksTradeNamesandBrandsMember2022-07-020001585364prgo:TrademarksTradeNamesandBrandsMember2021-12-310001585364us-gaap:InProcessResearchAndDevelopmentMember2022-07-020001585364us-gaap:InProcessResearchAndDevelopmentMember2021-12-310001585364us-gaap:LicensingAgreementsMember2022-07-020001585364us-gaap:LicensingAgreementsMember2021-12-310001585364us-gaap:DevelopedTechnologyRightsMember2022-07-020001585364us-gaap:DevelopedTechnologyRightsMember2021-12-310001585364us-gaap:CustomerRelationshipsMember2022-07-020001585364us-gaap:CustomerRelationshipsMember2021-12-310001585364us-gaap:TrademarksAndTradeNamesMember2022-07-020001585364us-gaap:TrademarksAndTradeNamesMember2021-12-310001585364us-gaap:NoncompeteAgreementsMember2022-07-020001585364us-gaap:NoncompeteAgreementsMember2021-12-310001585364us-gaap:DevelopedTechnologyRightsMember2022-04-032022-07-020001585364us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-07-020001585364us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-07-020001585364us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-07-020001585364us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001585364us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001585364us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001585364us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMember2022-07-020001585364us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMember2022-07-020001585364us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeForwardMember2022-07-020001585364us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMember2021-12-310001585364us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMember2021-12-310001585364us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeForwardMember2021-12-310001585364us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CurrencySwapMember2022-07-020001585364us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CurrencySwapMember2022-07-020001585364us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CurrencySwapMemberus-gaap:FairValueInputsLevel3Member2022-07-020001585364us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CurrencySwapMember2021-12-310001585364us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CurrencySwapMember2021-12-310001585364us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CurrencySwapMemberus-gaap:FairValueInputsLevel3Member2021-12-310001585364us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2022-07-020001585364us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2022-07-020001585364us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMember2022-07-020001585364us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2021-12-310001585364us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2021-12-310001585364us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMember2021-12-310001585364prgo:ForeignCurrencyOptionContractMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-07-020001585364prgo:ForeignCurrencyOptionContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-07-020001585364prgo:ForeignCurrencyOptionContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-07-020001585364prgo:ForeignCurrencyOptionContractMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001585364prgo:ForeignCurrencyOptionContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001585364prgo:ForeignCurrencyOptionContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001585364us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2022-07-020001585364us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-07-020001585364us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2022-07-020001585364us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001585364us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001585364us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001585364us-gaap:FairValueMeasurementsNonrecurringMemberprgo:ConsumerSelfCareAmericasMember2021-12-310001585364prgo:MexicoAndBrazilBasedOverTheCounterBusinessesMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-01-012021-12-310001585364prgo:PublicBondsandPrivatePlacementMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-07-020001585364prgo:PublicBondsandPrivatePlacementMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-07-020001585364prgo:PublicBondsandPrivatePlacementMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001585364prgo:PublicBondsandPrivatePlacementMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001585364prgo:PublicBondsandPrivatePlacementMemberus-gaap:FairValueInputsLevel1Member2022-07-020001585364prgo:PublicBondsandPrivatePlacementMemberus-gaap:FairValueInputsLevel2Member2022-07-020001585364prgo:PublicBondsandPrivatePlacementMemberus-gaap:FairValueInputsLevel1Member2021-12-310001585364prgo:PublicBondsandPrivatePlacementMemberus-gaap:FairValueInputsLevel2Member2021-12-310001585364prgo:PrivatePlacementNoteMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-07-020001585364us-gaap:FairValueInputsLevel2Memberprgo:PrivatePlacementNoteMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-07-020001585364prgo:PrivatePlacementNoteMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001585364us-gaap:FairValueInputsLevel2Memberprgo:PrivatePlacementNoteMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001585364prgo:PrivatePlacementNoteMemberus-gaap:FairValueInputsLevel1Member2022-07-020001585364prgo:PrivatePlacementNoteMemberus-gaap:FairValueInputsLevel2Member2022-07-020001585364prgo:PrivatePlacementNoteMemberus-gaap:FairValueInputsLevel1Member2021-12-310001585364prgo:PrivatePlacementNoteMemberus-gaap:FairValueInputsLevel2Member2021-12-310001585364us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2022-07-020001585364us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2021-12-310001585364us-gaap:OtherNoncurrentAssetsMember2022-07-020001585364us-gaap:OtherNoncurrentAssetsMember2021-12-310001585364prgo:OtherExpenseIncomeNetMember2022-04-032022-07-020001585364prgo:OtherExpenseIncomeNetMember2021-04-042021-07-030001585364prgo:OtherExpenseIncomeNetMember2022-01-012022-07-020001585364prgo:OtherExpenseIncomeNetMember2021-01-012021-07-030001585364prgo:RXPharmaceuticalsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-07-060001585364prgo:RXPharmaceuticalsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-07-062021-07-0600015853642021-07-062021-07-060001585364prgo:RXPharmaceuticalsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-04-032022-07-020001585364prgo:RXPharmaceuticalsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-01-012022-07-020001585364prgo:RXPharmaceuticalsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-04-042021-07-030001585364prgo:RXPharmaceuticalsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-01-012021-07-0300015853642015-05-152015-05-15prgo:brand0001585364prgo:RXPharmaceuticalsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2020-12-312020-12-310001585364prgo:RXPharmaceuticalsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-03-082021-03-080001585364us-gaap:ForeignExchangeOptionMember2022-04-30prgo:derivative0001585364us-gaap:ForeignExchangeOptionMemberus-gaap:NondesignatedMember2021-09-300001585364us-gaap:ForeignExchangeOptionMember2022-04-030001585364us-gaap:ForeignExchangeOptionMember2022-04-012022-04-300001585364us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeOptionMemberus-gaap:NondesignatedMember2022-04-032022-07-020001585364us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeOptionMemberus-gaap:NondesignatedMember2022-01-012022-07-020001585364us-gaap:InterestRateSwapMember2022-04-020001585364us-gaap:CashFlowHedgingMemberprgo:NewTermLoanBFacilityMemberus-gaap:InterestRateSwapMember2022-04-020001585364srt:MaximumMemberprgo:June12022ThroughApril12029Memberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2022-04-290001585364prgo:June12022ThroughApril12029Memberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMembersrt:MinimumMember2022-04-290001585364us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberprgo:NewTermLoanAFacilityMember2022-04-020001585364srt:MaximumMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberprgo:June12022ThroughApril12027Member2022-06-010001585364us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMembersrt:MinimumMemberprgo:June12022ThroughApril12027Member2022-06-010001585364us-gaap:InterestRateSwapMemberus-gaap:NetInvestmentHedgingMember2022-04-020001585364prgo:April202022ThroughDecember152024Memberus-gaap:InterestRateSwapMemberus-gaap:NetInvestmentHedgingMember2022-04-290001585364us-gaap:InterestRateSwapMemberus-gaap:NetInvestmentHedgingMemberprgo:April292022ThroughMarch252026Member2022-04-290001585364prgo:April222022ThroughJune152030Memberus-gaap:InterestRateSwapMemberus-gaap:NetInvestmentHedgingMember2022-04-290001585364currency:GBPus-gaap:ForeignExchangeForwardMember2022-07-020001585364currency:GBPus-gaap:ForeignExchangeForwardMember2021-12-310001585364currency:SEKus-gaap:ForeignExchangeForwardMember2022-07-020001585364currency:SEKus-gaap:ForeignExchangeForwardMember2021-12-310001585364us-gaap:ForeignExchangeForwardMembercurrency:DKK2022-07-020001585364us-gaap:ForeignExchangeForwardMembercurrency:DKK2021-12-310001585364currency:EURus-gaap:ForeignExchangeForwardMember2022-07-020001585364currency:EURus-gaap:ForeignExchangeForwardMember2021-12-310001585364currency:CNYus-gaap:ForeignExchangeForwardMember2022-07-020001585364currency:CNYus-gaap:ForeignExchangeForwardMember2021-12-310001585364currency:CADus-gaap:ForeignExchangeForwardMember2022-07-020001585364currency:CADus-gaap:ForeignExchangeForwardMember2021-12-310001585364currency:PLNus-gaap:ForeignExchangeForwardMember2022-07-020001585364currency:PLNus-gaap:ForeignExchangeForwardMember2021-12-310001585364currency:MXNus-gaap:ForeignExchangeForwardMember2022-07-020001585364currency:MXNus-gaap:ForeignExchangeForwardMember2021-12-310001585364currency:USDus-gaap:ForeignExchangeForwardMember2022-07-020001585364currency:USDus-gaap:ForeignExchangeForwardMember2021-12-310001585364currency:NOKus-gaap:ForeignExchangeForwardMember2022-07-020001585364currency:NOKus-gaap:ForeignExchangeForwardMember2021-12-310001585364currency:ILSus-gaap:ForeignExchangeForwardMember2022-07-020001585364currency:ILSus-gaap:ForeignExchangeForwardMember2021-12-310001585364currency:AUDus-gaap:ForeignExchangeForwardMember2022-07-020001585364currency:AUDus-gaap:ForeignExchangeForwardMember2021-12-310001585364currency:TRYus-gaap:ForeignExchangeForwardMember2022-07-020001585364currency:TRYus-gaap:ForeignExchangeForwardMember2021-12-310001585364currency:RONus-gaap:ForeignExchangeForwardMember2022-07-020001585364currency:RONus-gaap:ForeignExchangeForwardMember2021-12-310001585364currency:CHFus-gaap:ForeignExchangeForwardMember2022-07-020001585364currency:CHFus-gaap:ForeignExchangeForwardMember2021-12-310001585364currency:XXXus-gaap:ForeignExchangeForwardMember2022-07-020001585364currency:XXXus-gaap:ForeignExchangeForwardMember2021-12-310001585364us-gaap:ForeignExchangeForwardMember2022-07-020001585364us-gaap:ForeignExchangeForwardMember2021-12-310001585364us-gaap:ForeignExchangeForwardMember2022-01-012022-07-020001585364us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-07-020001585364us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001585364us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001585364us-gaap:OtherNoncurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-07-020001585364us-gaap:OtherNoncurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001585364us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001585364us-gaap:DesignatedAsHedgingInstrumentMember2022-07-020001585364us-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001585364us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2022-07-020001585364us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2021-12-310001585364us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeOptionMemberus-gaap:NondesignatedMember2022-07-020001585364us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeOptionMemberus-gaap:NondesignatedMember2021-12-310001585364us-gaap:NondesignatedMember2022-07-020001585364us-gaap:NondesignatedMember2021-12-310001585364us-gaap:OtherLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-07-020001585364us-gaap:OtherLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001585364us-gaap:OtherLiabilitiesMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-07-020001585364us-gaap:OtherLiabilitiesMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001585364us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001585364us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2022-07-020001585364us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2021-12-310001585364us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2022-04-032022-07-020001585364us-gaap:InterestExpenseMember2022-04-032022-07-020001585364us-gaap:ForeignExchangeForwardMember2022-04-032022-07-020001585364us-gaap:SalesRevenueNetMember2022-04-032022-07-020001585364us-gaap:CostOfSalesMember2022-04-032022-07-020001585364us-gaap:CurrencySwapMember2022-04-032022-07-020001585364us-gaap:InterestExpenseMemberus-gaap:CurrencySwapMember2022-04-032022-07-020001585364us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2022-01-012022-07-020001585364us-gaap:InterestExpenseMember2022-01-012022-07-020001585364us-gaap:SalesRevenueNetMember2022-01-012022-07-020001585364us-gaap:CostOfSalesMember2022-01-012022-07-020001585364us-gaap:CurrencySwapMember2022-01-012022-07-020001585364us-gaap:InterestExpenseMemberus-gaap:CurrencySwapMember2022-01-012022-07-020001585364us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2021-04-042021-07-030001585364us-gaap:InterestExpenseMember2021-04-042021-07-030001585364us-gaap:ForeignExchangeForwardMember2021-04-042021-07-030001585364us-gaap:SalesRevenueNetMember2021-04-042021-07-030001585364us-gaap:CostOfSalesMember2021-04-042021-07-030001585364us-gaap:CurrencySwapMember2021-04-042021-07-030001585364us-gaap:InterestExpenseMemberus-gaap:CurrencySwapMember2021-04-042021-07-030001585364us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2021-01-012021-07-030001585364us-gaap:InterestExpenseMember2021-01-012021-07-030001585364us-gaap:ForeignExchangeForwardMember2021-01-012021-07-030001585364us-gaap:SalesRevenueNetMember2021-01-012021-07-030001585364us-gaap:CostOfSalesMember2021-01-012021-07-030001585364us-gaap:CurrencySwapMember2021-01-012021-07-030001585364us-gaap:InterestExpenseMemberus-gaap:CurrencySwapMember2021-01-012021-07-030001585364us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2022-04-032022-07-020001585364us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2021-04-042021-07-030001585364us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2022-01-012022-07-020001585364us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2021-01-012021-07-030001585364us-gaap:InterestExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2022-04-032022-07-020001585364us-gaap:InterestExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2021-04-042021-07-030001585364us-gaap:InterestExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2022-01-012022-07-020001585364us-gaap:InterestExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2021-01-012021-07-030001585364us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2022-04-032022-07-020001585364us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2021-04-042021-07-030001585364us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2022-01-012022-07-020001585364us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2021-01-012021-07-030001585364us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeOptionMemberus-gaap:NondesignatedMember2021-04-042021-07-030001585364us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeOptionMemberus-gaap:NondesignatedMember2021-01-012021-07-030001585364us-gaap:SalesRevenueNetMemberus-gaap:InterestRateSwapMember2022-04-032022-07-020001585364us-gaap:CostOfSalesMemberus-gaap:InterestRateSwapMember2022-04-032022-07-020001585364us-gaap:InterestRateSwapMemberprgo:OtherExpenseIncomeNetMember2022-04-032022-07-020001585364us-gaap:SalesRevenueNetMemberus-gaap:TreasuryLockMember2022-01-012022-07-020001585364us-gaap:CostOfSalesMemberus-gaap:TreasuryLockMember2022-01-012022-07-020001585364us-gaap:InterestExpenseMemberus-gaap:TreasuryLockMember2022-01-012022-07-020001585364us-gaap:TreasuryLockMemberprgo:OtherExpenseIncomeNetMember2022-01-012022-07-020001585364us-gaap:SalesRevenueNetMemberus-gaap:InterestRateSwapMember2022-01-012022-07-020001585364us-gaap:CostOfSalesMemberus-gaap:InterestRateSwapMember2022-01-012022-07-020001585364us-gaap:InterestRateSwapMemberprgo:OtherExpenseIncomeNetMember2022-01-012022-07-020001585364us-gaap:SalesRevenueNetMemberus-gaap:InterestRateSwapMember2021-04-042021-07-030001585364us-gaap:CostOfSalesMemberus-gaap:InterestRateSwapMember2021-04-042021-07-030001585364us-gaap:InterestRateSwapMemberprgo:OtherExpenseIncomeNetMember2021-04-042021-07-030001585364us-gaap:SalesRevenueNetMemberus-gaap:InterestRateSwapMember2021-01-012021-07-030001585364us-gaap:CostOfSalesMemberus-gaap:InterestRateSwapMember2021-01-012021-07-030001585364us-gaap:InterestRateSwapMemberprgo:OtherExpenseIncomeNetMember2021-01-012021-07-030001585364us-gaap:OperatingSegmentsMemberprgo:ConsumerSelfCareAmericasMember2022-07-020001585364us-gaap:OperatingSegmentsMemberprgo:ConsumerSelfCareAmericasMember2021-12-310001585364prgo:ConsumerSelfCareInternationalMemberus-gaap:OperatingSegmentsMember2022-07-020001585364prgo:ConsumerSelfCareInternationalMemberus-gaap:OperatingSegmentsMember2021-12-310001585364us-gaap:MaterialReconcilingItemsMember2022-07-020001585364us-gaap:MaterialReconcilingItemsMember2021-12-310001585364us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-04-200001585364us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-04-202022-04-200001585364us-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberprgo:NewTermLoanAFacilityMember2022-04-200001585364us-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberprgo:NewTermLoanAFacilityMember2022-04-202022-04-200001585364us-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberprgo:NewTermLoanBFacilityMember2022-04-200001585364us-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberprgo:NewTermLoanBFacilityMember2022-04-202022-04-200001585364prgo:A5.30UnsecuredSeniorNotesdueNovember152043Member2022-07-020001585364prgo:A3.9seniornotedue2024Member2022-07-020001585364prgo:A4.375seniornotedueMarch152026Member2022-07-020001585364prgo:A44SeniorNotesDueJune152030Member2022-07-020001585364prgo:A4.9SeniorLoandue2044Member2022-07-020001585364prgo:A2019EuroDenominatedTermLoandueAugust152022Member2022-07-020001585364prgo:A2019EuroDenominatedTermLoandueAugust152022Member2021-12-310001585364prgo:June12022ThroughApril12027Member2022-07-020001585364prgo:June12022ThroughApril12027Member2021-12-310001585364prgo:June12022ThroughApril12029Member2022-07-020001585364prgo:June12022ThroughApril12029Member2021-12-310001585364prgo:A5.105SeniornotedueJuly282023Member2022-07-020001585364prgo:A5.105SeniornotedueJuly282023Member2021-12-310001585364prgo:A4.00UnsecuredSeniorNotesdueNovember152023Member2022-07-020001585364prgo:A4.00UnsecuredSeniorNotesdueNovember152023Member2021-12-310001585364prgo:A3.9seniornotedue2024Member2021-12-310001585364prgo:A4.375seniornotedueMarch152026Member2021-12-310001585364prgo:A44SeniorNotesDueJune152030Member2021-12-310001585364prgo:A5.30UnsecuredSeniorNotesdueNovember152043Member2021-12-310001585364prgo:A4.9SeniorLoandue2044Member2021-12-310001585364prgo:A44SeniorNotesDueJune152030Member2021-12-150001585364prgo:A44SeniorNotesDueJune152030Member2021-12-160001585364prgo:A44SeniorNotesDueJune152030Member2022-06-150001585364prgo:A2018RevolverMember2022-07-020001585364prgo:A2018RevolverMember2021-12-310001585364prgo:A2019EuroDenominatedTermLoandueAugust152022Member2019-08-150001585364prgo:A2019EuroDenominatedTermLoandueAugust152022Member2022-04-300001585364prgo:A2019EuroDenominatedTermLoandueAugust152022Member2022-04-302022-04-300001585364prgo:KazmiraLLCMember2020-06-17prgo:promissoryNote0001585364prgo:KazmiraLLCMemberprgo:NotedueNovember2020Member2020-12-082020-12-080001585364prgo:KazmiraLLCMemberprgo:NotedueNovember2020Member2021-06-072021-06-070001585364prgo:KazmiraLLCMemberprgo:NotedueNovember2021Member2021-12-012021-12-3100015853642018-10-310001585364us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001585364us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310001585364us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310001585364us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-07-020001585364us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-07-020001585364us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-07-020001585364us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-020001585364us-gaap:AccumulatedTranslationAdjustmentMember2022-07-020001585364us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-07-020001585364us-gaap:InternalRevenueServiceIRSMember2022-01-012022-07-02prgo:year00015853642009-01-012009-12-3100015853642010-01-012010-12-3100015853642011-01-012011-12-3100015853642012-01-012012-12-3100015853642017-08-152017-08-1500015853642021-01-132021-01-130001585364srt:MinimumMember2021-01-132021-01-130001585364srt:MaximumMember2021-01-132021-01-1300015853642021-01-1300015853642020-05-072020-05-0700015853642022-01-202022-01-2000015853642020-12-192020-12-1900015853642019-04-260001585364us-gaap:RevenueCommissionersIrelandMember2021-09-292021-09-290001585364us-gaap:RevenueCommissionersIrelandMember2021-10-052021-10-050001585364us-gaap:IsraelTaxAuthorityMember2022-01-012022-07-020001585364us-gaap:IsraelTaxAuthorityMember2017-01-012017-12-310001585364us-gaap:IsraelTaxAuthorityMember2022-07-020001585364prgo:StatesMay2019CaseAllegingConspiracywhichdoesnotNamePerrigoaDefendantMember2020-07-14prgo:manufacturerprgo:classprgo:complaint0001585364prgo:OverarchingConspiracyClassActionsMember2019-04-30prgo:genericPrescriptionPharmaceuticalprgo:pharmaceuticalProduct0001585364prgo:OverarchingConspiracyClassActionsMember2020-07-14prgo:case0001585364prgo:PriceFixingLawsuitSupermarketChainsMember2018-01-22prgo:supermarket0001585364prgo:PriceFixingLawsuitSupermarketChainsAmendedComplaintMember2018-12-210001585364prgo:PricefixingLawsuitManagedCareOrganizationMember2018-08-030001585364prgo:PricefixingLawsuitHealthInsuranceCarrierMember2019-01-160001585364prgo:PricefixingLawsuitHealthInsuranceCarrierMember2019-01-162019-01-16prgo:defendant0001585364prgo:PricefixingLawsuitHealthPlansMember2019-07-18prgo:healthPlanprgo:individual0001585364prgo:PricefixingLawsuitHealthcareServiceCompanyMember2019-12-110001585364prgo:PricefixingLawsuitMedicareAdvantageClaimsRecoveryCompanyMember2019-12-160001585364prgo:PricefixingLawsuitSeveralCountiesinNewYorkMember2019-12-230001585364prgo:PricefixingLawsuitHealthcareManagementOrganizationMember2019-12-270001585364prgo:PricefixingLawsuitHarrisCountyofTexasMember2020-03-010001585364prgo:PricefixingLawsuitHealthPlansMember2020-05-310001585364prgo:PricefixingLawsuitHealthInsuranceCarrierMember2020-06-090001585364prgo:PriceFixingLawsuitDrugstoreChainMember2020-07-09prgo:pharmaceuticalCompany0001585364prgo:PriceFixingLawsuitSuffolkCountyofNewYorkMember2020-08-270001585364prgo:PriceFixingLawsuitDrugWholesalerandDistributorMember2020-09-040001585364prgo:PriceFixingLawsuitDrugstoreChainMember2020-12-110001585364prgo:PriceFixingLawsuitSupermarketChainsMember2020-12-140001585364prgo:PriceFixingLawsuitDrugstoreChainMember2020-12-150001585364prgo:PricefixingLawsuitSeveralCountiesinNewYorkMember2020-12-150001585364prgo:PriceFixingLawsuitWestchesterCountyNYMember2021-08-300001585364prgo:PriceFixingLawsuitPennsylvaniaStateCourtMember2021-10-080001585364prgo:StateAttorneyGeneralComplaintMember2020-06-10prgo:plaintiffGroupprgo:retailer0001585364prgo:CanadianClassActionComplaintMember2021-10-0200015853642017-06-2100015853642019-11-140001585364prgo:HighfieldsCapitalILPetal.v.PerrigoCompanyplcetal.Member2022-07-02prgo:lawsuit0001585364prgo:CarmignacFirstManhattanandSimilarCasesMember2022-07-020001585364prgo:FirstManhattanandSimilarCasesMember2022-07-020001585364prgo:MasonCapitalPentwaterandSimilarCasesMember2022-07-020001585364prgo:HarelInsuranceandTIAACREFFCasesMember2022-07-020001585364prgo:HarelInsuranceandTIAACREFFCasesMember2022-01-012022-07-020001585364prgo:HarelInsuranceandTIAACREFFCasesMember2018-07-310001585364prgo:OtherCasesRelatedtoEventsin20152017Member2017-06-300001585364prgo:BlackrockGlobalComplaintMember2022-07-020001585364prgo:InIsraelCasesRelatedToEventsIn20152017Member2018-12-310001585364prgo:InIsraelCasesRelatedToEventsIn20152017Member2017-01-012017-12-310001585364prgo:InIsraelCasesRelatedToEventsIn20152017Member2018-01-012018-12-310001585364prgo:IsraelElec.Corp.EmployeesEduc.Fundv.PerrigoCompanyplcetal.Member2017-06-280001585364prgo:IsraelElec.Corp.EmployeesEduc.Fundv.PerrigoCompanyplcetal.Member2017-06-282017-06-28iso4217:ILSiso4217:USDiso4217:ILS0001585364prgo:InIsraelCasesRelatedtoIrishTaxEventsMember2019-01-012019-12-310001585364prgo:TalcumPowderLitigationMember2022-07-020001585364prgo:TalcumPowderLitigationMember2022-01-012022-07-02prgo:tender0001585364prgo:RanitidineLitigationMember2021-09-302021-09-30prgo:claim0001585364prgo:RanitidineLitigationMember2022-01-012022-07-0200015853642021-05-31prgo:policyPeriod0001585364us-gaap:DiscontinuedOperationsHeldforsaleMember2022-07-020001585364us-gaap:DiscontinuedOperationsHeldforsaleMember2021-12-310001585364us-gaap:OperatingSegmentsMemberprgo:ConsumerSelfCareAmericasMember2022-04-032022-07-020001585364us-gaap:OperatingSegmentsMemberprgo:ConsumerSelfCareAmericasMember2021-04-042021-07-030001585364prgo:ConsumerSelfCareInternationalMemberus-gaap:OperatingSegmentsMember2022-04-032022-07-020001585364prgo:ConsumerSelfCareInternationalMemberus-gaap:OperatingSegmentsMember2021-04-042021-07-030001585364us-gaap:MaterialReconcilingItemsMember2022-04-032022-07-020001585364us-gaap:MaterialReconcilingItemsMember2021-04-042021-07-030001585364us-gaap:OperatingSegmentsMemberprgo:ConsumerSelfCareAmericasMember2022-01-012022-07-020001585364us-gaap:OperatingSegmentsMemberprgo:ConsumerSelfCareAmericasMember2021-01-012021-07-030001585364prgo:ConsumerSelfCareInternationalMemberus-gaap:OperatingSegmentsMember2022-01-012022-07-020001585364prgo:ConsumerSelfCareInternationalMemberus-gaap:OperatingSegmentsMember2021-01-012021-07-030001585364us-gaap:MaterialReconcilingItemsMember2022-01-012022-07-020001585364us-gaap:MaterialReconcilingItemsMember2021-01-012021-07-03

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________________________
 FORM 10-Q
_______________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: July 2, 2022

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 001-36353
_______________________________________________
Perrigo Company plc
(Exact name of registrant as specified in its charter)
_______________________________________________
Ireland Not Applicable
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)

The Sharp Building, Hogan Place, Dublin 2, Ireland D02 TY74
+353 1 7094000
(Address, including zip code, and telephone number, including
area code, of registrant’s principal executive offices)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Ordinary shares, €0.001 par valuePRGONew York Stock Exchange
3.900% Notes due 2024PRGO24New York Stock Exchange
4.375% Notes due 2026PRGO26New York Stock Exchange
4.400% Notes due 2030
PRGO30New York Stock Exchange
5.300% Notes due 2043PRGO43New York Stock Exchange
4.900% Notes due 2044PRGO44New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
   Yes   No
As of August 5, 2022, there were 134,618,001 ordinary shares outstanding.



PERRIGO COMPANY PLC
FORM 10-Q
INDEX
PAGE
NUMBER
PART I. FINANCIAL INFORMATION
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
PART II. OTHER INFORMATION



CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this report are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our, or our industry’s actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about our expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this report, including certain statements contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” "forecast," “predict,” “potential” or the negative of those terms or other comparable terminology.

The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control, including: the effect of the coronavirus (COVID-19) pandemic and its variants and associated supply chain impacts on the Company’s business; general economic, credit, and market conditions; the impact of the war in Ukraine and any escalation thereof, including the effects of economic and political sanctions imposed by the United States, United Kingdom, European Union, and other countries related thereto; the outbreak or escalation of conflict in other regions where we do business; future impairment charges; customer acceptance of new products; competition from other industry participants, some of whom have greater marketing resources or larger market shares in certain product categories than the Company does; pricing pressures from customers and consumers; resolution of uncertain tax positions, including the Company’s appeal of the draft and final Notices of Proposed Assessment (“NOPAs”) issued by the U.S. Internal Revenue Service and the impact that an adverse result in any such proceedings would have on operating results, cash flows, and liquidity; pending and potential third-party claims and litigation, including litigation relating to the Company’s restatement of previously-filed financial information and litigation relating to uncertain tax positions, including the NOPAs; potential impacts of ongoing or future government investigations and regulatory initiatives; uncertainty regarding the timing of, and the Company’s ability to obtain and maintain, certain regulatory approvals, including the sale of daily over-the-counter oral contraceptives; potential costs and reputational impact of product recalls or sales halts; the impact of tax reform legislation and/or changes in healthcare policy; the timing, amount and cost of any share repurchases; fluctuations in currency exchange rates and interest rates; the Company’s ability to achieve the benefits expected from the sale of its RX business and the risk that potential costs or liabilities incurred or retained in connection with that transaction may exceed the Company’s estimates or adversely affect the Company’s business or operations; the Company’s ability to achieve the benefits expected from the acquisition of Héra SAS ("HRA Pharma") and the risks that the Company’s synergy estimates are inaccurate or that the Company faces higher than anticipated integration or other costs in connection with the acquisition; risks associated with the integration of HRA Pharma, including the risk that growth rates are adversely affected by any delay in the integration of sales and distribution networks; the consummation and success of other announced and unannounced acquisitions or dispositions, and the Company’s ability to realize the desired benefits thereof; and the Company’s ability to execute and achieve the desired benefits of announced cost-reduction efforts and strategic and other initiatives, including the Company’s ability to achieve the expected benefits from its supply chain reinvention program. An adverse result with respect to the Company’s appeal of any material outstanding tax assessments or pending litigation, including securities or drug pricing matters, could ultimately require the use of corporate assets to pay such assessments, damages from third-party claims, and related interest and/or penalties, and any such use of corporate assets would limit the assets available for other corporate purposes. There can be no assurance that the FDA will approve the sale of daily oral contraceptives without a prescription in the United States. These and other important factors, including those discussed in our Form 10-K for the year ended December 31, 2021, this report under “Risk Factors” and in any subsequent filings with the United States Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this report are made only as of the date hereof, and unless otherwise required by applicable securities laws, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

TRADEMARKS, TRADE NAMES AND SERVICE MARKS

This report contains trademarks, trade names and service marks that are the property of Perrigo Company plc, as well as, for informational purposes, trademarks, trade names, and service marks that are the property of other organizations. Solely for convenience, certain trademarks, trade names, and service marks referred to in this report appear without the ®, ™ and SM symbols, but those references are not intended to indicate that we or the applicable owner, as the case may be, will not assert, to the fullest extent under applicable law, our or their rights to such trademarks, trade names, and service marks.
1

Perrigo Company plc - Item 1
PART I.     FINANCIAL INFORMATION

ITEM 1.        FINANCIAL STATEMENTS (UNAUDITED)

PERRIGO COMPANY PLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(unaudited)
 
 Three Months EndedSix Months Ended
 July 2,
2022
July 3,
2021
July 2,
2022
July 3,
2021
Net sales$1,121.7 $981.1 $2,196.2 $1,991.1 
Cost of sales749.6 632.1 1,486.3 1,273.7 
Gross profit372.1 349.0 709.9 717.4 
Operating expenses
Distribution29.5 24.1 53.9 45.8 
Research and development31.5 33.0 60.8 64.1 
Selling150.8 139.8 286.4 275.2 
Administration157.8 110.4 280.1 237.6 
Impairment charges 158.6  158.6 
Restructuring9.5 9.0 13.1 10.7 
Other operating expense (income), net(0.1) 0.8  
Total operating expenses379.0 474.9 695.1 792.0 
Operating income (loss)(6.9)(125.9)14.8 (74.6)
Interest expense, net38.3 31.6 74.1 63.6 
Other (income) expense, net53.8 (0.4)52.7 1.9 
Loss on extinguishment of debt9.3  9.3  
Income (loss) from continuing operations before income taxes(108.3)(157.1)(121.3)(140.1)
Income tax expense (benefit)(43.4)(45.2)(55.1)(31.0)
Income (loss) from continuing operations(64.9)(111.9)(66.2)(109.1)
Income (loss) from discontinued operations, net of tax(0.2)54.2 (1.4)89.5 
Net income (loss)$(65.1)$(57.7)$(67.6)$(19.6)
Earnings (loss) per share
Basic
Continuing operations$(0.48)$(0.84)$(0.49)$(0.82)
Discontinued operations 0.41 (0.01)0.67 
Basic earnings (loss) per share$(0.48)$(0.43)$(0.50)$(0.15)
Diluted
Continuing operations$(0.48)$(0.84)$(0.49)$(0.82)
Discontinued operations 0.41 (0.01)0.67 
Diluted earnings (loss) per share$(0.48)$(0.43)$(0.50)$(0.15)
Weighted-average shares outstanding
Basic134.6 133.6 134.3 133.4 
Diluted134.6 133.6 134.3 133.4 

See accompanying Notes to the Condensed Consolidated Financial Statements.
2

Perrigo Company plc - Item 1
PERRIGO COMPANY PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(unaudited)
Three Months EndedSix Months Ended
July 2,
2022
July 3,
2021
July 2,
2022
July 3,
2021
Net income (loss)$(65.1)$(57.7)$(67.6)$(19.6)
Other comprehensive income (loss):
Foreign currency translation adjustments(182.5)32.5 (207.0)(79.1)
Change in fair value of derivative financial instruments, net of tax21.2 (1.3)31.5 (7.3)
Change in post-retirement and pension liability, net of tax(0.5)(0.8)(6.8)(1.5)
Other comprehensive income (loss), net of tax(161.8)30.4 (182.3)(87.9)
Comprehensive income (loss)$(226.9)$(27.3)$(249.9)$(107.5)

See accompanying Notes to the Condensed Consolidated Financial Statements.

3

Perrigo Company plc - Item 1
PERRIGO COMPANY PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
(unaudited)

July 2,
2022
December 31,
2021
Assets
Cash and cash equivalents$485.3 $1,864.9 
Accounts receivable, net of allowance for credit losses of $7.3 and $7.2, respectively
750.3 652.9 
Inventories1,079.6 1,020.2 
Prepaid expenses and other current assets336.3 305.8 
Current assets held for sale 16.1 
Total current assets2,651.5 3,859.9 
Property, plant and equipment, net840.3 864.1 
Operating lease assets207.1 166.9 
Goodwill and indefinite-lived intangible assets3,582.5 3,004.7 
Definite-lived intangible assets, net3,222.7 2,146.1 
Deferred income taxes6.9 6.5 
Other non-current assets408.6 377.5 
Total non-current assets8,268.1 6,565.8 
Total assets$10,919.6 $10,425.7 
Liabilities and Shareholders’ Equity
Accounts payable$490.4 $411.2 
Payroll and related taxes104.1 118.5 
Accrued customer programs143.6 125.6 
Other accrued liabilities240.7 279.4 
Accrued income taxes5.0 16.5 
Current indebtedness30.8 603.8 
Current liabilities held for sale 32.9 
Total current liabilities1,014.6 1,587.9 
Long-term debt, less current portion4,086.1 2,916.7 
Deferred income taxes392.1 239.3 
Other non-current liabilities577.0 530.1 
Total non-current liabilities5,055.2 3,686.1 
Total liabilities6,069.8 5,274.0 
Contingencies - Refer to Note 15
Shareholders’ equity
Controlling interests:
Preferred shares, $0.0001 par value per share, 10 shares authorized
  
Ordinary shares, €0.001 par value per share, 10,000 shares authorized
6,991.1 7,043.2 
Accumulated other comprehensive income(146.8)35.5 
Retained earnings (accumulated deficit)(1,994.5)(1,927.0)
Total shareholders’ equity4,849.8 5,151.7 
Total liabilities and shareholders' equity$10,919.6 $10,425.7 
Supplemental Disclosures of Balance Sheet Information
Preferred shares, issued and outstanding
  
Ordinary shares, issued and outstanding
134.6 133.8 

See accompanying Notes to the Condensed Consolidated Financial Statements.
4

Perrigo Company plc - Item 1
PERRIGO COMPANY PLC
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in millions, except per share amounts)
(unaudited)
 Ordinary Shares
Issued
Accumulated
Other
Comprehensive
Income
Retained
Earnings
(Accumulated Deficit)
Total
 SharesAmount
Balance at December 31, 2020133.1 $7,118.2 $395.0 $(1,858.1)$5,655.1 
Net income— — — 38.1 38.1 
Other comprehensive loss— — (118.3)— (118.3)
Restricted stock plan0.6 — — — — 
Compensation for stock options— 0.4 — — 0.4 
Compensation for restricted stock— 24.6 — — 24.6 
Cash dividends, $0.24 per share
— (32.6)— — (32.6)
Shares withheld for payment of employees' withholding tax liability(0.2)(9.3)— — (9.3)
Balance at April 3, 2021133.5 $7,101.3 $276.7 $(1,820.0)$5,558.0 
Net loss— — — (57.7)(57.7)
Other comprehensive income— — 30.4 — 30.4 
Restricted stock plan
0.1 — — — — 
Compensation for stock options— 0.2 — — 0.2 
Compensation for restricted stock— 13.9 — — 13.9 
Cash dividends, $0.24 per share
— (32.5)— — (32.5)
Shares withheld for payment of employees' withholding tax liability— (1.2)— — (1.2)
Balance at July 3, 2021133.6 $7,081.7 $307.1 $(1,877.7)$5,511.1 

 Ordinary Shares
Issued
Accumulated
Other
Comprehensive
Income
Retained
Earnings
(Accumulated Deficit)
Total
 SharesAmount
Balance at December 31, 2021133.8 $7,043.2 $35.5 $(1,927.0)$5,151.7 
Net loss— — — (2.4)(2.4)
Other comprehensive loss— — (20.5)— (20.5)
Restricted stock plan1.2 — — — — 
Compensation for restricted stock— 26.3 — — 26.3 
Cash dividends, $0.26 per share
— (34.2)— — (34.2)
Shares withheld for payment of employees' withholding tax liability(0.4)(16.4)— — (16.4)
Balance at April 2, 2022134.6 $7,018.9 $15.0 $(1,929.4)$5,104.5 
Net loss— — — (65.1)(65.1)
Other comprehensive income— — (161.8)— (161.8)
Compensation for restricted stock— 9.0 — — 9.0 
Cash dividends, $0.26 per share
— (35.4)— — (35.4)
Shares withheld for payment of employees' withholding tax liability— (1.4)— — (1.4)
Balance at July 2, 2022134.6 $6,991.1 $(146.8)$(1,994.5)$4,849.8 

See accompanying Notes to the Condensed Consolidated Financial Statements.
5

Perrigo Company plc - Item 1
PERRIGO COMPANY PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
Six Months Ended
 July 2,
2022
July 3,
2021
Cash Flows From (For) Operating Activities
Net income (loss)$(67.6)$(19.6)
Adjustments to derive cash flows:
Depreciation and amortization153.0 165.3 
Foreign currency remeasurement loss39.4  
Share-based compensation37.3 39.1 
Restructuring charges13.1 10.7 
Deferred income taxes12.6 (25.4)
Loss on sale of business1.4  
Impairment charges 158.6 
(Gain) on sale of assets(5.8) 
Amortization of debt premium(4.3)(1.4)
Other non-cash adjustments, net(4.8)18.8 
Subtotal174.3 346.1 
Increase (decrease) in cash due to:
Accounts receivable(56.4)(108.2)
Inventories(50.5)(106.0)
Prepaid expenses16.8 1.8 
Accounts payable64.2 (22.5)
Payroll and related taxes(38.8)(61.1)
Accrued customer programs16.9 4.3 
Accrued liabilities14.2 (32.1)
Accrued income taxes(99.9)(135.6)
Other, net 21.4 31.2 
Subtotal(112.1)(428.2)
Net cash from (for) operating activities62.2 (82.1)
Cash Flows From (For) Investing Activities
Proceeds from royalty rights2.0 1.9 
Settlement of acquisition-related foreign currency derivatives(37.1) 
Acquisitions of businesses, net of cash acquired(1,901.4) 
Asset acquisitions(10.0)(70.6)
Additions to property, plant and equipment(48.7)(68.4)
Net proceeds from sale of businesses58.7  
Proceeds from sale of assets24.8  
Other investing, net 1.3 
Net cash from (for) investing activities(1,911.7)(135.8)
Cash Flows From (For) Financing Activities
Issuances of long-term debt1,587.7  
Payments on long-term debt(958.9) 
Borrowings (repayments) of revolving credit agreements and other financing, net (5.8)
Payments for debt issuance costs
(19.5) 
Premiums on early debt retirement(12.2) 
Cash dividends(69.6)(65.1)
Other financing, net(20.4)(13.5)
Net cash from (for) financing activities507.1 (84.4)
Effect of exchange rate changes on cash and cash equivalents(51.6)(3.2)
Net increase (decrease) in cash and cash equivalents(1,394.0)(305.5)
Cash and cash equivalents of continuing operations, beginning of period1,864.9 631.5 
Cash and cash equivalents held for sale, beginning of period14.4 10.0 
Less cash and cash equivalents held for sale, end of period (18.5)
Cash and cash equivalents of continuing operations, end of period$485.3 $317.5 

See accompanying Notes to the Condensed Consolidated Financial Statements.
6

Perrigo Company plc - Item 1
Note 1


NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General Information

The Company

Perrigo Company plc was incorporated under the laws of Ireland on June 28, 2013 and became the successor registrant of Perrigo Company, a Michigan corporation, on December 18, 2013 in connection with the acquisition of Elan Corporation, plc ("Elan"). Unless the context requires otherwise, the terms "Perrigo," the "Company," "we," "our," "us," and similar pronouns used herein refer to Perrigo Company plc, its subsidiaries, and all predecessors of Perrigo Company plc and its subsidiaries.

Our vision is to make lives better by bringing Quality, Affordable Self-Care Products that consumers trust everywhere they are sold. We are a leading provider of over-the-counter ("OTC") health and wellness solutions that are designed to enhance individual well-being.

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, all adjustments (consisting of normal recurring accruals and other adjustments) considered necessary for a fair presentation of the unaudited Condensed Consolidated Financial Statements have been included and include our accounts and the accounts of all majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Segment Reporting

Our reporting and operating segments are as follows:

Consumer Self-Care Americas ("CSCA") comprises our consumer self-care business (OTC, infant formula, and oral care categories, and contract manufacturing) in the U.S. and Canada, and HRA Pharma self-care business (Women's Health and Skin-Care categories) in the U.S. and Canada since it was acquired on April 29, 2022. CSCA previously included our Mexico and Brazil-based OTC businesses ("Latin America businesses") until they were disposed on March 9, 2022.

Consumer Self-Care International ("CSCI") comprises our consumer self-care business in Europe and Australia, which are primarily branded, our store brand business in the United Kingdom and parts of Europe and Asia, and HRA Pharma self-care business (Women's Health, Skin-Care and Rare-Disease categories) in Europe since it was acquired on April 29, 2022.

We previously had an RX segment, which was comprised of our prescription pharmaceuticals business in
the U.S. and other pharmaceuticals and diagnostic business in Israel, which businesses have been divested. Following the divestiture, there were no substantial assets or operations left in this segment. The RX segment was reported as Discontinued Operations in 2021, and is presented as such for all periods in this report (refer to Note 8).

Non-U.S. Operations

We translate our non-U.S. dollar-denominated operations’ assets and liabilities into U.S. dollars at current rates of exchange as of the balance sheet date and income and expense items at the average exchange rate for the
reporting period. Translation adjustments resulting from exchange rate fluctuations are recorded in the cumulative
translation account, a component of Accumulated other comprehensive income (loss) ("AOCI"). Gains or losses
from foreign currency transactions are included in Other (income) expense, net.
7

Perrigo Company plc - Item 1
Note 1


Allowance for Credit Losses
Expected credit losses on trade receivables and contract assets are measured collectively by geographic location. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and for reasonable and supportable forecasts. Historical credit loss experience provides the primary basis for estimation of expected credit losses. Adjustments to historical loss information may be made for significant changes in a geographic location’s economic conditions. Receivables that do not share risk characteristics are evaluated on an individual basis. These receivables are not included in the collective evaluation.
The allowance for credit losses is a valuation account that is deducted from the instruments’ cost basis to present the net amount expected to be collected. Trade receivables and contract assets are charged off against the allowance when the balance is no longer deemed collectible.
The following table presents the allowance for credit losses activity (in millions):
Three Months EndedSix Months Ended
July 2, 2022July 3, 2021July 2, 2022July 3, 2021
Balance at beginning of period$7.1 $9.1 $7.2 $6.5 
Provision for credit losses, net2.2 0.4 2.0 3.7 
Receivables written-off(1.7)(0.6)(1.9)(0.9)
Transfer to held for sale (1.4) (1.4)
Currency translation adjustment(0.3)0.2  (0.2)
Balance at end of period$7.3 $7.7 $7.3 $7.7 

NOTE 2 – REVENUE RECOGNITION

Revenue is recognized when or as a customer obtains control of promised products. The amount of revenue recognized reflects the consideration we expect to be entitled to receive in exchange for these products.

Disaggregation of Revenue

We generated net sales in the following geographic locations(1) (in millions):
Three Months EndedSix Months Ended
July 2, 2022July 3, 2021July 2, 2022July 3, 2021
U.S.$717.6 $590.3 $1,400.6 $1,201.6 
Europe(2)
381.9 348.1 733.6 704.1 
All other countries(3)
22.2 42.7 62.0 85.4 
Total net sales$1,121.7 $981.1 $2,196.2 $1,991.1 

(1) The net sales by geographic locations is derived from the location of the entity that sells to a third party.
(2) Includes Ireland net sales of $7.3 million and $13.9 million for the three and six months ended July 2, 2022, respectively, and $5.3 million and $9.8 million for the three and six months ended July 3, 2021, respectively.
(3) Includes net sales generated primarily in Mexico, Australia and Canada.

Product Category
        
As a result of the completed acquisition of HRA Pharma, the Company has updated its global reporting product categories beginning in the second quarter of 2022. These product category updates have been adjusted retrospectively to reflect the changes. The following updates have no impact on the Company's historical consolidated financial position, results of operations, or cash flows:
The creation of a new "Women's Health" reporting category, comprised of the women's health portfolio of HRA Pharma, in addition to legacy Perrigo women's health products;
The creation of a new "Skin Care" reporting category, comprised of all of the products in the legacy Perrigo "Skincare and Personal Hygiene" category except for legacy Perrigo women's health products; and
The "Other" category in the CSCI segment now includes the HRA Pharma Rare Diseases business.
8

Perrigo Company plc - Item 1
Note 2


The following is a summary of our net sales by category (in millions):
Three Months EndedSix Months Ended
July 2, 2022July 3, 2021July 2, 2022July 3, 2021
CSCA(1)
Upper Respiratory$145.9 $105.3 $298.7 $223.9 
Nutrition125.1 95.8 252.3 188.0 
Digestive Health125.1 115.0 243.7 233.4 
Pain and Sleep-Aids102.6 89.4 205.5 184.5 
Oral Care76.6 75.7 147.0 150.7 
Healthy Lifestyle67.3 64.7 134.9 140.9 
Skin Care48.6