PERRIGO Co plc
For the period ended Mar 30, 2024. Filed May 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 30, 2024 · Filed May 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Fair Value Measurements
NOTE 8 -FAIR VALUE MEASUREMENTS
The table below summarizes the valuation of our financial instruments carried at fair value by the applicable pricing categories (in millions):
| March 30, 2024 | December 31, 2023 | |||||
|---|---|---|---|---|---|---|
| Measured at fair value on a recurring basis: | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| Assets: | ||||||
| Investment securities | $— | $— | $— | $0.1 | $— | $— |
| Foreign currency forward contracts | — | 1.9 | — | — | 0.6 | — |
| Interest rate swap agreements | — | 49.2 | — | — | 30.5 | — |
| Total assets | $— | $51.1 | $— | $0.1 | $31.1 | $— |
| Liabilities: | ||||||
| Cross-currency swap | $— | $130.5 | $— | $— | $172.0 | $— |
| Foreign currency forward contracts | — | 2.6 | — | — | 2.7 | — |
| Interest rate swap agreements | — | 4.7 | — | — | 11.7 | — |
| Total liabilities | $— | $137.8 | $— | $— | $186.4 | $— |
| Measured at fair value on a non-recurring basis: | ||||||
| Assets: | ||||||
| Goodwill(1) | $— | $— | $— | $— | $— | $118.9 |
| Total assets | $— | $— | $— | $— | $— | $118.9 |
(1) During the year ended December 31, 2023, goodwill within our Rare Diseases reporting unit with a carrying value of $208.9 million was written down to a fair value of $118.9 million.
There were no transfers within Level 3 fair value measurements during the three months ended March 30, 2024 or the year ended December 31, 2023.
Note 8
Non-recurring Fair Value Measurements
Non-recurring fair values represent only those assets whose carrying values were adjusted to fair value during the reporting period.
Fixed Rate Long-term Debt
Our fixed rate long-term debt consisted of the following (in millions):
| March 30, 2024 | December 31, 2023 | |
|---|---|---|
| Public Bonds | Level 1 | Level 1 |
| Carrying value (excluding discount) | $2,244.4 | $2,244.4 |
| Fair value | $2,083.8 | $2,062.2 |
The fair values of our public bonds for all periods were based on quoted market prices. The fair values of our private placement notes for all periods were based on interest rates offered for borrowings of a similar nature and remaining maturities.
The carrying amounts of our other financial instruments, consisting of cash and cash equivalents, accounts receivable, accounts payable, short-term debt, revolving credit agreements, and variable rate long-term debt, approximate their fair value.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.