PERRIGO Co plc
For the period ended Sep 28, 2024. Filed Nov 6, 2024.
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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.
Sep 28, 2024 · Filed Nov 6, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Leases
Note 8
NOTE 8 -LEASES
The balance sheet locations of our lease assets and liabilities were as follows (in millions):
| Assets | Balance Sheet Location | September 28, 2024 | December 31, 2023 |
|---|---|---|---|
| Operating | Operating lease assets | $182.2 | $183.6 |
| Finance | Other non-current assets | 12.2 | 13.7 |
| Total | $194.4 | $197.3 |
| Liabilities | Balance Sheet Location | September 28, 2024 | December 31, 2023 |
|---|---|---|---|
| Current | |||
| Operating | Other accrued liabilities | $30.0 | $27.5 |
| Finance | Current indebtedness | 1.7 | 1.9 |
| Non-Current | |||
| Operating | Other non-current liabilities | 159.7 | 159.6 |
| Finance | Long-term debt, less current portion | 12.3 | 13.2 |
| Total | $203.7 | $202.2 | |
The below tables show our lease assets and liabilities by reporting segment (in millions):
| Assets | ||||
|---|---|---|---|---|
| Operating | Financing | |||
| September 28, 2024 | December 31, 2023 | September 28, 2024 | December 31, 2023 | |
| CSCA | $91.9 | $79.3 | $11.9 | $12.8 |
| CSCI | 34.7 | 44.7 | — | 0.3 |
| Unallocated | 55.6 | 59.6 | 0.3 | 0.6 |
| Total | $182.2 | $183.6 | $12.2 | $13.7 |
| Liabilities | ||||
|---|---|---|---|---|
| Operating | Financing | |||
| September 28, 2024 | December 31, 2023 | September 28, 2024 | December 31, 2023 | |
| CSCA | $95.2 | $81.6 | $13.5 | $14.2 |
| CSCI | 40.5 | 47.8 | 0.1 | 0.3 |
| Unallocated | 54.0 | 57.7 | 0.4 | 0.6 |
| Total | $189.7 | $187.1 | $14.0 | $15.1 |
Lease expense was as follows (in millions):
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 28, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | |
| Operating leases(1) | $12.5 | $11.8 | $36.7 | $34.4 |
| Finance leases | ||||
| Amortization | $0.6 | $0.9 | $1.7 | $3.1 |
| Interest | 0.1 | 0.1 | 0.3 | 0.4 |
| Total finance leases | $0.7 | $1.0 | $2.0 | $3.5 |
(1) Includes short-term leases and variable lease costs, which are immaterial.
Note 8
The annual future maturities of our leases as of September 28, 2024 are as follows (in millions):
| Operating Leases · Finance Leases · Total | |||
|---|---|---|---|
| 2024 | $9.2 | $0.6 | $9.8 |
| 2025 | 35.3 | 2.0 | 37.3 |
| 2026 | 27.9 | 1.6 | 29.5 |
| 2027 | 25.7 | 1.6 | 27.3 |
| 2028 | 18.6 | 1.6 | 20.2 |
| After 2028 | 106.5 | 9.0 | 115.5 |
| Total lease payments | $223.2 | $16.4 | $239.6 |
| Less: Interest | 33.5 | 2.4 | 35.9 |
| Present value of lease liabilities | $189.7 | $14.0 | $203.7 |
Our weighted average lease terms and discount rates are as follows:
| September 28, 2024 | September 30, 2023 | |
|---|---|---|
| Weighted-average remaining lease term (in years) | ||
| Operating leases | 9.59 | 10.65 |
| Finance leases | 9.12 | 9.41 |
| Weighted-average discount rate | ||
| Operating leases | 3.8% | 2.7% |
| Finance leases | 3.5% | 3.1% |
Our lease cash flow classifications are as follows (in millions):
| Nine Months Ended | ||
|---|---|---|
| September 28, 2024 | September 30, 2023 | |
| Cash paid for amounts included in the measurement of lease liabilities | ||
| Operating cash flows for operating leases | $26.7 | $27.0 |
| Operating cash flows for finance leases | $0.4 | $0.4 |
| Financing cash flows for finance leases | $1.5 | $2.8 |
| Leased assets obtained in exchange for new finance lease liabilities | $0.4 | $0.5 |
| Leased assets obtained in exchange for new operating lease liabilities | $26.5 | $5.9 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.