PERRIGO Co plc
For the period ended Mar 29, 2025. Filed May 7, 2025.
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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.
Mar 29, 2025 · Filed May 7, 2025
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Fair Value Measurements
NOTE 9 -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 29, 2025 | December 31, 2024 | |||||
|---|---|---|---|---|---|---|
| Measured at fair value on a recurring basis: | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| Assets: | ||||||
| Foreign currency forward contracts | $— | $2.1 | $— | $— | $5.5 | $— |
| Cross-currency swaps | — | — | — | — | 14.2 | — |
| Interest rate swap agreements | — | 5.3 | — | — | 9.3 | — |
| Total assets | $— | $7.4 | $— | $— | $29.0 | $— |
| Liabilities: | ||||||
| Foreign currency forward contracts | $— | $5.6 | $— | $— | $5.6 | $— |
| Cross-currency swaps | — | 98.5 | — | — | 46.8 | — |
| Interest rate swap agreements | — | 30.4 | — | — | 22.6 | — |
| Total liabilities | $— | $134.5 | $— | $— | $75.0 | $— |
| Measured at fair value on a non-recurring basis: | ||||||
| Assets: | ||||||
| Contingent consideration(1) | $— | $— | $— | $— | $— | $34.5 |
| Goodwill(2) | — | — | 5.0 | — | — | — |
| Assets held for sale, net(3) | — | — | 12.8 | — | — | — |
| Total assets | $— | $— | $17.8 | $— | $— | $34.5 |
(1) During the year ended December 31, 2024, contingent consideration was recognized as a result of the divestiture of the Rare Diseases Business.
(2) During the three months ended March 29, 2025, goodwill within the Richard Bittner Business with a carrying value of $6.2 million was written down to a fair value of $5.0 million.
(3) We measured the net assets held for sale for impairment purposes and recorded a total impairment of $1.9 million, resulting in a net asset held for sale balance of $12.8 million (refer to Note 3).
Note 9
There were no transfers within Level 3 fair value measurements during the three months ended March 29, 2025 or the year ended December 31, 2024 (refer to Note 10 for a discussion of derivatives).
Non-recurring Fair Value Measurements
The non-recurring fair values represent only those assets whose carrying values were adjusted to fair value during the reporting period.
Goodwill
Richard Bittner Business
During the three months ended March 29, 2025, we prepared a goodwill impairment test utilizing the estimated closing consideration resulting from the definitive agreement to sell the Richard Bittner Business to HBI Health & Beauty Innovations Limited. We determined the carrying value of this business exceeded the fair value and recorded an impairment in the CSCI segment (refer to Note 8).
Assets (liabilities) held for sale, net
During the three months ended March 29, 2025, we classified the Richard Bittner Business disposal group as held for sale, prepared a fair value analysis and estimated remaining costs to sell. We determined the carrying value of the net assets held for sale exceeded the fair value less cost to sell and recorded an impairment in the CSCI segment (refer to Note 3).
Fixed Rate Long-term Debt
Our fixed rate long-term debt consisted of the following (in millions):
| March 29, 2025 | December 31, 2024 | |
|---|---|---|
| Public Bonds | Level 1 | Level 1 |
| Carrying value (excluding discount) | $2,238.3 | $2,221.8 |
| Fair value | $2,118.1 | $2,083.9 |
The fair values of our public bonds for all periods were based on quoted market prices.
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.
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