(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(Title of each class) | (Trading Symbol(s)) | (Name of each exchange on which registered) | ||||||
N/A (1) |
Exhibit No. | Exhibit | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the inline XBRL document). | |||||||
MALLINCKRODT PLC | ||||||||||||||
(registrant) | ||||||||||||||
Date: | November 3, 2020 | By: | /s/ Bryan M. Reasons | |||||||||||
Bryan M. Reasons | ||||||||||||||
Executive Vice President and Chief Financial Officer (principal financial officer) |
MALLINCKRODT PLC | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(unaudited, in millions, except per share data) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
September 25, 2020 | Percent of Net sales | September 27, 2019 | Percent of Net sales | ||||||||||||||
Net sales | $ | 698.3 | 100.0 | % | $ | 743.7 | 100.0 | % | |||||||||
Cost of sales | 403.0 | 57.7 | 419.4 | 56.4 | |||||||||||||
Gross profit | 295.3 | 42.3 | 324.3 | 43.6 | |||||||||||||
Selling, general and administrative expenses | 220.8 | 31.6 | 205.7 | 27.7 | |||||||||||||
Research and development expenses | 65.5 | 9.4 | 103.1 | 13.9 | |||||||||||||
Restructuring charges, net | 3.2 | 0.5 | 7.2 | 1.0 | |||||||||||||
Gains on divestiture | (9.7) | (1.4) | — | — | |||||||||||||
Opioid-related litigation settlement | (25.8) | (3.7) | — | — | |||||||||||||
Medicaid lawsuit | (0.2) | — | — | — | |||||||||||||
Operating income | 41.5 | 5.9 | 8.3 | 1.1 | |||||||||||||
Interest expense | (62.2) | (8.9) | (77.6) | (10.4) | |||||||||||||
Interest income | 0.9 | 0.1 | 2.9 | 0.4 | |||||||||||||
Other income, net | — | — | 37.9 | 5.1 | |||||||||||||
Loss from continuing operations before income taxes | (19.8) | (2.8) | (28.5) | (3.8) | |||||||||||||
Income tax benefit | (211.6) | (30.3) | (27.6) | (3.7) | |||||||||||||
Income (loss) from continuing operations | 191.8 | 27.5 | (0.9) | (0.1) | |||||||||||||
Loss from discontinued operations, net of income taxes | (0.2) | — | (0.2) | — | |||||||||||||
Net income (loss) | $ | 191.6 | 27.4 | % | $ | (1.1) | (0.1) | % | |||||||||
Basic earnings (loss) per share: | |||||||||||||||||
Income (loss) from continuing operations | $ | 2.27 | $ | (0.01) | |||||||||||||
Loss from discontinued operations | — | — | |||||||||||||||
Net income (loss) | $ | 2.26 | $ | (0.01) | |||||||||||||
Diluted earnings (loss) per share: | |||||||||||||||||
Income (loss) from continuing operations | $ | 2.27 | $ | (0.01) | |||||||||||||
Loss from discontinued operations | — | — | |||||||||||||||
Net income (loss) | $ | 2.26 | $ | (0.01) | |||||||||||||
Weighted-average number of shares outstanding | |||||||||||||||||
Basic weighted-average shares outstanding | 84.6 | 84.0 | |||||||||||||||
Diluted weighted-average shares outstanding | 84.6 | 84.0 |
MALLINCKRODT PLC | |||||||||||
CONSOLIDATED ADJUSTED EBITDA | |||||||||||
(unaudited, in millions) | |||||||||||
Three Months Ended | |||||||||||
September 25, 2020 | September 27, 2019 | ||||||||||
Net income (loss) | $ | 191.6 | $ | (1.1) | |||||||
Adjustments: | |||||||||||
Interest expense, net | 61.3 | 74.7 | |||||||||
Income taxes | (211.6) | (27.6) | |||||||||
Depreciation and amortization | 236.1 | 234.9 | |||||||||
Restructuring and related charges, net | 3.2 | 7.2 | |||||||||
Loss from discontinued operations | 0.2 | 0.2 | |||||||||
Change in contingent consideration fair value | 8.1 | (25.8) | |||||||||
Significant legal and environmental charges (1) | (11.9) | 28.2 | |||||||||
Gains on divestiture | (9.7) | — | |||||||||
Separation costs | 33.0 | 19.8 | |||||||||
Gains on debt extinguishment, net | — | (17.9) | |||||||||
Unrealized loss (gain) on equity investment | 0.8 | (6.5) | |||||||||
R&D upfront payment | — | 20.0 | |||||||||
Share-based compensation | 4.3 | 7.8 | |||||||||
Adjusted EBITDA | $ | 305.4 | $ | 313.9 | |||||||
MALLINCKRODT PLC | |||||||||||
SEGMENT OPERATING INCOME (1) | |||||||||||
(unaudited, in millions) | |||||||||||
Three Months Ended | |||||||||||
September 25, 2020 | September 27, 2019 | ||||||||||
Specialty Brands | $ | 291.8 | $ | 277.0 | |||||||
Specialty Generics | 43.1 | 36.3 | |||||||||
Segment operating income | 334.9 | 313.3 | |||||||||
Unallocated amounts: | |||||||||||
Corporate and unallocated expenses (2) | (42.1) | (15.3) | |||||||||
Depreciation and amortization | (236.1) | (234.9) | |||||||||
Share-based compensation | (4.3) | (7.8) | |||||||||
Restructuring charges, net | (3.2) | (7.2) | |||||||||
Separation costs | (33.0) | (19.8) | |||||||||
R&D upfront payment | — | (20.0) | |||||||||
Opioid-related litigation settlement | 25.8 | — | |||||||||
Medicaid lawsuit | (0.5) | — | |||||||||
Operating income | $ | 41.5 | $ | 8.3 |
MALLINCKRODT PLC | |||||||||||||||||||||||||||||
SEGMENT NET SALES AND CONSTANT-CURRENCY GROWTH | |||||||||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
September 25, 2020 | September 27, 2019 | Percent change | Currency impact | Constant-currency growth | |||||||||||||||||||||||||
Specialty Brands (1) | $ | 539.6 | $ | 580.4 | (7.0) | % | 0.1 | % | (7.1) | % | |||||||||||||||||||
Specialty Generics | 159.4 | 163.3 | (2.4) | — | (2.4) | ||||||||||||||||||||||||
Segment net sales | 699.0 | 743.7 | (6.0) | 0.1 | (6.1) | ||||||||||||||||||||||||
Medicaid lawsuit | (0.7) | — | * | * | * | ||||||||||||||||||||||||
Net sales | $ | 698.3 | $ | 743.7 | (6.1) | % | 0.1 | % | (6.2) | % |
MALLINCKRODT PLC | |||||||||||||||||||||||||||||
SELECT PRODUCT LINE NET SALES AND CONSTANT-CURRENCY GROWTH | |||||||||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
September 25, 2020 | September 27, 2019 | Percent change | Currency impact | Constant-currency growth | |||||||||||||||||||||||||
Specialty Brands | |||||||||||||||||||||||||||||
Acthar Gel (1) | $ | 195.3 | $ | 229.8 | (15.0) | % | — | % | (15.0) | % | |||||||||||||||||||
INOmax | 141.9 | 136.8 | 3.7 | — | 3.7 | ||||||||||||||||||||||||
Ofirmev | 88.7 | 86.1 | 3.0 | — | 3.0 | ||||||||||||||||||||||||
Therakos | 62.6 | 60.9 | 2.8 | 1.2 | 1.6 | ||||||||||||||||||||||||
Amitiza | 47.7 | 52.6 | (9.3) | — | (9.3) | ||||||||||||||||||||||||
Other (2) | 3.4 | 14.2 | (76.1) | — | (76.1) | ||||||||||||||||||||||||
Specialty Brands Total | 539.6 | 580.4 | (7.0) | 0.1 | (7.1) | ||||||||||||||||||||||||
Specialty Generics | |||||||||||||||||||||||||||||
Hydrocodone (API) and hydrocodone-containing tablets | 20.0 | 15.7 | 27.4 | — | 27.4 | ||||||||||||||||||||||||
Oxycodone (API) and oxycodone-containing tablets | 16.1 | 17.2 | (6.4) | — | (6.4) | ||||||||||||||||||||||||
Acetaminophen (API) | 54.9 | 48.5 | 13.2 | — | 13.2 | ||||||||||||||||||||||||
Other controlled substances | 62.4 | 72.9 | (14.4) | (0.1) | (14.3) | ||||||||||||||||||||||||
Other | 6.0 | 9.0 | (33.3) | — | (33.3) | ||||||||||||||||||||||||
Specialty Generics Total | 159.4 | 163.3 | (2.4) | — | (2.4) | ||||||||||||||||||||||||
Segment net sales | 699.0 | 743.7 | (6.0) | 0.1 | (6.1) | ||||||||||||||||||||||||
Medicaid lawsuit | (0.7) | — | * | * | * | ||||||||||||||||||||||||
Net sales | $ | 698.3 | $ | 743.7 | (6.1) | % | 0.1 | % | (6.2) | % |
MALLINCKRODT PLC | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(unaudited, in millions, except per share data) | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 25, 2020 | Percent of Net sales | September 27, 2019 | Percent of Net sales | ||||||||||||||
Net sales (includes refined estimate of the retrospective one-time charge of $535.1 million related to the Medicaid lawsuit for the nine months ended September 25, 2020) | $ | 1,530.6 | 100.0 | % | $ | 2,357.6 | 100.0 | % | |||||||||
Cost of sales | 1,171.7 | 76.6 | 1,309.3 | 55.5 | |||||||||||||
Gross profit | 358.9 | 23.4 | 1,048.3 | 44.5 | |||||||||||||
Selling, general and administrative expenses | 683.2 | 44.6 | 661.8 | 28.1 | |||||||||||||
Research and development expenses | 225.8 | 14.8 | 268.0 | 11.4 | |||||||||||||
Restructuring charges, net | 15.8 | 1.0 | 11.2 | 0.5 | |||||||||||||
Non-restructuring impairment charges | 63.5 | 4.1 | 113.5 | 4.8 | |||||||||||||
Gains on divestiture | (10.1) | (0.7) | — | — | |||||||||||||
Opioid-related litigation settlement | (34.1) | (2.2) | — | — | |||||||||||||
Medicaid lawsuit | 105.1 | 6.9 | — | — | |||||||||||||
Operating loss | (690.3) | (45.1) | (6.2) | (0.3) | |||||||||||||
Interest expense | (200.9) | (13.1) | (231.8) | (9.8) | |||||||||||||
Interest income | 5.4 | 0.4 | 6.6 | 0.3 | |||||||||||||
Other income, net | 1.1 | 0.1 | 128.6 | 5.5 | |||||||||||||
Loss from continuing operations before income taxes | (884.7) | (57.8) | (102.8) | (4.4) | |||||||||||||
Income tax benefit | (69.2) | (4.5) | (256.6) | (10.9) | |||||||||||||
(Loss) income from continuing operations | (815.5) | (53.3) | 153.8 | 6.5 | |||||||||||||
Income from discontinued operations, net of income taxes | 23.8 | 1.6 | 6.8 | 0.3 | |||||||||||||
Net (loss) income | $ | (791.7) | (51.7) | % | $ | 160.6 | 6.8 | % | |||||||||
Basic (loss) earnings per share: | |||||||||||||||||
(Loss) income from continuing operations | $ | (9.66) | $ | 1.84 | |||||||||||||
Income from discontinued operations | 0.28 | 0.08 | |||||||||||||||
Net (loss) income | $ | (9.38) | $ | 1.92 | |||||||||||||
Diluted (loss) earnings per share: | |||||||||||||||||
(Loss) income from continuing operations | $ | (9.66) | $ | 1.83 | |||||||||||||
Income from discontinued operations | 0.28 | 0.08 | |||||||||||||||
Net (loss) income | $ | (9.38) | $ | 1.91 | |||||||||||||
Weighted-average number of shares outstanding: | |||||||||||||||||
Basic | 84.4 | 83.8 | |||||||||||||||
Diluted | 84.4 | 84.2 | |||||||||||||||
MALLINCKRODT PLC | |||||||||||
CONSOLIDATED ADJUSTED EBITDA | |||||||||||
(unaudited, in millions) | |||||||||||
Nine Months Ended | |||||||||||
September 25, 2020 | September 27, 2019 | ||||||||||
Net (loss) income | $ | (791.7) | $ | 160.6 | |||||||
Adjustments: | |||||||||||
Interest expense, net | 195.5 | 225.2 | |||||||||
Income taxes | (69.2) | (256.6) | |||||||||
Depreciation and amortization | 675.5 | 723.5 | |||||||||
Restructuring and related charges, net | 15.8 | 11.2 | |||||||||
Non-restructuring impairment charge | 63.5 | 113.5 | |||||||||
Inventory step-up expense | — | 10.0 | |||||||||
Income from discontinued operations | (23.8) | (6.8) | |||||||||
Change in contingent consideration fair value | 2.4 | (23.5) | |||||||||
Significant legal and environmental charges (1) | 659.2 | 28.2 | |||||||||
Gains on divestiture | (10.1) | — | |||||||||
Separation costs | 75.0 | 50.4 | |||||||||
Gain on debt extinguishment, net | — | (89.2) | |||||||||
Unrealized gain on equity investment | (2.2) | (6.5) | |||||||||
R&D upfront payment | 5.0 | 20.0 | |||||||||
Share-based compensation | 17.6 | 30.6 | |||||||||
Adjusted EBITDA | $ | 812.5 | $ | 990.6 | |||||||
MALLINCKRODT PLC | |||||||||||
SEGMENT OPERATING INCOME (1) | |||||||||||
(unaudited, in millions) | |||||||||||
Nine Months Ended | |||||||||||
September 25, 2020 | September 27, 2019 | ||||||||||
Specialty Brands (2) | $ | 765.0 | $ | 894.2 | |||||||
Specialty Generics | 155.5 | 125.4 | |||||||||
Segment operating income | 920.5 | 1,019.6 | |||||||||
Unallocated amounts: | |||||||||||
Corporate and unallocated expenses (3) | (152.3) | (76.6) | |||||||||
Depreciation and amortization | (675.5) | (723.5) | |||||||||
Share-based compensation | (17.6) | (30.6) | |||||||||
Restructuring and related charges, net | (15.8) | (11.2) | |||||||||
Non-restructuring impairment charges | (63.5) | (113.5) | |||||||||
Separation costs | (75.0) | (50.4) | |||||||||
R&D upfront payment | (5.0) | (20.0) | |||||||||
Opioid-related litigation settlement | 34.1 | — | |||||||||
Medicaid lawsuit | (640.2) | — | |||||||||
Operating loss | $ | (690.3) | $ | (6.2) |
MALLINCKRODT PLC | |||||||||||||||||||||||||||||
SEGMENT NET SALES AND CONSTANT-CURRENCY GROWTH | |||||||||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||
September 25, 2020 | September 27, 2019 | Percent change | Currency impact | Constant-currency growth | |||||||||||||||||||||||||
Specialty Brands (1) | $ | 1,553.0 | $ | 1,812.4 | (14.3) | % | — | % | (14.3) | % | |||||||||||||||||||
Specialty Generics | 512.7 | 545.2 | (6.0) | — | (6.0) | ||||||||||||||||||||||||
Segment net sales | 2,065.7 | 2,357.6 | (12.4) | — | (12.4) | ||||||||||||||||||||||||
Medicaid lawsuit | (535.1) | — | * | * | * | ||||||||||||||||||||||||
Net sales | $ | 1,530.6 | $ | 2,357.6 | (35.1) | % | — | % | (35.1) | % |
MALLINCKRODT PLC | |||||||||||||||||||||||||||||
SELECT PRODUCT LINE NET SALES | |||||||||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||
September 25, 2020 | September 27, 2019 | Percent change | Currency impact | Constant-currency growth | |||||||||||||||||||||||||
Specialty Brands | |||||||||||||||||||||||||||||
Acthar (1) | $ | 576.6 | $ | 720.1 | (19.9) | % | — | % | (19.9) | % | |||||||||||||||||||
Inomax | 438.5 | 427.6 | 2.5 | — | 2.5 | ||||||||||||||||||||||||
Ofirmev | 216.0 | 272.2 | (20.6) | — | (20.6) | ||||||||||||||||||||||||
Therakos | 174.1 | 183.6 | (5.2) | — | (5.2) | ||||||||||||||||||||||||
Amitiza | 138.2 | 157.6 | (12.3) | — | (12.3) | ||||||||||||||||||||||||
Other (2) | 9.6 | 51.3 | (81.3) | — | (81.3) | ||||||||||||||||||||||||
Specialty Brands Total | 1,553.0 | 1,812.4 | (14.3) | — | (14.3) | ||||||||||||||||||||||||
Specialty Generics | |||||||||||||||||||||||||||||
Hydrocodone (API) and hydrocodone-containing tablets | 71.9 | 51.2 | 40.4 | — | 40.4 | ||||||||||||||||||||||||
Oxycodone (API) and oxycodone-containing tablets | 48.0 | 53.3 | (9.9) | — | (9.9) | ||||||||||||||||||||||||
Acetaminophen (API) | 154.5 | 143.1 | 8.0 | — | 8.0 | ||||||||||||||||||||||||
Other controlled substances | 223.8 | 265.7 | (15.8) | (0.1) | (15.7) | ||||||||||||||||||||||||
Other | 14.5 | 31.9 | (54.5) | — | (54.5) | ||||||||||||||||||||||||
Specialty Generics Total | 512.7 | 545.2 | (6.0) | — | (6.0) | ||||||||||||||||||||||||
Segment net sales | 2,065.7 | 2,357.6 | (12.4) | — | (12.4) | ||||||||||||||||||||||||
Medicaid lawsuit | (535.1) | — | * | * | * | ||||||||||||||||||||||||
Net sales | $ | 1,530.6 | $ | 2,357.6 | (35.1) | % | — | % | (35.1) | % |
MALLINCKRODT PLC | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(unaudited, in millions) | |||||||||||
September 25, 2020 | December 27, 2019 | ||||||||||
Assets | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 844.2 | $ | 790.9 | |||||||
Accounts receivable, net | 516.1 | 577.5 | |||||||||
Inventories | 343.3 | 312.1 | |||||||||
Prepaid expenses and other current assets | 360.9 | 150.2 | |||||||||
Total current assets | 2,064.5 | 1,830.7 | |||||||||
Property, plant and equipment, net | 851.4 | 896.5 | |||||||||
Intangible assets, net | 6,355.9 | 7,018.0 | |||||||||
Other assets | 433.1 | 593.7 | |||||||||
Total Assets | $ | 9,704.9 | $ | 10,338.9 | |||||||
Liabilities and Shareholders' Equity | |||||||||||
Current Liabilities: | |||||||||||
Current maturities of long-term debt | $ | 5,241.3 | $ | 633.6 | |||||||
Accounts payable | 79.1 | 139.8 | |||||||||
Accrued payroll and payroll-related costs | 73.1 | 105.2 | |||||||||
Accrued interest | 89.1 | 62.9 | |||||||||
Medicaid lawsuit | 640.2 | — | |||||||||
Accrued and other current liabilities | 381.0 | 485.4 | |||||||||
Total current liabilities | 6,503.8 | 1,426.9 | |||||||||
Long-term debt | — | 4,741.2 | |||||||||
Opioid-related litigation settlement liability | 1,609.3 | 1,643.4 | |||||||||
Pension and postretirement benefits | 61.4 | 62.4 | |||||||||
Environmental liabilities | 60.0 | 60.0 | |||||||||
Other income tax liabilities | 118.5 | 227.1 | |||||||||
Other liabilities | 186.2 | 237.2 | |||||||||
Total Liabilities | 8,539.2 | 8,398.2 | |||||||||
Shareholders' Equity: | |||||||||||
Preferred shares | — | — | |||||||||
Ordinary shares | 18.8 | 18.7 | |||||||||
Ordinary shares held in treasury at cost | (1,616.1) | (1,615.7) | |||||||||
Additional paid-in capital | 5,580.0 | 5,562.5 | |||||||||
Retained deficit | (2,808.6) | (2,016.9) | |||||||||
Accumulated other comprehensive loss | (8.4) | (7.9) | |||||||||
Total Shareholders' Equity | 1,165.7 | 1,940.7 | |||||||||
Total Liabilities and Shareholders' Equity | $ | 9,704.9 | $ | 10,338.9 |
MALLINCKRODT PLC | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(unaudited, in millions) | |||||||||||
Nine Months Ended | |||||||||||
September 25, 2020 | September 27, 2019 | ||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net (loss) income | $ | (791.7) | $ | 160.6 | |||||||
Adjustments to reconcile net cash from operating activities: | |||||||||||
Depreciation and amortization | 675.5 | 723.5 | |||||||||
Share-based compensation | 17.6 | 30.6 | |||||||||
Deferred income taxes | 304.0 | (301.9) | |||||||||
Non-cash impairment charges | 63.5 | 113.5 | |||||||||
Gains on divestiture | (10.1) | — | |||||||||
Gain on repurchase of debt | — | (98.6) | |||||||||
Other non-cash items | (21.6) | (31.7) | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable, net | 61.1 | 68.7 | |||||||||
Inventories | (43.9) | (32.0) | |||||||||
Accounts payable | (52.4) | (27.8) | |||||||||
Income taxes | (431.2) | 17.2 | |||||||||
Medicaid lawsuit | 640.2 | — | |||||||||
Other | (116.3) | (88.0) | |||||||||
Net cash from operating activities | 294.7 | 534.1 | |||||||||
Cash Flows From Investing Activities: | |||||||||||
Capital expenditures | (42.4) | (108.7) | |||||||||
Proceeds from divestiture, net of cash | (0.7) | — | |||||||||
Other | 6.7 | 13.7 | |||||||||
Net cash from investing activities | (36.4) | (95.0) | |||||||||
Cash Flows From Financing Activities: | |||||||||||
Issuance of external debt | — | 695.0 | |||||||||
Repayment of external debt | (134.6) | (940.1) | |||||||||
Debt financing costs | (9.3) | — | |||||||||
Repurchase of shares | (0.4) | (2.5) | |||||||||
Other | (36.3) | (17.6) | |||||||||
Net cash from financing activities | (180.6) | (265.2) | |||||||||
Effect of currency rate changes on cash | 0.2 | 0.5 | |||||||||
Net change in cash, cash equivalents and restricted cash, including cash classified within assets held for sale | 77.9 | 174.4 | |||||||||
Less: Net change in cash classified within assets held for sale | — | (15.1) | |||||||||
Net change in cash, cash equivalents and restricted cash | 77.9 | 159.3 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 822.6 | 367.5 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 900.5 | $ | 526.8 | |||||||
Cash and cash equivalents at end of period | $ | 844.2 | $ | 498.8 | |||||||
Restricted cash included in prepaid expenses and other assets at end of period | 20.2 | — | |||||||||
Restricted cash included in other long-term assets at end of period | 36.1 | 28.0 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 900.5 | $ | 526.8 |