Company: PRGO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001585364-25-000056
Chunk: 104

Company: PERRIGO Co plc
Filing Date: 2025-05-07
Form: 10-Q
Item: Part II, Item 1
Chunk 104
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 Company plc - Item 1Note 13

The tax effects on the net activity related to each component of other comprehensive income (loss), were as follows (in millions): Three Months EndedTax (benefit) expenseMarch 29, 2025March 30, 2024Fair value of derivative financial instruments $(3.9)$6.1 Foreign currency translation adjustments (18.7)9.7 Post-employment plan adjustments — (0.1)(Benefit) expense for income taxes related to other comprehensive income (loss) $(22.6)$15.7 Except for the tax effects of foreign currency translation adjustments related to our foreign-denominated notes and cross-currency interest rate swaps designated as net investment hedges (refer to Note 10), income taxes were not provided for foreign currency translation. Generally, the assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. For those operations, changes in exchange rates generally do not affect cash flows; therefore, resulting translation adjustments are made in the Condensed Consolidated Statements of Shareholders' Equity rather than in the Condensed Consolidated Statements of Operations.

NOTE 14 - RESTRUCTURING CHARGES

We periodically take action to reduce redundant expenses and improve operating efficiencies. Restructuring activity includes severance, lease exit costs, asset impairments, and related consulting fees. The following reflects our restructuring activity (in millions):Three Months EndedMarch 29, 2025Supply Chain ReinventionHRA Pharma Integration Project EnergizeNutrition Network Optimization Other InitiativesTotalBeginning balance$2.3 $1.6 $27.9 $— $1.0 $32.8 Additional charges4.7 — 8.2 16.5 — 29.4 Payments(6.2)— (9.4)— (1.0)(16.6)Ending balance$0.8 $1.6 $26.7 $16.5 $— $45.6 Three Months EndedMarch 30, 2024Supply Chain ReinventionHRA Pharma Integration Project EnergizeOther InitiativesTotalBeginning balance$0.7 $6.8 2.9 $1.8 $12.2 Additional charges2.6 0.1 41.4 0.2 44.3 Payments(2.4)(0.3)(6.9)(