Company: PRGO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001585364-25-000056
Chunk: 143

Company: PERRIGO Co plc
Filing Date: 2025-05-07
Form: 10-Q
Item: Part II, Item 1
Chunk 143
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1) Working capital represents current assets less current liabilities, excluding cash and cash equivalents, assets and liabilities held for sale and current indebtedness. 

Cash, cash equivalents, cash flows from operations, and borrowings available under our credit facilities are expected to be sufficient to finance our liquidity and capital expenditures in both the short and long term. Although our lenders have made commitments to make funds available to us in a timely fashion under our revolving credit agreements and overdraft facilities, if economic conditions worsen or new information becomes publicly available impacting the institutions’ credit rating or capital ratios, these lenders may be unable or unwilling to lend money pursuant to our existing credit facilities. Should our outlook on liquidity requirements change substantially from current projections, we may seek additional sources of liquidity in the future.

Cash Flows

The following table includes summarized cash flow activities:

Three Months Ended(in millions)March 29, 2025March 30, 2024$ ChangeNet cash for operating activities$(64.5)$(1.4)$(63.1)Net cash for investing activities(25.7)(23.5)(2.2)Net cash for financing activities(61.8)(60.4)(1.4)Effect of exchange rate changes on cash and cash equivalents10.3 (7.5)17.8 Net decrease in cash and cash equivalents $(141.7)$(92.8)$(48.9)

Net cash for Operating Activities 

The $63.1 million decrease in operating cash flow was primarily driven by a decrease in cash flow from the change in net earnings after adjustments for items including depreciation and amortization, restructuring and share-based compensation partially offset by higher working capital, primarily related to litigation and restructuring payments. 

Net cash for Investing Activities

Net cash for investing activities was comparable to the prior year period. 

Net cash for Financing Activities 

Net cash for financing activities was comparable to the prior year period. 

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Perrigo Company plc - Item 2Financial Condition, Liquidity and Capital Resources

Borrowings and Capital Resources

Credit Agreements

On April 20, 2022, we and our indirect wholly owned subsidiary, Perrigo Investments, LLC, (the "Borrower") entered into the senior secured credit facilities, which consisted of (i) a $1.0 billion five-year revolving credit facility (the “Revolver”), (ii) a $500.0 million five-year Term Loan A facility (the “Term Loan A Facility” and