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Basis of Presentation
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6 Months Ended |
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Jul. 03, 2011
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| Basis of Presentation |
Note 1.
Basis of Presentation
We
prepared the condensed consolidated financial statements following
the requirements of the Securities and Exchange Commission (SEC)
for interim reporting. As permitted under those rules, certain
footnotes or other financial information that are normally required
by accounting principles generally accepted in the United States of
America (U.S. GAAP) can be condensed or omitted. Balance sheet
amounts and operating results for subsidiaries operating outside
the U.S. are as of and for the three-month and six-month periods
ended May 29, 2011, and May 30, 2010. We have made certain
reclassification adjustments to conform prior-period amounts to the
current presentation, primarily related to discontinued operations
(see Note 4.
Discontinued Operations) and segment reporting (see
Note 15. Segment,
Product and Geographic Area Information).
On
January 31, 2011, we completed the tender offer for all of the
outstanding shares of common stock of King Pharmaceuticals, Inc.
(King) and acquired approximately 92.5% of the outstanding shares
for approximately $3.3 billion in cash. On February 28, 2011, we
acquired the remaining outstanding shares of King for approximately
$300 million in cash (for additional information, see Note 3. Acquisition of King
Pharmaceuticals, Inc). Commencing from January 31, 2011, our
financial statements include the assets, liabilities, operating
results and cash flows of King. Therefore, in accordance with our
domestic and international reporting periods, our condensed
consolidated financial statements for the six months ended July 3,
2011 reflect approximately five months of King’s U.S.
operations and approximately four months of King’s
international operations.
Revenues,
expenses, assets and liabilities can vary during each quarter of
the year. Therefore, the results and trends in these interim
financial statements may not be representative of those for the
full year.
We
are responsible for the unaudited financial statements included in
this document. The financial statements include all normal and
recurring adjustments that are considered necessary for the fair
presentation of our financial position and operating
results.
The
information included in this Quarterly Report on Form 10-Q should
be read in conjunction with the consolidated financial statements
and accompanying notes included in our Annual Report on Form 10-K
for the year ended December
31, 2010.
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