0001567892-24-000017 | 10-Q | XBRL Viewer

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Net loss	$ (65.4)	$ (249.3)
Total other comprehensive loss, net of tax	(4.8)
Currency translation adjustments	(4.8)	1.8
Derivatives, net of tax	0.0	(4.3)
Benefit plans, net of tax	0.0	(0.1)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	(70.2)	(251.9)
Retained Earnings (Deficit)
Net loss	(65.4)	(249.3)
Accumulated Other Comprehensive Loss
Total other comprehensive loss, net of tax	$ (4.8)	$ (2.6)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Property, Plant and Equipment

3 Months Ended

Mar. 29, 2024

Property, Plant and Equipment

Property, Plant and Equipment Disclosure


8.			Property, Plant and Equipment

The gross carrying amount and accumulated depreciation of property, plant and equipment were comprised of the following:


	Successor
	March 29, 2024		December 29, 2023
Property, plant and equipment, gross	$	346.5	$	331.3
Less: accumulated depreciation	(19.9)		(9.6)
Property, plant and equipment, net	$	326.6	$	321.7

Depreciation expense was as follows:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
Depreciation expense	$	10.3	$	11.9

Segment Data (Schedule of Segment Reporting Information by Business Segment) (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 29, 2024

Mar. 31, 2023

Net sales

$ 467.8

$ 424.6

Operating Income (Loss)

(17.7)

(102.6)

Depreciation and amortization

(24.8)

(133.2)

Employee Benefits and Share-based Compensation

(1.9)

(2.6)

Restructuring charges, net

(10.2)

(1.2)

Restructuring and related charges, net

(10.2)

(1.9)

Separation Costs

(6.7)

(4.9)

Interest Expense

(59.1)

(162.0)

Interest income

6.8

4.7

Other income (expense), net

3.7

(14.6)

Reorganization items, net

0.0

(5.6)

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

(66.3)

(280.1)

Specialty Brands

Restructuring and related charges, net

(10.2)

0.0

Specialty Generics

Net sales

210.5

172.6

Corporate, Non-Segment

Corporate and unallocated expenses

^[1]

(31.9)

(14.0)

Depreciation and amortization

(35.1)

(145.1)

Separation Costs

(6.7)

(4.9)

Operating Segments

Operating Income (Loss)

68.1

65.2

Operating Segments | Specialty Brands

Net sales

257.3

252.0

Operating Income (Loss)

29.9

32.4

Operating Segments | Specialty Generics

Net sales

210.5

172.6

Operating Income (Loss)

$ 38.2

$ 32.8

[1]	Includes administration expenses and certain compensation, legal, environmental and other costs not charged to the Company's reportable segments.

Financial Instruments and Fair Value Measurements

3 Months Ended

Mar. 29, 2024

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements


13.			Financial Instruments and Fair Value Measurements

Fair value is defined as the exit price that would be received from the sale of an asset or paid to transfer a liability, using assumptions that market participants would use in pricing an asset or liability. The fair value guidance establishes a three-level fair value hierarchy as follows:

•Level 1 — observable inputs such as quoted prices in active markets for identical assets or liabilities;

•Level 2 — significant other observable inputs that are observable either directly or indirectly; and

•Level 3 — significant unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions.

The following tables provide a summary of the significant assets and liabilities that are measured at fair value on a recurring basis at the end of each period:


			Fair Value Measurement Using Fair Value Hierarchy:
	March 29, 2024 (Successor)		Level 1		Level 2		Level 3
Assets:
Debt and equity securities held in rabbi trusts	$	44.9	$	37.2	$	7.7	$	—
Equity securities	35.9		35.9		—		—
Interest rate cap	15.0		—		15.0		—
	$	95.8	$	73.1	$	22.7	$	—
Liabilities:
Debt derivative liability	$	21.0	$	—	$	—	$	21.0
Deferred compensation liabilities	19.9		—		19.9		—
Contingent consideration liabilities	16.1		—				16.1
	$	57.0	$	—	$	19.9	$	37.1


			Fair Value Measurement Using Fair Value Hierarchy:
	December 29, 2023 (Successor)		Level 1		Level 2		Level 3
Assets:
Debt and equity securities held in rabbi trusts	$	43.3	$	29.1	$	14.2	$	—
Equity securities	28.9		28.9		—		—
Interest rate cap	12.9		—		12.9		—
	$	85.1	$	58.0	$	27.1	$	—
Liabilities:
Debt derivative liabilities	$	15.1	$	—	$	—	$	15.1
Deferred compensation liabilities	21.0		—		21.0		—
Contingent consideration liabilities	14.7		—		—		14.7
	$	50.8	$	—	$	21.0	$	29.8

Debt and equity securities held in rabbi trusts. Debt securities held in rabbi trusts primarily consist of U.S. government and agency securities and corporate bonds. When quoted prices are available in an active market, the investments are classified as level 1. When quoted market prices for a security are not available in an active market, they are classified as level 2. Equity securities held in rabbi trusts primarily consist of U.S. common stocks, which are valued using quoted market prices reported on nationally recognized securities exchanges.

Equity securities. Equity securities consist of shares in Silence Therapeutics plc and Panbela Therapeutics, Inc. for which quoted prices are available in an active market; therefore, these investments are classified as level 1 and are valued based on quoted market prices reported on internationally recognized securities exchanges. The three months ended March 29, 2024 (Successor) included $7.0 million of unrealized gains on equity securities related to our investments in Silence Therapeutics plc and Panbela Therapeutics, Inc, while the three months ended March 31, 2023 (Predecessor) included an unrealized loss of $15.1 million and were recorded within other income (expense) in the unaudited condensed consolidated statement of operations.

Interest rate cap. The Company is exposed to interest rate risk on its variable-rate debt. During the three months ended March 31, 2023, the Company entered into an interest rate cap agreement, which serves to reduce the volatility on future interest expense cash outflows. The interest rate cap agreement has a total notional value of $860.0 million with an upfront premium of $20.0 million and provides the Company with interest rate protection, through March 26, 2026, to the extent that the one-month secured overnight funding rate (“SOFR”) exceeds 3.84%.

The interest rate cap agreement is not accounted for as a cash flow hedge and the changes in fair value of the interest rate cap were recorded within other income (expense) in the unaudited condensed consolidated statement of operations. The fair value of the interest rate cap is included in other assets on the Company’s unaudited condensed consolidated balance sheet as of March 29, 2024 (Successor).

The Company elected to use the income approach to value the interest rate cap derivative using observable level 2 market expectations at the measurement date and standard valuation techniques to convert future amounts to a single present amount (discounted) reflecting current market expectations about those future amounts. Level 2 inputs for derivative valuations are limited to quoted prices for similar assets or liabilities in active markets (specifically futures contracts) and inputs other than quoted prices that are observable such as SOFR rate curves, futures and volatilities. Mid-market pricing is used as a practical expedient in the fair value measurements. During the three months ended March 29, 2024 (Successor), the Company recognized a $2.1 million unrealized gain in other income (expense) in the unaudited condensed consolidated statement of operations related to the changes in fair value of the interest rate cap.

Debt derivative liabilities. The debt derivative liabilities related to the Company's First and Second-Out Takeback Term Loans and Takeback Notes are measured using a 'with and without' valuation model to compare the fair values of each debt instrument including the identified embedded derivative feature. The “with” value corresponds to the fair value of each instrument assuming mandatory prepayment upon an asset sale. The “without” value corresponds to the fair value of each instrument assuming no mandatory prepayment upon an asset sale. These derivative liabilities are classified as level 3 and the fair value of the debt instruments including the embedded derivative features were determined using the Black-Derman-Toy model based on three potential scenarios included in the tables below which includes significant unobservable inputs. The estimated settlement value of each scenario, which would include any required applicable premium, is then discounted to present value using a discount rate that is a 3.08% and 4.58% credit spread for the First and Second-Out Takeback Term Loans, respectively, plus the U.S. treasury yield commensurate with the cash flow payment date. The applicable premium estimates were calculated at each mandatory prepayment event date in accordance with the contractual definition and were based, in part, on subjective assumptions. These subjective assumptions relate to scenario-related proceeds from an asset sale, inclusive of estimated transaction fees and related taxes. The debt derivative liability is recorded at fair value, with the changes in fair value reported within earnings. The debt derivative liability was $21.0 million and $15.1 million as of March 29, 2024 (Successor) and December 29, 2023 (Successor), respectively, and was recorded within accrued and other current liabilities within the unaudited condensed consolidated balance sheets as of March 29, 2024 (Successor) and December 29, 2023 (Successor). The $5.9 million increase in debt derivative liability during the three months ended March 29, 2024 (Successor) was recognized in other income (expense), net. Significant assumptions utilized in the determination of the fair value are as follows:

First and Second-Out Takeback Term Loans:

Input

Scenario 1

Scenario 2

Scenario 3

Remaining term (years)

4.6

Maturity Date

November 14, 2028

Coupon Rate

7.50% - 9.50% + SOFR

Probability of mandatory prepayment event before November 2025 (1)

35.00%

12.25%

Estimated timing of mandatory prepayment event before November 2025 (1)

September 2024

November 2024

September and November 2024

(1) Represents a significant unobservable input

Takeback Notes:

Input

Scenario 1

Scenario 2

Scenario 3

Remaining term (years)

4.6

Maturity Date

November 14, 2028

Coupon Rate

14.75%

Probability of mandatory prepayment event before November 2025 (1)

35.00%

12.25%

Estimated timing of mandatory prepayment event before November 2025 (1)

September 2024

November 2024

September and November 2024

(1) Represents a significant unobservable input

Deferred compensation liabilities. The Company maintains a non-qualified deferred compensation plan in the U.S., which permits eligible employees of the Company to defer a portion of their compensation. A recordkeeping account is set up for each participant and the participant chooses from a variety of funds for the deemed investment of their accounts. The recordkeeping accounts generally correspond to the funds offered in the Company's U.S. tax-qualified defined contribution retirement plan and the account balance fluctuates with the investment returns on those funds.

Contingent consideration liability. In accordance with the 2020 Plan and the Scheme of Arrangement related to the 2020 Irish examinership proceedings, the Company will provide consideration for the Terlivaz contingent value right agreement (“CVR”) primarily in the form of the achievement of a cumulative net sales milestone. The determination of fair value is dependent upon a number of factors, which include projections of future net sales, a weighted average cost of capital, and certain other market place data. The Company assesses the likelihood and timing of making such payments at each balance sheet date. The fair value of the contingent payment was measured based on the net present value of a probability-weighted assessment. The Company determined the fair value of the Terlivaz CVR as of March 29, 2024 (Successor) and December 29, 2023 (Successor) to be $16.1 million and $14.7 million, respectively. All contingent consideration liabilities were classified within other liabilities in the unaudited condensed consolidated balance sheets as of March 29, 2024 (Successor) and December 29, 2023 (Successor).

Financial Instruments Not Measured at Fair Value

The following methods and assumptions were used by the Company in estimating fair values for financial instruments not measured at fair value as of March 29, 2024 (Successor) and December 29, 2023 (Successor):

•The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and the majority of other current assets and liabilities approximate fair value because of their short-term nature. The Company classifies cash on hand and deposits in banks, including commercial paper, money market accounts and other highly liquid investments it may hold from time to time, with an original maturity of three months or less, as cash and cash equivalents (level 1). The fair value of restricted cash was equivalent to its carrying value of $77.9 million and $80.7 million as of March 29, 2024 (Successor) and December 29, 2023 (Successor) (level 1), respectively. Included within the balance as of the 2023 Effective Date was $24.0 million related to the funding of a professional fee escrow account upon emergence from the 2023 Bankruptcy Proceedings. As of March 29, 2024 (Successor), the professional fee escrow balance was $13.8 million.

•The Company's life insurance contracts are carried at cash surrender value, which is based on the present value of future cash flows under the terms of the contracts (level 3). Significant assumptions used in determining the cash surrender value include the amount and timing of future cash flows, interest rates and mortality charges. The fair value of these contracts approximates the carrying value of $44.8 million and $45.3 million as of March 29, 2024 (Successor) and December 29, 2023 (Successor), respectively. These contracts are included in other assets on the unaudited condensed consolidated balance sheets.

The following table presents the carrying values and estimated fair values of the Company's debt as of the end of each period:


	Successor
	March 29, 2024				December 29, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Level 1:
14.75% Second-Out Takeback Notes due November 2028	$	833.5	$	854.5	$	836.4	$	844.4

Level 2:
First-Out Takeback Term Loan Due November 2028	242.1		232.2		243.4		232.8
Second-Out Takeback Term Loan Due November 2028	681.5		653.9		685.5		654.0
Total Debt	$	1,757.1	$	1,740.6	$	1,765.3	$	1,731.2

Concentration of Credit and Other Risks

Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of accounts receivable. The Company generally does not require collateral from customers. A portion of the Company's accounts receivable outside the U.S. includes sales to government-owned or supported healthcare systems in several countries, which are subject to payment delays. Payment is dependent upon the financial stability and creditworthiness of those countries' national economies.

The following table shows net sales attributable to distributors that accounted for 10.0% or more of the Company's total net sales:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
FFF Enterprises, Inc.	20.1	%	18.8	%
Cencora, Inc. (formerly known as AmerisourceBergen Corp.)	15.0		*

* Net sales to this distributor was less than 10.0% of the Company's total net sales for the respective periods presented above.

The following table shows accounts receivable attributable to distributors that accounted for 10.0% or more of the Company's gross accounts receivable at the end of each period:


	Successor
	March 29, 2024		December 29, 2023
Cencora, Inc.	33.3	%	24.2	%
McKesson Corporation	19.9		20.0

The following table shows net sales attributable to products that accounted for 10.0% or more of the Company's total net sales:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
Acthar Gel	22.0	%	19.3	%
INOmax	15.0		19.5
Therakos	12.4		13.8
APAP	11.0		10.9

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Financial Instruments and Fair Value Measurements (Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 29, 2023
Assets:
Cash Flow Hedge Derivative Instrument Assets at Fair Value	$ 15.0	$ 12.9
Other Assets, Fair Value Disclosure	35.9	28.9
Assets, Fair Value Disclosure	$ 95.8	85.1
Liabilities:
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued and other current liabilities
Level 1 \| Indemnification Agreement
Liabilities:
Restricted Cash and Cash Equivalents	$ 77.9	80.7
Recurring
Assets:
Rabbi Trust Investments, Fair Value Disclosure	44.9	43.3
Liabilities:
Deferred Compensation Liability, Fair Value	19.9	21.0
Contingent consideration and acquired contingent liabilities	16.1	14.7
Total liabilities at fair value	57.0	50.8
Derivative Liability	21.0	15.1
Recurring \| Level 1
Assets:
Rabbi Trust Investments, Fair Value Disclosure	37.2	29.1
Cash Flow Hedge Derivative Instrument Assets at Fair Value	0.0	0.0
Other Assets, Fair Value Disclosure	35.9	28.9
Assets, Fair Value Disclosure	73.1	58.0
Liabilities:
Deferred Compensation Liability, Fair Value	0.0	0.0
Contingent consideration and acquired contingent liabilities	0.0	0.0
Total liabilities at fair value	0.0	0.0
Derivative Liability	0.0	0.0
Recurring \| Level 2
Assets:
Rabbi Trust Investments, Fair Value Disclosure	7.7	14.2
Cash Flow Hedge Derivative Instrument Assets at Fair Value	15.0	12.9
Other Assets, Fair Value Disclosure	0.0	0.0
Assets, Fair Value Disclosure	22.7	27.1
Liabilities:
Deferred Compensation Liability, Fair Value	19.9	21.0
Contingent consideration and acquired contingent liabilities		0.0
Total liabilities at fair value	19.9	21.0
Derivative Liability	0.0	0.0
Recurring \| Level 3
Assets:
Rabbi Trust Investments, Fair Value Disclosure	0.0	0.0
Cash Flow Hedge Derivative Instrument Assets at Fair Value	0.0	0.0
Other Assets, Fair Value Disclosure	0.0	0.0
Assets, Fair Value Disclosure	0.0	0.0
Liabilities:
Deferred Compensation Liability, Fair Value	0.0	0.0
Contingent consideration and acquired contingent liabilities	16.1	14.7
Total liabilities at fair value	37.1	29.8
Derivative Liability	$ 21.0	$ 15.1

Segment Data (Schedule of Net Sales from External Customers by Products) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Segment Reporting Information
Net sales	$ 467.8	$ 424.6
Specialty Brands \| Operating Segments
Segment Reporting Information
Net sales	257.3	252.0
Specialty Generics
Segment Reporting Information
Net sales	210.5	172.6
Specialty Generics \| Operating Segments
Segment Reporting Information
Net sales	210.5	172.6
Acthar \| Specialty Brands
Segment Reporting Information
Net sales	102.8	82.0
Inomax \| Specialty Brands
Segment Reporting Information
Net sales	70.2	82.7
Therakos immunotherapy \| Specialty Brands
Segment Reporting Information
Net sales	58.2	58.7
Amitiza [Member] \| Specialty Brands
Segment Reporting Information
Net sales	19.4	24.5
Other \| Specialty Brands
Segment Reporting Information
Net sales	0.7	1.9
Opioids \| Specialty Generics
Segment Reporting Information
Net sales	81.9	62.2
ADHD \| Specialty Generics
Segment Reporting Information
Net sales	31.7	22.4
Addiction Treatment \| Specialty Generics
Segment Reporting Information
Net sales	15.4	15.6
Other Generics \| Specialty Generics
Segment Reporting Information
Net sales	1.5	1.8
Generics \| Specialty Generics
Segment Reporting Information
Net sales	130.5	102.0
Controlled substances \| Specialty Generics
Segment Reporting Information
Net sales	22.9	18.5
APAP \| Specialty Generics
Segment Reporting Information
Net sales	51.7	46.4
Other API \| Specialty Generics
Segment Reporting Information
Net sales	5.4	5.7
API \| Specialty Generics
Segment Reporting Information
Net sales	80.0	70.6
Terlivaz \| Specialty Brands
Segment Reporting Information
Net sales	$ 6.0	$ 2.2

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

The gross carrying amount and accumulated amortization of intangible assets were comprised of the following:


	Successor
	March 29, 2024				December 29, 2023
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization

Completed technology	$	624.6	$	40.9	$	624.6	$	16.2

Intangible Asset Amortization Expense

Intangible asset amortization expense was as follows:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
Amortization expense	$	24.8	$	133.2

Schedule of Future Amortization Expense, Intangible Assets

The estimated aggregate amortization expense on intangible assets owned by the Company is expected to be as follows:


	Successor
Remainder of Fiscal 2024	$	65.6
Fiscal 2025	74.8
Fiscal 2026	68.4
Fiscal 2027	62.0
Fiscal 2028	55.6
Fiscal 2029	46.3

Revenue from Contracts with Customers (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 29, 2024

Mar. 31, 2023

Dec. 29, 2023

Dec. 30, 2022

Disaggregation of Revenue [Line Items]

Revenue Reserves

$ 230.8

$ 239.0

$ 227.4

$ 294.0

Revenue Reserve Provision

419.6

368.3

Revenue Reserve Payments or Credits

(416.2)

(423.3)

Net sales

467.8

$ 424.6

Accrued Medicaid

44.7

59.0

Accrued rebates

$ 34.9

35.1

Transferred at Point in Time [Member]

Disaggregation of Revenue [Line Items]

Revenue

84.70%

80.20%

Transferred over Time [Member]

Disaggregation of Revenue [Line Items]

Revenue

15.30%

19.80%

Rebates and Chargebacks [Member]

Disaggregation of Revenue [Line Items]

Revenue Reserves

^[1]

$ 205.8

$ 216.6

201.6

265.3

Revenue Reserve Provision

^[1]

401.2

355.6

Revenue Reserve Payments or Credits

^[1]

(397.0)

(404.3)

Allowance for Sales Returns [Member]

Disaggregation of Revenue [Line Items]

Revenue Reserves

13.0

15.2

14.5

16.0

Revenue Reserve Provision

4.2

3.2

Revenue Reserve Payments or Credits

(5.7)

(4.0)

Other Sales Deductions [Member]

Disaggregation of Revenue [Line Items]

Revenue Reserves

12.0

7.2

$ 11.3

$ 12.7

Revenue Reserve Provision

14.2

9.5

Revenue Reserve Payments or Credits

$ (13.5)

$ (15.0)

[1]

Includes $44.7 million and $59.0 million of accrued Medicaid and $34.9 million and $35.1 million of accrued rebates as of March 29, 2024 (Successor) and December 29, 2023 (Successor), respectively, included within accrued and other current liabilities in the unaudited condensed consolidated balance sheets.

Background and Basis of Presentation Background and Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash Paid, Reorganization items	$ 8.6	$ 9.4

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 29, 2024	Mar. 31, 2023	Dec. 29, 2023
Income Taxes [Line Items]
Income tax benefit	$ 0.7	$ 30.8
Effective tax rate	1.10%	11.00%
Unrecognized tax benefits	$ 33.0		$ 33.3
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	66.3	$ 280.1
Proceeds from Income Tax Refunds		136.3
Income Taxes Paid	$ 1.9
IRELAND
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	12.50%
CARES Act [Member]
Income Taxes [Line Items]
Proceeds from Income Tax Refunds		139.3
Operational activity
Income Taxes [Line Items]
Proceeds from Income Tax Refunds		$ 3.0

Commitments and Contingencies

3 Months Ended

Mar. 29, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


12.			Commitments and Contingencies

The Company is subject to various legal proceedings and claims, including government investigations, environmental matters, product liability matters, patent infringement claims, antitrust matters, securities class action lawsuits, personal injury claims, employment disputes, contractual and other commercial disputes, and other legal proceedings, all in the ordinary course of business, including those described below. Although it is not feasible to predict the outcome of these matters, the Company believes, unless otherwise indicated below, given the information currently available, that the ultimate resolution of any particular matter, or matters that have the same legal or factual issues, will not have a material adverse effect on its financial condition, results of operations and cash flows.

Governmental Proceedings

Florida Civil Investigative Demand. In or around February 2019, the Company received a civil investigative demand (“CID”) from the U.S. Attorney's Office for the Middle District of Florida for documents related to alleged payments to healthcare providers in Florida and whether those payments violated the Anti-Kickback Statute. The Company has cooperated with the investigation.

Generic Pricing Subpoena. In March 2018, the Company received a grand jury subpoena issued by the U.S. District Court for the Eastern District of Pennsylvania (“EDPA”) pursuant to which the Antitrust Division of the Department of Justice is seeking documents regarding generic products and pricing, communications with generic competitors and other related matters. The Company is in the process of responding to this subpoena and is cooperating in the investigation.

MNK 2011 Inc. (formerly known as Mallinckrodt Inc.) v. U.S. Food and Drug Administration and United States of America. In November 2014, the FDA reclassified the Company's Methylphenidate ER in the Orange Book: Approved Drug Products with Therapeutic Equivalence (“Orange Book”). In November 2014, the Company filed a Complaint in the U.S. District Court for the District of Maryland Greenbelt Division against the FDA and the U.S. (“MD Complaint”) for judicial review of the FDA's reclassification. In July 2015, the court granted the FDA's motion to dismiss with respect to three of the five counts in the MD Complaint and granted summary judgment in favor of the FDA with respect to the two remaining counts (“MD Order”). On October 18, 2016, the FDA initiated proceedings, proposing to withdraw approval of the Company's Abbreviated New Drug Application (“ANDA”) for Methylphenidate ER. On October 21, 2016, the U.S. Court of Appeals for the Fourth Circuit issued an order placing the Company's appeal of the MD Order in abeyance pending the outcome of the withdrawal proceedings. The parties exchanged documents and in April 2018, the Company filed its submission in support of its position in the withdrawal proceedings. A potential outcome of the withdrawal proceedings is that the Company's Methylphenidate ER products may lose their FDA approval and have to be withdrawn from the market.

U.S. Attorney's Office Subpoena. On August 22, 2023, the Company received a grand jury subpoena from the U.S. Attorney's Office for the Western District of Virginia (“USAO”) seeking production of data and information for the time period from July 17, 2017 to the present, including information and data relating to the Company's reporting of suspicious orders for controlled substances, chargebacks and other transactions, and communications between the Company and the U.S. Drug Enforcement Administration (“DEA”) regarding those issues. The Company's legal representatives discussed the intended scope of the subpoena and initial timeline with the USAO in August and September 2023. On September 27, 2023, the Company received a second grand jury subpoena from the USAO for documents pertaining to financial accounts related to the prior requests. On March 13, 2024, the Company received an additional grand jury subpoena from the USAO requesting additional information regarding financial transactions involving prescription drug products.

On October 11, 2023, the Company’s legal representatives met with the USAO to, among other things, share information with the USAO about the operating injunction under which the Company's Specialty Generics segment has been operating since October 2020 and which was agreed to by 50 state and territory attorneys general and entered by the Bankruptcy Court (“operating injunction”). Among other things, the operating injunction provides that Specialty Generics must retain an independent monitor to evaluate and audit compliance with the operating injunction. R. Gil Kerlikowske, former Director of the Office of National Drug Control Policy and former Commissioner of U.S. Customs and Border Protection, currently serves as the monitor and issues periodic reports on Specialty Generics' compliance program, which can be found on the Company's web site at https://www.mallinckrodt.com/corporate-responsibility/corporate-compliance/.

The Company believes that Specialty Generics is in compliance with its obligations through its compliance program for controlled substances. Prior to the existing operating injunction, Specialty Generics operated under a compliance-related memorandum of understanding with DEA established in July 2017 that expired in July 2020.

The Company is in the process of responding to the subpoenas and is cooperating in the investigation. The Company cannot predict the eventual scope, duration or outcome of the investigation at this time.

Patent Litigation

Branded Products. The Company will continue to vigorously enforce its intellectual property rights relating to its Branded products to prevent the marketing of infringing generic or competing products prior to the expiration of patents covering those products, which, if unsuccessful, could adversely affect the Company's ability to successfully maximize the value of individual Branded products and have an adverse effect on its financial condition, results of operations and cash flows. In the case of litigation filed against potential generic or competing products to Company's Branded products, those litigation matters can either be settled or the litigation pursued through a trial and any potential appeals of the lower court decision.

Generic Products. The Company continues to pursue development of a portfolio of generic products, some of which require submission of a Paragraph IV certification against patents listed in the FDA's Orange Book for the Branded product asserting that the Company's proposed generic product does not infringe and/or the Orange Book patent(s) are invalid and/or unenforceable. In the case of litigation filed against Company for such potential generic products, those litigation matters can either be settled or the litigation pursued through a trial and any potential appeals of the lower court decision in order to successfully launch those generic products in the future.

Mallinckrodt Pharmaceuticals Ireland Limited et al. v. Airgas Therapeutics LLC et al. On December 30, 2022, the Company initiated litigation against Airgas Therapeutics, LLC, Airgas USA LLC, and Air Liquide S.A. (collectively “Airgas”) in the District of Delaware following notice from Airgas of its abbreviated new drug application (“ANDA”) submission seeking approval from the FDA for a generic version of INOmax® (nitric oxide) gas, for inhalation (“INOmax”). Airgas's ANDA received final approval from the FDA in July 2023, and according to Airgas' counsel, the original ANDA was filed in April 2011. The case is at an early stage and discovery is ongoing. In October 2023, the parties completed briefing on the Company’s motion for preliminary injunction seeking to prevent defendants Airgas Therapeutics LLC and Airgas USA LLC from infringing the Company’s U.S. patents during the pendency of the litigation; no hearing date has been scheduled at this time. On February 12, 2024, the court entered stipulations of consent for filing of an amended complaint. On March 22, 2024, the court granted Air Liquide S.A.’s motion to dismiss. AirGas Therapeutics, LLC and AirGas USA LLC remain parties to the litigation. The court set a trial date of September 8, 2025.

Many of the patents asserted against Airgas were previously asserted in the District of Delaware against Praxair Distribution, Inc. and Praxair, Inc. (collectively “Praxair”) in 2015 and 2016 following Praxair's submissions with FDA seeking approval for a nitric oxide drug product and delivery system. The litigation against Praxair resulted in Praxair's launch of a competitive nitric oxide product. The Company continues to develop and pursue patent protection of next generation nitric oxide delivery systems and additional uses of nitric oxide and intends to vigorously enforce its intellectual property rights against any parties that may seek to market a generic version of the Company's INOmax product and/or next generation delivery systems.

Amitiza® (“Amitiza”) Patent Challenges. The Company was granted numerous Japanese patents related to Amitiza. The Company has received notifications of petitions for invalidation trials described below, each of which was filed with the Japan Patent Office (“JPO”) and relates to Amitiza and its use in Japan. The JPO has the authority to determine the validity of each of these patent grants and each of these patent term extension (“PTE”) registration grants. A party may appeal the JPO’s determination to a court of law.

In October 2023, the Company received notification that Sawai Pharmaceutical Co., Ltd. (“Sawai”) had filed petitions for two invalidation trials against two PTE registrations for JP Patent No. 4332353. In December 2023, the Company received notification that Sawai had filed a petition for an invalidation trial against JP Patent Appln. No. 2002-586947. In April 2024, the Company received notification that Sawai had filed petitions for invalidation trials with respect to only the 12µg strength of Amitiza, against PTE registrations of three additional patents (JP Patent No. 4786866, JP Patent Appln. No. 2003-543603 and JP Patent Appln. No. 2004-564537), and against one patent itself (JP Patent No. 4786866).

In January 2024, the Company received notification that Towa Pharmaceutical Co., Ltd. had filed a petition for an invalidation trial against the PTE registration for JP Patent Appln. No. 2002-586947.

Each of these challenges is at an early stage. The Company believes that each of these patents and/or PTE registrations is valid, and the Company will vigorously defend these patents and PTE registrations.

Commercial and Securities Litigation

Putative Class Action Securities Litigation (Continental General). On July 7, 2023, a putative class action lawsuit was filed against the Company, its Chief Executive Officer (“CEO”) Sigurdur Olafsson, its Chief Financial Officer (“CFO”) Bryan Reasons, and the Chairman of the Board, Paul Bisaro, in the U.S. District Court for the Southern District of New Jersey, captioned Continental General Insurance Company and Percy Rockdale, LLC v. Mallinckrodt plc et al., No. 23-cv-03662. The complaint purports to be brought on behalf of all persons who purchased or otherwise acquired Mallinckrodt's securities between June 17, 2022 and June 14, 2023. The lawsuit generally alleges that the defendants made false and misleading statements in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder related to the Company’s business, operations, and prospects, including its financial strength, its ability to timely make certain payments related to Mallinckrodt’s Opioid-Related Litigation Settlement and the risk of additional filings for bankruptcy protection. The lawsuit seeks monetary damages in an unspecified amount. A lead plaintiff was designated by the court on September 10, 2023. On December 26, 2023, an amended complaint was filed by the lead plaintiff against Olafsson, Reasons, and Bisaro (“Continental Defendants”). As to the Company, any liability to the plaintiffs in this matter was discharged upon emergence from the 2023 Bankruptcy Proceedings. The Continental Defendants filed a motion to dismiss on February 26, 2024.

Putative Class Action Securities Litigation (Strougo). In July 2019, a putative class action lawsuit was filed against the Company, its former CEO Mark C. Trudeau, its CFO Bryan M. Reasons, its former Interim CFO George A. Kegler and its former CFO Matthew K. Harbaugh, in the U.S. District Court for the Southern District of New York, captioned Barbara Strougo v. Mallinckrodt plc, et al. The complaint purports to be brought on behalf of all persons who purchased or otherwise acquired Mallinckrodt's securities between February 28, 2018 and July 16, 2019. The lawsuit generally alleges that the defendants made false and/or misleading statements in violation of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder related to the Company's clinical study designed to assess the efficacy and safety of its Acthar Gel in patients with amyotrophic lateral sclerosis. The lawsuit seeks monetary damages in an unspecified amount. On July 30, 2020, the court approved the transfer of the case to the U.S. District Court for the District of New Jersey. On August 10, 2020, an amended complaint was filed by the lead plaintiff alleging an expanded putative class period of May 3, 2016 through March 18, 2020 against the Company and Mark C. Trudeau, Bryan M. Reasons, George A. Kegler and Matthew K. Harbaugh, as well as newly named defendants Kathleen A. Schaefer, Angus C. Russell, Melvin D. Booth, JoAnn A. Reed, Paul R. Carter, and Mark J. Casey (collectively with Trudeau, Reasons, Kegler and Harbaugh, the “Strougo Defendants”) The amended complaint claims that the defendants made various false and/or misleading statements and/or failed to disclose various material facts regarding Acthar Gel and its results of operations. On October 1, 2020, the defendants filed a motion to dismiss the amended complaint. On March 17, 2022, the Strougo action was administratively closed. On March 29, 2022, the Strougo action was reinstated only with respect to the Strougo Defendants, and the Strougo Defendants filed their reply in support of their motion to dismiss on May 2, 2022. As to the Company, this matter was resolved in bankruptcy with no further liability against the Company. However, the Company has indemnification obligations as to the Strougo Defendants. On December 16, 2022, the District Court issued an order denying the Strougo Defendants' motion to dismiss in all respects. The Strougo Defendants answered the complaint, and the case is now in the discovery phase. In March 2024, the parties conducted an in-person mediation session, which did not result in a resolution. The parties have agreed to pursue additional settlement negotiations, and the Company cannot reasonably estimate the amount or range of probable loss at this time. There can be no assurances that the Company will be successful in negotiating a favorable settlement.

Local 542. In May 2018, the International Union of Operating Engineers (“IUOE”) Local 542 filed a non-class complaint against the Company and other defendants in Pennsylvania state court alleging improper pricing and distribution of Acthar Gel, in violation of Pennsylvania's Unfair Trade Practices and Consumer Protection Law, aiding and abetting, unjust enrichment and negligent misrepresentation captioned Int'l Union of Operating Engineers Local 542 v. Mallinckrodt ARD Inc., et al. Plaintiff filed an amended complaint in August 2018, the Company's objections to which were denied by the court. In January 2021, the Company removed this case to the EDPA. In March 2021, the EDPA granted the Company's motion to transfer the case to the U.S. District Court for the District of Delaware (“District of Delaware”) and denied without prejudice Local 542's motion to remand the case to state court. In June 2021, the District of Delaware referred this case to the Bankruptcy Court in Delaware. On November 17, 2022, Local 542 filed a motion to withdraw the reference to the Bankruptcy Court, and the case was transferred back to the District of Delaware at Case No. 22-cv-01502. On June 27, 2023, the District of Delaware entered an order to withdraw reference of the action to the Bankruptcy Court and to transfer the case back to the EDPA to be remanded to state court. On January 9, 2024, the Court of Common Pleas entered an order marking the claims against the Mallinckrodt defendants “discontinued and ended without prejudice.”

Generic Pharmaceutical Antitrust Multi-District Litigation.

In August 2016, a multi-district litigation (“MDL”) was established in the EDPA relating to allegations of antitrust violations with respect to generic pharmaceutical pricing (“Generic Pricing MDL”). Plaintiffs in the Generic Pricing MDL, captioned In re: Generic Pharmaceuticals Pricing Antitrust Litigation, allege a conspiracy of price-fixing and customer allocation among generic drug manufacturers beginning in or around July 2009. The Generic Pricing MDL includes lawsuits against the Company and dozens of other pharmaceutical companies, including a complaint filed by Attorneys General for 51 States, Territories and the District of Columbia seeking monetary damages and injunctive relief. While the Company is not subject to monetary damages in connection with these matters as a result of the 2023 Plan and vigorously disagrees with the plaintiffs' characterization of the facts and law, the Company is not able to reasonably estimate whether any injunctive relief will be granted, and if granted, whether it will materially impact the Company's financial position or operations.

Environmental Remediation and Litigation Proceedings

The Company is involved in various stages of investigation and cleanup related to environmental remediation matters at a number of sites, including as described below. The ultimate cost of site cleanup and timing of future cash outlays is difficult to predict, given the uncertainties regarding the extent of the required cleanup, the interpretation of applicable laws and regulations and alternative cleanup methods. The Company concluded that, as of March 29, 2024 (Successor), it was probable that it would incur remediation costs in the range of $17.1 million to $51.4 million. The Company also concluded that, as of March 29, 2024 (Successor), the best estimate within this range was $35.6 million, of which $0.8 million was included in accrued and other current liabilities and the remainder was included in environmental liabilities on the unaudited condensed consolidated balance sheet as of March 29, 2024 (Successor). While it is not possible at this time to determine with certainty the ultimate outcome of these matters, the Company believes, given the information currently available, that the final resolution of all known claims, after taking into account amounts already accrued, will not have a material adverse effect on its financial condition, results of operations and cash flows.

Lower Passaic River, New Jersey. The Company and approximately 70 other companies (“Cooperating Parties Group” or “CPG”) are parties to a May 2007 Administrative Order on Consent with the U.S. Environmental Protection Agency (“EPA”) to perform a remedial investigation and feasibility study (“RI/FS”) of the 17-mile stretch known as the Lower Passaic River Study Area (“River”). The Company's potential liability stems from former operations at Lodi and Belleville, New Jersey (the “Lodi facility” and the “Belleville facility” respectively). In April 2014, the EPA issued a revised Focused Feasibility Study (“FFS”), with remedial alternatives to address cleanup of the lower 8-mile stretch of the River. The EPA estimated that the cost for the remediation alternatives ranged from $365.0 million to $3.2 billion and the EPA's preferred approach had an estimated cost of $1.7 billion. In April 2015, the CPG presented a draft of the RI/FS of the River to the EPA that included alternative remedial actions for the entire 17-mile stretch of the River. In March 2016, the EPA issued the Record of Decision (“ROD(s)”) for the lower 8 miles of the River with a slight modification on its preferred approach and a revised estimated cost of $1.38 billion. In October 2016, the EPA announced that Occidental Chemicals Corporation had entered into an agreement to develop the remedial design.

In August 2018, the EPA finalized a buyout offer of $0.3 million with the Company, limited to its former Lodi facility, for the lower 8 miles of the River. In September 2021, the EPA issued the ROD for the upper 9 miles of the River selecting source control as the remedy for the upper 9 miles with an estimated cost of $441.0 million. In September 2022, the Company entered into a conditional $0.3 million Early Cash-Out Consent Decree (“CD”) with the EPA as a buyout for its portion of the upper part of the River related to its former Lodi facility; finalization of the CD is subject to the EPA approval following the public comment period. The comment period resulted in a modification to the CD by the EPA which includes a cost reopener of $3.7 billion to the covenant not to sue. The United States filed the modified CD with the U. S. District Court for the District of New Jersey on January 17, 2024, and a motion for entry and response to comments was filed on January 31, 2024. At least one party in the litigation has filed a brief in opposition to the motion to enter the modified CD. The court has not yet ruled on the motion.

The portion of the liability related to the Belleville facility was discharged against the Company as a result of the plan of reorganization related to the 2020 Bankruptcy Proceedings (“2020 Plan”). Any reserves associated with this contingency were included in liabilities subject to compromise as of June 16, 2022 (Predecessor), and any related liabilities were discharged under the Bankruptcy Code. The portion of the liability related to the Lodi facility remains a part of the reserve until the CD is lodged.

As of March 29, 2024 (Successor), the Company estimated that its remaining liability related to the River was $21.1 million, which was included within environmental liabilities on the unaudited condensed consolidated balance sheet as of March 29, 2024 (Successor). Despite the issuance of the revised FFS and the RODs for both the lower and upper River by the EPA, the RI/FS by the CPG, and the conditional CD by the EPA, there are many uncertainties associated with the final agreed-upon remediation, potential future liabilities and the Company's allocable share of the remediation. Given those uncertainties, the amounts accrued may not be indicative of the amounts for which the Company may be ultimately responsible and will be refined as the remediation progresses.

Bankruptcy Litigation and Appeals

Sanofi. On October 13, 2021, in the Company's 2020 Bankruptcy Proceedings, sanofi-aventis U.S. LLC (“Sanofi”) filed a motion asking the Bankruptcy Court for an order determining that, under the Bankruptcy Code, the Company could not discharge certain alleged royalty obligations owed to Sanofi under an asset purchase agreement through which the Company acquired certain intellectual property from Sanofi's predecessor (“Sanofi Motion”). On November 4, 2021, the Bankruptcy Court denied the Sanofi Motion and ordered that any royalty obligations allegedly owed to Sanofi constitute prepetition unsecured claims that may be discharged under the Bankruptcy Code. On November 19, 2021, Sanofi appealed the Bankruptcy Court's ruling of the Sanofi Motion to the District Court. Briefing was completed on March 10, 2022 and the District Court affirmed on December 21, 2022, for which Sanofi filed a notice of appeal to the Third Circuit Court of Appeals on January 17, 2023. On April 25, 2024, the Third Circuit ruled in favor of the Company in all respects, stating that royalty obligations owed to Sanofi were discharged in bankruptcy.

Stratatech. Consummation of the 2020 Plan discharged the Company's liability with respect to certain contingent consideration provided to the prior securityholders of Stratatech Corporation (“Stratatech”). However, Russell Smestad, as the representative of these securityholders, has filed a motion in the Bankruptcy Court for an order either (i) granting allowance and immediate payment of an administrative expense claim in the amount of the liability of $20 million or (ii) finding that the claim was not susceptible to discharge and should be paid in full. The Company believes that the securityholders’ motion is without merit and intends to vigorously oppose it.

Discovery was substantially complete prior to the 2023 Bankruptcy Proceedings. Litigation of the securityholders’ motion was stayed automatically when the Company commenced the 2023 Bankruptcy Proceedings on August 28, 2023. Since the 2023 Debtors emerged from the 2023 Bankruptcy Proceedings on November 14, 2023, the Court set a schedule to complete discovery and other pre-hearing procedures. No hearing date before the Bankruptcy Court has been set.

Other Matters

The Company is a defendant in a number of other pending legal proceedings relating to present and former operations, acquisitions and dispositions. The Company does not expect the outcome of these proceedings, either individually or in the aggregate, to have a material adverse effect on its financial condition, results of operations and cash flows.

Condensed Consolidated Balance Sheets $ in Millions	Mar. 29, 2024 USD ($) $ / shares shares	Dec. 29, 2023 USD ($) $ / shares shares
Cash and cash equivalents	$ 253.6	$ 262.7
Accounts receivable, less allowance for doubtful accounts of $7.0 and $6.5	377.1	377.5
Inventories	896.9	982.7
Prepaid expenses and other current assets	144.2	138.9
Total current assets	1,671.8	1,761.8
Property, plant and equipment, net	326.6	321.7
Intangible assets, net	583.7	608.4
Other assets	250.4	240.7
Total Assets	3,629.6	3,733.6
Current maturities of long-term debt	6.5	6.5
Accounts payable	82.5	100.4
Accrued payroll and payroll-related costs	39.1	82.8
Accrued interest	47.3	20.1
Medicaid lawsuit liability	21.5	21.5
Accrued and other current liabilities	279.1	269.9
Total current liabilities	476.0	501.2
Long-term debt	1,747.9	1,755.9
Acthar Gel-Related Settlement, Non-current	133.5	128.5
Pension and postretirement benefits	40.1	40.6
Environmental liabilities	34.8	35.1
Other income tax liabilities	20.0	19.6
Other liabilities	85.4	92.5
Other liabilities	2,537.7	2,573.4
Ordinary A shares	0.0	0.0
Ordinary shares	$ 0.2	$ 0.2
Preferred shares, par value (in usd per share) \| $ / shares	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares) \| shares	500,000,000	500,000,000
Preferred shares, shares issued (in shares) \| shares	0	0
Preferred shares, shares outstanding (in shares) \| shares	0	0
Deferred Tax Assets, Net	$ 797.1	$ 801.0
Ordinary shares, shares issued (in shares) \| shares	19,696,335	19,696,335
Ordinary shares, shares authorized (in shares) \| shares	500,000,000	500,000,000
Common Stock, Shares, Outstanding \| shares	19,696,335	19,696,335
Ordinary shares, par value (in usd per share) \| $ / shares	$ 0.01	$ 0.01
Additional Paid in Capital	$ 1,196.5	$ 1,194.6
Accumulated Other Comprehensive Income (Loss), Net of Tax	(1.2)	3.6
Retained deficit	(103.6)	(38.2)
Total Shareholders' Equity	1,091.9	1,160.2
Total Liabilities and Shareholders' Equity	$ 3,629.6	$ 3,733.6
Ordinary A
Ordinary shares, shares issued (in shares) \| shares	0	0.00
Ordinary shares, shares authorized (in shares) \| shares	25,000	25,000

Earnings per Share (Details) - shares	3 Months Ended
Earnings per Share (Details) - shares	Mar. 29, 2024	Mar. 31, 2023
Earnings Per Share
Weighted-average shares outstanding - basic (in shares)	19.7	13,200,000
Weighted-average shares outstanding - diluted (in shares)		13,200,000

Commitments and Contingencies (Narrative) (Details)	May 01, 2007 Defendent	Mar. 29, 2024 USD ($)	Dec. 29, 2023 USD ($)	Nov. 21, 2023 USD ($)	Nov. 14, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 09, 2022 USD ($)	Sep. 28, 2021 USD ($)	Aug. 07, 2018 USD ($)	Mar. 04, 2016 USD ($)	Apr. 11, 2014 USD ($)
Loss Contingencies [Line Items]
Environmental liabilities		$ 35,600,000
Environmental liabilities, current		800,000
Environmental liabilities		34,800,000	$ 35,100,000
Debt Instrument, Face Amount		$ 1,645,700,000	$ 1,647,800,000
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]		Accrued and other current liabilities
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]		Environmental liabilities
Lower Passaic River, New Jersey
Loss Contingencies [Line Items]
Loss Contingency, Number of Defendants \| Defendent	70
StrataGraft
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss		$ 20,000,000
Lower Passaic River, New Jersey
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss										$ 1,380,000,000	$ 1,700,000,000
Loss Contingency, Settlement Agreement, Amount							$ 300,000		$ 300,000
Upper 9 Miles, Lower Passaic River, New Jersey
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss		21,100,000						$ 441,000,000
Legal contingency, cost reopener				$ 3,700,000,000
Minimum
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss						$ 17,100,000
Minimum \| Lower Passaic River, New Jersey
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss											365,000,000
Maximum
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss		51,400,000
Maximum \| Lower Passaic River, New Jersey
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss											$ 3,200,000,000
Fourteen Point Seven Five Percent Second-Out Takeback Notes
Loss Contingencies [Line Items]
Debt Instrument, Face Amount		$ 778,600,000			$ 778,600,000
Debt Instrument, Interest Rate, Stated Percentage		14.75%

Goodwill and Intangible Assets

3 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets


9.			Intangible Assets

The gross carrying amount and accumulated amortization of intangible assets were comprised of the following:


	Successor
	March 29, 2024				December 29, 2023
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization

Completed technology	$	624.6	$	40.9	$	624.6	$	16.2

Intangible asset amortization expense was as follows:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
Amortization expense	$	24.8	$	133.2

The estimated aggregate amortization expense on intangible assets owned by the Company is expected to be as follows:


	Successor
Remainder of Fiscal 2024	$	65.6
Fiscal 2025	74.8
Fiscal 2026	68.4
Fiscal 2027	62.0
Fiscal 2028	55.6
Fiscal 2029	46.3

Restructuring and Related Charges (Schedule of Net Restructuring and Related Charges) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Restructuring Cost and Reserve
Total Restructuring And Related Expense	$ 10.2	$ 1.9
Restructuring and Related Costs, Non-cash Charges, Including Accelerated Depreciation	0.0	(0.8)
Total charges expected to be settled in cash	10.2	1.1
Restructuring Fiscal 2018 Plan
Restructuring Cost and Reserve
Total Restructuring And Related Expense	0.0	1.9
Restructuring Fiscal 2021 Plan
Restructuring Cost and Reserve
Total Restructuring And Related Expense	$ 10.2	$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Condensed Consolidated Statement of Changes in Shareholders' Equity Statement - USD ($) $ in Millions	Total	Ordinary Shares	Additional Paid-In Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Loss
Shares, Outstanding		13,200,000
Beginning balance at Dec. 30, 2022	$ 1,613.7	$ 0.1	$ 2,191.0	$ (588.2)	$ 10.8
Net loss	(249.3)			(249.3)
Other Comprehensive Income (Loss), Net of Tax	(2.6)				(2.6)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent					(2.6)
Share-based compensation	2.6		2.6
Ending balance at Mar. 31, 2023	$ 1,364.4	$ 0.1	2,193.6	(837.5)	8.2
Shares, Outstanding		13,200,000
Shares, Outstanding		19,700,000
Beginning balance, ordinary shares (in shares) at Dec. 29, 2023	19,696,335
Beginning balance at Dec. 29, 2023	$ 1,160.2	$ 0.2	1,194.6	(38.2)	3.6
Net loss	(65.4)			(65.4)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(4.8)				(4.8)
Share-based compensation	$ 1.9
Ending balance, ordinary shares (in shares) at Mar. 29, 2024	19,696,335
Ending balance at Mar. 29, 2024	$ 1,091.9	$ 0.2	$ 1,196.5	$ (103.6)	$ (1.2)
Shares, Outstanding		19,700,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Goodwill and Intangible Assets (Schedule of Future Amortization Expense, Intangible Assets) (Details) $ in Millions	Mar. 29, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of Fiscal 2024	$ 74.8
Fiscal 2025	68.4
Fiscal 2028	46.3
Fiscal 2026	62.0
Fiscal 2027	55.6
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	$ 65.6

Organization, Consolidation and Presentation of Financial Statements (Policies)	3 Months Ended
	Mar. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Share-Based Payment Arrangement	Summary of Significant Accounting Policies Share-Based Compensation The Company recognizes the cost of employee services received in exchange for awards of equity or liability-based instruments based on the grant-date fair value of those awards. That cost is recognized over the requisite service period, which is the period an employee is required to provide service in exchange for the award (generally the vesting period). The cost for liability-based instruments is remeasured accordingly each reporting period throughout the requisite service period. As of the 2023 Effective Date, the Company’s ordinary shares were no longer traded on an active market. Accordingly, the fair value of those share-based awards granted after the 2023 Effective Date requires the valuation of the Company’s equity utilizing the application of significant estimates, assumptions, and judgments. With the assistance of a third-party valuation advisor, the estimated fair value of total share-based awards was based on an income approach, a calculation of the present value of the future cash flows to be generated by the business based on its projection. The basis of the discounted cash flow analysis used in developing the equity value was based on Company prepared projections that included a variety of estimates and assumptions, including but not limited to expected future revenue and expenses, future cash flows, discount rates, and the probability of possible future events. While the Company considers such estimates and assumptions reasonable, they are inherently subject to significant business, economic and competitive uncertainties, many of which are beyond the Company’s control and, therefore, may not be realized. Changes in these estimates and assumptions may have had a significant effect on the determination of the Company’s equity value.
Fiscal Period, Policy	Fiscal Year The Company reports its results based on a “52-53 week” year ending on the last Friday of December. Unless otherwise indicated, the three months ended March 29, 2024 (Successor) refers to the thirteen week period ended March 29, 2024 (Successor) and the three months ended March 31, 2023 (Predecessor) refers to the thirteen week period ended March 31, 2023 (Predecessor).

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 29, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis

The following tables provide a summary of the significant assets and liabilities that are measured at fair value on a recurring basis at the end of each period:


			Fair Value Measurement Using Fair Value Hierarchy:
	March 29, 2024 (Successor)		Level 1		Level 2		Level 3
Assets:
Debt and equity securities held in rabbi trusts	$	44.9	$	37.2	$	7.7	$	—
Equity securities	35.9		35.9		—		—
Interest rate cap	15.0		—		15.0		—
	$	95.8	$	73.1	$	22.7	$	—
Liabilities:
Debt derivative liability	$	21.0	$	—	$	—	$	21.0
Deferred compensation liabilities	19.9		—		19.9		—
Contingent consideration liabilities	16.1		—				16.1
	$	57.0	$	—	$	19.9	$	37.1


			Fair Value Measurement Using Fair Value Hierarchy:
	December 29, 2023 (Successor)		Level 1		Level 2		Level 3
Assets:
Debt and equity securities held in rabbi trusts	$	43.3	$	29.1	$	14.2	$	—
Equity securities	28.9		28.9		—		—
Interest rate cap	12.9		—		12.9		—
	$	85.1	$	58.0	$	27.1	$	—
Liabilities:
Debt derivative liabilities	$	15.1	$	—	$	—	$	15.1
Deferred compensation liabilities	21.0		—		21.0		—
Contingent consideration liabilities	14.7		—		—		14.7
	$	50.8	$	—	$	21.0	$	29.8

Schedule of Carrying Amount and Fair Value of Long-term Debt

The following table presents the carrying values and estimated fair values of the Company's debt as of the end of each period:


	Successor
	March 29, 2024				December 29, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Level 1:
14.75% Second-Out Takeback Notes due November 2028	$	833.5	$	854.5	$	836.4	$	844.4

Level 2:
First-Out Takeback Term Loan Due November 2028	242.1		232.2		243.4		232.8
Second-Out Takeback Term Loan Due November 2028	681.5		653.9		685.5		654.0
Total Debt	$	1,757.1	$	1,740.6	$	1,765.3	$	1,731.2

Schedules of Concentration of Risk

The following table shows net sales attributable to distributors that accounted for 10.0% or more of the Company's total net sales:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
FFF Enterprises, Inc.	20.1	%	18.8	%
Cencora, Inc. (formerly known as AmerisourceBergen Corp.)	15.0		*

* Net sales to this distributor was less than 10.0% of the Company's total net sales for the respective periods presented above.

The following table shows accounts receivable attributable to distributors that accounted for 10.0% or more of the Company's gross accounts receivable at the end of each period:


	Successor
	March 29, 2024		December 29, 2023
Cencora, Inc.	33.3	%	24.2	%
McKesson Corporation	19.9		20.0

The following table shows net sales attributable to products that accounted for 10.0% or more of the Company's total net sales:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
Acthar Gel	22.0	%	19.3	%
INOmax	15.0		19.5
Therakos	12.4		13.8
APAP	11.0		10.9

Schedule of Derivative Liabilities at Fair Value

Significant assumptions utilized in the determination of the fair value are as follows:

First and Second-Out Takeback Term Loans:

Input

Scenario 1

Scenario 2

Scenario 3

Remaining term (years)

4.6

Maturity Date

November 14, 2028

Coupon Rate

7.50% - 9.50% + SOFR

Probability of mandatory prepayment event before November 2025 (1)

35.00%

12.25%

Estimated timing of mandatory prepayment event before November 2025 (1)

September 2024

November 2024

September and November 2024

(1) Represents a significant unobservable input

Takeback Notes:

Input

Scenario 1

Scenario 2

Scenario 3

Remaining term (years)

4.6

Maturity Date

November 14, 2028

Coupon Rate

14.75%

Probability of mandatory prepayment event before November 2025 (1)

35.00%

12.25%

Estimated timing of mandatory prepayment event before November 2025 (1)

September 2024

November 2024

September and November 2024

(1) Represents a significant unobservable input

Segment Data

3 Months Ended

Mar. 29, 2024

Segment Reporting [Abstract]

Segment Data


14.			Segment Data

The Company operates in two reportable segments, which are further described below:

•Specialty Brands includes innovative specialty pharmaceutical brands; and

•Specialty Generics includes niche specialty generic drugs and APIs.

Management measures and evaluates the Company's operating segments based on segment net sales and operating income. Management excludes corporate expenses from segment operating income. In addition, certain amounts that management considers to be non-recurring or non-operational are excluded from segment operating income because management and the chief operating decision maker evaluate the operating results of the segments excluding such items. These items may include, but are not limited to, depreciation and amortization, share-based compensation, net restructuring charges, non-restructuring impairment charges and liabilities management and separation costs. Although these amounts are excluded from segment operating income, as applicable, they are included in reported consolidated operating loss and are reflected in the reconciliations presented below.

Selected information by reportable segment was as follows:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
Net sales:
Specialty Brands	$	257.3	$	252.0
Specialty Generics	210.5		172.6
Net sales	$	467.8	$	424.6
Operating income (loss):
Specialty Brands	$	29.9	$	32.4
Specialty Generics	38.2		32.8
Segment operating income	68.1		65.2
Unallocated amounts:
Corporate and unallocated expenses (1)	(31.9)		(14.0)
Depreciation and amortization	(35.1)		(145.1)
Share-based compensation	(1.9)		(2.6)
Restructuring charges, net	(10.2)		(1.2)

Liabilities management and separation costs (2)	(6.7)		(4.9)

Operating loss	(17.7)		(102.6)
Interest expense	(59.1)		(162.0)
Interest income	6.8		4.7
Other income (expense), net	3.7		(14.6)
Reorganization items, net (3)	—		(5.6)
Loss from continuing operations before income taxes	$	(66.3)	$	(280.1)

(1)Includes administration expenses and certain compensation, legal, environmental and other costs not charged to the Company's reportable segments.

(2)Represents costs included in SG&A, primarily related to professional fees and costs incurred as the Company explores potential sales of non-core assets to enable further deleveraging post-emergence from the 2023 Bankruptcy Proceedings and the Company’s emergence from the Chapter 11 cases and Irish examinership proceedings in 2022.

(3)As of December 30, 2023, professional fees directly related to the 2023 Bankruptcy Proceedings that were previously reflected as reorganization items, net, are being classified on a go-forward basis within SG&A expenses.

Net sales by product family within the Company's reportable segments were as follows:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
Acthar Gel	$	102.8	$	82.0
INOmax	70.2		82.7
Therakos	58.2		58.7
Amitiza	19.4		24.5
Terlivaz	6.0		2.2
Other	0.7		1.9
Specialty Brands	257.3		252.0

Opioids	81.9		62.2
ADHD	31.7		22.4
Addiction treatment	15.4		15.6
Other	1.5		1.8
Generics	130.5		102.0
Controlled substances	22.9		18.5
APAP	51.7		46.4
Other	5.4		5.7
API	80.0		70.6
Specialty Generics	210.5		172.6
Net sales	$	467.8	$	424.6

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 21
-Subparagraph (b)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Revenue from Contracts with Customers Revenue from Contracts with Customers (Notes)

3 Months Ended

Mar. 29, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]


3.			Revenue from Contracts with Customers

Product Sales Revenue

See Note 14 for presentation of the Company's net sales by product family.

Reserves for variable consideration

The following table reflects activity in the Company's sales reserve accounts:


	Rebates and Chargebacks (1)		Product Returns		Other Sales Deductions		Total
Balance as of December 30, 2022 (Predecessor)	$	265.3	$	16.0	$	12.7	$	294.0
Provisions	355.6		3.2		9.5		368.3
Payments or credits	(404.3)		(4.0)		(15.0)		(423.3)
Balance as of March 31, 2023 (Predecessor)	$	216.6	$	15.2	$	7.2	$	239.0


Balance as of December 29, 2023 (Successor)	$	201.6	$	14.5	$	11.3	$	227.4
Provisions	401.2		4.2		14.2		419.6
Payments or credits	(397.0)		(5.7)		(13.5)		(416.2)
Balance as of March 29, 2024 (Successor)	$	205.8	$	13.0	$	12.0	$	230.8

(1)Includes $44.7 million and $59.0 million of accrued Medicaid and $34.9 million and $35.1 million of accrued rebates as of March 29, 2024 (Successor) and December 29, 2023 (Successor), respectively, included within accrued and other current liabilities in the unaudited condensed consolidated balance sheets.

Product sales transferred to customers at a point in time and over time were as follows:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
Product sales transferred at a point in time	84.7	%	80.2	%
Product sales transferred over time	15.3		19.8

Transaction price allocated to the remaining performance obligations

The following table includes estimated revenue from contracts extending greater than one year for certain of the Company's hospital products that are expected to be recognized in the future related to performance obligations that were unsatisfied or partially unsatisfied as of March 29, 2024 (Successor):


Remainder of Fiscal 2024	$	62.8
Fiscal 2025	51.8
Fiscal 2026	20.1
Thereafter	3.4

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Debt

3 Months Ended

Mar. 29, 2024

Debt Disclosure [Abstract]

Debt Disclosure


10.			Debt

Debt was comprised of the following at the end of each period:


	Successor
	March 29, 2024						December 29, 2023
	Principal		Carrying Value		Unamortized Discount and Debt Issuance Costs		Principal		Carrying Value		Unamortized Discount and Debt Issuance Costs
Current maturities of long-term debt:
First-Out Takeback Term Loan due November 2028	$	1.7	$	1.7	$	—	$	1.7	$	1.7	$	—
Second-Out Takeback Term Loan due November 2028	4.8		4.8		—		4.8		4.8		—


Total current debt	6.5		6.5		—		6.5		6.5		—
Long-term debt:
First-Out Takeback Term Loan due November 2028	$	226.6	240.4		$	—	$	227.1	$	241.7	$	—
Second-Out Takeback Term Loan due November 2028	634.0		676.7		—		635.6		680.7		—
14.75% Second-Out Takeback Notes due November 2028	778.6		833.5		—		778.6		836.4		—
Receivables financing facility due December 2027	—		—		2.7		—		—		2.9
Total long-term debt	1,639.2		1,750.6		2.7		1,641.3		1,758.8		2.9
Total debt	$	1,645.7	$	1,757.1	$	2.7	$	1,647.8	$	1,765.3	$	2.9

Takeback debt

In connection with emergence from the 2023 Bankruptcy Proceedings, the Company entered into a new senior secured first lien term loan facility with an aggregate principal amount of approximately $871.4 million (“First and Second-Out Takeback Term Loans”), consisting of approximately $229.4 million of “first-out” Takeback Term Loans (“First-Out Takeback Term Loans”) and approximately $642.0 million of “second-out” Takeback Term Loans (“Second-Out Takeback Term Loans”). The Company also issued approximately $778.6 million in aggregate principal amount of “second-out” 14.75% senior secured first lien notes due 2028 (“Takeback Notes” and, together with the Second-Out Takeback Term Loans, the “Second-Out Takeback Debt” and, together with the Takeback Term Loans, the “Takeback Debt”).

Applicable interest rate

As of March 29, 2024 (Successor), the applicable interest rate and outstanding principal on the Company's debt instruments were as follows:



	Applicable Interest Rate		Outstanding Principal
Fixed-rate instruments	14.75	%	$	778.6
First-Out Takeback Term Loans (1)	11.34		228.3
Second-Out Takeback Term Loans (1)	13.34		638.8

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 29, 2024

Disaggregation of Revenue [Line Items]

Sales Reserves Rollforward

The following table reflects activity in the Company's sales reserve accounts:


	Rebates and Chargebacks (1)		Product Returns		Other Sales Deductions		Total
Balance as of December 30, 2022 (Predecessor)	$	265.3	$	16.0	$	12.7	$	294.0
Provisions	355.6		3.2		9.5		368.3
Payments or credits	(404.3)		(4.0)		(15.0)		(423.3)
Balance as of March 31, 2023 (Predecessor)	$	216.6	$	15.2	$	7.2	$	239.0


Balance as of December 29, 2023 (Successor)	$	201.6	$	14.5	$	11.3	$	227.4
Provisions	401.2		4.2		14.2		419.6
Payments or credits	(397.0)		(5.7)		(13.5)		(416.2)
Balance as of March 29, 2024 (Successor)	$	205.8	$	13.0	$	12.0	$	230.8

Disaggregation of Revenue

Product sales transferred to customers at a point in time and over time were as follows:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
Product sales transferred at a point in time	84.7	%	80.2	%
Product sales transferred over time	15.3		19.8

Contract with Customer, Timing of Satisfaction of Performance Obligation and Payment


Remainder of Fiscal 2024	$	62.8
Fiscal 2025	51.8
Fiscal 2026	20.1
Thereafter	3.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Financial Instruments and Fair Value Measurements (Schedule of Carrying Amount and Fair Value of Long-term Debt) (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 29, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Total debt, fair value	$ 1,740.6	$ 1,731.2
Long-term Debt	1,750.6	1,758.8
Total Debt	1,757.1	1,765.3
Receivables Financing Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term Debt	0.0	0.0
Fourteen Point Seven Five Percent Second-Out Takeback Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term Debt	833.5	836.4
Secured Debt	833.5	836.4
First-Out Takeback Term Loan Due November 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term Debt	240.4	241.7
Secured Debt	242.1	243.4
Second-Out Takeback Term Loan Due November 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term Debt	676.7	680.7
Secured Debt	681.5	685.5
Level 1 \| Fourteen Point Seven Five Percent Second-Out Takeback Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Total debt, fair value	854.5	844.4
Level 2 \| First-Out Takeback Term Loan Due November 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Total debt, fair value	232.2	232.8
Level 2 \| Second-Out Takeback Term Loan Due November 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Total debt, fair value	$ 653.9	$ 654.0

Earnings per Share

3 Months Ended

Mar. 29, 2024

Earnings Per Share [Abstract]

Earnings per Share


6.			Loss per Share

Loss per share is computed by dividing net loss by the number of weighted-average shares outstanding during the period. Dilutive securities, including participating securities, have not been included in the computation of loss per share as the Company reported a net loss from continuing operations during all periods presented below.

The weighted-average number of shares outstanding used in the computations of both basic and diluted loss per share were as follows (in millions):

Successor

Predecessor

Three Months
Ended
March 29, 2024

Three Months
Ended
March 31, 2023

Basic and diluted

19.7

13.2

Property, Plant and Equipment Depreciation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Property, Plant and Equipment
Depreciation	$ 10.3	$ 11.9
Depreciation	$ 10.3	$ 11.9

Financial Instruments and Fair Value Measurements (Schedules of Concentration of Risk) (Details)	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Distributor Concentration Risk \| Revenue from Contract with Customer Benchmark [Member] \| Amerisource Bergen Corporation [Member]
Concentration Risk
Concentration Risk, Percentage	15.00%
Distributor Concentration Risk \| Revenue from Contract with Customer Benchmark [Member] \| FFF Enterprises, Inc.
Concentration Risk
Concentration Risk, Percentage	20.10%	18.80%
Distributor Concentration Risk \| Accounts Receivable Attributable to Distributors \| Amerisource Bergen Corporation [Member]
Concentration Risk
Concentration Risk, Percentage	33.30%	24.20%
Distributor Concentration Risk \| Accounts Receivable Attributable to Distributors \| McKesson Corporation [Member]
Concentration Risk
Concentration Risk, Percentage	19.90%	20.00%
Product Concentration Risk \| Net Sales Attributable to Products \| Acthar
Concentration Risk
Concentration Risk, Percentage	22.00%	19.30%
Product Concentration Risk \| Net Sales Attributable to Products \| Inomax
Concentration Risk
Concentration Risk, Percentage	15.00%	19.50%
Product Concentration Risk \| Net Sales Attributable to Products \| Therakos [Member]
Concentration Risk
Concentration Risk, Percentage	12.40%	13.80%
Product Concentration Risk \| Net Sales Attributable to Products \| APAP
Concentration Risk
Concentration Risk, Percentage	11.00%	10.90%

Restructuring and Related Charges (Schedule of Restructuring Reserves by Type of Cost) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Restructuring Reserve [Roll Forward]
Total Restructuring And Related Expense	$ 10.2	$ 1.9
Restructuring and Related Costs, Non-cash Charges, Including Accelerated Depreciation	0.0	(0.8)
Restructuring and Related Costs, Total Charges Expected to be Settled in Cash	10.2	1.1
Restructuring Fiscal 2018 Plan
Restructuring Reserve [Roll Forward]
Total Restructuring And Related Expense	0.0	1.9
Restructuring Fiscal 2021 Plan
Restructuring Reserve [Roll Forward]
Beginning Balance	0.0
Charges from continuing operations	10.2
Cash payments	(6.0)
Ending Balance	4.2
Total Restructuring And Related Expense	10.2	$ 0.0
One-time Termination Benefits
Restructuring Reserve [Roll Forward]
Total Restructuring And Related Expense	4.6
One-time Termination Benefits \| Restructuring Fiscal 2021 Plan
Restructuring Reserve [Roll Forward]
Beginning Balance	0.0
Charges from continuing operations	4.6
Cash payments	(2.8)
Ending Balance	1.8
Contract Termination
Restructuring Reserve [Roll Forward]
Total Restructuring And Related Expense	5.6
Contract Termination \| Restructuring Fiscal 2021 Plan
Restructuring Reserve [Roll Forward]
Beginning Balance	0.0
Charges from continuing operations	5.6
Cash payments	(3.2)
Ending Balance	$ 2.4

Goodwill and Intangible Assets (Schedule of Intangible Asset Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 24.8	$ 133.2

Debt (Tables)

3 Months Ended

Mar. 29, 2024

Debt Disclosure [Abstract]

Schedule of Applicable Interest Rate on Variable-rate Debt

As of March 29, 2024 (Successor), the applicable interest rate and outstanding principal on the Company's debt instruments were as follows:



	Applicable Interest Rate		Outstanding Principal
Fixed-rate instruments	14.75	%	$	778.6
First-Out Takeback Term Loans (1)	11.34		228.3
Second-Out Takeback Term Loans (1)	13.34		638.8

(1)Includes the impact of the interest rate cap agreement, which is discussed further in Note 13.

Restructuring and Related Charges (Tables)

3 Months Ended

Mar. 29, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Charges by Segment

Net restructuring and related charges by segment were as follows:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
Specialty Brands	$	10.2	$	—

Corporate	—		1.9
Restructuring and related charges, net	10.2		1.9
Less: accelerated depreciation	—		(0.7)
Restructuring charges, net	$	10.2	$	1.2

Schedule of Net Restructuring and Related Charges

Net restructuring and related charges by program were comprised of the following:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
2021 Program	$	10.2	$	—
2018 Program	—		1.9
Less: non-cash charges, including accelerated depreciation	—		(0.8)
Total charges expected to be settled in cash	$	10.2	$	1.1

Schedule of Restructuring Reserves Reconciliation by Program

The following table summarizes the restructuring reserves, which are included in accrued and other current liabilities on the Company's unaudited condensed consolidated balance sheet:


	2021 Program
	Severance		Contract Costs		Total
Balance as of December 29, 2023 (Successor)	$	—	$	—	$	—
Charges from continuing operations	4.6		5.6		10.2

Cash payments	(2.8)		(3.2)		(6.0)
Balance as of March 29, 2024 (Successor)	$	1.8	$	2.4	$	4.2

Schedule of Restructuring Charges Incurred Cumulative to Date

et restructuring and related charges incurred for the 2021 and 2018 Programs were as follows as of March 29, 2024 (Successor):


	2021 Program		2018 Program
Specialty Brands	$	10.2	$	3.1
Specialty Generics	—		19.3
Corporate	—		96.9
	$	10.2	$	119.3

Accounting Policies

3 Months Ended

Mar. 29, 2024

Accounting Policies [Abstract]

Accounting Standards Update and Change in Accounting Principle


2.			Recently Issued Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

The FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures in November 2023. This ASU expands on reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The required disclosure, which is on an annual and interim basis, specifies that significant segment expenses are expenses that are regularly provided to the chief operating decision maker and are used to evaluate performance by segment to make decisions about resource allocations. ASU 2023-07 is effective for the Company beginning with the fiscal year ending December 27, 2024 and interim periods within the fiscal year ending December 26, 2025, with early adoption permitted. The Company is currently evaluating the impact the disclosure requirements of this standard will have on the disclosures within the consolidated financial statements.

The FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures in December 2023. This ASU requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate (the “rate reconciliation”) for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. ASU 2023-09 is effective for the Company for the fiscal year ending December 25, 2025. The Company is currently evaluating the disclosure requirements of this standard and the impact on its consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories

3 Months Ended

Mar. 29, 2024

Inventory, Net [Abstract]

Inventories


7.			Inventories

Inventories were comprised of the following:


	Successor
	March 29, 2024		December 29, 2023
Raw materials	$	100.1	$	98.0
Work in process	459.1		501.8
Finished goods	337.7		382.9
	$	896.9	$	982.7

Inventories (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 29, 2023
Raw materials	$ 100.1	$ 98.0
Work in process	459.1	501.8
Finished goods	337.7	382.9
Inventory, Net, Total	$ 896.9	$ 982.7

Revenue from Contracts with Customers Future Performance Obligations (Details) $ in Millions	Mar. 29, 2024 USD ($)
Remainder of Fiscal 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 62.8
Fiscal 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	51.8
Fiscal 2026
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	20.1
Thereafter
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 3.4

Background and Basis of Presentation

3 Months Ended

Mar. 29, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Background and Basis of Presentation


1.			Background and Basis of Presentation

Background

Mallinckrodt plc is a global business of multiple wholly owned subsidiaries (collectively, “Mallinckrodt” or the “Company”) that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. Areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, hepatology, nephrology, pulmonology, ophthalmology and oncology; immunotherapy and neonatal respiratory critical care therapies; analgesics and gastrointestinal products.

The Company operates in two reportable segments, which are further described below:

•Specialty Brands includes innovative specialty pharmaceutical brands; and

•Specialty Generics includes niche specialty generic drugs and active pharmaceutical ingredients (“API(s)”).

The Company owns or has rights to use the trademarks and trade names that are used in conjunction with the operation of its business. One of the more important trademarks that the Company owns or has rights to use that appears in this Quarterly Report on Form 10-Q is “Mallinckrodt,” which is a registered trademark or the subject of pending trademark applications in the United States (“U.S.”) and other jurisdictions. Solely for convenience, the Company only uses the ™ or ® symbols the first time any trademark or trade name is mentioned in the following notes. Such references are not intended to indicate in any way that the Company will not assert, to the fullest extent permitted under applicable law, its rights to its trademarks and trade names. Each trademark or trade name of any other company appearing in the following notes is, to the Company's knowledge, owned by such other company.

Adoption of Fresh-Start Accounting

Upon emergence from the 2023 Bankruptcy Proceedings on November 14, 2023, the Company adopted fresh-start accounting in accordance with the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 852 - Reorganizations (“ASC 852”), and became a new entity for financial reporting purposes as of the 2023 Effective Date. References to “Successor” relate to the financial position of the reorganized Company as of December 29, 2023 and March 29, 2024 and results of operations of the reorganized Company subsequent to November 14, 2023, while references to “Predecessor” relate to the financial position of the Company as of December 30, 2022 and results of operations of the Company for the period from December 31, 2022 through November 14, 2023. All emergence-related transactions related to the 2023 Effective Date were recorded as of November 14, 2023. Accordingly, the unaudited condensed consolidated financial statements for the Successor periods are not comparable to the unaudited condensed consolidated financial statements for the Predecessor periods. See Note 3 of Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for further information.

Basis of Presentation

The unaudited condensed consolidated financial statements have been prepared in U.S. dollars and in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results may differ from those estimates. The unaudited condensed consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and entities in which they own or control more than 50.0% of the voting shares. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows and financial position have been made. All intercompany balances and transactions have been eliminated in consolidation and all normal recurring adjustments necessary for a fair statement have been included in the results reported.

The results of entities disposed of are included in the unaudited condensed consolidated financial statements up to the date of disposal, and where appropriate, these operations have been reported in discontinued operations. Divestitures of product lines and businesses not meeting the criteria for discontinued operations have been reflected in operating loss.

The fiscal year-end balance sheet data was derived from audited consolidated financial statements, but does not include all of the annual disclosures required by GAAP; accordingly these unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited annual consolidated financial statements included in its Annual Report on Form 10-K

Summary of Significant Accounting Policies

Share-Based Compensation

The Company recognizes the cost of employee services received in exchange for awards of equity or liability-based instruments based on the grant-date fair value of those awards. That cost is recognized over the requisite service period, which is the period an employee is required to provide service in exchange for the award (generally the vesting period). The cost for liability-based instruments is remeasured accordingly each reporting period throughout the requisite service period.

As of the 2023 Effective Date, the Company’s ordinary shares were no longer traded on an active market. Accordingly, the fair value of those share-based awards granted after the 2023 Effective Date requires the valuation of the Company’s equity utilizing the application of significant estimates, assumptions, and judgments. With the assistance of a third-party valuation advisor, the estimated fair value of total share-based awards was based on an income approach, a calculation of the present value of the future cash flows to be generated by the business based on its projection. The basis of the discounted cash flow analysis used in developing the equity value was based on Company prepared projections that included a variety of estimates and assumptions, including but not limited to expected future revenue and expenses, future cash flows, discount rates, and the probability of possible future events. While the Company considers such estimates and assumptions reasonable, they are inherently subject to significant business, economic and competitive uncertainties, many of which are beyond the Company’s control and, therefore, may not be realized. Changes in these estimates and assumptions may have had a significant effect on the determination of the Company’s equity value.

Fiscal Year

The Company reports its results based on a “52-53 week” year ending on the last Friday of December. Unless otherwise indicated, the three months ended March 29, 2024 (Successor) refers to the thirteen week period ended March 29, 2024 (Successor) and the three months ended March 31, 2023 (Predecessor) refers to the thirteen week period ended March 31, 2023 (Predecessor).

Reorganization under Chapter 11 of US Bankruptcy Code Disclosure

2023 Chapter 11 Cases

On August 28, 2023, the Company voluntarily initiated Chapter 11 proceedings (“2023 Chapter 11 Cases”) under chapter 11 of title 11 (“Chapter 11”) of the United States Code (“Bankruptcy Code”) in the U.S. Bankruptcy Court for the District of Delaware (“Bankruptcy Court”). On September 20, 2023, the directors of the Company initiated examinership proceedings with respect to Mallinckrodt plc by presenting a petition to the High Court of Ireland pursuant to Section 510(1)(b) of the Companies Act 2014 seeking the appointment of an examiner to Mallinckrodt plc. On October 10, 2023, the Bankruptcy Court entered an order confirming a plan of reorganization (“2023 Plan”). Subsequent to the Bankruptcy Court’s order confirming the 2023 Plan, the High Court of Ireland made an order confirming a scheme of arrangement on November 10, 2023, which is based on and consistent in all respects with the 2023 Plan (“2023 Scheme of Arrangement”). The 2023 Plan and the 2023 Scheme of Arrangement became effective on November 14, 2023, (“2023 Effective Date”), and the Company emerged from the 2023 Chapter 11 Cases and the Irish examinership proceedings (together, the “2023 Bankruptcy Proceedings”) on that date. See Note 2 of Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2023 filed with the SEC on March 26, 2024 (“Annual Report on Form 10-K”) for further information on the 2023 Plan and emergence from the 2023 Bankruptcy Proceedings.

As of December 30, 2023, professional fees directly related to the 2023 Bankruptcy Proceedings that were previously reflected as reorganization items, net, are being classified on a go-forward basis within selling, general and administrative (“SG&A”) expenses. Cash paid for these professional fees for the three months ended March 29, 2024 (Successor) was $8.6 million.

2020 Chapter 11 Cases

Reorganization items, net for the Predecessor period represents amounts incurred after the effective date of the plan of reorganization and scheme of arrangement for the 2020 Chapter 11 Cases and the Irish examinership proceedings (together, the “2020 Bankruptcy Proceedings”) in 2022 that directly resulted from the 2020 Bankruptcy Proceedings and were entirely comprised of professional fees associated with the implementation of the plan of reorganization and scheme of arrangement. Cash paid for reorganization items, net for the three months ended March 31, 2023 (Predecessor) was $9.4 million.

Income Taxes

3 Months Ended

Mar. 29, 2024

Income Tax Disclosure [Abstract]

Income Tax Disclosure


5.			Income Taxes

The Company recognized an income tax benefit of $0.7 million on a loss from continuing operations before income taxes of $66.3 million for the three months ended March 29, 2024 (Successor). This resulted in an effective tax rate of 1.1%. The effective tax rate is lower than the Irish statutory tax rate of 12.5% primarily due to the impact of valuation allowances recorded for current year interest limitations, the mix of pretax earnings in various jurisdictions, and remaining effects of adoption of fresh-start accounting as a result of emergence from the 2023 Bankruptcy Proceedings.

The Company recognized an income tax benefit of $30.8 million on a loss from continuing operations before income taxes of $280.1 million for the three months ended March 31, 2023 (Predecessor). This resulted in an effective tax rate of 11.0%. The effective tax rate is lower than the Irish statutory tax rate of 12.5% primarily due to the impact of valuation allowances recorded for current year interest limitations, permanent non-deductible tax items, and the mix of pretax earnings in various jurisdictions.

During the three months ended March 29, 2024 (Successor), net cash payments for income taxes were $1.9 million related to operational activity. During the three months ended March 31, 2023 (Predecessor), net cash refunds for income taxes were $136.3 million, including refunds of $139.3 million received as a result of provisions in the CARES Act and net payments of $3.0 million related to operational activity.

On December 20, 2021, the Organisation for Economic Co-operation and Development (“OECD”) released the Global Anti-Base Erosion (“GloBE”) Model Rules (“Pillar Two”) providing a legislative framework for the Income Inclusion Rule and the Under-Taxed Payment Rule (“UTPR”). Pillar Two is designed to ensure that large multinational enterprise groups pay a minimum level of tax on the income arising in each of the jurisdictions where they operate, principally creating a 15% minimum global effective tax rate. On December 15, 2022, the E.U. member states, as well as many other countries, adopted a directive implementing the Pillar Two global minimum tax rules. On December 20, 2022, the OECD released three guidance documents related to Pillar Two. These documents included guidance on safe harbors and penalty relief and consultation papers on the GloBE Information Return and Tax Certainty for the GloBE rules. A number of jurisdictions have transposed the directive into national legislation with the rules to be applicable for fiscal years beginning on or after December 31, 2023, with the exception of the UTPR which is to be applicable for fiscal years beginning on or after December 31, 2024. As the Company's fiscal year end was December 29, 2023, Pillar Two is not effective until the Company’s fiscal year ending December 25, 2025. The Company is closely monitoring developments and is evaluating the impacts these new rules will have on its tax rate, including the eligibility to qualify for the safe harbor rules.

The Company's unrecognized tax benefits, excluding interest, totaled $33.0 million and $33.3 million as of March 29, 2024 (Successor) and December 29, 2023 (Successor), respectively. Within the next twelve months, the unrecognized tax benefits and the related interest and penalties are not expected to change significantly.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ (1.3)	$ 0.3
Net loss	(65.4)	(249.3)
Depreciation and amortization	35.1	145.1
Deferred income taxes	3.9	(33.4)
(Amortization) accretion expense on debt premium/discount and settlement obligation	(1.1)	69.9
Other Noncash Income (Expense)	0.6	(20.0)
Increase (Decrease) in Accounts Receivable	0.8	(9.6)
Increase (Decrease) in Inventories	(78.7)	(48.0)
Accounts payable	(13.3)	(20.4)
Income taxes	(6.4)	138.9
Increase (Decrease) in Other Operating Assets and Liabilities, Net	16.2	31.1
Net Cash Provided by (Used in) Operating Activities	15.8	99.9
Payments to Acquire Property, Plant, and Equipment	24.6	19.3
Payments for (Proceeds from) Other Investing Activities	(0.4)	(0.3)
Net Cash Provided by (Used in) Investing Activities	(24.2)	(19.0)
Repayment of Long-term Debt, Long-term Lease Obligation, and Capital Security	2.2	11.0
Net Cash Provided by (Used in) Financing Activities	(2.2)	(11.0)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(11.9)	70.2
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	331.5	536.9
Cash and cash equivalents	253.6	480.0
Restricted Cash and Investments, Current	37.1	21.5
Restricted Cash and Investments, Noncurrent	40.8	35.4
Cash Flows From Operating Activities:
Net loss	(65.4)	(249.3)
Adjustments to reconcile net cash from operating activities:
Depreciation and amortization	35.1	145.1
Deferred income taxes	3.9	(33.4)
Other non-cash items	(0.6)	20.0
Changes in assets and liabilities:
Accounts receivable, net	(0.8)	9.6
Inventories	78.7	48.0
Accounts payable	(13.3)	(20.4)
Income taxes	(6.4)	138.9
Other	(16.2)	(31.1)
Net Cash From Operating Activities	15.8	99.9
Cash Flows From Investing Activities:
Capital expenditures	(24.6)	(19.3)
Other	0.4	0.3
Net Cash From Investing Activities	(24.2)	(19.0)
Cash Flows From Financing Activities:
Repayment of debt	(2.2)	(11.0)
Net Cash Provided From Financing Activities	(2.2)	(11.0)
Net change in cash, cash equivalents and restricted cash	(11.9)	70.2
Cash, cash equivalents and restricted cash at beginning of period	343.4	466.7
Cash, cash equivalents and restricted cash at end of period	331.5	536.9
Cash and cash equivalents, end of period	253.6	480.0
Retained Earnings (Deficit)
Net loss	(65.4)	(249.3)
Cash Flows From Operating Activities:
Net loss	(65.4)	(249.3)
Additional Paid-In Capital
Share-based compensation	1.9	2.6
Adjustments to reconcile net cash from operating activities:
Share-based compensation	$ 1.9	$ 2.6

Inventories (Tables)

3 Months Ended

Mar. 29, 2024

Inventory, Net [Abstract]

Schedule of Inventories

Inventories were comprised of the following:


	Successor
	March 29, 2024		December 29, 2023
Raw materials	$	100.1	$	98.0
Work in process	459.1		501.8
Finished goods	337.7		382.9
	$	896.9	$	982.7

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 29, 2024

Property, Plant and Equipment

Property, Plant and Equipment

The gross carrying amount and accumulated depreciation of property, plant and equipment were comprised of the following:


	Successor
	March 29, 2024		December 29, 2023
Property, plant and equipment, gross	$	346.5	$	331.3
Less: accumulated depreciation	(19.9)		(9.6)
Property, plant and equipment, net	$	326.6	$	321.7

Depreciation of Fixed Assets

Depreciation expense was as follows:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
Depreciation expense	$	10.3	$	11.9

Restructuring and Related Charges (Schedule of Restructuring and Related Charges by Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Restructuring Cost and Reserve
Total Restructuring And Related Expense	$ 10.2	$ 1.9
Restructuring and Related Cost, Accelerated Depreciation	0.0	(0.7)
Restructuring charges, net	10.2	1.2
Specialty Brands
Restructuring Cost and Reserve
Total Restructuring And Related Expense	10.2	0.0
Corporate
Restructuring Cost and Reserve
Total Restructuring And Related Expense	$ 0.0	$ 1.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Restructuring and Related Charges (Schedule of Restructuring Charges Incurred Cumulative to Date) (Details) $ in Millions	Mar. 29, 2024 USD ($)
Restructuring Fiscal 2018 Plan
Restructuring Cost and Reserve
Restructuring costs incurred cumulative to date	$ 119.3
Restructuring Fiscal 2018 Plan \| Specialty Brands
Restructuring Cost and Reserve
Restructuring costs incurred cumulative to date	3.1
Restructuring Fiscal 2018 Plan \| Specialty Generics
Restructuring Cost and Reserve
Restructuring costs incurred cumulative to date	19.3
Restructuring Fiscal 2018 Plan \| Corporate
Restructuring Cost and Reserve
Restructuring costs incurred cumulative to date	96.9
Restructuring Fiscal 2021 Plan
Restructuring Cost and Reserve
Restructuring costs incurred cumulative to date	10.2
Restructuring Fiscal 2021 Plan \| Specialty Brands
Restructuring Cost and Reserve
Restructuring costs incurred cumulative to date	10.2
Restructuring Fiscal 2021 Plan \| Specialty Generics
Restructuring Cost and Reserve
Restructuring costs incurred cumulative to date	0.0
Restructuring Fiscal 2021 Plan \| Corporate
Restructuring Cost and Reserve
Restructuring costs incurred cumulative to date	$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Condensed Consolidated Balance Sheets (Parenthetical) $ in Millions	Mar. 29, 2024 USD ($) $ / shares shares	Mar. 29, 2024 € / shares	Dec. 29, 2023 USD ($) $ / shares shares	Dec. 29, 2023 € / shares
Allowance for doubtful accounts \| $	$ 7.0		$ 6.5
Preferred shares, par value (in usd per share) \| $ / shares	$ 0.01		$ 0.01
Preferred shares, shares authorized (in shares)	500,000,000		500,000,000
Preferred shares, shares issued (in shares)	0		0
Preferred shares, shares outstanding (in shares)	0		0
Ordinary shares, par value (in usd per share) \| $ / shares	$ 0.01		$ 0.01
Ordinary shares, shares authorized (in shares)	500,000,000		500,000,000
Ordinary shares, shares issued (in shares)	19,696,335		19,696,335
Ordinary shares, shares outstanding (in shares)	19,696,335		19,696,335
Ordinary A
Ordinary shares, par value (in usd per share) \| € / shares		€ 1.00		€ 1.00
Ordinary shares, shares authorized (in shares)	25,000		25,000
Ordinary shares, shares issued (in shares)	0		0.00
Ordinary A shares, shares outstanding (in shares)	0		0

Segment Data (Tables)

3 Months Ended

Mar. 29, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Reportable Segment

Selected information by reportable segment was as follows:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
Net sales:
Specialty Brands	$	257.3	$	252.0
Specialty Generics	210.5		172.6
Net sales	$	467.8	$	424.6
Operating income (loss):
Specialty Brands	$	29.9	$	32.4
Specialty Generics	38.2		32.8
Segment operating income	68.1		65.2
Unallocated amounts:
Corporate and unallocated expenses (1)	(31.9)		(14.0)
Depreciation and amortization	(35.1)		(145.1)
Share-based compensation	(1.9)		(2.6)
Restructuring charges, net	(10.2)		(1.2)

Liabilities management and separation costs (2)	(6.7)		(4.9)

Operating loss	(17.7)		(102.6)
Interest expense	(59.1)		(162.0)
Interest income	6.8		4.7
Other income (expense), net	3.7		(14.6)
Reorganization items, net (3)	—		(5.6)
Loss from continuing operations before income taxes	$	(66.3)	$	(280.1)

(1)Includes administration expenses and certain compensation, legal, environmental and other costs not charged to the Company's reportable segments.

Schedule of Net Sales from External Customers by Products

Net sales by product family within the Company's reportable segments were as follows:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
Acthar Gel	$	102.8	$	82.0
INOmax	70.2		82.7
Therakos	58.2		58.7
Amitiza	19.4		24.5
Terlivaz	6.0		2.2
Other	0.7		1.9
Specialty Brands	257.3		252.0

Opioids	81.9		62.2
ADHD	31.7		22.4
Addiction treatment	15.4		15.6
Other	1.5		1.8
Generics	130.5		102.0
Controlled substances	22.9		18.5
APAP	51.7		46.4
Other	5.4		5.7
API	80.0		70.6
Specialty Generics	210.5		172.6
Net sales	$	467.8	$	424.6

Guarantees

3 Months Ended

Mar. 29, 2024

Guarantees [Abstract]

Guarantees


11.			Guarantees

In disposing of assets or businesses, the Company has from time to time provided representations, warranties and indemnities to cover various risks and liabilities, including unknown damage to assets, environmental risks involved in the sale of real estate, liability to investigate and remediate environmental contamination at waste disposal sites and manufacturing facilities, and unidentified tax liabilities related to periods prior to disposition. The Company assesses the probability of potential liabilities related to such representations, warranties and indemnities and adjusts potential liabilities as a result of changes in facts and circumstances. The Company believes, given the information currently available, that the ultimate resolutions will not have a material adverse effect on its financial condition, results of operations and cash flows.

In connection with the sale of the Specialty Chemical business (formerly known as Mallinckrodt Baker) in fiscal 2010, the Company agreed to indemnify the purchaser with respect to various matters, including certain environmental, health, safety, tax and other matters. The indemnification obligations relating to certain environmental, health and safety matters have a term of 17 years from the sale, while some of the other indemnification obligations have an indefinite term.

On October 12, 2020, the Company voluntarily initiated the 2020 Bankruptcy Proceedings. The liability relating to all of these indemnification obligations was governed by a contract that was rejected as part of the 2020 Bankruptcy Proceedings and is no longer a liability of the Successor Company. The Company was required to pay $30.0 million into an escrow account as collateral to the purchaser. The contract governing the escrow account was assumed in the 2020 Bankruptcy Proceedings. As of March 29, 2024 (Successor) and December 29, 2023 (Successor), $20.5 million and $20.2 million remained in restricted cash, included in other long-term assets on the unaudited condensed consolidated balance sheets, respectively. As of March 29, 2024 (Successor), the Company does not expect to make future payments related to these indemnification obligations.

As of March 29, 2024 (Successor), the Company had various other letters of credit, guarantees and surety bonds totaling $31.5 million and restricted cash of $43.6 million held in segregated accounts primarily to collateralize surety bonds for the Company's environmental liabilities. Comparatively, as of December 29, 2023 (Successor), the Company had various other letters of credit, guarantees and surety bonds totaling $31.4 million and restricted cash of $42.9 million held in segregated accounts primarily to collateralize surety bonds for the Company's environmental liabilities.

- Definition

The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References + Details

Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 29, 2023
Property, Plant and Equipment
Property, plant and equipment, gross	$ 346.5	$ 331.3
Less: accumulated depreciation	(19.9)	(9.6)
Property, plant and equipment, net	$ 326.6	$ 321.7

Restructuring and Related Charges

3 Months Ended

Mar. 29, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Related Charges


4.			Restructuring and Related Charges

The Company, from time to time, seeks more cost-effective means to improve profitability and to respond to changes in its markets. As such, the Company may incur restructuring costs as a component of the Company’s operating costs. During fiscal 2021 (Predecessor) and 2018 (Predecessor), the Company’s predecessor board of directors approved restructuring programs, neither of which has pre-determined actions or a specified time period. Charges of $50.0 million to $100.0 million were authorized for under the 2021 program and $100.0 million to $125.0 million were authorized for under the 2018 program. The 2021 program commenced upon substantial completion of the 2018 program, which occurred during the first quarter of 2024.

During the first quarter of 2024, the Company committed to a plan to cease commercialization and clinical development, and wind down production of StrataGraft® (“StrataGraft”). As a result, the Company recorded restructuring and related charges, net, within the Specialty Brands segment related to StrataGraft of $10.2 million, which include (i) $4.6 million of one-time termination benefits and (ii) $5.6 million in contract termination costs.

Additionally, the Company recorded a $2.5 million net gain within SG&A, which included a $5.1 million non-cash gain related to the write-off of a lease liability, offset by a $2.6 million lease termination cash penalty. The termination penalty is currently recorded in accrued and other current liabilities on the unaudited condensed consolidated balance sheet as of March 29, 2024 (Successor).

These actions began in the first quarter of 2024 and are expected to be completed in the first quarter of 2025. The Company currently expects to incur approximately $2.0 million of additional one-time termination benefits within the Specialty Brands segment through the first quarter of 2025. The exact timing to complete all actions and final costs associated will depend on a number of factors and are subject to change.

Net restructuring and related charges by segment were as follows:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
Specialty Brands	$	10.2	$	—

Corporate	—		1.9
Restructuring and related charges, net	10.2		1.9
Less: accelerated depreciation	—		(0.7)
Restructuring charges, net	$	10.2	$	1.2

Net restructuring and related charges by program were comprised of the following:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
2021 Program	$	10.2	$	—
2018 Program	—		1.9
Less: non-cash charges, including accelerated depreciation	—		(0.8)
Total charges expected to be settled in cash	$	10.2	$	1.1

The following table summarizes the restructuring reserves, which are included in accrued and other current liabilities on the Company's unaudited condensed consolidated balance sheet:


	2021 Program
	Severance		Contract Costs		Total
Balance as of December 29, 2023 (Successor)	$	—	$	—	$	—
Charges from continuing operations	4.6		5.6		10.2

Cash payments	(2.8)		(3.2)		(6.0)
Balance as of March 29, 2024 (Successor)	$	1.8	$	2.4	$	4.2

Cumulative net restructuring and related charges incurred for the 2021 and 2018 Programs were as follows as of March 29, 2024 (Successor):


	2021 Program		2018 Program
Specialty Brands	$	10.2	$	3.1
Specialty Generics	—		19.3
Corporate	—		96.9
	$	10.2	$	119.3

Earnings per Share (Tables)

3 Months Ended

Mar. 29, 2024

Earnings Per Share [Abstract]

Schedule of Earnings per Share

The weighted-average number of shares outstanding used in the computations of both basic and diluted loss per share were as follows (in millions):

Successor

Predecessor

Three Months
Ended
March 29, 2024

Three Months
Ended
March 31, 2023

Basic and diluted

19.7

13.2

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 29, 2024	May 03, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-35803
Entity Registrant Name	Mallinckrodt plc
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1088325
Entity Address, Address Line One	College Business & Technology Park
Entity Address, City or Town	Dublin
Entity Address, Postal Zip Code	15
Entity Address, Country	IE
City Area Code	1
Local Phone Number	696 0000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Central Index Key	0001567892
Current Fiscal Year End Date	--12-27
Document Period End Date	Mar. 29, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Ordinary Shares Outstanding		19,696,335
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Address, Address Line Two	Cruiserath
Entity Address, Address Line Three	Blanchardstown
Country Region	353
Entity Filer Category	Non-accelerated Filer

Debt (Narrative) (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 29, 2023
Debt Instrument
Debt Instrument, Face Amount	$ 1,645.7	$ 1,647.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Debt (Schedule of Applicable Interest Rates on Variable-rate Debt) (Details) - USD ($)
$ in Millions

Mar. 29, 2024

Dec. 29, 2023

Nov. 14, 2023

Schedule of Applicable Interest Rate on Variable-rate Debt [Line Items]

Total Debt

$ 1,757.1

$ 1,765.3

Debt Instrument, Face Amount

1,645.7

$ 1,647.8

Fourteen Point Seven Five Percent Second-Out Takeback Notes

Schedule of Applicable Interest Rate on Variable-rate Debt [Line Items]

Debt Instrument, Face Amount

$ 778.6

First-Out Takeback Term Loan Due November 2028

Schedule of Applicable Interest Rate on Variable-rate Debt [Line Items]

Long-term Debt, Weighted Average Interest Rate, at Point in Time

^[1]

11.34%

Debt Instrument, Face Amount

$ 228.3

^[1]

229.4

Second-Out Takeback Term Loan Due November 2028

Schedule of Applicable Interest Rate on Variable-rate Debt [Line Items]

Long-term Debt, Weighted Average Interest Rate, at Point in Time

^[1]

13.34%

Debt Instrument, Face Amount

$ 638.8

^[1]

$ 642.0

[1]	Includes the impact of the interest rate cap agreement, which is discussed further in Note 13.

Financial Instruments and Fair Value Measurements (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 29, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 29, 2023 USD ($)	Nov. 21, 2023	Nov. 14, 2023 USD ($)	Mar. 13, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative, Notional Amount						$ 860.0
Derivative, Interest Rate Cap, Premium	$ 20.0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued and other current liabilities
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued and other current liabilities
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ 7.0	$ 15.1
Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unrealized Gain (Loss) on Derivatives	2.1
Embedded Derivative Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unrealized Gain (Loss) on Derivatives	5.9
Professional Fees Escrow Account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Restricted Cash, Fair Value Disclosure	13.8				$ 24.0
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative, Cap Interest Rate						3.84%
Takeback Term Loans \| Scenario 1 \| Derivative Financial Instruments, Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative, Remaining Maturity					4 years 7 months 6 days
Takeback Term Loans \| Scenario 1 \| Derivative Financial Instruments, Liabilities \| Measurement Input Probability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Liability, Measurement Input \| pURE				0.3500
Takeback Term Loans \| Scenario 2 \| Derivative Financial Instruments, Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative, Remaining Maturity					4 years 7 months 6 days
Takeback Term Loans \| Scenario 2 \| Derivative Financial Instruments, Liabilities \| Measurement Input Probability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Liability, Measurement Input \| pURE				0.3500
Takeback Term Loans \| Scenario 3 \| Derivative Financial Instruments, Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative, Remaining Maturity					4 years 7 months 6 days
Takeback Term Loans \| Scenario 3 \| Derivative Financial Instruments, Liabilities \| Measurement Input Probability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Liability, Measurement Input \| pURE				0.1225
Fourteen Point Seven Five Percent Second-Out Takeback Notes \| Scenario 1 \| Derivative Financial Instruments, Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative, Remaining Maturity					4 years 7 months 6 days
Fourteen Point Seven Five Percent Second-Out Takeback Notes \| Scenario 1 \| Derivative Financial Instruments, Liabilities \| Measurement Input Probability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Liability, Measurement Input \| pURE				0.3500
Fourteen Point Seven Five Percent Second-Out Takeback Notes \| Scenario 1 \| Derivative Financial Instruments, Liabilities \| Measurement Input Coupon Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Liability, Measurement Input \| pURE				0.1475
Fourteen Point Seven Five Percent Second-Out Takeback Notes \| Scenario 2 \| Derivative Financial Instruments, Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative, Remaining Maturity					4 years 7 months 6 days
Fourteen Point Seven Five Percent Second-Out Takeback Notes \| Scenario 2 \| Derivative Financial Instruments, Liabilities \| Measurement Input Probability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Liability, Measurement Input \| pURE				0.3500
Fourteen Point Seven Five Percent Second-Out Takeback Notes \| Scenario 2 \| Derivative Financial Instruments, Liabilities \| Measurement Input Coupon Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Liability, Measurement Input \| pURE				0.1475
Fourteen Point Seven Five Percent Second-Out Takeback Notes \| Scenario 3 \| Derivative Financial Instruments, Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative, Remaining Maturity					4 years 7 months 6 days
Fourteen Point Seven Five Percent Second-Out Takeback Notes \| Scenario 3 \| Derivative Financial Instruments, Liabilities \| Measurement Input Probability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Liability, Measurement Input \| pURE				0.1225
Fourteen Point Seven Five Percent Second-Out Takeback Notes \| Scenario 3 \| Derivative Financial Instruments, Liabilities \| Measurement Input Coupon Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Liability, Measurement Input \| pURE				0.1475
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Liability	21.0		$ 15.1
Level 3 \| Other current and non-current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash surrender value of life insurance	44.8		45.3
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Liability	21.0		15.1
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Liability	0.0		0.0
Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Liability	0.0		0.0
Indemnification Agreement \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Restricted Cash and Cash Equivalents	$ 77.9		$ 80.7

Debt (Details) - USD ($)
$ in Millions

Mar. 29, 2024

Dec. 29, 2023

Nov. 14, 2023

Current maturities of long-term debt

Debt Issuance Costs, Current, Net

$ 0.0

Long-term debt

Total Debt Issuance Costs

2.7

2.9

Total Debt

1,757.1

1,765.3

Debt Instrument, Face Amount

1,645.7

1,647.8

Debt Issuance Costs

2.7

2.9

Debt Instrument, Face Amount, Current Maturity

6.5

Long-term Debt, Current Maturities

6.5

Long-term Debt

1,750.6

1,758.8

Debt Instrument, Face Amount, Noncurrent Maturity

1,639.2

1,641.3

Second-Out Takeback Term Loan Due November 2028

Current maturities of long-term debt

Debt Issuance Costs, Current, Net

0.0

Long-term debt

Debt Instrument, Face Amount

638.8

^[1]

$ 642.0

Debt Issuance Costs

0.0

Debt Instrument, Face Amount, Current Maturity

4.8

Long-term Debt, Current Maturities

4.8

Long-term Debt

676.7

680.7

Debt Instrument, Face Amount, Noncurrent Maturity

$ 634.0

635.6

Long-term Debt, Weighted Average Interest Rate, at Point in Time

^[1]

13.34%

First-Out Takeback Term Loan Due November 2028

Current maturities of long-term debt

Debt Issuance Costs, Current, Net

$ 0.0

0.0

Long-term debt

Debt Instrument, Face Amount

228.3

^[1]

229.4

Debt Issuance Costs

0.0

Debt Instrument, Face Amount, Current Maturity

1.7

Long-term Debt, Current Maturities

1.7

Long-term Debt

240.4

241.7

Debt Instrument, Face Amount, Noncurrent Maturity

$ 226.6

227.1

Long-term Debt, Weighted Average Interest Rate, at Point in Time

^[1]

11.34%

Fourteen Point Seven Five Percent Second-Out Takeback Notes

Long-term debt

Debt Instrument, Face Amount

$ 778.6

778.6

Debt Issuance Costs

0.0

Long-term Debt

$ 833.5

836.4

Debt Instrument, Interest Rate, Stated Percentage

14.75%

Debt Instrument, Face Amount, Noncurrent Maturity

$ 778.6

778.6

Receivables Financing Facility

Long-term debt

Debt Issuance Costs

2.7

2.9

Long-term Debt

0.0

Debt Instrument, Face Amount, Noncurrent Maturity

$ 0.0

Takeback Term Loans

Long-term debt

Debt Instrument, Face Amount

$ 871.4

Fixed-rate instruments

Long-term debt

Long-term Debt, Weighted Average Interest Rate, at Point in Time

14.75%

[1]	Includes the impact of the interest rate cap agreement, which is discussed further in Note 13.

Goodwill and Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Dec. 29, 2023
Schedule of Intangible Asset by Major Class [Line Items]
Intangible assets, net	$ 583.7		$ 608.4
Amortization of Intangible Assets	$ 24.8	$ 133.2
Loss from continuing operations	$ (3.33)	$ (18.93)
Completed Technology
Schedule of Intangible Asset by Major Class [Line Items]
Amortizable intangible assets, gross	$ 624.6		624.6
Accumulated amortization	$ 40.9		$ 16.2

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-03(13))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-1

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Restructuring and Related Charges (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Dec. 01, 2021	Feb. 01, 2018
Restructuring Cost and Reserve
Restructuring charges, net	$ 10.2	$ 1.2
Total Restructuring And Related Expense	10.2	1.9
StrataGraft
Restructuring Cost and Reserve
Other Nonrecurring Gain	2.5
Gain (Loss) on Termination of Lease	5.1
Lease Termination Penalty	2.6
One-time Termination Benefits
Restructuring Cost and Reserve
Total Restructuring And Related Expense	4.6
One-time Termination Benefits \| StrataGraft
Restructuring Cost and Reserve
Restructuring and Related Cost, Expected Cost Remaining	2.0
Contract Termination
Restructuring Cost and Reserve
Total Restructuring And Related Expense	5.6
Specialty Brands
Restructuring Cost and Reserve
Total Restructuring And Related Expense	10.2	0.0
Restructuring Fiscal 2018 Plan
Restructuring Cost and Reserve
Total Restructuring And Related Expense	0.0	1.9
Restructuring Fiscal 2018 Plan \| Minimum
Restructuring Cost and Reserve
Restructuring and Related Cost, Expected Cost				$ 100.0
Restructuring Fiscal 2018 Plan \| Maximum
Restructuring Cost and Reserve
Restructuring and Related Cost, Expected Cost				$ 125.0
Restructuring Fiscal 2021 Plan
Restructuring Cost and Reserve
Total Restructuring And Related Expense	$ 10.2	$ 0.0
Restructuring Fiscal 2021 Plan \| Minimum
Restructuring Cost and Reserve
Restructuring and Related Cost, Expected Cost			$ 50.0
Restructuring Fiscal 2021 Plan \| Maximum
Restructuring Cost and Reserve
Restructuring and Related Cost, Expected Cost			$ 100.0

Guarantees (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 29, 2023
Others
Guarantor Obligations [Line Items]
Maximum future payments	$ 31.5	$ 31.4
Asset Pledged as Collateral [Member]
Guarantor Obligations [Line Items]
Restricted Cash	43.6	42.9
Mallinckrodt Baker \| Indemnification Agreement
Guarantor Obligations [Line Items]
Escrow Deposit	30.0
Mallinckrodt Baker \| Indemnification Agreement \| Other current and non-current assets
Guarantor Obligations [Line Items]
Escrow Deposit	$ 20.5	$ 20.2

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Net sales	$ 467.8	$ 424.6
Cost of sales	303.8	374.8
Gross profit	164.0	49.8
Selling, general and administrative expenses	136.9	118.0
Research and development expenses	27.9	28.3
Restructuring charges, net	10.2	1.2
Separation Costs	6.7	4.9
Operating loss	(17.7)	(102.6)
Interest expense	59.1	162.0
Interest income	(6.8)	(4.7)
Other income (expense), net	3.7	(14.6)
Reorganization items, net	0.0	(5.6)
Loss from continuing operations before income taxes	(66.3)	(280.1)
Income tax benefit	(0.7)	(30.8)
Loss from continuing operations	(65.6)	(249.3)
Income from discontinued operations, net of income taxes	0.2	0.0
Net loss	$ (65.4)	$ (249.3)
Basic (loss) income per share (Note 6):
Loss from continuing operations	$ (3.33)	$ (18.93)
Income from discontinued operations	0.01	0
Net loss	$ (3.32)	$ (18.93)
Basic weighted-averaged shares outstanding (in shares)	19.7	13,200,000
Diluted (loss) income per share (Note 6):
Loss from continuing operations	$ (3.33)	$ (18.93)
Income from discontinued operations	0.01	0
Net loss	$ (3.32)	$ (18.93)
Diluted weighted-average shares outstanding (in shares)		13,200,000
Retained Earnings (Deficit)
Net loss	$ (65.4)	$ (249.3)