MCKPF Mallinckrodt Public Ltd Company (PK)

---

---

---

---

---

---

---

---

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.

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 classified within selling, general and administrative (“SG&A”) expenses. Cash paid for these professional fees for the six months ended June 28, 2024 (Successor) was $19.3 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 six months ended June 30, 2023 (Predecessor) was $14.6 million.

---

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 June 28, 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 and six months ended June 28, 2024 (Successor) refers to the thirteen and twenty-six week periods ended June 28, 2024 (Successor) and the three and six months ended June 30, 2023 (Predecessor) refers to the thirteen and twenty-six week periods ended June 30, 2023 (Predecessor).

---

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 currently expects that the guidance will result in incremental footnote disclosures within its 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.

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			726.0						5.8						21.0						752.8
Payments or credits			(748.3)						(8.6)						(25.4)						(782.3)
Balance as of June 30, 2023 (Predecessor)			$	243.0					$	13.2					$	8.3					$	264.5
Balance as of December 29, 2023 (Successor)			$	201.6					$	14.5					$	11.3					$	227.4
Provisions			832.7						11.0						25.5						869.2
Payments or credits			(811.0)						(9.6)						(26.2)						(846.8)
Balance as of June 28, 2024 (Successor)			$	223.3					$	15.9					$	10.6					$	249.8

(1)Includes $35.4 million and $59.0 million of accrued Medicaid and $36.8 million and $35.1 million of accrued rebates as of June 28, 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 June 28, 2024									Three Months Ended June 30, 2023
Product sales transferred at a point in time			86.9		%							83.6		%
Product sales transferred over time			13.1									16.4

			Successor									Predecessor
			Six Months Ended June 28, 2024									Six Months Ended June 30, 2023
Product sales transferred at a point in time			85.8		%							82.0		%
Product sales transferred over time			14.2									18.0

---

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 June 28, 2024 (Successor):

Remainder of Fiscal 2024			$	38.0
Fiscal 2025			66.9
Fiscal 2026			36.6
Thereafter			11.3

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, which are shown in the tables below.

Additionally, during the first quarter of 2024, 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 June 28, 2024 (Successor).

These actions began in the first quarter of 2024 and are expected to be completed in the first quarter of 2025. As of June 28, 2024, the Company currently expects to incur an immaterial amount 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 June 28, 2024									Three Months Ended June 30, 2023
Specialty Brands			$	0.2								$	—
Corporate			—									(0.2)
Restructuring charges, net			$	0.2								$	(0.2)

			Successor									Predecessor
			Six Months Ended June 28, 2024									Six Months Ended June 30, 2023
Specialty Brands			$	10.4								$	—
Corporate			—									1.7
Restructuring and related charges, net			10.4									1.7
Less: accelerated depreciation			—									(0.7)
Restructuring charges, net			$	10.4								$	1.0

---

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

			Successor									Predecessor
			Three Months Ended June 28, 2024									Three Months Ended June 30, 2023
2021 Program			$	0.2								$	—
2018 Program			—									(0.2)
Total charges expected to be settled in cash			$	0.2								$	(0.2)

			Successor									Predecessor
			Six Months Ended June 28, 2024									Six Months Ended June 30, 2023
2021 Program			$	10.4								$	—
2018 Program			—									1.7
Less: non-cash charges, including accelerated depreciation			—									(0.8)
Total charges expected to be settled in cash			$	10.4								$	0.9

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						5.8						10.4
Cash payments			(3.1)						(4.0)						(7.1)
Balance as of June 28, 2024 (Successor)			$	1.5					$	1.8					$	3.3

Cumulative net restructuring and related charges incurred for the 2021 and 2018 Programs were as follows as of June 28, 2024 (Successor):

			2021 Program						2018 Program
Specialty Brands			$	10.4					$	3.1
Specialty Generics			—						19.3
Corporate			—						96.9
			$	10.4					$	119.3

5.			Income Taxes

The Company recognized an income tax expense of $13.9 million and $13.2 million on losses from continuing operations before income taxes of $29.5 million and $95.8 million for the three and six months ended June 28, 2024 (Successor), respectively. This resulted in an effective tax rate of negative 47.1% and negative 13.8%, respectively. 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 for both periods.

The Company recognized an income tax expense of $528.1 million and $497.3 million on losses from continuing operations before income taxes of $219.7 million and $499.8 million for the three and six months ended June 30, 2023 (Predecessor), respectively. This resulted in an effective tax rate of negative 240.4% and negative 99.5%, respectively. The effective tax rate is lower than the Irish statutory tax rate of 12.5% primarily due to the impact of valuation allowances recorded on the beginning of the year deferred tax assets as a result of the Company’s substantial doubt about the ability to continue as a going concern and the mix of pretax earnings in various jurisdictions for both periods.

During the six months ended June 28, 2024 (Successor), net cash payments for income taxes were $2.7 million related to operational activity. During the six months ended June 30, 2023 (Predecessor), net cash refunds for income taxes were $137.8 million, including refunds of $141.6 million received as a result of provisions in the Coronavirus Aid, Relief, and Economic Security Act and net payments of $3.8 million related to operational activity.

---

On December 20, 2021, the Organization 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.

6.			Loss per Share

Loss per share is computed by dividing net loss by the number of weighted-average shares outstanding during the period. A net loss cannot be diluted, so when the Company is in a net loss position, basic and diluted loss per share are the same. If the Company records net income in the future, the denominator of a diluted earnings per share calculation will include both the weighted average number of shares outstanding and the number of common stock equivalents, if the inclusion of such common stock equivalents would be dilutive.

Outstanding equity awards that could potentially dilute per share amounts in the future, but were not included in the computation of diluted per share amounts because to do so would have been antidilutive, were approximately 1.8 million and 1.7 million of Opioid CVRs and equity awards for the three and six months ended June 28, 2024 (Successor) and June 30, 2023 (Predecessor), respectively.

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 June 28, 2024

Three Months Ended June 30, 2023

Basic and diluted

19.7

13.2

Successor

Predecessor

Six Months Ended June 28, 2024

Six Months Ended June 30, 2023

Basic and diluted

19.7

13.2

7.			Inventories

Inventories were comprised of the following:

			Successor
			June 28, 2024						December 29, 2023
Raw materials			$	94.3					$	98.0
Work in process			431.7						501.8
Finished goods			282.9						382.9
			$	808.9					$	982.7

---

8.			Property, Plant and Equipment

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

			Successor
			June 28, 2024						December 29, 2023
Property, plant and equipment, gross			$	374.8					$	331.3
Less: accumulated depreciation			(28.3)						(9.6)
Property, plant and equipment, net			$	346.5					$	321.7

Depreciation expense was as follows:

			Successor									Predecessor
			Three Months Ended June 28, 2024									Three Months Ended June 30, 2023
Depreciation expense			$	8.7								$	11.8

			Successor									Predecessor
			Six Months Ended June 28, 2024									Six Months Ended June 30, 2023
Depreciation expense			$	19.0								$	23.7

9.			Intangible Assets

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

			Successor
			June 28, 2024												December 29, 2023
			Gross Carrying Amount						Accumulated Amortization						Gross Carrying Amount						Accumulated Amortization
Completed technology			$	624.6					$	64.3					$	624.6					$	16.2

Intangible asset amortization expense was as follows:

			Successor									Predecessor
			Three Months Ended June 28, 2024									Three Months Ended June 30, 2023
Amortization expense			$	23.3								$	129.3

			Successor									Predecessor
			Six Months Ended June 28, 2024									Six Months Ended June 30, 2023
Amortization expense			$	48.1								$	262.5

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

			Successor
Remainder of Fiscal 2024			$	42.3
Fiscal 2025			74.8
Fiscal 2026			68.4
Fiscal 2027			62.0
Fiscal 2028			55.6
Fiscal 2029			46.3

---

10.			Debt

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

			Successor
			June 28, 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			$	226.0					239.0						$	—					$	227.1					$	241.7					$	—
Second-Out Takeback Term Loan due November 2028			632.4						672.8						—						635.6						680.7						—
14.75% Second-Out Takeback Notes due November 2028			778.6						830.5						—						778.6						836.4						—
Receivables financing facility due December 2027			—						—						2.5						—						—						2.9
Total long-term debt			1,637.0						1,742.3						2.5						1,641.3						1,758.8						2.9
Total debt			$	1,643.5					$	1,748.8					$	2.5					$	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 June 28, 2024 (Successor), the applicable interest rate and outstanding principal on the Company's debt instruments were as follows:

			Applicable Interest Rate
Fixed-rate instruments			14.75		%
First-Out Takeback Term Loans (1)			11.34
Second-Out Takeback Term Loans (1)			13.34

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

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 June 28, 2024 (Successor) and December 29, 2023 (Successor), $20.8 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 June 28, 2024 (Successor), the Company does not expect to make future payments related to these indemnification obligations.

As of June 28, 2024 (Successor), the Company had various other letters of credit, guarantees and surety bonds totaling $31.9 million and restricted cash of $44.1 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.

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.

Specialty Generics Grand Jury Subpoenas

U.S. Attorney's Office Subpoena W.D. Va. In August 2023, the Company received a grand jury subpoena from the U.S. Attorney's Office for the Western District of Virginia (“WDVA USAO”). Subsequently, the Company received additional grand jury subpoenas from the WDVA USAO, most recently, in June 2024. The subpoenas seek production of certain data and information for the time period from July 17, 2017 to the present, including information and data relating to the Company’s Specialty Generics controlled substances compliance program, the Company's reporting of suspicious orders for controlled substances, chargebacks and other transactions, financial accounts related to these issues, financial transactions involving prescription drug products, and communications between the Company and the U.S. Drug Enforcement Administration.

---

U.S. Attorney's Office Subpoena E.D.PA. In May 2024, the Company received a grand jury subpoena from the U.S. Attorney's Office for the Eastern District of Pennsylvania seeking production of data and information with respect to a customer for the time period from January 1, 2020 to May 2024, including information and data relating to potentially suspicious orders for controlled substances. The Company suspended sales to this customer in October 2023 prior to receipt of the subpoena.

The Company is in the process of responding to the subpoenas from both U.S. Attorney Offices and is cooperating in the investigations. The Company cannot predict the eventual scope, duration or outcome of the investigations 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. 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 May 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 two additional patents (JP Patent No. 4332316, JP Patent Appln. No. 2024-800068 and JP Patent No. 4684334, JP Patent Appln. No. 2024-800069).

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 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. In June 2024, the parties reached an agreement in principle to resolve all claims in this matter, which will be funded by the Company’s insurance carriers and is not material to the Company’s financial condition, results of operations and cash flows.

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 June 28, 2024 (Successor), it was probable that it would incur remediation costs in the range of $16.7 million to $51.1 million. The Company also concluded that, as of June 28, 2024 (Successor), the best estimate within this range was $35.2 million, of which $0.6 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 June 28, 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 June 28, 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 June 28, 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. In May 2024, the parties reached a settlement fully resolving the matter; the settlement amount and its terms are not material to the Company’s financial condition, results of operations and cash flows.

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.

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:
			June 28, 2024 (Successor)						Level 1						Level 2						Level 3
Assets:
Debt and equity securities held in rabbi trusts			$	23.1					$	15.5					$	7.6					$	—
Equity securities			32.1						32.1						—						—
Interest rate cap			14.2						—						14.2						—
			$	69.4					$	47.6					$	21.8					$	—
Liabilities:
Debt derivative liability			$	20.4					$	—					$	—					$	20.4
Deferred compensation liabilities			20.1						—						20.1						—
Contingent consideration liabilities			16.8						—						—						16.8
			$	57.3					$	—					$	20.1					$	37.2

---

									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. During the six months ended June 28, 2024 (Successor), proceeds from debt and equity securities held in rabbi trusts were $22.6 million.

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 and six months ended June 28, 2024 (Successor) included $4.3 million unrealized losses and $2.7 million of unrealized gains, respectively, on equity securities related to our investments in Silence Therapeutics plc and Panbela Therapeutics, Inc, while the three and six months ended June 30, 2023 (Predecessor) included $1.2 million and $16.3 million of unrealized losses, respectively. These amounts were recorded within other expense, net in the unaudited condensed consolidated statements 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 expense, net in the unaudited condensed consolidated statements 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 June 28, 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 and six months ended June 28, 2024 (Successor), the Company recognized a $0.8 million unrealized loss and a $1.3 million unrealized gain, respectively, in other expense, net in the unaudited condensed consolidated statements 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 2.03% and 3.03% 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 $20.4 million and $15.1 million as of June 28, 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 June 28, 2024 (Successor) and December 29, 2023 (Successor). The $0.6 million decrease and $5.3 million increase in debt derivative liability during the three and six months ended June 28, 2024 (Successor), respectively, were recognized in other expense, net, within the unaudited condensed consolidated statements of operations. Significant assumptions utilized in the determination of the fair value as of June 28, 2024 (Successor) are as follows:

Debt derivatives related to first and second-out takeback term loans:

Input

Scenario 1

Scenario 2

Scenario 3

Remaining term (years)

4.4

4.4

4.4

Maturity Date

November 14, 2028

November 14, 2028

November 14, 2028

Coupon Rate

7.50% - 9.50% + SOFR

7.50% - 9.50% + SOFR

7.50% - 9.50% + SOFR

Probability of mandatory prepayment event before November 2025 (1)

70.0%

10.0%

7.0%

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

December 2024

March 2025

December 2024 and March 2025

(1) Represents a significant unobservable input

Debt derivatives related to takeback notes:

Input

Scenario 1

Scenario 2

Scenario 3

Remaining term (years)

4.4

4.4

4.4

Maturity Date

November 14, 2028

November 14, 2028

November 14, 2028

Coupon Rate

14.75%

14.75%

14.75%

Probability of mandatory prepayment event before November 2025 (1)

70.0%

10.0%

7.0%

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

December 2024

March 2025

December 2024 and March 2025

(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 June 28, 2024 (Successor) and December 29, 2023 (Successor) to be $16.8 million and $14.7 million, respectively. All contingent consideration liabilities were classified within other liabilities in the unaudited condensed consolidated balance sheets as of June 28, 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 June 28, 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 $64.9 million and $80.7 million as of June 28, 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 June 28, 2024 (Successor), the professional fee escrow balance was zero.

•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 $44.5 million and $45.3 million as of June 28, 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
			June 28, 2024												December 29, 2023
			Carrying Value						Fair Value						Carrying Value						Fair Value
Level 1:
14.75% Second-Out Takeback Notes due November 2028			$	830.5					$	848.7					$	836.4					$	844.4
Level 2:
First-Out Takeback Term Loan Due November 2028			240.7						253.6						243.4						232.8
Second-Out Takeback Term Loan Due November 2028			677.6						692.5						685.5						654.0
Total Debt			$	1,748.8					$	1,794.8					$	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 June 28, 2024									Three Months Ended June 30, 2023
FFF Enterprises, Inc.			21.6		%							23.8		%
Cencora, Inc. (formerly known as AmerisourceBergen Corp.)			16.8									*

			Successor									Predecessor
			Six Months Ended June 28, 2024									Six Months Ended June 30, 2023
FFF Enterprises, Inc.			20.9		%							21.4		%
Cencora, Inc.			16.0									*

* Net sales to this distributor were 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
			June 28, 2024									December 29, 2023
Cencora, Inc.			35.1		%							24.2		%
McKesson Corporation			19.5									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 June 28, 2024									Three Months Ended June 30, 2023
Acthar Gel			22.9		%							24.6		%
INOmax			12.9									16.2
Therakos			13.1									13.2
APAP			*									12.6

			Successor									Predecessor
			Six Months Ended June 28, 2024									Six Months Ended June 30, 2023
Acthar Gel			22.5		%							22.1		%
INOmax			13.9									17.7
Therakos			12.8									13.5
APAP			10.1									11.8

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

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 June 28, 2024									Three Months Ended June 30, 2023
Net sales:
Specialty Brands			$	274.5								$	280.1
Specialty Generics			239.8									194.9
Net sales			$	514.3								$	475.0
Operating income (loss):
Specialty Brands			$	15.7								$	61.6
Specialty Generics			62.4									35.1
Segment operating income			78.1									96.7
Unallocated amounts:
Corporate and unallocated expenses (1)			(11.1)									0.6
Depreciation and amortization			(32.1)									(141.1)
Share-based compensation			(3.4)									(2.7)
Restructuring charges, net			(0.2)									0.2
Liabilities management and separation costs (2)			(10.3)									(10.3)
Recovery of bad debt - customer bankruptcy			6.4									—
Operating income (loss)			27.4									(56.6)
Interest expense			(59.4)									(162.6)
Interest income			6.0									4.7
Other expense, net			(3.5)									(1.2)
Reorganization items, net (3)			—									(4.0)
Loss from continuing operations before income taxes			$	(29.5)								$	(219.7)

(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 explored potential sales of non-core assets to enable further deleveraging post-emergence from the 2023 and professional fees and costs incurred in connection with the Company’s evaluation of its financial situation and related discussions with its stakeholders prior to the commencement of the 2023 Chapter 11 Cases. As of the 2023 Petition Date, professional fees directly related to the 2023 Chapter 11 Cases that were previously reflected as liabilities management and separation costs were classified as reorganization items, net.

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

---

			Successor									Predecessor
			Six Months Ended June 28, 2024									Six Months Ended June 30, 2023
Net sales:
Specialty Brands			$	531.8								$	532.1
Specialty Generics			450.3									367.5
Net sales			$	982.1								$	899.6
Operating income (loss):
Specialty Brands			$	45.6								$	94.0
Specialty Generics			100.6									67.9
Segment operating income			146.2									161.9
Unallocated amounts:
Corporate and unallocated expenses (1)			(43.0)									(13.4)
Depreciation and amortization			(67.2)									(286.2)
Share-based compensation			(5.3)									(5.3)
Restructuring charges, net			(10.4)									(1.0)
Liabilities management and separation costs (2)			(17.0)									(15.2)
Recovery of bad debt - customer bankruptcy			6.4									—
Operating income (loss)			9.7									(159.2)
Interest expense			(118.5)									(324.6)
Interest income			12.8									9.4
Other expense, net			0.2									(15.8)
Reorganization items, net (3)			—									(9.6)
Loss from continuing operations before income taxes			$	(95.8)								$	(499.8)

(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 explored potential sales of non-core assets to enable further deleveraging post-emergence from the 2023 and 2020 Bankruptcy Proceedings and professional fees and costs incurred in connection with the Company’s evaluation of its financial situation and related discussions with its stakeholders prior to the commencement of the 2023 Chapter 11 Cases. As of the 2023 Petition Date, professional fees directly related to the 2023 Chapter 11 Cases that were previously reflected as liabilities management and separation costs were classified as reorganization items, net.

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

---

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

			Successor									Predecessor
			Three Months Ended June 28, 2024									Three Months Ended June 30, 2023
Acthar Gel			$	117.7								$	116.8
INOmax			66.4									76.9
Therakos			67.2									62.9
Amitiza			15.3									18.6
Terlivaz			5.3									3.4
Other			2.6									1.5
Specialty Brands			274.5									280.1
Opioids			95.2									72.1
ADHD			41.8									19.0
Addiction treatment			21.0									16.1
Other			3.6									2.4
Generics			161.6									109.6
Controlled substances			26.4									20.9
APAP			47.3									59.8
Other			4.5									4.6
API			78.2									85.3
Specialty Generics			239.8									194.9
Net sales			$	514.3								$	475.0

---

15.			Subsequent Events

Therakos Divestiture

On August 3, 2024, the Company entered into a Purchase and Sale Agreement (the “Agreement”) with Solaris Bidco Limited, Solaris IPCo Limited and Solaris US BidCo, LLC (collectively, the “Purchasers”), affiliates of CVC Capital Partners IX, for the transfer of the assets and liabilities constituting the Company’s Therakos business to Purchasers. Upon the terms and subject to the conditions set forth in the Agreement, Purchasers will acquire the Therakos business from the Company (the “Transaction”) for a base purchase price of $925.0 million.

The base purchase price is subject to customary adjustments; it could be decreased as a result of certain transaction expenses of the purchased entities and items defined as indebtedness in the Agreement, could be increased by certain amounts of cash, and could be increased or decreased based on the Therakos business’s net working capital at closing relative to an agreed working capital target. Such final purchase price will be paid in cash.

One of the Purchasers also made an irrevocable commitment to acquire the shares of the French company operating the Therakos business, Therakos (France) SAS. The definitive agreement with such Purchaser in relation to the shares of Therakos (France) SAS will become effective after satisfaction of local information requirements.

Subject to satisfaction or waiver of the closing conditions, the Company expects the Transaction to be completed in the fourth quarter of 2024. The Agreement provides that the Purchasers are not required to close prior to October 21, 2024, subject to extension in certain circumstances. The Company is required to use net proceeds from the transaction to prepay or redeem the Takeback Term Loans and Takeback Notes. Such mandatory prepayment or redemption will require us to pay a makewhole premium with the prepaid or redeemed debt, the amount of which will be based on the final net proceeds. Refer to Note 13 for additional information on this premium.

The Agreement provides termination rights for the Company and Purchasers under certain circumstances, including, subject to certain conditions, an uncured material breach by the other party or if the Transaction is not consummated by February 3, 2025. If the Agreement is terminated in connection with Purchasers’ breach of the Agreement or failure to consummate the Transaction under certain circumstances, Purchasers will be required to pay a termination fee of approximately $50.9 million in cash (the “Reverse Termination Fee”).

Purchasers have obtained equity financing commitments from CVC Capital Partners IX and debt financing commitments for the purpose of financing the Transaction, and CVC Capital Partners IX has agreed to guarantee Purchasers’ obligation to pay the Reverse Termination Fee, as well as certain other amounts, subject to the terms and conditions set forth in a limited guarantee. The obligations of the equity and debt financing sources under the applicable commitment letters are subject to customary conditions.

In connection with the Transaction, the parties will also enter into a transition services agreement and certain other agreements at the closing.

Amended and Restated Incentive Plans

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

v3.24.2.u1

Document And Entity Information - shares	6 Months Ended
	Jun. 28, 2024	Aug. 02, 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	Jun. 28, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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
Entity Bankruptcy Proceedings, Reporting Current	true
Country Region	353
Entity Filer Category	Non-accelerated Filer

v3.24.2.u1

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Net sales	$ 514.3	$ 475.0	$ 982.1	$ 899.6
Cost of sales	319.3	370.1	623.1	744.9
Gross profit	195.0	104.9	359.0	154.7
Selling, general and administrative expenses	127.9	122.4	264.8	240.4
Research and development expenses	29.2	29.0	57.1	57.3
Restructuring charges, net	0.2	(0.2)	10.4	1.0
Separation Costs	10.3	10.3	17.0	15.2
Operating income (loss)	27.4	(56.6)	9.7	(159.2)
Interest expense	59.4	162.6	118.5	324.6
Interest income	(6.0)	(4.7)	(12.8)	(9.4)
Other expense, net	(3.5)	(1.2)	0.2	(15.8)
Reorganization items, net	0.0	(4.0)	0.0	(9.6)
Loss from continuing operations before income taxes	(29.5)	(219.7)	(95.8)	(499.8)
Income tax expense	13.9	528.1	13.2	497.3
Loss from continuing operations	(43.4)	(747.8)	(109.0)	(997.1)
Income from discontinued operations, net of income taxes	0.1	0.0	$ 0.3	$ 0.0
Net loss	$ (43.3)	$ (747.8)
Basic (loss) income per share (Note 6):
Loss from continuing operations	$ (2.20)	$ (56.74)	$ (5.53)	$ (75.68)
Income from discontinued operations	0.01	0	0.02	0
Net loss	$ (2.20)	$ (56.74)	$ (5.52)	$ (75.68)
Basic weighted-averaged shares outstanding (in shares)	19.7	13,200,000	19,700,000	13,200,000
Diluted (loss) income per share (Note 6):
Loss from continuing operations	$ (2.20)	$ (56.74)	$ (5.53)	$ (75.68)
Income from discontinued operations	0.01	0	0.02	0
Net loss	$ (2.20)	$ (56.74)	$ (5.52)	$ (75.68)
Diluted weighted-average shares outstanding (in shares)		13,200,000	19,700,000	13,200,000
Retained Earnings (Deficit)
Net loss	$ (43.3)	$ (747.8)	$ (108.7)	$ (997.1)

v3.24.2.u1

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Net loss	$ (43.3)	$ (747.8)
Total other comprehensive (loss) income, net of tax	(3.5)
Currency translation adjustments	(3.5)	(3.6)	$ (8.3)	$ (1.8)
Derivatives, net of tax	0.0	10.1	0.0	5.8
Benefit plans, net of tax	0.0	(0.1)	0.0	(0.2)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	(46.8)	(741.4)	(117.0)	(993.3)
Retained Earnings (Deficit)
Net loss	(43.3)	(747.8)	(108.7)	(997.1)
Accumulated Other Comprehensive Loss
Total other comprehensive (loss) income, net of tax	$ (3.5)	$ 6.4	$ (8.3)	$ 3.8

v3.24.2.u1

Condensed Consolidated Balance Sheets $ in Millions	Jun. 28, 2024 USD ($) $ / shares shares	Dec. 29, 2023 USD ($) $ / shares shares
Cash and cash equivalents	$ 291.1	$ 262.7
Accounts receivable, less allowance for doubtful accounts of $5.4 and $6.5	395.3	377.5
Inventories	808.9	982.7
Prepaid expenses and other current assets	156.9	138.9
Total current assets	1,652.2	1,761.8
Property, plant and equipment, net	346.5	321.7
Intangible assets, net	560.3	608.4
Other assets	230.3	240.7
Total Assets	3,574.0	3,733.6
Current maturities of long-term debt	6.5	6.5
Accounts payable	86.0	100.4
Accrued payroll and payroll-related costs	58.9	82.8
Accrued interest	17.1	20.1
Medicaid lawsuit liability	21.3	21.5
Accrued and other current liabilities	292.2	269.9
Total current liabilities	482.0	501.2
Long-term debt	1,739.8	1,755.9
Acthar Gel-Related Settlement, Non-current	117.2	128.5
Pension and postretirement benefits	39.9	40.6
Environmental liabilities	34.6	35.1
Other income tax liabilities	20.4	19.6
Other liabilities	91.6	92.5
Other liabilities	2,525.5	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	$ 784.7	$ 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	$ 1,199.9	$ 1,194.6
Accumulated Other Comprehensive Income (Loss), Net of Tax	(4.7)	3.6
Retained deficit	(146.9)	(38.2)
Total Shareholders' Equity	1,048.5	1,160.2
Total Liabilities and Shareholders' Equity	$ 3,574.0	$ 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
Common Stock, Shares, Outstanding | shares	0	0

v3.24.2.u1

Condensed Consolidated Balance Sheets (Parenthetical) $ in Millions	Jun. 28, 2024 USD ($) $ / shares shares	Jun. 28, 2024 € / shares	Dec. 29, 2023 USD ($) $ / shares shares	Dec. 29, 2023 € / shares
Allowance for doubtful accounts | $	$ 5.4		$ 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
Ordinary shares, shares outstanding (in shares)	0		0

v3.24.2.u1

Condensed Consolidated Statements of Cash Flows $ in Millions	3 Months Ended	6 Months Ended
	Jun. 28, 2024 USD ($)	Jun. 28, 2024 USD ($)	Jun. 30, 2023 USD ($)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents		$ (2.2)	$ (1.1)
Net loss	$ (43.3)
Depreciation and amortization		67.2	286.2
Deferred income taxes		16.3	475.5
(Amortization) accretion expense on debt premium/discount and settlement obligation		(2.1)	138.6
Other Noncash Income (Expense)		(5.8)	(16.8)
Increase (Decrease) in Accounts Receivable		18.6	(14.4)
Increase (Decrease) in Inventories		(161.6)	(75.7)
Accounts payable		(11.5)	(24.5)
Income taxes		(5.9)	159.4
Increase (Decrease) in Other Operating Assets and Liabilities, Net		41.0	12.8
Net Cash Provided by (Used in) Operating Activities		47.0	121.0
Payments to Acquire Property, Plant, and Equipment		50.9	26.3
Payments for (Proceeds from) Other Investing Activities		(0.7)	(0.7)
Net Cash Provided by (Used in) Investing Activities		(27.6)	(25.6)
Repayment of Long-term Debt, Long-term Lease Obligation, and Capital Security		4.4	22.0
Net Cash Provided by (Used in) Financing Activities		(4.6)	(22.1)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect		12.6	72.2
Cash and cash equivalents	291.1	291.1	480.6
Restricted Cash and Investments, Current	23.6	23.6	22.7
Restricted Cash and Investments, Noncurrent	41.3	41.3	35.6
Cash Flows From Operating Activities:
Net loss	(43.3)
Adjustments to reconcile net cash from operating activities:
Depreciation and amortization		67.2	286.2
Deferred income taxes		16.3	475.5
Other non-cash items		5.8	16.8
Changes in assets and liabilities:
Accounts receivable, net		(18.6)	14.4
Inventories		161.6	75.7
Accounts payable		(11.5)	(24.5)
Income taxes		(5.9)	159.4
Other		(41.0)	(12.8)
Net Cash From Operating Activities		47.0	121.0
Cash Flows From Investing Activities:
Capital expenditures		(50.9)	(26.3)
Other		0.7	0.7
Net Cash From Investing Activities		(27.6)	(25.6)
Cash Flows From Financing Activities:
Repayment of debt		(4.4)	(22.0)
Net Cash Provided From Financing Activities		(4.6)	(22.1)
Net change in cash, cash equivalents and restricted cash		12.6	72.2
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	356.0	356.0	538.9
Cash and cash equivalents, end of period	291.1	291.1	480.6
Proceeds from Sale of Restricted Investments		22.6	0.0
Acthar Gel-Related Litigation Settlement liability		(21.4)	(16.5)
Repurchase of shares		0.0	(0.1)
Other		(0.2)
Retained Earnings (Deficit)
Net loss	(43.3)	(108.7)	(997.1)
Cash Flows From Operating Activities:
Net loss	(43.3)	(108.7)	(997.1)
Additional Paid-In Capital
Share-based compensation	3.4	5.3	5.3
Adjustments to reconcile net cash from operating activities:
Share-based compensation	$ 3.4	$ 5.3	$ 5.3

v3.24.2.u1

Condensed Consolidated Statement of Changes in Shareholders' Equity Statement - USD ($) $ in Millions	Total	Restructuring Fiscal 2021 Plan	Restructuring Fiscal 2018 Plan	Transferred at Point in Time [Member]	Transferred over Time [Member]	Ordinary Shares	Additional Paid-In Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Loss	Treasury Stock, Common
Shares, Outstanding						13,200,000				0
Beginning balance at Dec. 30, 2022	$ 1,613.7					$ 0.1	$ 2,191.0	$ (588.2)	$ 10.8	$ 0.0
Net loss	(249.3)							(249.3)
Other Comprehensive Income (Loss), Net of Tax	(2.6)								(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	0.0
Beginning balance at Dec. 30, 2022	1,613.7					0.1	2,191.0	(588.2)	10.8	0.0
Net loss								(997.1)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent									3.8
Ending balance at Jun. 30, 2023	625.4					$ 0.1	2,196.1	(1,585.3)	14.6	$ (0.1)
Share-based compensation							5.3
Revenue				82.00%	18.00%
Total Restructuring And Related Expense	1.7	$ 0.0	$ 1.7
Restructuring and Related Costs, Non-cash Charges, Including Accelerated Depreciation	(0.8)
Restructuring and Related Costs, Total Charges Expected to be Settled in Cash	0.9
Shares, Outstanding						13,200,000				0
Beginning balance at Mar. 31, 2023	1,364.4					$ 0.1	2,193.6	(837.5)	8.2	$ 0.0
Net loss	(747.8)							(747.8)
Other Comprehensive Income (Loss), Net of Tax	$ 6.4								6.4
Stock Issued During Period, Value, Treasury Stock Reissued										$ (0.1)
Share-Based Payment Arrangement, Expense	(100,000)					200,000				100,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent									6.4
Share-based compensation	$ 2.5						2.5
Ending balance at Jun. 30, 2023	625.4					$ 0.1	2,196.1	(1,585.3)	14.6	$ (0.1)
Revenue				83.60%	16.40%
Total Restructuring And Related Expense		0.0	(0.2)
Restructuring and Related Costs, Total Charges Expected to be Settled in Cash	$ (0.2)
Shares, Outstanding						13,400,000				100,000
Shares, Outstanding						19,700,000				0
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	$ 0.0
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 at Mar. 29, 2024	$ 1,091.9					0.2	1,196.5	(103.6)	(1.2)	0.0
Share-based compensation							1.9
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	0.0
Net loss								(108.7)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent									(8.3)
Ending balance, ordinary shares (in shares) at Jun. 28, 2024	19,696,335
Ending balance at Jun. 28, 2024	$ 1,048.5					$ 0.2	1,199.9	(146.9)	(4.7)	$ 0.0
Share-based compensation							5.3
Revenue				85.80%	14.20%
Total Restructuring And Related Expense	10.4	10.4	0.0
Restructuring and Related Costs, Non-cash Charges, Including Accelerated Depreciation	0.0
Restructuring and Related Costs, Total Charges Expected to be Settled in Cash	10.4
Shares, Outstanding						19,700,000				0
Beginning balance at Mar. 29, 2024	1,091.9					$ 0.2	1,196.5	(103.6)	(1.2)	$ 0.0
Net loss	(43.3)							(43.3)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(3.5)								(3.5)
Share-based compensation	$ 3.4
Ending balance, ordinary shares (in shares) at Jun. 28, 2024	19,696,335
Ending balance at Jun. 28, 2024	$ 1,048.5					$ 0.2	1,199.9	$ (146.9)	$ (4.7)	$ 0.0
Share-based compensation							$ 3.4
Revenue				86.90%	13.10%
Total Restructuring And Related Expense		$ 0.2	$ 0.0
Restructuring and Related Costs, Total Charges Expected to be Settled in Cash	$ 0.2
Shares, Outstanding						19,700,000				0

v3.24.2.u1

Background and Basis of Presentation	6 Months Ended
	Jun. 28, 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 June 28, 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 and six months ended June 28, 2024 (Successor) refers to the thirteen and twenty-six week periods ended June 28, 2024 (Successor) and the three and six months ended June 30, 2023 (Predecessor) refers to the thirteen and twenty-six week periods ended June 30, 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 classified within selling, general and administrative (“SG&A”) expenses. Cash paid for these professional fees for the six months ended June 28, 2024 (Successor) was $19.3 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 six months ended June 30, 2023 (Predecessor) was $14.6 million.

v3.24.2.u1

Revenue from Contracts with Customers Revenue from Contracts with Customers (Notes)	6 Months Ended
	Jun. 28, 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 726.0  5.8  21.0  752.8  Payments or credits (748.3) (8.6) (25.4) (782.3) Balance as of June 30, 2023 (Predecessor) $ 243.0  $ 13.2  $ 8.3  $ 264.5  Balance as of December 29, 2023 (Successor) $ 201.6  $ 14.5  $ 11.3  $ 227.4  Provisions 832.7  11.0  25.5  869.2  Payments or credits (811.0) (9.6) (26.2) (846.8) Balance as of June 28, 2024 (Successor) $ 223.3  $ 15.9  $ 10.6  $ 249.8  (1)Includes $35.4 million and $59.0 million of accrued Medicaid and $36.8 million and $35.1 million of accrued rebates as of June 28, 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 June 28, 2024 Three Months Ended June 30, 2023 Product sales transferred at a point in time 86.9  % 83.6  % Product sales transferred over time 13.1  16.4  Successor Predecessor Six Months Ended June 28, 2024 Six Months Ended June 30, 2023 Product sales transferred at a point in time 85.8  % 82.0  % Product sales transferred over time 14.2  18.0  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 June 28, 2024 (Successor): Remainder of Fiscal 2024 $ 38.0  Fiscal 2025 66.9  Fiscal 2026 36.6  Thereafter 11.3

v3.24.2.u1

Income Taxes	6 Months Ended
	Jun. 28, 2024
Income Tax Disclosure [Abstract]
Income Tax Disclosure	5. Income Taxes The Company recognized an income tax expense of $13.9 million and $13.2 million on losses from continuing operations before income taxes of $29.5 million and $95.8 million for the three and six months ended June 28, 2024 (Successor), respectively. This resulted in an effective tax rate of negative 47.1% and negative 13.8%, respectively. 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 for both periods. The Company recognized an income tax expense of $528.1 million and $497.3 million on losses from continuing operations before income taxes of $219.7 million and $499.8 million for the three and six months ended June 30, 2023 (Predecessor), respectively. This resulted in an effective tax rate of negative 240.4% and negative 99.5%, respectively. The effective tax rate is lower than the Irish statutory tax rate of 12.5% primarily due to the impact of valuation allowances recorded on the beginning of the year deferred tax assets as a result of the Company’s substantial doubt about the ability to continue as a going concern and the mix of pretax earnings in various jurisdictions for both periods. During the six months ended June 28, 2024 (Successor), net cash payments for income taxes were $2.7 million related to operational activity. During the six months ended June 30, 2023 (Predecessor), net cash refunds for income taxes were $137.8 million, including refunds of $141.6 million received as a result of provisions in the Coronavirus Aid, Relief, and Economic Security Act and net payments of $3.8 million related to operational activity. On December 20, 2021, the Organization 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 $33.1 million and $33.3 million as of June 28, 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.

v3.24.2.u1

Earnings per Share	6 Months Ended
	Jun. 28, 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. A net loss cannot be diluted, so when the Company is in a net loss position, basic and diluted loss per share are the same. If the Company records net income in the future, the denominator of a diluted earnings per share calculation will include both the weighted average number of shares outstanding and the number of common stock equivalents, if the inclusion of such common stock equivalents would be dilutive. Outstanding equity awards that could potentially dilute per share amounts in the future, but were not included in the computation of diluted per share amounts because to do so would have been antidilutive, were approximately 1.8 million and 1.7 million of Opioid CVRs and equity awards for the three and six months ended June 28, 2024 (Successor) and June 30, 2023 (Predecessor), respectively. 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 June 28, 2024 Three Months Ended June 30, 2023 Basic and diluted 19.7  13.2  Successor Predecessor Six Months Ended June 28, 2024 Six Months Ended June 30, 2023 Basic and diluted 19.7  13.2

v3.24.2.u1

Inventories	6 Months Ended
	Jun. 28, 2024
Inventory, Net [Abstract]
Inventories	7. Inventories Inventories were comprised of the following: Successor June 28, 2024 December 29, 2023 Raw materials $ 94.3  $ 98.0  Work in process 431.7  501.8 Finished goods 282.9  382.9 $ 808.9  $ 982.7

v3.24.2.u1

Property, Plant and Equipment	6 Months Ended
	Jun. 28, 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 June 28, 2024 December 29, 2023 Property, plant and equipment, gross $ 374.8  $ 331.3  Less: accumulated depreciation (28.3) (9.6) Property, plant and equipment, net $ 346.5  $ 321.7  Depreciation expense was as follows: Successor Predecessor Three Months Ended June 28, 2024 Three Months Ended June 30, 2023 Depreciation expense $ 8.7  $ 11.8  Successor Predecessor Six Months Ended June 28, 2024 Six Months Ended June 30, 2023 Depreciation expense $ 19.0  $ 23.7

v3.24.2.u1

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 June 28, 2024 December 29, 2023 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Completed technology $ 624.6  $ 64.3  $ 624.6  $ 16.2  Intangible asset amortization expense was as follows: Successor Predecessor Three Months Ended June 28, 2024 Three Months Ended June 30, 2023 Amortization expense $ 23.3  $ 129.3  Successor Predecessor Six Months Ended June 28, 2024 Six Months Ended June 30, 2023 Amortization expense $ 48.1  $ 262.5  The estimated aggregate amortization expense on intangible assets owned by the Company is expected to be as follows: Successor Remainder of Fiscal 2024 $ 42.3 Fiscal 2025 74.8 Fiscal 2026 68.4 Fiscal 2027 62.0 Fiscal 2028 55.6 Fiscal 2029 46.3

v3.24.2.u1

Debt	6 Months Ended
	Jun. 28, 2024
Debt Disclosure [Abstract]
Debt Disclosure	10. Debt Debt was comprised of the following at the end of each period: Successor June 28, 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 $ 226.0  239.0  $ —  $ 227.1  $ 241.7  $ —  Second-Out Takeback Term Loan due November 2028 632.4  672.8  —  635.6  680.7  —  14.75% Second-Out Takeback Notes due November 2028 778.6  830.5  — 778.6 836.4  — Receivables financing facility due December 2027 —  — 2.5 — —  2.9 Total long-term debt 1,637.0  1,742.3  2.5  1,641.3  1,758.8  2.9  Total debt $ 1,643.5  $ 1,748.8  $ 2.5  $ 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 June 28, 2024 (Successor), the applicable interest rate and outstanding principal on the Company's debt instruments were as follows: Applicable Interest Rate Fixed-rate instruments 14.75  % First-Out Takeback Term Loans (1) 11.34  Second-Out Takeback Term Loans (1) 13.34

v3.24.2.u1

Guarantees	6 Months Ended
	Jun. 28, 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 June 28, 2024 (Successor) and December 29, 2023 (Successor), $20.8 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 June 28, 2024 (Successor), the Company does not expect to make future payments related to these indemnification obligations. As of June 28, 2024 (Successor), the Company had various other letters of credit, guarantees and surety bonds totaling $31.9 million and restricted cash of $44.1 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.

v3.24.2.u1

Commitments and Contingencies	6 Months Ended
	Jun. 28, 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. Specialty Generics Grand Jury Subpoenas U.S. Attorney's Office Subpoena W.D. Va. In August 2023, the Company received a grand jury subpoena from the U.S. Attorney's Office for the Western District of Virginia (“WDVA USAO”). Subsequently, the Company received additional grand jury subpoenas from the WDVA USAO, most recently, in June 2024. The subpoenas seek production of certain data and information for the time period from July 17, 2017 to the present, including information and data relating to the Company’s Specialty Generics controlled substances compliance program, the Company's reporting of suspicious orders for controlled substances, chargebacks and other transactions, financial accounts related to these issues, financial transactions involving prescription drug products, and communications between the Company and the U.S. Drug Enforcement Administration. U.S. Attorney's Office Subpoena E.D.PA. In May 2024, the Company received a grand jury subpoena from the U.S. Attorney's Office for the Eastern District of Pennsylvania seeking production of data and information with respect to a customer for the time period from January 1, 2020 to May 2024, including information and data relating to potentially suspicious orders for controlled substances. The Company suspended sales to this customer in October 2023 prior to receipt of the subpoena. The Company is in the process of responding to the subpoenas from both U.S. Attorney Offices and is cooperating in the investigations. The Company cannot predict the eventual scope, duration or outcome of the investigations 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. 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 May 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 two additional patents (JP Patent No. 4332316, JP Patent Appln. No. 2024-800068 and JP Patent No. 4684334, JP Patent Appln. No. 2024-800069). 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 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. In June 2024, the parties reached an agreement in principle to resolve all claims in this matter, which will be funded by the Company’s insurance carriers and is not material to the Company’s financial condition, results of operations and cash flows. 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 June 28, 2024 (Successor), it was probable that it would incur remediation costs in the range of $16.7 million to $51.1 million. The Company also concluded that, as of June 28, 2024 (Successor), the best estimate within this range was $35.2 million, of which $0.6 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 June 28, 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 June 28, 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 June 28, 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. In May 2024, the parties reached a settlement fully resolving the matter; the settlement amount and its terms are not material to the Company’s financial condition, results of operations and cash flows. 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.

v3.24.2.u1

Financial Instruments and Fair Value Measurements	6 Months Ended
	Jun. 28, 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: June 28, 2024 (Successor) Level 1 Level 2 Level 3 Assets: Debt and equity securities held in rabbi trusts $ 23.1  $ 15.5  $ 7.6  $ —  Equity securities 32.1  32.1  —  —  Interest rate cap 14.2  —  14.2  —  $ 69.4  $ 47.6  $ 21.8  $ —  Liabilities: Debt derivative liability $ 20.4  $ —  $ —  $ 20.4  Deferred compensation liabilities 20.1  —  20.1  —  Contingent consideration liabilities 16.8  —  —  16.8  $ 57.3  $ —  $ 20.1  $ 37.2  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. During the six months ended June 28, 2024 (Successor), proceeds from debt and equity securities held in rabbi trusts were $22.6 million. 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 and six months ended June 28, 2024 (Successor) included $4.3 million unrealized losses and $2.7 million of unrealized gains, respectively, on equity securities related to our investments in Silence Therapeutics plc and Panbela Therapeutics, Inc, while the three and six months ended June 30, 2023 (Predecessor) included $1.2 million and $16.3 million of unrealized losses, respectively. These amounts were recorded within other expense, net in the unaudited condensed consolidated statements 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 expense, net in the unaudited condensed consolidated statements 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 June 28, 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 and six months ended June 28, 2024 (Successor), the Company recognized a $0.8 million unrealized loss and a $1.3 million unrealized gain, respectively, in other expense, net in the unaudited condensed consolidated statements 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 2.03% and 3.03% 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 $20.4 million and $15.1 million as of June 28, 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 June 28, 2024 (Successor) and December 29, 2023 (Successor). The $0.6 million decrease and $5.3 million increase in debt derivative liability during the three and six months ended June 28, 2024 (Successor), respectively, were recognized in other expense, net, within the unaudited condensed consolidated statements of operations. Significant assumptions utilized in the determination of the fair value as of June 28, 2024 (Successor) are as follows: Debt derivatives related to first and second-out takeback term loans: Input Scenario 1 Scenario 2 Scenario 3 Remaining term (years) 4.4 4.4 4.4 Maturity Date November 14, 2028 November 14, 2028 November 14, 2028 Coupon Rate 7.50% - 9.50% + SOFR 7.50% - 9.50% + SOFR 7.50% - 9.50% + SOFR Probability of mandatory prepayment event before November 2025 (1) 70.0% 10.0% 7.0% Estimated timing of mandatory prepayment event before November 2025 (1) December 2024 March 2025 December 2024 and March 2025 (1) Represents a significant unobservable input Debt derivatives related to takeback notes: Input Scenario 1 Scenario 2 Scenario 3 Remaining term (years) 4.4 4.4 4.4 Maturity Date November 14, 2028 November 14, 2028 November 14, 2028 Coupon Rate 14.75% 14.75% 14.75% Probability of mandatory prepayment event before November 2025 (1) 70.0% 10.0% 7.0% Estimated timing of mandatory prepayment event before November 2025 (1) December 2024 March 2025 December 2024 and March 2025 (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 June 28, 2024 (Successor) and December 29, 2023 (Successor) to be $16.8 million and $14.7 million, respectively. All contingent consideration liabilities were classified within other liabilities in the unaudited condensed consolidated balance sheets as of June 28, 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 June 28, 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 $64.9 million and $80.7 million as of June 28, 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 June 28, 2024 (Successor), the professional fee escrow balance was zero. •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 $44.5 million and $45.3 million as of June 28, 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 June 28, 2024 December 29, 2023 Carrying Value Fair Value Carrying Value Fair Value Level 1: 14.75% Second-Out Takeback Notes due November 2028 $ 830.5  $ 848.7  $ 836.4  $ 844.4  Level 2: First-Out Takeback Term Loan Due November 2028 240.7  253.6  243.4  232.8  Second-Out Takeback Term Loan Due November 2028 677.6  692.5  685.5  654.0  Total Debt $ 1,748.8  $ 1,794.8  $ 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 June 28, 2024 Three Months Ended June 30, 2023 FFF Enterprises, Inc. 21.6  % 23.8  % Cencora, Inc. (formerly known as AmerisourceBergen Corp.) 16.8  * Successor Predecessor Six Months Ended June 28, 2024 Six Months Ended June 30, 2023 FFF Enterprises, Inc. 20.9  % 21.4  % Cencora, Inc. 16.0  * * Net sales to this distributor were 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 June 28, 2024 December 29, 2023 Cencora, Inc. 35.1  % 24.2  % McKesson Corporation 19.5  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 June 28, 2024 Three Months Ended June 30, 2023 Acthar Gel 22.9  % 24.6  % INOmax 12.9  16.2  Therakos 13.1  13.2  APAP * 12.6  Successor Predecessor Six Months Ended June 28, 2024 Six Months Ended June 30, 2023 Acthar Gel 22.5  % 22.1  % INOmax 13.9  17.7  Therakos 12.8  13.5  APAP 10.1  11.8  * Net sales attributable to this product were less than 10.0% of the Company's total net sales for the respective periods presented above.

v3.24.2.u1

Segment Data	6 Months Ended
	Jun. 28, 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 June 28, 2024 Three Months Ended June 30, 2023 Net sales: Specialty Brands $ 274.5  $ 280.1  Specialty Generics 239.8  194.9  Net sales $ 514.3  $ 475.0  Operating income (loss): Specialty Brands $ 15.7  $ 61.6  Specialty Generics 62.4  35.1  Segment operating income 78.1  96.7  Unallocated amounts: Corporate and unallocated expenses (1) (11.1) 0.6  Depreciation and amortization (32.1) (141.1) Share-based compensation (3.4) (2.7) Restructuring charges, net (0.2) 0.2  Liabilities management and separation costs (2) (10.3) (10.3) Recovery of bad debt - customer bankruptcy 6.4  —  Operating income (loss) 27.4  (56.6) Interest expense (59.4) (162.6) Interest income 6.0  4.7  Other expense, net (3.5) (1.2) Reorganization items, net (3) —  (4.0) Loss from continuing operations before income taxes $ (29.5) $ (219.7) (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 explored potential sales of non-core assets to enable further deleveraging post-emergence from the 2023 and professional fees and costs incurred in connection with the Company’s evaluation of its financial situation and related discussions with its stakeholders prior to the commencement of the 2023 Chapter 11 Cases. As of the 2023 Petition Date, professional fees directly related to the 2023 Chapter 11 Cases that were previously reflected as liabilities management and separation costs were classified as reorganization items, net. (3)As of December 30, 2023, professional fees directly related to the 2023 Bankruptcy Proceedings that were previously reflected as reorganization items, net, are classified within SG&A expenses. Successor Predecessor Six Months Ended June 28, 2024 Six Months Ended June 30, 2023 Net sales: Specialty Brands $ 531.8  $ 532.1  Specialty Generics 450.3  367.5  Net sales $ 982.1  $ 899.6  Operating income (loss): Specialty Brands $ 45.6  $ 94.0  Specialty Generics 100.6  67.9  Segment operating income 146.2  161.9  Unallocated amounts: Corporate and unallocated expenses (1) (43.0) (13.4) Depreciation and amortization (67.2) (286.2) Share-based compensation (5.3) (5.3) Restructuring charges, net (10.4) (1.0) Liabilities management and separation costs (2) (17.0) (15.2) Recovery of bad debt - customer bankruptcy 6.4  —  Operating income (loss) 9.7  (159.2) Interest expense (118.5) (324.6) Interest income 12.8  9.4  Other expense, net 0.2  (15.8) Reorganization items, net (3) —  (9.6) Loss from continuing operations before income taxes $ (95.8) $ (499.8) (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 explored potential sales of non-core assets to enable further deleveraging post-emergence from the 2023 and 2020 Bankruptcy Proceedings and professional fees and costs incurred in connection with the Company’s evaluation of its financial situation and related discussions with its stakeholders prior to the commencement of the 2023 Chapter 11 Cases. As of the 2023 Petition Date, professional fees directly related to the 2023 Chapter 11 Cases that were previously reflected as liabilities management and separation costs were classified as reorganization items, net. (3)As of December 30, 2023, professional fees directly related to the 2023 Bankruptcy Proceedings that were previously reflected as reorganization items, net, are classified within SG&A expenses. Net sales by product family within the Company's reportable segments were as follows: Successor Predecessor Three Months Ended June 28, 2024 Three Months Ended June 30, 2023 Acthar Gel $ 117.7  $ 116.8  INOmax 66.4  76.9  Therakos 67.2  62.9  Amitiza 15.3  18.6  Terlivaz 5.3  3.4  Other 2.6  1.5  Specialty Brands 274.5  280.1  Opioids 95.2  72.1  ADHD 41.8  19.0  Addiction treatment 21.0  16.1  Other 3.6  2.4  Generics 161.6  109.6  Controlled substances 26.4  20.9  APAP 47.3  59.8  Other 4.5  4.6  API 78.2  85.3  Specialty Generics 239.8  194.9  Net sales $ 514.3  $ 475.0

v3.24.2.u1

Accounting Policies	3 Months Ended
	Jun. 28, 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 currently expects that the guidance will result in incremental footnote disclosures within its 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.

v3.24.2.u1

Subsequent Events	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events Therakos Divestiture	15. Subsequent Events Therakos Divestiture On August 3, 2024, the Company entered into a Purchase and Sale Agreement (the “Agreement”) with Solaris Bidco Limited, Solaris IPCo Limited and Solaris US BidCo, LLC (collectively, the “Purchasers”), affiliates of CVC Capital Partners IX, for the transfer of the assets and liabilities constituting the Company’s Therakos business to Purchasers. Upon the terms and subject to the conditions set forth in the Agreement, Purchasers will acquire the Therakos business from the Company (the “Transaction”) for a base purchase price of $925.0 million. The base purchase price is subject to customary adjustments; it could be decreased as a result of certain transaction expenses of the purchased entities and items defined as indebtedness in the Agreement, could be increased by certain amounts of cash, and could be increased or decreased based on the Therakos business’s net working capital at closing relative to an agreed working capital target. Such final purchase price will be paid in cash. One of the Purchasers also made an irrevocable commitment to acquire the shares of the French company operating the Therakos business, Therakos (France) SAS. The definitive agreement with such Purchaser in relation to the shares of Therakos (France) SAS will become effective after satisfaction of local information requirements. Subject to satisfaction or waiver of the closing conditions, the Company expects the Transaction to be completed in the fourth quarter of 2024. The Agreement provides that the Purchasers are not required to close prior to October 21, 2024, subject to extension in certain circumstances. The Company is required to use net proceeds from the transaction to prepay or redeem the Takeback Term Loans and Takeback Notes. Such mandatory prepayment or redemption will require us to pay a makewhole premium with the prepaid or redeemed debt, the amount of which will be based on the final net proceeds. Refer to Note 13 for additional information on this premium. The Agreement provides termination rights for the Company and Purchasers under certain circumstances, including, subject to certain conditions, an uncured material breach by the other party or if the Transaction is not consummated by February 3, 2025. If the Agreement is terminated in connection with Purchasers’ breach of the Agreement or failure to consummate the Transaction under certain circumstances, Purchasers will be required to pay a termination fee of approximately $50.9 million in cash (the “Reverse Termination Fee”). Purchasers have obtained equity financing commitments from CVC Capital Partners IX and debt financing commitments for the purpose of financing the Transaction, and CVC Capital Partners IX has agreed to guarantee Purchasers’ obligation to pay the Reverse Termination Fee, as well as certain other amounts, subject to the terms and conditions set forth in a limited guarantee. The obligations of the equity and debt financing sources under the applicable commitment letters are subject to customary conditions. In connection with the Transaction, the parties will also enter into a transition services agreement and certain other agreements at the closing. Amended and Restated Incentive Plans In August 2024, the Company’s Board of Directors approved amended and restated award agreements under its 2024 Stock and Incentive Plan for the restricted unit awards and performance unit awards previously granted to for the Company’s non-employee directors and executive officers and amended and restated the Company’s Transaction Incentive Plan. As these amendments were approved during August 2024, the Company is still finalizing the impact on its unaudited condensed consolidated financial statements. The Company will record the impact of these amendments in the three months ended September 27, 2024 (Successor).

v3.24.2.u1

Organization, Consolidation and Presentation of Financial Statements (Policies)	6 Months Ended
	Jun. 28, 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 and six months ended June 28, 2024 (Successor) refers to the thirteen and twenty-six week periods ended June 28, 2024 (Successor) and the three and six months ended June 30, 2023 (Predecessor) refers to the thirteen and twenty-six week periods ended June 30, 2023 (Predecessor).

v3.24.2.u1

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 28, 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 726.0  5.8  21.0  752.8  Payments or credits (748.3) (8.6) (25.4) (782.3) Balance as of June 30, 2023 (Predecessor) $ 243.0  $ 13.2  $ 8.3  $ 264.5  Balance as of December 29, 2023 (Successor) $ 201.6  $ 14.5  $ 11.3  $ 227.4  Provisions 832.7  11.0  25.5  869.2  Payments or credits (811.0) (9.6) (26.2) (846.8) Balance as of June 28, 2024 (Successor) $ 223.3  $ 15.9  $ 10.6  $ 249.8  (1)Includes $35.4 million and $59.0 million of accrued Medicaid and $36.8 million and $35.1 million of accrued rebates as of June 28, 2024 (Successor) and December 29, 2023 (Successor), respectively, included within accrued and other current liabilities in the unaudited condensed consolidated balance sheets.
Disaggregation of Revenue	Product sales transferred to customers at a point in time and over time were as follows: Successor Predecessor Three Months Ended June 28, 2024 Three Months Ended June 30, 2023 Product sales transferred at a point in time 86.9  % 83.6  % Product sales transferred over time 13.1  16.4  Successor Predecessor Six Months Ended June 28, 2024 Six Months Ended June 30, 2023 Product sales transferred at a point in time 85.8  % 82.0  % Product sales transferred over time 14.2  18.0
Contract with Customer, Timing of Satisfaction of Performance Obligation and Payment	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 June 28, 2024 (Successor): Remainder of Fiscal 2024 $ 38.0  Fiscal 2025 66.9  Fiscal 2026 36.6  Thereafter 11.3

v3.24.2.u1

Restructuring and Related Charges (Tables)	3 Months Ended	6 Months Ended
	Jun. 28, 2024	Jun. 28, 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 June 28, 2024 Three Months Ended June 30, 2023 Specialty Brands $ 0.2  $ —  Corporate —  (0.2) Restructuring charges, net $ 0.2  $ (0.2) Successor Predecessor Six Months Ended June 28, 2024 Six Months Ended June 30, 2023 Specialty Brands $ 10.4  $ —  Corporate —  1.7  Restructuring and related charges, net 10.4  1.7  Less: accelerated depreciation —  (0.7) Restructuring charges, net $ 10.4  $ 1.0
Schedule of Net Restructuring and Related Charges	Net restructuring and related charges by program were comprised of the following: Successor Predecessor Three Months Ended June 28, 2024 Three Months Ended June 30, 2023 2021 Program $ 0.2  $ —  2018 Program —  (0.2) Total charges expected to be settled in cash $ 0.2  $ (0.2)	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, which are shown in the tables below. Additionally, during the first quarter of 2024, 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 June 28, 2024 (Successor). These actions began in the first quarter of 2024 and are expected to be completed in the first quarter of 2025. As of June 28, 2024, the Company currently expects to incur an immaterial amount 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 June 28, 2024 Three Months Ended June 30, 2023 Specialty Brands $ 0.2  $ —  Corporate —  (0.2) Restructuring charges, net $ 0.2  $ (0.2) Successor Predecessor Six Months Ended June 28, 2024 Six Months Ended June 30, 2023 Specialty Brands $ 10.4  $ —  Corporate —  1.7  Restructuring and related charges, net 10.4  1.7  Less: accelerated depreciation —  (0.7) Restructuring charges, net $ 10.4  $ 1.0  Net restructuring and related charges by program were comprised of the following: Successor Predecessor Three Months Ended June 28, 2024 Three Months Ended June 30, 2023 2021 Program $ 0.2  $ —  2018 Program —  (0.2) Total charges expected to be settled in cash $ 0.2  $ (0.2) Successor Predecessor Six Months Ended June 28, 2024 Six Months Ended June 30, 2023 2021 Program $ 10.4  $ —  2018 Program —  1.7  Less: non-cash charges, including accelerated depreciation —  (0.8) Total charges expected to be settled in cash $ 10.4  $ 0.9  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  5.8  10.4  Cash payments (3.1) (4.0) (7.1) Balance as of June 28, 2024 (Successor) $ 1.5  $ 1.8  $ 3.3  Cumulative net restructuring and related charges incurred for the 2021 and 2018 Programs were as follows as of June 28, 2024 (Successor): 2021 Program 2018 Program Specialty Brands $ 10.4  $ 3.1  Specialty Generics —  19.3  Corporate —  96.9  $ 10.4  $ 119.3
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  5.8  10.4  Cash payments (3.1) (4.0) (7.1) Balance as of June 28, 2024 (Successor) $ 1.5  $ 1.8  $ 3.3
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 June 28, 2024 (Successor): 2021 Program 2018 Program Specialty Brands $ 10.4  $ 3.1  Specialty Generics —  19.3  Corporate —  96.9  $ 10.4  $ 119.3

v3.24.2.u1

Earnings per Share (Tables)	6 Months Ended
	Jun. 28, 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 June 28, 2024 Three Months Ended June 30, 2023 Basic and diluted 19.7  13.2  Successor Predecessor Six Months Ended June 28, 2024 Six Months Ended June 30, 2023 Basic and diluted 19.7  13.2

v3.24.2.u1

Inventories (Tables)	6 Months Ended
	Jun. 28, 2024
Inventory, Net [Abstract]
Schedule of Inventories	Inventories were comprised of the following: Successor June 28, 2024 December 29, 2023 Raw materials $ 94.3  $ 98.0  Work in process 431.7  501.8 Finished goods 282.9  382.9 $ 808.9  $ 982.7

v3.24.2.u1

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 28, 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 June 28, 2024 December 29, 2023 Property, plant and equipment, gross $ 374.8  $ 331.3  Less: accumulated depreciation (28.3) (9.6) Property, plant and equipment, net $ 346.5  $ 321.7
Depreciation of Fixed Assets	Depreciation expense was as follows: Successor Predecessor Three Months Ended June 28, 2024 Three Months Ended June 30, 2023 Depreciation expense $ 8.7  $ 11.8  Successor Predecessor Six Months Ended June 28, 2024 Six Months Ended June 30, 2023 Depreciation expense $ 19.0  $ 23.7

v3.24.2.u1

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 28, 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 June 28, 2024 December 29, 2023 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Completed technology $ 624.6  $ 64.3  $ 624.6  $ 16.2
Intangible Asset Amortization Expense	Intangible asset amortization expense was as follows: Successor Predecessor Three Months Ended June 28, 2024 Three Months Ended June 30, 2023 Amortization expense $ 23.3  $ 129.3  Successor Predecessor Six Months Ended June 28, 2024 Six Months Ended June 30, 2023 Amortization expense $ 48.1  $ 262.5
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 $ 42.3 Fiscal 2025 74.8 Fiscal 2026 68.4 Fiscal 2027 62.0 Fiscal 2028 55.6 Fiscal 2029 46.3

v3.24.2.u1

Debt (Tables)	6 Months Ended
	Jun. 28, 2024
Debt Disclosure [Abstract]
Schedule of Applicable Interest Rate on Variable-rate Debt	As of June 28, 2024 (Successor), the applicable interest rate and outstanding principal on the Company's debt instruments were as follows: Applicable Interest Rate Fixed-rate instruments 14.75  % First-Out Takeback Term Loans (1) 11.34  Second-Out Takeback Term Loans (1) 13.34  (1)Includes the impact of the interest rate cap agreement, which is discussed further in Note 13.

v3.24.2.u1

Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 28, 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: June 28, 2024 (Successor) Level 1 Level 2 Level 3 Assets: Debt and equity securities held in rabbi trusts $ 23.1  $ 15.5  $ 7.6  $ —  Equity securities 32.1  32.1  —  —  Interest rate cap 14.2  —  14.2  —  $ 69.4  $ 47.6  $ 21.8  $ —  Liabilities: Debt derivative liability $ 20.4  $ —  $ —  $ 20.4  Deferred compensation liabilities 20.1  —  20.1  —  Contingent consideration liabilities 16.8  —  —  16.8  $ 57.3  $ —  $ 20.1  $ 37.2  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 June 28, 2024 December 29, 2023 Carrying Value Fair Value Carrying Value Fair Value Level 1: 14.75% Second-Out Takeback Notes due November 2028 $ 830.5  $ 848.7  $ 836.4  $ 844.4  Level 2: First-Out Takeback Term Loan Due November 2028 240.7  253.6  243.4  232.8  Second-Out Takeback Term Loan Due November 2028 677.6  692.5  685.5  654.0  Total Debt $ 1,748.8  $ 1,794.8  $ 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 June 28, 2024 Three Months Ended June 30, 2023 FFF Enterprises, Inc. 21.6  % 23.8  % Cencora, Inc. (formerly known as AmerisourceBergen Corp.) 16.8  * Successor Predecessor Six Months Ended June 28, 2024 Six Months Ended June 30, 2023 FFF Enterprises, Inc. 20.9  % 21.4  % Cencora, Inc. 16.0  * * Net sales to this distributor were 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 June 28, 2024 December 29, 2023 Cencora, Inc. 35.1  % 24.2  % McKesson Corporation 19.5  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 June 28, 2024 Three Months Ended June 30, 2023 Acthar Gel 22.9  % 24.6  % INOmax 12.9  16.2  Therakos 13.1  13.2  APAP * 12.6  Successor Predecessor Six Months Ended June 28, 2024 Six Months Ended June 30, 2023 Acthar Gel 22.5  % 22.1  % INOmax 13.9  17.7  Therakos 12.8  13.5  APAP 10.1  11.8  * Net sales attributable to this product were less than 10.0% of the Company's total net sales for the respective periods presented above.
Schedule of Derivative Liabilities at Fair Value	Significant assumptions utilized in the determination of the fair value as of June 28, 2024 (Successor) are as follows: Debt derivatives related to first and second-out takeback term loans: Input Scenario 1 Scenario 2 Scenario 3 Remaining term (years) 4.4 4.4 4.4 Maturity Date November 14, 2028 November 14, 2028 November 14, 2028 Coupon Rate 7.50% - 9.50% + SOFR 7.50% - 9.50% + SOFR 7.50% - 9.50% + SOFR Probability of mandatory prepayment event before November 2025 (1) 70.0% 10.0% 7.0% Estimated timing of mandatory prepayment event before November 2025 (1) December 2024 March 2025 December 2024 and March 2025 (1) Represents a significant unobservable input Debt derivatives related to takeback notes: Input Scenario 1 Scenario 2 Scenario 3 Remaining term (years) 4.4 4.4 4.4 Maturity Date November 14, 2028 November 14, 2028 November 14, 2028 Coupon Rate 14.75% 14.75% 14.75% Probability of mandatory prepayment event before November 2025 (1) 70.0% 10.0% 7.0% Estimated timing of mandatory prepayment event before November 2025 (1) December 2024 March 2025 December 2024 and March 2025 (1) Represents a significant unobservable input

v3.24.2.u1

Segment Data (Tables)	6 Months Ended
	Jun. 28, 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 June 28, 2024 Three Months Ended June 30, 2023 Net sales: Specialty Brands $ 274.5  $ 280.1  Specialty Generics 239.8  194.9  Net sales $ 514.3  $ 475.0  Operating income (loss): Specialty Brands $ 15.7  $ 61.6  Specialty Generics 62.4  35.1  Segment operating income 78.1  96.7  Unallocated amounts: Corporate and unallocated expenses (1) (11.1) 0.6  Depreciation and amortization (32.1) (141.1) Share-based compensation (3.4) (2.7) Restructuring charges, net (0.2) 0.2  Liabilities management and separation costs (2) (10.3) (10.3) Recovery of bad debt - customer bankruptcy 6.4  —  Operating income (loss) 27.4  (56.6) Interest expense (59.4) (162.6) Interest income 6.0  4.7  Other expense, net (3.5) (1.2) Reorganization items, net (3) —  (4.0) Loss from continuing operations before income taxes $ (29.5) $ (219.7) (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 explored potential sales of non-core assets to enable further deleveraging post-emergence from the 2023 and professional fees and costs incurred in connection with the Company’s evaluation of its financial situation and related discussions with its stakeholders prior to the commencement of the 2023 Chapter 11 Cases. As of the 2023 Petition Date, professional fees directly related to the 2023 Chapter 11 Cases that were previously reflected as liabilities management and separation costs were classified as reorganization items, net. (3)As of December 30, 2023, professional fees directly related to the 2023 Bankruptcy Proceedings that were previously reflected as reorganization items, net, are classified within SG&A expenses. Successor Predecessor Six Months Ended June 28, 2024 Six Months Ended June 30, 2023 Net sales: Specialty Brands $ 531.8  $ 532.1  Specialty Generics 450.3  367.5  Net sales $ 982.1  $ 899.6  Operating income (loss): Specialty Brands $ 45.6  $ 94.0  Specialty Generics 100.6  67.9  Segment operating income 146.2  161.9  Unallocated amounts: Corporate and unallocated expenses (1) (43.0) (13.4) Depreciation and amortization (67.2) (286.2) Share-based compensation (5.3) (5.3) Restructuring charges, net (10.4) (1.0) Liabilities management and separation costs (2) (17.0) (15.2) Recovery of bad debt - customer bankruptcy 6.4  —  Operating income (loss) 9.7  (159.2) Interest expense (118.5) (324.6) Interest income 12.8  9.4  Other expense, net 0.2  (15.8) Reorganization items, net (3) —  (9.6) Loss from continuing operations before income taxes $ (95.8) $ (499.8) (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 explored potential sales of non-core assets to enable further deleveraging post-emergence from the 2023 and 2020 Bankruptcy Proceedings and professional fees and costs incurred in connection with the Company’s evaluation of its financial situation and related discussions with its stakeholders prior to the commencement of the 2023 Chapter 11 Cases. As of the 2023 Petition Date, professional fees directly related to the 2023 Chapter 11 Cases that were previously reflected as liabilities management and separation costs were classified as reorganization items, net. (3)As of December 30, 2023, professional fees directly related to the 2023 Bankruptcy Proceedings that were previously reflected as reorganization items, net, are classified within SG&A expenses.
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 June 28, 2024 Three Months Ended June 30, 2023 Acthar Gel $ 117.7  $ 116.8  INOmax 66.4  76.9  Therakos 67.2  62.9  Amitiza 15.3  18.6  Terlivaz 5.3  3.4  Other 2.6  1.5  Specialty Brands 274.5  280.1  Opioids 95.2  72.1  ADHD 41.8  19.0  Addiction treatment 21.0  16.1  Other 3.6  2.4  Generics 161.6  109.6  Controlled substances 26.4  20.9  APAP 47.3  59.8  Other 4.5  4.6  API 78.2  85.3  Specialty Generics 239.8  194.9  Net sales $ 514.3  $ 475.0

v3.24.2.u1

Background and Basis of Presentation Background and Basis of Presentation (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 28, 2024 reportable_segment	Jun. 28, 2024 USD ($) reportable_segment	Jun. 30, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash Paid, Reorganization items | $		$ 19.3	$ 14.6
Number of Reportable Segments | reportable_segment	2	2

v3.24.2.u1

Revenue from Contracts with Customers Future Performance Obligations (Details) $ in Millions	Jun. 28, 2024 USD ($)
Remainder of Fiscal 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 38.0
Fiscal 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	66.9
Fiscal 2026
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	36.6
Thereafter
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 11.3

v3.24.2.u1

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 29, 2023	Dec. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue Reserves		$ 249.8	$ 264.5	$ 249.8	$ 264.5	$ 227.4	$ 294.0
Revenue Reserve Provision				869.2	752.8
Revenue Reserve Payments or Credits				(846.8)	(782.3)
Net sales		514.3	$ 475.0	982.1	$ 899.6
Accrued Medicaid		35.4		35.4		59.0
Accrued rebates		$ 36.8		$ 36.8		35.1
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue		86.90%	83.60%	85.80%	82.00%
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue		13.10%	16.40%	14.20%	18.00%
Rebates and Chargebacks [Member]
Disaggregation of Revenue [Line Items]
Revenue Reserves	[1]	$ 223.3	$ 243.0	$ 223.3	$ 243.0	201.6	265.3
Revenue Reserve Provision	[1]			832.7	726.0
Revenue Reserve Payments or Credits	[1]			(811.0)	(748.3)
Allowance for Sales Returns [Member]
Disaggregation of Revenue [Line Items]
Revenue Reserves		15.9	13.2	15.9	13.2	14.5	16.0
Revenue Reserve Provision				11.0	5.8
Revenue Reserve Payments or Credits				(9.6)	(8.6)
Other Sales Deductions [Member]
Disaggregation of Revenue [Line Items]
Revenue Reserves		$ 10.6	$ 8.3	10.6	8.3	$ 11.3	$ 12.7
Revenue Reserve Provision				25.5	21.0
Revenue Reserve Payments or Credits				$ (26.2)	$ (25.4)
[1] Includes $35.4 million and $59.0 million of accrued Medicaid and $36.8 million and $35.1 million of accrued rebates as of June 28, 2024 (Successor) and December 29, 2023 (Successor), respectively, included within accrued and other current liabilities in the unaudited condensed consolidated balance sheets.

v3.24.2.u1

Restructuring and Related Charges (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 28, 2024	Mar. 29, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 01, 2021	Feb. 01, 2018
Restructuring Cost and Reserve
Restructuring charges, net	$ 0.2		$ (0.2)	$ 10.4	$ 1.0
Total Restructuring And Related Expense				10.4	1.7
StrataGraft
Restructuring Cost and Reserve
Other Nonrecurring Gain	2.5
Gain (Loss) on Termination of Lease		$ 5.1
Lease Termination Penalty		$ 2.6
Specialty Brands
Restructuring Cost and Reserve
Total Restructuring And Related Expense	0.2		0.0	10.4	0.0
Restructuring Fiscal 2018 Plan
Restructuring Cost and Reserve
Total Restructuring And Related Expense	0.0		(0.2)	0.0	1.7
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	$ 0.2		$ 0.0	$ 10.4	$ 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

v3.24.2.u1

Restructuring and Related Charges (Schedule of Restructuring and Related Charges by Segment) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Restructuring Cost and Reserve
Total Restructuring And Related Expense			$ 10.4	$ 1.7
Restructuring and Related Cost, Accelerated Depreciation	$ 0.2	$ 0.2	0.0	0.7
Restructuring charges, net	0.2	(0.2)	10.4	1.0
Specialty Brands
Restructuring Cost and Reserve
Total Restructuring And Related Expense	0.2	0.0	10.4	0.0
Corporate
Restructuring Cost and Reserve
Total Restructuring And Related Expense	$ 0.0	$ (0.2)	$ 0.0	$ 1.7

v3.24.2.u1

Restructuring and Related Charges (Schedule of Net Restructuring and Related Charges) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Restructuring Cost and Reserve
Total Restructuring And Related Expense			$ 10.4	$ 1.7
Restructuring and Related Costs, Non-cash Charges, Including Accelerated Depreciation			0.0	(0.8)
Total charges expected to be settled in cash	$ 0.2	$ (0.2)	10.4	0.9
Restructuring Fiscal 2018 Plan
Restructuring Cost and Reserve
Total Restructuring And Related Expense	0.0	(0.2)	0.0	1.7
Restructuring Fiscal 2021 Plan
Restructuring Cost and Reserve
Total Restructuring And Related Expense	$ 0.2	$ 0.0	$ 10.4	$ 0.0

v3.24.2.u1

Restructuring and Related Charges (Schedule of Restructuring Reserves by Type of Cost) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Total Restructuring And Related Expense			$ 10.4	$ 1.7
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	$ 0.2	$ (0.2)	10.4	0.9
Restructuring Fiscal 2018 Plan
Restructuring Reserve [Roll Forward]
Total Restructuring And Related Expense	0.0	(0.2)	0.0	1.7
Restructuring Fiscal 2021 Plan
Restructuring Reserve [Roll Forward]
Beginning Balance			0.0
Charges from continuing operations			10.4
Cash payments			(7.1)
Ending Balance	3.3		3.3
Total Restructuring And Related Expense	0.2	$ 0.0	10.4	$ 0.0
One-time Termination Benefits | Restructuring Fiscal 2021 Plan
Restructuring Reserve [Roll Forward]
Beginning Balance			0.0
Charges from continuing operations			4.6
Cash payments			(3.1)
Ending Balance	1.5		1.5
Contract Termination | Restructuring Fiscal 2021 Plan
Restructuring Reserve [Roll Forward]
Beginning Balance			0.0
Charges from continuing operations			5.8
Cash payments			(4.0)
Ending Balance	$ 1.8		$ 1.8

v3.24.2.u1

Restructuring and Related Charges (Schedule of Restructuring Charges Incurred Cumulative to Date) (Details) $ in Millions	Jun. 28, 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	10.4
Restructuring Fiscal 2021 Plan | Specialty Brands
Restructuring Cost and Reserve
Restructuring costs incurred cumulative to date	10.4
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

v3.24.2.u1

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 29, 2023
Income Taxes [Line Items]
Income tax expense	$ (13.9)	$ (528.1)	$ (13.2)	$ (497.3)
Effective tax rate	47.10%	240.40%	13.80%	99.50%
Unrecognized tax benefits	$ 33.1		$ 33.1		$ 33.3
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 29.5	$ 219.7	95.8	$ 499.8
Proceeds from Income Tax Refunds				137.8
Income Taxes Paid			$ 2.7
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				141.6
Operational activity
Income Taxes [Line Items]
Proceeds from Income Tax Refunds				$ 3.8

v3.24.2.u1

Earnings per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Earnings Per Share
Weighted-average shares outstanding - basic (in shares)	19.7	13,200,000	19,700,000	13,200,000
Weighted-average shares outstanding - diluted (in shares)		13,200,000	19,700,000	13,200,000
Incremental Common Shares Attributable to Dilutive Effect of Nonvested Shares with Forfeitable Dividends			1,800,000	1,700,000

v3.24.2.u1

Inventories (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Raw materials	$ 94.3	$ 98.0
Work in process	431.7	501.8
Finished goods	282.9	382.9
Inventory, Net, Total	$ 808.9	$ 982.7

v3.24.2.u1

Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Property, Plant and Equipment
Property, plant and equipment, gross	$ 374.8	$ 331.3
Less: accumulated depreciation	(28.3)	(9.6)
Property, plant and equipment, net	$ 346.5	$ 321.7

v3.24.2.u1

Property, Plant and Equipment Depreciation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Property, Plant and Equipment
Depreciation	$ 8.7	$ 11.8	$ 19.0	$ 23.7
Depreciation	$ 8.7	$ 11.8	$ 19.0	$ 23.7

v3.24.2.u1

Goodwill and Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 29, 2023
Schedule of Intangible Asset by Major Class [Line Items]
Intangible assets, net	$ 560.3		$ 560.3		$ 608.4
Amortization of Intangible Assets	$ 23.3	$ 129.3	$ 48.1	$ 262.5
Loss from continuing operations	$ (2.20)	$ (56.74)	$ (5.53)	$ (75.68)
Completed Technology
Schedule of Intangible Asset by Major Class [Line Items]
Amortizable intangible assets, gross	$ 624.6		$ 624.6		624.6
Accumulated amortization	$ 64.3		$ 64.3		$ 16.2

v3.24.2.u1

Goodwill and Intangible Assets (Schedule of Intangible Asset Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 23.3	$ 129.3	$ 48.1	$ 262.5

v3.24.2.u1

Goodwill and Intangible Assets (Schedule of Future Amortization Expense, Intangible Assets) (Details) $ in Millions	Jun. 28, 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	$ 42.3

v3.24.2.u1

Debt (Details) - USD ($) $ in Millions		Jun. 28, 2024	Dec. 29, 2023	Nov. 14, 2023
Long-term debt
Total Debt Issuance Costs		$ 2.5	$ 2.9
Total Debt		1,748.8	1,765.3
Debt Instrument, Face Amount		1,643.5	1,647.8
Debt Issuance Costs		2.5	2.9
Debt Instrument, Face Amount, Current Maturity		6.5	6.5
Long-term Debt, Current Maturities		6.5	6.5
Debt Issuance Costs, Current, Net		0.0	0.0
Long-term Debt		1,742.3	1,758.8
Debt Instrument, Face Amount, Noncurrent Maturity		1,637.0	1,641.3
Second-Out Takeback Term Loan Due November 2028
Long-term debt
Debt Instrument, Face Amount				$ 642.0
Debt Issuance Costs		0.0	0.0
Debt Instrument, Face Amount, Current Maturity		4.8	4.8
Long-term Debt, Current Maturities		4.8	4.8
Debt Issuance Costs, Current, Net		0.0	0.0
Long-term Debt		672.8	680.7
Debt Instrument, Face Amount, Noncurrent Maturity		$ 632.4	635.6
Long-term Debt, Weighted Average Interest Rate, at Point in Time	[1]	13.34%
First-Out Takeback Term Loan Due November 2028
Long-term debt
Debt Instrument, Face Amount				229.4
Debt Issuance Costs		$ 0.0	0.0
Debt Instrument, Face Amount, Current Maturity		1.7	1.7
Long-term Debt, Current Maturities		1.7	1.7
Debt Issuance Costs, Current, Net		0.0	0.0
Long-term Debt		239.0	241.7
Debt Instrument, Face Amount, Noncurrent Maturity		$ 226.0	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
Debt Issuance Costs		$ 0.0	0.0
Long-term Debt		$ 830.5	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		2.5	2.9
Long-term Debt		0.0	0.0
Debt Instrument, Face Amount, Noncurrent Maturity		$ 0.0	$ 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.

v3.24.2.u1

Debt (Narrative) (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Debt Instrument
Debt Instrument, Face Amount	$ 1,643.5	$ 1,647.8

v3.24.2.u1

Debt (Schedule of Applicable Interest Rates on Variable-rate Debt) (Details) - USD ($) $ in Millions		Jun. 28, 2024	Dec. 29, 2023	Nov. 14, 2023
Schedule of Applicable Interest Rate on Variable-rate Debt [Line Items]
Total Debt		$ 1,748.8	$ 1,765.3
Debt Instrument, Face Amount		$ 1,643.5	$ 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				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				$ 642.0
Fixed-rate instruments
Schedule of Applicable Interest Rate on Variable-rate Debt [Line Items]
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.

v3.24.2.u1

Guarantees (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Others
Guarantor Obligations [Line Items]
Maximum future payments	$ 31.9	$ 31.4
Asset Pledged as Collateral [Member]
Guarantor Obligations [Line Items]
Restricted Cash	44.1	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	$ 20.8	$ 20.2

v3.24.2.u1

Commitments and Contingencies (Narrative) (Details)	May 01, 2007 Defendent	Jun. 28, 2024 USD ($)	Dec. 29, 2023 USD ($)	Nov. 21, 2023 USD ($)	Nov. 14, 2023 USD ($)	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		$ 35,200,000
Environmental liabilities, current		600,000
Environmental liabilities		34,600,000	$ 35,100,000
Debt Instrument, Face Amount		1,643,500,000	$ 1,647,800,000
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		16,700,000
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		$ 51,100,000
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
Debt Instrument, Interest Rate, Stated Percentage		14.75%

v3.24.2.u1

Financial Instruments and Fair Value Measurements (Narrative) (Details) $ in Millions		3 Months Ended		6 Months Ended
	Nov. 14, 2028	Jun. 28, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 28, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 29, 2023 USD ($)	Nov. 14, 2023 USD ($)	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, Cap Interest Rate								3.84%
Equity Securities, FV-NI, Unrealized Gain (Loss)		(4.3)	$ 1.2	$ 2.7	$ 16.3
Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unrealized Gain (Loss) on Derivatives		0.8		1.3
Embedded Derivative Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unrealized Gain (Loss) on Derivatives		0.6		5.3
Professional Fees Escrow Account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Restricted Cash, Fair Value Disclosure		$ 0.0		$ 0.0			$ 24.0
Takeback Term Loans | Embedded Derivative Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Discount Rate, Present Value of Future Cash Flows		2.03%		2.03%
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 4 months 24 days		4 years 4 months 24 days
Derivative, Contract End Date	Nov. 14, 2028
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		0.700		0.700
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		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 4 months 24 days		4 years 4 months 24 days
Derivative, Contract End Date	Nov. 14, 2028
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		0.100		0.100
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		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 4 months 24 days		4 years 4 months 24 days
Derivative, Contract End Date	Nov. 14, 2028
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		0.070		0.070
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		0.1475
Fourteen Point Seven Five Percent Second-Out Takeback Notes | Embedded Derivative Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Discount Rate, Present Value of Future Cash Flows		3.03%		3.03%
Seven Point Five Zero Percent to Nine Point Five Zero Percent Plus SOFR First-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 4 months 24 days		4 years 4 months 24 days
Derivative, Contract End Date	Nov. 14, 2028
Seven Point Five Zero Percent to Nine Point Five Zero Percent Plus SOFR First-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		0.700		0.700
Seven Point Five Zero Percent to Nine Point Five Zero Percent Plus SOFR First-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 4 months 24 days		4 years 4 months 24 days
Derivative, Contract End Date	Nov. 14, 2028
Seven Point Five Zero Percent to Nine Point Five Zero Percent Plus SOFR First-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		0.100		0.100
Seven Point Five Zero Percent to Nine Point Five Zero Percent Plus SOFR First-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 4 months 24 days		4 years 4 months 24 days
Derivative, Contract End Date	Nov. 14, 2028
Seven Point Five Zero Percent to Nine Point Five Zero Percent Plus SOFR First-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		0.070		0.070
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Liability		$ 20.4		$ 20.4		$ 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		44.5		44.5		45.3
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Liability		20.4		20.4		15.1
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Liability		0.0		0.0		0.0
Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Liability		0.0		0.0		0.0
Indemnification Agreement | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Restricted Cash and Cash Equivalents		$ 64.9		$ 64.9		$ 80.7

v3.24.2.u1

Financial Instruments and Fair Value Measurements (Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Assets:
Cash Flow Hedge Derivative Instrument Assets at Fair Value	$ 14.2	$ 12.9
Other Assets, Fair Value Disclosure	32.1	28.9
Assets, Fair Value Disclosure	69.4	85.1
Level 1 | Indemnification Agreement
Liabilities:
Restricted Cash and Cash Equivalents	64.9	80.7
Recurring
Assets:
Rabbi Trust Investments, Fair Value Disclosure	23.1	43.3
Liabilities:
Deferred Compensation Liability, Fair Value	20.1	21.0
Contingent consideration and acquired contingent liabilities	16.8	14.7
Total liabilities at fair value	57.3	50.8
Derivative Liability	20.4	15.1
Recurring | Level 1
Assets:
Rabbi Trust Investments, Fair Value Disclosure	15.5	29.1
Cash Flow Hedge Derivative Instrument Assets at Fair Value	0.0	0.0
Other Assets, Fair Value Disclosure	32.1	28.9
Assets, Fair Value Disclosure	47.6	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	7.6	14.2
Cash Flow Hedge Derivative Instrument Assets at Fair Value	14.2	12.9
Other Assets, Fair Value Disclosure	0.0	0.0
Assets, Fair Value Disclosure	21.8	27.1
Liabilities:
Deferred Compensation Liability, Fair Value	20.1	21.0
Contingent consideration and acquired contingent liabilities	0.0	0.0
Total liabilities at fair value	20.1	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	16.8	14.7
Total liabilities at fair value	37.2	29.8
Derivative Liability	$ 20.4	$ 15.1

v3.24.2.u1

Financial Instruments and Fair Value Measurements (Schedule of Carrying Amount and Fair Value of Long-term Debt) (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Total debt, fair value	$ 1,794.8	$ 1,731.2
Long-term Debt	1,742.3	1,758.8
Total Debt	1,748.8	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	830.5	836.4
Secured Debt	830.5	836.4
First-Out Takeback Term Loan Due November 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term Debt	239.0	241.7
Secured Debt	240.7	243.4
Second-Out Takeback Term Loan Due November 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term Debt	672.8	680.7
Secured Debt	677.6	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	848.7	844.4
Level 2 | First-Out Takeback Term Loan Due November 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Total debt, fair value	253.6	232.8
Level 2 | Second-Out Takeback Term Loan Due November 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Total debt, fair value	$ 692.5	$ 654.0

v3.24.2.u1

Financial Instruments and Fair Value Measurements (Schedules of Concentration of Risk) (Details)	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Distributor Concentration Risk | Revenue from Contract with Customer Benchmark [Member] | Amerisource Bergen Corporation [Member]
Concentration Risk
Concentration Risk, Percentage	16.80%		16.00%
Distributor Concentration Risk | Revenue from Contract with Customer Benchmark [Member] | FFF Enterprises, Inc.
Concentration Risk
Concentration Risk, Percentage	21.60%	23.80%	20.90%	21.40%
Distributor Concentration Risk | Accounts Receivable Attributable to Distributors | Amerisource Bergen Corporation [Member]
Concentration Risk
Concentration Risk, Percentage	35.10%			24.20%
Distributor Concentration Risk | Accounts Receivable Attributable to Distributors | McKesson Corporation [Member]
Concentration Risk
Concentration Risk, Percentage	19.50%			20.00%
Product Concentration Risk | Net Sales Attributable to Products | Acthar
Concentration Risk
Concentration Risk, Percentage	22.90%	24.60%	22.50%	22.10%
Product Concentration Risk | Net Sales Attributable to Products | Inomax
Concentration Risk
Concentration Risk, Percentage	12.90%	16.20%	13.90%	17.70%
Product Concentration Risk | Net Sales Attributable to Products | Therakos [Member]
Concentration Risk
Concentration Risk, Percentage	13.10%	13.20%	12.80%	13.50%
Product Concentration Risk | Net Sales Attributable to Products | APAP
Concentration Risk
Concentration Risk, Percentage		12.60%	10.10%	11.80%

v3.24.2.u1

Segment Data (Schedule of Segment Reporting Information by Business Segment) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 28, 2024		Jun. 30, 2023		Jun. 28, 2024	Jun. 30, 2023
Net sales	$ 514.3		$ 475.0		$ 982.1	$ 899.6
Operating Income (Loss)	27.4		(56.6)		9.7	(159.2)
Depreciation and amortization	(23.3)		(129.3)		(48.1)	(262.5)
Employee Benefits and Share-based Compensation	(3.4)		(2.7)		(5.3)	(5.3)
Restructuring charges, net	(0.2)		0.2		(10.4)	(1.0)
Restructuring and related charges, net					(10.4)	(1.7)
Separation Costs	(10.3)		(10.3)		(17.0)	(15.2)
Bad Debt Expense, Customer Bankruptcy, Pre-Petition Amount	6.4		0.0		6.4	0.0
Interest Expense	(59.4)		(162.6)		(118.5)	(324.6)
Interest income	6.0		4.7		12.8	9.4
Other expense, net	(3.5)		(1.2)		0.2	(15.8)
Reorganization items, net	0.0		(4.0)		0.0	(9.6)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(29.5)		(219.7)		(95.8)	(499.8)
Specialty Brands
Restructuring and related charges, net	(0.2)		0.0		(10.4)	0.0
Specialty Generics
Net sales	239.8		194.9		450.3	367.5
Corporate, Non-Segment
Corporate and unallocated expenses	(11.1)	[1]	0.6	[1]	(43.0)	(13.4)
Depreciation and amortization	(32.1)		(141.1)		(67.2)	(286.2)
Separation Costs	(10.3)		(10.3)		(17.0)	(15.2)
Operating Segments
Operating Income (Loss)	78.1		96.7		146.2	161.9
Operating Segments | Specialty Brands
Net sales	274.5		280.1		531.8	532.1
Operating Income (Loss)	15.7		61.6		45.6	94.0
Operating Segments | Specialty Generics
Net sales	239.8		194.9		450.3	367.5
Operating Income (Loss)	$ 62.4		$ 35.1		$ 100.6	$ 67.9
[1] Includes administration expenses and certain compensation, legal, environmental and other costs not charged to the Company's reportable segments.

v3.24.2.u1

Segment Data (Schedule of Net Sales from External Customers by Products) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024 USD ($) reportable_segment	Jun. 30, 2023 USD ($)	Jun. 28, 2024 USD ($) reportable_segment	Jun. 30, 2023 USD ($)
Segment Reporting Information
Net sales	$ 514.3	$ 475.0	$ 982.1	$ 899.6
Number of Reportable Segments | reportable_segment	2		2
Specialty Brands | Operating Segments
Segment Reporting Information
Net sales	$ 274.5	280.1	$ 531.8	532.1
Specialty Generics
Segment Reporting Information
Net sales	239.8	194.9	450.3	367.5
Specialty Generics | Operating Segments
Segment Reporting Information
Net sales	239.8	194.9	450.3	367.5
Acthar | Specialty Brands
Segment Reporting Information
Net sales	117.7	116.8	220.5	198.8
Inomax | Specialty Brands
Segment Reporting Information
Net sales	66.4	76.9	136.6	159.6
Therakos immunotherapy | Specialty Brands
Segment Reporting Information
Net sales	67.2	62.9	125.4	121.6
Amitiza [Member] | Specialty Brands
Segment Reporting Information
Net sales	15.3	18.6	34.7	43.1
Other | Specialty Brands
Segment Reporting Information
Net sales	2.6	1.5	3.3	3.4
Opioids | Specialty Generics
Segment Reporting Information
Net sales	95.2	72.1	177.1	134.3
ADHD | Specialty Generics
Segment Reporting Information
Net sales	41.8	19.0	73.5	41.4
Addiction Treatment | Specialty Generics
Segment Reporting Information
Net sales	21.0	16.1	36.4	31.7
Other Generics | Specialty Generics
Segment Reporting Information
Net sales	3.6	2.4	5.1	4.2
Generics | Specialty Generics
Segment Reporting Information
Net sales	161.6	109.6	292.1	211.6
Controlled substances | Specialty Generics
Segment Reporting Information
Net sales	26.4	20.9	49.3	39.4
APAP | Specialty Generics
Segment Reporting Information
Net sales	47.3	59.8	99.0	106.2
Other API | Specialty Generics
Segment Reporting Information
Net sales	4.5	4.6	9.9	10.3
API | Specialty Generics
Segment Reporting Information
Net sales	78.2	85.3	158.2	155.9
Terlivaz | Specialty Brands
Segment Reporting Information
Net sales	$ 5.3	$ 3.4	$ 11.3	$ 5.6

v3.24.2.u1

Subsequent Events (Details) - Subsequent Event [Member]	Aug. 03, 2024 USD ($)
Subsequent Event [Line Items]
Proceeds from Divestiture of Businesses	$ 925
Gain Contingency, Unrecorded Amount	$ 50.9

v3.24.2.u1

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 343,400,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	466,700,000
Proceeds from (Payments for) Other Financing Activities	us-gaap_ProceedsFromPaymentsForOtherFinancingActivities	$ 0

---