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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 26, 2020
Jun. 28, 2019
Jun. 26, 2020
Jun. 28, 2019
Net sales (includes retrospective one-time charge of $534.4 million related to the Medicaid lawsuit for the three and six months ended June 26, 2020) $ 166.5 $ 823.3 $ 832.3 $ 1,613.9
Cost of sales 386.7 434.4 768.7 889.9
Gross (loss) profit (220.2) 388.9 63.6 724.0
Selling, general and administrative expenses 231.3 225.9 462.4 456.1
Research and development expenses 82.9 79.6 160.3 164.9
Restructuring charges, net 14.4 (0.2) 12.6 4.0
Non-restructuring impairment charges 63.5 113.5 63.5 113.5
Gains on divestiture (0.6) 0.0 (0.4) 0.0
Medicaid lawsuit (Note 11) 639.7      
Opioid-related litigation settlement (Note 11) 8.5 0.0 (8.3) 0.0
Operating loss (725.5) (29.9) (731.8) (14.5)
Interest expense (64.2) (71.5) (138.7) (154.2)
Interest income 1.0 2.2 4.5 3.7
Other (expense) income, net (0.6) 74.4 1.1 90.7
Loss from continuing operations before income taxes (789.3) (24.8) (864.9) (74.3)
Income tax expense (benefit) 161.3 (24.3) 142.4 (229.0)
(Loss) income from continuing operations (950.6) (0.5) (1,007.3) 154.7
Income from discontinued operations, net of income taxes 17.5 7.3 24.0 $ 7.0
Net (loss) income $ (933.1) $ 6.8 $ (983.3)  
Basic (loss) earnings per share (Note 5):        
(Loss) income from continuing operations $ (11.25) $ (0.01) $ (11.95) $ 1.85
Income from discontinued operations 0.21 0.09 0.28 0.08
Net (loss) income $ (11.04) $ 0.08 $ (11.66) $ 1.93
Basic weighted-averaged shares outstanding (in shares) 84.5 83.8 84.3 83.7
Diluted (loss) earnings per share (Note 5):        
(Loss) income from continuing operations $ (11.25) $ (0.01) $ (11.95) $ 1.84
Income from discontinued operations 0.21 0.09 0.28 0.08
Net (loss) income $ (11.04) $ 0.08 $ (11.66) $ 1.92
Diluted weighted-average shares outstanding (in shares) 84.5 83.8 84.3 84.3
Sales [Member]        
Medicaid lawsuit (Note 11) $ 534.4 [1],[2] $ 0.0 $ 534.4 [1],[2] $ 0.0
Operating Expense [Member]        
Medicaid lawsuit (Note 11) 105.3 0.0 105.3 0.0
Retained Earnings (Deficit)        
Net (loss) income $ (933.1) $ 6.8 $ (983.3) $ 161.7
[1] Of this amount, $12.3 million and $27.6 million represent the impact of the Medicaid rebate calculation through June 14, 2020 for the three and six months ended June 26, 2020, respectively.
[2] Specialty Brands net sales for the three and six months ended June 26, 2020 includes the prospective change to the Medicaid rebate calculation, which served to reduce Acthar Gel net sales by $8.6 million for the period from June 15, 2020 through June 26, 2020, of which $6.8 million represents the channel impact. Of the $534.4 million recorded as a component of net sales, $12.3 million and $27.6 million represent the impact of the Medicaid rebate calculation through June 14, 2020 for the three and six months ended June 26, 2020, respectively. See Note 11 for further detail on the status of the Medicaid lawsuit.