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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 25, 2021
Jun. 26, 2020
Jun. 25, 2021
Jun. 26, 2020
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) $ 546.4 $ 166.5 $ 1,104.4 $ 832.3
Cost of sales 331.6 386.7 639.2 768.7
Gross profit (loss) 214.8 (220.2) 465.2 63.6
Selling, general and administrative expenses 145.0 231.3 281.0 462.4
Research and development expenses 52.8 82.9 119.0 160.3
Restructuring charges, net 6.1 14.4 6.5 12.6
Non-restructuring impairment charges 0.0 63.5 64.5 63.5
(Gains) losses on divestiture 0.0 (0.6) 0.8 (0.4)
Opioid-related litigation settlement loss (gain) (Note 12) 0.0 8.5 0.0 (8.3)
Operating income (loss) 10.9 (725.5) (6.6) (731.8)
Interest expense (52.4) (64.2) (112.0) (138.7)
Interest income 0.0 1.0 1.9 4.5
Other income (expense), net 11.3 (0.6) 19.4 1.1
Reorganization items, net (109.5) 0.0 (203.0) 0.0
Loss from continuing operations before income taxes (139.7) (789.3) (300.3) (864.9)
Income tax (benefit) expense (33.5) 161.3 (49.9) 142.4
Loss from continuing operations (106.2) (950.6) (250.4) (1,007.3)
Income from discontinued operations, net of income taxes 0.4 17.5 0.7 $ 24.0
Net loss $ (105.8) $ (933.1) $ (249.7)  
Basic loss per share (Note 6):        
Loss from continuing operations $ (1.25) $ (11.25) $ (2.96) $ (11.95)
Income from discontinued operations 0 0.21 0.01 0.28
Net loss $ (1.25) $ (11.04) $ (2.95) $ (11.66)
Basic weighted-averaged shares outstanding (in shares) 84.7 84.5 84.7 84.3
Diluted loss per share (Note 6):        
Loss from continuing operations $ (1.25) $ (11.25) $ (2.96) $ (11.95)
Income from discontinued operations 0 0.21 0.01 0.28
Net loss $ (1.25) $ (11.04) $ (2.95) $ (11.66)
Diluted weighted-average shares outstanding (in shares) 84.7 84.5 84.7 84.3
Sales [Member]        
Medicaid lawsuit (Note 12) $ 0.0 $ (534.4) $ 0.0 $ (534.4) [1]
Retained Earnings (Deficit)        
Net loss $ (105.8) $ (933.1) $ (249.7) $ (983.3)
[1] Excludes the $105.3 million that is reflected as a component of operating expenses as it represents a pre-acquisition contingency related to the portion of the liability that arose from sales of Acthar Gel prior to the Company's acquisition of Questcor Pharmaceuticals Inc. ("Questcor") in August 2014. See Note 12 for further detail on the status of the Medicaid lawsuit.