Reorganizations (Tables)

9 Months Ended

Sep. 24, 2021

Reorganizations [Abstract]

Schedule of Liabilities Subject to Compromise

Liabilities subject to compromise at the end of each period consisted of the following:

	September 24, 2021		December 25, 2020
Accounts payable (1)	$	43.5	$	61.9
Accrued interest	35.2		35.2
Debt (2)	3,760.1		1,660.7
Medicaid lawsuit	634.1		638.9
Opioid-related litigation settlement liability (3)	1,725.0		1,600.0
Other current and non-current liabilities (4)	107.3		163.5
Pension and postretirement benefits	30.3		32.4
Total liabilities subject to compromise	$	6,335.5	$	4,192.6

(1)Pre-petition accounts payable balances have been repaid under effectuated trade agreements pursuant to the critical vendor motion approved by the Bankruptcy Court.

(2)Subsequent to December 25, 2020, in accordance with the agreement in principle reached with the Settling Second Lien Noteholders on September 2, 2021 and Joinder and Amendment to the RSA entered into in March 2021, $322.9 million of Second Lien Notes and $1,776.5 million of outstanding senior secured term loans, respectively, were classified as LSTC in the Company's unaudited condensed consolidated balance sheet as of September 24, 2021.

(3)In accordance with the agreement in principle reached with the Opioid Claimants on September 2, 2021, and subsequently memorialized in the Amended Plan on September 29, 2021, the Company recorded an accrual of $125.0 million related to the additional payment expected to be made on the eighth anniversary of the effective date of emergence, which has been classified as LSTC in the Company's unaudited condensed consolidated balance sheet as of September 24, 2021.

(4)The decrease in other current and non-current liabilities was primarily attributable to the Bankruptcy Court's approval of the Company's rejection of its Bedminster facility lease, which resulted in a $34.8 million adjustment to the carrying value of the respective lease liability in LSTC to reflect the estimated allowed claim amount. The remaining decrease was primarily attributable to a decrease of $15.6 million in the fair value of contingent consideration related to an asset for which the Company is no longer pursuing further development. Refer to Note 12 for further information on the valuation of contingent consideration.

Non-debtor Entity Intercompany Balances

Non-debtor entity intercompany balances from/due to the debtor entities at the end of each period were:

	September 24, 2021		December 25, 2020
Intercompany receivables	$	137.2	$	282.3
Intercompany payables	119.7		120.3

Schedule of Debtor Reorganization Items, net

Reorganization items, net, for the three and nine months ended September 24, 2021 included the following:

	September 24, 2021
	Three Months Ended		Nine Months Ended
Professional fees	$	119.4	$	306.6
Debt valuation adjustments	6.8		23.1
Adjustments of other claims	—		(0.5)
Total reorganization items, net	$	126.2	$	329.2

Schedule of Interest Expense Incurred and Paid

	September 24, 2021
	Three Months Ended		Nine Months Ended
Interest expense incurred for adequate protection payments	$	15.8	$	46.1
Cash paid for adequate protection payments	16.4		45.5