Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income from Continuing Operations before Income Taxes

The domestic and international components(1) of loss from continuing operations before income taxes were as follows:

	Fiscal Year
	2021		2020		2019
Domestic	$	(512.2)	$	(656.9)	$	(75.3)
International	(317.6)		(303.9)		(1,516.2)
Total	$	(829.8)	$	(960.8)	$	(1,591.5)

(1) Domestic reflects Ireland in fiscal 2021 and 2020, and U.K. in fiscal 2019.

Schedule of Significant Components of Income Taxes Related to Continuing Operations

Significant components(1) of income taxes related to continuing operations are as follows:

	Fiscal Year
	2021		2020		2019
Current:
Domestic	$	(33.7)	$	0.1	$	0.1
International	(12.7)		(375.4)		21.7
Current income tax (benefit) provision	(46.4)		(375.3)		21.8
Deferred:
Domestic	(59.5)		102.2		(1.1)
International	(0.4)		282.0		(605.0)
Deferred income tax (benefit) provision	(59.9)		384.2		(606.1)
Total	$	(106.3)	$	8.9	$	(584.3)

(1) Domestic reflects Ireland in fiscal 2021 and 2020, and the U.K. in fiscal 2019.

Schedule of Reconciliation of Income Taxes at Statutory Rate and Tax Provision

The reconciliation between domestic income taxes at the statutory rate and the Company's provision for income taxes on continuing operations is as follows:

	Fiscal Year
	2021		2020		2019
Benefit for income taxes at domestic statutory income tax rate (1)	$	(103.7)	$	(120.1)	$	(302.4)
Adjustments to reconcile to income tax provision:
Rate difference between domestic and international jurisdictions (2)	(224.9)		(315.3)		(206.3)
Adjustments to accrued income tax liabilities and uncertain tax positions (3)	(9.7)		16.7		(18.7)
Credits, principally research and orphan drug	(4.7)		(11.2)		(13.5)
Permanently nondeductible and nontaxable items (4)	9.8		2.8		98.1
Divestitures (5)	—		—		9.6
U.S. Tax Reform (6)	—		(281.5)		—
Legal entity reorganization (6)	—		82.0		(212.8)
Separation costs	—		8.4		—
Reorganization items, net	36.9		8.8		—
Other	0.3		0.1		—
Valuation allowances (4)	189.7		618.2		61.7
(Benefit) provision for income taxes	$	(106.3)	$	8.9	$	(584.3)

(1)The statutory tax rate reflects the Irish statutory tax rate of 12.5% for fiscal 2021 and 2020, and the U.K. statutory tax rate of 19.0% for fiscal 2019.

(2)For fiscal 2019, includes the impact of certain recurring valuation allowances for domestic and international jurisdictions.

(3)Includes interest and penalties on accrued income tax liabilities and uncertain tax positions.

(4)For fiscal 2021, the permanently nondeductible and nontaxable items were primarily driven by the opioid-related litigation settlement loss that is partially permanently nondeductible. For fiscal 2020, an expense of $204.9 million was included as a discrete valuation allowance on certain net deferred tax assets that were no longer more likely than not realizable due to the Company's substantial doubt about its ability to continue as a going concern, further explained within Note 1. For fiscal 2019, the valuation allowances and permanently nondeductible and nontaxable item were primarily driven by the impact from the opioid-related litigation settlement charge that is partially permanently nondeductible, further explained within Note 19. Additional valuation allowance impacts are netted within other line items, as referenced in the associated footnotes to this table.

(5)The Company completed the sale of its wholly-owned subsidiary BioVectra in November 2019.

(6)Associated unrecognized tax benefit and valuation allowance are netted within this line.

Schedule of Unrecognized Tax Benefit Activity

The following table summarizes the activity related to the Company's unrecognized tax benefits, excluding interest:

	Fiscal Year
	2021		2020		2019
Balance at beginning of period	$	349.0	$	398.6	$	287.7
Additions related to current year tax positions	—		71.1		123.5
Additions related to prior period tax positions	9.3		9.8		19.2
Reductions related to prior period tax positions	(2.8)		(14.2)		(5.7)
Settlements	(0.2)		(80.3)		(1.0)
Lapse of statutes of limitations	(21.8)		(36.0)		(25.1)
Balance at end of period	$	333.5	$	349.0	$	398.6

Schedule of Unrecongized Tax Benefits Balance Sheet Location

Unrecognized tax benefits, excluding interest, were reported in the following consolidated balance sheet captions in the amounts shown:

	December 31, 2021		December 25, 2020
Other assets (1)	$	255.7	$	256.4
Other income tax liabilities	64.1		83.2
Deferred income taxes	13.7		9.4
	$	333.5	$	349.0

Schedule of Income Taxes Payable

Income taxes payable, including uncertain tax positions and related interest accruals, was reported in the following consolidated balance sheet captions in the amounts shown:

	December 31, 2021		December 25, 2020
Accrued and other current liabilities	$	1.7	$	26.5
Other income tax liabilities	83.2		100.1
	$	84.9	$	126.6

Schedule of Income Tax Receivables and Other Assets

Tax receivables were included in the following consolidated balance sheet captions in the amounts shown:

	December 31, 2021		December 25, 2020
Other assets	$	141.3	$	139.4
Prepaid expenses and other current assets	36.5		188.7
	$	177.8	$	328.1

Schedule of Deferred Taxes Activity

The components of the net deferred tax asset (liability) at the end of each fiscal year were as follows:

	December 31, 2021		December 25, 2020
Deferred tax assets:
Tax loss and credit carryforward	$	4,147.5	$	4,026.0
Capital tax loss carryforward and related assets	1,605.0		1,600.1
Opioid-related litigation settlement liability	294.7		269.3
Excess interest	159.5		150.7
Other	292.2		294.9
	6,498.9		6,341.0
Deferred tax liabilities:
Intangible assets	(108.5)		(191.2)
Investment in partnership	(67.1)		(74.8)
Other	—		(44.8)
	(175.6)		(310.8)
Net deferred tax asset before valuation allowances	6,323.3		6,030.2
Valuation allowances	(6,344.2)		(6,110.8)
Net deferred tax liability	$	(20.9)	$	(80.6)