Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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:

	December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Debt and equity securities held in rabbi trusts	$	38.7	$	24.9	$	13.8	$	—
Equity securities	36.5		36.5		—		—
	$	75.2	$	61.4	$	13.8	$	—
Liabilities:
Deferred compensation liabilities (1)	$	36.9	$	—	$	36.9	$	—
Contingent consideration liabilities (2)	27.3		—		—		27.3
	$	64.2	$	—	$	36.9	$	27.3

(1)On November 16, 2020, the Debtors received approval from the Bankruptcy Court to maintain existing postretirement benefit plans during the pendency of the Chapter 11 Cases. For further information refer to Note 2.

(2)These liabilities are governed by executory contracts and recorded at their estimated allowed claim amount within liabilities subject to compromise on the consolidated balance sheet as of December 31, 2021. For further information on executory contracts and LSTC refer to Note 2.

	December 25, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Debt and equity securities held in rabbi trusts	$	33.0	$	23.5	$	9.5	$	—
Equity securities	31.1		31.1		—		—
	$	64.1	$	54.6	$	9.5	$	—
Liabilities:
Deferred compensation liabilities (1)	$	38.0	$	—	$	38.0	$	—
Contingent consideration liabilities (2)	34.7		—		—		34.7
	$	72.7	$	—	$	38.0	$	34.7

Schedule of Reconciliation of Changes in Fair Value of Contingent Consideration

The following table summarizes the fiscal 2021 activity for contingent consideration:

Balance as of December 25, 2020	$	34.7
Fair value adjustments	(7.4)
Less: Liabilities subject to compromise	(27.3)
Balance as of December 31, 2021	$	—

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:

	December 31, 2021				December 25, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Level 1:
5.75% senior notes due August 2022	$	610.3	$	324.1	$	610.3	$	191.2
4.75% senior notes due April 2023	133.7		48.9		133.7		11.1
5.625% senior notes due October 2023	514.7		279.1		514.7		158.9
5.50% senior notes due April 2025	387.2		211.6		387.2		115.4
10.00% first lien senior notes due April 2025	495.0		523.7		495.0		528.4
10.00% second lien senior notes due April 2025	322.9		312.7		322.9		279.0
Revolving credit facility	900.0		900.0		900.0		900.0
Level 2:
9.50% debentures due May 2022	10.4		7.7		10.4		4.2
8.00% debentures due March 2023	4.4		3.2		4.4		1.3
Term loan due September 2024	1,396.5		1,309.2		1,505.2		1,386.9
Term loan due February 2025	370.7		347.7		399.5		367.9
Total Debt	$	5,145.8	$	4,267.9	$	5,283.3	$	3,944.3

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 segment net sales, which excludes the one-time charge related to the Medicaid lawsuit:

	Fiscal Year
	2021		2020		2019
CuraScript, Inc.	26.1	%	27.4	%	29.7	%
AmerisourceBergen Corporation	*		*		10.2

* Net sales to this distributor were less than 10.0% of total net sales during 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:

	December 31, 2021	December 25, 2020
AmerisourceBergen Corporation	30.0%	33.6%
McKesson Corporation	15.0	18.2
CuraScript, Inc.	12.7	*

* Accounts receivable attributable to this distributor was less than 10.0% of total gross accounts receivable at the end of the respective period presented above.

The following table shows net sales attributable to products that accounted for 10.0% or more of the Company's total segment net sales, which excludes the one-time charge related to the Medicaid lawsuit:

	Fiscal Year
	2021		2020		2019
Acthar Gel	26.9	%	27.9	%	30.1	%
INOmax	20.3		20.9		18.1
Therakos	12.1		*		*
Ofirmev	*		10.1		12.1