Restructuring and Related Charges

12 Months Ended

Dec. 29, 2023

Restructuring and Related Activities [Abstract]


6.			Restructuring and Related Charges

During fiscal 2021 (Predecessor) and fiscal 2018 (Predecessor), the Company launched restructuring programs designed to improve its cost structure, neither of which has a specified time period. Charges of $50.0 million to $100.0 million were provided for under the 2021 program and $100.0 million to $125.0 million were provided for under the 2018 program. The 2021 program will commence upon substantial completion of the 2018 program, and has not commenced as of December 29, 2023 (Successor). In addition to the aforementioned restructuring programs, the Company has taken restructuring actions to generate synergies from its acquisitions.

Net restructuring and related charges by segment were as follows:


	Successor		Predecessor
	Period from November 15, 2023 through December 29, 2023		Period from December 31, 2022 through November 14, 2023		Period from June 17, 2022 through December 30, 2022		Period from January 1, 2022 through June 16, 2022		Year Ended December 31, 2021
Specialty Brands	$	—	$	—	$	—	$	—	$	0.1
Specialty Generics	—		—		0.8		3.5		4.9
Corporate	—		1.7		11.3		6.1		24.0
Restructuring and related charges, net	—		1.7		12.1		9.6		29.0
Less: accelerated depreciation	—		(0.8)		(1.0)		—		(2.1)
Restructuring charges, net	$	—	$	0.9	$	11.1	$	9.6	$	26.9

Net restructuring and related charges by program from continuing operations were comprised of the following:


	Successor		Predecessor
	Period from November 15, 2023 through December 29, 2023		Period from December 31, 2022 through November 14, 2023		Period from June 17, 2022 through December 30, 2022		Period from January 1, 2022 through June 16, 2022		Year Ended December 31, 2021
2018 Program	$	—	$	1.7	$	12.1	$	9.6	$	29.0



Less: non-cash charges, including accelerated depreciation	—		(0.8)		(2.2)		(3.6)		(6.3)
Total charges expected to be settled in cash	$	—	$	0.9	$	9.9	$	6.0	$	22.7

The following table summarizes cash activity for restructuring reserves, substantially all of which related to contract termination costs, employee severance and benefits and exiting of certain facilities:


	2018 Program






Balance as of December 25, 2020 (Predecessor)	$	1.0
Charges from continuing operations	23.7
Changes in estimate from continuing operations	(1.0)
Cash payments	(12.8)


Balance as of December 31, 2021 (Predecessor)	10.9
Charges from continuing operations	7.1
Changes in estimate from continuing operations	(1.1)
Cash payments	(15.9)


Balance as of June 16, 2022 (Predecessor)	$	1.0


Balance as of June 17, 2022 (Predecessor)	$	1.0
Charges from continuing operations	12.7
Changes in estimate from continuing operations	(2.8)
Cash payments	(6.3)


Balance as of December 30, 2022 (Predecessor)	4.6
Charges from continuing operations	1.3
Changes in estimate from continuing operations	(0.4)
Cash payments	(5.4)


Balance as of November 14, 2023 (Predecessor)	$	0.1


Balance as of November 15, 2023 (Successor) and December 29, 2023 (Successor)	$	0.1

As of December 29, 2023 (Successor), net restructuring and related charges incurred cumulative to date for the 2018 Program were as follows:


Specialty Brands	$	3.1
Specialty Generics	19.3
Corporate	96.9
	$	119.3

All of the restructuring reserves were included in accrued and other current liabilities on the Company's consolidated balance sheets. Amounts paid in the future may differ from the amount currently recorded.