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Income Taxes (Tables)

12 Months Ended

Dec. 29, 2023

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:


	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
Domestic	$	(46.1)	$	(3,628.8)	$	(359.4)	$	(2,883.3)	$	(512.2)
International	(0.1)		1,719.7		(290.9)		2,072.0		(317.6)
Total	$	(46.2)	$	(1,909.1)	$	(650.3)	$	(811.3)	$	(829.8)

(1) Domestic reflects Ireland.

Schedule of Significant Components of Income Taxes Related to Continuing Operations

Significant components (1) of income taxes related to continuing operations 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
Current:
Domestic	$	(0.8)	$	36.6	$	(32.8)	$	33.7	$	(33.7)
International	(0.6)		4.7		5.7		(57.6)		(12.7)
Current income tax (benefit) provision	(1.4)		41.3		(27.1)		(23.9)		(46.4)
Deferred:
Domestic	(6.1)		(300.6)		(44.6)		(82.3)		(59.5)
International	(0.5)		(18.5)		19.7		(391.1)		(0.4)
Deferred income tax (benefit) provision	(6.6)		(319.1)		(24.9)		(473.4)		(59.9)
Total	$	(8.0)	$	(277.8)	$	(52.0)	$	(497.3)	$	(106.3)

(1) Domestic reflects Ireland.

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:


	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
Benefit for income taxes at domestic statutory income tax rate (1)	$	(5.8)	$	(238.6)	$	(81.3)	$	(101.4)	$	(103.7)
Adjustments to reconcile to income tax provision:
Rate difference between domestic and international jurisdictions	(2.2)		56.6		(4.7)		226.5		(224.9)
Adjustments to accrued income tax liabilities and uncertain tax positions (2)	—		—		—		—		(9.7)


Credits, principally research and orphan drug	—		(1.9)		—		(0.9)		(4.7)

Permanently nondeductible and nontaxable items (3)	(0.2)		3.2		3.1		(1.7)		9.8
Emergence	—		(103.7)		—		(31.6)		—
Withholding tax on Swiss distribution	—		—		4.7		—		—

Legal entity reorganization (4)	—		(44.7)		—		—		—

Reorganization items, net	—		6.7		1.7		15.7		36.9
Other	0.1		0.6		(1.4)		(3.1)		0.3
Valuation allowances (5)	0.1		44.0		25.9		(600.8)		189.7
(Benefit) provision for income taxes	$	(8.0)	$	(277.8)	$	(52.0)	$	(497.3)	$	(106.3)

(1)The statutory tax rate reflects the Irish statutory tax rate of 12.5%.

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

(3)For fiscal 2021 (Predecessor), the permanently nondeductible and nontaxable items were primarily driven by the Opioid-Related Litigation Settlement loss.

(4)Associated unrecognized tax expense is netted within this line.

(5)The period from January 1, 2022 through June 16, 2022 (Predecessor) consists of $512.1 million of tax benefit for the reduction in the valuation allowance on the Company's deferred tax assets due to the alleviation of the previous substantial doubt about the Company's ability to continue as a going concern.

Schedule of Unrecognized Tax Benefit Activity

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


	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
Balance at beginning of period	$	33.3	$	24.8	$	24.8	$	333.5	$	349.0
Additions related to current year tax positions	—		8.5		—		—		—
Additions related to prior period tax positions	—		—		—		—		9.3
Reductions related to prior period tax positions	—		—		—		(306.1)		(2.8)

Settlements	—		—		—		(2.6)		(0.2)
Lapse of statutes of limitations	—		—		—		—		(21.8)
Balance at end of period	$	33.3	$	33.3	$	24.8	$	24.8	$	333.5

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:


	Successor		Predecessor
	December 29, 2023		December 30, 2022

Deferred income tax asset	17.9		9.4
Other income tax liabilities	15.4		15.4

	$	33.3	$	24.8

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:


	Successor		Predecessor
	December 29, 2023		December 30, 2022
Accrued and other current liabilities	$	1.7	$	3.6
Other income tax liabilities	19.6		18.2
	$	21.3	$	21.8

Schedule of Income Tax Receivables and Other Assets

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

Successor

Predecessor

December 29, 2023

December 30, 2022

Prepaid expenses and other current assets

11.5

179.5

Schedule of Deferred Taxes Activity

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


	Successor		Predecessor
	December 29, 2023		December 30, 2022
Deferred tax assets:


Tax loss and credit carryforward	$	3,600.7	$	3,646.0
Capital tax loss carryforward and related assets	983.5		1,412.6
Intangible assets	571.5		278.4
Opioid-Related Litigation Settlement liability	—		111.7
Excess interest	95.1		84.0
Other	231.3		159.8
	5,482.1		5,692.5
Deferred tax liabilities:



Investment in partnership	(68.7)		(67.4)
Other	(28.6)		(157.0)
	(97.3)		(224.4)
Net deferred tax asset before valuation allowances	5,384.8		5,468.1
Valuation allowances	(4,583.8)		(4,992.9)
Net deferred tax asset (liability)	$	801.0	$	475.2

Schedule of Deferred Tax Assets and Liabilities on Balance Sheet

Deferred taxes were included in the following consolidated balance sheet captions in the amounts shown:


	Successor		Predecessor
	December 29, 2023		December 30, 2022
Deferred income tax asset	$	801.0	$	475.5
Deferred income tax liability	—		(0.3)
Net deferred tax asset (liability)	$	801.0	$	475.2