XML 40 R30.htm IDEA: XBRL DOCUMENT

Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 29, 2024

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:


			Fair Value Measurement Using Fair Value Hierarchy:
	March 29, 2024 (Successor)		Level 1		Level 2		Level 3
Assets:
Debt and equity securities held in rabbi trusts	$	44.9	$	37.2	$	7.7	$	—
Equity securities	35.9		35.9		—		—
Interest rate cap	15.0		—		15.0		—
	$	95.8	$	73.1	$	22.7	$	—
Liabilities:
Debt derivative liability	$	21.0	$	—	$	—	$	21.0
Deferred compensation liabilities	19.9		—		19.9		—
Contingent consideration liabilities	16.1		—				16.1
	$	57.0	$	—	$	19.9	$	37.1


			Fair Value Measurement Using Fair Value Hierarchy:
	December 29, 2023 (Successor)		Level 1		Level 2		Level 3
Assets:
Debt and equity securities held in rabbi trusts	$	43.3	$	29.1	$	14.2	$	—
Equity securities	28.9		28.9		—		—
Interest rate cap	12.9		—		12.9		—
	$	85.1	$	58.0	$	27.1	$	—
Liabilities:
Debt derivative liabilities	$	15.1	$	—	$	—	$	15.1
Deferred compensation liabilities	21.0		—		21.0		—
Contingent consideration liabilities	14.7		—		—		14.7
	$	50.8	$	—	$	21.0	$	29.8

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:


	Successor
	March 29, 2024				December 29, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Level 1:
14.75% Second-Out Takeback Notes due November 2028	$	833.5	$	854.5	$	836.4	$	844.4

Level 2:
First-Out Takeback Term Loan Due November 2028	242.1		232.2		243.4		232.8
Second-Out Takeback Term Loan Due November 2028	681.5		653.9		685.5		654.0
Total Debt	$	1,757.1	$	1,740.6	$	1,765.3	$	1,731.2

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 net sales:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
FFF Enterprises, Inc.	20.1	%	18.8	%
Cencora, Inc. (formerly known as AmerisourceBergen Corp.)	15.0		*

* Net sales to this distributor was less than 10.0% of the Company's total net sales for 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:


	Successor
	March 29, 2024		December 29, 2023
Cencora, Inc.	33.3	%	24.2	%
McKesson Corporation	19.9		20.0

The following table shows net sales attributable to products that accounted for 10.0% or more of the Company's total net sales:


	Successor		Predecessor
	Three Months Ended March 29, 2024		Three Months Ended March 31, 2023
Acthar Gel	22.0	%	19.3	%
INOmax	15.0		19.5
Therakos	12.4		13.8
APAP	11.0		10.9

Schedule of Derivative Liabilities at Fair Value

Significant assumptions utilized in the determination of the fair value are as follows:

First and Second-Out Takeback Term Loans:

Input

Scenario 1

Scenario 2

Scenario 3

Remaining term (years)

4.6

Maturity Date

November 14, 2028

Coupon Rate

7.50% - 9.50% + SOFR

Probability of mandatory prepayment event before November 2025 (1)

35.00%

12.25%

Estimated timing of mandatory prepayment event before November 2025 (1)

September 2024

November 2024

September and November 2024

(1) Represents a significant unobservable input

Takeback Notes: