Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 28, 2024

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:

			Fair Value Measurement Using Fair Value Hierarchy:
	June 28, 2024 (Successor)		Level 1		Level 2		Level 3
Assets:
Debt and equity securities held in rabbi trusts	$	23.1	$	15.5	$	7.6	$	—
Equity securities	32.1		32.1		—		—
Interest rate cap	14.2		—		14.2		—
	$	69.4	$	47.6	$	21.8	$	—
Liabilities:
Debt derivative liability	$	20.4	$	—	$	—	$	20.4
Deferred compensation liabilities	20.1		—		20.1		—
Contingent consideration liabilities	16.8		—		—		16.8
	$	57.3	$	—	$	20.1	$	37.2

			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
	June 28, 2024				December 29, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Level 1:
14.75% Second-Out Takeback Notes due November 2028	$	830.5	$	848.7	$	836.4	$	844.4
Level 2:
First-Out Takeback Term Loan Due November 2028	240.7		253.6		243.4		232.8
Second-Out Takeback Term Loan Due November 2028	677.6		692.5		685.5		654.0
Total Debt	$	1,748.8	$	1,794.8	$	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 June 28, 2024		Three Months Ended June 30, 2023
FFF Enterprises, Inc.	21.6	%	23.8	%
Cencora, Inc. (formerly known as AmerisourceBergen Corp.)	16.8		*

	Successor		Predecessor
	Six Months Ended June 28, 2024		Six Months Ended June 30, 2023
FFF Enterprises, Inc.	20.9	%	21.4	%
Cencora, Inc.	16.0		*

* Net sales to this distributor were 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
	June 28, 2024		December 29, 2023
Cencora, Inc.	35.1	%	24.2	%
McKesson Corporation	19.5		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 June 28, 2024		Three Months Ended June 30, 2023
Acthar Gel	22.9	%	24.6	%
INOmax	12.9		16.2
Therakos	13.1		13.2
APAP	*		12.6

	Successor		Predecessor
	Six Months Ended June 28, 2024		Six Months Ended June 30, 2023
Acthar Gel	22.5	%	22.1	%
INOmax	13.9		17.7
Therakos	12.8		13.5
APAP	10.1		11.8

* Net sales attributable to this product were less than 10.0% of the Company's total net sales for the respective periods presented above.

Schedule of Derivative Liabilities at Fair Value

Significant assumptions utilized in the determination of the fair value as of June 28, 2024 (Successor) are as follows:

Debt derivatives related to first and second-out takeback term loans:

Input	Scenario 1	Scenario 2	Scenario 3
Remaining term (years)	4.4	4.4	4.4
Maturity Date	November 14, 2028	November 14, 2028	November 14, 2028
Coupon Rate	7.50% - 9.50% + SOFR	7.50% - 9.50% + SOFR	7.50% - 9.50% + SOFR
Probability of mandatory prepayment event before November 2025 (1)	70.0%	10.0%	7.0%
Estimated timing of mandatory prepayment event before November 2025 (1)	December 2024	March 2025	December 2024 and March 2025

(1) Represents a significant unobservable input

Debt derivatives related to takeback notes:

Input	Scenario 1	Scenario 2	Scenario 3
Remaining term (years)	4.4	4.4	4.4
Maturity Date	November 14, 2028	November 14, 2028	November 14, 2028
Coupon Rate	14.75%	14.75%	14.75%
Probability of mandatory prepayment event before November 2025 (1)	70.0%	10.0%	7.0%
Estimated timing of mandatory prepayment event before November 2025 (1)	December 2024	March 2025	December 2024 and March 2025

(1) Represents a significant unobservable input