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Restructuring and Related Charges
 12 Months Ended
Dec. 27, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Related Charges
7.
Restructuring and Related Charges
The Company, from time to time, seeks more cost-effective means to improve profitability and to respond to changes in its markets. As such, the Company may incur restructuring costs as a component of the Company’s operating costs. During fiscal 2021 (Predecessor) and 2018 (Predecessor), the Company’s predecessor board of directors approved restructuring programs, neither of which has pre-determined actions or a specified time period. Charges of $50.0 million to $100.0 million were authorized for under the 2021 program and $100.0 million to $125.0 million were authorized for under the 2018 program. The 2021 program commenced upon substantial completion of the 2018 program, which occurred during the first quarter of 2024.
During the first quarter of 2024, the Company committed to a plan to cease commercialization and clinical development and wind down production of StrataGraft. As a result, the Company recorded restructuring and related charges, net, within the Specialty Brands segment related to StrataGraft, which are shown in the tables below.
Additionally, during the first quarter of 2024, the Company recorded a $2.5 million net gain within SG&A, which included a $5.1 million non-cash gain related to the write-off of a lease liability, offset by a $2.6 million lease termination cash penalty. The Company paid the termination penalty in the fourth quarter of 2024.
These actions began in the first quarter of 2024 and are expected to be completed in the first quarter of 2025. As of December 27, 2024 (Successor), the Company currently expects to incur an immaterial amount of additional one-time termination benefits within the Specialty Brands segment through the first quarter of 2025. The exact timing to complete all actions and final costs associated will depend on a number of factors and are subject to change.
Net restructuring and related charges by segment were as follows:
SuccessorPredecessor
Year Ended
December 27, 2024		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
Specialty Brands
$10.5 $— $— $— $— 
Specialty Generics
— — — 0.8 3.5 
Corporate
— — 1.7 11.3 6.1 
Restructuring and related charges, net10.5 — 1.7 12.1 9.6 
Less: accelerated depreciation— — (0.8)(1.0)— 
Restructuring charges, net$10.5 $— $0.9 $11.1 $9.6 

Net restructuring and related charges by program from continuing operations were comprised of the following:
SuccessorPredecessor
Year Ended
December 27, 2024		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
2021 Program
$10.5 $— $— $— $— 
2018 Program
— — 1.7 12.1 9.6 
Total programs10.5 — 1.7 12.1 9.6 
Less: non-cash charges, including accelerated depreciation
— — (0.8)(2.2)(3.6)
Restructuring charges, net$10.5 $— $0.9 $9.9 $6.0 

The following table summarizes the restructuring reserves, which are 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.
SeveranceContract CostsTotal
Balance as of December 31, 2021 (Predecessor)$10.9 $— $10.9 
Charges from continuing operations
7.1 — 7.1 
Changes in estimate from continuing operations
(1.1)— (1.1)
Cash payments
(15.9)— (15.9)
Balance as of June 16, 2022 (Predecessor)$1.0 $— $1.0 
Balance as of June 17, 2022 (Predecessor)
$1.0 $— $1.0 
Charges from continuing operations
12.7 — 12.7 
Changes in estimate from continuing operations
(2.8)— (2.8)
Cash payments
(6.3)— (6.3)
Balance as of December 30, 2022 (Predecessor)
4.6 — 4.6 
Charges from continuing operations1.3 — 1.3 
Changes in estimate from continuing operations(0.4)— (0.4)
Cash payments(5.4)— (5.4)
Balance as of November 14, 2023 (Predecessor)$0.1 $— $0.1 
Balance as of November 15, 2023 (Successor) and December 29, 2023 (Successor)
$0.1 $— $0.1 
Charges from continuing operations
4.6 5.9 10.5 
Cash payments
(4.5)(4.8)(9.3)
Balance as of December 27, 2024 (Successor)$0.2 $1.1 $1.3 
Cumulative net restructuring and related charges incurred for the 2021 and 2018 programs were as follows as of December 27, 2024 (Successor):
2021 Program2018 Program
Specialty Brands$10.5 $3.1 
Specialty Generics— 19.3 
Corporate— 96.9 
Restructuring and related charges, net$10.5 $119.3