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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 27, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The table below summarizes the valuation of our financial instruments carried at fair value by the applicable pricing categories (in millions):
June 27, 2026December 31, 2025
Measured at fair value on a recurring basis:Level 1Level 2Level 3Level 1Level 2Level 3
Assets:
Foreign currency forward contracts$— $2.9 $— $— $2.4 $— 
Interest rate swap agreements— — — — 1.1 — 
Total assets$— $2.9 $— $— $3.5 $— 
Liabilities:
Foreign currency forward contracts$— $16.1 $— $— $14.5 $— 
Cross-currency swaps— 192.8 — — 265.6 — 
Interest rate swap agreements— 17.7 — — 32.8 — 
Total liabilities$— $226.6 $— $— $312.9 $— 
Measured at fair value on a non-recurring basis:
Assets:
Goodwill(1)
$— $— $107.1 $— $— $2,050.1 
Definite-lived intangible assets
— — — — — 5.5 
Equity method investments
— — — — — 3.5 
Total assets$— $— $107.1 $— $— $2,059.1 
(1) During the three months ended March 28, 2026, we assessed the fair value of our Women’s Health, Infant Formula, and Oral Care reporting units, resulting in residual goodwill of $107.1 million, $0, and $0, respectively. During the three months ended December 31, 2025, we assessed the fair value of our prior reporting units resulting in residual goodwill of $1,168.8 million and $881.3 million related to Consumer Self Care Americas and Consumer Self Care International, respectively.
There were no transfers within Level 3 fair value measurements during the three and six months ended June 27, 2026 or the year ended December 31, 2025 (refer to Note 10 for a discussion of derivatives).

Non-recurring Fair Value Measurements

The non-recurring fair values represent only those assets whose carrying values were adjusted to fair value during the reporting period presented.

Women’s Health, Infant Formula, and Oral Care Reporting Units

As a result of changes in the operating model, goodwill was reallocated to the Company’s new reporting units based on their estimated relative fair values. Although the aggregate estimated fair value and carrying value of the Company’s reporting units did not change as of the testing date, January 1, 2026, the reallocation of goodwill and fair value on a relative basis resulted in reporting units where the carrying value exceeded their estimated fair value. Goodwill impairments were identified for the Women’s Health, Infant Formula, and Oral Care reporting units.

We performed a quantitative goodwill impairment test utilizing a combination of discounted cash flow techniques and comparable market approach for each reporting unit. Our cash flow projections included revenue growth rates and projected margins based on the reporting unit’s growth plans (Level 3 inputs). Discount rates and long‑term growth rates were developed for each reporting unit to reflect the rates of return and growth assumptions that market participants would apply, considering the relative risk profiles of the respective businesses.

Where appropriate, we also applied valuation multiples derived under the market approach based on a peer group of comparable companies, utilizing both observable and unobservable market data (Level 2 and Level 3 inputs, respectively). The market approach was applied to the Women’s Health and Oral Care reporting units but was not considered appropriate for Infant Formula. The key assumptions used in both the income and market approaches are summarized in the table below.

.
Reporting Unit
Discount Rate
Long-Term Growth Rate
GPCM Multiple
Women’s Health
14.0 %2.5 %
7.6x
Infant Formula
10.0 %2.5 %
n/a*
Oral Care
10.0 %2.5 %
8.0x
*The market approach was not considered applicable for the Infant Formula reporting unit.

Consumer Self Care Americas (“CSCA”) and Consumer Self Care International (“CSCI”) Prior Reporting Units

During the year ended December 31, 2025, we prepared a goodwill impairment test utilizing a combination of discounted cash flow techniques and comparable company market approach for each of our prior reporting units. Our cash flow projections included revenue growth rates and projected margins based on the reporting unit’s growth plans (Level 3 inputs). In our discounted cash flow analysis, we used a long-term growth rate of 2.5% for CSCA and 2.5% for CSCI. We used a discount rate of 11.5% for CSCA and 11.0% for CSCI in the analysis, which correlates with the required investment return and risk that we believe market participants would apply to the projected growth rate. In our comparable company market approach, we considered observable and unobservable market information (Level 2 and 3 inputs, respectively) which resulted in selected current and forward multiples averaging 7.0x of comparable adjusted earnings for CSCA. For CSCI, the current and forward multiples averaged 8.1x of comparable adjusted earnings.

Prevacid® Branded Product

During the year ended December 31, 2025, we measured the impairment of our Prevacid® branded product, a definite-lived intangible asset. We utilized a discounted cash flow technique to estimate the fair value of the asset. Significant valuation inputs and assumptions relate to our projected future contribution margin, which include our estimated market share at planned investment levels and the expected selling price. We concluded the fair value was $5.5 million as of December 31, 2025.
Kazmira LLC

During the three months ended December 31, 2025, we identified potential indicators of impairment of our equity method investment in Kazmira LLC. We utilized an income approach, specifically a liquidation value method, to estimate the fair value based on the realizable value of Kazmira’s tangible assets. We concluded the fair value of our investment in Kazmira LLC was $3.5 million as of December 31, 2025 (refer to Note 6).

Fixed Rate Long-term Debt    

Our fixed rate long-term debt consisted of the following (in millions):
June 27, 2026December 31, 2025
Public BondsLevel 1Level 1
Carrying value (excluding discount)$2,257.8 $2,270.5 
Fair value$2,074.3 $2,149.8 

The fair values of our public bonds for all periods were based on quoted market prices.
The carrying amounts of our other financial instruments, consisting of cash and cash equivalents, accounts receivable, accounts payable, short-term debt, revolving credit agreements, and variable rate long-term debt, approximate their fair value.