v3.25.2
Discontinued Operations - Summary of Earnings (Loss) from Discontinued Operations (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Apr. 01, 2024
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Net sales   $ 0 $ 14,575   $ 7,409 $ 108,399  
Cost of products sold, excluding intangible asset amortization   0 (6,053)   (2,839) (34,494)  
Research and development   0 (437)   (233) (7,012)  
Selling, general and administrative   (249) (8,097)   (4,525) (62,219)  
Restructuring and other cost reduction initiatives   0 (43)   0 (1,894)  
Acquisition, integration, divestiture and related   0 (5,397)   0 (11,770)  
Other income (expense), net   128 (301)   1,139 (644)  
Interest (expense) income, net [1]   0 (988)   15 (6,282)  
Net (loss) income from discontinued operations of before income taxes   (121) (6,741)   966 (15,916)  
Adjustment of spine disposal group to fair value   0 [2] 0 [2] $ 11,100 0 [2] 11,143 [2] $ (289,500)
Gain on sale of spine disposal group $ 11,100 0 11,284   0 11,284  
Benefit for income taxes from discontinued operations   22 996   89 2,828  
(Loss) income from discontinued operations, net of tax   $ (99) $ 5,539   $ 1,055 $ 9,339  
[1] A portion of the interest on our Term Loan (as defined and described in Note 9) prior to the sale of our spine segment was allocated to discontinued operations consistent with the amount of proceeds used to repay a portion of the amounts outstanding under our Term Loan in accordance with our Credit Agreement (as defined and described in Note 9).
[2] We performed an impairment analysis of the spine segment in December 2023 on a held-for-sale basis. The fair value of consideration to be received upon closure of the transaction was less than the carrying value of the spine segment's net assets, resulting in a write-down of $289.5 million. We updated our analysis as of March 31, 2024, immediately prior to the sale, which resulted in a reduction of the December 2023 write-down of $11.1 million.