v3.25.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Net sales $ 1,388.1 $ 1,053.6 $ 2,500.3 $ 1,954.6
Cost of sales 796.4 654.6 1,440.0 1,260.5
Gross profit 591.7 399.0 1,060.3 694.1
Transition service agreement income 10.3 8.4 19.0 18.0
Operating expenses:        
Selling, general and administrative 215.6 187.0 409.8 362.1
Research and development 90.9 72.6 174.8 157.3
Amortization of purchased intangible assets 51.6 55.5 105.6 124.6
Restructuring costs, net 3.0 0.9 14.2 31.5
Other 4.9 0.0 4.9 0.0
Total operating expenses 366.0 316.0 709.3 675.5
Operating income 236.0 91.4 370.0 36.6
Other income (expense), net (12.2) 5.4 (21.3) 8.4
Interest expense (156.1) (167.5) (329.8) (335.2)
Interest income 3.1 2.1 7.5 5.8
Income (loss) from continuing operations before income taxes 70.8 (68.6) 26.4 (284.4)
Income tax (expense) benefit (41.4) 12.4 292.7 (14.8)
Income (loss) from continuing operations 29.4 (56.2) 319.1 (299.2)
Income from discontinued operations, net of income tax (expense) benefit of $6.6, $38.1, $(383.7) and $(51.6), respectively 2.4 100.6 496.7 9.9
Net income (loss) 31.8 44.4 815.8 (289.3)
Series A convertible preferred stock dividends (17.1) (16.2) (34.0) (32.2)
Net income (loss) attributable to common stockholders $ 14.7 $ 28.2 $ 781.8 $ (321.5)
Basic:        
Earnings (loss) from continuing operations per share $ 0.06 $ (0.34) $ 1.31 $ (1.56)
Earnings from discontinued operations per share 0.01 0.47 2.29 0.05
Earnings (loss) per share 0.07 0.13 3.6 (1.51)
Diluted:        
Earnings (loss) from continuing operations per share 0.05 (0.34) 1.17 (1.56)
Earnings from discontinued operations per share 0.01 0.47 1.83 0.05
Earnings (loss) per share $ 0.06 $ 0.13 $ 3 $ (1.51)
Weighted average shares outstanding:        
Basic 218.1 213.5 217.2 212.9
Diluted 227.3 213.5 272.3 212.9