| Summary of Components of Discontinuing Operations Included in Financial Statements |
The following table presents the summarized components of income (loss) from discontinued operations, net of income taxes, for the three months ended June 30, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OWN |
|
|
DAS |
|
|
Home |
|
|
Total |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Net sales |
|
$ |
2.4 |
|
|
$ |
256.3 |
|
|
$ |
— |
|
|
$ |
77.0 |
|
|
$ |
5.7 |
|
|
$ |
22.0 |
|
|
$ |
8.1 |
|
|
$ |
355.3 |
|
Cost of sales |
|
|
— |
|
|
|
145.1 |
|
|
|
— |
|
|
|
39.6 |
|
|
|
7.4 |
|
|
|
22.8 |
|
|
|
7.4 |
|
|
|
207.5 |
|
Gross profit (loss) |
|
|
2.4 |
|
|
|
111.2 |
|
|
|
— |
|
|
|
37.4 |
|
|
|
(1.7 |
) |
|
|
(0.8 |
) |
|
|
0.7 |
|
|
|
147.8 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative |
|
|
4.4 |
|
|
|
16.0 |
|
|
|
— |
|
|
|
7.3 |
|
|
|
0.2 |
|
|
|
1.0 |
|
|
|
4.6 |
|
|
|
24.3 |
|
Research and development |
|
|
— |
|
|
|
12.4 |
|
|
|
— |
|
|
|
6.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
19.0 |
|
Amortization of purchased
intangible assets |
|
|
— |
|
|
|
3.7 |
|
|
|
— |
|
|
|
1.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.9 |
|
Asset impairments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17.2 |
|
|
|
— |
|
|
|
17.2 |
|
Total operating expenses |
|
|
4.4 |
|
|
|
32.1 |
|
|
|
— |
|
|
|
15.1 |
|
|
|
0.2 |
|
|
|
18.2 |
|
|
|
4.6 |
|
|
|
65.4 |
|
Operating income (loss) |
|
|
(2.0 |
) |
|
|
79.1 |
|
|
|
— |
|
|
|
22.3 |
|
|
|
(1.9 |
) |
|
|
(19.0 |
) |
|
|
(3.9 |
) |
|
|
82.4 |
|
Other income (expense), net (1) |
|
|
0.1 |
|
|
|
(1.7 |
) |
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
(18.2 |
) |
|
|
0.3 |
|
|
|
(19.9 |
) |
Income (loss) from operations of
discontinued businesses before
income taxes |
|
|
(1.9 |
) |
|
|
77.4 |
|
|
|
— |
|
|
|
22.3 |
|
|
|
(1.7 |
) |
|
|
(37.2 |
) |
|
|
(3.6 |
) |
|
|
62.5 |
|
Loss on disposal of discontinued
operations before income taxes |
|
|
(0.6 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.6 |
) |
|
|
— |
|
Income tax benefit |
|
|
6.2 |
|
|
|
24.3 |
|
|
|
— |
|
|
|
7.0 |
|
|
|
0.4 |
|
|
|
6.8 |
|
|
|
6.6 |
|
|
|
38.1 |
|
Income (loss) from discontinued
operations, net of income taxes |
|
$ |
3.7 |
|
|
$ |
101.7 |
|
|
$ |
— |
|
|
$ |
29.3 |
|
|
$ |
(1.3 |
) |
|
$ |
(30.4 |
) |
|
$ |
2.4 |
|
|
$ |
100.6 |
|
(1)Other income (expense), net includes a loss on equity investment of $17.0 million for the three months ended June 30, 2024. The following table presents the summarized components of income (loss) from discontinued operations, net of income taxes, for the six months ended June 30, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OWN |
|
|
DAS |
|
|
Home |
|
|
Total |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Net sales |
|
$ |
89.3 |
|
|
$ |
452.3 |
|
|
$ |
11.7 |
|
|
$ |
148.4 |
|
|
$ |
9.9 |
|
|
$ |
32.7 |
|
|
$ |
110.9 |
|
|
$ |
633.4 |
|
Cost of sales (1) |
|
|
49.8 |
|
|
|
263.7 |
|
|
|
10.0 |
|
|
|
78.9 |
|
|
|
11.7 |
|
|
|
46.4 |
|
|
|
71.5 |
|
|
|
389.0 |
|
Gross profit |
|
|
39.5 |
|
|
|
188.6 |
|
|
|
1.7 |
|
|
|
69.5 |
|
|
|
(1.8 |
) |
|
|
(13.7 |
) |
|
|
39.4 |
|
|
|
244.4 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative |
|
|
20.2 |
|
|
|
31.0 |
|
|
|
3.4 |
|
|
|
16.9 |
|
|
|
(2.4 |
) |
|
|
16.6 |
|
|
|
21.2 |
|
|
|
64.5 |
|
Research and development |
|
|
3.1 |
|
|
|
24.5 |
|
|
|
3.0 |
|
|
|
14.2 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
6.1 |
|
|
|
38.8 |
|
Amortization of purchased
intangible assets |
|
|
— |
|
|
|
7.5 |
|
|
|
— |
|
|
|
2.5 |
|
|
|
— |
|
|
|
6.4 |
|
|
|
— |
|
|
|
16.4 |
|
Asset impairments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17.2 |
|
|
|
— |
|
|
|
17.2 |
|
Total operating expenses |
|
|
23.3 |
|
|
|
63.0 |
|
|
|
6.4 |
|
|
|
33.6 |
|
|
|
(2.4 |
) |
|
|
40.3 |
|
|
|
27.3 |
|
|
|
136.9 |
|
Operating income (loss) |
|
|
16.2 |
|
|
|
125.6 |
|
|
|
(4.7 |
) |
|
|
35.9 |
|
|
|
0.6 |
|
|
|
(54.0 |
) |
|
|
12.1 |
|
|
|
107.5 |
|
Other income (expense), net (2) |
|
|
(1.1 |
) |
|
|
(5.9 |
) |
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
(18.2 |
) |
|
|
(0.9 |
) |
|
|
(24.1 |
) |
Income (loss) from operations
of discontinued businesses
before income taxes |
|
|
15.1 |
|
|
|
119.7 |
|
|
|
(4.7 |
) |
|
|
35.9 |
|
|
|
0.8 |
|
|
|
(72.2 |
) |
|
|
11.2 |
|
|
|
83.4 |
|
Gain (loss) on disposal of
discontinued operations
before income taxes |
|
|
869.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(21.9 |
) |
|
|
869.2 |
|
|
|
(21.9 |
) |
Income tax (expense) benefit |
|
|
(385.6 |
) |
|
|
(32.1 |
) |
|
|
2.0 |
|
|
|
(9.6 |
) |
|
|
(0.1 |
) |
|
|
(9.9 |
) |
|
|
(383.7 |
) |
|
|
(51.6 |
) |
Income (loss) from discontinued
operations, net of income taxes |
|
$ |
498.7 |
|
|
$ |
87.6 |
|
|
$ |
(2.7 |
) |
|
$ |
26.3 |
|
|
$ |
0.7 |
|
|
$ |
(104.0 |
) |
|
$ |
496.7 |
|
|
$ |
9.9 |
|
(1)Cost of sales includes a charge of $19.5 million for excess and obsolete inventory related to the Home business during the six months ended June 30, 2024. (2)Other income (expense), net includes a loss on equity investment of $17.0 million for the six months ended June 30, 2024. The following table presents balance sheet information for assets and liabilities held for sale related to the discontinued operations:
|
|
|
|
|
|
|
December 31, 2024 |
|
Cash and cash equivalents |
|
$ |
98.4 |
|
Accounts receivable, net |
|
|
253.5 |
|
Inventories, net |
|
|
188.4 |
|
Prepaid expenses and other current assets |
|
|
12.6 |
|
Property, plant, and equipment, net |
|
|
56.9 |
|
Goodwill |
|
|
617.8 |
|
Other intangible assets, net |
|
|
111.6 |
|
Other noncurrent assets |
|
|
10.0 |
|
Total current assets held for sale |
|
$ |
1,349.2 |
|
Total assets held for sale |
|
$ |
1,349.2 |
|
|
|
|
|
Accounts payable |
|
$ |
151.8 |
|
Accrued and other liabilities |
|
|
93.5 |
|
Total current liabilities held for sale |
|
$ |
245.3 |
|
Total liabilities held for sale |
|
$ |
245.3 |
|
The following table presents the details of the gain (loss) on disposal of the OWN segment and DAS business unit, collectively, and the Home business:
|
|
|
|
|
|
|
|
|
|
|
OWN/DAS |
|
|
Home |
|
|
|
January 31, 2025 |
|
|
January 9, 2024 |
|
Cash consideration received (net of cash acquired) |
|
$ |
2,034.5 |
|
|
$ |
— |
|
Transaction expense |
|
|
(9.1 |
) |
|
|
— |
|
Fair value of shares issued to seller |
|
|
— |
|
|
|
17.0 |
|
Total disposal consideration |
|
|
2,025.4 |
|
|
|
17.0 |
|
Carrying value of net assets sold |
|
|
(1,058.3 |
) |
|
|
(11.5 |
) |
Gain on disposal before income taxes and reclassification of
foreign currency translation |
|
|
967.1 |
|
|
|
5.5 |
|
Reclassification of foreign currency translation |
|
|
(97.9 |
) |
|
|
(27.4 |
) |
Gain (loss) on disposal before income taxes |
|
|
869.2 |
|
|
|
(21.9 |
) |
Income tax expense |
|
|
(378.7 |
) |
|
|
(21.5 |
) |
Gain (loss) on disposal, net of income taxes |
|
$ |
490.5 |
|
|
$ |
(43.4 |
) |
The following table summarizes the Company’s cash inflows related to the ongoing activities of the discontinued operations, including the Vantiva and Amphenol TSAs, as described below, and inventory sales resulting from the Vantiva Supply Agreement and Amphenol MSA, as described above:
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
|
2025 |
|
|
2024 |
|
Vantiva TSA fees |
|
$ |
3.5 |
|
|
$ |
14.3 |
|
Vantiva Supply Agreement inventory sales |
|
|
8.5 |
|
|
|
18.2 |
|
Amphenol TSA fees |
|
|
10.6 |
|
|
|
— |
|
Amphenol MSA inventory sales |
|
|
8.1 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
|
2025 |
|
|
2024 |
|
Gain on disposal of OWN segment and DAS business unit |
|
$ |
(869.2 |
) |
|
$ |
— |
|
Equity-based compensation |
|
|
0.4 |
|
|
|
1.9 |
|
Depreciation and amortization |
|
|
— |
|
|
|
21.9 |
|
Loss on disposal of Home business |
|
|
— |
|
|
|
21.9 |
|
Asset impairments |
|
|
— |
|
|
|
17.2 |
|
Loss on equity investment |
|
|
— |
|
|
|
17.0 |
|
Capital expenditures |
|
|
— |
|
|
|
0.4 |
|
|