4. SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Inventories
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June 30,
2026 |
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December 31,
2025 |
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Raw materials |
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$ |
181.3 |
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$ |
128.3 |
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Work in process |
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52.3 |
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37.4 |
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Finished goods |
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80.2 |
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73.0 |
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Total inventories, net |
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$ |
313.8 |
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$ |
238.7 |
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Accrued and Other Liabilities
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June 30,
2026 |
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December 31,
2025 |
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Deferred revenue |
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$ |
37.8 |
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$ |
18.5 |
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Compensation and employee benefit liabilities |
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34.4 |
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102.9 |
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Special distribution payable |
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33.6 |
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— |
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Product warranty accrual |
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6.3 |
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6.1 |
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Operating lease liabilities |
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8.8 |
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7.6 |
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Accrued interest |
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0.1 |
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78.1 |
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Other |
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101.2 |
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93.5 |
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Total accrued and other liabilities |
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$ |
222.2 |
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$ |
306.7 |
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Operating Lease Information
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Balance Sheet Location |
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June 30,
2026 |
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December 31,
2025 |
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Right of use assets |
Other noncurrent assets |
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$ |
31.6 |
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$ |
33.4 |
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Lease liabilities – current |
Accrued and other liabilities |
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$ |
8.8 |
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$ |
7.6 |
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Lease liabilities – noncurrent |
Other noncurrent liabilities |
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30.6 |
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31.7 |
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Total lease liabilities |
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$ |
39.4 |
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$ |
39.3 |
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Accumulated Other Comprehensive Income (Loss) (AOCI (AOCL)) The following table presents changes in AOCI (AOCL), net of tax:
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Foreign currency translation |
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Balance at beginning of period |
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$ |
0.6 |
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$ |
(172.5 |
) |
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$ |
(81.6 |
) |
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$ |
(308.8 |
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Other comprehensive income (loss) |
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(0.6 |
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89.5 |
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(7.1 |
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127.9 |
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Amounts reclassified from AOCI (AOCL) |
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— |
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3.1 |
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88.7 |
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101.0 |
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Balance at end of period |
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$ |
— |
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$ |
(79.9 |
) |
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$ |
— |
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$ |
(79.9 |
) |
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Defined benefit plan activity |
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Balance at beginning of period |
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$ |
0.5 |
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$ |
(15.5 |
) |
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$ |
(18.7 |
) |
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$ |
(15.5 |
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Other comprehensive income |
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0.3 |
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0.2 |
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0.4 |
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0.2 |
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Amounts reclassified from AOCI (AOCL) |
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— |
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— |
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19.1 |
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— |
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Balance at end of period |
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$ |
0.8 |
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$ |
(15.3 |
) |
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$ |
0.8 |
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$ |
(15.3 |
) |
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Hedging instruments |
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Balance at beginning of period |
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$ |
— |
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$ |
(21.6 |
) |
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$ |
(18.4 |
) |
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$ |
(20.2 |
) |
Other comprehensive income (loss) |
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— |
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0.3 |
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— |
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(1.1 |
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Amounts reclassified from AOCL |
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— |
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— |
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18.4 |
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— |
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Balance at end of period |
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$ |
— |
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$ |
(21.3 |
) |
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$ |
— |
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$ |
(21.3 |
) |
Net AOCI (AOCL) at end of period |
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$ |
0.8 |
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$ |
(116.5 |
) |
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$ |
0.8 |
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$ |
(116.5 |
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For the six months ended June 30, 2026, the reclassification of foreign currency translation, defined benefit plan activity and hedging instrument amounts from net AOCI (AOCL) related to the divestiture of the CCS segment during the first quarter of 2026. For the six months ended June 30, 2025, the reclassification of foreign currency translation amount from net AOCI (AOCL) related to the divestiture of the OWN segment and DAS business during the first quarter of 2025. The reclassified amounts resulting from the divestitures were recorded in the gain (loss) on disposal included in income (loss) from discontinued operations, net of income taxes, on the Condensed Consolidated Statements of Operations. See Note 2 for further discussion of the Company’s divestitures. Cash Flow Information
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Six Months Ended June 30, |
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2026 |
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2025 |
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Cash paid during the period for: |
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Income taxes, net of refunds |
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$ |
142.2 |
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$ |
87.3 |
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Interest |
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105.1 |
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345.9 |
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