v3.26.1
Background and Basis of Presentation (Tables)
6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Summary of Activity in Product Warranty Accrual, Included in Accrued and Other Liabilities and Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets

The following table summarizes the activity in the product warranty accrual, included in accrued and other liabilities and other noncurrent liabilities on the Condensed Consolidated Balance Sheets:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Product warranty accrual, beginning of period

 

$

8.1

 

 

$

6.4

 

 

$

7.9

 

 

$

7.0

 

Provision for warranty claims

 

 

1.3

 

 

 

0.3

 

 

 

2.6

 

 

 

1.0

 

Warranty claims paid

 

 

(1.5

)

 

 

(1.3

)

 

 

(2.6

)

 

 

(2.6

)

Product warranty accrual, end of period

 

$

7.9

 

 

$

5.4

 

 

$

7.9

 

 

$

5.4

 

Summary of EPS, Weighted Average Common Shares and Potential Common Shares Outstanding

The following table presents the basis for the EPS computations (in millions, except per share data):

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

26.1

 

 

$

5.9

 

 

$

42.7

 

 

$

338.4

 

Income from discontinued operations, net of tax

 

 

269.1

 

 

 

25.9

 

 

 

5,760.4

 

 

 

477.4

 

Net income

 

$

295.2

 

 

$

31.8

 

 

$

5,803.1

 

 

$

815.8

 

Dividends on Series A convertible preferred stock

 

 

 

 

 

(17.1

)

 

 

(1.7

)

 

 

(34.0

)

Deemed dividend on redemption of Series A convertible preferred stock

 

 

(11.9

)

 

 

 

 

 

(11.9

)

 

 

 

Net income attributable to common stockholders

 

$

283.3

 

 

$

14.7

 

 

$

5,789.5

 

 

$

781.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – basic

 

 

227.0

 

 

 

218.1

 

 

 

226.2

 

 

 

217.2

 

Dilutive effect of equity-based awards

 

 

6.8

 

 

 

 

 

 

7.4

 

 

 

10.1

 

Dilutive effect of as-if converted Series A convertible preferred stock

 

 

 

 

 

 

 

 

 

 

 

45.0

 

Weighted average common shares outstanding – diluted

 

 

233.8

 

 

 

218.1

 

 

 

233.6

 

 

 

272.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing operations per share

 

$

0.06

 

 

$

(0.05

)

 

$

0.13

 

 

$

1.40

 

Earnings from discontinued operations per share

 

 

1.19

 

 

 

0.12

 

 

 

25.47

 

 

 

2.20

 

Earnings per share

 

$

1.25

 

 

$

0.07

 

 

$

25.60

 

 

$

3.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing operations per share

 

$

0.06

 

 

$

(0.05

)

 

$

0.12

 

 

$

1.24

 

Earnings from discontinued operations per share

 

 

1.15

 

 

 

0.12

 

 

 

24.67

 

 

 

1.76

 

Earnings per share

 

$

1.21

 

 

$

0.07

 

 

$

24.79

 

 

$

3.00