v3.26.1
Discontinued Operations (Tables)
 6 Months Ended
Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Operating Results of Operations Treated as Discontinued Operations
The following table summarizes the financial results of our discontinued operations for the three and six months ended June 30, 2026 and June 29, 2025:
Three Months Ended
Six Months Ended
June 30, 2026June 29, 2025June 30, 2026June 29, 2025
Net revenues$318,767 $338,364 $602,584 $624,775 
Cost of goods sold158,968 173,109 305,876 325,512 
Gross profit159,799 165,255 296,708 299,263 
Selling, general and administrative expenses74,368 77,582 140,553 147,510 
Research and development expenses17,339 12,033 31,608 23,142 
Restructuring charges, separation costs and impairment charges (1)
7,911 11,472 67,059 14,805 
Interest expense9 5 63 12 
Interest income(82)(414)(186)(843)
Income from discontinued operations before income taxes60,254 64,577 57,611 114,637 
Income tax expense2,323 10,172 2,996 17,563 
Income from discontinued operations$57,931 $54,405 $54,615 $97,074 
(1) For the three and six months ended June 30, 2026, we incurred separation costs of $29.0 million and $59.2 million, respectively, primarily related to consulting, legal, tax and other professional advisory services associated with the Strategic Divestitures. Additionally, we remeasured the valuation allowance related to the Acute Care and IU businesses component of the Strategic Divestitures, which resulted in a gain of $21.1 million for the three months ended June 30, 2026 and a charge of $7.9 million for the six months ended June 30, 2026. See below for further detail. For the three and six months ended June 29, 2025, we incurred separation costs of $11.6 million and $14.8 million, respectively.
The following table summarizes the carrying amounts of the major classes of assets and liabilities classified as discontinued operations in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
ASSETS
Cash and cash equivalents$47,368 $51,168 
Accounts receivable, net242,618 225,326 
Inventories365,963 343,183 
Prepaid expenses and other current assets18,567 19,875 
Current assets of discontinued operations674,516 639,552 
Property, plant and equipment, net241,534 214,426 
Operating lease assets20,269 21,213 
Goodwill112,010 112,010 
Intangible assets, net832,571 832,626 
Deferred tax assets27,411 27,928 
Other assets5,220 2,893 
Valuation allowance on disposal group classified as held for sale(754,964)(747,070)
Assets of discontinued operations$1,158,567 $1,103,578 
LIABILITIES
Accounts payable$38,806 $37,478 
Accrued expenses32,351 29,629 
Payroll and benefit-related liabilities43,597 52,248 
Other current liabilities20,740 8,965 
Current liabilities of discontinued operations135,494 128,320 
Deferred tax liabilities31,638 31,801 
Non-current operating lease liability16,645 17,839 
Other non-current liabilities3,691 3,329 
Liabilities of discontinued operations$187,468 $181,289 
Cash flows attributable to discontinued operations are included in the condensed consolidated statements of cash flows. Significant non-cash operating and investing activities attributable to discontinued operations consisted of the following:
Six Months Ended
June 30, 2026June 29, 2025
Depreciation expense
$— $12,743 
Intangible asset amortization expense
— 44,792 
Impairment charges
7,894 — 
Expenditures for property, plant and equipment
18,144 12,718