4. SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Inventories
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September 30,
2026 |
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December 31,
2025 |
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Raw materials |
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$ |
194.0 |
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$ |
128.3 |
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Work in process |
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60.1 |
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37.4 |
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Finished goods |
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103.7 |
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73.0 |
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Total inventories, net |
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$ |
357.8 |
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$ |
238.7 |
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Accrued and Other Liabilities
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September 30,
2026 |
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December 31,
2025 |
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Special distributions payable |
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$ |
54.1 |
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$ |
— |
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Compensation and employee benefit liabilities |
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27.0 |
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102.9 |
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Deferred revenue |
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24.3 |
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18.5 |
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Accrued tax liabilities |
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16.9 |
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8.4 |
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Operating lease liabilities |
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6.3 |
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7.6 |
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Product warranty accrual |
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5.9 |
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6.1 |
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Accrued interest |
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— |
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78.1 |
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Other |
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41.5 |
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85.1 |
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Total accrued and other liabilities |
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$ |
176.0 |
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$ |
306.7 |
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Operating Lease Information
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Balance Sheet Location |
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September 30,
2026 |
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December 31,
2025 |
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Right of use assets |
Other noncurrent assets |
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$ |
27.3 |
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$ |
33.4 |
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Lease liabilities – current |
Accrued and other liabilities |
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$ |
6.3 |
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$ |
7.6 |
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Lease liabilities – noncurrent |
Other noncurrent liabilities |
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28.8 |
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31.7 |
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Total lease liabilities |
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$ |
35.1 |
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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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Nine Months Ended |
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September 30, |
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September 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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$ |
— |
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$ |
(79.9 |
) |
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$ |
(81.6 |
) |
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$ |
(308.8 |
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Other comprehensive income (loss) |
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1.8 |
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(6.1 |
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(5.3 |
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123.6 |
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Amounts reclassified from AOCI (AOCL) |
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(0.9 |
) |
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— |
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87.8 |
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99.2 |
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Balance at end of period |
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$ |
0.9 |
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$ |
(86.0 |
) |
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$ |
0.9 |
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$ |
(86.0 |
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Defined benefit plan activity |
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Balance at beginning of period |
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$ |
0.8 |
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$ |
(15.3 |
) |
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$ |
(18.7 |
) |
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$ |
(15.5 |
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Other comprehensive income (loss) |
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(0.6 |
) |
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0.2 |
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(0.2 |
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0.4 |
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Amounts reclassified from AOCI (AOCL) |
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0.3 |
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— |
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19.4 |
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— |
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Balance at end of period |
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$ |
0.5 |
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$ |
(15.1 |
) |
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$ |
0.5 |
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$ |
(15.1 |
) |
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Hedging instruments |
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Balance at beginning of period |
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$ |
— |
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$ |
(21.3 |
) |
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$ |
(18.4 |
) |
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$ |
(20.2 |
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Other comprehensive income (loss) |
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— |
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0.2 |
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— |
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(0.9 |
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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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$ |
(21.1 |
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$ |
— |
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$ |
(21.1 |
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Net AOCI (AOCL) at end of period |
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$ |
1.4 |
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$ |
(122.2 |
) |
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$ |
1.4 |
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$ |
(122.2 |
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For the three and nine months ended September 30, 2026, the reclassifications of foreign currency translation gain of $0.9 million and defined benefit plan loss of $0.3 million from net AOCI (AOCL) related to the divestiture of the RUCKUS segment during the third quarter of 2026. For the nine months ended September 30, 2026, the reclassification amounts also include foreign currency translation loss of $88.7 million, defined benefit plan loss of $19.1 million and hedging instrument loss of 18.4 million from net AOCI (AOCL) related to the divestiture of the CCS segment during the first quarter of 2026. For the nine months ended September 30, 2025, the reclassification of foreign currency translation amount from net AOCI (AOCL) related to the divestiture of the OWN segment and DAS business during the first quarter of 2025. The reclassified amounts resulting from the divestitures were recorded in the gain (loss) on disposal included in income from discontinued operations, net of income taxes, on the Condensed Consolidated Statements of Operations. See Note 2 for further discussion of the Company’s divestitures. Cash Flow Information
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Nine Months Ended September 30, |
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2026 |
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2025 |
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Cash paid during the period for: |
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Income taxes, net of refunds |
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$ |
140.2 |
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$ |
169.9 |
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Interest |
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105.1 |
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521.2 |
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