XML 42 R26.htm IDEA: XBRL DOCUMENT
v3.21.1

Quarterly Financial Information (unaudited and as restated) | 12 Months Ended
--- | ---
Dec. 31, 2020
Quarterly Financial Data [Abstract] |
Quarterly Financial Information (unaudited and as restated) | QUARTERLY FINANCIAL INFORMATION (unaudited and as restated) Select quarterly financial information is presented in the tables below for the quarterly periods (in millions, except per share amounts):
2020 (as restated) | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |
Net sales |  |  |  |  |  |  |  |
Net sales - products | $ | 647.2 |  |  | $ | 750.2 |  |  | $ | 891.1 |  |  | $ | 1,020.1 |  |
Net sales - services | 250.1 |  |  | 255.5 |  |  | 270.9 |  |  | 285.4 |  |
Net sales | 897.3 |  |  | 1,005.7 |  |  | 1,162.0 |  |  | 1,305.5 |  |
Costs and expenses |  |  |  |  |  |  |  |
Cost of sales - products | 463.2 |  |  | 515.3 |  |  | 596.7 |  |  | 715.1 |  |
Cost of sales - services | 147.1 |  |  | 144.0 |  |  | 152.3 |  |  | 163.2 |  |
Cost of sales | 610.3 |  |  | 659.3 |  |  | 749.0 |  |  | 878.3 |  |
Selling, general and administrative expenses | 264.8 |  |  | 226.3 |  |  | 251.7 |  |  | 265.5 |  |
Loss on extinguishment of debt | 174.0 |  |  | — |  |  | — |  |  | — |  |
Change in fair value of warrant liabilities | (60.6) |  |  | 82.2 |  |  | 87.7 |  |  | 34.4 |  |
Other deductions, net | 34.4 |  |  | 49.5 |  |  | 126.2 |  |  | 41.6 |  |
Interest expense, net | 68.9 |  |  | 30.1 |  |  | 26.4 |  |  | 25.0 |  |
Earnings (loss) before income taxes | (194.5) |  |  | (41.7) |  |  | (79.0) |  |  | 60.7 |  |
Income tax expense | 13.8 |  |  | 14.3 |  |  | 24.5 |  |  | 20.2 |  |
Net earnings (loss) | $ | (208.3) |  |  | $ | (56.0) |  |  | $ | (103.5) |  |  | $ | 40.5 |  |
Earnings (loss) per share: |  |  |  |  |  |  |  |
Basic | $ | (0.87) |  |  | $ | (0.17) |  |  | $ | (0.32) |  |  | $ | 0.12 |  |
Diluted | $ | (0.87) |  |  | $ | (0.17) |  |  | $ | (0.32) |  |  | $ | 0.12 |  |
Weighted-average shares outstanding |  |  |  |  |  |  |  |
Basic | 240,656,864 |  |  | 328,411,705 |  |  | 328,411,705 |  |  | 330,335,268 |  |
Diluted | 240,656,864 |  |  | 328,411,705 |  |  | 328,411,705 |  |  | 333,294,298 |  |
2019 | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |
Net sales |  |  |  |  |  |  |  |
Net sales - products | $ | 813.3 |  |  | $ | 865.3 |  |  | $ | 799.4 |  |  | $ | 878.1 |  |
Net sales - services | 241.5 |  |  | 268.8 |  |  | 271.3 |  |  | 293.4 |  |
Net sales | 1,054.8 |  |  | 1,134.1 |  |  | 1,070.7 |  |  | 1,171.5 |  |
Costs and expenses |  |  |  |  |  |  |  |
Cost of sales - products | 566.2 |  |  | 613.6 |  |  | 561.4 |  |  | 607.9 |  |
Cost of sales - services | 141.4 |  |  | 153.3 |  |  | 158.0 |  |  | 176.4 |  |
Cost of sales | 707.6 |  |  | 766.9 |  |  | 719.4 |  |  | 784.3 |  |
Selling, general and administrative expenses | 286.4 |  |  | 263.3 |  |  | 259.3 |  |  | 291.8 |  |
Loss on extinguishment of debt | — |  |  | — |  |  | — |  |  | — |  |
Other deductions, net | 38.8 |  |  | 28.1 |  |  | 31.6 |  |  | 47.5 |  |
Interest expense, net | 77.8 |  |  | 78.7 |  |  | 77.7 |  |  | 76.2 |  |
Earnings (loss) before income taxes | (55.8) |  |  | (2.9) |  |  | (17.3) |  |  | (28.3) |  |
Income tax expense (benefit) | 18.5 |  |  | 16.0 |  |  | (3.6) |  |  | 5.6 |  |
Net earnings (loss) | $ | (74.3) |  |  | $ | (18.9) |  |  | $ | (13.7) |  |  | $ | (33.9) |  |
Earnings (loss) per share: |  |  |  |  |  |  |  |
Basic and diluted | $ | (0.63) |  |  | $ | (0.16) |  |  | $ | (0.12) |  |  | $ | (0.29) |  |
Weighted-average shares outstanding |  |  |  |  |  |  |  |
Basic and diluted | 118,261,955 |  |  | 118,261,955 |  |  | 118,261,955 |  |  | 118,261,955 |  |
Restatement of Previously Issued Unaudited Condensed Consolidated Financial Statements In lieu of filing amended quarterly reports on Form 10-Q, the following tables represent our restated unaudited condensed consolidated financial statements for each of the quarters during the years ended December 31, 2020. See Note 1, Restatement of Previously Issued Consolidated Financial Statements, for additional information. Following the restated consolidated financial statement tables, we have presented a reconciliation from our prior periods, as previously reported, to the restated amounts. The amounts as previously reported were derived from our Quarterly Reports on Form 10-Q for the interim periods of 2020 and from the Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed on March 1, 2021. The following represents the reconciliation of our unaudited interim Consolidated Statements of Earnings (Loss) and our Consolidated Statements of Comprehensive Income for the three-months ended March 31, June 30, September 30, and December 31, 2020.
| Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended
| March 31 2020 | June 30 2020 | September 30 2020 | December 31 2020
| As Reported | Restatement Impacts | As Restated | As Reported | Restatement Impacts | As Restated | As Reported | Restatement Impacts | As Restated | As Reported | Restatement Impacts | As Restated
Consolidated Statements of Earnings (Loss) and Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of warrant liabilities | $ | — |  | $ | (60.6) |  | $ | (60.6) |  | $ | — |  | $ | 82.2 |  | $ | 82.2 |  | $ | — |  | $ | 87.7 |  | $ | 87.7 |  | $ | — |  | $ | 34.4 |  | $ | 34.4 |
Income (loss) from Continuing Operations before income taxes | $ | (255.1) |  | $ | 60.6 |  | $ | (194.5) |  | $ | 40.5 |  | $ | (82.2) |  | $ | (41.7) |  | $ | 8.7 |  | $ | (87.7) |  | $ | (79.0) |  | $ | 95.1 |  | $ | (34.4) |  | $ | 60.7 |
Income (loss) from Continuing Operations | $ | (268.9) |  | $ | 60.6 |  | $ | (208.3) |  | $ | 26.2 |  | $ | (82.2) |  | $ | (56.0) |  | $ | (15.8) |  | $ | (87.7) |  | $ | (103.5) |  | $ | 74.9 |  | $ | (34.4) |  | $ | 40.5 |
Net income (loss) | $ | (268.9) |  | $ | 60.6 |  | $ | (208.3) |  | $ | 26.2 |  | $ | (82.2) |  | $ | (56.0) |  | $ | (15.8) |  | $ | (87.7) |  | $ | (103.5) |  | $ | 74.9 |  | $ | (34.4) |  | $ | 40.5 |
Comprehensive income (loss) | $ | (321.5) |  | $ | 60.6 |  | $ | (260.9) |  | $ | 16.9 |  | $ | (82.2) |  | $ | (65.3) |  | $ | 16.9 |  | $ | (87.7) |  | $ | (70.8) |  | $ | 137.5 |  | $ | (34.4) |  | $ | 103.1 |
Earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | (1.12) |  | $ | 0.25 |  | $ | (0.87) |  | $ | 0.08 |  | $ | (0.25) |  | $ | (0.17) |  | $ | (0.05) |  | $ | (0.27) |  | $ | (0.32) |  | $ | 0.23 |  | $ | (0.11) |  | $ | 0.12 |
Diluted | $ | (1.12) |  | $ | 0.25 |  | $ | (0.87) |  | $ | 0.08 |  | $ | (0.25) |  | $ | (0.17) |  | $ | (0.05) |  | $ | (0.27) |  | $ | (0.32) |  | $ | 0.22 |  | $ | (0.10) |  | $ | 0.12 |
The following represents the reconciliation of our unaudited interim Consolidated Statement of Earnings (loss) and our Consolidated Statements of Comprehensive Income for the six-months ended June 30, 2020 and nine-months ended September 30, 2020.
| Six Months Ended | Nine Months Ended
| June 30 2020 | September 30 2020
| As Reported | Restatement Impacts | As Restated | As Reported | Restatement Impacts | As Restated
Consolidated Statements of Earnings (Loss) and Comprehensive Income (Loss) |  |  |  |  |  |
Change in fair value of warrant liabilities | $ | — |  | $ | 21.6 |  | $ | 21.6 |  | $ | — |  | $ | 109.3 |  | $ | 109.3 |
Income (loss) from Continuing Operations before income taxes | $ | (214.6) |  | $ | (21.6) |  | $ | (236.2) |  | $ | (205.9) |  | $ | (109.3) |  | $ | (315.2) |
Income (loss) from Continuing Operations | $ | (242.7) |  | $ | (21.6) |  | $ | (264.3) |  | $ | (258.5) |  | $ | (109.3) |  | $ | (367.8) |
Net income (loss) | $ | (242.7) |  | $ | (21.6) |  | $ | (264.3) |  | $ | (258.5) |  | $ | (109.3) |  | $ | (367.8) |
Comprehensive income (loss) | $ | (304.6) |  | $ | (21.6) |  | $ | (326.2) |  | $ | (287.7) |  | $ | (109.3) |  | $ | (397.0) |
Earnings (loss) per share |  |  |  |  |  |
Basic | $ | (0.85) |  | $ | (0.08) |  | $ | (0.93) |  | $ | (0.86) |  | $ | (0.36) |  | $ | (1.22) |
Diluted | $ | (0.85) |  | $ | (0.08) |  | $ | (0.93) |  | $ | (0.86) |  | $ | (0.36) |  | $ | (1.22) |
The following represents the reconciliation of our unaudited interim Consolidated Balance Sheets as of three month ended March 31, June 30, and September 30.
| March 31 2020 | June 30 2020 | September 30 2020
| As Reported | Restatement Impacts | As Restated | As Reported | Restatement Impacts | As Restated | As Reported | Restatement Impacts | As Restated
Consolidated Balance Sheets |  |  |  |  |  |  |  |  |
Warrant liabilities | $ | — |  | $ | 55.7 |  | $ | 55.7 |  | $ | — |  | $ | 137.9 |  | $ | 137.9 |  | $ | — |  | $ | 225.6 |  | $ | 225.6 |
Total liabilities | $ | 4,298.0 |  | $ | 55.7 |  | $ | 4,353.7 |  | $ | 4,379.0 |  | $ | 137.9 |  | $ | 4,516.9 |  | $ | 4,400.0 |  | $ | 225.6 |  | $ | 4,625.6 |
Additional paid-in capital | $ | 1,635.9 |  | $ | (116.3) |  | $ | 1,519.6 |  | $ | 1,638.0 |  | $ | (116.3) |  | $ | 1,521.7 |  | $ | 1,641.9 |  | $ | (116.3) |  | $ | 1,525.6 |
Accumulated deficit | $ | (1,269.5) |  | $ | 60.6 |  | $ | (1,208.9) |  | $ | (1,243.3) |  | $ | (21.6) |  | $ | (1,264.9) |  | $ | (1,259.1) |  | $ | (109.3) |  | $ | (1,368.4) |
Total equity (deficit) | $ | 331.9 |  | $ | (55.7) |  | $ | 276.2 |  | $ | 350.9 |  | $ | (137.9) |  | $ | 213.0 |  | $ | 371.7 |  | $ | (225.6) |  | $ | 146.1 |

X
- References No definition available. + Details
Name: | us-gaap_QuarterlyFinancialDataAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration