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Quarterly Financial Information (unaudited and as restated) (Tables) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Data [Abstract] |
Quarterly Financial Information | 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 |  |
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 |

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121640914&loc=d3e1280-108306 + Details
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