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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of Restrictions on Cash and Cash Equivalents | Total cash, cash equivalents and restricted cash consisted of the following:
| December 31,
(in millions) | 2024 |  | 2023
Cash and cash equivalents | $ | 117.4 |  |  | $ | 74.9 |
Restricted cash | 1,592.3 |  |  | — |
Cash, cash equivalents and restricted cash | $ | 1,709.7 |  |  | $ | 74.9 |
Schedule of Cash, Cash Equivalents, and Restricted Cash | Total cash, cash equivalents and restricted cash consisted of the following:
| December 31,
(in millions) | 2024 |  | 2023
Cash and cash equivalents | $ | 117.4 |  |  | $ | 74.9 |
Restricted cash | 1,592.3 |  |  | — |
Cash, cash equivalents and restricted cash | $ | 1,709.7 |  |  | $ | 74.9 |
Schedule of Inventory, Current | Inventories are stated at the lower of cost and net realizable value, determined by the first-in, first-out method and consist of the following:
| December 31,
(in millions) | 2024 |  | 2023
Finished goods | $ | 300.5 |  |  | $ | 335.4 |
Work-in-process | 16.1 |  |  | 16.5 |
Raw materials and supplies | 130.4 |  |  | 131.2 |
| $ | 447.0 |  |  | $ | 483.1 |
Schedule of Property, Plant and Equipment | Property, plant and equipment are carried at cost at acquisition date and are depreciated using the straight-line method over their estimated useful lives as follows:
| Estimated Useful Lives (in years)
Buildings | 25-30
Computer equipment and software | 3-7
Leasehold improvements | 4-7
Machinery and equipment | 3-7
Office furniture and fixtures | 5-7
The Company records depreciation and amortization in cost of sales for long-lived assets used in the manufacturing process, and within each line item of operating expenses for all other long-lived assets. Leasehold improvements are amortized over the shorter of the life of the lease or seven years. Assets under finance leases are included within property, plant and equipment and represent non-cash investing activities. Property, plant and equipment, net consisted of the following:
| December 31,
(in millions) | 2024 |  | 2023
Machinery and equipment | $ | 713.0 |  |  | $ | 599.1 |
Land and buildings | 635.3 |  |  | 526.3 |
Computer equipment and software | 256.0 |  |  | 247.3 |
Furniture and fixtures | 106.1 |  |  | 99.8 |
Construction in progress | 54.0 |  |  | 250.2 |
Total property, plant and equipment | 1,764.4 |  |  | 1,722.7 |
Accumulated depreciation | (953.3) |  |  | (844.4) |
Total property, plant and equipment, net | $ | 811.1 |  |  | $ | 878.3 |
Changes in Accrued Sales Returns | The Company had the following activity for accrued sales returns from December 31, 2022 to December 31, 2024:
(in millions) |
Balance as of December 31, 2022 | $ | 40.5 |
Amounts accrued | 208.2 |
Returns charged to accrual | (205.0) |
Balance as of December 31, 2023 | 43.7 |
Amounts accrued | 209.9 |
Returns charged to accrual | (209.4) |
Balance as of December 31, 2024 | $ | 44.2 |
Warranty Activity | The Company had the following activity for its accrued warranty expense from December 31, 2022 to December 31, 2024:
(in millions) |
Balance as of December 31, 2022 | $ | 41.6 |
Amounts accrued | 19.6 |
Warranties charged to accrual | (20.4) |
Balance as of December 31, 2023 | 40.8 |
Amounts accrued | 8.1 |
Warranties charged to accrual | (15.3) |
Balance as of December 31, 2024 | $ | 33.6 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The Company had the following activity for its allowance for credit losses from December 31, 2022 to December 31, 2024.
(in millions) |
Balance as of December 31, 2022 | $ | 62.4 |
Amounts accrued | 8.2 |
Write-offs charged against the allowance | (3.7) |
Balance as of December 31, 2023 | 66.9 |
Amounts accrued | 22.5 |
Write-offs charged against the allowance | (9.0) |
Balance as of December 31, 2024 | $ | 80.4 |
Schedule of Long-term Debt Instruments | The fair value of the following material financial instruments were based on Level 2 inputs, which include observable inputs estimated using discounted cash flows and market-based expectations for interest rates, credit risk and the contractual terms of debt instruments:
|  | Fair Value
(in millions) |  | December 31, 2024 |  | December 31, 2023
2029 Senior Notes |  | $ | 739.1 |  |  | $ | 724.2 |
2031 Senior Notes |  | 698.2 |  |  | 677.6 |

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