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Segment and Enterprise Reporting (Tables)

9 Months Ended

Oct. 01, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Selected information by reportable segment is presented below for the three and nine months ended October 1, 2022 and October 2, 2021:

			Three Months Ended												Nine Months Ended
(in millions)			October 1, 2022						October 2, 2021						October 1, 2022						October 2, 2021
Revenues by segment:
Healthcare			$	327.2					$	307.4					$	988.5					$	911.6
Non-healthcare			222.1						—						430.3						—
Total revenue by segment			$	549.3					$	307.4					$	1,418.8					$	911.6
Gross profit:
Healthcare			$	211.4					$	204.4					653.5						$	599.6
Non-healthcare			77.7						—						150.3						—
Corporate overhead			—						—						—						—
Other(1)			(6.6)						(0.8)						(58.4)						(6.1)
Gross profit			$	282.5					$	203.6					$	745.4					$	593.5
Gross profit margin:
Healthcare			64.6		%				66.5		%				66.1		%				65.8		%
Non-healthcare			35.0						—						34.9						—
Corporate overhead			—						—						—						—
Other(1)			(1.2)						(0.1)						(10.6)						(1.1)
Gross profit margin:			51.4		%				66.2		%				52.5		%				65.1		%
Operating income (loss):
Healthcare			$	80.9					$	—					$	—					$	—
Non-healthcare			14.7						—						—						—
Corporate overhead			(14.2)						—						—						—
Other(1)			(26.6)						—						—						—
Operating income			$	54.8					$	67.6					$	136.7					$	198.4
Interest income			$	0.5					$	0.2					$	1.0					$	0.7
Interest expense			(9.7)						—						(14.3)						(0.2)
Other expense (income), net			6.4						(0.2)						14.3						(1.2)
Income before income taxes			$	52.0					$	67.6					$	137.7					$	197.7

_______________

(1)     Management excludes certain corporate expenses from segment operating income. In addition, certain amounts that management considers to be non-recurring or non-operational are excluded from segment operating income because management evaluates the operating results of the segments excluding such items. Corporate overhead represents certain costs that are not allocated to the segments for purposes of the CODM assessing performance and allocating resources--for example, the costs of being a publicly traded company.

The Company’s depreciation and amortization by segment:

			Three Months Ended												Nine Months Ended
(in millions)			October 1, 2022						October 2, 2021						October 1, 2022						October 2, 2021
Depreciation and amortization by segment:
Healthcare			$	9.0					$	9.2					$	27.1					$	26.4
Non-healthcare			13.9						—						29.5						—
Total depreciation and amortization			$	22.9					$	9.2					$	56.6					$	26.4

The Company’s total assets by segment:

			As of						As of
(in millions)			October 1, 2022						January 1, 2022
Total assets by segment:
Healthcare			$	1,514.2											$	1,866.4
Non-healthcare			1,522.9												—
Corporate overhead			19.3												20.6
Other			—												—
Total assets			$	3,056.4											$	1,887.0

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

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- References

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