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Stockholders' equity (Tables) | 12 Months Ended
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Dec. 31, 2022
Stockholders' Equity Note [Abstract] |
Class of Treasury Stock | The following table details our stock repurchases under the Share Repurchase Program:
| Year Ended December 31,
| 2022 |  | 2021
Shares of common stock repurchased | 1.8 |  |  | 2.6 |
Average price paid per share | $ | 42.36 |  |  | $ | 42.67 |
Total cost | $ | 75.5 |  |  | $ | 112.6 |
Schedule of Share-based Payment Award, Valuation Assumptions, Stock Options Granted | The Company utilizes the Black-Scholes valuation model for estimating the fair value of all stock options granted. Set forth below are the assumptions used in valuing the stock options granted:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Expected dividend yield | 0 | % |  | 0 | % |  | 0 | %
Expected volatility | 54%-62% |  | 47-48% |  | 39-48%
Risk-free interest rate | 1.54%-4.31% |  | 0.43-0.94% |  | 0.27-1.42%
Expected average life of options | 4.5 years |  | 4.5 years |  | 4.5 years
Summary of Stock Option Award Activity | The following is a summary of stock option award activity under the Emergent Plan:
| Number of Shares |  | Weighted-Average Exercise Price |  | Weighted Average Remaining Contractual Term (in Years) |  | Aggregate Intrinsic Value
Stock options outstanding at December 31, 2021 | 1.2 |  |  | $ | 60.83 |  |  |  |  | $ | 3.0 |
Stock options granted | 0.7 |  |  | $ | 39.11 |  |  |  |  |
Stock options exercised | — |  |  | $ | 27.71 |  |  |  |  |
Stock options forfeited | (0.2) |  |  | $ | 64.66 |  |  |  |  |
Stock options outstanding at December 31, 2022 | 1.7 |  |  | $ | 51.74 |  |  | 4.1 |  | $ | — |
Stock options exercisable at December 31, 2022 | 0.8 |  |  | $ | 54.14 |  |  | 2.3 |  | $ | — |
Schedule of Nonvested Restricted Stock Units Activity | The following is a summary of performance stock unit and restricted stock unit award activity under the Emergent Plan:
| Number of Shares |  | Weighted-Average Grant Date Fair Value |  | Aggregate Intrinsic Value
Stock awards outstanding at December 31, 2021 | 1.1 |  |  | $ | 70.82 |  |  | $ | 47.6 |
Stock awards granted (1) | 1.9 |  |  | $ | 34.49 |  |  |
Stock awards released | (0.5) |  |  | $ | 67.48 |  |  |
Stock awards forfeited (1) | (0.3) |  |  | $ | 55.46 |  |  |
Stock awards outstanding at December 31, 2022 | 2.2 |  |  | $ | 42.30 |  |  | $ | 25.8 |
(1) Performance stock units granted and forfeited during the year ended December 31, 2022 are included at the target payout percentage, or 100%, of shares granted.
Summary of Stock-Based Compensation Expense | Share-based compensation expense was recorded in the following financial statement line items:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Cost of product sales | $ | 7.3 |  |  | $ | 6.4 |  |  | $ | 8.9 |
Cost of CDMO services | 1.8 |  |  | 1.1 |  |  | 3.5 |
Research and development | 5.4 |  |  | 5.0 |  |  | 8.4 |
Selling, general and administrative | 30.6 |  |  | 29.9 |  |  | 30.2 |
Total share-based compensation expense | $ | 45.1 |  |  | $ | 42.4 |  |  | $ | 51.0 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table includes changes in accumulated other comprehensive income (loss), net of tax by component:
|  | Defined Benefit Pension Plan |  | Derivative Instruments |  | Foreign Currency Translation Adjustments |  | Total
Balance at December 31, 2020 |  | $ | (7.7) |  |  | $ | (11.0) |  |  | $ | (6.6) |  |  | $ | (25.3) |
Other comprehensive income (loss) before reclassifications |  | 4.3 |  |  | 0.7 |  |  | (1.0) |  |  | 4.0 |
Amounts reclassified from accumulated other comprehensive income (loss) |  | (0.6) |  |  | 5.8 |  |  | — |  |  | 5.2 |
Net current period other comprehensive income (loss) |  | 3.7 |  |  | 6.5 |  |  | (1.0) |  |  | 9.2 |
Balance at December 31, 2021 |  | $ | (4.0) |  |  | $ | (4.5) |  |  | $ | (7.6) |  |  | $ | (16.1) |
Other comprehensive income before reclassifications |  | 8.7 |  |  | 10.8 |  |  | 1.0 |  |  | 20.5 |
Amounts reclassified from accumulated other comprehensive income (loss) |  | (1.2) |  |  | (0.1) |  |  | — |  |  | (1.3) |
Net current period other comprehensive income |  | 7.5 |  |  | 10.7 |  |  | 1.0 |  |  | 19.2 |
Balance at December 31, 2022 |  | $ | 3.5 |  |  | $ | 6.2 |  |  | $ | (6.6) |  |  | $ | 3.1 |
Comprehensive Income (Loss) | The tables below present the tax effects related to each component of other comprehensive income (loss):
| December 31, 2022 |  | December 31, 2021 |  | December 31, 2020
| Pretax |  | Tax Benefit (Expense) |  | Net of tax |  | Pretax |  | Tax Benefit (Expense) |  | Net of tax |  | Pretax |  | Tax Benefit (Expense) |  | Net of tax
Defined benefit pension plan | $ | 8.7 |  |  | $ | (1.2) |  |  | $ | 7.5 |  |  | $ | 4.3 |  |  | $ | (0.6) |  |  | $ | 3.7 |  |  | $ | (5.0) |  |  | $ | 0.7 |  |  | $ | (4.3) |
Derivative instruments | 14.6 |  |  | (3.9) |  |  | 10.7 |  |  | 8.9 |  |  | (2.4) |  |  | 6.5 |  |  | (13.0) |  |  | 3.6 |  |  | (9.4) |
Foreign currency translation adjustments | 0.6 |  |  | 0.4 |  |  | 1.0 |  |  | (1.2) |  |  | 0.2 |  |  | (1.0) |  |  | (1.8) |  |  | 0.1 |  |  | (1.7) |
Total adjustments | $ | 23.9 |  |  | $ | (4.7) |  |  | $ | 19.2 |  |  | $ | 12.0 |  |  | $ | (2.8) |  |  | $ | 9.2 |  |  | $ | (19.8) |  |  | $ | 4.4 |  |  | $ | (15.4) |

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