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Segment information (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table presents segment revenues, segment cost of sales or services, segment gross margin, segment gross margin percentage and segment adjusted gross margin for each of the Company’s reportable segments for the three and nine months ended September 30, 2024 and 2023:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |
Commercial Products | $ | 95.3 |  |  | $ | 142.1 |  |  | $ | 333.8 |  |  | $ | 386.2 |
MCM Products | 174.2 |  |  | 107.7 |  |  | 393.0 |  |  | 309.2 |
Services | 14.3 |  |  | 14.2 |  |  | 97.5 |  |  | 57.7 |
Segment revenues | 283.8 |  |  | 264.0 |  |  | 824.3 |  |  | 753.1 |
Contracts and grants revenue | 10.0 |  |  | 6.5 |  |  | 24.6 |  |  | 19.6 |
Total revenues | $ | 293.8 |  |  | $ | 270.5 |  |  | $ | 848.9 |  |  | $ | 772.7 |
Cost of sales or services: |  |  |  |  |  |  |
Cost of Commercial Product sales | $ | 47.2 |  |  | $ | 60.0 |  |  | $ | 152.7 |  |  | 160.2 |
Cost of MCM Product sales | 54.0 |  |  | 72.5 |  |  | 147.3 |  |  | 208.4 |
Cost of Services | 21.4 |  |  | 44.3 |  |  | 263.3 |  |  | 151.7 |
Total cost of sales or services | $ | 122.6 |  |  | $ | 176.8 |  |  | $ | 563.3 |  |  | $ | 520.3 |
Gross margin |  |  |  |  |  |  |
Commercial Products | $ | 48.1 |  |  | $ | 82.1 |  |  | $ | 181.1 |  |  | $ | 226.0 |
MCM Products | 120.2 |  |  | 35.2 |  |  | 245.7 |  |  | 100.8 |
Services | (7.1) |  |  | (30.1) |  |  | (165.8) |  |  | (94.0) |
Total segment gross margin (1) | $ | 161.2 |  |  | $ | 87.2 |  |  | $ | 261.0 |  |  | $ | 232.8 |
Gross margin % |  |  |  |  |  |  |
Commercial Products | 50 | % |  | 58 | % |  | 54 | % |  | 59 | %
MCM Products | 69 | % |  | 33 | % |  | 63 | % |  | 33 | %
Services | (50) | % |  | (212) | % |  | (170) | % |  | (163) | %
Total Segment | 57 | % |  | 33 | % |  | 32 | % |  | 31 | %
Segment adjusted gross margin |  |  |  |  |  |  |
Commercial Products | $ | 48.1 |  |  | $ | 82.1 |  |  | $ | 181.1 |  |  | $ | 226.0 |
MCM Products | 126.3 |  |  | 39.1 |  |  | 255.0 |  |  | 109.3 |
Services | (7.0) |  |  | (22.0) |  |  | (55.3) |  |  | (85.9) |
Total segment adjusted gross margin | $ | 167.4 |  |  | $ | 99.2 |  |  | $ | 380.8 |  |  | $ | 249.4 |
(1) Segment revenues less total cost of sales or services.
The following table provides a reconciliation of the Company’s total segment adjusted gross margin to the Condensed Consolidated Statement of Operations:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Total segment adjusted gross margin | $ | 167.4 |  |  | $ | 99.2 |  |  | $ | 380.8 |  |  | $ | 249.4 |
Reconciling items: |  |  |  |  |  |  |
Contracts and grants revenue | $ | 10.0 |  |  | $ | 6.5 |  |  | $ | 24.6 |  |  | $ | 19.6 |
Segment restructuring costs | (5.0) |  |  | (13.1) |  |  | (7.8) |  |  | (15.1) |
Segment inventory step-up provision | (1.2) |  |  | — |  |  | (1.2) |  |  | (1.9) |
Segment changes in fair value of financial instruments | — |  |  | 1.1 |  |  | (0.6) |  |  | 0.4 |
Segment settlement charge, net | — |  |  | — |  |  | (110.2) |  |  | — |
Goodwill impairment | — |  |  | (218.2) |  |  | — |  |  | (218.2) |
Impairment of long-lived assets | — |  |  | — |  |  | (27.2) |  |  | (306.7) |
Research and development | (13.8) |  |  | (15.3) |  |  | (61.6) |  |  | (82.0) |
Selling, general and administrative | (76.6) |  |  | (86.0) |  |  | (247.2) |  |  | (278.7) |
Amortization of intangible assets | (16.3) |  |  | (16.3) |  |  | (48.8) |  |  | (49.4) |
Interest expense | (8.3) |  |  | (19.7) |  |  | (56.2) |  |  | (66.2) |
Gain (loss) on sale of business | 64.3 |  |  | (0.7) |  |  | 24.3 |  |  | 74.2 |
Other, net | 21.9 |  |  | (3.4) |  |  | 15.8 |  |  | (2.1) |
Income (loss) before income taxes | $ | 142.4 |  |  | $ | (265.9) |  |  | $ | (115.3) |  |  | $ | (676.7) |
Schedule of Segment Reporting Information, by Segment | The following table includes depreciation expense for each segment:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Depreciation: |  |  |  |  |  |  |
Commercial Products | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.3 |
MCM Products | 4.7 |  |  | 7.4 |  |  | $ | 16.0 |  |  | $ | 22.6 |
Services | 2.3 |  |  | 3.4 |  |  | 7.4 |  |  | 19.7 |
Other | 3.1 |  |  | 0.9 |  |  | 10.6 |  |  | 3.5
Total | $ | 10.1 |  |  | $ | 11.7 |  |  | $ | 34.0 |  |  | $ | 46.1 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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