XML 13 R3.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Income Statement [Abstract]        
Net sales $ 485.6 $ 526.7 $ 1,448.2 $ 1,455.0
Cost of products sold 348.2 369.5 1,041.2 1,018.2
Gross profit 137.4 157.2 407.0 436.8
Operating costs and expenses:        
Selling, general and administrative expenses 93.9 101.8 284.3 293.5
Amortization of intangibles 9.9 11.6 31.5 35.2
Restructuring charges 0.1 0.3 2.3 4.2
Goodwill impairment 98.7 0.0 98.7 0.0
Change in fair value of contingent consideration (2.2) 4.9 (9.0) 16.5
Total operating costs and expenses 200.4 118.6 407.8 349.4
Operating (loss) income [1] (63.0) 38.6 (0.8) 87.4
Non-operating expense (income):        
Interest expense 12.1 11.2 32.6 36.0
Interest income (2.6) (0.6) (6.2) (1.2)
Non-operating pension income (0.5) (2.3) (3.2) (5.6)
Other (income) expense, net (7.4) 0.1 (10.2) 4.0
(Loss) income before income tax (64.6) 30.2 (13.8) 54.2
Income tax expense 4.1 10.0 18.2 5.8
Net (loss) income $ (68.7) $ 20.2 $ (32.0) $ 48.4
Per share:        
Basic (loss) income per share (in dollars per share) $ (0.73) $ 0.21 $ (0.33) $ 0.51
Diluted (loss) income per share (in dollars per share) $ (0.73) $ 0.21 $ (0.33) $ 0.50
Weighted average number of shares outstanding:        
Basic (in shares) 94.5 95.6 95.6 95.4
Diluted (in shares) [2] 94.5 97.3 95.6 97.0
[1] Operating income (loss) is defined as i) net sales; ii) less cost of products sold; iii) less selling, general and administrative expenses; iv) less amortization of intangibles; v) less restructuring charges; and vi) less change in the fair value of contingent consideration.
[2] Due to the net loss during the three and nine months ended September 30, 2022, the denominator in the diluted earnings per share calculation does not include the effects of the stock awards for which the average market price for the period exceeds the exercise price, as it would result in a less dilutive computation. As a result, reporting diluted earnings per share for the three and nine months ended September 30, 2022 are the same as basic earnings per share.