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Consolidated Statements of Income (Loss) (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Statement [Abstract]        
Net sales $ 448.0 $ 485.6 $ 1,344.2 $ 1,448.2
Cost of products sold 303.2 348.2 915.9 1,041.2
Gross profit 144.8 137.4 428.3 407.0
Operating costs and expenses:        
Selling, general and administrative expenses 98.8 93.9 291.8 284.3
Amortization of intangibles 10.8 9.9 32.7 31.5
Restructuring charges 3.0 0.1 6.3 2.3
Goodwill impairment 0.0 98.7 0.0 98.7
Change in fair value of contingent consideration 0.0 (2.2) 0.0 (9.0)
Total operating costs and expenses 112.6 200.4 330.8 407.8
Operating income (loss) [1] 32.2 (63.0) 97.5 (0.8)
Non-operating expense (income):        
Interest expense 15.6 12.1 45.0 32.6
Interest income (1.6) (2.6) (6.2) (6.2)
Non-operating pension expense (income) 0.2 (0.5) 0.5 (3.2)
Other income, net (3.6) (7.4) (2.1) (10.2)
Income (loss) before income tax 21.6 (64.6) 60.3 (13.8)
Income tax expense 6.7 4.1 22.7 18.2
Net income (loss) $ 14.9 $ (68.7) $ 37.6 $ (32.0)
Per share:        
Basic income (loss) per share $ 0.16 $ (0.73) $ 0.4 $ (0.33)
Diluted income (loss) per share $ 0.15 $ (0.73) $ 0.39 $ (0.33)
Weighted average number of shares outstanding:        
Basic (in shares) 95.4 94.5 95.2 95.6
Diluted (in shares) [2] 96.7 94.5 96.8 95.6
[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] As a result of the net loss for the three and nine months ended September 30, 2022, diluted earnings per share does not include the effects of the stock awards for which the average market price for the period exceeds the exercised price, as their effect would have been anti-dilutive.