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Stockholders' equity (Tables)
 12 Months Ended
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,
20222021
Shares of common stock repurchased1.8 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,
 
202220212020
Expected dividend yield0 %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 options4.5 years4.5 years4.5 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, 20211.2 $60.83 $3.0 
Stock options granted0.7 $39.11 
Stock options exercised— $27.71 
Stock options forfeited(0.2)$64.66 
Stock options outstanding at December 31, 20221.7 $51.74 4.1$— 
Stock options exercisable at December 31, 20220.8 $54.14 2.3$— 
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 SharesWeighted-Average Grant Date Fair ValueAggregate
 Intrinsic Value
Stock awards outstanding at December 31, 20211.1 $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, 20222.2 $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,
202220212020
(As Restated)(As Revised)(As Revised)
Cost of product sales$7.3 $6.4 $8.9 
Cost of CDMO services1.8 1.1 3.5 
Research and development5.4 5.0 8.4 
Selling, general and administrative30.6 29.9 31.0 
Total share-based compensation expense$45.1 $42.4 $51.8 
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 PlanDerivative InstrumentsForeign Currency Translation AdjustmentsTotal
Balance at December 31, 2020 (As Revised)
$(7.7)$(11.0)$(6.6)$(25.3)
Other comprehensive income (loss) before reclassifications4.3 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 (As Revised)
$(4.0)$(4.5)$(7.6)$(16.1)
Other comprehensive income before reclassifications8.7 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 income7.5 10.7 1.0 19.2 
Balance at December 31, 2022 (As Restated)
$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
(As Restated)(As Revised)(As Revised)
PretaxTax Benefit (Expense)Net of taxPretaxTax Benefit (Expense)Net of taxPretaxTax 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 instruments14.6 (3.9)10.7 8.9 (2.4)6.5 (13.0)3.6 (9.4)
Foreign currency translation adjustments0.6 0.4 1.0 (1.2)0.2 (1.0)(2.2)0.1 (2.1)
Total adjustments$23.9 $(4.7)$19.2 $12.0 $(2.8)$9.2 $(20.2)$4.4 $(15.8)