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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 27, 2019
Sep. 28, 2018
Sep. 27, 2019
Sep. 28, 2018
Net sales $ 743.7 $ 799.9 $ 2,357.6 $ 2,380.7
Cost of sales 419.4 433.5 1,309.3 1,272.8
Gross profit 324.3 366.4 1,048.3 1,107.9
Selling, general and administrative expenses 205.7 193.4 661.8 594.5
Research and development expenses 103.1 86.1 268.0 260.7
Restructuring charges, net 7.2 14.8 11.2 101.8
Non-restructuring impairment charges 0.0 2.0 113.5 2.0
Loss on divestiture 0.0 0.6 0.0 0.6
Operating income (loss) [1] 8.3 69.5 (6.2) 148.3
Interest expense (77.6) (93.6) (231.8) (280.1)
Interest income 2.9 2.0 6.6 6.6
Other income, net 37.9 13.4 128.6 17.8
Loss from continuing operations before income taxes (28.5) (8.7) (102.8) (107.4)
Income tax benefit (27.6) (122.9) (256.6) (203.9)
(Loss) income from continuing operations (0.9) 114.2 153.8 96.5
(Loss) income from discontinued operations, net of income taxes (0.2) (0.4) 6.8 14.9
Net (loss) income $ (1.1) $ 113.8 $ 160.6 $ 111.4
Basic earnings per share (Note 7):        
Income (loss) from continuing operations, per share $ (0.01) $ 1.37 $ 1.84 $ 1.15
Income from discontinued operations, per share 0 0 0.08 0.18
Net income, per share $ (0.01) $ 1.37 $ 1.92 $ 1.32
Basic weighted-averaged shares outstanding (in shares) 84.0 83.2 83.8 84.2
Diluted earnings per share (Note 7):        
Income (loss) from continuing operations, per share $ (0.01) $ 1.34 $ 1.83 $ 1.13
Income from discontinued operations, per share 0 0 0.08 0.17
Net income, per share $ (0.01) $ 1.34 $ 1.91 $ 1.31
Diluted weighted-average shares outstanding (in shares) 84.0 85.0 84.2 85.2
Retained Earnings (Deficit)        
Net (loss) income $ (1.1) $ 113.8 $ 160.6 $ 111.4
[1]
The amount of operating loss included in the Company's unaudited condensed consolidated statement of income for the three and nine months ended September 28, 2018 related to the Sucampo Acquisition was $32.2 million and $99.9 million, respectively. Included within these results were $18.0 million and $45.0 million of amortization associated with intangibles recognized from this acquisition and $31.0 million and $77.5 million of expense associated with fair value adjustments of acquired inventory for the three and nine months ended September 28, 2018, respectively.