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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended 9 Months Ended
Sep. 29, 2023
Sep. 30, 2022
Sep. 30, 2022
Jun. 16, 2022
Sep. 29, 2023
Net sales $ 497.0 $ 550.4 $ 465.4 $ 874.6 $ 1,396.6
Cost of sales 346.2 552.1 449.9 582.0 1,091.1
Gross profit 150.8 (1.7) 15.5 292.6 305.5
Selling, general and administrative expenses 129.2 143.4 122.3 266.3 369.6
Research and development expenses 25.7 34.5 28.3 65.5 83.0
Restructuring charges, net (0.1) 3.3 2.2 9.6 0.9
Separation Costs 142.1 16.1 6.9 9.0 157.3
Operating loss (282.0) (199.0) (144.2) (57.8) (441.2)
Interest expense 133.1 169.1 148.0 108.6 457.7
Interest income (3.4) (1.4) (1.3) (0.6) (12.8)
Other income (expense), net 9.1 0.8 (5.1) (14.6) (6.7)
Reorganization items, net (1,311.5) (17.7) (14.2) (630.9) (1,321.1)
Loss from continuing operations before income taxes (1,714.1) (383.6) (310.2) (811.3) (2,213.9)
Income tax expense (benefit) 10.8 (34.6) (24.9) (497.3) 508.1
Loss from continuing operations (1,724.9) (349.0) (285.3) (314.0) (2,722.0)
Income from discontinued operations, net of income taxes 0.1 $ 0.4 0.4 $ 0.9 $ 0.1
Net loss $ (1,724.8)   $ (284.9)    
Basic (loss) income per share (Note 6):          
Loss from continuing operations $ (128.61) $ (26.44) $ (21.61) $ (3.70) $ (205.37)
Income from discontinued operations   0.03 0.03 0.01 0.01
Net loss $ (128.60) $ (26.41) $ (21.58) $ (3.69) $ (205.37)
Basic weighted-averaged shares outstanding (in shares) 13.4 13.2 13.2 84.8 13.3
Diluted (loss) income per share (Note 6):          
Loss from continuing operations $ (128.61) $ (26.44) $ (21.61) $ (3.70) $ (205.37)
Income from discontinued operations   0.03 0.03 0.01 0.01
Net loss $ (128.60) $ (26.41) $ (21.58) $ (3.69) $ (205.37)
Diluted weighted-average shares outstanding (in shares) 13.4 13.2 13.2 84.8 13.3
Non-restructuring impairment charges $ 135.9 $ 0.0 $ 0.0 $ 0.0 $ 135.9
Retained Earnings (Deficit)          
Net loss $ (1,724.8) $ (348.6) $ (284.9) $ (313.1) $ (2,721.9)