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Condensed Consolidated Statements of Income - USD ($)
$ in Millions
3 Months Ended
Mar. 28, 2025
Mar. 29, 2024
Net sales $ 419.9 $ 467.8
Cost of sales 217.0 303.8
Gross profit 202.9 164.0
Selling, general and administrative expenses 147.5 136.9
Business Combination, Integration Related Costs 20.5 0.0
Research and development expenses 20.5 [1] 27.9
Restructuring charges, net (2.0) 10.2
Separation Costs [2] 1.4 6.7
Operating income (loss) 15.0 (17.7)
Interest expense 32.8 59.1
Interest income (5.8) (6.8)
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal (6.2) 0.0
Other (expense) income, net (5.8) 3.7
Loss from continuing operations before income taxes (24.0) (66.3)
Income tax expense (benefit) 3.9 (0.7)
Loss from continuing operations (27.9) (65.6)
Income from discontinued operations, net of income taxes 0.2 0.2
Net loss $ (27.7) $ (65.4)
Basic and diluted (loss) income per share (Note 7):    
Loss from continuing operations $ (1.42) $ (3.33)
Income from discontinued operations 0.01 0.01
Net loss $ (1.41) $ (3.32)
Basic weighted-averaged shares outstanding (in shares) 19.7 19,700,000
Diluted (loss) income per share (Note 7):    
Diluted weighted-average shares outstanding (in shares)   19,700,000
Retained Earnings (Deficit)    
Net loss $ (27.7) $ (65.4)
[1] Represents legal, financial, and other advisory and consulting expenses, which primarily relate to shareholder matters, integration planning, and regulatory costs associated with the proposed Business Combination. Refer to Note 3 for further information on the Business Combination.
[2] Represents costs primarily related to professional fees incurred as the Company explored potential sales of non-core assets.