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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Net sales $ 485.1 $ 514.3 $ 905.0 $ 982.1
Cost of sales 253.3 319.3 470.3 623.1
Gross profit 231.8 195.0 434.7 359.0
Selling, general and administrative expenses 150.6 127.9 298.1 264.8
Business Combination, Integration Related Costs 22.6 [1] 0.0 43.1 [1] 0.0
Research and development expenses 23.6 29.2 44.1 57.1
Restructuring charges, net (0.2) 0.2 (2.2) 10.4
Separation Costs [2] 2.2 10.3 3.6 17.0
Operating income 33.0 27.4 48.0 9.7
Interest expense 32.6 59.4 65.4 118.5
Interest income (5.9) (6.0) (11.7) (12.8)
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal (0.5) 0.0 (6.7) 0.0
Other income (expense), net 7.2 (3.5) 1.4 0.2
Income (loss) from continuing operations before income taxes 13.0 (29.5) (11.0) (95.8)
Income tax expense 10.7 13.9 14.6 13.2
Income (loss) from continuing operations 2.3 (43.4) (25.6) (109.0)
Income from discontinued operations, net of income taxes 0.1 0.1 $ 0.3 $ 0.3
Net income (loss) $ 2.4 $ (43.3)    
Basic income (loss) per share (Note 7):        
Income (loss) from continuing operations $ 0.12 $ (2.20) $ (1.30) $ (5.53)
Income from discontinued operations 0.01 0.01 0.02 0.02
Net income (loss) $ 0.12 $ (2.20) $ (1.28) $ (5.52)
Basic weighted-averaged shares outstanding (in shares) 19.7 19.7 19.7 19.7
Diluted income (loss) per share (Note 7):        
Income (loss) from continuing operations $ 0.11 $ (2.20) $ (1.30) $ (5.53)
Income from discontinued operations 0 0.01 0.02 0.02
Net income (loss) $ 0.12 $ (2.20) $ (1.28) $ (5.52)
Diluted weighted-average shares outstanding (in shares) 20.1 19.7 19.7 19.7
Retained Earnings (Deficit)        
Net income (loss) $ 2.4 $ (43.3) $ (25.3) $ (108.7)
[1] Represents legal, financial, and other advisory and consulting expenses, which primarily relate to shareholder matters, integration planning, and regulatory costs associated with the Business Combination. Refer to Note 3 for further information on the Business Combination.
[2] Represents costs primarily related to the Separation during the three and six months ended June 27, 2025 and professional fees incurred as the Company explored potential sales of non-core assets to enable further deleveraging post-emergence from the 2023 Bankruptcy Proceedings during the three and six months ended June 28, 2024.