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Consolidated Statements of (Loss) Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Net sales $ 438.3 $ 493.6 $ 797.2 $ 896.2
Cost of products sold 285.7 329.4 534.2 612.7
Gross profit 152.6 164.2 263.0 283.5
Operating costs and expenses:        
Selling, general and administrative expenses 88.0 98.0 182.2 193.0
Amortization of intangibles 10.9 11.0 21.5 21.9
Restructuring (0.3) 0.0 (0.6) 3.3
Impairment of goodwill and intangible assets 165.2 0.0 165.2 0.0
Total operating costs and expenses 263.8 109.0 368.3 218.2
Operating (loss) income [1] (111.2) 55.2 (105.3) 65.3
Non-operating expense (income):        
Interest expense 13.8 15.5 27.1 29.4
Interest income (2.2) (2.2) (4.1) (4.6)
Non-operating pension expense 4.8 0.2 5.2 0.3
Other (income) expense, net (0.2) (0.3) (0.8) 1.5
(Loss) income before income tax (127.4) 42.0 (132.7) 38.7
Income tax (benefit) expense (2.2) 15.6 (1.2) 16.0
Net (loss) income $ (125.2) $ 26.4 $ (131.5) $ 22.7
Per share:        
Basic (loss) income per share $ (1.29) $ 0.28 $ (1.37) $ 0.24
Diluted (loss) income per share $ (1.29) $ 0.27 $ (1.37) $ 0.23
Weighted average number of shares outstanding:        
Basic (in shares) 96.8 95.4 96.3 95.1
Diluted (in shares) [2] 96.8 96.3 96.3 96.7
[1] Operating (loss) income is defined as i) net sales; ii) less cost of products sold; iii) less selling, general and administrative expenses; iv) less amortization of intangibles; v) less restructuring; and vi) less change in the fair value of contingent consideration.
[2] As a result of the net loss for the three and six months ended June 30, 2024 and 2023, diluted earnings per share does not include the effects of the stock awards for which the average market price for the period exceeds the exercised price, as their effect would have been anti-dilutive.