v3.24.2.u1
Background and Basis of Presentation (Tables)
6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Summary of Activity in Product Warranty Accrual, Included in Accrued and Other Liabilities and Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets

The following table summarizes the activity in the product warranty accrual, included in accrued and other liabilities and other noncurrent liabilities on the Condensed Consolidated Balance Sheets:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Product warranty accrual, beginning of period

 

$

27.6

 

 

$

34.3

 

 

$

27.4

 

 

$

33.7

 

Provision for warranty claims

 

 

4.7

 

 

 

6.7

 

 

 

11.5

 

 

 

11.6

 

Warranty claims paid

 

 

(5.3

)

 

 

(6.0

)

 

 

(11.9

)

 

 

(10.4

)

Foreign exchange

 

 

—

 

 

 

0.1

 

 

 

—

 

 

 

0.2

 

Product warranty accrual, end of period

 

$

27.0

 

 

$

35.1

 

 

$

27.0

 

 

$

35.1

 

Summary of EPS, Weighted Average Common Shares and Potential Common Shares Outstanding

The following table presents the basis for the EPS computations (in millions, except per share data):

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

74.8

 

 

$

(63.1

)

 

$

(187.3

)

 

$

(33.3

)

Loss from discontinued operations, net of tax

 

 

(30.4

)

 

 

(37.3

)

 

 

(127.5

)

 

 

(63.7

)

Net income (loss)

 

$

44.4

 

 

$

(100.4

)

 

$

(314.8

)

 

$

(97.0

)

Dividends on Series A convertible preferred stock

 

 

(16.2

)

 

 

(15.3

)

 

 

(32.2

)

 

 

(30.4

)

Net income (loss) attributable to common stockholders

 

$

28.2

 

 

$

(115.7

)

 

$

(347.0

)

 

$

(127.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – basic

 

 

213.5

 

 

 

210.5

 

 

 

212.9

 

 

 

209.7

 

Dilutive effect of as-if converted Series A convertible preferred stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Dilutive effect of equity-based awards

 

 

2.0

 

 

 

—

 

 

 

—

 

 

 

—

 

Weighted average common shares outstanding – diluted

 

 

215.5

 

 

 

210.5

 

 

 

212.9

 

 

 

209.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing operations per share

 

$

0.27

 

 

$

(0.37

)

 

$

(1.03

)

 

$

(0.30

)

Loss from discontinued operations per share

 

 

(0.14

)

 

 

(0.18

)

 

 

(0.60

)

 

 

(0.31

)

Earnings (loss) per share

 

$

0.13

 

 

$

(0.55

)

 

$

(1.63

)

 

$

(0.61

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing operations per share

 

$

0.27

 

 

$

(0.37

)

 

$

(1.03

)

 

$

(0.30

)

Loss from discontinued operations per share

 

 

(0.14

)

 

 

(0.18

)

 

 

(0.60

)

 

 

(0.31

)

Earnings (loss) per share

 

$

0.13

 

 

$

(0.55

)

 

$

(1.63

)

 

$

(0.61

)