Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 21, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | CommScope Holding Company, Inc. | |
Entity Central Index Key | 0001517228 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 211,919,401 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | COMM | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-36146 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-4332098 | |
Entity Address, Address Line One | 1100 CommScope Place, SE | |
Entity Address, City or Town | Hickory | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28602 | |
City Area Code | 828 | |
Local Phone Number | 324-2200 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,918.4 | $ 2,300.2 | $ 3,919.9 | $ 4,528.8 |
Cost of sales | 1,301.2 | 1,617 | 2,611 | 3,209.3 |
Gross profit | 617.2 | 683.2 | 1,308.9 | 1,319.5 |
Operating expenses: | ||||
Selling, general and administrative | 254.9 | 277.2 | 518.4 | 563.2 |
Research and development | 153.2 | 165.4 | 306.6 | 336.1 |
Amortization of purchased intangible assets | 101.4 | 139 | 227.8 | 279.7 |
Restructuring costs, net | 35.5 | 38.5 | 31.4 | 50.6 |
Total operating expenses | 545 | 620.1 | 1,084.2 | 1,229.6 |
Operating income | 72.2 | 63.1 | 224.7 | 89.9 |
Other income, net | 2.4 | 1 | 8.1 | 1 |
Interest expense | (168.5) | (140.1) | (333.6) | (276.6) |
Interest income | 1.9 | 0.5 | 4.4 | 1.2 |
Loss before income taxes | (92) | (75.5) | (96.4) | (184.5) |
Income tax (expense) benefit | (8.4) | 14.5 | (0.6) | (16.4) |
Net loss | (100.4) | (61) | (97) | (200.9) |
Series A convertible preferred stock dividends | (15.3) | (14.7) | (30.4) | (29.2) |
Net loss attributable to common stockholders | $ (115.7) | $ (75.7) | $ (127.4) | $ (230.1) |
Loss per share: | ||||
Basic | $ (0.55) | $ (0.36) | $ (0.61) | $ (1.11) |
Diluted | $ (0.55) | $ (0.36) | $ (0.61) | $ (1.11) |
Weighted average shares outstanding: | ||||
Basic | 210.5 | 207.6 | 209.7 | 206.5 |
Diluted | 210.5 | 207.6 | 209.7 | 206.5 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Comprehensive loss: | ||||
Net Income (Loss) | $ (100.4) | $ (61) | $ (97) | $ (200.9) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation gain (loss) | 0.3 | (93.7) | 20.7 | (110.4) |
Pension and other postretirement benefit activity | 0 | 0 | (0.1) | (1.3) |
Gain (loss) on hedging instruments | 1 | 3 | (0.5) | 11.8 |
Total other comprehensive income (loss), net of tax | 1.3 | (90.7) | 20.1 | (99.9) |
Total comprehensive loss | $ (99.1) | $ (151.7) | $ (76.9) | $ (300.8) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 418.1 | $ 398.1 |
Accounts receivable, net of allowance for doubtful accounts of $63.0 and $82.8, respectively | 1,354.1 | 1,523.6 |
Inventories, net | 1,454.2 | 1,588.1 |
Prepaid expenses and other current assets | 198.5 | 216.4 |
Total current assets | 3,424.9 | 3,726.2 |
Property, plant and equipment, net of accumulated depreciation of $908.9 and $873.5, respectively | 565.8 | 609.6 |
Goodwill | 4,079.2 | 4,072.4 |
Other intangible assets, net | 2,246.3 | 2,473.5 |
Other noncurrent assets | 849.5 | 803.7 |
Total assets | 11,165.7 | 11,685.4 |
Liabilities and Stockholders' Equity (Deficit) | ||
Accounts payable | 782.7 | 1,025.5 |
Accrued and other liabilities | 906.9 | 1,050 |
Current portion of long-term debt | 32 | 32 |
Total current liabilities | 1,721.6 | 2,107.5 |
Long-term debt | 9,380.9 | 9,469.6 |
Deferred income taxes | 156.4 | 173.4 |
Other noncurrent liabilities | 391.9 | 380.6 |
Total liabilities | 11,650.8 | 12,131.1 |
Commitments and contingencies | ||
Series A convertible preferred stock, $0.01 par value | 1,130.8 | 1,100.3 |
Stockholders' equity (deficit): | ||
Preferred stock, $0.01 par value: Authorized shares: 200,000,000; Issued and outstanding shares: 1,130,776 and 1,100,310, respectively Series A convertible preferred stock | 0 | 0 |
Common stock, $0.01 par value: Authorized shares: 1,300,000,000; Issued and outstanding shares: 211,912,464 and 208,371,426, respectively | 2.3 | 2.2 |
Additional paid-in capital | 2,558.7 | 2,542.9 |
Accumulated deficit | (3,599.2) | (3,502.2) |
Accumulated other comprehensive loss | (276.2) | (296.3) |
Treasury stock, at cost: 14,342,757 shares and 12,726,695 shares, respectively | (301.5) | (292.6) |
Total stockholders' deficit | (1,615.9) | (1,546) |
Total liabilities and stockholders' deficit | $ 11,165.7 | $ 11,685.4 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 63 | $ 82.8 |
Property, plant and equipment, accumulated depreciation | $ 908.9 | $ 873.5 |
Series A convertible preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Series A convertible preferred stock, shares issued | 1,130,776 | 1,130,776 |
Series A convertible preferred stock, shares outstanding | 1,100,310 | 1,100,310 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,300,000,000 | 1,300,000,000 |
Common stock, shares issued | 211,912,464 | 208,371,426 |
Common stock, shares outstanding | 211,912,464 | 208,371,426 |
Treasury stock, Shares | 14,342,757 | 12,726,695 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Activities: | ||
Net loss | $ (97) | $ (200.9) |
Adjustments to reconcile net loss to net cash generated by (used in) operating activities: | ||
Depreciation and amortization | 303.5 | 356.3 |
Equity-based compensation | 24.2 | 28.9 |
Deferred income taxes | (61.9) | (26.2) |
Changes in assets and liabilities: | ||
Accounts receivable | 174.4 | (86.4) |
Inventories | 135.6 | (151.4) |
Prepaid expenses and other assets | 16.3 | 2.1 |
Accounts payable and other liabilities | (411.2) | (28.8) |
Other | 6.8 | (2.7) |
Net cash generated by (used in) operating activities | 90.7 | (109.1) |
Investing Activities: | ||
Additions to property, plant and equipment | (35.2) | (55.1) |
Proceeds from sale of property, plant and equipment | 41.6 | 0 |
Other | 20.5 | 15.9 |
Net cash generated by (used in) investing activities | 26.9 | (39.2) |
Financing Activities: | ||
Long-term debt repaid | (16) | (176) |
Long-term debt repurchases | (75) | 0 |
Long-term debt proceeds | 0 | 210 |
Tax withholding payments for vested equity-based compensation awards | (8.9) | (14) |
Other | 2.1 | 1.4 |
Net cash generated by (used in) financing activities | (97.8) | 21.4 |
Effect of exchange rate changes on cash and cash equivalents | 0.2 | (4.1) |
Change in cash and cash equivalents | 20 | (131) |
Cash and cash equivalents at beginning of period | 398.1 | 360.3 |
Cash and cash equivalents at end of period | $ 418.1 | $ 229.3 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock at Cost [Member] |
Beginning balance, Shares at Dec. 31, 2021 | 204,567,294 | |||||
Issuance of shares under equity-based compensation plans, shares | 5,259,459 | |||||
Shares surrendered under equity-based compensation plans | (1,663,767) | |||||
Ending balance, Shares at Jun. 30, 2022 | 208,162,986 | |||||
Beginning balance at Dec. 31, 2021 | $ 2.2 | $ 2,540.7 | $ (2,215.3) | $ (206.4) | $ (277.8) | |
Issuance of shares under equity-based compensation plans | 0 | |||||
Equity-based compensation | 28.9 | |||||
Dividend on Series A convertible preferred stock | (29.2) | |||||
Other | 0 | |||||
Net loss | $ (200.9) | (200.9) | ||||
Other comprehensive income (loss), net of tax | (99.9) | (99.9) | ||||
Net shares surrendered under equity-based compensation plans | 13.9 | |||||
Ending balance at Jun. 30, 2022 | (471.6) | $ 2.2 | 2,540.4 | (2,416.2) | (306.3) | (291.7) |
Beginning balance, Shares at Mar. 31, 2022 | 207,052,122 | |||||
Issuance of shares under equity-based compensation plans, shares | 1,543,392 | |||||
Shares surrendered under equity-based compensation plans | (432,528) | |||||
Ending balance, Shares at Jun. 30, 2022 | 208,162,986 | |||||
Beginning balance at Mar. 31, 2022 | $ 2.2 | 2,542.8 | (2,355.2) | (215.6) | (288.4) | |
Issuance of shares under equity-based compensation plans | 0 | |||||
Equity-based compensation | 12.3 | |||||
Dividend on Series A convertible preferred stock | (14.7) | |||||
Other | 0 | |||||
Net loss | (61) | (61) | ||||
Other comprehensive income (loss), net of tax | (90.7) | (90.7) | ||||
Net shares surrendered under equity-based compensation plans | 3.3 | |||||
Ending balance at Jun. 30, 2022 | $ (471.6) | $ 2.2 | 2,540.4 | (2,416.2) | (306.3) | (291.7) |
Beginning balance, Shares at Dec. 31, 2022 | 208,371,426 | 208,371,426 | ||||
Issuance of shares under equity-based compensation plans, shares | 5,157,100 | |||||
Shares surrendered under equity-based compensation plans | (1,616,062) | |||||
Ending balance, Shares at Jun. 30, 2023 | 211,912,464 | 211,912,464 | ||||
Beginning balance at Dec. 31, 2022 | $ (1,546) | $ 2.2 | 2,542.9 | (3,502.2) | (296.3) | (292.6) |
Issuance of shares under equity-based compensation plans | 0.1 | |||||
Equity-based compensation | 24.2 | |||||
Dividend on Series A convertible preferred stock | (30.4) | |||||
Other | 22 | |||||
Net loss | (97) | (97) | ||||
Other comprehensive income (loss), net of tax | 20.1 | 20.1 | ||||
Net shares surrendered under equity-based compensation plans | 8.9 | |||||
Ending balance at Jun. 30, 2023 | $ (1,615.9) | $ 2.3 | 2,558.7 | (3,599.2) | (276.2) | (301.5) |
Beginning balance, Shares at Mar. 31, 2023 | 209,777,988 | |||||
Issuance of shares under equity-based compensation plans, shares | 3,049,872 | |||||
Shares surrendered under equity-based compensation plans | (915,396) | |||||
Ending balance, Shares at Jun. 30, 2023 | 211,912,464 | 211,912,464 | ||||
Beginning balance at Mar. 31, 2023 | $ 2.2 | 2,541.3 | (3,498.8) | (277.5) | (297.6) | |
Issuance of shares under equity-based compensation plans | 0.1 | |||||
Equity-based compensation | 10.7 | |||||
Dividend on Series A convertible preferred stock | (15.3) | |||||
Other | 22 | |||||
Net loss | $ (100.4) | (100.4) | ||||
Other comprehensive income (loss), net of tax | 1.3 | 1.3 | ||||
Net shares surrendered under equity-based compensation plans | 3.9 | |||||
Ending balance at Jun. 30, 2023 | $ (1,615.9) | $ 2.3 | $ 2,558.7 | $ (3,599.2) | $ (276.2) | $ (301.5) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (100.4) | $ (61) | $ (97) | $ (200.9) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Background and Basis of Present
Background and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Background and Basis of Presentation | 1. BACKGROUND AND BASIS OF PRESENTATION Background CommScope Holding Company, Inc., along with its direct and indirect subsidiaries (CommScope or the Company), is a global provider of infrastructure solutions for communication, data center and entertainment networks. The Company’s solutions for wired and wireless networks enable service providers, including cable, telephone and digital broadcast satellite operators and media programmers, to deliver media, voice, Internet Protocol (IP) data services and Wi-Fi to their subscribers and allow enterprises to experience constant wireless and wired connectivity across complex and varied networking environments. The Company’s solutions are complemented by services including technical support, systems design and integration. CommScope is a leader in digital video and IP television distribution systems, broadband access infrastructure platforms and equipment that delivers data and voice networks to homes. CommScope’s global leadership position is built upon innovative technology, broad solution offerings, high-quality and cost-effective customer solutions, and global manufacturing and distribution scale. Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim period financial statements. The results of operations for these interim periods are not necessarily indicative of the results of operations to be expected for any future period or the full fiscal year. The unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) for interim financial information and are presented in accordance with the applicable requirements of Regulation S-X. Accordingly, these financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the 2022 Annual Report). The significant accounting policies followed by the Company are set forth in Note 2 within the Company’s audited consolidated financial statements included in the 2022 Annual Report. There were no material changes in the Company’s significant accounting policies during the three or six months ended June 30, 2023 . Concentrations of Risk and Related Party Transactions No direct customer accounted for 10 % or more of the Company’s total net sales during the three or six months ended June 30, 2023 or 2022 . Accounts receivable from Comcast Corporation and affiliates (Comcast) represented approximately 11 % of accounts receivable as of June 30, 2023 . Other than Comcast, no direct customer accounted for 10 % or more of the Company’s accounts receivable. The Company relies on sole suppliers or a limited group of suppliers for certain key components, subassemblies and modules and a limited group of contract manufacturers to manufacture a significant portion of its products. Any disruption or termination of these arrangements could have a material adverse impact on the Company’s results of operations. As of June 30, 2023 , funds affiliated with Carlyle Partners VII S1 Holdings, L.P. (Carlyle) owned 100 % of the Series A convertible preferred stock (the Convertible Preferred Stock), which was sold to Carlyle to fund a portion of the acquisition of ARRIS International plc (ARRIS) in 2019. See Note 9 for further discussion of the Convertible Preferred Stock. Other than transactions related to the Convertible Preferred Stock, there were no material related party transactions for the three or six months ended June 30, 2023 . Commitments and Contingencies Product Warranties The Company recognizes a liability for the estimated claims that may be paid under its customer assurance-type warranty agreements to remedy potential deficiencies of quality or performance of the Company’s products. These product warranties extend over various periods, depending on the product subject to the warranty and the terms of the individual agreements . The Company records a provision for estimated future warranty claims as cost of sales based upon the historical relationship of warranty claims to sales and specifically identified warranty issues. The Company bases its estimates on assumptions that are believed to be reasonable under the circumstances and revises its estimates, as appropriate, when events or changes in circumstances indicate that revisions may be necessary. Such revisions may be material. 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, 2023 2022 2023 2022 Product warranty accrual, beginning of period $ 53.1 $ 66.0 $ 55.0 $ 66.8 Provision for warranty claims 7.5 7.1 14.0 12.2 Warranty claims paid ( 10.2 ) ( 11.7 ) ( 18.7 ) ( 17.7 ) Foreign exchange 0.1 ( 0.5 ) 0.2 ( 0.4 ) Product warranty accrual, end of period $ 50.5 $ 60.9 $ 50.5 $ 60.9 Third-Party Guarantees The Company was contingently liable under open standby letters of credit issued by its banks to support performance obligations of a third-party contractor that totaled $ 44.0 million as of June 30, 2023. These amounts represent an estimate of the maximum amounts the Company would expect to incur upon the contractual non-performance of the third-party contractor, but the Company also has cross-indemnities in place that may enable it to recover amounts in the event of non-performance by the third-party contractor. The Company believes the likelihood of having to perform under these guarantees is remote. There were no material amounts recorded in the condensed consolidated financial statements related to third-party guarantee agreements for the three or six months ended June 30, 2023 or 2022 or as of June 30, 2023 or December 31, 2022. As of June 30, 2023, these instruments reduced the available borrowings under the senior secured asset-based revolving credit facility (the Revolving Credit Facility). Legal Proceedings The Company is party to certain intellectual property claims and also periodically receives notices asserting that its products infringe on another party’s patents and other intellectual property rights. These claims and assertions, whether against the Company directly or against its customers, could require the Company to pay damages or royalties, stop offering the relevant products and/or cease other activities. The Company may also be called upon to defend and indemnify certain customers for costs related to products sold to such customers. The outcome of these claims and notices is uncertain, and a reasonable estimate of the loss from unfavorable outcomes in certain of these matters either cannot be determined or is estimated at the minimum amount of a range of estimates. The actual loss, through settlement or trial, could be material and may vary significantly from the Company's estimates. From time to time, the Company may also be involved as a plaintiff in certain intellectual property claims. Gain contingencies, if any, are recognized when they are realized. The Company had liabilities of $ 25.4 million and $ 37.1 million as of June 30, 2023 and December 31, 2022, respectively, recorded in accrued and other liabilities and noncurrent liabilities on the Condensed Consolidated Balance Sheets related to certain intellectual property assertions that have been settled or are in the process of settlement. For the six months ended June 30, 2023 , the Company released $ 11.0 million in accrued liabilities related to an intellectual property claim that was settled at an amount that was lower than estimated. Charges related to intellectual property assertions were no t material for the three or six months ended June 30, 2023 or 2022. The Company paid $ 2.0 million during the three and six months ended June 30, 2023 and $ 2.7 million and $ 9.8 million during the three and six months ended June 30, 2022, respectively, to settle intellectual property claims and assertions. The Company is also either a plaintiff or a defendant in certain other pending legal matters in the normal course of business. Management believes that, upon final disposition, none of these other pending legal matters will have a material adverse effect on the Company’s business or financial condition. In addition, the Company is subject to various federal, state, local and foreign laws and regulations governing the use, discharge, disposal and remediation of hazardous materials. Compliance with current laws and regulations has not had, and is not expected to have, a materially adverse effect on the Company’s financial condition or results of operations. Derivative Instruments and Hedging Activities The Company has utilized a hedging strategy to mitigate a portion of the exposure to changes in cash flows resulting from variable interest rates on the senior secured term loan due 2026 (2026 Term Loan). In conjunction with the amendment to its 2026 Term Loan due to reference rate reform, on June 28, 2023, the Company settled its cash flow hedges with a notional value of $ 300.0 million and received cash of $ 6.8 million which is included within operating cash flow activity in accordance with the Company's accounting policy. The cash flow hedges were derecognized and the gain of $ 6.1 million remaining as a component of accumulated comprehensive loss in the Condensed Consolidated Balance Sheets will continue to be reclassified to earnings through interest expense as the interest payments are made on the 2026 Term Loan unless the forecasted transaction becomes probable of not occurring. See Note 5 for further discussion of the amendment to the 2026 Term Loan. Asset Impairments Goodwill is tested for impairment annually or at other times if events have occurred or circumstances exist that indicate the carrying value of the reporting unit may exceed its fair value. There were no goodwill impairments identified during the three or six months ended June 30, 2023 or 2022. The Company’s Access Network Solutions (ANS) reporting unit failed the annual goodwill impairment test, and a partial impairment was recorded as of October 1, 2022. Also, the amount by which the Company's Building and Data Center Connectivity (BDCC) reporting unit's fair value exceeded its carrying value was lower year over year. The BDCC reporting unit is in the Connectivity and Cable Solutions (CCS) reportable segment. Considering the headroom going forward for each of the ANS and BDCC reporting units, there is a risk for future impairment in the event of declines in general economic, market or business conditions or any significant unfavorable change in the forecasted cash flows, weighted average cost of capital or growth rates. If current and long-term projections for the ANS and BDCC reporting units are not realized or decrease materially, the Company may be required to recognize additional goodwill impairment charges, and these charges could be material to its results of operations. Property, plant and equipment, intangible assets with finite lives and right of use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable, based on the undiscounted cash flows expected to be derived from the use and ultimate disposition of the assets. Assets identified as impaired are adjusted to estimated fair value. Equity investments without readily determinable fair values are evaluated each reporting period for impairment based on a qualitative assessment and are then measured at fair value if an impairment is determined to exist. Other than certain assets impaired as a result of restructuring actions, there were no definite-lived intangible or other long-lived asset impairments identified during the three or six months ended June 30, 2023 or 2022 . Changes in the estimates of forecasted net cash flows or changes in classification from held for use may result in future asset impairments that could be material to the Company's results of operations. Income Taxes For the three and six months ended June 30, 2023, the Company recognized income tax expense of $ 8.4 million on a pretax loss of $ 92.0 million and income tax expense of $ 0.6 million on a pretax loss of $ 96.4 million, respectively. The Company’s tax expense was unfavorably impacted by U.S. anti-deferral provisions and noncreditable withholding taxes for the three and six months ended June 30, 2023. Excess tax costs of $ 5.4 million and $ 6.9 million related to equity compensation awards also impacted the tax expense unfavorably for the three and six months ended June 30, 2023, respectively. These unfavorable impacts were partially offset by the favorable impacts of federal income tax credits as well as $ 1.5 million and $ 9.8 million of tax benefits related to the release of various uncertain tax positions for the three and six months ended June 30, 2023, respectively. For the three and six months ended June 30, 2022, the Company recognized an income tax benefit of $ 14.5 million on a pretax loss of $ 75.5 million and $ 16.4 million of income tax expense on a pretax loss of $ 184.5 million, respectively. For the three and six months ended June 30, 2022 , the Company’s change in income tax was driven by the unfavorable impacts of U.S. anti-deferral provisions and noncreditable withholding taxes. These unfavorable impacts were offset partially by decreases in prior year uncertain tax positions. Earnings (Loss) Per Share Basic earnings (loss) per share (EPS) is computed by dividing net income (loss), less any dividends and deemed dividends related to the Convertible Preferred Stock, by the weighted average number of common shares outstanding during the period. The numerator in diluted EPS is based on the basic EPS numerator, adjusted to add back any dividends and deemed dividends related to the Convertible Preferred Stock, subject to antidilution requirements. The denominator used in diluted EPS is based on the basic EPS computation plus the effect of potentially dilutive common shares related to the Convertible Preferred Stock and equity-based compensation plans, subject to antidilution requirements. For the three and six months ended June 30, 2023 , 17.2 million and 16.3 million shares, respectively, of outstanding equity-based compensation awards were not included in the computation of diluted EPS because the effect was antidilutive or the performance conditions were not met. Of those amounts, for the three and six months ended June 30, 2023, 2.0 million and 2.6 million shares, respectively, would have been considered dilutive if the Company had not been in a net loss attributable to common stockholders position. For the three and six months ended June 30, 2022, 12.3 million and 11.9 million shares, respectively, of outstanding equity-based compensation awards were not included in the computation of diluted EPS because the effect was antidilutive or the performance conditions were not met. Of those amounts, for the three and six months ended June 30, 2022, 1.1 million and 2.4 million shares, respectively, would have been considered dilutive if the Company had not been in a net loss attributable to common stockholders position. For the three and six months ended June 30, 2023 , 40.6 million and 40.3 million, respectively, of as-if converted shares related to the Convertible Preferred Stock were excluded from the diluted share count because they were antidilutive. For the three and six months ended June 30, 2022 , 38.9 and 38.7 million, respectively, of as-if converted shares related to the Convertible Preferred Stock were excluded from the diluted share count because they were antidilutive. These shares may have been considered dilutive if the Company had not been in a net loss attributable to common stockholders position. 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, 2023 2022 2023 2022 Numerator: Net loss $ ( 100.4 ) $ ( 61.0 ) $ ( 97.0 ) $ ( 200.9 ) Dividends on Series A convertible preferred stock ( 15.3 ) ( 14.7 ) ( 30.4 ) ( 29.2 ) Net loss attributable to common stockholders $ ( 115.7 ) $ ( 75.7 ) $ ( 127.4 ) $ ( 230.1 ) Denominator: Weighted average common shares outstanding – basic 210.5 207.6 209.7 206.5 Dilutive effect of as-if converted Series A convertible preferred stock — — — — Dilutive effect of equity-based awards — — — — Weighted average common shares outstanding – diluted 210.5 207.6 209.7 206.5 Loss per share: Basic $ ( 0.55 ) $ ( 0.36 ) $ ( 0.61 ) $ ( 1.11 ) Diluted $ ( 0.55 ) $ ( 0.36 ) $ ( 0.61 ) $ ( 1.11 ) Recent Accounting Pronouncements Adopted During the Six Months Ended June 30, 2023 On January 1, 2023, the Company adopted Accounting Standards Update (ASU) No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations . The new guidance improves the transparency of supplier finance programs by requiring that a buyer in a supplier finance program disclose sufficient qualitative and quantitative information about the program to allow a user of its financial statements to understand the program's nature, activity during the period, changes from period to period and potential effect on an entity's financial statements. This guidance has been applied retrospectively to all periods in which a balance sheet is presented, except for the requirement to disclose rollforward information, which is effective prospectively for the Company as of January 1, 2024. The impact of adopting this new guidance was not material to the condensed consolidated financial statements. In June 2023, the Company adopted ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and the related updates, ASU No. 2021-01 , Reference Rate Reform (Topic 848): Scope and ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 . Together, the ASUs provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The guidance provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The Company adopted the reference rate reform guidance in connection with its amendment of the 2026 Term Loan on June 8, 2023 to transition from the Eurodollar Rate based on LIBOR to a Secured Overnight Financing Rate (SOFR), effective as of July 1, 2023, as the reference interest rate in anticipation of the cessation of LIBOR in 2023 (see Note 5 for further discussion). The impact of adopting this guidance was not material to the condensed consolidated financial statements. The Company continues to evaluate and monitor developments and its assessment of this guidance during the LIBOR transition period. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 2. GOODWILL The following table presents the activity in goodwill by reportable segment: December 31, 2022 Activity June 30, 2023 Goodwill Accumulated Impairment Losses Total Additions (Deductions) Impairment Foreign Exchange and Other Goodwill Accumulated Impairment Losses Total CCS $ 2,280.9 $ ( 51.5 ) $ 2,229.4 $ — $ — $ 5.1 $ 2,286.0 $ ( 51.5 ) $ 2,234.5 OWN 660.3 ( 159.5 ) 500.8 — — 1.2 661.5 ( 159.5 ) 502.0 NICS 649.4 ( 41.2 ) 608.2 — — 0.5 649.9 ( 41.2 ) 608.7 ANS 1,995.7 ( 1,261.7 ) 734.0 — — — 1,995.7 ( 1,261.7 ) 734.0 Home 413.2 ( 413.2 ) — — — — 413.2 ( 413.2 ) — Total $ 5,999.5 $ ( 1,927.1 ) $ 4,072.4 $ — $ — $ 6.8 $ 6,006.3 $ ( 1,927.1 ) $ 4,079.2 |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue From Contracts With Customers | 3. REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregated Net Sales See Note 7 for the presentation of net sales by segment and geographic region. Allowance for Doubtful Accounts Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Allowance for doubtful accounts, beginning of period $ 81.2 $ 64.8 $ 82.8 $ 63.7 Provision (benefit) 3.2 ( 1.7 ) 3.0 0.8 Write-offs ( 21.5 ) ( 0.2 ) ( 23.2 ) ( 1.1 ) Foreign exchange and other 0.1 ( 1.3 ) 0.4 ( 1.8 ) Allowance for doubtful accounts, end of period $ 63.0 $ 61.6 $ 63.0 $ 61.6 During the three and six months ended June 30, 2023, the Company wrote off $ 18.5 million related to an accounts receivable balance that had previously been fully reserved during the year ended December 31, 2022. The balance related to a distributor in the Outdoor Wireless Networks segment. Customer Contract Balances The following table provides the balance sheet location and amounts of contract assets, or unbilled accounts receivable, and contract liabilities, or deferred revenue, from contracts with customers: Contract Balance Type Balance Sheet Location June 30, December 31, 2022 Unbilled accounts receivable Accounts receivable, net of allowance for doubtful accounts $ 43.3 $ 35.3 Deferred revenue - current Accrued and other liabilities $ 109.6 $ 97.9 Deferred revenue - noncurrent Other noncurrent liabilities 64.1 63.4 Total contract liabilities $ 173.7 $ 161.3 There were no material changes to contract asset balances for the six months ended June 30, 2023 as a result of changes in estimates or impairments. The change in the contract liability balance from December 31, 2022 to June 30, 2023 was primarily due to upfront support billings to be recognized over the support term. During the three and six months ended June 30, 2023 , the Company recognized $ 25.8 million and $ 63.9 million, respectively, of revenue related to contract liabilities recorded as of December 31, 2022 . |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Statement Information | 4. SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Accounts Receivable June 30, December 31, Accounts receivable - trade $ 1,375.0 $ 1,545.3 Accounts receivable - other 42.1 61.1 Allowance for doubtful accounts ( 63.0 ) ( 82.8 ) Total accounts receivable, net $ 1,354.1 $ 1,523.6 Inventories June 30, December 31, Raw materials $ 506.7 $ 535.8 Work in process 160.4 212.7 Finished goods 787.1 839.6 Total inventories, net $ 1,454.2 $ 1,588.1 Accrued and Other Liabilities June 30, December 31, Compensation and employee benefit liabilities $ 193.2 $ 301.3 Accrued interest 115.7 118.1 Deferred revenue 109.6 97.9 Contract manufacturer inventory repurchase obligation 63.4 79.1 Restructuring liabilities 56.9 58.9 Operating lease liabilities 45.3 47.7 Product warranty accrual 41.5 44.8 Other 281.3 302.2 Total accrued and other liabilities $ 906.9 $ 1,050.0 Operating Lease Information Balance Sheet Location June 30, December 31, Right of use assets Other noncurrent assets $ 168.1 $ 149.0 Lease liabilities - current Accrued and other liabilities $ 45.3 $ 47.7 Lease liabilities - noncurrent Other noncurrent liabilities 144.0 123.5 Total lease liabilities $ 189.3 $ 171.2 Accumulated Other Comprehensive Loss The following table presents changes in accumulated other comprehensive loss (AOCL), net of tax: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Foreign currency translation Balance at beginning of period $ ( 249.9 ) $ ( 182.5 ) $ ( 270.3 ) $ ( 165.8 ) Other comprehensive income (loss) 0.3 ( 93.7 ) 20.7 ( 110.4 ) Balance at end of period $ ( 249.6 ) $ ( 276.2 ) $ ( 249.6 ) $ ( 276.2 ) Defined benefit plan activity Balance at beginning of period $ ( 14.9 ) $ ( 14.7 ) $ ( 14.8 ) $ ( 13.4 ) Other comprehensive loss — — ( 0.1 ) ( 1.6 ) Amounts reclassified from AOCL — — — 0.3 Balance at end of period $ ( 14.9 ) $ ( 14.7 ) $ ( 14.9 ) $ ( 14.7 ) Hedging instruments Balance at beginning of period $ ( 12.7 ) $ ( 18.4 ) $ ( 11.2 ) $ ( 27.2 ) Other comprehensive income (loss) 1.0 3.0 ( 0.5 ) 11.8 Balance at end of period $ ( 11.7 ) $ ( 15.4 ) $ ( 11.7 ) $ ( 15.4 ) Net AOCL at end of period $ ( 276.2 ) $ ( 306.3 ) $ ( 276.2 ) $ ( 306.3 ) Amounts reclassified from net AOCL related to defined benefit plans are recorded in other income, net in the Condensed Consolidated Statements of Operations. Cash Flow Information Six Months Ended June 30, 2023 2022 Cash paid during the period for: Income taxes, net of refunds $ 59.7 $ 72.9 Interest 322.7 264.8 |
Financing
Financing | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Financing | 5. FINANCING June 30, December 31, 7.125 % senior notes due July 2028 $ 696.9 $ 700.0 5.00 % senior notes due March 2027 750.0 750.0 8.25 % senior notes due March 2027 943.1 1,000.0 6.00 % senior notes due June 2025 1,274.6 1,300.0 4.75 % senior secured notes due September 2029 1,250.0 1,250.0 6.00 % senior secured notes due March 2026 1,500.0 1,500.0 Senior secured term loan due April 2026 3,080.0 3,096.0 Senior secured revolving credit facility — — Total principal amount of debt 9,494.6 9,596.0 Less: Original issue discount, net of amortization ( 13.7 ) ( 15.9 ) Less: Debt issuance costs, net of amortization ( 68.0 ) ( 78.5 ) Less: Current portion ( 32.0 ) ( 32.0 ) Total long-term debt $ 9,380.9 $ 9,469.6 See Note 7 within the Company’s audited consolidated financial statements included in the 2022 Annual Report for additional information on the terms and conditions of the Company’s debt obligations. Senior Secured Credit Facilities On June 8, 2023, the Company amended its 2026 Term Loan to transition from the Eurodollar Rate based on LIBOR to SOFR, effective as of July 1, 2023, as the reference interest rate in anticipation of the cessation of LIBOR in 2023. As a result, the 2026 Term Loan will bear interest at (1) an adjusted Term SOFR rate, subject to certain adjustments, plus an applicable margin of 3.25 % or (2) at the option of the Company, a base rate plus an applicable margin of 2.25 %. During the six months ended June 30, 2023 , the Company did no t borrow under the Revolving Credit Facility. As of June 30, 2023 , the Company had no outstanding borrowings under the Revolving Credit Facility and had availability of $ 859.0 million, after giving effect to borrowing base limitations and outstanding letters of credit. During the three and six months ended June 30, 2023 , the Company made the quarterly scheduled amortization payments totaling $ 8.0 million and $ 16.0 million, respectively, on the 2026 Term Loan. The current portion of long-term debt reflects $ 32.0 million of repayments due under the 2026 Term Loan. As of June 30, 2023, the Company did not reflect any portion of the 2026 Term Loan as a current portion of long-term debt related to the potentially required excess cash flow payment because the amount that may be payable in 2023, if any, cannot currently be reliably estimated. There is no excess cash flow payment required in 2023 related to 2022. Other Matters The table below summarizes the debt repurchase activity during the six months ended June 30, 2023: Aggregate Reacquisition 7.125 % senior notes due July 2028 $ 3.1 $ 2.5 8.25 % senior notes due March 2027 56.9 48.3 6.00 % senior notes due June 2025 25.4 24.2 Total $ 85.4 $ 75.0 For the three and six months ended June 30, 2023, the repurchase of debt resulted in gains on the early extinguishment of debt of $ 2.9 million and $ 10.4 million, respectively, reflected in other income, net and the write-off of debt issuance costs of $ 0.3 million and $ 0.8 million, respectively, reflected in interest expense, in the Condensed Consolidated Statements of Operations. The weighted average effective interest rate on outstanding borrowings, including the impact of the interest rate swap contracts, which were settled during June 2023, and the amortization of debt issuance costs and original issue discount, was 7.24 % and 6.91 % as of June 30, 2023 and December 31, 2022 , respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. FAIR VALUE MEASUREMENTS The Company’s financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, debt instruments, interest rate swap contracts and foreign currency contracts. For cash and cash equivalents, trade receivables and trade payables, the carrying amounts of these financial instruments as of June 30, 2023 and December 31, 2022 were considered representative of their fair values due to their short terms to maturity. The fair values of the Company’s debt instruments, interest rate swap contracts and foreign currency contracts were based on indicative quotes. Fair value measurements using quoted prices in active markets for identical assets and liabilities fall within Level 1 of the fair value hierarchy, measurements using significant other observable inputs fall within Level 2, and measurements using significant unobservable inputs fall within Level 3. The carrying amounts, estimated fair values and valuation input levels of the Company’s debt instruments, interest rate swap contracts and foreign currency contracts as of June 30, 2023 and December 31, 2022, are as follows: June 30, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value Valuation Assets: Foreign currency contracts $ 3.6 $ 3.6 $ 9.9 $ 9.9 Level 2 Interest rate swap contracts — — 8.6 8.6 Level 2 Liabilities: 7.125% senior notes due 2028 $ 696.9 $ 494.8 $ 700.0 $ 502.6 Level 2 5.00% senior notes due 2027 750.0 521.3 750.0 513.4 Level 2 8.25% senior notes due 2027 943.1 751.2 1,000.0 780.8 Level 2 6.00% senior notes due 2025 1,274.6 1,185.1 1,300.0 1,183.4 Level 2 4.75% senior secured notes due 2029 1,250.0 975.0 1,250.0 1,000.0 Level 2 6.00% senior secured notes due 2026 1,500.0 1,398.8 1,500.0 1,383.3 Level 2 Senior secured term loan due 2026 3,080.0 2,964.5 3,096.0 2,925.7 Level 2 Foreign currency contracts 8.9 8.9 6.5 6.5 Level 2 These fair value estimates are based on pertinent information available to management as of the valuation date. Although management is not aware of any factors that would significantly affect these fair value estimates, such amounts have not been comprehensively revalued for purposes of these financial statements since those dates, and current estimates of fair value may differ significantly from the amounts presented. |
Segments and Geographic Informa
Segments and Geographic Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segments and Geographic Information | 7. SEGMENTS AND GEOGRAPHIC INFORMATION The Company has five reportable segments as described below. The Connectivity and Cable Solutions (CCS) segment provides fiber optic and copper connectivity and cable solutions for use in telecommunications, cable television, residential broadband networks, data centers and business enterprises. The CCS portfolio includes network solutions for indoor and outdoor network applications. Indoor network solutions include optical fiber and twisted pair structured cable solutions, intelligent infrastructure management hardware and software and network rack and cabinet enclosures. Outdoor network solutions are used in both local-area and wide-area networks and “last mile” fiber-to-the-home installations, including deployments of fiber-to-the-node, fiber-to-the-premises and fiber-to-the-distribution point to homes, businesses and cell sites. The Outdoor Wireless Networks (OWN) segment focuses on the macro and metro cell markets. The segment includes base station antennas, radio frequency (RF) filters, tower connectivity, microwave antennas, metro cell products, cabinets, steel, accessories and the wireless spectrum management business, Comsearch. The Networking, Intelligent Cellular and Security Solutions (NICS) segment provides wireless networks for enterprises and service providers. Product offerings include indoor and outdoor Wi-Fi and long-term evolution (LTE) access points, access and aggregation switches; an Internet of Things suite, on-premises and cloud-based control and management systems; and software and software-as-a-service applications addressing security, location, reporting and analytics. The Access Network Solutions (ANS) segment’s product solutions include cable modem termination systems, video infrastructure, distribution and transmission equipment and cloud solutions that enable facility-based service providers to construct a state-of-the-art residential and metro distribution network. The Home Networks (Home) segment includes subscriber-based solutions that support broadband and video applications. The broadband offerings in the Home segment include devices that provide residential connectivity to a service provider’s network, such as digital subscriber line and cable modems and telephony and data gateways which incorporate routing and Wi-Fi functionality. Video offerings include set top boxes that support cable, satellite and IP television content delivery and include products such as digital video recorders, high definition set top boxes and hybrid set top devices. The following table provides summary financial information by reportable segment: June 30, December 31, Identifiable segment-related assets: CCS $ 3,955.1 $ 4,263.8 OWN 1,081.7 1,166.8 NICS 1,366.0 1,338.1 ANS 2,529.0 2,632.6 Home 1,258.0 1,379.3 Total identifiable segment-related assets 10,189.8 10,780.6 Reconciliation to total assets: Cash and cash equivalents 418.1 398.1 Deferred income tax assets 557.8 506.7 Total assets $ 11,165.7 $ 11,685.4 The Company’s measurement of segment performance is adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization). The Company defines adjusted EBITDA as operating income (loss), adjusted to exclude depreciation, amortization of intangible assets, restructuring costs, asset impairments, equity-based compensation, transaction, transformation and integration costs and other items that the Company believes are useful to exclude in the evaluation of operating performance from period to period because these items are not representative of the Company’s core business. The following table provides net sales, adjusted EBITDA, depreciation expense and additions to property, plant and equipment by reportable segment: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net sales: CCS $ 698.9 $ 986.7 $ 1,521.7 $ 1,824.7 OWN 228.8 390.9 487.2 781.0 NICS 327.6 205.4 612.1 393.4 ANS 333.5 293.3 632.2 610.1 Home 329.6 423.9 666.7 919.6 Consolidated net sales $ 1,918.4 $ 2,300.2 $ 3,919.9 $ 4,528.8 Segment adjusted EBITDA: CCS $ 79.6 $ 169.0 $ 227.2 $ 267.5 OWN 41.7 75.3 101.3 146.3 NICS 74.9 ( 15.3 ) 132.9 ( 29.1 ) ANS 66.3 57.8 116.4 132.1 Home ( 3.0 ) 12.8 ( 6.3 ) 36.1 Total segment adjusted EBITDA 259.5 299.6 571.5 552.9 Amortization of intangible assets ( 101.4 ) ( 139.0 ) ( 227.8 ) ( 279.7 ) Restructuring costs, net ( 35.5 ) ( 38.5 ) ( 31.4 ) ( 50.6 ) Equity-based compensation ( 10.7 ) ( 12.3 ) ( 24.2 ) ( 28.9 ) Transaction, transformation and integration costs ( 6.5 ) ( 14.9 ) ( 9.1 ) ( 30.5 ) Acquisition accounting adjustments ( 0.5 ) ( 1.8 ) ( 1.3 ) ( 3.6 ) Patent claims and litigation settlements — ( 1.0 ) 11.0 ( 2.2 ) Recovery (reserve) of Russian accounts receivable 2.0 1.7 2.0 ( 3.8 ) Cyber incident costs ( 4.1 ) — ( 4.1 ) — Depreciation ( 30.6 ) ( 30.7 ) ( 61.9 ) ( 63.7 ) Consolidated operating income $ 72.2 $ 63.1 $ 224.7 $ 89.9 Depreciation expense: CCS $ 15.1 $ 14.3 $ 30.6 $ 28.4 OWN 3.3 3.6 6.5 7.4 NICS 3.3 3.5 6.6 7.9 ANS 5.6 5.4 11.3 11.3 Home 3.3 3.9 6.9 8.7 Consolidated depreciation expense $ 30.6 $ 30.7 $ 61.9 $ 63.7 Additions to property, plant and equipment: CCS $ 10.8 $ 18.2 $ 19.3 $ 35.6 OWN 1.3 2.3 2.6 5.2 NICS 1.4 1.5 2.4 3.7 ANS 5.6 4.1 7.8 6.5 Home 1.7 1.6 3.1 4.1 Consolidated additions to property, plant and equipment $ 20.8 $ 27.7 $ 35.2 $ 55.1 Sales to customers located outside of the U.S. comprised 42.4 % and 38.2 % of total net sales for the three and six months ended June 30, 2023, respectively, compared to 38.1 % and 38.8 % of total net sales for the three and six months ended June 30, 2022, respectively. Sales by geographic region, based on the destination of product shipments or service provided, were as follows: Three Months Ended June 30, 2023 CCS OWN NICS ANS Home Total Geographic Region: United States $ 444.8 $ 139.5 $ 177.2 $ 235.3 $ 108.6 $ 1,105.4 Europe, Middle East and Africa 103.9 59.3 90.9 28.4 87.3 369.8 Asia Pacific 97.3 23.4 46.3 6.1 21.9 195.0 Caribbean and Latin America 40.8 4.4 7.8 46.2 29.0 128.2 Canada 12.1 2.2 5.4 17.5 82.8 120.0 Consolidated net sales $ 698.9 $ 228.8 $ 327.6 $ 333.5 $ 329.6 $ 1,918.4 Three Months Ended June 30, 2022 CCS OWN NICS ANS Home Total Geographic Region: United States $ 637.5 $ 292.2 $ 128.9 $ 202.7 $ 163.0 $ 1,424.3 Europe, Middle East and Africa 145.4 48.1 41.5 26.4 117.0 378.4 Asia Pacific 126.9 30.2 27.1 16.4 22.5 223.1 Caribbean and Latin America 51.9 7.7 6.1 37.6 47.1 150.4 Canada 25.0 12.7 1.8 10.2 74.3 124.0 Consolidated net sales $ 986.7 $ 390.9 $ 205.4 $ 293.3 $ 423.9 $ 2,300.2 Six Months Ended June 30, 2023 CCS OWN NICS ANS Home Total Geographic Region: United States $ 1,009.3 $ 324.2 $ 351.9 $ 458.9 $ 279.1 $ 2,423.4 Europe, Middle East and Africa 217.3 107.1 160.9 61.8 149.2 696.3 Asia Pacific 187.4 43.7 75.5 11.1 36.2 353.9 Caribbean and Latin America 78.2 7.6 14.9 67.9 67.5 236.1 Canada 29.5 4.6 8.9 32.5 134.7 210.2 Consolidated net sales $ 1,521.7 $ 487.2 $ 612.1 $ 632.2 $ 666.7 $ 3,919.9 Six Months Ended June 30, 2022 CCS OWN NICS ANS Home Total Geographic Region: United States $ 1,179.9 $ 563.1 $ 226.2 $ 394.9 $ 407.3 $ 2,771.4 Europe, Middle East and Africa 277.0 119.5 102.7 58.4 227.2 784.8 Asia Pacific 228.3 58.4 51.1 45.6 43.1 426.5 Caribbean and Latin America 93.9 16.5 9.3 86.9 106.1 312.7 Canada 45.6 23.5 4.1 24.3 135.9 233.4 Consolidated net sales $ 1,824.7 $ 781.0 $ 393.4 $ 610.1 $ 919.6 $ 4,528.8 |
Restructuring Costs, Net
Restructuring Costs, Net | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs, Net | 8. RESTRUCTURING COSTS, NET The Company incurs costs associated with restructuring initiatives intended to improve overall operating performance and profitability. The costs related to restructuring actions are generally cash-based and primarily consist of employee-related costs, which include severance and other one-time termination benefits. In addition to the employee-related costs, the Company records other costs associated with restructuring actions, such as the gain or loss on the sale of facilities and impairment costs arising from unutilized real estate or equipment. The Company attempts to sell or lease this unutilized space, but additional impairment charges may be incurred related to these or other excess assets. The Company’s net pretax restructuring activity included in restructuring costs, net on the Condensed Consolidated Statements of Operations, by segment, was as follows: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 CCS $ 13.2 $ 10.3 $ ( 1.9 ) $ 13.2 OWN 3.8 17.3 3.9 19.5 NICS 9.0 5.8 11.0 9.4 ANS 9.3 4.8 10.7 7.4 Home 0.2 0.3 7.7 1.1 Total $ 35.5 $ 38.5 $ 31.4 $ 50.6 Restructuring liabilities were included in the Company’s Condensed Consolidated Balance Sheets as follows: June 30, December 31, Accrued and other liabilities $ 56.9 $ 58.9 Other noncurrent liabilities 0.3 0.5 Total restructuring liabilities $ 57.2 $ 59.4 CommScope NEXT Restructuring Actions In the first quarter of 2021, the Company announced and began implementing a business transformation initiative called CommScope NEXT. This ongoing initiative is designed to drive shareholder value through three pillars: profitable growth, operational efficiency and portfolio optimization. The activity within the liability established for CommScope NEXT restructuring actions was as follows: Employee-Related Costs Other Total Balance at March 31, 2023 $ 56.7 $ — $ 56.7 Additional expense, net 30.7 4.6 35.3 Cash received (paid) ( 30.8 ) 0.2 ( 30.6 ) Foreign exchange and other non-cash items 0.2 ( 4.8 ) ( 4.6 ) Balance at June 30, 2023 $ 56.8 $ — $ 56.8 Balance at December 31, 2022 $ 58.7 $ — $ 58.7 Additional expense (reversals), net 47.2 ( 15.6 ) 31.6 Cash received (paid) ( 49.8 ) 38.6 ( 11.2 ) Foreign exchange and other non-cash items 0.7 ( 23.0 ) ( 22.3 ) Balance at June 30, 2023 $ 56.8 $ — $ 56.8 CommScope NEXT actions to date have included the closure of an international manufacturing facility, as well as headcount reductions in other manufacturing locations and engineering, marketing, sales and administrative functions and asset impairments associated with restructuring related actions. During the three months ended June 30, 2023, additional expenses were recorded for severance and other costs, which included asset impairments for certain owned and leased real estate. During the first quarter of 2023, the Company completed the sale of an international manufacturing facility which is reflected in the six months ended June 30, 2023. Related to the sale, the Company recorded net proceeds of $ 38.4 million, resulting in a gain on the sale of $ 20.2 million that was partially offset by severance and other costs, and included in the other category in the table above and in restructuring costs, net on the Condensed Consolidated Statements of Operations. The Company simultaneously entered into a sale leaseback transaction where a minor portion of the building used to support research and development operations was then leased back for a term of nine years with annual payments that range from € 800 thousand to € 1.5 million. The Company determined the lease to be an operating lease and upon entering into the lease, recognized a right of use asset and operating lease liability of € 7.5 million based on the present value of the minimum lease payments discounted using an incremental borrowing rate of 7.15 %. The Company has recognized restructuring charges of $ 181.6 million to date related to CommScope NEXT actions. The Company expects to make cash payments of $ 45.1 million during the remainder of 2023 and additional cash payments of $ 11.7 million in 2024 to settle CommScope NEXT restructuring actions. Additional restructuring actions related to CommScope NEXT are expected to be identified, and the resulting charges and cash requirements could be material. |
Series A Convertible Preferred
Series A Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Series A Convertible Preferred Stock | 9. SERIES A CONVERTIBLE PREFERRED STOCK On April 4, 2019, the Company issued and sold 1,000,000 shares of the Convertible Preferred Stock to Carlyle for $ 1.0 billion, or $ 1,000 per share, pursuant to an Investment Agreement between the Company and Carlyle, dated November 8, 2018 . The Convertible Preferred Stock is convertible, at the option of the holders, at any time into shares of CommScope common stock at an initial conversion rate of 36.3636 shares of common stock per share of the Convertible Preferred Stock (equivalent to $ 27.50 per common share). The conversion rate is subject to customary antidilution and other adjustments. As of June 30, 2023 , the Company had authorized 1,200,000 shares of the Convertible Preferred Stock. Holders of the Convertible Preferred Stock are entitled to a cumulative dividend at the rate of 5.5 % per year , payable quarterly in arrears. Dividends can be paid in cash, in-kind through the issuance of additional shares of the Convertible Preferred Stock or any combination of the two, at the Company’s option. During the three and six months ended June 30, 2023 and 2022, the Company paid dividends in-kind of $ 15.3 million and $ 30.4 million, respectively, and $ 14.7 million and $ 29.2 million, respectively, which was recorded as additional Convertible Preferred Stock in the Condensed Consolidated Balance Sheets. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 10. STOCKHOLDERS’ EQUITY Equity-Based Compensation Plans As of June 30, 2023 , $ 109.5 million of total unrecognized compensation expense related to unvested stock options, restricted stock units (RSUs) and performance share units (PSUs) is expected to be recognized over a remaining weighted average period of 2.2 years. There were no significant capitalized equity-based compensation costs at June 30, 2023. The following table shows a summary of the equity-based compensation expense included in the Condensed Consolidated Statements of Operations: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Selling, general and administrative $ 6.7 $ 7.0 $ 15.1 $ 16.4 Research and development 2.7 3.7 6.1 8.6 Cost of sales 1.3 1.6 3.0 3.9 Total equity-based compensation expense $ 10.7 $ 12.3 $ 24.2 $ 28.9 Restricted Stock Units RSUs entitle the holder to shares of common stock after a vesting period of generally three years . The fair value of the awards is determined on the grant date based on the Company’s stock price. The following table summarizes the RSU activity (in millions, except per share data): Restricted Weighted Non-vested share units at March 31, 2023 9.8 $ 10.38 Granted 6.5 $ 4.21 Vested and shares issued ( 3.1 ) $ 11.60 Forfeited ( 0.6 ) $ 10.73 Non-vested share units at June 30, 2023 12.6 $ 6.90 Non-vested share units at December 31, 2022 11.2 $ 10.66 Granted 7.5 $ 4.59 Vested and shares issued ( 5.2 ) $ 11.10 Forfeited ( 0.9 ) $ 10.65 Non-vested share units at June 30, 2023 12.6 $ 6.90 Performance Share Units PSUs are stock awards in which the number of shares ultimately received by the employee depends on achievement towards a performance measure. Certain of CommScope’s PSUs have an internal performance measure, and the awards vest at the end of three years. The number of shares issued under these awards can vary between 0 % and 300 % of the number of PSUs granted. The fair value of these awards is determined on the date of grant based on the Company's stock price. CommScope also has PSUs with a market condition performance measure based on stock price milestones over a three-year period. The number of shares issued under these awards can vary between 0 % to 100 % of the number of PSUs granted. In addition, the Company has PSUs with a market condition based on the Company's total stockholder return (TSR) ranking relative to the S&P 500 TSR for a three-year period. The number of shares issued under these awards can vary between 0 % to 200 % of the number of PSUs granted. The Company uses a Monte Carlo simulation model to estimate the fair value of PSUs with a market condition performance measure at the date of grant. Key assumptions used in the model include the risk-free interest rate, which reflects the yield on zero-coupon U.S. treasury securities, and stock price volatility, which is derived based on the historical volatility of the Company's stock. The following table presents the weighted average assumptions used to estimate the fair value of the awards granted: Three Months Ended Six Months Ended 2023 2022 2023 2022 Risk-free interest rate 4.0 % 2.8 % 4.4 % 1.7 % Expected volatility 62.3 % 64.4 % 67.2 % 61.2 % Weighted average fair value at grant date $ 3.78 $ 9.94 $ 9.19 $ 11.21 The following table summarizes the PSU activity (in millions, except per share data): Performance Weighted Non-vested share units at March 31, 2023 4.4 $ 8.11 Granted 2.4 $ 4.19 Non-vested share units at June 30, 2023 6.8 $ 6.72 Non-vested share units at December 31, 2022 2.9 $ 8.14 Granted 4.0 $ 5.78 Forfeited ( 0.1 ) $ 10.08 Non-vested share units at June 30, 2023 6.8 $ 6.72 |
Background and Basis of Prese_2
Background and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim period financial statements. The results of operations for these interim periods are not necessarily indicative of the results of operations to be expected for any future period or the full fiscal year. The unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) for interim financial information and are presented in accordance with the applicable requirements of Regulation S-X. Accordingly, these financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the 2022 Annual Report). The significant accounting policies followed by the Company are set forth in Note 2 within the Company’s audited consolidated financial statements included in the 2022 Annual Report. There were no material changes in the Company’s significant accounting policies during the three or six months ended June 30, 2023 . |
Concentrations of Risk and Related Party Transactions | Concentrations of Risk and Related Party Transactions No direct customer accounted for 10 % or more of the Company’s total net sales during the three or six months ended June 30, 2023 or 2022 . Accounts receivable from Comcast Corporation and affiliates (Comcast) represented approximately 11 % of accounts receivable as of June 30, 2023 . Other than Comcast, no direct customer accounted for 10 % or more of the Company’s accounts receivable. The Company relies on sole suppliers or a limited group of suppliers for certain key components, subassemblies and modules and a limited group of contract manufacturers to manufacture a significant portion of its products. Any disruption or termination of these arrangements could have a material adverse impact on the Company’s results of operations. As of June 30, 2023 , funds affiliated with Carlyle Partners VII S1 Holdings, L.P. (Carlyle) owned 100 % of the Series A convertible preferred stock (the Convertible Preferred Stock), which was sold to Carlyle to fund a portion of the acquisition of ARRIS International plc (ARRIS) in 2019. See Note 9 for further discussion of the Convertible Preferred Stock. Other than transactions related to the Convertible Preferred Stock, there were no material related party transactions for the three or six months ended June 30, 2023 . |
Product Warranties | Product Warranties The Company recognizes a liability for the estimated claims that may be paid under its customer assurance-type warranty agreements to remedy potential deficiencies of quality or performance of the Company’s products. These product warranties extend over various periods, depending on the product subject to the warranty and the terms of the individual agreements . The Company records a provision for estimated future warranty claims as cost of sales based upon the historical relationship of warranty claims to sales and specifically identified warranty issues. The Company bases its estimates on assumptions that are believed to be reasonable under the circumstances and revises its estimates, as appropriate, when events or changes in circumstances indicate that revisions may be necessary. Such revisions may be material. 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, 2023 2022 2023 2022 Product warranty accrual, beginning of period $ 53.1 $ 66.0 $ 55.0 $ 66.8 Provision for warranty claims 7.5 7.1 14.0 12.2 Warranty claims paid ( 10.2 ) ( 11.7 ) ( 18.7 ) ( 17.7 ) Foreign exchange 0.1 ( 0.5 ) 0.2 ( 0.4 ) Product warranty accrual, end of period $ 50.5 $ 60.9 $ 50.5 $ 60.9 |
Commitments and Contingencies | Third-Party Guarantees The Company was contingently liable under open standby letters of credit issued by its banks to support performance obligations of a third-party contractor that totaled $ 44.0 million as of June 30, 2023. These amounts represent an estimate of the maximum amounts the Company would expect to incur upon the contractual non-performance of the third-party contractor, but the Company also has cross-indemnities in place that may enable it to recover amounts in the event of non-performance by the third-party contractor. The Company believes the likelihood of having to perform under these guarantees is remote. There were no material amounts recorded in the condensed consolidated financial statements related to third-party guarantee agreements for the three or six months ended June 30, 2023 or 2022 or as of June 30, 2023 or December 31, 2022. As of June 30, 2023, these instruments reduced the available borrowings under the senior secured asset-based revolving credit facility (the Revolving Credit Facility). Legal Proceedings The Company is party to certain intellectual property claims and also periodically receives notices asserting that its products infringe on another party’s patents and other intellectual property rights. These claims and assertions, whether against the Company directly or against its customers, could require the Company to pay damages or royalties, stop offering the relevant products and/or cease other activities. The Company may also be called upon to defend and indemnify certain customers for costs related to products sold to such customers. The outcome of these claims and notices is uncertain, and a reasonable estimate of the loss from unfavorable outcomes in certain of these matters either cannot be determined or is estimated at the minimum amount of a range of estimates. The actual loss, through settlement or trial, could be material and may vary significantly from the Company's estimates. From time to time, the Company may also be involved as a plaintiff in certain intellectual property claims. Gain contingencies, if any, are recognized when they are realized. The Company had liabilities of $ 25.4 million and $ 37.1 million as of June 30, 2023 and December 31, 2022, respectively, recorded in accrued and other liabilities and noncurrent liabilities on the Condensed Consolidated Balance Sheets related to certain intellectual property assertions that have been settled or are in the process of settlement. For the six months ended June 30, 2023 , the Company released $ 11.0 million in accrued liabilities related to an intellectual property claim that was settled at an amount that was lower than estimated. Charges related to intellectual property assertions were no t material for the three or six months ended June 30, 2023 or 2022. The Company paid $ 2.0 million during the three and six months ended June 30, 2023 and $ 2.7 million and $ 9.8 million during the three and six months ended June 30, 2022, respectively, to settle intellectual property claims and assertions. The Company is also either a plaintiff or a defendant in certain other pending legal matters in the normal course of business. Management believes that, upon final disposition, none of these other pending legal matters will have a material adverse effect on the Company’s business or financial condition. In addition, the Company is subject to various federal, state, local and foreign laws and regulations governing the use, discharge, disposal and remediation of hazardous materials. Compliance with current laws and regulations has not had, and is not expected to have, a materially adverse effect on the Company’s financial condition or results of operations. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company has utilized a hedging strategy to mitigate a portion of the exposure to changes in cash flows resulting from variable interest rates on the senior secured term loan due 2026 (2026 Term Loan). In conjunction with the amendment to its 2026 Term Loan due to reference rate reform, on June 28, 2023, the Company settled its cash flow hedges with a notional value of $ 300.0 million and received cash of $ 6.8 million which is included within operating cash flow activity in accordance with the Company's accounting policy. The cash flow hedges were derecognized and the gain of $ 6.1 million remaining as a component of accumulated comprehensive loss in the Condensed Consolidated Balance Sheets will continue to be reclassified to earnings through interest expense as the interest payments are made on the 2026 Term Loan unless the forecasted transaction becomes probable of not occurring. See Note 5 for further discussion of the amendment to the 2026 Term Loan. |
Asset Impairments | Asset Impairments Goodwill is tested for impairment annually or at other times if events have occurred or circumstances exist that indicate the carrying value of the reporting unit may exceed its fair value. There were no goodwill impairments identified during the three or six months ended June 30, 2023 or 2022. The Company’s Access Network Solutions (ANS) reporting unit failed the annual goodwill impairment test, and a partial impairment was recorded as of October 1, 2022. Also, the amount by which the Company's Building and Data Center Connectivity (BDCC) reporting unit's fair value exceeded its carrying value was lower year over year. The BDCC reporting unit is in the Connectivity and Cable Solutions (CCS) reportable segment. Considering the headroom going forward for each of the ANS and BDCC reporting units, there is a risk for future impairment in the event of declines in general economic, market or business conditions or any significant unfavorable change in the forecasted cash flows, weighted average cost of capital or growth rates. If current and long-term projections for the ANS and BDCC reporting units are not realized or decrease materially, the Company may be required to recognize additional goodwill impairment charges, and these charges could be material to its results of operations. Property, plant and equipment, intangible assets with finite lives and right of use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable, based on the undiscounted cash flows expected to be derived from the use and ultimate disposition of the assets. Assets identified as impaired are adjusted to estimated fair value. Equity investments without readily determinable fair values are evaluated each reporting period for impairment based on a qualitative assessment and are then measured at fair value if an impairment is determined to exist. Other than certain assets impaired as a result of restructuring actions, there were no definite-lived intangible or other long-lived asset impairments identified during the three or six months ended June 30, 2023 or 2022 . Changes in the estimates of forecasted net cash flows or changes in classification from held for use may result in future asset impairments that could be material to the Company's results of operations. |
Income Taxes | Income Taxes For the three and six months ended June 30, 2023, the Company recognized income tax expense of $ 8.4 million on a pretax loss of $ 92.0 million and income tax expense of $ 0.6 million on a pretax loss of $ 96.4 million, respectively. The Company’s tax expense was unfavorably impacted by U.S. anti-deferral provisions and noncreditable withholding taxes for the three and six months ended June 30, 2023. Excess tax costs of $ 5.4 million and $ 6.9 million related to equity compensation awards also impacted the tax expense unfavorably for the three and six months ended June 30, 2023, respectively. These unfavorable impacts were partially offset by the favorable impacts of federal income tax credits as well as $ 1.5 million and $ 9.8 million of tax benefits related to the release of various uncertain tax positions for the three and six months ended June 30, 2023, respectively. For the three and six months ended June 30, 2022, the Company recognized an income tax benefit of $ 14.5 million on a pretax loss of $ 75.5 million and $ 16.4 million of income tax expense on a pretax loss of $ 184.5 million, respectively. For the three and six months ended June 30, 2022 , the Company’s change in income tax was driven by the unfavorable impacts of U.S. anti-deferral provisions and noncreditable withholding taxes. These unfavorable impacts were offset partially by decreases in prior year uncertain tax positions. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share (EPS) is computed by dividing net income (loss), less any dividends and deemed dividends related to the Convertible Preferred Stock, by the weighted average number of common shares outstanding during the period. The numerator in diluted EPS is based on the basic EPS numerator, adjusted to add back any dividends and deemed dividends related to the Convertible Preferred Stock, subject to antidilution requirements. The denominator used in diluted EPS is based on the basic EPS computation plus the effect of potentially dilutive common shares related to the Convertible Preferred Stock and equity-based compensation plans, subject to antidilution requirements. For the three and six months ended June 30, 2023 , 17.2 million and 16.3 million shares, respectively, of outstanding equity-based compensation awards were not included in the computation of diluted EPS because the effect was antidilutive or the performance conditions were not met. Of those amounts, for the three and six months ended June 30, 2023, 2.0 million and 2.6 million shares, respectively, would have been considered dilutive if the Company had not been in a net loss attributable to common stockholders position. For the three and six months ended June 30, 2022, 12.3 million and 11.9 million shares, respectively, of outstanding equity-based compensation awards were not included in the computation of diluted EPS because the effect was antidilutive or the performance conditions were not met. Of those amounts, for the three and six months ended June 30, 2022, 1.1 million and 2.4 million shares, respectively, would have been considered dilutive if the Company had not been in a net loss attributable to common stockholders position. For the three and six months ended June 30, 2023 , 40.6 million and 40.3 million, respectively, of as-if converted shares related to the Convertible Preferred Stock were excluded from the diluted share count because they were antidilutive. For the three and six months ended June 30, 2022 , 38.9 and 38.7 million, respectively, of as-if converted shares related to the Convertible Preferred Stock were excluded from the diluted share count because they were antidilutive. These shares may have been considered dilutive if the Company had not been in a net loss attributable to common stockholders position. 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, 2023 2022 2023 2022 Numerator: Net loss $ ( 100.4 ) $ ( 61.0 ) $ ( 97.0 ) $ ( 200.9 ) Dividends on Series A convertible preferred stock ( 15.3 ) ( 14.7 ) ( 30.4 ) ( 29.2 ) Net loss attributable to common stockholders $ ( 115.7 ) $ ( 75.7 ) $ ( 127.4 ) $ ( 230.1 ) Denominator: Weighted average common shares outstanding – basic 210.5 207.6 209.7 206.5 Dilutive effect of as-if converted Series A convertible preferred stock — — — — Dilutive effect of equity-based awards — — — — Weighted average common shares outstanding – diluted 210.5 207.6 209.7 206.5 Loss per share: Basic $ ( 0.55 ) $ ( 0.36 ) $ ( 0.61 ) $ ( 1.11 ) Diluted $ ( 0.55 ) $ ( 0.36 ) $ ( 0.61 ) $ ( 1.11 ) |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted During the Six Months Ended June 30, 2023 On January 1, 2023, the Company adopted Accounting Standards Update (ASU) No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations . The new guidance improves the transparency of supplier finance programs by requiring that a buyer in a supplier finance program disclose sufficient qualitative and quantitative information about the program to allow a user of its financial statements to understand the program's nature, activity during the period, changes from period to period and potential effect on an entity's financial statements. This guidance has been applied retrospectively to all periods in which a balance sheet is presented, except for the requirement to disclose rollforward information, which is effective prospectively for the Company as of January 1, 2024. The impact of adopting this new guidance was not material to the condensed consolidated financial statements. In June 2023, the Company adopted ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and the related updates, ASU No. 2021-01 , Reference Rate Reform (Topic 848): Scope and ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 . Together, the ASUs provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The guidance provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The Company adopted the reference rate reform guidance in connection with its amendment of the 2026 Term Loan on June 8, 2023 to transition from the Eurodollar Rate based on LIBOR to a Secured Overnight Financing Rate (SOFR), effective as of July 1, 2023, as the reference interest rate in anticipation of the cessation of LIBOR in 2023 (see Note 5 for further discussion). The impact of adopting this guidance was not material to the condensed consolidated financial statements. The Company continues to evaluate and monitor developments and its assessment of this guidance during the LIBOR transition period. |
Background and Basis of Prese_3
Background and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 2022 2023 2022 Product warranty accrual, beginning of period $ 53.1 $ 66.0 $ 55.0 $ 66.8 Provision for warranty claims 7.5 7.1 14.0 12.2 Warranty claims paid ( 10.2 ) ( 11.7 ) ( 18.7 ) ( 17.7 ) Foreign exchange 0.1 ( 0.5 ) 0.2 ( 0.4 ) Product warranty accrual, end of period $ 50.5 $ 60.9 $ 50.5 $ 60.9 |
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, 2023 2022 2023 2022 Numerator: Net loss $ ( 100.4 ) $ ( 61.0 ) $ ( 97.0 ) $ ( 200.9 ) Dividends on Series A convertible preferred stock ( 15.3 ) ( 14.7 ) ( 30.4 ) ( 29.2 ) Net loss attributable to common stockholders $ ( 115.7 ) $ ( 75.7 ) $ ( 127.4 ) $ ( 230.1 ) Denominator: Weighted average common shares outstanding – basic 210.5 207.6 209.7 206.5 Dilutive effect of as-if converted Series A convertible preferred stock — — — — Dilutive effect of equity-based awards — — — — Weighted average common shares outstanding – diluted 210.5 207.6 209.7 206.5 Loss per share: Basic $ ( 0.55 ) $ ( 0.36 ) $ ( 0.61 ) $ ( 1.11 ) Diluted $ ( 0.55 ) $ ( 0.36 ) $ ( 0.61 ) $ ( 1.11 ) |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by Reportable Segment | The following table presents the activity in goodwill by reportable segment: December 31, 2022 Activity June 30, 2023 Goodwill Accumulated Impairment Losses Total Additions (Deductions) Impairment Foreign Exchange and Other Goodwill Accumulated Impairment Losses Total CCS $ 2,280.9 $ ( 51.5 ) $ 2,229.4 $ — $ — $ 5.1 $ 2,286.0 $ ( 51.5 ) $ 2,234.5 OWN 660.3 ( 159.5 ) 500.8 — — 1.2 661.5 ( 159.5 ) 502.0 NICS 649.4 ( 41.2 ) 608.2 — — 0.5 649.9 ( 41.2 ) 608.7 ANS 1,995.7 ( 1,261.7 ) 734.0 — — — 1,995.7 ( 1,261.7 ) 734.0 Home 413.2 ( 413.2 ) — — — — 413.2 ( 413.2 ) — Total $ 5,999.5 $ ( 1,927.1 ) $ 4,072.4 $ — $ — $ 6.8 $ 6,006.3 $ ( 1,927.1 ) $ 4,079.2 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Allowance for doubtful accounts, beginning of period $ 81.2 $ 64.8 $ 82.8 $ 63.7 Provision (benefit) 3.2 ( 1.7 ) 3.0 0.8 Write-offs ( 21.5 ) ( 0.2 ) ( 23.2 ) ( 1.1 ) Foreign exchange and other 0.1 ( 1.3 ) 0.4 ( 1.8 ) Allowance for doubtful accounts, end of period $ 63.0 $ 61.6 $ 63.0 $ 61.6 |
Summary of the Balance Sheet Location and Amounts of Contract Assets and Liabilities from Contracts with Customers | The following table provides the balance sheet location and amounts of contract assets, or unbilled accounts receivable, and contract liabilities, or deferred revenue, from contracts with customers: Contract Balance Type Balance Sheet Location June 30, December 31, 2022 Unbilled accounts receivable Accounts receivable, net of allowance for doubtful accounts $ 43.3 $ 35.3 Deferred revenue - current Accrued and other liabilities $ 109.6 $ 97.9 Deferred revenue - noncurrent Other noncurrent liabilities 64.1 63.4 Total contract liabilities $ 173.7 $ 161.3 |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounts Receivable | Accounts Receivable June 30, December 31, Accounts receivable - trade $ 1,375.0 $ 1,545.3 Accounts receivable - other 42.1 61.1 Allowance for doubtful accounts ( 63.0 ) ( 82.8 ) Total accounts receivable, net $ 1,354.1 $ 1,523.6 |
Inventories | Inventories June 30, December 31, Raw materials $ 506.7 $ 535.8 Work in process 160.4 212.7 Finished goods 787.1 839.6 Total inventories, net $ 1,454.2 $ 1,588.1 |
Accrued and Other Liabilities | Accrued and Other Liabilities June 30, December 31, Compensation and employee benefit liabilities $ 193.2 $ 301.3 Accrued interest 115.7 118.1 Deferred revenue 109.6 97.9 Contract manufacturer inventory repurchase obligation 63.4 79.1 Restructuring liabilities 56.9 58.9 Operating lease liabilities 45.3 47.7 Product warranty accrual 41.5 44.8 Other 281.3 302.2 Total accrued and other liabilities $ 906.9 $ 1,050.0 |
Operating Lease Information | Operating Lease Information Balance Sheet Location June 30, December 31, Right of use assets Other noncurrent assets $ 168.1 $ 149.0 Lease liabilities - current Accrued and other liabilities $ 45.3 $ 47.7 Lease liabilities - noncurrent Other noncurrent liabilities 144.0 123.5 Total lease liabilities $ 189.3 $ 171.2 |
Changes in Accumulated Other Comprehensive Loss, Net of Tax | The following table presents changes in accumulated other comprehensive loss (AOCL), net of tax: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Foreign currency translation Balance at beginning of period $ ( 249.9 ) $ ( 182.5 ) $ ( 270.3 ) $ ( 165.8 ) Other comprehensive income (loss) 0.3 ( 93.7 ) 20.7 ( 110.4 ) Balance at end of period $ ( 249.6 ) $ ( 276.2 ) $ ( 249.6 ) $ ( 276.2 ) Defined benefit plan activity Balance at beginning of period $ ( 14.9 ) $ ( 14.7 ) $ ( 14.8 ) $ ( 13.4 ) Other comprehensive loss — — ( 0.1 ) ( 1.6 ) Amounts reclassified from AOCL — — — 0.3 Balance at end of period $ ( 14.9 ) $ ( 14.7 ) $ ( 14.9 ) $ ( 14.7 ) Hedging instruments Balance at beginning of period $ ( 12.7 ) $ ( 18.4 ) $ ( 11.2 ) $ ( 27.2 ) Other comprehensive income (loss) 1.0 3.0 ( 0.5 ) 11.8 Balance at end of period $ ( 11.7 ) $ ( 15.4 ) $ ( 11.7 ) $ ( 15.4 ) Net AOCL at end of period $ ( 276.2 ) $ ( 306.3 ) $ ( 276.2 ) $ ( 306.3 ) |
Cash Flow Information | Cash Flow Information Six Months Ended June 30, 2023 2022 Cash paid during the period for: Income taxes, net of refunds $ 59.7 $ 72.9 Interest 322.7 264.8 |
Financing (Tables)
Financing (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Debt | June 30, December 31, 7.125 % senior notes due July 2028 $ 696.9 $ 700.0 5.00 % senior notes due March 2027 750.0 750.0 8.25 % senior notes due March 2027 943.1 1,000.0 6.00 % senior notes due June 2025 1,274.6 1,300.0 4.75 % senior secured notes due September 2029 1,250.0 1,250.0 6.00 % senior secured notes due March 2026 1,500.0 1,500.0 Senior secured term loan due April 2026 3,080.0 3,096.0 Senior secured revolving credit facility — — Total principal amount of debt 9,494.6 9,596.0 Less: Original issue discount, net of amortization ( 13.7 ) ( 15.9 ) Less: Debt issuance costs, net of amortization ( 68.0 ) ( 78.5 ) Less: Current portion ( 32.0 ) ( 32.0 ) Total long-term debt $ 9,380.9 $ 9,469.6 |
Summary of Debt Repurchase Activity | The table below summarizes the debt repurchase activity during the six months ended June 30, 2023: Aggregate Reacquisition 7.125 % senior notes due July 2028 $ 3.1 $ 2.5 8.25 % senior notes due March 2027 56.9 48.3 6.00 % senior notes due June 2025 25.4 24.2 Total $ 85.4 $ 75.0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts, Estimated Fair Values and Valuation Input Levels of the Company's Debt Instruments, Interest Rate Derivatives and Foreign Currency Contracts | The carrying amounts, estimated fair values and valuation input levels of the Company’s debt instruments, interest rate swap contracts and foreign currency contracts as of June 30, 2023 and December 31, 2022, are as follows: June 30, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value Valuation Assets: Foreign currency contracts $ 3.6 $ 3.6 $ 9.9 $ 9.9 Level 2 Interest rate swap contracts — — 8.6 8.6 Level 2 Liabilities: 7.125% senior notes due 2028 $ 696.9 $ 494.8 $ 700.0 $ 502.6 Level 2 5.00% senior notes due 2027 750.0 521.3 750.0 513.4 Level 2 8.25% senior notes due 2027 943.1 751.2 1,000.0 780.8 Level 2 6.00% senior notes due 2025 1,274.6 1,185.1 1,300.0 1,183.4 Level 2 4.75% senior secured notes due 2029 1,250.0 975.0 1,250.0 1,000.0 Level 2 6.00% senior secured notes due 2026 1,500.0 1,398.8 1,500.0 1,383.3 Level 2 Senior secured term loan due 2026 3,080.0 2,964.5 3,096.0 2,925.7 Level 2 Foreign currency contracts 8.9 8.9 6.5 6.5 Level 2 |
Segments and Geographic Infor_2
Segments and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Summary of Financial Information by Reportable Segment | The following table provides summary financial information by reportable segment: June 30, December 31, Identifiable segment-related assets: CCS $ 3,955.1 $ 4,263.8 OWN 1,081.7 1,166.8 NICS 1,366.0 1,338.1 ANS 2,529.0 2,632.6 Home 1,258.0 1,379.3 Total identifiable segment-related assets 10,189.8 10,780.6 Reconciliation to total assets: Cash and cash equivalents 418.1 398.1 Deferred income tax assets 557.8 506.7 Total assets $ 11,165.7 $ 11,685.4 |
Summary of Net Sales, Adjusted EBITDA, Depreciation Expense and Additions to PP&E by Reportable Segment | The following table provides net sales, adjusted EBITDA, depreciation expense and additions to property, plant and equipment by reportable segment: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net sales: CCS $ 698.9 $ 986.7 $ 1,521.7 $ 1,824.7 OWN 228.8 390.9 487.2 781.0 NICS 327.6 205.4 612.1 393.4 ANS 333.5 293.3 632.2 610.1 Home 329.6 423.9 666.7 919.6 Consolidated net sales $ 1,918.4 $ 2,300.2 $ 3,919.9 $ 4,528.8 Segment adjusted EBITDA: CCS $ 79.6 $ 169.0 $ 227.2 $ 267.5 OWN 41.7 75.3 101.3 146.3 NICS 74.9 ( 15.3 ) 132.9 ( 29.1 ) ANS 66.3 57.8 116.4 132.1 Home ( 3.0 ) 12.8 ( 6.3 ) 36.1 Total segment adjusted EBITDA 259.5 299.6 571.5 552.9 Amortization of intangible assets ( 101.4 ) ( 139.0 ) ( 227.8 ) ( 279.7 ) Restructuring costs, net ( 35.5 ) ( 38.5 ) ( 31.4 ) ( 50.6 ) Equity-based compensation ( 10.7 ) ( 12.3 ) ( 24.2 ) ( 28.9 ) Transaction, transformation and integration costs ( 6.5 ) ( 14.9 ) ( 9.1 ) ( 30.5 ) Acquisition accounting adjustments ( 0.5 ) ( 1.8 ) ( 1.3 ) ( 3.6 ) Patent claims and litigation settlements — ( 1.0 ) 11.0 ( 2.2 ) Recovery (reserve) of Russian accounts receivable 2.0 1.7 2.0 ( 3.8 ) Cyber incident costs ( 4.1 ) — ( 4.1 ) — Depreciation ( 30.6 ) ( 30.7 ) ( 61.9 ) ( 63.7 ) Consolidated operating income $ 72.2 $ 63.1 $ 224.7 $ 89.9 Depreciation expense: CCS $ 15.1 $ 14.3 $ 30.6 $ 28.4 OWN 3.3 3.6 6.5 7.4 NICS 3.3 3.5 6.6 7.9 ANS 5.6 5.4 11.3 11.3 Home 3.3 3.9 6.9 8.7 Consolidated depreciation expense $ 30.6 $ 30.7 $ 61.9 $ 63.7 Additions to property, plant and equipment: CCS $ 10.8 $ 18.2 $ 19.3 $ 35.6 OWN 1.3 2.3 2.6 5.2 NICS 1.4 1.5 2.4 3.7 ANS 5.6 4.1 7.8 6.5 Home 1.7 1.6 3.1 4.1 Consolidated additions to property, plant and equipment $ 20.8 $ 27.7 $ 35.2 $ 55.1 |
Summary of Net Sales by Reportable Segment, Disaggregated Based on Geographic Region | Sales by geographic region, based on the destination of product shipments or service provided, were as follows: Three Months Ended June 30, 2023 CCS OWN NICS ANS Home Total Geographic Region: United States $ 444.8 $ 139.5 $ 177.2 $ 235.3 $ 108.6 $ 1,105.4 Europe, Middle East and Africa 103.9 59.3 90.9 28.4 87.3 369.8 Asia Pacific 97.3 23.4 46.3 6.1 21.9 195.0 Caribbean and Latin America 40.8 4.4 7.8 46.2 29.0 128.2 Canada 12.1 2.2 5.4 17.5 82.8 120.0 Consolidated net sales $ 698.9 $ 228.8 $ 327.6 $ 333.5 $ 329.6 $ 1,918.4 Three Months Ended June 30, 2022 CCS OWN NICS ANS Home Total Geographic Region: United States $ 637.5 $ 292.2 $ 128.9 $ 202.7 $ 163.0 $ 1,424.3 Europe, Middle East and Africa 145.4 48.1 41.5 26.4 117.0 378.4 Asia Pacific 126.9 30.2 27.1 16.4 22.5 223.1 Caribbean and Latin America 51.9 7.7 6.1 37.6 47.1 150.4 Canada 25.0 12.7 1.8 10.2 74.3 124.0 Consolidated net sales $ 986.7 $ 390.9 $ 205.4 $ 293.3 $ 423.9 $ 2,300.2 Six Months Ended June 30, 2023 CCS OWN NICS ANS Home Total Geographic Region: United States $ 1,009.3 $ 324.2 $ 351.9 $ 458.9 $ 279.1 $ 2,423.4 Europe, Middle East and Africa 217.3 107.1 160.9 61.8 149.2 696.3 Asia Pacific 187.4 43.7 75.5 11.1 36.2 353.9 Caribbean and Latin America 78.2 7.6 14.9 67.9 67.5 236.1 Canada 29.5 4.6 8.9 32.5 134.7 210.2 Consolidated net sales $ 1,521.7 $ 487.2 $ 612.1 $ 632.2 $ 666.7 $ 3,919.9 Six Months Ended June 30, 2022 CCS OWN NICS ANS Home Total Geographic Region: United States $ 1,179.9 $ 563.1 $ 226.2 $ 394.9 $ 407.3 $ 2,771.4 Europe, Middle East and Africa 277.0 119.5 102.7 58.4 227.2 784.8 Asia Pacific 228.3 58.4 51.1 45.6 43.1 426.5 Caribbean and Latin America 93.9 16.5 9.3 86.9 106.1 312.7 Canada 45.6 23.5 4.1 24.3 135.9 233.4 Consolidated net sales $ 1,824.7 $ 781.0 $ 393.4 $ 610.1 $ 919.6 $ 4,528.8 |
Restructuring Costs, Net (Table
Restructuring Costs, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Company's Net Pretax Restructuring Charges | The Company’s net pretax restructuring activity included in restructuring costs, net on the Condensed Consolidated Statements of Operations, by segment, was as follows: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 CCS $ 13.2 $ 10.3 $ ( 1.9 ) $ 13.2 OWN 3.8 17.3 3.9 19.5 NICS 9.0 5.8 11.0 9.4 ANS 9.3 4.8 10.7 7.4 Home 0.2 0.3 7.7 1.1 Total $ 35.5 $ 38.5 $ 31.4 $ 50.6 |
Restructuring Reserves Included in Company's Consolidated Balance Sheets | Restructuring liabilities were included in the Company’s Condensed Consolidated Balance Sheets as follows: June 30, December 31, Accrued and other liabilities $ 56.9 $ 58.9 Other noncurrent liabilities 0.3 0.5 Total restructuring liabilities $ 57.2 $ 59.4 |
Activity within Liability Established for Restructuring Actions, Included in Other Accrued Liabilities | The activity within the liability established for CommScope NEXT restructuring actions was as follows: Employee-Related Costs Other Total Balance at March 31, 2023 $ 56.7 $ — $ 56.7 Additional expense, net 30.7 4.6 35.3 Cash received (paid) ( 30.8 ) 0.2 ( 30.6 ) Foreign exchange and other non-cash items 0.2 ( 4.8 ) ( 4.6 ) Balance at June 30, 2023 $ 56.8 $ — $ 56.8 Balance at December 31, 2022 $ 58.7 $ — $ 58.7 Additional expense (reversals), net 47.2 ( 15.6 ) 31.6 Cash received (paid) ( 49.8 ) 38.6 ( 11.2 ) Foreign exchange and other non-cash items 0.7 ( 23.0 ) ( 22.3 ) Balance at June 30, 2023 $ 56.8 $ — $ 56.8 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Summary of the Equity-Based Compensation Expense Included in the Statements of Operations | The following table shows a summary of the equity-based compensation expense included in the Condensed Consolidated Statements of Operations: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Selling, general and administrative $ 6.7 $ 7.0 $ 15.1 $ 16.4 Research and development 2.7 3.7 6.1 8.6 Cost of sales 1.3 1.6 3.0 3.9 Total equity-based compensation expense $ 10.7 $ 12.3 $ 24.2 $ 28.9 |
Summary of RSU Activity | The following table summarizes the RSU activity (in millions, except per share data): Restricted Weighted Non-vested share units at March 31, 2023 9.8 $ 10.38 Granted 6.5 $ 4.21 Vested and shares issued ( 3.1 ) $ 11.60 Forfeited ( 0.6 ) $ 10.73 Non-vested share units at June 30, 2023 12.6 $ 6.90 Non-vested share units at December 31, 2022 11.2 $ 10.66 Granted 7.5 $ 4.59 Vested and shares issued ( 5.2 ) $ 11.10 Forfeited ( 0.9 ) $ 10.65 Non-vested share units at June 30, 2023 12.6 $ 6.90 |
Summary of Weighted Average Assumptions Used to Estimate Fair Value of Stock Option | The following table presents the weighted average assumptions used to estimate the fair value of the awards granted: Three Months Ended Six Months Ended 2023 2022 2023 2022 Risk-free interest rate 4.0 % 2.8 % 4.4 % 1.7 % Expected volatility 62.3 % 64.4 % 67.2 % 61.2 % Weighted average fair value at grant date $ 3.78 $ 9.94 $ 9.19 $ 11.21 |
Summary of PSU Activity | The following table summarizes the PSU activity (in millions, except per share data): Performance Weighted Non-vested share units at March 31, 2023 4.4 $ 8.11 Granted 2.4 $ 4.19 Non-vested share units at June 30, 2023 6.8 $ 6.72 Non-vested share units at December 31, 2022 2.9 $ 8.14 Granted 4.0 $ 5.78 Forfeited ( 0.1 ) $ 10.08 Non-vested share units at June 30, 2023 6.8 $ 6.72 |
Background and Basis of Prese_4
Background and Basis of Presentation - Additional Information (Detail) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 28, 2023 USD ($) | Jun. 30, 2023 USD ($) Customer shares | Jun. 30, 2022 USD ($) Customer shares | Jun. 30, 2023 USD ($) Customer shares | Jun. 30, 2022 USD ($) Customer shares | Dec. 31, 2022 USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Percentage of convertible preferred stock owned | 100% | 100% | ||||
Related party transactions | $ 0 | $ 0 | ||||
Guarantee agreements amount | 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Product warranty term | These product warranties extend over various periods, depending on the product subject to the warranty and the terms of the individual agreements | |||||
Loss contingency liability amount | 25.4 | $ 25.4 | $ 37.1 | |||
Loss contingency accrual | 11 | 11 | ||||
Payments to settle intellectual property claims and assertions | 2 | 2.7 | 2 | 9.8 | ||
Intangible asset impairment charges, excluding goodwill | 0 | 0 | 0 | 0 | ||
Impairment of goodwill | 0 | 0 | 0 | 0 | ||
Income tax (expense) benefit | (8.4) | 14.5 | (0.6) | (16.4) | ||
Pre-tax net loss for the period | (92) | $ (75.5) | (96.4) | $ (184.5) | ||
Excess tax costs related to equity compensation awards | 5.4 | 6.9 | ||||
Tax benefits related uncertain tax positions | 1.5 | 9.8 | ||||
2026 Term Loan [Member] | Cash Flow Hedging [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Notional value | $ 300 | |||||
Gain (loss) from cash flow hedges derecognized | 6.1 | |||||
Proceeds from derivatives | $ 6.8 | |||||
Guarantees [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Letters of credit outstanding amount | $ 44 | $ 44 | ||||
Convertible Preferred Stock [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Dilutive effect of equity-based awards | shares | 40.6 | 38.9 | 40.3 | 38.7 | ||
Stock Compensation Plan [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Amount of outstanding equity based awards not included in computation of diluted EPS | shares | 17.2 | 12.3 | 16.3 | 11.9 | ||
Dilutive effect of equity-based awards | shares | 2 | 1.1 | 2.6 | 2.4 | ||
Cost of Sales [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Loss contingency portion recorded | $ 0 | $ 0 | $ 0 | $ 0 | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Direct customer accounted for 10% or more of the Company's accounts receivable and total net sales | Customer | 0 | 0 | 0 | 0 | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Direct customer accounted for 10% or more of the Company's accounts receivable and total net sales | Customer | 0 | |||||
Customer Concentration Risk [Member] | Maximum [Member] | Sales Revenue, Net [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Concentration risk percentage | 10% | 10% | 10% | 10% | ||
Customer Concentration Risk [Member] | Maximum [Member] | Accounts Receivable [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Concentration risk percentage | 10% | |||||
Customer Concentration Risk [Member] | Maximum [Member] | Accounts Receivable [Member] | Comcast Corporation [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Concentration risk percentage | 11% |
Background and Basis of Prese_5
Background and Basis of Presentation - Summary of Activity in Product Warranty Accrual, Included in Accrued and Other Liabilities and Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Product warranty accrual, beginning of period | $ 53.1 | $ 66 | $ 55 | $ 66.8 |
Provision for warranty claims | 7.5 | 7.1 | 14 | 12.2 |
Warranty claims paid | (10.2) | (11.7) | (18.7) | (17.7) |
Foreign exchange | 0.1 | (0.5) | 0.2 | (0.4) |
Product warranty accrual, end of period | $ 50.5 | $ 60.9 | $ 50.5 | $ 60.9 |
Background and Basis of Prese_6
Background and Basis of Presentation - Summary of EPS, Weighted Average Common Shares and Potential Common Shares Outstanding (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||
Net loss | $ (100.4) | $ (61) | $ (97) | $ (200.9) |
Dividends on Series A convertible preferred stock | (15.3) | (14.7) | (30.4) | (29.2) |
Net loss attributable to common stockholders | $ (115.7) | $ (75.7) | $ (127.4) | $ (230.1) |
Denominator: | ||||
Weighted average common shares outstanding - basic | 210.5 | 207.6 | 209.7 | 206.5 |
Weighted average common shares outstanding - diluted | 210.5 | 207.6 | 209.7 | 206.5 |
Loss per share: | ||||
Basic | $ (0.55) | $ (0.36) | $ (0.61) | $ (1.11) |
Diluted | $ (0.55) | $ (0.36) | $ (0.61) | $ (1.11) |
Goodwill - Goodwill by Reportab
Goodwill - Goodwill by Reportable Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Goodwill [Line Items] | |||||
Goodwill, gross, Beginning balance | $ 6,006.3 | $ 6,006.3 | $ 5,999.5 | ||
Goodwill | 4,079.2 | 4,079.2 | 4,072.4 | ||
Additions (Deductions) | 0 | ||||
Impairment | 0 | $ 0 | 0 | $ 0 | |
Foreign exchange and other | 6.8 | ||||
Goodwill, gross, Ending balance | 6,006.3 | 6,006.3 | |||
Accumulated impairment losses | (1,927.1) | (1,927.1) | (1,927.1) | ||
CCS [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, gross, Beginning balance | 2,286 | 2,286 | 2,280.9 | ||
Goodwill | 2,234.5 | 2,234.5 | 2,229.4 | ||
Additions (Deductions) | 0 | ||||
Impairment | 0 | ||||
Foreign exchange and other | 5.1 | ||||
Goodwill, gross, Ending balance | 2,286 | 2,286 | |||
Accumulated impairment losses | (51.5) | (51.5) | (51.5) | ||
OWN [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, gross, Beginning balance | 661.5 | 661.5 | 660.3 | ||
Goodwill | 502 | 502 | 500.8 | ||
Additions (Deductions) | 0 | ||||
Impairment | 0 | ||||
Foreign exchange and other | 1.2 | ||||
Goodwill, gross, Ending balance | 661.5 | 661.5 | |||
Accumulated impairment losses | (159.5) | (159.5) | (159.5) | ||
NICS [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, gross, Beginning balance | 649.9 | 649.9 | 649.4 | ||
Goodwill | 608.7 | 608.7 | 608.2 | ||
Additions (Deductions) | 0 | ||||
Impairment | 0 | ||||
Foreign exchange and other | 0.5 | ||||
Goodwill, gross, Ending balance | 649.9 | 649.9 | |||
Accumulated impairment losses | (41.2) | (41.2) | (41.2) | ||
ANS [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, gross, Beginning balance | 1,995.7 | 1,995.7 | 1,995.7 | ||
Goodwill | 734 | 734 | 734 | ||
Additions (Deductions) | 0 | ||||
Impairment | 0 | ||||
Foreign exchange and other | 0 | ||||
Goodwill, gross, Ending balance | 1,995.7 | 1,995.7 | |||
Accumulated impairment losses | (1,261.7) | (1,261.7) | (1,261.7) | ||
Home [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, gross, Beginning balance | 413.2 | 413.2 | 413.2 | ||
Goodwill | 0 | 0 | 0 | ||
Additions (Deductions) | 0 | ||||
Impairment | 0 | ||||
Foreign exchange and other | 0 | ||||
Goodwill, gross, Ending balance | 413.2 | 413.2 | |||
Accumulated impairment losses | $ (413.2) | $ (413.2) | $ (413.2) |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Allowance for Doubtful Accounts (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accounts and Financing Receivable, after Allowance for Credit Loss, Current and Noncurrent [Abstract] | ||||
Allowance for doubtful accounts, beginning of period | $ 81.2 | $ 64.8 | $ 82.8 | $ 63.7 |
Provision (benefit) | 3.2 | (1.7) | 3 | 0.8 |
Write-offs | (21.5) | (0.2) | (23.2) | (1.1) |
Foreign exchange and other | 0.1 | (1.3) | 0.4 | (1.8) |
Allowance for doubtful accounts, end of period | $ 63 | $ 61.6 | $ 63 | $ 61.6 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Summary of the Balance Sheet Location and Amounts of Contract Assets and Liabilities from Contracts with Customers (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule Of Contract Assets And Liabilities [Line Items] | ||
Deferred revenue - current | $ 109.6 | $ 97.9 |
Total contract liabilities | 173.7 | 161.3 |
Accounts Receivable, Net of Allowance for Doubtful Accounts [Member] | ||
Schedule Of Contract Assets And Liabilities [Line Items] | ||
Unbilled accounts receivable | 43.3 | 35.3 |
Accrued and Other Liabilities [Member] | ||
Schedule Of Contract Assets And Liabilities [Line Items] | ||
Deferred revenue - current | 109.6 | 97.9 |
Other Noncurrent Liabilities [Member] | ||
Schedule Of Contract Assets And Liabilities [Line Items] | ||
Deferred revenue - noncurrent | $ 64.1 | $ 63.4 |
Revenue From Contracts With C_5
Revenue From Contracts With Customers - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Contract with customer liability revenue recognized | $ 25.8 | $ 63.9 | ||
Write-offs | (21.5) | $ (0.2) | (23.2) | $ (1.1) |
Previously Reported | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Write-offs | $ (18.5) | $ (18.5) |
Supplemental Financial Statem_3
Supplemental Financial Statement Information - Accounts Receivable (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts | $ (63) | $ (82.8) |
Total accounts receivable, net | 1,354.1 | 1,523.6 |
Accounts Receivable Trade [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 1,375 | 1,545.3 |
Accounts Receivable Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 42.1 | $ 61.1 |
Supplemental Financial Statem_4
Supplemental Financial Statement Information - Inventories (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 506.7 | $ 535.8 |
Work in process | 160.4 | 212.7 |
Finished goods | 787.1 | 839.6 |
Total inventories, net | $ 1,454.2 | $ 1,588.1 |
Supplemental Financial Statem_5
Supplemental Financial Statement Information - Accrued and Other Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued and Other Liabilities [Abstract] | ||
Compensation and employee benefit liabilities | $ 193.2 | $ 301.3 |
Accrued interest | 115.7 | 118.1 |
Deferred revenue | 109.6 | 97.9 |
Contract manufacturer inventory repurchase obligation | 63.4 | 79.1 |
Restructuring liabilities | 56.9 | 58.9 |
Operating lease liabilities | 45.3 | 47.7 |
Product warranty accrual | 41.5 | 44.8 |
Other | 281.3 | 302.2 |
Total accrued and other liabilities | $ 906.9 | $ 1,050 |
Supplemental Financial Statem_6
Supplemental Financial Statement Information - Operating Lease Information (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Lessee, Lease, Description [Line Items] | ||
Fair Value of Assets (Liability), Right of use assets | $ 168.1 | $ 149 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other noncurrent assets | Other noncurrent assets |
Fair Value of Assets (Liability), Total lease liabilities | $ 45.3 | $ 47.7 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued and other liabilities | Accrued and other liabilities |
Fair Value of Assets (Liability), Total lease liabilities | $ 144 | $ 123.5 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other noncurrent liabilities | Other noncurrent liabilities |
Fair Value of Assets (Liability), Total lease liabilities | $ 189.3 | $ 171.2 |
Supplemental Financial Statem_7
Supplemental Financial Statement Information - Changes in Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (1,546) | |||
Ending balance | $ (1,615.9) | $ (471.6) | (1,615.9) | $ (471.6) |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (249.9) | (182.5) | (270.3) | (165.8) |
Other comprehensive income (loss) | 0.3 | (93.7) | 20.7 | (110.4) |
Ending balance | (249.6) | (276.2) | (249.6) | (276.2) |
Defined Benefit Plan Activity [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (14.9) | (14.7) | (14.8) | (13.4) |
Other comprehensive income (loss) | 0 | 0 | (0.1) | (1.6) |
Amounts reclassified from AOCL | 0 | 0 | 0 | 0.3 |
Ending balance | (14.9) | (14.7) | (14.9) | (14.7) |
Hedging Instruments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (12.7) | (18.4) | (11.2) | (27.2) |
Other comprehensive income (loss) | 1 | 3 | (0.5) | 11.8 |
Ending balance | (11.7) | (15.4) | (11.7) | (15.4) |
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (277.5) | (215.6) | (296.3) | (206.4) |
Ending balance | $ (276.2) | $ (306.3) | $ (276.2) | $ (306.3) |
Supplemental Financial Statem_8
Supplemental Financial Statement Information - Cash Flow Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash paid during the period for: | ||
Income taxes, net of refunds | $ 59.7 | $ 72.9 |
Interest | $ 322.7 | $ 264.8 |
Financing - Summary of Debt (De
Financing - Summary of Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total principal amount of debt | $ 9,494.6 | $ 9,596 |
Less: Original issue discount, net of amortization | (13.7) | (15.9) |
Less: Debt issuance costs, net of amortization | (68) | (78.5) |
Less: Current portion | (32) | (32) |
Total long-term debt | 9,380.9 | 9,469.6 |
7.125% Senior Notes Due July 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 696.9 | 700 |
5.00% Senior Notes Due March 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 750 | 750 |
8.25% Senior Notes Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 943.1 | 1,000 |
6.00% Senior Notes Due June 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,274.6 | 1,300 |
4.75% Senior Secured Notes Due September 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured notes | 1,250 | 1,250 |
6.00% Senior Secured Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured notes | 1,500 | 1,500 |
Senior Secured Term Loan Due April 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured notes | 3,080 | 3,096 |
Senior Secured Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured revolving credit facility | $ 0 | $ 0 |
Financing - Summary of Debt (Pa
Financing - Summary of Debt (Parenthetical) (Detail) | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
7.125% Senior Notes Due July 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity month and year | 2028-07 | |
Interest rate | 7.125% | 7.125% |
5.00% Senior Notes Due March 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity month and year | 2027-03 | |
Interest rate | 5% | 5% |
8.25% Senior Notes Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity month and year | 2027-03 | |
Interest rate | 8.25% | 8.25% |
6.00% Senior Notes Due June 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity month and year | 2025-06 | |
Interest rate | 6% | 6% |
4.75% Senior Secured Notes Due September 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity month and year | 2029-09 | |
Interest rate | 4.75% | 4.75% |
6.00% Senior Secured Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity month and year | 2026-03 | |
Interest rate | 6% | 6% |
Senior Secured Term Loan Due April 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity month and year | 2026-04 |
Financing - Additional Informat
Financing - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Current portion of long term debt | $ 32 | $ 32 | $ 32 |
Gain (Loss) on Extinguishment of Debt | 2.9 | 10.4 | |
WriteOff of deferred debt issuance cost | $ 0.3 | $ 0.8 | |
Weighted average effective interest rate | 7.24% | 7.24% | 6.91% |
Asset Based Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Borrowed | $ 0 | $ 0 | |
Letters of credit outstanding amount | 0 | 0 | |
Line of credit facility, remaining borrowing capacity | 859 | 859 | |
2026 Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Scheduled amortization payments | $ 8 | $ 16 | |
SOFR, Plus Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.25% | ||
Base Rate Four [Member] | Senior Secured Term Loan 2026 | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.25% |
Financing - Summary of Debt Rep
Financing - Summary of Debt Repurchase Activity (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Aggregate Principal Repurchased | $ 85.4 |
Reacquisition Cost | 75 |
7.125% Senior Secured Notes Due 2028 [Member] | |
Debt Instrument [Line Items] | |
Aggregate Principal Repurchased | 3.1 |
Reacquisition Cost | 2.5 |
8.25% Senior Secured Notes Due 2027 [Member] | |
Debt Instrument [Line Items] | |
Aggregate Principal Repurchased | 56.9 |
Reacquisition Cost | 48.3 |
6.00% Senior Secured Notes Due 2025 [Member] | |
Debt Instrument [Line Items] | |
Aggregate Principal Repurchased | 25.4 |
Reacquisition Cost | $ 24.2 |
Financing - Summary of Debt R_2
Financing - Summary of Debt Repurchase Activity (Parenthetical) (Details) | 6 Months Ended |
Jun. 30, 2023 | |
7.125% Senior Secured Notes Due 2028 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate during period | 7.125% |
8.25% Senior Secured Notes Due 2027 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate during period | 8.25% |
6.00% Senior Secured Notes Due 2025 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate during period | 6% |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts, Estimated Fair Values and Valuation Input Levels of the Company's Debt Instruments, Interest Rate Derivatives and Foreign Currency Contracts (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Carrying Amount [Member] | Liabilities [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Foreign currency contracts | $ 8.9 | $ 6.5 |
Carrying Amount [Member] | Assets [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Foreign currency contracts | 3.6 | 9.9 |
Interest rate swap contracts | 0 | 8.6 |
Fair Value [Member] | Liabilities [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Foreign currency contracts | 8.9 | 6.5 |
Fair Value [Member] | Assets [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Foreign currency contracts | 3.6 | 9.9 |
Interest rate swap contracts | 0 | 8.6 |
7.125% Senior Notes Due 2028 [Member] | Carrying Amount [Member] | Liabilities [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 696.9 | 700 |
7.125% Senior Notes Due 2028 [Member] | Fair Value [Member] | Liabilities [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 494.8 | 502.6 |
5.00% Senior Notes Due 2027 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 750 | 750 |
5.00% Senior Notes Due 2027 [Member] | Carrying Amount [Member] | Liabilities [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 750 | 750 |
5.00% Senior Notes Due 2027 [Member] | Fair Value [Member] | Liabilities [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 521.3 | 513.4 |
8.25% Senior Notes Due 2027 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 943.1 | 1,000 |
8.25% Senior Notes Due 2027 [Member] | Carrying Amount [Member] | Liabilities [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 943.1 | 1,000 |
8.25% Senior Notes Due 2027 [Member] | Fair Value [Member] | Liabilities [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 751.2 | 780.8 |
6.00% Senior Notes Due 2025 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 1,274.6 | 1,300 |
6.00% Senior Notes Due 2025 [Member] | Carrying Amount [Member] | Liabilities [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 1,274.6 | 1,300 |
6.00% Senior Notes Due 2025 [Member] | Fair Value [Member] | Liabilities [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 1,185.1 | 1,183.4 |
4.75% Senior Secured Notes Due 2029 [Member] | Carrying Amount [Member] | Liabilities [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior secured notes | 1,250 | 1,250 |
4.75% Senior Secured Notes Due 2029 [Member] | Fair Value [Member] | Liabilities [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 975 | 1,000 |
6.00% Senior Secured Notes Due 2026 [Member] | Carrying Amount [Member] | Liabilities [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior secured notes | 1,500 | 1,500 |
6.00% Senior Secured Notes Due 2026 [Member] | Fair Value [Member] | Liabilities [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 1,398.8 | 1,383.3 |
Senior Secured Term Loan Due 2026 (Member) | Carrying Amount [Member] | Liabilities [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior secured notes | 3,080 | 3,096 |
Senior Secured Term Loan Due 2026 (Member) | Fair Value [Member] | Liabilities [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | $ 2,964.5 | $ 2,925.7 |
Segments and Geographic Infor_3
Segments and Geographic Information - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Non-US [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 42.40% | 38.10% | 38.20% | 38.80% |
Segments and Geographic Infor_4
Segments and Geographic Information - Summary of Financial Information by Reportable Segment (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 11,165.7 | $ 11,685.4 |
Cash and cash equivalents | 418.1 | 398.1 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 10,189.8 | 10,780.6 |
Operating Segments | CCS [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,955.1 | 4,263.8 |
Operating Segments | OWN [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,081.7 | 1,166.8 |
Operating Segments | NICS [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,366 | 1,338.1 |
Operating Segments | ANS [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,529 | 2,632.6 |
Operating Segments | Home [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,258 | 1,379.3 |
Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Cash and cash equivalents | 418.1 | 398.1 |
Deferred income tax assets | $ 557.8 | $ 506.7 |
Segments and Geographic Infor_5
Segments and Geographic Information - Summary of Net Sales, Adjusted EBITDA, Depreciation Expense and Additions to PP&E by Reportable Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,918.4 | $ 2,300.2 | $ 3,919.9 | $ 4,528.8 |
Total segment adjusted EBITDA | 259.5 | 299.6 | 571.5 | 552.9 |
Amortization of intangible assets | (101.4) | (139) | (227.8) | (279.7) |
Restructuring credits, net | (35.5) | (38.5) | (31.4) | (50.6) |
Equity-based compensation | (10.7) | (12.3) | (24.2) | (28.9) |
Transaction, transformation and integration costs | (6.5) | (14.9) | (9.1) | (30.5) |
Acquisition accounting adjustments | (0.5) | (1.8) | (1.3) | (3.6) |
Patent claims and litigation settlements | 0 | (1) | 11 | (2.2) |
Recovery (reserve) of Russian accounts receivable | 2 | 1.7 | 2 | (3.8) |
Cyber Incident Costs | (4.1) | 0 | (4.1) | 0 |
Depreciation | (30.6) | (30.7) | (61.9) | (63.7) |
Consolidated operating income | 72.2 | 63.1 | 224.7 | 89.9 |
Additions to property, plant and equipment | 20.8 | 27.7 | 35.2 | 55.1 |
CCS [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 698.9 | 986.7 | 1,521.7 | 1,824.7 |
Total segment adjusted EBITDA | 79.6 | 169 | 227.2 | 267.5 |
Restructuring credits, net | (13.2) | (10.3) | 1.9 | (13.2) |
Depreciation | 15.1 | 14.3 | 30.6 | 28.4 |
Additions to property, plant and equipment | 10.8 | 18.2 | 19.3 | 35.6 |
OWN [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 228.8 | 390.9 | 487.2 | 781 |
Total segment adjusted EBITDA | 41.7 | 75.3 | 101.3 | 146.3 |
Restructuring credits, net | (3.8) | (17.3) | (3.9) | (19.5) |
Depreciation | 3.3 | 3.6 | 6.5 | 7.4 |
Additions to property, plant and equipment | 1.3 | 2.3 | 2.6 | 5.2 |
NICS [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 327.6 | 205.4 | 612.1 | 393.4 |
Total segment adjusted EBITDA | 74.9 | (15.3) | 132.9 | (29.1) |
Restructuring credits, net | (9) | (5.8) | (11) | (9.4) |
Depreciation | 3.3 | 3.5 | 6.6 | 7.9 |
Additions to property, plant and equipment | 1.4 | 1.5 | 2.4 | 3.7 |
ANS [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 333.5 | 293.3 | 632.2 | 610.1 |
Total segment adjusted EBITDA | 66.3 | 57.8 | 116.4 | 132.1 |
Restructuring credits, net | (9.3) | (4.8) | (10.7) | (7.4) |
Depreciation | 5.6 | 5.4 | 11.3 | 11.3 |
Additions to property, plant and equipment | 5.6 | 4.1 | 7.8 | 6.5 |
Home [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 329.6 | 423.9 | 666.7 | 919.6 |
Total segment adjusted EBITDA | (3) | 12.8 | (6.3) | 36.1 |
Depreciation | 3.3 | 3.9 | 6.9 | 8.7 |
Additions to property, plant and equipment | $ 1.7 | $ 1.6 | $ 3.1 | $ 4.1 |
Segments and Geographic Infor_6
Segments and Geographic Information - Summary of Net Sales by Reportable Segment, Disaggregated Based on Geographic Region (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | $ 1,918.4 | $ 2,300.2 | $ 3,919.9 | $ 4,528.8 |
CCS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 698.9 | 986.7 | 1,521.7 | 1,824.7 |
OWN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 228.8 | 390.9 | 487.2 | 781 |
NICS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 327.6 | 205.4 | 612.1 | 393.4 |
ANS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 333.5 | 293.3 | 632.2 | 610.1 |
Home [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 329.6 | 423.9 | 666.7 | 919.6 |
United States [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 1,105.4 | 1,424.3 | 2,423.4 | 2,771.4 |
United States [Member] | CCS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 444.8 | 637.5 | 1,009.3 | 1,179.9 |
United States [Member] | OWN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 139.5 | 292.2 | 324.2 | 563.1 |
United States [Member] | NICS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 177.2 | 128.9 | 351.9 | 226.2 |
United States [Member] | ANS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 235.3 | 202.7 | 458.9 | 394.9 |
United States [Member] | Home [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 108.6 | 163 | 279.1 | 407.3 |
Europe, Middle East and Africa (EMEA) [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 369.8 | 378.4 | 696.3 | 784.8 |
Europe, Middle East and Africa (EMEA) [Member] | CCS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 103.9 | 145.4 | 217.3 | 277 |
Europe, Middle East and Africa (EMEA) [Member] | OWN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 59.3 | 48.1 | 107.1 | 119.5 |
Europe, Middle East and Africa (EMEA) [Member] | NICS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 90.9 | 41.5 | 160.9 | 102.7 |
Europe, Middle East and Africa (EMEA) [Member] | ANS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 28.4 | 26.4 | 61.8 | 58.4 |
Europe, Middle East and Africa (EMEA) [Member] | Home [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 87.3 | 117 | 149.2 | 227.2 |
Asia Pacific (APAC) [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 195 | 223.1 | 353.9 | 426.5 |
Asia Pacific (APAC) [Member] | CCS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 97.3 | 126.9 | 187.4 | 228.3 |
Asia Pacific (APAC) [Member] | OWN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 23.4 | 30.2 | 43.7 | 58.4 |
Asia Pacific (APAC) [Member] | NICS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 46.3 | 27.1 | 75.5 | 51.1 |
Asia Pacific (APAC) [Member] | ANS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 6.1 | 16.4 | 11.1 | 45.6 |
Asia Pacific (APAC) [Member] | Home [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 21.9 | 22.5 | 36.2 | 43.1 |
Caribbean and Latin America (CALA) [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 128.2 | 150.4 | 236.1 | 312.7 |
Caribbean and Latin America (CALA) [Member] | CCS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 40.8 | 51.9 | 78.2 | 93.9 |
Caribbean and Latin America (CALA) [Member] | OWN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 4.4 | 7.7 | 7.6 | 16.5 |
Caribbean and Latin America (CALA) [Member] | NICS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 7.8 | 6.1 | 14.9 | 9.3 |
Caribbean and Latin America (CALA) [Member] | ANS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 46.2 | 37.6 | 67.9 | 86.9 |
Caribbean and Latin America (CALA) [Member] | Home [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 29 | 47.1 | 67.5 | 106.1 |
Canada [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 120 | 124 | 210.2 | 233.4 |
Canada [Member] | CCS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 12.1 | 25 | 29.5 | 45.6 |
Canada [Member] | OWN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 2.2 | 12.7 | 4.6 | 23.5 |
Canada [Member] | NICS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 5.4 | 1.8 | 8.9 | 4.1 |
Canada [Member] | ANS [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 17.5 | 10.2 | 32.5 | 24.3 |
Canada [Member] | Home [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | $ 82.8 | $ 74.3 | $ 134.7 | $ 135.9 |
Restructuring Costs, Net - Summ
Restructuring Costs, Net - Summary of Company's Net Pretax Restructuring Charges (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, net | $ 35.5 | $ 38.5 | $ 31.4 | $ 50.6 |
CCS [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, net | 13.2 | 10.3 | (1.9) | 13.2 |
OWN [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, net | 3.8 | 17.3 | 3.9 | 19.5 |
NICS [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, net | 9 | 5.8 | 11 | 9.4 |
ANS [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, net | 9.3 | 4.8 | 10.7 | 7.4 |
Home [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, net | $ 0.2 | $ 0.3 | $ 7.7 | $ 1.1 |
Restructuring Costs, Net - Rest
Restructuring Costs, Net - Restructuring Liabilities Included in Company's Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring liabilities | $ 56.9 | $ 58.9 |
Total restructuring liabilities | 57.2 | 59.4 |
Accrued and Other Liabilities [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring liabilities | 56.9 | 58.9 |
Other Noncurrent Liabilities [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, non-current | $ 0.3 | $ 0.5 |
Restructuring Costs, Net - Acti
Restructuring Costs, Net - Activity within Liability Established for Restructuring Actions (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | $ 59.4 | |
Ending Balance | $ 57.2 | 57.2 |
CommScope NEXT Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | 56.7 | 58.7 |
Additional expense (reversals), net | 35.3 | 31.6 |
Cash received (paid) | (30.6) | (11.2) |
Foreign exchange and other non-cash items | (4.6) | (22.3) |
Ending Balance | 56.8 | 56.8 |
Employee-Related Costs [Member] | CommScope NEXT Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | 56.7 | 58.7 |
Additional expense (reversals), net | 30.7 | 47.2 |
Cash received (paid) | (30.8) | (49.8) |
Foreign exchange and other non-cash items | 0.2 | 0.7 |
Ending Balance | 56.8 | 56.8 |
Other Costs [Member] | CommScope NEXT Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | 0 | 0 |
Additional expense (reversals), net | 4.6 | (15.6) |
Cash received (paid) | 0.2 | 38.6 |
Foreign exchange and other non-cash items | (4.8) | (23) |
Ending Balance | $ 0 | $ 0 |
Restructuring Costs, Net - Addi
Restructuring Costs, Net - Additional Information (Detail) € in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 EUR (€) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 EUR (€) | Dec. 31, 2022 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||||
Operating lease, right of use | $ 168.1 | $ 168.1 | $ 149 | ||||
Operating lease liability | 189.3 | 189.3 | $ 171.2 | ||||
Restructuring costs, net | $ 35.5 | $ 38.5 | $ 31.4 | $ 50.6 | |||
International Manufacturing Facility [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Sale leaseback transaction, lease terms | term of nine years with annual payments that range from €800 thousand to €1.5 million. The Company determined the lease to be an operating lease and upon entering into the lease, recognized a right of use asset and operating lease liability of €7.5 million based on the present value of the minimum lease payments discounted using an incremental borrowing rate of 7.15%. | term of nine years with annual payments that range from €800 thousand to €1.5 million. The Company determined the lease to be an operating lease and upon entering into the lease, recognized a right of use asset and operating lease liability of €7.5 million based on the present value of the minimum lease payments discounted using an incremental borrowing rate of 7.15%. | |||||
Term of lease contract | 9 years | 9 years | 9 years | ||||
Operating lease liability | € | € 7,500 | ||||||
Commscope Next [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Recognized restructuring charges | $ 181.6 | $ 181.6 | |||||
Commscope Next [Member] | 2023 [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected cash payments | 45.1 | ||||||
Commscope Next [Member] | 2024 [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected cash payments | 11.7 | ||||||
Commscope Next [Member] | Facility Closing [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Cash received (paid) | 38.4 | ||||||
Restructuring costs (credits), net | $ 20.2 | ||||||
Commscope Next [Member] | Facility Closing [Member] | International Manufacturing Facility [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Operating lease, right of use | € | € 7,500 | ||||||
Present value of minimum lease payments discounting rate | 7.15% | 7.15% | 7.15% | ||||
Commscope Next [Member] | Facility Closing [Member] | Maximum [Member] | International Manufacturing Facility [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Annual lease payment | € | € 1,500 | ||||||
Commscope Next [Member] | Facility Closing [Member] | Minimum [Member] | International Manufacturing Facility [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Annual lease payment | € | € 800 |
Series A Convertible Preferre_2
Series A Convertible Preferred Stock - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Apr. 04, 2019 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 shares | |
Class Of Stock [Line Items] | ||||||
Preferred stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | |||
Dividends declared payable in kind | $ | $ 15.3 | $ 14.7 | $ 30.4 | $ 29.2 | ||
Carlyle [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Agreement date | Nov. 08, 2018 | |||||
Carlyle [Member] | Series A Convertible Preferred Stock [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Convertible preferred stock, share issued | 1,000,000 | |||||
Total purchase price | $ | $ 1,000 | |||||
Total purchase price per share | $ / shares | $ 1,000 | |||||
Convertible preferred stock, conversion price per share | $ / shares | $ 27.5 | |||||
Preferred stock, shares authorized | 1,200,000 | 1,200,000 | ||||
Initial conversion rate of common stock per share of the convertible preferred stock | 36.3636 | |||||
Carlyle [Member] | Series A Convertible Preferred Stock [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Convertible preferred stock, dividend payment terms | Holders of the Convertible Preferred Stock are entitled to a cumulative dividend at the rate of 5.5% per year | |||||
Convertible preferred stock, dividend rate percentage | 5.50% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Oct. 31, 2019 | Jun. 30, 2023 | Dec. 31, 2022 | |
Stockholders Equity [Line Items] | |||
Unrecognized compensation costs related to unvested stock options, restricted stock units (RSUs) and performance share units (PSUs) | $ 109,500,000 | ||
Recognition period of unrecognized compensation expense | 2 years 2 months 12 days | ||
Capitalized equity-based compensation costs | $ 0 | ||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Stockholders Equity [Line Items] | |||
Vesting period, year | 3 years | ||
Performance Shares [Member] | Minimum [Member] | |||
Stockholders Equity [Line Items] | |||
Number of shares issued on performance | 0% | 0% | 0% |
Performance Shares [Member] | Maximum [Member] | |||
Stockholders Equity [Line Items] | |||
Number of shares issued on performance | 100% | 200% | 300% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of the Equity-Based Compensation Expense Included in the Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total equity-based compensation expense | $ 10.7 | $ 12.3 | $ 24.2 | $ 28.9 |
Selling, General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total equity-based compensation expense | 6.7 | 7 | 15.1 | 16.4 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total equity-based compensation expense | 2.7 | 3.7 | 6.1 | 8.6 |
Cost of Sales [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total equity-based compensation expense | $ 1.3 | $ 1.6 | $ 3 | $ 3.9 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested share units, Beginning balance | 9.8 | 11.2 |
Shares, Granted | 6.5 | 7.5 |
Shares, Vested and shares issued | (3.1) | (5.2) |
Shares, Forfeited | (0.6) | (0.9) |
Non-vested share units, Ending balance | 12.6 | 12.6 |
Weighted Average Grant Date Fair Value Per Share, Non-vested share units, Beginning balance | $ 10.38 | $ 10.66 |
Weighted Average Grant Date Fair Value Per Share, Granted | 4.21 | 4.59 |
Weighted Average Grant Date Fair Value Per Share, Vested and shares issued | 11.6 | 11.1 |
Weighted Average Grant Date Fair Value Per Share, Forfeited | 10.73 | 10.65 |
Weighted Average Grant Date Fair Value Per Share, Non-vested share units, Ending balance | $ 6.9 | $ 6.9 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Detail) - Employee Stock Option - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 4% | 2.80% | 4.40% | 1.70% |
Expected volatility | 62.30% | 64.40% | 67.20% | 61.20% |
Weighted average fair value at grant date | $ 3.78 | $ 9.94 | $ 9.19 | $ 11.21 |
Stockholders' Equity - Summar_4
Stockholders' Equity - Summary of PSU Activity (Detail) - Performance Shares [Member] - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested share units, Beginning balance | 4,400,000 | 2,900,000 |
Shares, Granted | 2,400,000 | 4,000,000 |
Shares, Forfeited | (0.1) | |
Non-vested share units, Ending balance | 6,800,000 | 6,800,000 |
Weighted Average Grant Date Fair Value Per Share, Non-vested share units, Beginning balance | $ 8.11 | $ 8.14 |
Weighted Average Grant Date Fair Value Per Share, Granted | 4.19 | 5.78 |
Weighted Average Grant Date Fair Value Per Share, Forfeited | 10.08 | |
Weighted Average Grant Date Fair Value Per Share, Non-vested share units, Ending balance | $ 6.72 | $ 6.72 |