Avanos Medical (AVNS) 10-Q 3 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 27, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-36440
Entity Registrant Name	AVANOS MEDICAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4987888
Entity Address, Address Line One	5405 Windward Parkway
Entity Address, Address Line Two	Suite 100 South
Entity Address, City or Town	Alpharetta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30004
City Area Code	(844)
Local Phone Number	428-2667
Title of 12(b) Security	Common Stock - $0.01 Par Value
Trading Symbol	AVNS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,123,083
Entity Central Index Key	0001606498
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED INCOME S

CONDENSED CONSOLIDATED INCOME STATEMENTS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net Sales	$ 186.4	$ 163.7	$ 367.1	$ 344.1
Cost of products sold	100.7	77.2	190.1	155.5
Gross Profit	85.7	86.5	177	188.6
Research and development	8	7.7	16.3	17.1
Selling and general expenses	76.7	76.9	150.1	168
Other expense, net	8.3	3.7	30.3	4.7
Operating Loss	(7.3)	(1.8)	(19.7)	(1.2)
Interest income	0	0.2	0	0.9
Interest expense	(0.9)	(4.3)	(1.7)	(8.6)
Loss Before Income Taxes	(8.2)	(5.9)	(21.4)	(8.9)
Income tax benefit	46.1	2.9	51.7	9.6
Net Income (Loss)	$ 37.9	$ (3)	$ 30.3	$ 0.7
Earnings (Loss) Per Share
Basic (in dollars per share)	$ 0.79	$ (0.06)	$ 0.63	$ 0.02
Diluted (in dollars per share)	$ 0.78	$ (0.06)	$ 0.62	$ 0.02

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 37.9	$ (3)	$ 30.3	$ 0.7
Other Comprehensive Income (Loss), net of tax
Unrealized currency translation adjustments	2.3	4.9	(1.9)	(10.1)
Defined benefit plans	0	0	0	0.2
Cash flow hedges	0	0	0	(0.1)
Total Other Comprehensive Income (Loss), net of tax	2.3	4.9	(1.9)	(10)
Comprehensive Income (Loss)	$ 40.2	$ 1.9	$ 28.4	$ (9.3)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 99.9	$ 111.5
Accounts receivable, net of allowances	106.7	108.6
Income tax receivable	58.4	59.3
Inventories	159.7	168.9
Prepaid expenses and other current assets	18.8	18.9
Total Current Assets	443.5	467.2
Property, Plant and Equipment, net	171.9	175.3
Operating Lease Right-of-Use Assets	42.9	48.3
Goodwill	802.6	802.5
Other Intangible Assets, net	149.5	157.7
Deferred Tax Assets	61.9	10
Other Assets	11	11.8
TOTAL ASSETS	1,683.3	1,672.8
Current Liabilities
Current portion of operating lease liabilities	14.9	15.5
Trade accounts payable	65.5	67.6
Accrued expenses	77.9	83.2
Total Current Liabilities	158.3	166.3
Long-Term Debt	165	180
Operating Lease Liabilities	47.5	53.3
Deferred Tax Liabilities	5.6	5.7
Other Long-Term Liabilities	10.6	11
Total Liabilities	387	416.3
Commitments and Contingencies
Stockholders’ Equity
Preferred stock - $0.01 par value - authorized 20,000,000 shares, none issued	0	0
Common stock - $0.01 par value - authorized 300,000,000 shares, 48,095,484 outstanding as of June 30, 2021 and 47,917,583 outstanding as of December 31, 2020	0.5	0.5
Additional paid-in capital	1,621.3	1,609.4
Accumulated deficit	(285.2)	(315.5)
Treasury stock	(10.3)	(9.8)
Accumulated other comprehensive loss	(30)	(28.1)
Total Stockholders’ Equity	1,296.3	1,256.5
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,683.3	$ 1,672.8

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares outstanding (in shares)	48,095,484	47,917,583

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2019			$ 1,593.9	$ (288.3)	$ (8.9)	$ (32)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise or redemption of share-based awards			0.5
Stock-based compensation expense			5.5
Net Income (Loss)	$ 0.7			0.7
Purchases of treasury stock					(0.3)
Other comprehensive income (loss), net of tax						(10)
Ending balance at Jun. 30, 2020	1,261.6	$ 0.5	1,599.9	(287.6)	(9.2)	(42)
Beginning balance at Mar. 31, 2020			1,596.4	(284.6)	(8.9)	(46.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise or redemption of share-based awards			0.5
Stock-based compensation expense			3
Net Income (Loss)	(3)			(3)
Purchases of treasury stock					(0.3)
Other comprehensive income (loss), net of tax						4.9
Ending balance at Jun. 30, 2020	1,261.6	0.5	1,599.9	(287.6)	(9.2)	(42)
Beginning balance at Dec. 31, 2020	1,256.5		1,609.4	(315.5)	(9.8)	(28.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise or redemption of share-based awards			5.2
Stock-based compensation expense			6.7
Net Income (Loss)	30.3			30.3
Purchases of treasury stock					(0.5)
Other comprehensive income (loss), net of tax						(1.9)
Ending balance at Jun. 30, 2021	1,296.3	0.5	1,621.3	(285.2)	(10.3)	(30)
Beginning balance at Mar. 31, 2021			1,617.3	(323.1)	(9.8)	(32.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise or redemption of share-based awards			0.4
Stock-based compensation expense			3.6
Net Income (Loss)	37.9			37.9
Purchases of treasury stock					(0.5)
Other comprehensive income (loss), net of tax						2.3
Ending balance at Jun. 30, 2021	$ 1,296.3	$ 0.5	$ 1,621.3	$ (285.2)	$ (10.3)	$ (30)

CONDENSED CONSOLIDATED CASH FLO

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities
Net income	$ 30.3	$ 0.7
Depreciation and amortization	19.2	21.4
Stock-based compensation expense	6.7	5.5
Net loss on asset dispositions and impairments	4.9	0.2
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	1.3	37.9
Inventories	8.7	(29.1)
Prepaid expenses and other assets	1.3	1.3
Accounts payable	(2.2)	(5.7)
Accrued expenses	(5.6)	(29.4)
Deferred income taxes and other	(52.6)	(7.5)
Cash Provided by (Used in) Operating Activities	12	(4.7)
Investing Activities
Capital expenditures	(11.5)	(12.1)
Cash Used in Investing Activities	(11.5)	(12.1)
Financing Activities
Revolving credit facility repayments	(15)	0
Purchases of treasury stock	(0.5)	(0.3)
Proceeds from the exercise of stock options	5.2	0.6
Cash (Used in) Provided by Financing Activities	(10.3)	0.3
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(1.8)	(3.8)
Decrease in Cash and Cash Equivalents	(11.6)	(20.3)
Cash and Cash Equivalents - Beginning of Period	111.5	205.3
Cash and Cash Equivalents - End of Period	$ 99.9	$ 185

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Background and Basis of Presentation Avanos Medical, Inc. is a medical technology company focused on delivering clinically superior breakthrough medical device solutions to improve patients’ quality of life. Headquartered in Alpharetta, Georgia, Avanos is committed to addressing some of today’s most important healthcare needs, such as reducing the use of opioids while helping patients move from surgery to recovery. We develop, manufacture and market clinically superior solutions around the globe. References to “Avanos,” “Company,” “we,” “our” and “us” refer to Avanos Medical, Inc. and its consolidated subsidiaries. Interim Financial Statements We prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, and the condensed consolidated financial statements in this Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020. Our unaudited interim condensed consolidated financial statements contain all necessary material adjustments, which are of a normal and recurring nature, to fairly state our financial condition, results of operations and cash flows for the periods presented. Use of Estimates Preparation of our condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Estimates are used in accounting for, among other things, distributor rebate accruals, future cash flows associated with impairment testing for goodwill and long-lived assets, loss contingencies, and deferred tax assets and potential income tax assessments. Our estimates are subject to uncertainties associated with the ongoing COVID-19 pandemic which has caused volatility and adverse effects in global markets. Accordingly, actual results could differ from these estimates, and the effect of the difference could be material to our financial statements. Changes in these estimates are recorded when known. Recently Adopted Accounting Pronouncements Effective January 1, 2021, we adopted Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This ASU removed certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. Adoption of this ASU did not have a material effect on our financial position, results of operations or cash flows. Recently Issued Accounting Pronouncements In May 2021, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2021-04, Issuers Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This ASU requires accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity-classified after the modification or exchange based on the economic substance of the modification or exchange. The accounting is determined based on whether the transaction was done to issue equity, issue or modify debt or for other reasons. This ASU is to be applied prospectively for years beginning after December 15, 2021. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows. In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform. This ASU was prompted by the planned cessation of the London Interbank Offer Rate (“LIBOR”), which is the reference rate for many debt agreements, including the credit agreement that governs our revolving credit facility that is described in Note 5, “Debt.” This ASU applies to contract modifications that replace a reference rate and contemporaneous modifications of other contract terms related to the replacement of the reference rate. Under this ASU, modifications to debt agreements may be accounted for by prospectively adjusting the effective interest rate. This ASU is effective as of March 12, 2020 through December 31, 2022 and may be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows.

Restructuring Activities

Restructuring Activities	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities Our restructuring expenses for the three months and six months ended June 30, 2021 and 2020 is summarized in the table below (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Post divestiture restructuring plan $ 1.7 $ — $ 2.6 $ 0.5 Integration and restructuring of business acquisitions — (0.8) — (0.7) 2020 Restructuring 8.5 — 8.7 — Total Restructuring Costs $ 10.2 $ (0.8) $ 11.3 $ (0.2) Post-Divestiture Restructuring Plan In the fourth quarter of 2018, we began a three-phase restructuring plan (the “Plan”) intended to align our organizational structure, information technology platform and supply chain and distribution channels (“Cost Transformation”) to be more appropriate for the size and scale of our business. Only the final phase of the plan, Cost Transformation, remains in progress, and is expected to be completed by the end of 2021. Expenses incurred for Cost Transformation are included in “Cost of products sold.” Plan-to-date we have incurred $7.7 million of costs that were expensed as incurred and $4.3 million of costs that were capitalized. Integration and Restructuring of Business Acquisitions During the third quarter of 2019, we initiated activities to integrate recent asset and business acquisitions into our operations, and where appropriate, re-align our organization accordingly. Costs incurred were primarily for employee retention, severance and benefits and lease termination costs. Cumulative plan expenses were $9.6 million, included in “Selling and general expenses,” primarily for employee retention, severance, benefits and “Other expense, net” for right-of-use asset impairment. The integration of our acquisitions was substantially complete by the end of 2020. 2020 Restructuring In the fourth quarter of 2020, we initiated activities to reduce the size of our senior leadership team, consolidate certain operations within our pain management franchise, exit unprofitable lines of business and research and development initiatives and reduce the size of our office space to align with expected requirements following the COVID-19 pandemic. Costs incurred will primarily be for operating lease right-of-use impairments or lease terminations, impairment of intangible and other assets and employee severance and benefits. In the three months ended June 30, 2021, the charge of $8.5 million consisted primarily of non-cash asset and inventory write-offs associated with a discontinued research and development initiative that was contemplated in the 2020 Restructuring plan, but was finalized in the second quarter of 2021. Plan-to-date, we have incurred $36.3 million of expenses, which are included in “Cost of products sold,” “Selling and general expenses” and “Other expense, net.” We expect to substantially complete this restructuring by the end of 2021. Restructuring Liability We have a liability for employee retention, severance, benefits and other costs associated with our restructuring activities, which is summarized below (in millions): Accrual Balance, December 31, 2020 $ 7.2 Total restructuring costs, excluding non-cash charges 4.7 Payments and other (11.4) Balance, June 30, 2021 $ 0.5

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information Accounts Receivable Accounts receivable consist of the following (in millions): June 30, 2021 December 31, 2020 Accounts receivable $ 110.4 $ 113.2 Income tax receivable 58.4 59.3 Allowances and doubtful accounts: Doubtful accounts (3.5) (4.4) Sales discounts (0.2) (0.2) Accounts receivable, net of allowances $ 165.1 $ 167.9 Losses on receivables are estimated based on known troubled accounts and historical experience. Receivables are considered impaired and written off when it is probable that payments due will not be collected. Our provision for doubtful accounts was a net benefit of $0.2 million and $0.6 million in the three and six months ended June 30, 2021 compared to a net expense of $0.1 million and $0.3 million in the three and six months ended June 30, 2020. Inventories Inventories at the lower of cost (determined on the LIFO/FIFO or weighted-average cost methods) or market consist of the following (in millions): June 30, 2021 December 31, 2020 LIFO Non- Total LIFO Non- Total Raw materials $ 43.4 $ 1.9 $ 45.3 $ 43.9 $ 3.1 $ 47.0 Work in process 32.6 — 32.6 32.2 0.1 32.3 Finished goods 65.4 17.2 82.6 73.5 16.9 90.4 Supplies and other — 6.4 6.4 — 6.7 6.7 141.4 25.5 166.9 149.6 26.8 176.4 Excess of FIFO or weighted-average cost over LIFO cost (7.2) — (7.2) (7.5) — (7.5) Total $ 134.2 $ 25.5 $ 159.7 $ 142.1 $ 26.8 $ 168.9 As of June 30, 2021, our inventory allowance was $7.9 million, which includes $3.1 million for inventory associated with restructuring activities, $2.6 million for Halyard-branded inventory and $2.2 million for inventory obsolescence. Property, Plant and Equipment Property, plant and equipment consists of the following (in millions): June 30, 2021 December 31, 2020 Land $ 1.1 $ 1.1 Buildings 47.5 46.8 Machinery and equipment 217.3 218.2 Construction in progress 28.7 23.3 294.6 289.4 Less accumulated depreciation (122.7) (114.1) Total $ 171.9 $ 175.3 In the second quarter of 2021, we wrote off approximately $5.0 million of machinery and equipment associated with research and development activities that were curtailed in connection with restructuring activities described under “2020 Restructuring” in Note 2. Depreciation expense was $5.4 million and $10.9 million for the three and six months ended June 30, 2021 compared to $5.9 million and $11.7 million for the three and six months ended June 30, 2020. Goodwill and Intangible Assets The changes in the carrying amount of goodwill are as follows (in millions): Goodwill Balance, December 31, 2020 $ 802.5 Currency translation adjustment 0.1 Balance, June 30, 2021 $ 802.6 Intangible assets subject to amortization consist of the following (in millions): June 30, 2021 December 31, 2020 Gross Accumulated Net Carrying Amount Gross Accumulated Net Carrying Amount Trademarks $ 90.9 $ (62.6) $ 28.3 $ 90.9 $ (61.2) $ 29.7 Patents and acquired technologies 281.7 (182.2) 99.5 282.0 (177.2) 104.8 Other 61.2 (39.5) 21.7 61.4 (38.2) 23.2 Total $ 433.8 $ (284.3) $ 149.5 $ 434.3 $ (276.6) $ 157.7 Amortization expense for intangible assets was $4.1 million and $8.3 million for the three and six months ended June 30, 2021 compared to $4.9 million and $9.7 million for the three and six months ended June 30, 2020. Amortization expense for the remainder of 2021 and the following four years and beyond is estimated as follows (in millions): Amount Remainder of 2021 $ 8.2 2022 16.1 2023 15.2 2024 15.1 2025 14.6 Thereafter 80.3 Total $ 149.5 Accrued Expenses Accrued expenses consist of the following (in millions): June 30, 2021 December 31, 2020 Accrued rebates and customer incentives $ 15.5 $ 22.5 Accrued salaries and wages 24.2 36.0 Accrued taxes 2.0 2.7 Other (a) 36.2 22.0 Total $ 77.9 $ 83.2 __________________________________________________ (a) As of June 30, 2021, “Other” includes amounts accrued pursuant to a Deferred Prosecution Agreement with the U.S. Department of Justice, as described in “Commitments and Contingencies” in Note 8 to these condensed consolidated financial statements. Other Long-Term Liabilities Other long-term liabilities consist of the following (in millions): June 30, 2021 December 31, 2020 Taxes payable $ 0.4 $ 0.4 Accrued compensation and benefits 5.3 5.8 Other 4.9 4.8 Total $ 10.6 $ 11.0

Fair Value Information

Fair Value Information	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Information	Fair Value Information The following fair value information is based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels in the hierarchy used to measure fair value are: Level 1: Unadjusted quoted prices in active markets accessible at the reporting date for identical assets and liabilities. Level 2: Quoted prices for similar assets or liabilities in active markets. Quoted prices for identical or similar assets and liabilities in markets that are not considered active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3: Prices or valuations that require inputs that are significant to the valuation and are unobservable. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following table includes the fair value of our financial instruments for which disclosure of fair value is required (in millions): June 30, 2021 December 31, 2020 Fair Value Carrying Estimated Carrying Estimated Assets Cash and cash equivalents 1 $ 99.9 $ 99.9 $ 111.5 $ 111.5 Liabilities Revolving credit facility 2 165.0 165.0 180.0 180.0

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt As of June 30, 2021 and December 31, 2020, our debt balances were as follows (in millions): Weighted-Average Interest Rate Maturity June 30, 2021 December 31, 2020 Revolving credit facility 1.62 % 2023 $ 165.0 $ 180.0 Our senior secured revolving credit facility (“Revolving Credit Facility”) matures on October 30, 2023 and allows for borrowings up to $250.0 million, with a letter of credit sub-facility in an amount of $75.0 million and a swingline sub-facility in an amount of $25.0 million. Borrowings bear interest, at our option, at either (i) a reserve-adjusted LIBOR rate, plus a margin ranging between 1.50% to 2.25% per annum, depending on our consolidated total leverage ratio, or (ii) the base rate plus a margin ranging between 0.50% to 1.25% per annum, depending on our consolidated total leverage ratio. The unused portion of the Revolving Credit Facility is subject to a commitment fee equal to (i) 0.25% per annum, when our consolidated total leverage ratio is less than 2.25 to 1.00 or (ii) 0.38% per annum, otherwise. To the extent we remain in compliance with certain financial covenants in our credit agreement, we have the ability to access our Revolving Credit Facility. As of June 30, 2021, we had $165.0 million of borrowings and letters of credit of $1.2 million outstanding under the Revolving Credit Facility. In July 2021, we borrowed an additional $20.0 million from our Revolving Credit Facility for a payment required pursuant to a Deferred Prosecution Agreement with the U.S. Department of Justice that is described in Note 8, “Commitments and Contingencies.”

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The changes in the components of AOCI, net of tax, are as follows (in millions): Unrealized Cash Flow Defined Benefit Accumulated Balance, December 31, 2020 $ (27.7) $ — $ (0.4) $ (28.1) Other comprehensive loss (1.9) — — (1.9) Balance, June 30, 2021 $ (29.6) $ — $ (0.4) $ (30.0) The changes in the components of AOCI, including the tax effect, are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Unrealized translation $ 2.3 $ 4.9 $ (1.9) $ (10.1) Defined benefit pension plans — — — 0.3 Tax effect — — — (0.1) Defined benefit pension plans, net of tax — — — 0.2 Cash flow hedges — — — (0.1) Tax effect — — — — Cash flow hedges, net of tax — — — (0.1) Change in AOCI $ 2.3 $ 4.9 $ (1.9) $ (10.0)

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense for the three and six months ended June 30, 2021 and 2020 is shown in the table below (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options $ 0.5 $ 0.7 $ 1.1 $ 1.3 Time-based restricted share units 2.5 0.8 4.3 1.7 Performance-based restricted share units 0.6 1.5 1.2 2.4 Employee stock purchase plan — — 0.1 0.1 Total stock-based compensation $ 3.6 $ 3.0 $ 6.7 $ 5.5

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are subject to various legal proceedings, claims and governmental inspections, audits or investigations pertaining to issues such as contract disputes, product liability, tax matters, patents and trademarks, advertising, governmental regulations, employment and other matters. Under the terms of the distribution agreement we entered into with Kimberly-Clark Corporation (“Kimberly-Clark”) prior to the spin-off, legal proceedings, claims and other liabilities that are primarily related to our business are our responsibility and we are obligated to indemnify and hold Kimberly-Clark harmless for such matters. For the three and six months ended June 30, 2021, we incurred $2.7 million and $25.2 million, respectively, for these matters which is included in “Other expense, net.” compared to $1.2 million and $3.4 million in the three and six months ended June 30, 2020. Government Investigation In June 2015, we were served with a subpoena from the Department of Veterans Affairs Office of the Inspector General (“VA OIG”) seeking information related to the design, manufacture, testing, sale and promotion of MicroCool and other Company surgical gowns, and, in July 2015, we also became aware that the subpoena and an earlier VA OIG subpoena served on Kimberly-Clark requesting information about gown sales to the federal government are related to a United States Department of Justice (“DOJ”) investigation. In May 2016, April 2017 and September 2018, we received additional subpoenas from the DOJ seeking further information related to Company gowns. On July 6, 2021, we entered into a Deferred Prosecution Agreement (“DPA”) with the DOJ that resolved their criminal investigation related to our MicroCool surgical gowns. Pursuant to the DPA, in July 2021 the Company made a total monetary payment of $22.2 million, which was fully accrued as of June 30, 2021 and included in “Accrued expenses” in the accompanying condensed consolidated balance sheet. Patent Litigation We operate in an industry characterized by extensive patent litigation and competitors may claim that our products infringe upon their intellectual property. Resolution of patent litigation or other intellectual property claims is typically time consuming and costly and can result in significant damage awards and injunctions that could prevent the manufacture and sale of the affected products or require us to make significant royalty payments in order to continue selling the affected products. At any given time we may be involved as either a plaintiff or a defendant in a number of patent infringement actions, the outcomes of which may not be known for prolonged periods of time. On November 4, 2019, we filed the matter styled Avanos Medical Sales LLC v Medtronic Sofamor Danek USA, Inc., et al. (No. 2:19-cv-02754-JPM-TMP (W.D. Tenn.)), alleging that Medtronic’s manufacture, marketing, sale, and importation of the Accurian system infringes certain claims of U.S. Patent 8,822,755. On June 1, 2020, Medtronic petitioned the U.S. Patent and Trademark Office (“USPTO”) for an inter partes review (“IPR”) of the patent at issue in the litigation. On October 23, 2020, the USPTO instituted an IPR, and on July 23, 2021, the USPTO held a hearing on the IPR. The IPR will not affect Avanos’s ability to manufacture, market or sell the products covered by the underlying patent. We will continue to vigorously prosecute and defend the litigation and IPR. General While we maintain general and professional liability, product liability and other insurance, our insurance policies may not cover all of these matters and may not fully cover liabilities arising out of these matters. In addition, we may be obligated to indemnify our directors and officers against these matters. We record provisions in the consolidated financial statements for pending litigation when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. For any matters that are reasonably possible to result in loss and for which no possible loss or range of loss is disclosed in this report, management has determined that it is unable to estimate the possible loss or range of loss because, in each case, at least the following facts applied: (a) early stage of the proceedings; (b) indeterminate (or unspecified) damages; and (c) significant factual issues yet to be resolved, or such amounts have been determined to be immaterial. At present, although the results of litigation and claims cannot be predicted with certainty, we believe that the ultimate resolution of these matters will not materially impact our liquidity, access to capital markets or ability to conduct our daily operations. As of June 30, 2021, we have an accrued liability for the matters described herein, and reasonably possible losses have been disclosed. The accrued liability is included in “Accrued Expenses” in the accompanying condensed consolidated balance sheet. Our estimate of these liabilities is based on facts and circumstances existing at this time, along with other variables. Factors that may affect our estimate include, but are not limited to: (i) changes in the number of lawsuits filed against us, including the potential for similar, duplicate or “copycat” lawsuits filed in multiple jurisdictions, including lawsuits that bring causes or action or allege violations of law with regard to additional products; (ii) changes in the legal costs of defending such claims; (iii) changes in the nature of the lawsuits filed against us; (iv) changes in the applicable law governing any legal claims against us; (v) a determination that our assumptions used in estimating the liability are no longer reasonable; and (vi) the uncertainties associated with the judicial process, including adverse judgments rendered by courts or juries. Thus, the actual amount of these liabilities for existing and future claims could be materially different than the accrued amount. Additionally, the above matters, regardless of the outcome, could disrupt our business and result in substantial costs and diversion of management attention. Environmental Compliance We are subject to federal, state and local environmental protection laws and regulations with respect to our business operations and are operating in compliance with, or taking action aimed at ensuring compliance with, these laws and regulations. None of our compliance obligations with environmental protection laws and regulations, individually or in the aggregate, is expected to have a material adverse effect on our business, financial condition, results of operations or liquidity.

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share (“EPS”)	Earnings Per Share (“EPS”)Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during each period. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding and the effect of all dilutive common stock equivalents outstanding during each period, as determined using the treasury stock method. The calculation of basic and diluted earnings per share for the three and six months ended June 30, 2021 and 2020 is set forth in the following table (in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net (loss) income $ 37.9 $ (3.0) $ 30.3 $ 0.7 Weighted Average Shares Outstanding: Basic weighted average shares outstanding 48.1 47.8 48.0 47.8 Dilutive effect of stock options and restricted share unit awards 0.5 — 0.6 0.2 Diluted weighted average shares outstanding 48.6 47.8 48.6 48.0 (Loss) Earnings Per Share: Basic $ 0.79 $ (0.06) $ 0.63 $ 0.02 Diluted $ 0.78 $ (0.06) $ 0.62 $ 0.02 Restricted share units (“RSUs”) contain provisions allowing for the equivalent of any dividends paid on common stock during the restricted period to be reinvested into additional RSUs at the then fair market value of the common stock on the date the dividends are paid. Such awards are to be included in the EPS calculation under the two-class method. Currently, we do not anticipate any cash dividends for the foreseeable future and our outstanding RSU awards are not material in comparison to our weighted average shares outstanding. Accordingly, all EPS amounts reflect shares as if they were fully vested and the disclosures associated with the two-class method are not presented herein. For the three and six months ended June 30, 2021, 0.8 million and 0.7 million of potentially dilutive stock options and restricted share unit awards were excluded from the computation of earnings per share as their effect would have been anti-dilutive.

Business and Products Informati

Business and Products Information	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Business and Products Information	Business and Products Information We conduct our business in one operating and reportable segment that provides our medical device products to healthcare professionals and patients in more than 90 countries with manufacturing facilities in the United States, Mexico, France and Tunisia. We provide a portfolio of innovative product offerings focused on pain management and chronic care to improve patient outcomes and reduce the cost of care. Our management evaluates net sales by product category within our single reportable segment as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Chronic care $ 116.0 $ 120.2 $ 237.1 $ 235.9 Pain management 70.4 43.5 130.0 108.2 Total Net Sales $ 186.4 $ 163.7 $ 367.1 $ 344.1 Chronic care is a portfolio of products that include (i) digestive health products such as our Mic-Key enteral feeding tubes, Corpak patient feeding solutions and NeoMed neonatal and pediatric feeding solutions and (ii) respiratory health products such as closed airway suction systems and other airway management devices under the Ballard, Microcuff and Endoclear brands. Pain management is a portfolio of non-opioid pain solutions including (i) acute pain products such as On-Q and ambIT surgical pain pumps and Game Ready cold and compression therapy systems and (ii) interventional pain solutions, which provide minimally invasive pain relieving therapies, such as our Coolief pain therapy. Due to the nature of our business, we receive purchase orders for products under supply agreements which are normally fulfilled within three to four weeks. Our performance obligations under purchase orders are satisfied and revenue is recognized at a point in time, which is upon shipment or upon delivery of our products to unaffiliated customers, depending on shipping terms. Accordingly, we normally do not have transactions that give rise to material unfulfilled performance obligations.

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Background and Basis of Presentation and Interim Financial Statements	Background and Basis of Presentation Avanos Medical, Inc. is a medical technology company focused on delivering clinically superior breakthrough medical device solutions to improve patients’ quality of life. Headquartered in Alpharetta, Georgia, Avanos is committed to addressing some of today’s most important healthcare needs, such as reducing the use of opioids while helping patients move from surgery to recovery. We develop, manufacture and market clinically superior solutions around the globe. References to “Avanos,” “Company,” “we,” “our” and “us” refer to Avanos Medical, Inc. and its consolidated subsidiaries. Interim Financial Statements
Use of Estimates	Use of Estimates Preparation of our condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Estimates are used in accounting for, among other things, distributor rebate accruals, future cash flows associated with impairment testing for goodwill and long-lived assets, loss contingencies, and deferred tax assets and potential income tax assessments. Our estimates are subject to uncertainties associated with the ongoing COVID-19 pandemic which has caused volatility and adverse effects in global markets. Accordingly, actual results could differ from these estimates, and the effect of the difference could be material to our financial statements. Changes in these estimates are recorded when known.
Recently Adopted Accounting Pronouncements/Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Effective January 1, 2021, we adopted Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This ASU removed certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. Adoption of this ASU did not have a material effect on our financial position, results of operations or cash flows. Recently Issued Accounting Pronouncements In May 2021, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2021-04, Issuers Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This ASU requires accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity-classified after the modification or exchange based on the economic substance of the modification or exchange. The accounting is determined based on whether the transaction was done to issue equity, issue or modify debt or for other reasons. This ASU is to be applied prospectively for years beginning after December 15, 2021. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows. In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform. This ASU was prompted by the planned cessation of the London Interbank Offer Rate (“LIBOR”), which is the reference rate for many debt agreements, including the credit agreement that governs our revolving credit facility that is described in Note 5, “Debt.” This ASU applies to contract modifications that replace a reference rate and contemporaneous modifications of other contract terms related to the replacement of the reference rate. Under this ASU, modifications to debt agreements may be accounted for by prospectively adjusting the effective interest rate. This ASU is effective as of March 12, 2020 through December 31, 2022 and may be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows.

Restructuring Activities (Table

Restructuring Activities (Tables)	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Summary of accrual and payment activity	Our restructuring expenses for the three months and six months ended June 30, 2021 and 2020 is summarized in the table below (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Post divestiture restructuring plan $ 1.7 $ — $ 2.6 $ 0.5 Integration and restructuring of business acquisitions — (0.8) — (0.7) 2020 Restructuring 8.5 — 8.7 — Total Restructuring Costs $ 10.2 $ (0.8) $ 11.3 $ (0.2) We have a liability for employee retention, severance, benefits and other costs associated with our restructuring activities, which is summarized below (in millions): Accrual Balance, December 31, 2020 $ 7.2 Total restructuring costs, excluding non-cash charges 4.7 Payments and other (11.4) Balance, June 30, 2021 $ 0.5

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of accounts receivable	Accounts receivable consist of the following (in millions): June 30, 2021 December 31, 2020 Accounts receivable $ 110.4 $ 113.2 Income tax receivable 58.4 59.3 Allowances and doubtful accounts: Doubtful accounts (3.5) (4.4) Sales discounts (0.2) (0.2) Accounts receivable, net of allowances $ 165.1 $ 167.9
Schedule of inventories	Inventories at the lower of cost (determined on the LIFO/FIFO or weighted-average cost methods) or market consist of the following (in millions): June 30, 2021 December 31, 2020 LIFO Non- Total LIFO Non- Total Raw materials $ 43.4 $ 1.9 $ 45.3 $ 43.9 $ 3.1 $ 47.0 Work in process 32.6 — 32.6 32.2 0.1 32.3 Finished goods 65.4 17.2 82.6 73.5 16.9 90.4 Supplies and other — 6.4 6.4 — 6.7 6.7 141.4 25.5 166.9 149.6 26.8 176.4 Excess of FIFO or weighted-average cost over LIFO cost (7.2) — (7.2) (7.5) — (7.5) Total $ 134.2 $ 25.5 $ 159.7 $ 142.1 $ 26.8 $ 168.9
Schedule of property, plant and equipment	Property, plant and equipment consists of the following (in millions): June 30, 2021 December 31, 2020 Land $ 1.1 $ 1.1 Buildings 47.5 46.8 Machinery and equipment 217.3 218.2 Construction in progress 28.7 23.3 294.6 289.4 Less accumulated depreciation (122.7) (114.1) Total $ 171.9 $ 175.3
Schedule of changes in the carrying amount of goodwill by business segment	The changes in the carrying amount of goodwill are as follows (in millions): Goodwill Balance, December 31, 2020 $ 802.5 Currency translation adjustment 0.1 Balance, June 30, 2021 $ 802.6
Schedule of intangible assets subject to amortization	Intangible assets subject to amortization consist of the following (in millions): June 30, 2021 December 31, 2020 Gross Accumulated Net Carrying Amount Gross Accumulated Net Carrying Amount Trademarks $ 90.9 $ (62.6) $ 28.3 $ 90.9 $ (61.2) $ 29.7 Patents and acquired technologies 281.7 (182.2) 99.5 282.0 (177.2) 104.8 Other 61.2 (39.5) 21.7 61.4 (38.2) 23.2 Total $ 433.8 $ (284.3) $ 149.5 $ 434.3 $ (276.6) $ 157.7
Schedule of estimated amortization expense	Amortization expense for the remainder of 2021 and the following four years and beyond is estimated as follows (in millions): Amount Remainder of 2021 $ 8.2 2022 16.1 2023 15.2 2024 15.1 2025 14.6 Thereafter 80.3 Total $ 149.5
Schedule of accrued expenses	Accrued expenses consist of the following (in millions): June 30, 2021 December 31, 2020 Accrued rebates and customer incentives $ 15.5 $ 22.5 Accrued salaries and wages 24.2 36.0 Accrued taxes 2.0 2.7 Other (a) 36.2 22.0 Total $ 77.9 $ 83.2 __________________________________________________ (a) As of June 30, 2021, “Other” includes amounts accrued pursuant to a Deferred Prosecution Agreement with the U.S. Department of Justice, as described in “Commitments and Contingencies” in Note 8 to these condensed consolidated financial statements.
Schedule of other long-term liabilities	Other long-term liabilities consist of the following (in millions): June 30, 2021 December 31, 2020 Taxes payable $ 0.4 $ 0.4 Accrued compensation and benefits 5.3 5.8 Other 4.9 4.8 Total $ 10.6 $ 11.0

Fair Value Information (Tables)

Fair Value Information (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of fair value of financial instruments	The following table includes the fair value of our financial instruments for which disclosure of fair value is required (in millions): June 30, 2021 December 31, 2020 Fair Value Carrying Estimated Carrying Estimated Assets Cash and cash equivalents 1 $ 99.9 $ 99.9 $ 111.5 $ 111.5 Liabilities Revolving credit facility 2 165.0 165.0 180.0 180.0

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of debt balances	As of June 30, 2021 and December 31, 2020, our debt balances were as follows (in millions): Weighted-Average Interest Rate Maturity June 30, 2021 December 31, 2020 Revolving credit facility 1.62 % 2023 $ 165.0 $ 180.0

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of changes in the components of accumulated other comprehensive income	The changes in the components of AOCI, net of tax, are as follows (in millions): Unrealized Cash Flow Defined Benefit Accumulated Balance, December 31, 2020 $ (27.7) $ — $ (0.4) $ (28.1) Other comprehensive loss (1.9) — — (1.9) Balance, June 30, 2021 $ (29.6) $ — $ (0.4) $ (30.0) The changes in the components of AOCI, including the tax effect, are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Unrealized translation $ 2.3 $ 4.9 $ (1.9) $ (10.1) Defined benefit pension plans — — — 0.3 Tax effect — — — (0.1) Defined benefit pension plans, net of tax — — — 0.2 Cash flow hedges — — — (0.1) Tax effect — — — — Cash flow hedges, net of tax — — — (0.1) Change in AOCI $ 2.3 $ 4.9 $ (1.9) $ (10.0)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of stock-based compensation expense	Stock-based compensation expense for the three and six months ended June 30, 2021 and 2020 is shown in the table below (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options $ 0.5 $ 0.7 $ 1.1 $ 1.3 Time-based restricted share units 2.5 0.8 4.3 1.7 Performance-based restricted share units 0.6 1.5 1.2 2.4 Employee stock purchase plan — — 0.1 0.1 Total stock-based compensation $ 3.6 $ 3.0 $ 6.7 $ 5.5

Earnings Per Share ("EPS") (Tab

Earnings Per Share ("EPS") (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Calculation of basic and diluted earnings per share	The calculation of basic and diluted earnings per share for the three and six months ended June 30, 2021 and 2020 is set forth in the following table (in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net (loss) income $ 37.9 $ (3.0) $ 30.3 $ 0.7 Weighted Average Shares Outstanding: Basic weighted average shares outstanding 48.1 47.8 48.0 47.8 Dilutive effect of stock options and restricted share unit awards 0.5 — 0.6 0.2 Diluted weighted average shares outstanding 48.6 47.8 48.6 48.0 (Loss) Earnings Per Share: Basic $ 0.79 $ (0.06) $ 0.63 $ 0.02 Diluted $ 0.78 $ (0.06) $ 0.62 $ 0.02

Business and Products Informa_2

Business and Products Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of net sales by product category	Our management evaluates net sales by product category within our single reportable segment as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Chronic care $ 116.0 $ 120.2 $ 237.1 $ 235.9 Pain management 70.4 43.5 130.0 108.2 Total Net Sales $ 186.4 $ 163.7 $ 367.1 $ 344.1

Restructuring Activities - Rest

Restructuring Activities - Restructuring Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 10.2	$ (0.8)	$ 11.3	$ (0.2)
Integration and restructuring of business acquisitions
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	(0.8)	0	(0.7)
2020 Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	8.5	0	8.7	0
Post-Divestiture Restructuring Plan | Post divestiture restructuring plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1.7	$ 0	$ 2.6	$ 0.5

Restructuring Activities - Addi

Restructuring Activities - Additional Information (Details) $ in Millions	Jun. 30, 2021USD ($)
Employee retention, severance and benefits and lease termination costs
Restructuring Cost and Reserve [Line Items]
Costs incurred to date	$ 9.6
Post-Divestiture Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Costs incurred to date	7.7
Restructuring cost capitalized	4.3
2020 Restructuring
Restructuring Cost and Reserve [Line Items]
Costs incurred to date	$ 36.3

Restructuring Activities - Accr

Restructuring Activities - Accrual and Payment Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Reserve [Roll Forward]
Restructuring charges	$ 10.2	$ (0.8)	$ 11.3	$ (0.2)
Multi-year restructuring plan | Employee severance and benefits
Restructuring Reserve [Roll Forward]
Beginning balance			7.2
Restructuring charges			4.7
Payments and other			(11.4)
Ending balance	$ 0.5		$ 0.5

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information - Accounts Receivable (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accounts receivable	$ 110.4		$ 110.4		$ 113.2
Income tax receivable	58.4		58.4		59.3
Provision (benefit) for doubtful accounts	(0.2)	$ 0.1	(0.6)	$ 0.3
Doubtful accounts
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowances and doubtful accounts	(3.5)		(3.5)		(4.4)
Sales discounts
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowances and doubtful accounts	(0.2)		(0.2)		(0.2)
Accounts receivable, net of allowances	$ 165.1		$ 165.1		$ 167.9

Supplemental Balance Sheet In_4

Supplemental Balance Sheet Information - Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
LIFO
Raw materials	$ 43.4	$ 43.9
Work in process	32.6	32.2
Finished goods	65.4	73.5
Supplies and other	0	0
Inventory, gross	141.4	149.6
Excess of FIFO or weighted-average cost over LIFO cost	(7.2)	(7.5)
Inventories, net	134.2	142.1
Non- LIFO
Raw materials	1.9	3.1
Work in process	0	0.1
Finished goods	17.2	16.9
Supplies and other	6.4	6.7
Inventory, gross	25.5	26.8
Inventories, net	25.5	26.8
Inventory, Net
Raw materials	45.3	47
Work in process	32.6	32.3
Finished goods	82.6	90.4
Supplies and other	6.4	6.7
Inventory, gross	166.9	176.4
Excess of FIFO or weighted-average cost over LIFO cost	(7.2)	(7.5)
Inventory, net	$ 159.7	$ 168.9

Supplemental Balance Sheet In_5

Supplemental Balance Sheet Information - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Variable Interest Entity [Line Items]
Inventory valuation reserves	$ 7.9
Inventory obsolescence	2.2
Halyard Branded Inventory
Variable Interest Entity [Line Items]
Inventory valuation reserves	2.6
Restructuring Activities
Variable Interest Entity [Line Items]
Inventory valuation reserves	$ 3.1

Supplemental Balance Sheet In_6

Supplemental Balance Sheet Information - Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 294.6		$ 294.6		$ 289.4
Less accumulated depreciation	(122.7)		(122.7)		(114.1)
Total	171.9		171.9		175.3
Write-off of machinery and equipment	5
Depreciation expense	5.4	$ 5.9	10.9	$ 11.7
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1.1		1.1		1.1
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	47.5		47.5		46.8
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	217.3		217.3		218.2
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 28.7		$ 28.7		$ 23.3

Supplemental Balance Sheet In_7

Supplemental Balance Sheet Information - Schedule of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 802.5
Currency translation adjustment	0.1
Ending balance	$ 802.6

Supplemental Balance Sheet In_8

Supplemental Balance Sheet Information - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 433.8		$ 433.8		$ 434.3
Accumulated Amortization	(284.3)		(284.3)		(276.6)
Net Carrying Amount	149.5		149.5		157.7
Amortization expense for intangible assets	4.1	$ 4.9	8.3	$ 9.7
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	90.9		90.9		90.9
Accumulated Amortization	(62.6)		(62.6)		(61.2)
Net Carrying Amount	28.3		28.3		29.7
Patents and acquired technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	281.7		281.7		282
Accumulated Amortization	(182.2)		(182.2)		(177.2)
Net Carrying Amount	99.5		99.5		104.8
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	61.2		61.2		61.4
Accumulated Amortization	(39.5)		(39.5)		(38.2)
Net Carrying Amount	$ 21.7		$ 21.7		$ 23.2

Supplemental Balance Sheet In_9

Supplemental Balance Sheet Information - Schedule of Estimated Amortization Expense (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Estimated Amortization Expense
Remainder of 2021	$ 8.2
2022	16.1
2023	15.2
2024	15.1
2025	14.6
Thereafter	80.3
Net Carrying Amount	$ 149.5	$ 157.7

Supplemental Balance Sheet I_10

Supplemental Balance Sheet Information - Accrued Expenses (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued rebates and customer incentives	$ 15.5	$ 22.5
Accrued salaries and wages	24.2	36
Accrued taxes	2	2.7
Other	36.2	22
Total	$ 77.9	$ 83.2

Supplemental Balance Sheet I_11

Supplemental Balance Sheet Information - Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Taxes payable	$ 0.4	$ 0.4
Accrued compensation and benefits	5.3	5.8
Other	4.9	4.8
Total	$ 10.6	$ 11

Fair Value Information (Details

Fair Value Information (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 99.9	$ 111.5	$ 185	$ 205.3
Level 1 | Carrying Amount
Assets
Cash and cash equivalents	99.9	111.5
Level 1 | Estimated Fair Value
Assets
Cash and cash equivalents	99.9	111.5
Level 2 | Carrying Amount
Liabilities
Revolving credit facility	165	180
Level 2 | Estimated Fair Value
Liabilities
Revolving credit facility	$ 165	$ 180

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - Revolving credit facility - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Weighted-Average Interest Rate	1.62%
Revolving credit facility	$ 165	$ 180

Debt - Additional Information (

Debt - Additional Information (Details) - Revolving Credit Facility	6 Months Ended
	Jun. 30, 2021USD ($)	Jul. 31, 2021USD ($)
Subsequent Event
Debt Instrument [Line Items]
Amount outstanding		$ 20,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity	$ 250,000,000
Unused capacity, commitment fee percentage	0.38%
Consolidated total leverage ratio	2.25
Amount outstanding	$ 165,000,000
Revolving Credit Facility | Leverage Ratio, Less than 2.25
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.25%
Revolving Credit Facility | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility | Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Revolving Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 75,000,000
Letters of credit outstanding	1,200,000
Swingline sub-facility
Debt Instrument [Line Items]
Borrowing capacity	$ 25,000,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ 1,256.5
Other comprehensive loss	$ 2.3	$ 4.9	(1.9)	$ (10)
Ending balance	1,296.3	1,261.6	1,296.3	1,261.6
Unrealized Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(27.7)
Other comprehensive loss			(1.9)
Ending balance	(29.6)		(29.6)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			0
Other comprehensive loss			0
Ending balance	0		0
Defined Benefit Pension Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(0.4)
Other comprehensive loss			0
Ending balance	(0.4)		(0.4)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(32.3)	(46.9)	(28.1)	(32)
Other comprehensive loss			(1.9)
Ending balance	$ (30)	$ (42)	$ (30)	$ (42)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Net Changes in Components of AOCI, Including Tax Effect (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity [Abstract]
Unrealized translation	$ 2.3	$ 4.9	$ (1.9)	$ (10.1)
Defined benefit pension plans	0	0	0	0.3
Tax effect	0	0	0	(0.1)
Defined benefit pension plans, net of tax	0	0	0	0.2
Cash flow hedges	0	0	0	(0.1)
Tax effect	0	0	0	0
Cash flow hedges, net of tax	0	0	0	(0.1)
Change in AOCI	$ 2.3	$ 4.9	$ (1.9)	$ (10)

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3.6	$ 3	$ 6.7	$ 5.5
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0.5	0.7	1.1	1.3
Time-based restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2.5	0.8	4.3	1.7
Performance-based restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0.6	1.5	1.2	2.4
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 0	$ 0.1	$ 0.1

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Jul. 06, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Loss Contingencies [Line Items]
Legal expense and settlement accrual		$ 2.7	$ 1.2	$ 25.2	$ 3.4
Subsequent Event
Loss Contingencies [Line Items]
Loss contingency accrual, payments	$ 22.2

Earnings Per Share ("EPS") (Det

Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net (loss) income	$ 37.9	$ (3)	$ 30.3	$ 0.7
Weighted Average Shares Outstanding:
Basic weighted average shares outstanding (in shares)	48.1	47.8	48	47.8
Dilutive effect of stock options and restricted share unit awards (in shares)	0.5	0	0.6	0.2
Diluted weighted average shares outstanding (in shares)	48.6	47.8	48.6	48
Earnings (Loss) Per Share
Basic (in dollars per share)	$ 0.79	$ (0.06)	$ 0.63	$ 0.02
Diluted (in dollars per share)	$ 0.78	$ (0.06)	$ 0.62	$ 0.02
Dilutive securities excluded from computation of earnings per share (in shares)	0.8		0.7

Business and Products Informa_3

Business and Products Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021segmentcountry
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1
Number of countries entity provides goods to | country	90

Business and Products Informa_4

Business and Products Information - Net Sales by Product Category (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 186.4	$ 163.7	$ 367.1	$ 344.1
Chronic care
Disaggregation of Revenue [Line Items]
Total Net Sales	116	120.2	237.1	235.9
Pain management
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 70.4	$ 43.5	$ 130	$ 108.2