Avanos Medical (AVNS) 10-K 21 Feb 23 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 14, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,279,134,708
Entity Common Stock, Shares Outstanding		46,598,895
Documents Incorporated by Reference	Certain information contained in the definitive Proxy Statement for the Avanos Annual Meeting of Stockholders to be held on April 27, 2023 is incorporated by reference into Part III.
Entity Central Index Key	0001606498
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Location	Atlanta, Georgia
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34

Consolidated Income Statements

Consolidated Income Statements - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net Sales	$ 820	$ 744.6	$ 714.8
Cost of products sold	370	378.8	343.9
Gross Profit	450	365.8	370.9
Research and development	30.6	32.3	34.9
Selling and general expenses	341.9	300.3	332.6
Other expense, net	3.5	22.8	51.9
Operating Income (Loss)	74	10.4	(48.5)
Interest income	1.2	0.2	1.2
Interest expense	(10)	(3.3)	(15.6)
Income (Loss) Before Income Taxes	65.2	7.3	(62.9)
Income tax (provision) benefit	(14.7)	(1)	33.9
Net Income (Loss)	$ 50.5	$ 6.3	$ (29)
Earnings (Loss) Per Share
Basic earnings (loss) per share (in dollars per share)	$ 1.08	$ 0.13	$ (0.61)
Diluted earnings (loss) per share (in dollars per share)	$ 1.07	$ 0.13	$ (0.61)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 50.5	$ 6.3	$ (29)
Other Comprehensive Income (Loss), Net of Tax
Defined benefit plans	0.3	0.4	0.2
Unrealized currency translation adjustments	(2.3)	(6.1)	3.8
Cash flow hedges, net of tax	0	0	(0.1)
Total Other Comprehensive (Loss) Income, Net of Tax	(2)	(5.7)	3.9
Comprehensive Income (Loss)	$ 48.5	$ 0.6	$ (25.1)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 127.7	$ 118.5
Accounts receivable, net of allowances	167.9	131.2
Inventories	190.3	159.3
Prepaid and other current assets	13.9	18.6
Total Current Assets	499.8	427.6
Property, Plant and Equipment, net	163.9	168.1
Operating Lease Right-of-Use Assets	30.6	38.6
Goodwill	819.4	801.6
Other Intangible Assets, net	251	141.2
Deferred Tax Assets	4.6	10
Other Assets	17.6	16.5
TOTAL ASSETS	1,786.9	1,603.6
Current Liabilities
Current portion of long-term debt	6.2	0
Current portion of operating lease liabilities	12.8	14.7
Trade accounts payable	67.9	56.4
Accrued expenses	98.9	68.1
Total Current Liabilities	185.8	139.2
Long-Term Debt	226.3	130
Operating Lease Liabilities	34.7	42.8
Deferred Tax Liabilities	25.4	11.9
Other Long-Term Liabilities	23.5	9.1
Total Liabilities	495.7	333
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, 46,528,907 outstanding at December 31, 2022 and 48,206,156 outstanding at December 31, 2021	0.5	0.5
Additional paid-in capital	1,646.4	1,628.8
Accumulated deficit	(253.1)	(303.6)
Treasury stock	(66.8)	(21.3)
Accumulated other comprehensive loss	(35.8)	(33.8)
Total Stockholders’ Equity	1,291.2	1,270.6
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,786.9	$ 1,603.6

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
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)	46,528,907	48,206,156

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock Outstanding	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock	Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of period (in shares) at Dec. 31, 2019		47,734,000
Balance at the beginning of period (in shares) at Dec. 31, 2019					206,000
Balance at beginning of period at Dec. 31, 2019	$ 1,272.6	$ 0.5	$ 1,593.9	$ (280.9)	$ (8.9)	$ (32)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(29)			(29)
Issuance of common stock upon the exercise or redemption of share-based awards (in shares)		184,000
Issuance of common stock upon the exercise or redemption of share-based awards	3.4		3.4
Stock-based compensation expense	12.1		12.1
Purchases of treasury stock (in shares)					25,000
Purchases of treasury stock	(0.9)				$ (0.9)
Other comprehensive (loss) income	3.9					3.9
Balance at the end of period (in shares) at Dec. 31, 2020		47,918,000
Balance at the end of period (in shares) at Dec. 31, 2020					231,000
Balance at end of period at Dec. 31, 2020	1,262.1	$ 0.5	1,609.4	(309.9)	$ (9.8)	(28.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	6.3			6.3
Issuance of common stock upon the exercise or redemption of share-based awards (in shares)		288,000
Issuance of common stock upon the exercise or redemption of share-based awards	6.2		6.2
Stock-based compensation expense	13.2		13.2
Purchases of treasury stock (in shares)					349,000
Purchases of treasury stock	(11.5)				$ (11.5)
Other comprehensive (loss) income	$ (5.7)					(5.7)
Balance at the end of period (in shares) at Dec. 31, 2021	48,206,156	48,206,000
Balance at the end of period (in shares) at Dec. 31, 2021	323,140				580,000
Balance at end of period at Dec. 31, 2021	$ 1,270.6	$ 0.5	1,628.8	(303.6)	$ (21.3)	(33.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of treasury stock (in shares)	588,293
Purchases of treasury stock	$ (19.3)
Balance at the end of period (in shares) at Mar. 31, 2022	911,433
Balance at the beginning of period (in shares) at Dec. 31, 2021	48,206,156	48,206,000
Balance at the beginning of period (in shares) at Dec. 31, 2021	323,140				580,000
Balance at beginning of period at Dec. 31, 2021	$ 1,270.6	$ 0.5	1,628.8	(303.6)	$ (21.3)	(33.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 50.5			50.5
Issuance of common stock upon the exercise or redemption of share-based awards (in shares)	4,000	(1,677,000)			42,000
Issuance of common stock upon the exercise or redemption of share-based awards	$ 0.5		1.7		$ (1.2)
Stock-based compensation expense	15.9		15.9
Purchases of treasury stock (in shares)					1,510,000
Purchases of treasury stock	(44.3)				$ (44.3)
Other comprehensive (loss) income	$ (2)					(2)
Balance at the end of period (in shares) at Dec. 31, 2022	46,528,907	46,529,000
Balance at the end of period (in shares) at Dec. 31, 2022					2,132,000
Balance at end of period at Dec. 31, 2022	$ 1,291.2	$ 0.5	$ 1,646.4	$ (253.1)	$ (66.8)	$ (35.8)
Balance at the beginning of period (in shares) at Mar. 31, 2022	911,433
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of treasury stock (in shares)	522,162
Purchases of treasury stock	$ (14.1)
Balance at the end of period (in shares) at Jun. 30, 2022	522,162
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of treasury stock (in shares)	399,957
Purchases of treasury stock	$ (10.9)
Balance at the end of period (in shares) at Sep. 30, 2022	922,119

Consolidated Cash Flow Statemen

Consolidated Cash Flow Statements - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Activities
Net income (loss)	$ 50.5	$ 6.3	$ (29)
Depreciation and amortization	47.7	38.3	42.9
Stock-based compensation	15.9	13.2	12.1
Net losses on asset dispositions and asset impairments	1.1	8	23.7
Changes in operating assets and liabilities, net of acquisition
Accounts receivable	(24.7)	(10.8)	45.8
Inventories, net of allowance	(30.9)	15.7	(19.4)
Prepaid expenses and other assets	3	(1.9)	1.4
Accounts payable	35.4	(11.9)	(18.9)
Accrued expenses	(7.1)	33.4	(74.3)
Deferred income taxes and other	0	(3)	13.2
Cash Provided by (Used in) Operating Activities	90.9	87.3	(2.5)
Investing Activities
Capital expenditures	(19.3)	(21)	(20.2)
Acquisition of assets and businesses, net of cash acquired	(116.1)	0	0
Acquisition of minority interest investment	0	0	(4)
Cash (Used in) Investing Activities	(135.4)	(21)	(24.2)
Financing Activities
Proceeds from issuance of secured debt	250	0	0
Secured debt repayments	(126.6)	0	(249.8)
Debt issuance costs	(2.9)	0	0
Revolving credit facility proceeds	150	20	185
Revolving credit facility repayments	(170)	(70)	(5)
Purchase of treasury stock	(45.5)	(11.5)	(0.9)
Proceeds from the exercise of stock options	1.7	6.2	3.4
Payment of contingent consideration liabilities	0	0	(2.7)
Cash Provided by (Used in) Financing Activities	56.7	(55.3)	(70)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(3)	(4)	2.9
Increase (Decrease) in Cash and Cash Equivalents	9.2	7	(93.8)
Cash and Cash Equivalents - Beginning of Year	118.5	111.5	205.3
Cash and Cash Equivalents - End of Year	127.7	118.5	111.5
Supplemental Cash Flow Disclosure:
Cash refund for income taxes	(2.9)	(45)	0
Cash paid for interest	8.1	3	16.8
Supplemental Noncash Disclosure
Capital expenditures included in accounts payable or accrued expenses	$ 3.9	$ 5.6	$ 3.4

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Avanos Medical, Inc. is a medical technology company focused on delivering clinically superior medical device solutions that will help patients get back to the things that matter. Headquartered in Alpharetta, Georgia, we are committed to addressing some of today’s most important healthcare needs, including providing a vital lifeline for nutrition to patients from hospital to home, and reducing the use of opioids while helping patients move from surgery to recovery. We develop, manufacture and market our recognized brands globally and hold leading market positions in multiple categories across our portfolio. Unless the context indicates otherwise, the terms “Avanos,” “the Company,” “we,” “our” and “us” refer to Avanos Medical, Inc. and its consolidated subsidiaries. Principles of Consolidation The consolidated financial statements include our net assets, results of our operations and cash flows. All intercompany transactions and accounts within our consolidated businesses have been eliminated. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Use of Estimates Preparation of 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. Actual results could differ from these estimates, and the effect of the change could be material to our financial statements. Changes in these estimates are recorded when known. Cash Equivalents Cash equivalents are short-term investments with an original maturity date of three months or less. We maintain cash balances and short-term investments in excess of insurable limits in a diversified group of major banks that are selected and monitored based on ratings by the major rating agencies in accordance with our treasury policy. Inventories and Distribution Costs U.S. and non-U.S. inventories are valued at the lower of cost, using the First-In, First-Out (“FIFO”) method, or market. Refer to “Change in Accounting Principle” below for additional information regarding our inventory balance. Distribution costs are classified as cost of products sold. Property, Plant and Equipment and Depreciation Property, plant and equipment are stated at cost and depreciated on the straight-line method. Buildings are depreciated over their estimated useful lives, primarily 40 years. Machinery and equipment are depreciated over their estimated useful lives, primarily ranging from 16 to 20 years. Leasehold improvements are depreciated over the assets’ estimated useful lives, or the remaining lease term, whichever is shorter. Purchases of computer software, including external costs and certain internal costs (including payroll and payroll-related costs of employees) directly associated with developing significant computer software applications for internal use, are capitalized. Computer software costs are amortized on the straight-line method over the estimated useful life of the software, which is generally three Estimated useful lives are periodically reviewed, and when warranted, changes are made to them. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss would be indicated when estimated undiscounted future cash flows from the use and eventual disposition of an asset group, which are identifiable and largely independent of the cash flows of other asset groups, are less than the carrying amount of the asset group. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset group over its fair value. Fair value is measured using discounted cash flows or independent appraisals, as appropriate. When property is sold or retired, the cost of the property and the related accumulated depreciation are removed from the consolidated balance sheet and any gain or loss on the transaction is included in income. Goodwill and Other Intangible Assets We test goodwill for impairment annually or more frequently whenever events or circumstances more likely than not indicate that the fair value of the reporting unit may be below its carrying value. We operate as a single reportable operating segment with one reporting unit. The fair value of our reporting unit was estimated using a combination of income (discounted cash flow analysis) and market approaches. The income approach is dependent upon several assumptions regarding future periods such as sales growth and a terminal growth rate. A weighted average cost of capital (“WACC”) was used to discount future estimated cash flows to their present values. The WACC was based on externally observable data considering market participants’ cost of equity and debt, optimal capital structure and risk factors specific to us. The market approach estimates the value of our company using a market capitalization methodology. We completed our annual goodwill impairment test as of July 1, 2022, and determined that the fair value of our reporting unit exceeds the net carrying amount. There can be no assurance that the assumptions and estimates made for purposes of the annual goodwill impairment test will prove to be accurate. Volatility in the equity and debt markets, or increases in interest rates, could result in a higher discount rate. Changes in sales volumes, selling prices and costs of goods sold, and increases in interest rates could cause changes in our forecasted cash flows. Unfavorable changes in any of the factors described above could result in a goodwill impairment charge in the future. Intangible assets with finite lives are amortized over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Estimated useful lives range from 7 to 30 years for trademarks, 7 to 17 years for patents and acquired technologies, and 2 to 16 years for other intangible assets. An impairment loss would be indicated when estimated undiscounted future cash flows from the use of the asset are less than its carrying amount. An impairment loss would be measured as the difference between the fair value (based on discounted future cash flows) and the carrying amount of the asset. Revenue Recognition and Accounts Receivable Sales revenue is recognized at the time of product shipment or delivery of our products to unaffiliated customers, depending on shipping terms. Accordingly, control of the products transfers to the customer in accordance with the transaction’s shipping terms. Sales revenue is recognized for the amount of consideration that we expect to be entitled to receive in exchange for our products. Sales are reported net of returns, rebates, incentives, each as described below, and freight allowed. Taxes imposed by governmental authorities on our revenue-producing activities with customers, such as sales taxes and value-added taxes, are excluded from net sales. We provide medical products to distributors or end-user customers under supply agreements under which customers may place purchase orders for a variety of our products at specified pricing over a specified term, usually three years. While our sales and marketing efforts are directed to hospitals or other healthcare providers, our products are generally sold through third-party distribution channels. Under our contracts with customers, our performance obligations are normally limited to shipment or delivery of products to a customer upon receipt of a purchase order. We bill our customers, depending on shipping terms, upon shipment or delivery of the products to the customer. Amounts billed are typically due within 30 days, with a 1% discount allowed for distributors if payments are made within 15 days. We estimate cash discounts based on historical experience and record the cash discounts as an allowance to trade receivables. The allowance for this cash discount is disclosed in “Supplemental Balance Sheet Information” under “Accounts Receivable” in Note 4. The differences between estimated and actual cash discounts are generally not material. We allow for returns within a specified period of time, based on our standard terms and conditions, following customers’ receipt of the goods and estimate a liability for returns based on historical experience. The liability for estimated returns was $0.1 million as of December 31, 2022 and 2021. The differences between estimated and actual returns are generally not material. Our contracts provide for forms of variable consideration including rebates, incentives and pricing tiers, each of which are described below: Distributor Rebates - Sales to distributors, on a global basis, represents approximately 52% of our consolidated net sales. We provide for rebates on gross sales to distributors for differences between list prices and average end-user customer prices. Rebate rates vary widely (typically between 10% and 35%) between our product families. A liability for distributor rebates is estimated based on a moving average of rebate rates, specific customer trends, contractual provisions, historical experience and other relevant factors. The liability for estimated rebates was $14.5 million and $14.3 million, respectively, as of December 31, 2022 and 2021. Differences between our estimated and actual costs are generally not material and recognized in earnings in the period in the period such differences are determined. Incentives - Globally, approximately 32% of our consolidated net sales are contracted through group purchasing organizations (“GPOs”). Incentives include fees paid to GPOs or small percentage rebates to distributors in conjunction with the sales volume of our products to end-user customers. A liability for incentives is estimated based on average incentive rates over a period of time. The liability for estimated incentives was $12.4 million and $10.2 million, respectively, as of December 31, 2022 and 2021. Differences between estimated and actual incentives are generally not material and recognized in earnings in the period such differences are determined. Pricing tiers - In certain of our contracts, pricing is dependent on volumes purchased, with lower pricing given upon meeting certain established purchase volumes. Customers are placed in a pricing tier based on expected purchase volume, which is developed primarily using the customer’s purchase history. Depending on the customer’s purchases, we may move the customer up or down a tier, upon meeting or failing to meet certain established purchase volumes. Pricing in the new tier is applied to purchase orders prospectively. There are no retrospective adjustments based on movements between pricing tiers. We had one customer who individually accounted for more than 10% of our consolidated accounts receivable balance as of December 31, 2022 and December 31, 2021. Bad debt expense was $1.4 million for the year ended December 31, 2022 compared to a net benefit of $0.5 million for the year ended December 31, 2021 and a net expense of $1.7 million for the year end December 31, 2020. Foreign Currency Translation The income statements of foreign operations are translated into U.S. dollars at rates of exchange in effect each month. The balance sheets of these operations are translated at period-end exchange rates, and the differences from historical exchange rates are reflected as unrealized translation adjustments in other comprehensive income. Research and Development Research and development expenses are expensed as incurred. Research and development expenses consist primarily of salaries and related expenses for personnel, product trial costs, outside laboratory and license fees, the costs of laboratory equipment and facilities and asset write-offs for equipment that does not reach success in product manufacturing certifications. Stock-Based Compensation We have a stock-based Equity Participation Plan, a Long Term Incentive Plan and an Outside Directors’ Compensation Plan that provide for awards of stock options, stock appreciation rights, restricted stock (and in certain limited cases, unrestricted stock), restricted stock units, performance units and cash awards to eligible employees (including officers who are employees), directors, advisors and consultants. Stock-based compensation is initially measured at the fair value of the awards on the grant date and is recognized in the financial statements over the period the employees are required to provide services in exchange for the awards, with forfeitures accounted for as they occur. The fair value of option awards is measured on the grant date using a Black-Scholes option-pricing model. The fair value of time-based and some performance-based restricted share awards is based on the Avanos stock price at the grant date and the assessed probability of meeting future performance targets. For performance-based restricted share units for which vesting is conditioned upon achieving a measure of total shareholder return, fair value is measured using a Monte Carlo simulation. Generally, new shares are issued to satisfy vested restricted stock units and exercises of stock options. See Note 12, “Stock-Based Compensation.” Income Taxes We account for income taxes under the asset and liability method of accounting, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Under this method, changes in tax rates and laws are recognized in income in the period such changes are enacted. The provision for federal, state, and foreign income taxes is calculated on income before income taxes based on current tax law and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provision differs from the amounts currently payable because certain items of income and expense are recognized in different reporting periods for financial reporting purposes than for income tax purposes. Recording the provision for income taxes requires management to make significant judgments and estimates for matters whose ultimate resolution may not become known until the final resolution of an examination by the Internal Revenue Service (IRS) or state and foreign agencies. If it is more likely than not that some portion, or all, of a deferred tax asset will not be realized, a valuation allowance is recognized. Recording liabilities for uncertain tax positions involves judgment in evaluating our tax positions and developing the best estimate of the taxes ultimately expected to be paid. We include any related tax penalties and interest in income tax expense. As of December 31, 2022, we have accumulated undistributed earnings generated by our foreign subsidiaries of approximately $34.5 million. Certain earnings were previously subject to tax due to the one-time transition tax of the Tax Cuts and Jobs Act of 2017. Any additional impacts due with respect to the previously-taxed earnings, if repatriated, would generally be limited to foreign withholding tax, U.S. state income tax and the tax effect of certain foreign exchange adjustments. We intend, however, to indefinitely reinvest these earnings and expect future U.S. cash generation to be sufficient to meet U.S. cash needs. At this time, the determination of deferred tax liabilities on the amount of financial reporting over tax basis is not practicable. Employee Defined Benefit Plans We recognize the funded status of our defined benefit as an asset or a liability on our balance sheet. Actuarial gains or losses are a component of our other comprehensive income, which is then included in our accumulated other comprehensive income. Pension expenses are recognized over the period in which the employee renders service and becomes eligible to receive benefits. We make assumptions (including the discount rate and expected rate of return on plan assets) in computing the pension expense and obligations. Recently Adopted Accounting Pronouncements Effective January 1, 2022, we adopted Accounting Standards Update (“ASU”) No. 2021-04, Issuers Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This ASU is intended to clarify accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity-classified after 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. Adoption of this ASU did not have a material effect on our financial position, results of operations or cash flows. Effective January 1, 2021, we adopted 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. In December 2022, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2022-06, Reference Rate Reform. This ASU was prompted by the planned cessation of the London Interbank Offer Rate (“LIBOR”). 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 issuance on December 21, 2022 and defers the sunset date of Topic 848, Reference Rate Reform from December 31, 2022 to December 31, 2024. This ASU 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 did not have a material effect on our financial position, results of operations or cash flows. Recently Issued Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU pertains to acquired revenue contracts with customers in a business combination and addresses diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. This ASU is to be applied prospectively for years beginning after December 15, 2022. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows. Change in Accounting Principle During the third quarter of 2022, we elected to change our method of accounting for U.S. inventory from the Last-In, First-Out (“LIFO”) method to the First-In, First-Out (“FIFO”) method. We believe the FIFO method of accounting for inventory is preferable because it provides for an inventory balance that more closely reflects the inventory’s current cost, improves efficiency and enhances comparability with our peers. The effects of the change in accounting method from LIFO to FIFO have been retrospectively applied to all periods presented in all sections of this Form 10-K, including Management's Discussion and Analysis. As a result of the accounting change, accumulated deficit as of January 1, 2022 improved from $310.3 million, as reported under the LIFO method to $303.6 million using the FIFO method. Accumulated deficit as of January 1, 2021 improved from $315.5 million, as reported under the LIFO method to $309.9 million using the FIFO method. Accumulated deficit as of January 1, 2020 improved from $288.3 million, as reported under the LIFO method to $280.9 million using the FIFO method. Due to the change in accounting principle, the following financial statement line items within the accompanying consolidated financial statements were adjusted as follows: Consolidated Income Statements (in millions, except per share amounts) Year Ended December 31, 2022 As Calculated As Reported Effect of Cost of products sold $ 370.7 $ 370.0 $ (0.7) Income before income taxes 64.5 65.2 0.7 Income tax provision (14.6) (14.7) (0.1) Net income 49.9 50.5 0.6 Earnings per share: Basic $ 1.06 $ 1.08 $ 0.02 Diluted $ 1.05 $ 1.07 $ 0.02 Year Ended December 31, 2021 As Reported As Adjusted Effect of Cost of products sold $ 380.3 $ 378.8 $ (1.5) Income before income taxes 5.8 7.3 1.5 Income tax provision (0.6) (1.0) (0.4) Net income 5.2 6.3 1.1 Earnings per share: Basic $ 0.11 $ 0.13 $ 0.02 Diluted $ 0.11 $ 0.13 $ 0.02 Year Ended December 31, 2020 As Reported As Adjusted Effect of Cost of products sold $ 341.5 $ 343.9 $ 2.4 Loss before income taxes (60.5) (62.9) (2.4) Income tax benefit 33.3 33.9 0.6 Net loss (27.2) (29.0) (1.8) Loss per share: Basic $ (0.57) $ (0.61) $ (0.04) Diluted $ (0.57) $ (0.61) $ (0.04) Consolidated Statements of Comprehensive (Loss) Income (in millions) Year Ended December 31, 2022 As Calculated As Reported Effect of Net income $ 49.9 50.5 $ 0.6 Comprehensive income 47.9 48.5 0.6 Year Ended December 31, 2021 As Reported As Adjusted Effect of Net income $ 5.2 6.3 $ 1.1 Comprehensive (loss) income (0.5) 0.6 1.1 Year Ended December 31, 2020 As Reported As Adjusted Effect of Net loss $ (27.2) $ (29.0) $ (1.8) Comprehensive loss (23.3) (25.1) (1.8) Consolidated Balance Sheets (in millions) As of December 31, 2022 As Calculated As Reported Effect of Inventories $ 180.6 $ 190.3 $ 9.7 Deferred tax liabilities 23.0 25.4 2.4 Accumulated deficit, end of period (260.4) (253.1) 7.3 As of December 31, 2021 As Reported As Adjusted Effect of Inventories $ 150.3 $ 159.3 $ 9.0 Deferred tax liabilities 9.6 11.9 2.3 Accumulated deficit, end of period (310.3) (303.6) 6.7 Consolidated Statements of Stockholders’ Equity (in millions) Year Ended December 31, 2022 As Calculated As Reported Effect of Accumulated deficit, beginning of period $ (310.3) $ (303.6) $ 6.7 Net income 49.9 50.5 0.6 Total stockholders' equity 1,283.8 1,291.2 7.4 Year Ended December 31, 2021 As Reported As Adjusted Effect of Accumulated deficit, beginning of period $ (315.5) $ (309.9) $ 5.6 Net income 5.2 6.3 1.1 Total stockholders' equity 1,263.9 1,270.6 6.7 Year Ended December 31, 2020 As Reported As Adjusted Effect of Accumulated deficit, beginning of period $ (288.3) $ (280.9) $ 7.4 Net loss (27.2) (29.0) (1.8) Total stockholders' equity 1,256.5 1,262.1 5.6 Consolidated Cash Flow Statements (in millions) Year Ended December 31, 2022 As Calculated As Reported Effect of Net income $ 49.9 $ 50.5 $ 0.6 Inventories (30.2) (30.9) (0.7) Deferred income taxes and other (4.4) — 4.4 Year Ended December 31, 2021 As Reported As Adjusted Effect of Net income $ 5.2 $ 6.3 $ 1.1 Inventories 17.2 15.7 (1.5) Deferred income taxes and other (3.4) (3.0) 0.4 Year Ended December 31, 2020 As Reported As Adjusted Effect of Net loss $ (27.2) $ (29.0) $ (1.8) Inventories (21.8) (19.4) 2.4 Deferred income taxes and other 13.8 13.2 (0.6)

Restructuring

Restructuring	12 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During the year ended December 31, 2022, we had no restructuring expenses. Our restructuring expenses for the years ended December 31, 2021 and 2020 are summarized in the table below (in millions): Year Ended December 31, 2021 2020 Post-Divestiture Restructuring Plan $ 10.2 $ 2.2 Integration and Restructuring of Business Acquisitions — 0.5 2020 Restructuring 12.4 27.6 Total Restructuring Costs $ 22.6 $ 30.3 Post-Divestiture Restructuring Plan In conjunction with the sale of our Surgical and Infection Prevention (“S&IP) business (the “Divestiture”), we began a multi-phase restructuring plan intended to align our organizational structure, information technology platform and supply chain and distribution channels to be more appropriate for the size and scale of our business. The post-divestiture restructuring plan has been completed, and costs incurred were included in “Cost of products sold”, “Selling and general expenses” and “Other expense, net.” Integration of Business Acquisitions During the third quarter of 2019, we initiated activities to integrate the asset and business acquisitions completed in 2019 and 2019 into our operations, and where appropriate, re-align our organization accordingly. This includes Cool Systems, Inc. (“Game Ready”), which was acquired in 2018 and the 2019 acquisitions of Endoclear, LLC and Summit Medical Products, Inc. The integration of these acquisitions has been completed and costs incurred were included in “Selling and general expenses.” 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 reduce the size of our office space to align with expected requirements following the COVID-19 pandemic. Costs were primarily associated with operating lease right-of-use asset impairments or lease terminations, impairment of intangible and other assets and employee severance and benefits. The 2020 Restructuring has been completed and costs incurred were included in “Cost of products sold,” “Selling and general expenses” and “Other expense, net.” Restructuring Liability Our liability for costs associated with our restructuring activities as of December 31, 2022 and 2021 is summarized below (in millions): As of December 31, 2022 2021 Balance, beginning of year $ 0.1 $ 7.2 Total restructuring costs, excluding non-cash charges — 12.6 Payments and adjustments, net (0.1) (19.7) Balance, end of year $ — $ 0.1

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill We test goodwill for impairment annually or more frequently whenever events or circumstances more likely than not indicate that the fair value of the reporting unit may be below its carrying amount. We operate as a single operating segment with one reporting unit, and accordingly, our annual goodwill impairment test was based on an evaluation of the fair value of our Company as a whole. We completed our annual impairment test as of July 1, 2022, and based on a combination of income and market capitalization approaches, we determined that our fair value exceeded the net carrying value of our reporting unit. The changes in the carrying amount of goodwill are as follows (in millions): Balance at December 31, 2020 $ 802.5 Currency translation adjustment (0.9) Balance at December 31, 2021 801.6 Goodwill acquired (a) 19.3 Currency translation adjustment (1.5) Balance at December 31, 2022 $ 819.4 _____________________________________________ (a) We acquired $19.3 million of goodwill in conjunction with the acquisition of OrthogenRx described in Note 5, “Business Acquisition.” Goodwill was allocated to our existing medical devices reporting segment.

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	12 Months Ended
	Dec. 31, 2022
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): As of December 31, 2022 2021 Accounts Receivable $ 162.1 $ 122.0 Income tax receivable 12.2 13.0 Allowances and doubtful accounts Doubtful accounts (6.1) (3.6) Sales discounts (0.3) (0.2) Accounts receivable, net $ 167.9 $ 131.2 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. Bad debt expense was $1.4 million for the year ended December 31, 2022 compared to a net benefit of $0.5 million for the year ended December 31, 2021 and a net expense of $1.7 million for the year end December 31, 2020. . Inventories Inventories at the lower of cost (determined on the FIFO method) or net realizable value consists of the following (in millions): As of December 31, 2022 2021 Raw materials $ 53.6 $ 47.7 Work in process 31.2 33.2 Finished goods 97.7 71.6 Supplies and other 7.8 6.8 Total Inventory 190.3 159.3 Property, Plant and Equipment Property, plant and equipment consists of the following (in millions): As of December 31, 2022 2021 Land $ 1.1 $ 1.1 Buildings and leasehold improvements 50.8 48.0 Machinery and equipment 239.1 223.2 Construction in progress 27.9 32.0 318.9 304.3 Less accumulated depreciation (155.0) (136.2) Total $ 163.9 $ 168.1 Property, plant and equipment includes $0.1 million of interest that was capitalized in both the years ended December 31, 2022 and 2021. There were $3.9 million and $5.6 million of capital expenditures in accounts payable as of December 31, 2022 and 2021, respectively. Depreciation expense was $22.0 million, $21.6 million and $23.5 million, respectively, in the years ended December 31, 2022, 2021 and 2020. Intangible Assets Intangible assets subject to amortization consist of the following (in millions): As of December 31, 2022 2021 Gross Accumulated Net Gross Accumulated Net Trademarks $ 92.5 $ (67.2) $ 25.3 $ 90.9 $ (64.0) $ 26.9 Patents and acquired technologies 278.8 (195.3) 83.5 271.7 (177.7) 94.0 Other 187.6 (45.4) 142.2 61.2 (40.9) 20.3 Total $ 558.9 $ (307.9) $ 251.0 $ 423.8 $ (282.6) $ 141.2 In the first quarter of 2022, we acquired $135.6 million of identified intangibles in conjunction with our acquisition of OrthogenRx, as described in Note 5, “Business Acquisition.” Amortization expense for intangible assets is included in “Cost of products sold” and “Selling and general expenses” and was $25.7 million, $16.7 million and $19.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. In the year ended December 31, 2020, we recorded $7.8 million of impairment on certain acquired patents and technologies which was included in “Other expense, net”. We estimate amortization expense for the next five years and beyond will be as follows (in millions): For the years ending December 31, 2023 $ 25.4 2024 25.3 2025 24.7 2026 24.3 2027 24.2 Thereafter 127.1 Total $ 251.0 Accrued Expenses Accrued expenses consist of the following (in millions): As of December 31, 2022 2021 Accrued rebates $ 26.9 $ 24.5 Accrued salaries and wages 34.6 29.3 Accrued taxes and other 21.2 3.0 Other 16.2 11.3 Total $ 98.9 $ 68.1 Other Long-Term Liabilities Other long-term liabilities consist of the following (in millions): As of December 31, 2022 2021 Accrued compensation benefits 4.8 4.4 Other (a) 18.7 4.7 Total $ 23.5 $ 9.1 __________________________________________________ (a) For the December 31, 2022 period presented, amounts primarily relate to contingent consideration and indemnification liability associated with the OrthogenRx acquisition as described in Note 5, “Business Acquisition.”

Business Acquisition

Business Acquisition	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Business Acquisition	Business Acquisition On January 20, 2022, we acquired all of the equity voting interests and completed the acquisition of OrthogenRx, Inc. (“OrthogenRx”), which is focused on the development and commercialization of treatments for knee pain caused by osteoarthritis and will enhance our chronic pain portfolio. The total purchase price paid was $130.0 million in cash at closing less working capital adjustments, with an additional $30.0 million payable in contingent cash consideration based on OrthogenRx’s growth in net sales during 2022 and 2023. The purchase price was funded by available cash on hand and the proceeds of borrowings, including from the incurrence of a new incremental tranche of term loans of $125.0 million, under the Company’s prior senior secured revolving credit facility which is described further in Note 8, “Debt”. The accompanying consolidated income statement for the year ended December 31, 2022 includes $76.2 million of net sales from OrthogenRx since the closing of the acquisition. In the year ended December 31, 2022, we incurred $2.0 million of costs in connection with the OrthogenRx acquisition, which are included in “Selling and general expenses.” We accounted for the OrthogenRx acquisition under the acquisition method of accounting for business combinations. Accordingly, the purchase price paid was allocated to the underlying net assets in proportion to their respective fair values. The fair value of the net assets acquired are based on estimates and assumptions relating to certain intangible assets acquired, liabilities assumed, income taxes and loss contingencies, which are subject to change during the measurement period (up to one year from the acquisition date). The primary areas that are subject to change relate to the estimated deferred tax liability, which may continue to be adjusted as additional information is received and certain tax returns are finalized. Any excess of the purchase price over the estimated fair values was recorded as goodwill. Fair values of assets acquired and liabilities assumed were determined using discounted cash flow analyses, and the fair value of the contingent cash consideration was estimated using a Monte Carlo simulation. The purchase price allocation, net of cash acquired, is shown in the table below (in millions): Accounts receivable, net $ 13.7 Inventory 2.8 Other current assets 0.4 Accounts payable (5.4) Other current liabilities (13.0) Contingent consideration (9.2) Other non-current assets (liabilities) (5.6) Deferred tax liability (22.5) Identifiable intangible assets 135.6 Goodwill 19.3 Total $ 116.1 As a result of our year-end tax provision process, current period adjustments related to a decrease of $3.9 million in certain indemnification liabilities acquired and a decrease of $1.2 million in the estimated deferred tax liability which was recorded as a $5.1 million decrease to goodwill. Goodwill from the OrthogenRx acquisition is not fully tax deductible and is attributable to future earnings potential and the strategic fit within our interventional pain portfolio as it allows for providing a greater continuum of care for patients. The identifiable intangible assets relating to the OrthogenRx acquisition include the following (in millions, except years): Identifiable Intangible Asset Amount Weighted Average Useful Lives (Years) Trademarks $ 1.3 10 Other 134.3 14 Total $ 135.6 Other intangible assets includes $126.0 million related to the OrthogenRx products that we currently market and distribute, combined into one composite intangible asset that includes customer relationships and exclusive distribution rights and $8.3 million related to OrthogenRx non-compete agreements. The following unaudited pro forma financial information is presented in the table below for the year ended December 31, 2022 and 2021 as if the acquisition had occurred on January 1, 2021 (in millions, except per share amounts): Year Ended December 31, 2022 (Unaudited) 2021 (Unaudited) Net sales $ 822.3 $ 815.5 Net income $ 53.9 $ 17.7 Earnings (Loss) Per Share: Basic $ 1.15 $ 0.37 Diluted $ 1.14 $ 0.36

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	LeasesOur lease obligations relate primarily to our principal executive offices along with various manufacturing, warehouse and distribution facilities located throughout the world. For leases with terms greater than twelve months, we record a right of use (“ROU”) asset and corresponding lease obligation. As of December 31, 2022, all our leasing arrangements were operating leases. Many of our leases include escalating rent payments, renewal options and termination options, which are considered in our determination of straight-line rent expense when appropriate. Many of our leases also include additional amounts for common area maintenance and taxes. We have elected not to separate lease and non-lease components in the determination of straight-line rent expense. For a majority of our leases, an implicit lease rate is not available. Accordingly, we use a rate that approximates our incremental secured borrowing rate. The table below summarizes information related to ROU assets and lease liabilities that are included in the accompanying consolidated balance sheet (dollars in millions): As of December 31, 2022 2021 Assets Operating lease right-of-use assets $ 30.6 $ 38.6 Liabilities Current portion of operating lease liabilities 12.8 14.7 Operating lease liabilities 34.7 42.8 Total Operating Lease Liabilities $ 47.5 $ 57.5 Weighted average remaining lease term 5.6 years 6.1 years Weighted average discount rate 4.0 % 4.4 % The table below summarizes costs and cash flows arising from our lease arrangements for the year ended December 31, 2022 (in millions): Year Ended December 31, 2022 2021 Operating lease cost $ 13.1 $ 13.5 Short-term lease cost 0.3 0.5 Variable lease cost 1.0 0.8 Total lease cost $ 14.4 $ 14.8 Cash paid for amounts included in the measurement of lease liabilities $ 16.2 $ 16.4 Right-of-use assets obtained in exchange for operating lease liabilities $ 3.0 $ 1.5 The future minimum obligations under operating leases having non-cancelable terms in excess of one year for the next five years and beyond will be (in millions): For the years ending Amount 2023 $ 13.0 2024 9.2 2025 7.7 2026 6.9 2027 5.5 Thereafter 10.9 Future minimum obligations $ 53.2

Fair Value Information

Fair Value Information	12 Months Ended
	Dec. 31, 2022
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): Fair Value December 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Assets Cash and cash equivalents 1 $ 127.7 $ 127.7 $ 118.5 $ 118.5 Liabilities Revolving Credit Facility 2 $ 110.0 $ 110.0 $ 130.0 $ 130.0 Term Loan Facility 2 122.5 122.5 — — Contingent consideration related to acquisition 3 9.2 9.2 — — Cash equivalents are recorded at cost, which approximates fair value due to their short-term nature. The fair value of amounts borrowed under our Revolving Credit Facility and Term Loan Facility (as defined below) approximates carrying value because borrowings are subject to a variable rate as described in Note 8, “Debt”. The fair value amount of the contingent consideration was determined using a Monte Carlo simulation using assumptions regarding net sales volatility, discount rate and others. See further discussion of the acquisition of OrthogenRx in Note 5, “Business Acquisition.” For the years ended December 31, 2022 and 2021, there were no transfers among Level 1, 2 or 3 fair value determinations. Transfers between levels occur when there are changes in the observability of inputs. Changes between levels are assumed to occur at the beginning of the year.

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt As of December 31, 2022 and 2021, our debt balances were as follows (in millions): Weighted- Maturity As of December 31, 2022 12/31/2021 (a) Revolving Credit Facility 6.32% 2027 $ 110.0 $ 130.0 Term Loan Facility 6.32% 2027 123.4 — 233.4 130.0 Unamortized debt issuance costs (0.9) — Current portion of long-term debt (6.2) — Total Long-Term Debt, net $ 226.3 $ 130.0 ____________________________________________ (a) Borrowings for this period presented were under the Prior Credit Agreement (as defined below). On June 24, 2022, we entered into a credit agreement (the “Credit Agreement”) with certain lenders which established credit facilities in an aggregate principal amount of $500.0 million, consisting of a five-year senior secured term loan of $125.0 million (the “Term Loan Facility”) and a five-year senior secured revolving credit facility allowing borrowings of up to $375.0 million, with a letter of credit sub-facility in an amount of $75.0 million (the “Revolving Credit Facility”). All obligations under the Credit Agreement and certain hedging agreements and cash management arrangements thereunder are: (i) guaranteed by each of the Company’s direct and indirect, existing and future, material wholly owned domestic subsidiaries (“Guarantors”) and (ii) secured by a first priority lien on substantially all the assets of the Company and the Guarantors. The Credit Agreement contains an accordion feature that allows us to incur incremental term loans under the Term Loan Facility or under new term loan facilities or to increase the amount of the commitments under the Revolving Credit Facility, including through the establishment of one or more tranches under the Revolving Credit Facility. The Credit Agreement will mature on June 24, 2027. Borrowings under the Term Loan Facility and Revolving Credit Facility bear interest at our option at either: (i) an adjusted term secured overnight financing rate (“SOFR”), plus a margin ranging between 1.50% to 2.00% per annum, depending on our consolidated total leverage ratio; (ii) an adjusted daily simple SOFR rate, plus a margin ranging between 1.50% to 2.00% per annum, depending on our consolidated total leverage ratio; or (iii) a base rate (calculated as the greatest of (a) the prime rate, (b) the NYFRB rate (being the greater of the federal funds effective rate or the overnight bank funding rate) plus 0.50%, and (c) the one month adjusted term SOFR rate plus 1.00%), plus a margin ranging between 0.50% to 1.00% per annum, depending on our consolidated total leverage ratio. The unused portion of the Revolving Credit Facility will be subject to a commitment fee ranging between 0.20% to 0.25% per annum, depending on our consolidated total leverage ratio. Unamortized debt discount and issuance costs are being amortized to interest expense over the life of the Term Loan Facility using the interest method, resulting in an effective interest rate of 6.5% as of December 31, 2022. On January 20, 2022, we incurred $125.0 million of term loans (the “Tranche A Term Loans”) under an incremental agreement dated as of December 22, 2021, which supplemented the prior credit agreement. The proceeds of the Tranche A Term Loans were used to fund a portion of the purchase price and to pay fees and expenses related to the OrthogenRx, Inc. acquisition which is described further in Note 5, “Business Acquisition”. In connection with entering into the Credit Agreement, we terminated the Amended and Restated Credit Agreement dated as of October 30, 2018 by and among the Company, the lenders thereunder and Citibank N.A., as administrative agent (as amended and supplemented, the “Prior Credit Agreement”) and we incurred a debt extinguishment loss of $1.1 million, which is included in “Interest expense” in the accompanying consolidated income statement. Debt Payments The Credit Agreement requires quarterly principal installment payments on the Term Loan Facility of 10% of the total principal borrowed for the first eight quarters following funding and then quarterly installment payments of 20% of the total principal borrowed, at which time the remaining unpaid principal amount of the Term Loan Facility is due and payable by the Company upon the maturity date of June 24, 2027. The current portion of the Term Loan Facility is $6.2 million. Interest is payable quarterly. We are permitted to prepay all or a portion of the Term Loan Facility and the Revolving Credit Facility at any time without premium or penalty. Interest is payable at the same rates set forth above for the Revolving Credit Facility. During the year ended December 31, 2022, we repaid $1.6 million of the Term Loan Facility. During the year ended December 31, 2022, we repaid $20.0 million of the Revolving Credit Facility. As of December 31, 2022, the aggregate amounts of long-term debt that will mature during each of the next four years and thereafter are as follows (in millions): Amount 2023 $ 6.2 2024 7.0 2025 9.4 2026 10.2 Thereafter 200.6 Total $ 233.4 Debt Covenants The Credit Agreement requires compliance with certain customary operational and financial covenants . In addition, we are subject to covenants in the Credit Agreement that, among other things, limit our ability and the ability of certain of our subsidiaries to: • incur additional indebtedness, guarantee indebtedness or issue disqualified stock or preferred stock; • pay dividends on, repurchase or make distributions in respect of our capital stock or prepay certain subordinated indebtedness; • make certain investments or acquisitions; • sell, transfer or otherwise convey certain assets; • create liens; • enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany transfers; • consolidate, merge, sell or otherwise dispose of all or substantially all of our and our subsidiaries’ assets; and • enter into transactions with affiliates. Pursuant to the restrictive covenants that limit our ability to pay dividends, we have the ability to pay dividends, repurchase stock and make investments up to an “Available Amount,” as defined in the credit agreement, provided that we are in compliance with all required covenants, there are no events of default and upon meeting certain financial ratios. The Credit Agreement also includes financial covenants which require us not to exceed a certain consolidated net secured leverage ratio and to maintain a consolidated interest coverage ratio above a certain level. These financial covenants are tested quarterly. As of December 31, 2022, we were in compliance with all of our debt covenants. As of December 31, 2022, our repayment requirements in the next five years includes any balance remaining on our Revolving Credit Facility and Term Loan Facility, which are due on June 24, 2027.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our income taxes are calculated using the asset and liability method of accounting, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. The provision for income taxes includes federal, state and foreign taxes currently payable and those deferred because of net operating losses and temporary differences between the consolidated financial statements and tax bases of assets and liabilities. The components of income (loss) before income taxes, and the provision (benefit) for income taxes are as follows (in millions): Year Ended December 31, 2022 2021 2020 Income (loss) before income taxes United States $ 59.3 $ 4.3 $ (53.2) Foreign 5.9 3.0 (9.7) Total 65.2 7.3 (62.9) Income tax provision (benefit): Current: United States 12.9 (5.2) (47.0) State 3.6 0.8 0.4 Foreign 1.9 1.5 1.7 Total 18.4 (2.9) (44.9) Deferred: United States (3.9) 3.9 12.8 State 0.6 (0.1) (1.9) Foreign (0.4) 0.1 0.1 Total (3.7) 3.9 11.0 Total income tax provision (benefit) $ 14.7 $ 1.0 $ (33.9) The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020. The CARES Act allows for the carryback of U.S. net operating losses, which were expected to be used in future years, to prior years resulting in a $3.8 million, $2.8 million, and $25.1 million benefit that was recognized in the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, we have accumulated undistributed earnings generated by our foreign subsidiaries of approximately $34.5 million. Certain earnings were previously subject to tax due to the one-time transition tax of the 2017 Tax Cuts and Jobs Act. Any additional impacts due with respect to the previously-taxed earnings, if repatriated, would generally be limited to foreign withholding tax, U.S. state income tax and the tax effect of certain foreign exchange adjustments. We intend, however, to indefinitely reinvest these earnings and expect future U.S. cash generation to be sufficient to meet U.S. cash needs. At this time, the determination of deferred tax liabilities on the amount of financial reporting over tax basis is not practicable. Major differences between the federal statutory rate and the effective tax rate are as follows: Year Ended December 31, 2022 2021 2020 Federal statutory rate 21.0 % 21.0 % 21.0 % Rate of state income taxes, net of federal tax benefit 5.3 8.0 2.3 Statutory rate other than U.S. statutory rate 1.1 1.6 5.0 Foreign tax credit carryback — 27.8 — Valuation allowance 0.5 16.2 (9.3) Uncertain tax positions — (5.9) — Capital Loss Carryback — (66.4) — CARES Act (5.9) (38.5) 39.9 DOJ Deferred Prosecution Agreement — 38.2 — Nondeductible officer’s compensation 2.3 17.6 (1.9) U.S. federal research and development credit (4.3) (18.0) 2.4 Share based compensation windfall tax deduction 1.7 7.3 (2.4) Other, net 0.8 4.8 (3.1) Effective tax rate 22.5 % 13.7 % 53.9 % The following is a summary of the significant components of the Company’s deferred tax assets and liabilities (in millions): As of December 31, 2022 2021 Deferred tax assets Accrued liabilities $ 9.2 $ 7.9 Stock-based compensation 5.5 5.6 Net Operating Losses 18.3 18.1 Section 174 Research Capitalization 10.7 — Foreign Tax Credits 3.7 18.6 Federal Research Tax Credits 0.4 4.8 Operating Lease Obligations 7.3 9.6 Other 4.2 4.0 59.3 68.6 Valuation allowance (9.0) (8.4) Total deferred tax assets 50.3 60.2 Deferred tax liabilities Intangibles, net 56.5 28.1 Operating Lease Right of Use Assets 3.5 5.1 Inventories 2.9 9.4 Property, plant and equipment, net 7.9 18.7 Other 0.3 0.8 Total deferred tax liabilities 71.1 62.1 Net deferred tax assets (liabilities) $ (20.8) $ (1.9) Valuation allowances increased $0.6 million during the year ended December 31, 2022. Valuation allowances at the end of 2022 and 2021 primarily relate to tax credits and income tax loss carryforwards. Realization of income tax loss carryforwards is dependent on generating sufficient taxable income prior to expiration of these carryforwards. Although realization is not assured, we believe it is more likely than not that all of the deferred tax assets, net of applicable valuation allowances, will be realized. The amount of the deferred tax assets considered realizable could be reduced or increased due to changes in the tax environment or if estimates of future taxable income change during the carryforward period. At December 31, 2022, we have credit carryforwards for federal income tax purposes of $4.3 million, all of which will expire between 2028 and 2038. We also have net operating loss carryforwards for federal income tax purposes of $40.1 million, of which $5.0 million will expire between 2031 and 2037. The remaining net operating losses are available for carryforward indefinitely. At December 31, 2022, we have credit carryforwards for state income tax purposes of $0.8 million, of which $0.5 million will expire between 2025 and 2028. We also have net operating loss carryforwards for state income tax purposes of $80.0 million, some of which will expire between 2024 and 2040 and others that will remain available for carryforward indefinitely. We also have certain foreign subsidiaries with net operating loss carryforwards for income tax purposes of $20.4 million, of which all are available for carryforward indefinitely. A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows (in millions): As of December 31, 2022 2021 Beginning of year $ — $ 0.5 Gross increases for tax positions of prior years — — Gross decreases for tax positions of prior years — — Decreases for settlements with taxing authorities — — Decreases for lapse of the applicable statute of limitations — (0.5) End of year $ — $ — The amount, if recognized, that would affect our effective tax rate for December 31, 2022 and 2021 is zero. We classify interest and penalties on uncertain tax benefits as income tax expense. As of each year ended December 31, 2022 and 2021, before any tax benefits, we had no accrued interest and penalties on unrecognized tax benefits.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Defined Contribution Plans Eligible employees participate in our defined contribution plans. Our 401(k) plan and supplemental plan provide for a matching contribution of a U.S. employee’s contributions and accruals, subject to predetermined limits. Avanos also has defined contribution pension plans for certain employees outside the U.S. in which eligible employees may participate. We recognized $6.5 million, $6.6 million and $7.9 million, respectively, of expense for our matching contributions to the 401(k) plan in the years ended December 31, 2022, 2021 and 2020, respectively. Our matching contributions to the 401(k) plan are recognized in cost of products sold, research and development and selling and general expenses in our consolidated income statements. Defined Benefit Plans Certain plans in our international operations are our direct obligation, and therefore, the related funded status has been recorded within our consolidated balance sheet. These plans are primarily unfunded and the aggregated projected benefit obligation was $4.0 million and $3.8 million as of December 31, 2022 and 2021, respectively. Net periodic pension cost for the years ended December 31, 2022, 2021 and 2020 was $0.7 million, $0.8 million and $0.7 million, respectively. Over the next ten years, we expect gross benefit payments to be $2.4 million in total for the years 2023 through 2027, and $4.2 million in total for the years 2028 through 2032.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The changes in the components of Accumulated Other Comprehensive Income (“AOCI”), net of tax, are as follows (in millions): Unrealized Cash Flow Defined Benefit Accumulated Other Comprehensive Income Balance, December 31, 2019 $ (31.5) $ 0.1 $ (0.6) $ (32.0) Other comprehensive income (loss) 3.8 (0.1) 0.2 3.9 Balance, December 31, 2020 (27.7) — (0.4) (28.1) Other comprehensive (loss) income (6.1) — 0.4 (5.7) Balance, December 31, 2021 (33.8) — — (33.8) Other comprehensive (loss) income (2.3) — 0.3 (2.0) Balance, December 31, 2022 $ (36.1) $ — $ 0.3 $ (35.8) The net changes in the components of AOCI, including the tax effect, are as follows (in millions): Year Ended December 31, 2022 2021 2020 Unrealized translation $ (2.3) $ (6.1) $ 3.8 Defined benefit pension plans 0.4 0.5 0.3 Tax effect (0.1) (0.1) (0.1) Defined benefit pension plans, net of tax 0.3 0.4 0.2 Cash flow hedges — — (0.1) Tax effect — — — Cash flow hedges, net of tax — — (0.1) Change in AOCI $ (2.0) $ (5.7) $ 3.9

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Avanos Medical, Inc. Equity Participation Plan, the Avanos Medical, Inc. Long Term Incentive Plan and the Avanos Medical, Inc. Outside Directors’ Compensation Plan (together, the “Equity Plans”) provide for awards of stock options, stock appreciation rights, restricted stock (and in certain limited cases, unrestricted stock), restricted stock units, performance units and cash awards to eligible employees (including officers who are employees), directors, advisors and consultants of Avanos or its subsidiaries. A maximum of 3.9 million shares of Avanos common stock may be issued under the Equity Plans, and there were 1.0 million shares remaining available for issuance as of December 31, 2022. The Avanos Medical, Inc. Employee Stock Purchase Plan (“ESPP”) allows for employee contributions to purchase shares of the Company’s common stock at a 15% discount off the lower of the closing prices at the beginning or end of each offering period. The ESPP is available to all employees meeting the eligibility requirements defined in the ESPP. Offering periods will generally be six month periods ending on June 30 and December 31 of each year. Employees may contribute up to 25% of their compensation, subject to a maximum of $25,000 into the ESPP each year. A maximum of 1.0 million common shares may be issued under the ESPP, and there were 0.8 million shares remaining available as of December 31, 2022. Stock-based compensation expense is included in “Cost of products sold,” “Research and development,” and “Selling and general expenses.” Stock-based compensation expense for the years ended December 31, 2022, 2021 and 2020 is shown in the table below (in millions): Year Ended December 31, 2022 2021 2020 Stock options $ 1.1 $ 1.9 $ 2.7 Time-based restricted share units 11.6 8.9 6.3 Performance-based restricted share units 3.0 2.1 2.8 Employee stock purchase plan 0.2 0.3 0.3 Total stock-based compensation $ 15.9 $ 13.2 $ 12.1 Stock Options Stock options are granted at an exercise price equal to the fair market value of our common stock on the date of grant. Stock options are generally subject to graded vesting whereby options vest 30% at the end of each of the first two 12-month periods following the grant and 40% at the end of the third 12-month period and have a term of 10 years. The fair value of stock option awards was determined using a Black-Scholes option-pricing model utilizing a range of assumptions related to volatility, risk-free interest rate, expected term and dividend yield. Expected volatility was based on historical weekly closing stock price volatility for a peer group of companies. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant. The expected term was based on historical observed settlement behavior. The dividend yield was based on the expectation that no dividends are expected to be paid on our common stock. There were no options awarded in the years ended December 31, 2022 and 2021. The weighted-average fair value of options granted during the year ended December 31, 2020 was $9.82, based on the following assumptions: Year Ended December 31, 2020 Volatility 41% Risk-free rate 0.3% Expected term (Years) 4 Dividend Yield 0% A summary of stock option activity is presented below: Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2021 1,290 $ 39.40 Exercises (4) 26.04 Forfeitures (180) 41.52 Outstanding at December 31, 2022 1,106 $ 39.11 4.82 $ — Vested and exercisable at December 31, 2022 1,008 $ 40.11 4.57 $ — The following table summarizes information about options outstanding as of December 31, 2022: Options Outstanding Options Exercisable Range of Shares (in thousands) Weighted-Average Shares (in thousands) Weighted-Average Exercise Price $25.00 to $35.00 374 5.8 275 $ 29.44 $35.00 to $45.00 470 4.5 470 40.89 $45.00+ 263 4.0 263 49.90 1,107 4.8 1,008 $ 40.11 No options were exercised during the year ended December 31, 2022. Options with aggregate intrinsic values of $1.6 million and $0.7 million were exercised in the years ending December 31, 2021 and 2020, respectively. The tax benefits from exercises were not material in 2021 or 2020. For stock options outstanding at December 31, 2022, we expect to recognize an additional $0.3 million of expense over the remaining average service period of less than one year. Restricted Share Units Restricted shares, time-vested restricted share units (“RSUs”) and performance-based RSUs granted to employees and directors are valued at the closing market price of our common stock on the grant date with vesting conditions determined upon approval of the award. Time-vested RSUs are subject to a minimum service period of generally three years. A summary of time-vested RSU activity is presented below: Shares Weighted Average Outstanding at December 31, 2021 840 $ 36.84 Granted 389 32.42 Vested (135) 37.71 Forfeited (62) 34.87 Outstanding at December 31, 2022 1,032 $ 35.17 For time-vested RSUs outstanding at December 31, 2022, we expect to recognize an additional $14.1 million of expense over the remaining average service period of two years. Performance-based RSUs are subject to achievement of certain service and performance targets over a restricted period of three years. A summary of performance-based RSU activity is presented below: Shares Weighted Average Outstanding at December 31, 2021 56 $ 47.94 Granted 193 33.39 Forfeited (10) 37.92 Outstanding at December 31, 2022 239 $ 36.63 For performance-based RSUs outstanding at December 31, 2022, we expect to recognize an additional $5.5 million of expense over the remaining average service period of less than one year. We issued restricted share units for which vesting is conditioned on meeting a defined measure of total shareholder return (“TSR units”) over a restricted period of three years. Total shareholder return is measured as our stock price performance over the restricted period compared to defined group of peer companies. No TSR units were awarded in the years ended December 31, 2022, 2021 or 2020. A summary of TSR unit activity is presented below. Shares Weighted Average Outstanding at December 31, 2021 89 $ 52.36 Forfeited (89) 52.36 Outstanding at December 31, 2022 — $ —

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters 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 our 2014 spin-off from Kimberly-Clark, 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 year ended December 31, 2022, we incurred no costs with respect to such indemnification matters compared to $15.0 million and $27.5 million in the years ended December 31, 2021 and December 31, 2020, respectively. Expenses incurred are included in “Other expense, net.” Government Investigation In June 2015, we were served with a subpoena from the Department of Veterans Affairs Office of the Inspector General (the “VA OIG”) seeking information related to the design, manufacture, testing, sale and promotion of MicroCool and other surgical gowns produced by the Company. In July 2015, we became aware that the VA OIG subpoena and an earlier VA OIG subpoena served on Kimberly-Clark requesting information about gown sales to the federal government were related to a United States Department of Justice (the “DOJ”) investigation. In May 2016, April 2017 and September 2018, we received additional subpoenas from the DOJ seeking further information related to the Company’s surgical gowns. On July 6, 2021, we entered into a Deferred Prosecution Agreement (the “DPA”) with the DOJ that resolved their criminal investigation related to our MicroCool surgical gowns. Pursuant to the terms of the DPA, in July 2021 the Company made a payment of $22.2 million. We continue to comply with the terms of the DPA. Patent Litigation We operate in an industry characterized by extensive patent litigation. 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 cooled radiofrequency ablation 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. On August 27, 2021, the USPTO issued a Final Written Decision upholding the patentability of our patent. On October 15, 2021, the parties resolved the dispute between them by signing a settlement and license agreement (“Medtronic Settlement Agreement”). Pursuant to the Medtronic Settlement Agreement, Medtronic paid Avanos an undisclosed amount and the parties dismissed the pending actions between them related to U.S. Patent 8,822,755. 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 Form 10-K, 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) the matter is at an early stage of the proceedings; (b) the damages are indeterminate, unspecified or determined to be immaterial; and (c) significant factual issues have yet to be resolved. At present, although the results of litigation and claims cannot be predicted with certainty, we believe that the ultimate resolution of any pending legal proceeding to which we are a party will not have a material adverse effect on our business, financial condition, results of operations or liquidity. Environmental Compliance We are subject to federal, state and local environmental protection laws and regulations with respect to our business operations. We believe we are operating in compliance with, or are 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")	12 Months Ended
	Dec. 31, 2022
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 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 EPS for each of the three years ended December 31, 2022, 2021 and 2020 is set forth in the following table (in millions, except per share amounts): Year Ended December 31, 2022 2021 2020 Net income (loss) $ 50.5 $ 6.3 $ (29.0) Weighted Average Shares Outstanding: Basic weighted average shares outstanding 46.9 48.1 47.8 Dilutive effect of stock options and restricted share unit awards 0.4 0.5 — Diluted weighted average shares outstanding 47.3 48.6 47.8 Earnings (Loss) Per Share: Basic Earnings (Loss) Per Share $ 1.08 $ 0.13 $ (0.61) Diluted Earnings (Loss) Per Share $ 1.07 $ 0.13 $ (0.61) 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 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 year ended December 31, 2022, 2.1 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	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Business and Products Information	Business and Products InformationWe conduct our business in one operating and reportable segment that provides our medical device products to healthcare providers and patients globally with manufacturing facilities in the United States and Mexico. 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): Year Ended December 31, 2022 2021 2020 Chronic Care: Digestive health $ 340.4 $ 322.2 $ 294.1 Respiratory health 135.9 157.6 177.1 Total Chronic Care 476.3 479.8 471.2 Pain Management: Acute pain 160.1 162.7 157.4 Interventional pain 183.6 102.1 86.2 Total Pain Management 343.7 264.8 243.6 Total Net Sales $ 820.0 $ 744.6 $ 714.8 Chronic care is a portfolio of products that include the following: • Digestive health products such as our MIC-KEY enteral feeding tubes, Corpak patient feeding solutions and NeoMed neonatal and pediatric feeding solutions. In the year ended December 31, 2022, our legacy enteral feeding tubes, which includes our MIC-KEY enteral feeding tubes accounted for more than 10% of our consolidated net sales. In the years ended December 31, 2021 and 2020, our legacy enteral feeding tubes and our Corpak feeding solutions each accounted for more than 10% of our consolidated net sales. • Respiratory health products such as our closed airway suction systems and other airway management devices under the Ballard, Microcuff and Endoclear brands. In the years ended December 31, 2022, 2021 and 2020, our closed airway suction systems accounted for more than 10% of our consolidated net sales. Pain management is a portfolio of non-opioid pain solutions including: • Acute pain products such as ON-Q and ambIT surgical pain pumps and Game Ready cold and compression therapy systems. In the year ended December 31, 2022, none of our acute pain products individually accounted for more than 10% of our consolidated net sales. In the years ended December 31, 2021 and 2020, our surgical pain products, which includes both On-Q and ambIT pumps, accounted for more than 10% of our consolidated net sales. • Interventional pain solutions, which provide minimally invasive pain relief therapies, such as our COOLIEF pain therapy and OrthogenRx’s knee osteoarthritis pain relief injection products. In the years ended December 31, 2022, 2021 and 2020, products associated with our COOLIEF pain therapy accounted for more than 10% of our consolidated net sales. Liabilities for estimated returns, rebates and incentives as of December 31, 2022 and 2021 are presented in the table below (in millions): As of December 31, 2022 2021 Accrued rebates $ 14.5 $ 14.3 Accrued incentives 12.4 10.2 Accrued rebates and incentives (See Note 1) 26.9 24.5 Accrued sales returns (a) 0.1 0.1 Total estimated liabilities $ 27.0 $ 24.6 __________________________________________________ (a) Accrued sales returns are included in “Other” in the accrued expenses table in “Supplemental Balance Sheet Information” in Note 4. For the years ended December 31, 2022, 2021 and 2020, net sales to external customers in the United States were $560.7 million, $521.6 million and $481.6 million, respectively. Globally, two customers accounted for 10% or more of our consolidated net sales in the year ended December 31, 2022. Globally, three customers accounted for 10% or more of our consolidated net sales in the year ended December 31, 2021. Globally, two customers accounted for more than 10% of our consolidated net sales in the year ended December 31, 2020. 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, depending on shipping terms. Accordingly, we normally do not have transactions that give rise to material unfulfilled performance obligations. Property, plant and equipment held domestically and in foreign countries is as follows (in millions): As of December 31, 2022 2021 Domestic $ 94.5 $ 101.4 Foreign 69.4 66.7 Total Property, Plant and Equipment $ 163.9 $ 168.1

Share Repurchase Program

Share Repurchase Program	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Share Repurchase Program	Share Repurchase Program On December 15, 2021, we announced that our Board of Directors had approved a share repurchase program authorizing us to repurchase up to $30.0 million of our common stock. In connection with such repurchase program, we established a pre-arranged trading plan in accordance with Rule 10b5-1 of the Exchange Act (“Rule 10b5-1”) which permitted common stock to be repurchased over a twelve-month period. In the fourth quarter of 2021, we repurchased $10.7 million of our common stock and during the first quarter of 2022, we repurchased an additional $19.3 million of our common stock. As a result of such repurchases, no additional shares of common stock may be repurchased under this repurchase plan. On May 16, 2022, the Board of Directors approved a new one-year program authorizing us to repurchase up to $25.0 million of our common stock. In connection with such repurchase program, we established a pre-arranged trading plan in accordance with Rule 10b5-1 which permitted common stock to be repurchased over a twelve-month period. As a result of repurchases made during the second and third quarters of 2022, no additional shares of common stock may be repurchased under this repurchase plan. Purchases of common stock under the 10b5-1 trading plans for the years ended December 31, 2021 and December 31, 2022 are summarized in the table below: Shares Repurchased Aggregate Purchase Price Average Price per Share Amount Remaining in # of Shares Program to Date Fourth quarter of 2021 323,140 323,140 $ 10.7 $ 33.04 $ 19.3 First quarter of 2022 588,293 911,433 $ 19.3 $ 32.85 $ — Second quarter of 2022 522,162 522,162 $ 14.1 $ 27.00 $ 10.9 Third quarter of 2022 399,957 922,119 $ 10.9 $ 27.25 $ — In addition to the share repurchase program, we withheld 42,365 shares of common stock for $1.2 million in taxes associated with stock-based compensation transactions in the year ended December 31, 2022.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In January 2023, we initiated a three-year restructuring initiative pursuant to which we plan to: (i) combine our Chronic Care and Pain Management franchises into a single commercial organization focused on the Digestive Health and Orthopedic Pain & Recovery product categories; (ii) rationalize our product portfolio including certain low-margin, low-growth product categories, through targeted divestitures; (iii) undertake additional cost management activities to enhance the Company’s operating profitability; and (iv) pursue efficient capital allocation strategies, including through acquisitions that meet the Company’s strategic and financial criteria (the “Transformation Process”). We expect to incur between $20.0 million and $25.0 million of cash expenses in connection with the Transformation Process, consisting of between $9.0 million and $12.0 million of program management consulting and employee retention expenses; between $8.0 million and $11.0 million of expenses associated with manufacturing and supply chain improvements and portfolio rationalization; and the remainder for expenses associated with organizational design and alignment and other related activities. These amounts include between $6.0 million and $8.0 million of employee severance and benefits costs.

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of ConsolidationThe consolidated financial statements include our net assets, results of our operations and cash flows. All intercompany transactions and accounts within our consolidated businesses have been eliminated. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
Use of Estimates	Use of Estimates Preparation of 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. Actual results could differ from these estimates, and the effect of the change could be material to our financial statements. Changes in these estimates are recorded when known.
Cash Equivalents	Cash Equivalents Cash equivalents are short-term investments with an original maturity date of three months or less. We maintain cash balances and short-term investments in excess of insurable limits in a diversified group of major banks that are selected and monitored based on ratings by the major rating agencies in accordance with our treasury policy.
Inventories and Distribution Costs / Change in Accounting Principle	Inventories and Distribution Costs U.S. and non-U.S. inventories are valued at the lower of cost, using the First-In, First-Out (“FIFO”) method, or market. Refer to “Change in Accounting Principle” below for additional information regarding our inventory balance. Distribution costs are classified as cost of products sold. Change in Accounting Principle During the third quarter of 2022, we elected to change our method of accounting for U.S. inventory from the Last-In, First-Out (“LIFO”) method to the First-In, First-Out (“FIFO”) method. We believe the FIFO method of accounting for inventory is preferable because it provides for an inventory balance that more closely reflects the inventory’s current cost, improves efficiency and enhances comparability with our peers. The effects of the change in accounting method from LIFO to FIFO have been retrospectively applied to all periods presented in all sections of this Form 10-K, including Management's Discussion and Analysis. As a result of the accounting change, accumulated deficit as of January 1, 2022 improved from $310.3 million, as reported under the LIFO method to $303.6 million using the FIFO method. Accumulated deficit as of January 1, 2021 improved from $315.5 million, as reported under the LIFO method to $309.9 million using the FIFO method. Accumulated deficit as of January 1, 2020 improved from $288.3 million, as reported under the LIFO method to $280.9 million using the FIFO method.
Property, Plant and Equipment and Depreciation	Property, Plant and Equipment and Depreciation Property, plant and equipment are stated at cost and depreciated on the straight-line method. Buildings are depreciated over their estimated useful lives, primarily 40 years. Machinery and equipment are depreciated over their estimated useful lives, primarily ranging from 16 to 20 years. Leasehold improvements are depreciated over the assets’ estimated useful lives, or the remaining lease term, whichever is shorter. Purchases of computer software, including external costs and certain internal costs (including payroll and payroll-related costs of employees) directly associated with developing significant computer software applications for internal use, are capitalized. Computer software costs are amortized on the straight-line method over the estimated useful life of the software, which is generally three Estimated useful lives are periodically reviewed, and when warranted, changes are made to them. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss would be indicated when estimated undiscounted future cash flows from the use and eventual disposition of an asset group, which are identifiable and largely independent of the cash flows of other asset groups, are less than the carrying amount of the asset group. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset group over its fair value. Fair value is measured using discounted cash flows or independent appraisals, as appropriate. When property is sold or retired, the cost of the property and the related accumulated depreciation are removed from the consolidated balance sheet and any gain or loss on the transaction is included in income.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets We test goodwill for impairment annually or more frequently whenever events or circumstances more likely than not indicate that the fair value of the reporting unit may be below its carrying value. We operate as a single reportable operating segment with one reporting unit. The fair value of our reporting unit was estimated using a combination of income (discounted cash flow analysis) and market approaches. The income approach is dependent upon several assumptions regarding future periods such as sales growth and a terminal growth rate. A weighted average cost of capital (“WACC”) was used to discount future estimated cash flows to their present values. The WACC was based on externally observable data considering market participants’ cost of equity and debt, optimal capital structure and risk factors specific to us. The market approach estimates the value of our company using a market capitalization methodology. We completed our annual goodwill impairment test as of July 1, 2022, and determined that the fair value of our reporting unit exceeds the net carrying amount. There can be no assurance that the assumptions and estimates made for purposes of the annual goodwill impairment test will prove to be accurate. Volatility in the equity and debt markets, or increases in interest rates, could result in a higher discount rate. Changes in sales volumes, selling prices and costs of goods sold, and increases in interest rates could cause changes in our forecasted cash flows. Unfavorable changes in any of the factors described above could result in a goodwill impairment charge in the future. Intangible assets with finite lives are amortized over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Estimated useful lives range from 7 to 30 years for trademarks, 7 to 17 years for patents and acquired technologies, and 2 to 16 years for other intangible assets. An impairment loss would be indicated when estimated undiscounted future cash flows from the use of the asset are less than its carrying amount. An impairment loss would be measured as the difference between the fair value (based on discounted future cash flows) and the carrying amount of the asset.
Revenue Recognition and Accounts Receivable	Revenue Recognition and Accounts Receivable Sales revenue is recognized at the time of product shipment or delivery of our products to unaffiliated customers, depending on shipping terms. Accordingly, control of the products transfers to the customer in accordance with the transaction’s shipping terms. Sales revenue is recognized for the amount of consideration that we expect to be entitled to receive in exchange for our products. Sales are reported net of returns, rebates, incentives, each as described below, and freight allowed. Taxes imposed by governmental authorities on our revenue-producing activities with customers, such as sales taxes and value-added taxes, are excluded from net sales. We provide medical products to distributors or end-user customers under supply agreements under which customers may place purchase orders for a variety of our products at specified pricing over a specified term, usually three years. While our sales and marketing efforts are directed to hospitals or other healthcare providers, our products are generally sold through third-party distribution channels. Under our contracts with customers, our performance obligations are normally limited to shipment or delivery of products to a customer upon receipt of a purchase order. We bill our customers, depending on shipping terms, upon shipment or delivery of the products to the customer. Amounts billed are typically due within 30 days, with a 1% discount allowed for distributors if payments are made within 15 days. We estimate cash discounts based on historical experience and record the cash discounts as an allowance to trade receivables. The allowance for this cash discount is disclosed in “Supplemental Balance Sheet Information” under “Accounts Receivable” in Note 4. The differences between estimated and actual cash discounts are generally not material. We allow for returns within a specified period of time, based on our standard terms and conditions, following customers’ receipt of the goods and estimate a liability for returns based on historical experience. The liability for estimated returns was $0.1 million as of December 31, 2022 and 2021. The differences between estimated and actual returns are generally not material. Our contracts provide for forms of variable consideration including rebates, incentives and pricing tiers, each of which are described below: Distributor Rebates - Sales to distributors, on a global basis, represents approximately 52% of our consolidated net sales. We provide for rebates on gross sales to distributors for differences between list prices and average end-user customer prices. Rebate rates vary widely (typically between 10% and 35%) between our product families. A liability for distributor rebates is estimated based on a moving average of rebate rates, specific customer trends, contractual provisions, historical experience and other relevant factors. The liability for estimated rebates was $14.5 million and $14.3 million, respectively, as of December 31, 2022 and 2021. Differences between our estimated and actual costs are generally not material and recognized in earnings in the period in the period such differences are determined. Incentives - Globally, approximately 32% of our consolidated net sales are contracted through group purchasing organizations (“GPOs”). Incentives include fees paid to GPOs or small percentage rebates to distributors in conjunction with the sales volume of our products to end-user customers. A liability for incentives is estimated based on average incentive rates over a period of time. The liability for estimated incentives was $12.4 million and $10.2 million, respectively, as of December 31, 2022 and 2021. Differences between estimated and actual incentives are generally not material and recognized in earnings in the period such differences are determined. Pricing tiers - In certain of our contracts, pricing is dependent on volumes purchased, with lower pricing given upon meeting certain established purchase volumes. Customers are placed in a pricing tier based on expected purchase volume, which is developed primarily using the customer’s purchase history. Depending on the customer’s purchases, we may move the customer up or down a tier, upon meeting or failing to meet certain established purchase volumes. Pricing in the new tier is applied to purchase orders prospectively. There are no retrospective adjustments based on movements between pricing tiers. We had one customer who individually accounted for more than 10% of our consolidated accounts receivable balance as of December 31, 2022 and December 31, 2021. Bad debt expense was $1.4 million for the year ended December 31, 2022 compared to a net benefit of $0.5 million for the year ended December 31, 2021 and a net expense of $1.7 million for the year end December 31, 2020.
Foreign Currency Translation	Foreign Currency Translation The income statements of foreign operations are translated into U.S. dollars at rates of exchange in effect each month. The balance sheets of these operations are translated at period-end exchange rates, and the differences from historical exchange rates are reflected as unrealized translation adjustments in other comprehensive income.
Research and Development	Research and Development Research and development expenses are expensed as incurred. Research and development expenses consist primarily of salaries and related expenses for personnel, product trial costs, outside laboratory and license fees, the costs of laboratory equipment and facilities and asset write-offs for equipment that does not reach success in product manufacturing certifications.
Stock-Based Compensation	Stock-Based CompensationWe have a stock-based Equity Participation Plan, a Long Term Incentive Plan and an Outside Directors’ Compensation Plan that provide for awards of stock options, stock appreciation rights, restricted stock (and in certain limited cases, unrestricted stock), restricted stock units, performance units and cash awards to eligible employees (including officers who are employees), directors, advisors and consultants. Stock-based compensation is initially measured at the fair value of the awards on the grant date and is recognized in the financial statements over the period the employees are required to provide services in exchange for the awards, with forfeitures accounted for as they occur. The fair value of option awards is measured on the grant date using a Black-Scholes option-pricing model. The fair value of time-based and some performance-based restricted share awards is based on the Avanos stock price at the grant date and the assessed probability of meeting future performance targets. For performance-based restricted share units for which vesting is conditioned upon achieving a measure of total shareholder return, fair value is measured using a Monte Carlo simulation. Generally, new shares are issued to satisfy vested restricted stock units and exercises of stock options.
Income Taxes	Income Taxes We account for income taxes under the asset and liability method of accounting, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Under this method, changes in tax rates and laws are recognized in income in the period such changes are enacted. The provision for federal, state, and foreign income taxes is calculated on income before income taxes based on current tax law and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provision differs from the amounts currently payable because certain items of income and expense are recognized in different reporting periods for financial reporting purposes than for income tax purposes. Recording the provision for income taxes requires management to make significant judgments and estimates for matters whose ultimate resolution may not become known until the final resolution of an examination by the Internal Revenue Service (IRS) or state and foreign agencies. If it is more likely than not that some portion, or all, of a deferred tax asset will not be realized, a valuation allowance is recognized. Recording liabilities for uncertain tax positions involves judgment in evaluating our tax positions and developing the best estimate of the taxes ultimately expected to be paid. We include any related tax penalties and interest in income tax expense. As of December 31, 2022, we have accumulated undistributed earnings generated by our foreign subsidiaries of approximately $34.5 million. Certain earnings were previously subject to tax due to the one-time transition tax of the Tax Cuts and Jobs Act of 2017. Any additional impacts due with respect to the previously-taxed earnings, if repatriated, would generally be limited to foreign withholding tax, U.S. state income tax and the tax effect of certain foreign exchange adjustments. We intend, however, to indefinitely reinvest these earnings and expect future U.S. cash generation to be sufficient to meet U.S. cash needs. At this time, the determination of deferred tax liabilities on the amount of financial reporting over tax basis is not practicable.
Employee Defined Benefit Plans	Employee Defined Benefit Plans We recognize the funded status of our defined benefit as an asset or a liability on our balance sheet. Actuarial gains or losses are a component of our other comprehensive income, which is then included in our accumulated other comprehensive income. Pension expenses are recognized over the period in which the employee renders service and becomes eligible to receive benefits. We make assumptions (including the discount rate and expected rate of return on plan assets) in computing the pension expense and obligations.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Effective January 1, 2022, we adopted Accounting Standards Update (“ASU”) No. 2021-04, Issuers Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This ASU is intended to clarify accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity-classified after 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. Adoption of this ASU did not have a material effect on our financial position, results of operations or cash flows. Effective January 1, 2021, we adopted 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. In December 2022, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2022-06, Reference Rate Reform. This ASU was prompted by the planned cessation of the London Interbank Offer Rate (“LIBOR”). 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 issuance on December 21, 2022 and defers the sunset date of Topic 848, Reference Rate Reform from December 31, 2022 to December 31, 2024. This ASU 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 did not have a material effect on our financial position, results of operations or cash flows. Recently Issued Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU pertains to acquired revenue contracts with customers in a business combination and addresses diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. This ASU is to be applied prospectively for years beginning after December 15, 2022. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows.

Accounting Policies (Tables)

Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Accounting Standards Update and Change in Accounting Principle	Due to the change in accounting principle, the following financial statement line items within the accompanying consolidated financial statements were adjusted as follows: Consolidated Income Statements (in millions, except per share amounts) Year Ended December 31, 2022 As Calculated As Reported Effect of Cost of products sold $ 370.7 $ 370.0 $ (0.7) Income before income taxes 64.5 65.2 0.7 Income tax provision (14.6) (14.7) (0.1) Net income 49.9 50.5 0.6 Earnings per share: Basic $ 1.06 $ 1.08 $ 0.02 Diluted $ 1.05 $ 1.07 $ 0.02 Year Ended December 31, 2021 As Reported As Adjusted Effect of Cost of products sold $ 380.3 $ 378.8 $ (1.5) Income before income taxes 5.8 7.3 1.5 Income tax provision (0.6) (1.0) (0.4) Net income 5.2 6.3 1.1 Earnings per share: Basic $ 0.11 $ 0.13 $ 0.02 Diluted $ 0.11 $ 0.13 $ 0.02 Year Ended December 31, 2020 As Reported As Adjusted Effect of Cost of products sold $ 341.5 $ 343.9 $ 2.4 Loss before income taxes (60.5) (62.9) (2.4) Income tax benefit 33.3 33.9 0.6 Net loss (27.2) (29.0) (1.8) Loss per share: Basic $ (0.57) $ (0.61) $ (0.04) Diluted $ (0.57) $ (0.61) $ (0.04) Consolidated Statements of Comprehensive (Loss) Income (in millions) Year Ended December 31, 2022 As Calculated As Reported Effect of Net income $ 49.9 50.5 $ 0.6 Comprehensive income 47.9 48.5 0.6 Year Ended December 31, 2021 As Reported As Adjusted Effect of Net income $ 5.2 6.3 $ 1.1 Comprehensive (loss) income (0.5) 0.6 1.1 Year Ended December 31, 2020 As Reported As Adjusted Effect of Net loss $ (27.2) $ (29.0) $ (1.8) Comprehensive loss (23.3) (25.1) (1.8) Consolidated Balance Sheets (in millions) As of December 31, 2022 As Calculated As Reported Effect of Inventories $ 180.6 $ 190.3 $ 9.7 Deferred tax liabilities 23.0 25.4 2.4 Accumulated deficit, end of period (260.4) (253.1) 7.3 As of December 31, 2021 As Reported As Adjusted Effect of Inventories $ 150.3 $ 159.3 $ 9.0 Deferred tax liabilities 9.6 11.9 2.3 Accumulated deficit, end of period (310.3) (303.6) 6.7 Consolidated Statements of Stockholders’ Equity (in millions) Year Ended December 31, 2022 As Calculated As Reported Effect of Accumulated deficit, beginning of period $ (310.3) $ (303.6) $ 6.7 Net income 49.9 50.5 0.6 Total stockholders' equity 1,283.8 1,291.2 7.4 Year Ended December 31, 2021 As Reported As Adjusted Effect of Accumulated deficit, beginning of period $ (315.5) $ (309.9) $ 5.6 Net income 5.2 6.3 1.1 Total stockholders' equity 1,263.9 1,270.6 6.7 Year Ended December 31, 2020 As Reported As Adjusted Effect of Accumulated deficit, beginning of period $ (288.3) $ (280.9) $ 7.4 Net loss (27.2) (29.0) (1.8) Total stockholders' equity 1,256.5 1,262.1 5.6 Consolidated Cash Flow Statements (in millions) Year Ended December 31, 2022 As Calculated As Reported Effect of Net income $ 49.9 $ 50.5 $ 0.6 Inventories (30.2) (30.9) (0.7) Deferred income taxes and other (4.4) — 4.4 Year Ended December 31, 2021 As Reported As Adjusted Effect of Net income $ 5.2 $ 6.3 $ 1.1 Inventories 17.2 15.7 (1.5) Deferred income taxes and other (3.4) (3.0) 0.4 Year Ended December 31, 2020 As Reported As Adjusted Effect of Net loss $ (27.2) $ (29.0) $ (1.8) Inventories (21.8) (19.4) 2.4 Deferred income taxes and other 13.8 13.2 (0.6)

Restructuring (Tables)

Restructuring (Tables)	12 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Summary of Accrual and Payment Activity	During the year ended December 31, 2022, we had no restructuring expenses. Our restructuring expenses for the years ended December 31, 2021 and 2020 are summarized in the table below (in millions): Year Ended December 31, 2021 2020 Post-Divestiture Restructuring Plan $ 10.2 $ 2.2 Integration and Restructuring of Business Acquisitions — 0.5 2020 Restructuring 12.4 27.6 Total Restructuring Costs $ 22.6 $ 30.3 Our liability for costs associated with our restructuring activities as of December 31, 2022 and 2021 is summarized below (in millions): As of December 31, 2022 2021 Balance, beginning of year $ 0.1 $ 7.2 Total restructuring costs, excluding non-cash charges — 12.6 Payments and adjustments, net (0.1) (19.7) Balance, end of year $ — $ 0.1

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill by Business Segment	The changes in the carrying amount of goodwill are as follows (in millions): Balance at December 31, 2020 $ 802.5 Currency translation adjustment (0.9) Balance at December 31, 2021 801.6 Goodwill acquired (a) 19.3 Currency translation adjustment (1.5) Balance at December 31, 2022 $ 819.4 _____________________________________________ (a) We acquired $19.3 million of goodwill in conjunction with the acquisition of OrthogenRx described in Note 5, “Business Acquisition.” Goodwill was allocated to our existing medical devices reporting segment.

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable	Accounts receivable consist of the following (in millions): As of December 31, 2022 2021 Accounts Receivable $ 162.1 $ 122.0 Income tax receivable 12.2 13.0 Allowances and doubtful accounts Doubtful accounts (6.1) (3.6) Sales discounts (0.3) (0.2) Accounts receivable, net $ 167.9 $ 131.2
Schedule of Inventories	Inventories at the lower of cost (determined on the FIFO method) or net realizable value consists of the following (in millions): As of December 31, 2022 2021 Raw materials $ 53.6 $ 47.7 Work in process 31.2 33.2 Finished goods 97.7 71.6 Supplies and other 7.8 6.8 Total Inventory 190.3 159.3
Schedule of Property, Plant and Equipment	Property, plant and equipment consists of the following (in millions): As of December 31, 2022 2021 Land $ 1.1 $ 1.1 Buildings and leasehold improvements 50.8 48.0 Machinery and equipment 239.1 223.2 Construction in progress 27.9 32.0 318.9 304.3 Less accumulated depreciation (155.0) (136.2) Total $ 163.9 $ 168.1 Property, plant and equipment held domestically and in foreign countries is as follows (in millions): As of December 31, 2022 2021 Domestic $ 94.5 $ 101.4 Foreign 69.4 66.7 Total Property, Plant and Equipment $ 163.9 $ 168.1
Schedule of Intangible Assets Subject to Amortization	Intangible assets subject to amortization consist of the following (in millions): As of December 31, 2022 2021 Gross Accumulated Net Gross Accumulated Net Trademarks $ 92.5 $ (67.2) $ 25.3 $ 90.9 $ (64.0) $ 26.9 Patents and acquired technologies 278.8 (195.3) 83.5 271.7 (177.7) 94.0 Other 187.6 (45.4) 142.2 61.2 (40.9) 20.3 Total $ 558.9 $ (307.9) $ 251.0 $ 423.8 $ (282.6) $ 141.2
Schedule of Estimated Amortization Expense for the Next Five Years and Beyond	We estimate amortization expense for the next five years and beyond will be as follows (in millions): For the years ending December 31, 2023 $ 25.4 2024 25.3 2025 24.7 2026 24.3 2027 24.2 Thereafter 127.1 Total $ 251.0
Schedule of Accrued Expenses	Accrued expenses consist of the following (in millions): As of December 31, 2022 2021 Accrued rebates $ 26.9 $ 24.5 Accrued salaries and wages 34.6 29.3 Accrued taxes and other 21.2 3.0 Other 16.2 11.3 Total $ 98.9 $ 68.1 Liabilities for estimated returns, rebates and incentives as of December 31, 2022 and 2021 are presented in the table below (in millions): As of December 31, 2022 2021 Accrued rebates $ 14.5 $ 14.3 Accrued incentives 12.4 10.2 Accrued rebates and incentives (See Note 1) 26.9 24.5 Accrued sales returns (a) 0.1 0.1 Total estimated liabilities $ 27.0 $ 24.6 __________________________________________________ (a) Accrued sales returns are included in “Other” in the accrued expenses table in “Supplemental Balance Sheet Information” in Note 4.
Schedule of Other Long-Term Liabilities	Other long-term liabilities consist of the following (in millions): As of December 31, 2022 2021 Accrued compensation benefits 4.8 4.4 Other (a) 18.7 4.7 Total $ 23.5 $ 9.1 __________________________________________________ (a) For the December 31, 2022 period presented, amounts primarily relate to contingent consideration and indemnification liability associated with the OrthogenRx acquisition as described in Note 5, “Business Acquisition.”

Business Acquisitions (Tables)

Business Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Purchase Price Allocation	The purchase price allocation, net of cash acquired, is shown in the table below (in millions): Accounts receivable, net $ 13.7 Inventory 2.8 Other current assets 0.4 Accounts payable (5.4) Other current liabilities (13.0) Contingent consideration (9.2) Other non-current assets (liabilities) (5.6) Deferred tax liability (22.5) Identifiable intangible assets 135.6 Goodwill 19.3 Total $ 116.1
Asset Acquisition	The identifiable intangible assets relating to the OrthogenRx acquisition include the following (in millions, except years): Identifiable Intangible Asset Amount Weighted Average Useful Lives (Years) Trademarks $ 1.3 10 Other 134.3 14 Total $ 135.6
Schedule of Pro Forma Information	The following unaudited pro forma financial information is presented in the table below for the year ended December 31, 2022 and 2021 as if the acquisition had occurred on January 1, 2021 (in millions, except per share amounts): Year Ended December 31, 2022 (Unaudited) 2021 (Unaudited) Net sales $ 822.3 $ 815.5 Net income $ 53.9 $ 17.7 Earnings (Loss) Per Share: Basic $ 1.15 $ 0.37 Diluted $ 1.14 $ 0.36

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of ROU Assets and Lease Liabilities Presented on the Balance Sheet	The table below summarizes information related to ROU assets and lease liabilities that are included in the accompanying consolidated balance sheet (dollars in millions): As of December 31, 2022 2021 Assets Operating lease right-of-use assets $ 30.6 $ 38.6 Liabilities Current portion of operating lease liabilities 12.8 14.7 Operating lease liabilities 34.7 42.8 Total Operating Lease Liabilities $ 47.5 $ 57.5 Weighted average remaining lease term 5.6 years 6.1 years Weighted average discount rate 4.0 % 4.4 %
Schedule of Cost and Cash Flows Arising form Lease Arrangements	The table below summarizes costs and cash flows arising from our lease arrangements for the year ended December 31, 2022 (in millions): Year Ended December 31, 2022 2021 Operating lease cost $ 13.1 $ 13.5 Short-term lease cost 0.3 0.5 Variable lease cost 1.0 0.8 Total lease cost $ 14.4 $ 14.8 Cash paid for amounts included in the measurement of lease liabilities $ 16.2 $ 16.4 Right-of-use assets obtained in exchange for operating lease liabilities $ 3.0 $ 1.5
Schedule of Future Minimum Obligations Under Operating Leases	The future minimum obligations under operating leases having non-cancelable terms in excess of one year for the next five years and beyond will be (in millions): For the years ending Amount 2023 $ 13.0 2024 9.2 2025 7.7 2026 6.9 2027 5.5 Thereafter 10.9 Future minimum obligations $ 53.2

Fair Value Information (Tables)

Fair Value Information (Tables)	12 Months Ended
	Dec. 31, 2022
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): Fair Value December 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Assets Cash and cash equivalents 1 $ 127.7 $ 127.7 $ 118.5 $ 118.5 Liabilities Revolving Credit Facility 2 $ 110.0 $ 110.0 $ 130.0 $ 130.0 Term Loan Facility 2 122.5 122.5 — — Contingent consideration related to acquisition 3 9.2 9.2 — —

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt Balances	As of December 31, 2022 and 2021, our debt balances were as follows (in millions): Weighted- Maturity As of December 31, 2022 12/31/2021 (a) Revolving Credit Facility 6.32% 2027 $ 110.0 $ 130.0 Term Loan Facility 6.32% 2027 123.4 — 233.4 130.0 Unamortized debt issuance costs (0.9) — Current portion of long-term debt (6.2) — Total Long-Term Debt, net $ 226.3 $ 130.0 ____________________________________________
Schedule of Maturities of Long-Term Debt	As of December 31, 2022, the aggregate amounts of long-term debt that will mature during each of the next four years and thereafter are as follows (in millions): Amount 2023 $ 6.2 2024 7.0 2025 9.4 2026 10.2 Thereafter 200.6 Total $ 233.4

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Components of Income (Loss) Before Income Taxes, and Provision (Benefit) for Income Taxes	The components of income (loss) before income taxes, and the provision (benefit) for income taxes are as follows (in millions): Year Ended December 31, 2022 2021 2020 Income (loss) before income taxes United States $ 59.3 $ 4.3 $ (53.2) Foreign 5.9 3.0 (9.7) Total 65.2 7.3 (62.9) Income tax provision (benefit): Current: United States 12.9 (5.2) (47.0) State 3.6 0.8 0.4 Foreign 1.9 1.5 1.7 Total 18.4 (2.9) (44.9) Deferred: United States (3.9) 3.9 12.8 State 0.6 (0.1) (1.9) Foreign (0.4) 0.1 0.1 Total (3.7) 3.9 11.0 Total income tax provision (benefit) $ 14.7 $ 1.0 $ (33.9)
Major Differences Between Federal Statutory Rate and Effective Tax Rate	Major differences between the federal statutory rate and the effective tax rate are as follows: Year Ended December 31, 2022 2021 2020 Federal statutory rate 21.0 % 21.0 % 21.0 % Rate of state income taxes, net of federal tax benefit 5.3 8.0 2.3 Statutory rate other than U.S. statutory rate 1.1 1.6 5.0 Foreign tax credit carryback — 27.8 — Valuation allowance 0.5 16.2 (9.3) Uncertain tax positions — (5.9) — Capital Loss Carryback — (66.4) — CARES Act (5.9) (38.5) 39.9 DOJ Deferred Prosecution Agreement — 38.2 — Nondeductible officer’s compensation 2.3 17.6 (1.9) U.S. federal research and development credit (4.3) (18.0) 2.4 Share based compensation windfall tax deduction 1.7 7.3 (2.4) Other, net 0.8 4.8 (3.1) Effective tax rate 22.5 % 13.7 % 53.9 %
Summary of Significant Components of Deferred Tax Assets and Liabilities	The following is a summary of the significant components of the Company’s deferred tax assets and liabilities (in millions): As of December 31, 2022 2021 Deferred tax assets Accrued liabilities $ 9.2 $ 7.9 Stock-based compensation 5.5 5.6 Net Operating Losses 18.3 18.1 Section 174 Research Capitalization 10.7 — Foreign Tax Credits 3.7 18.6 Federal Research Tax Credits 0.4 4.8 Operating Lease Obligations 7.3 9.6 Other 4.2 4.0 59.3 68.6 Valuation allowance (9.0) (8.4) Total deferred tax assets 50.3 60.2 Deferred tax liabilities Intangibles, net 56.5 28.1 Operating Lease Right of Use Assets 3.5 5.1 Inventories 2.9 9.4 Property, plant and equipment, net 7.9 18.7 Other 0.3 0.8 Total deferred tax liabilities 71.1 62.1 Net deferred tax assets (liabilities) $ (20.8) $ (1.9)
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefit	A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows (in millions): As of December 31, 2022 2021 Beginning of year $ — $ 0.5 Gross increases for tax positions of prior years — — Gross decreases for tax positions of prior years — — Decreases for settlements with taxing authorities — — Decreases for lapse of the applicable statute of limitations — (0.5) End of year $ — $ —

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Changes in the Components of Accumulated Other Comprehensive Income	The changes in the components of Accumulated Other Comprehensive Income (“AOCI”), net of tax, are as follows (in millions): Unrealized Cash Flow Defined Benefit Accumulated Other Comprehensive Income Balance, December 31, 2019 $ (31.5) $ 0.1 $ (0.6) $ (32.0) Other comprehensive income (loss) 3.8 (0.1) 0.2 3.9 Balance, December 31, 2020 (27.7) — (0.4) (28.1) Other comprehensive (loss) income (6.1) — 0.4 (5.7) Balance, December 31, 2021 (33.8) — — (33.8) Other comprehensive (loss) income (2.3) — 0.3 (2.0) Balance, December 31, 2022 $ (36.1) $ — $ 0.3 $ (35.8) The net changes in the components of AOCI, including the tax effect, are as follows (in millions): Year Ended December 31, 2022 2021 2020 Unrealized translation $ (2.3) $ (6.1) $ 3.8 Defined benefit pension plans 0.4 0.5 0.3 Tax effect (0.1) (0.1) (0.1) Defined benefit pension plans, net of tax 0.3 0.4 0.2 Cash flow hedges — — (0.1) Tax effect — — — Cash flow hedges, net of tax — — (0.1) Change in AOCI $ (2.0) $ (5.7) $ 3.9

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Expensed and Capitalized, Amount	Stock-based compensation expense for the years ended December 31, 2022, 2021 and 2020 is shown in the table below (in millions): Year Ended December 31, 2022 2021 2020 Stock options $ 1.1 $ 1.9 $ 2.7 Time-based restricted share units 11.6 8.9 6.3 Performance-based restricted share units 3.0 2.1 2.8 Employee stock purchase plan 0.2 0.3 0.3 Total stock-based compensation $ 15.9 $ 13.2 $ 12.1
Schedule of Assumptions Used in Weighted-Average Fair Value of Options Granted	There were no options awarded in the years ended December 31, 2022 and 2021. The weighted-average fair value of options granted during the year ended December 31, 2020 was $9.82, based on the following assumptions: Year Ended December 31, 2020 Volatility 41% Risk-free rate 0.3% Expected term (Years) 4 Dividend Yield 0%
Summary of Stock Option Activity	A summary of stock option activity is presented below: Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2021 1,290 $ 39.40 Exercises (4) 26.04 Forfeitures (180) 41.52 Outstanding at December 31, 2022 1,106 $ 39.11 4.82 $ — Vested and exercisable at December 31, 2022 1,008 $ 40.11 4.57 $ —
Schedule of Options Outstanding by Exercise Prices	The following table summarizes information about options outstanding as of December 31, 2022: Options Outstanding Options Exercisable Range of Shares (in thousands) Weighted-Average Shares (in thousands) Weighted-Average Exercise Price $25.00 to $35.00 374 5.8 275 $ 29.44 $35.00 to $45.00 470 4.5 470 40.89 $45.00+ 263 4.0 263 49.90 1,107 4.8 1,008 $ 40.11
Summary of Restricted Share Unit Activity	A summary of time-vested RSU activity is presented below: Shares Weighted Average Outstanding at December 31, 2021 840 $ 36.84 Granted 389 32.42 Vested (135) 37.71 Forfeited (62) 34.87 Outstanding at December 31, 2022 1,032 $ 35.17
Share-based Payment Arrangement, Performance Shares, Activity	A summary of performance-based RSU activity is presented below: Shares Weighted Average Outstanding at December 31, 2021 56 $ 47.94 Granted 193 33.39 Forfeited (10) 37.92 Outstanding at December 31, 2022 239 $ 36.63
Summary of Total Shareholders Return Unit Activity	A summary of TSR unit activity is presented below. Shares Weighted Average Outstanding at December 31, 2021 89 $ 52.36 Forfeited (89) 52.36 Outstanding at December 31, 2022 — $ —

Earnings Per Share ("EPS") (Tab

Earnings Per Share ("EPS") (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The calculation of basic and diluted EPS for each of the three years ended December 31, 2022, 2021 and 2020 is set forth in the following table (in millions, except per share amounts): Year Ended December 31, 2022 2021 2020 Net income (loss) $ 50.5 $ 6.3 $ (29.0) Weighted Average Shares Outstanding: Basic weighted average shares outstanding 46.9 48.1 47.8 Dilutive effect of stock options and restricted share unit awards 0.4 0.5 — Diluted weighted average shares outstanding 47.3 48.6 47.8 Earnings (Loss) Per Share: Basic Earnings (Loss) Per Share $ 1.08 $ 0.13 $ (0.61) Diluted Earnings (Loss) Per Share $ 1.07 $ 0.13 $ (0.61)

Business and Products Informa_2

Business and Products Information (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Net Sales by Product Category	Our management evaluates net sales by product category within our single reportable segment as follows (in millions): Year Ended December 31, 2022 2021 2020 Chronic Care: Digestive health $ 340.4 $ 322.2 $ 294.1 Respiratory health 135.9 157.6 177.1 Total Chronic Care 476.3 479.8 471.2 Pain Management: Acute pain 160.1 162.7 157.4 Interventional pain 183.6 102.1 86.2 Total Pain Management 343.7 264.8 243.6 Total Net Sales $ 820.0 $ 744.6 $ 714.8
Schedule of Accrued Expenses	Accrued expenses consist of the following (in millions): As of December 31, 2022 2021 Accrued rebates $ 26.9 $ 24.5 Accrued salaries and wages 34.6 29.3 Accrued taxes and other 21.2 3.0 Other 16.2 11.3 Total $ 98.9 $ 68.1 Liabilities for estimated returns, rebates and incentives as of December 31, 2022 and 2021 are presented in the table below (in millions): As of December 31, 2022 2021 Accrued rebates $ 14.5 $ 14.3 Accrued incentives 12.4 10.2 Accrued rebates and incentives (See Note 1) 26.9 24.5 Accrued sales returns (a) 0.1 0.1 Total estimated liabilities $ 27.0 $ 24.6 __________________________________________________ (a) Accrued sales returns are included in “Other” in the accrued expenses table in “Supplemental Balance Sheet Information” in Note 4.
Property, Plant and Equipment Held Domestically and in Foreign Countries	Property, plant and equipment consists of the following (in millions): As of December 31, 2022 2021 Land $ 1.1 $ 1.1 Buildings and leasehold improvements 50.8 48.0 Machinery and equipment 239.1 223.2 Construction in progress 27.9 32.0 318.9 304.3 Less accumulated depreciation (155.0) (136.2) Total $ 163.9 $ 168.1 Property, plant and equipment held domestically and in foreign countries is as follows (in millions): As of December 31, 2022 2021 Domestic $ 94.5 $ 101.4 Foreign 69.4 66.7 Total Property, Plant and Equipment $ 163.9 $ 168.1

Share Repurchase Program (Table

Share Repurchase Program (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Class of Treasury Stock	Purchases of common stock under the 10b5-1 trading plans for the years ended December 31, 2021 and December 31, 2022 are summarized in the table below: Shares Repurchased Aggregate Purchase Price Average Price per Share Amount Remaining in # of Shares Program to Date Fourth quarter of 2021 323,140 323,140 $ 10.7 $ 33.04 $ 19.3 First quarter of 2022 588,293 911,433 $ 19.3 $ 32.85 $ — Second quarter of 2022 522,162 522,162 $ 14.1 $ 27.00 $ 10.9 Third quarter of 2022 399,957 922,119 $ 10.9 $ 27.25 $ —

Accounting Policies - Property,

Accounting Policies - Property, Plant and Equipment and Depreciation (Details)	12 Months Ended
	Dec. 31, 2022
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	16 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Computer software costs | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Computer software costs | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	9 years

Accounting Policies - Goodwill

Accounting Policies - Goodwill and Other Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2022 reportingUnit
Finite-Lived Intangible Assets [Line Items]
Number of reporting unit (in reporting units)	1
Minimum | Trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	7 years
Minimum | Patents and acquired technologies
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	7 years
Minimum | Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	2 years
Maximum | Trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	30 years
Maximum | Patents and acquired technologies
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	17 years
Maximum | Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	16 years

Accounting Policies - Revenue R

Accounting Policies - Revenue Recognition and Accounts Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Supply agreement term	3 years
Amounts billed, payment term	30 days
Amounts billed, discount percentage if paid within discount term	1%
Amounts billed, payment term to receive discount percentage	15 days
Accrued sales returns	$ 0.1	$ 0.1
Accrued rebates	14.5	14.3
Accrued incentives	12.4	10.2
Provision (reversal) for doubtful accounts	1.4	$ (0.5)	$ 1.7
Distribution Rebates
Property, Plant and Equipment [Line Items]
Accrued rebates	$ 14.5
Revenue, product and service benchmark | Product Concentration Risk | Distribution Rebates
Property, Plant and Equipment [Line Items]
Percentage of total net sales	52%
Revenue, product and service benchmark | Product Concentration Risk | Incentives
Property, Plant and Equipment [Line Items]
Percentage of total net sales	32%
Minimum
Property, Plant and Equipment [Line Items]
Retail land sales receivables, stated interest rate	10%
Maximum
Property, Plant and Equipment [Line Items]
Retail land sales receivables, stated interest rate	35%

Accounting Policies - Income Ta

Accounting Policies - Income Taxes (Details) $ in Millions	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Accumulated undistributed earnings generated by foreign subsidiaries	$ 34.5

Accounting Policies - Changes i

Accounting Policies - Changes in Accounting Principle (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity attributable to parent	$ 1,291.2	$ 1,270.6	$ 1,262.1	$ 1,272.6
Previously reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity attributable to parent	1,283.8	1,263.9	1,256.5
Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity attributable to parent	$ (253.1)	(303.6)	(309.9)	(280.9)
Accumulated Deficit | Previously reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity attributable to parent		$ (310.3)	$ (315.5)	$ (288.3)

Accounting Policies - Accountin

Accounting Policies - Accounting Standards Update and Change in Accounting Principle (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Income Statements
Cost of products sold	$ 370	$ 378.8	$ 343.9
Income before income taxes	65.2	7.3	(62.9)
Income tax (provision) benefit	(14.7)	(1)	33.9
Net income (loss)	$ 50.5	$ 6.3	$ (29)
Earnings (Loss) Per Share:
Basic earnings (loss) per share (in dollars per share)	$ 1.08	$ 0.13	$ (0.61)
Diluted earnings (loss) per share (in dollars per share)	$ 1.07	$ 0.13	$ (0.61)
Consolidated Statements of Comprehensive (Loss) Income
Comprehensive (loss) income	$ 48.5	$ 0.6	$ (25.1)
Consolidated Balance Sheets
Inventories	190.3	159.3
Deferred Tax Liabilities	25.4	11.9
Accumulated deficit	(253.1)	(303.6)
Consolidated Statements of Stockholders’ Equity
Stockholders' equity attributable to parent	1,291.2	1,270.6	1,262.1	$ 1,272.6
Consolidated Cash Flow Statements
Inventories, net of allowance	(30.9)	15.7	(19.4)
Deferred income taxes and other	0	(3)	13.2
Accumulated Deficit
Consolidated Income Statements
Net income (loss)	50.5	6.3	(29)
Consolidated Statements of Stockholders’ Equity
Stockholders' equity attributable to parent	(253.1)	(303.6)	(309.9)	(280.9)
Previously reported
Consolidated Income Statements
Cost of products sold	370.7	380.3	341.5
Income before income taxes	64.5	5.8	(60.5)
Income tax (provision) benefit	(14.6)	(0.6)	33.3
Net income (loss)	$ 49.9	$ 5.2	$ (27.2)
Earnings (Loss) Per Share:
Basic earnings (loss) per share (in dollars per share)	$ 1.06	$ 0.11	$ (0.57)
Diluted earnings (loss) per share (in dollars per share)	$ 1.05	$ 0.11	$ (0.57)
Consolidated Statements of Comprehensive (Loss) Income
Comprehensive (loss) income	$ 47.9	$ (0.5)	$ (23.3)
Consolidated Balance Sheets
Inventories	180.6	150.3
Deferred Tax Liabilities	23	9.6
Accumulated deficit	(260.4)	(310.3)
Consolidated Statements of Stockholders’ Equity
Stockholders' equity attributable to parent	1,283.8	1,263.9	1,256.5
Consolidated Cash Flow Statements
Inventories, net of allowance	(30.2)	17.2	(21.8)
Deferred income taxes and other	(4.4)	(3.4)	13.8
Previously reported | Accumulated Deficit
Consolidated Statements of Stockholders’ Equity
Stockholders' equity attributable to parent		(310.3)	(315.5)	(288.3)
Effect of Change
Consolidated Income Statements
Cost of products sold	(0.7)	(1.5)	2.4
Income before income taxes	0.7	1.5	(2.4)
Income tax (provision) benefit	(0.1)	(0.4)	0.6
Net income (loss)	$ 0.6	$ 1.1	$ (1.8)
Earnings (Loss) Per Share:
Basic earnings (loss) per share (in dollars per share)	$ 0.02	$ 0.02	$ (0.04)
Diluted earnings (loss) per share (in dollars per share)	$ 0.02	$ 0.02	$ (0.04)
Consolidated Statements of Comprehensive (Loss) Income
Comprehensive (loss) income	$ 0.6	$ 1.1	$ (1.8)
Consolidated Balance Sheets
Inventories	9.7	9
Deferred Tax Liabilities	2.4	2.3
Accumulated deficit	7.3	6.7
Consolidated Statements of Stockholders’ Equity
Stockholders' equity attributable to parent	7.4	6.7	5.6
Consolidated Cash Flow Statements
Inventories, net of allowance	(0.7)	(1.5)	2.4
Deferred income taxes and other	$ 4.4	0.4	(0.6)
Effect of Change | Accumulated Deficit
Consolidated Statements of Stockholders’ Equity
Stockholders' equity attributable to parent		$ 6.7	$ 5.6	$ 7.4

Restructuring - Restructuring E

Restructuring - Restructuring Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 22.6	$ 30.3
Post-Divestiture Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges		10.2	2.2
Integration and Restructuring of Business Acquisitions
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0	0.5
2020 Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 12.4	$ 27.6

Restructuring - Accrual and Pay

Restructuring - Accrual and Payment Activity (Details) - Employee Severance and Benefits - Initial Phase - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Balance, beginning of year	$ 0.1	$ 7.2
Total restructuring costs, excluding non-cash charges	0	12.6
Payments and adjustments, net	(0.1)	(19.7)
Balance, end of year	$ 0	$ 0.1

Goodwill - Narrative (Details)

Goodwill - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 segment
Goodwill and Intangible Assets Disclosure [Abstract]
Number of operating segments (in segments)	1

Goodwill - Schedule of Goodwill

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Balance at beginning of period	$ 801.6	$ 802.5
Goodwill acquired	19.3
Currency translation adjustment	(1.5)	(0.9)
Balance at end of period	819.4	$ 801.6
Goodwill acquired in conjuction with acquisition of OrthogenRX	19.3
OrthogenRx, Inc
Goodwill [Roll Forward]
Goodwill acquired	19.3
Goodwill acquired in conjuction with acquisition of OrthogenRX	$ 19.3

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information - Accounts receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accounts Receivable	$ 162.1	$ 122
Income tax receivable	12.2	13
Accounts receivable, net	167.9	131.2
Provision (reversal) for doubtful accounts	1.4	(0.5)	$ 1.7
Doubtful accounts
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowances and doubtful accounts	(6.1)	(3.6)
Sales discounts
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowances and doubtful accounts	$ (0.3)	$ (0.2)

Supplemental Balance Sheet In_4

Supplemental Balance Sheet Information - Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Raw materials	$ 53.6	$ 47.7
Work in process	31.2	33.2
Finished goods	97.7	71.6
Supplies and other	7.8	6.8
Total Inventory	$ 190.3	$ 159.3

Supplemental Balance Sheet In_5

Supplemental Balance Sheet Information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2022	Jan. 20, 2022
Inventory [Line Items]
Inventory	$ 190.3	$ 159.3
OrthogenRx, Inc
Inventory [Line Items]
Identifiable intangible assets				$ 135.6	$ 135.6
Halyard-branded Products
Inventory [Line Items]
Inventory	1.9
Inventory write-down	$ 1.1	$ 3.4	$ 5.9

Supplemental Balance Sheet In_6

Supplemental Balance Sheet Information - Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 318.9	$ 304.3
Less accumulated depreciation	(155)	(136.2)
Total	163.9	168.1
Accumulated capitalized interest costs	0.1	0.1
Capital expenditures in accounts payable	3.9	5.6	$ 3.4
Depreciation expense	22	21.6	$ 23.5
Accounts payable
Property, Plant and Equipment [Line Items]
Capital expenditures in accounts payable	3.9	5.6
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1.1	1.1
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	50.8	48
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	239.1	223.2
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 27.9	$ 32

Supplemental Balance Sheet In_7

Supplemental Balance Sheet Information - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 558.9	$ 423.8
Accumulated Amortization	(307.9)	(282.6)
Total	251	141.2
Amortization expense for intangible assets	25.7	16.7	$ 19.4
Impairment of intangible assets	7.8
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	92.5	90.9
Accumulated Amortization	(67.2)	(64)
Total	25.3	26.9
Patents and acquired technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	278.8	271.7
Accumulated Amortization	(195.3)	(177.7)
Total	83.5	94
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	187.6	61.2
Accumulated Amortization	(45.4)	(40.9)
Total	$ 142.2	$ 20.3

Supplemental Balance Sheet In_8

Supplemental Balance Sheet Information - Schedule of Estimated Amortization Expense (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023	$ 25.4
2024	25.3
2025	24.7
2026	24.3
2027	24.2
Thereafter	127.1
Total	$ 251	$ 141.2

Supplemental Balance Sheet In_9

Supplemental Balance Sheet Information - Accrued Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued rebates	$ 26.9	$ 24.5
Accrued salaries and wages	34.6	29.3
Accrued taxes and other	21.2	3
Other	16.2	11.3
Total	$ 98.9	$ 68.1

Supplemental Balance Sheet I_10

Supplemental Balance Sheet Information - Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation benefits	$ 4.8	$ 4.4
Other	18.7	4.7
Total	$ 23.5	$ 9.1

Business Acquisition - Narrativ

Business Acquisition - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 20, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Revolving credit facility proceeds		$ 150	$ 20	$ 185
Decrease in indemnification liabiltiies		3.9
Decrease in deferred tax liability		1.2
Decrease in goodwill		(5.1)
Other intangible assets		251	$ 141.2
Senior Loans
Business Acquisition [Line Items]
Revolving credit facility proceeds	$ 125
OrthogenRx, Inc
Business Acquisition [Line Items]
Payments to acquire businesses, gross	130
Future estimated payments	$ 30
Pro forma revenue		76.2
Business acquisition, transaction costs		2
OrthogenRx, Inc | Customer Relationship And Distribution Rights
Business Acquisition [Line Items]
Other intangible assets		126
OrthogenRx, Inc | Noncompete Agreements
Business Acquisition [Line Items]
Other intangible assets		$ 8.3

Business Acquisitions - Purchas

Business Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions	Dec. 31, 2022	Mar. 31, 2022	Jan. 20, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 819.4			$ 801.6	$ 802.5
OrthogenRx, Inc
Business Acquisition [Line Items]
Accounts receivable, net			$ 13.7
Inventory			2.8
Other current assets			0.4
Accounts payable			(5.4)
Other current liabilities			(13)
Contingent consideration			(9.2)
Other non-current assets (liabilities)			(5.6)
Deferred tax liability			(22.5)
Identifiable intangible assets		$ 135.6	135.6
Goodwill			19.3
Total			$ 116.1

Business Acquisitions - Schedul

Business Acquisitions - Schedule of Acquired Finite-Lived Intangible Assets (Details) - OrthogenRx, Inc $ in Millions	Jan. 20, 2022 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable Intangible Asset Amount	$ 135.6
Trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable Intangible Asset Amount	$ 1.3
Weighted Average Useful Lives (Years)	10 years
Other
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable Intangible Asset Amount	$ 134.3
Weighted Average Useful Lives (Years)	14 years

Business Acquisitions - Sched_2

Business Acquisitions - Schedule of Pro Forma Information (Details) - OrthogenRx, Inc - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Net sales	$ 822.3	$ 815.5
Net income	$ 53.9	$ 17.7
Business Acquisitions Pro Forma Earnings Per Share [Abstract]
Basic (in dollars per share)	$ 1.15	$ 0.37
Diluted (in dollars per share)	$ 1.14	$ 0.36

Leases - Summary of ROU Assets

Leases - Summary of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating Lease Right-of-Use Assets	$ 30.6	$ 38.6
Current portion of operating lease liabilities	12.8	14.7
Operating Lease Liabilities	34.7	42.8
Total Operating Lease Liabilities	$ 47.5	$ 57.5
Weighted average remaining lease term	5 years 7 months 6 days	6 years 1 month 6 days
Weighted average discount rate	4%	4.40%

Leases - Summary of Cost and Ca

Leases - Summary of Cost and Cash Flows From Lease Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 13.1	$ 13.5
Short-term lease cost	0.3	0.5
Variable lease cost	1	0.8
Total lease cost	14.4	14.8
Cash paid for amounts included in the measurement of lease liabilities	16.2	16.4
Right-of-use assets obtained in exchange for operating lease liabilities	$ 3	$ 1.5

Leases - Future Minimum Obligat

Leases - Future Minimum Obligations Under Operating Leases (Details) $ in Millions	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 13
2024	9.2
2025	7.7
2026	6.9
2027	5.5
Thereafter	10.9
Future minimum obligations	$ 53.2

Fair Value Information (Details

Fair Value Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Level 1 | Carrying Amount
Assets
Cash and cash equivalents	$ 127.7	$ 118.5
Level 1 | Estimated Fair Value
Assets
Cash and cash equivalents	127.7	118.5
Level 2 | Carrying Amount | Revolving Credit Facility
Liabilities
Contingent consideration related to acquisition	110	130
Level 2 | Carrying Amount | Term Loan Facility
Liabilities
Contingent consideration related to acquisition	122.5	0
Level 2 | Estimated Fair Value | Revolving Credit Facility
Liabilities
Contingent consideration related to acquisition	110	130
Level 2 | Estimated Fair Value | Term Loan Facility
Liabilities
Contingent consideration related to acquisition	122.5	0
Level 3 | Carrying Amount
Liabilities
Contingent consideration related to acquisition	9.2	0
Level 3 | Estimated Fair Value
Liabilities
Contingent consideration related to acquisition	$ 9.2	$ 0

Debt - Schedule of Debt Balance

Debt - Schedule of Debt Balances (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total	$ 233.4	$ 130
Unamortized Debt Discounts and Issuance Costs	(0.9)	0
Current portion of long-term debt	(6.2)	0
Total Long-Term Debt, net	$ 226.3	130
Revolving Credit Facility | Senior Unsecured Notes
Debt Instrument [Line Items]
Weighted- Average Interest Rate	6.32%
Total	$ 110	130
Term Loan Facility | Senior Unsecured Notes
Debt Instrument [Line Items]
Weighted- Average Interest Rate	6.32%
Total	$ 123.4	$ 0

Debt - Narratives (Details)

Debt - Narratives (Details) - USD ($)			12 Months Ended
	Jun. 24, 2022	Jan. 20, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Revolving credit facility proceeds			$ 150,000,000	$ 20,000,000	$ 185,000,000
Current portion of long-term debt			$ 6,200,000	0
Debt repayment term			5 years
Revolving credit facility repayments			$ 170,000,000	$ 70,000,000	$ 5,000,000
Senior Unsecured Notes | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility repayments			20,000,000
Senior Unsecured Notes | Term Loan Facility
Debt Instrument [Line Items]
Revolving credit facility repayments			$ 1,600,000
Senior Unsecured Notes | Term Loan Facility | First eight quarters
Debt Instrument [Line Items]
Periodic payment, percent			10%
Senior Unsecured Notes | Term Loan Facility | Subsequent to first eight quarters
Debt Instrument [Line Items]
Periodic payment, percent			20%
Credit Agreement
Debt Instrument [Line Items]
Revolving credit facility	$ 500,000,000
Credit Agreement | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Credit Agreement | One Month Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Credit Agreement | Minimum | Adjusted Term Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Credit Agreement | Maximum | Adjusted Term Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Term Loan Facility | Secured Debt
Debt Instrument [Line Items]
Debt instrument, term	5 years
Debt instrument, face amount	$ 125,000,000
Line of credit Facility, interest rate at end			6.50%
Senior Secured Revolving Credit Facility | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	$ 375,000,000
Debt instrument, term	5 years
Senior Secured Revolving Credit Facility | Line of credit | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.20%
Senior Secured Revolving Credit Facility | Line of credit | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.25%
Senior Secured Revolving Credit Facility | Line of credit | Letter of credit
Debt Instrument [Line Items]
Revolving credit facility	$ 75,000,000
Tranche A Term Loans | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility proceeds		$ 125,000,000
Prior Credit Agreement | Line of credit | Letter of credit
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt			$ 1,100,000

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 6.2
2024	7
2025	9.4
2026	10.2
Thereafter	200.6
Total	$ 233.4	$ 130

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income (loss) before income taxes
United States	$ 59.3	$ 4.3	$ (53.2)
Foreign	5.9	3	(9.7)
Income (Loss) Before Income Taxes	65.2	7.3	(62.9)
Current:
United States	12.9	(5.2)	(47)
State	3.6	0.8	0.4
Foreign	1.9	1.5	1.7
Total	18.4	(2.9)	(44.9)
Deferred:
United States	(3.9)	3.9	12.8
State	0.6	(0.1)	(1.9)
Foreign	(0.4)	0.1	0.1
Total	(3.7)	3.9	11
Total income tax provision (benefit)	$ 14.7	$ 1	$ (33.9)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
CARES Act, income tax benefit	$ (3,800,000)	$ 2,800,000	$ 25,100,000
Accumulated undistributed earnings generated by foreign subsidiaries	34,500,000
Valuation allowance increase	600,000
Operating loss carryforwards	20,400,000
Amount that would affect effective tax rate	0	0
Accrued interest and penalties on unrecognized tax benefits	0	$ 0
Federal Income Tax Purposes
Tax Credit Carryforward [Line Items]
Credit carryforwards	4,300,000
Operating loss carryforwards	40,100,000
Federal Income Tax Purposes | Expiring Tax Credit Carryforwards
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	5,000,000
State Income Tax Purposes
Tax Credit Carryforward [Line Items]
Credit carryforwards	800,000
Operating loss carryforwards	80,000,000
State Income Tax Purposes | Expiring Tax Credit Carryforwards
Tax Credit Carryforward [Line Items]
Credit carryforwards	$ 500,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Federal Statutory Rate and Effective Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal statutory rate	21%	21%	21%
Rate of state income taxes, net of federal tax benefit	5.30%	8%	2.30%
Statutory rate other than U.S. statutory rate	1.10%	1.60%	5%
Foreign tax credit carryback	0%	27.80%	0%
Valuation allowance	0.50%	16.20%	(9.30%)
Uncertain tax positions	0	(0.059)	0
Capital Loss Carryback	0%	(66.40%)	0%
CARES Act	(5.90%)	(38.50%)	39.90%
DOJ Deferred Prosecution Agreement	0%	38.20%	0%
Nondeductible officer’s compensation	2.30%	17.60%	(1.90%)
U.S. federal research and development credit	(0.043)	(0.180)	0.024
Share based compensation windfall tax deduction	1.70%	7.30%	(2.40%)
Other, net	0.80%	4.80%	(3.10%)
Effective tax rate	22.50%	13.70%	53.90%

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Accrued liabilities	$ 9.2	$ 7.9
Stock-based compensation	5.5	5.6
Net Operating Losses	18.3	18.1
Section 174 Research Capitalization	10.7	0
Foreign Tax Credits	3.7	18.6
Federal Research Tax Credits	0.4	4.8
Operating Lease Obligations	7.3	9.6
Other	4.2	4
Deferred tax assets, gross	59.3	68.6
Valuation allowance	(9)	(8.4)
Total deferred tax assets	50.3	60.2
Deferred tax liabilities
Intangibles, net	56.5	28.1
Operating Lease Right of Use Assets	3.5	5.1
Inventories	2.9	9.4
Property, plant and equipment, net	7.9	18.7
Other	0.3	0.8
Total deferred tax liabilities	71.1	62.1
Net deferred tax assets (liabilities)	$ (20.8)	$ (1.9)

Income Taxes - Reconciliation_2

Income Taxes - Reconciliation of Unrecognized Tax Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning of year	$ 0	$ 0.5
Gross increases for tax positions of prior years	0	0
Gross decreases for tax positions of prior years	0	0
Decreases for settlements with taxing authorities	0	0
Decreases for lapse of the applicable statute of limitations	0	(0.5)
End of year	$ 0	$ 0

Employee Benefit Plans - Define

Employee Benefit Plans - Defined Contribution Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Contributions made	$ 6.5	$ 6.6	$ 7.9

Employee Benefit Plans - Defi_2

Employee Benefit Plans - Defined Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Aggregated projected benefit obligation	$ 4	$ 3.8
Net periodic pension cost	0.7	$ 0.8	$ 0.7
Expected gross benefit payments for the years 2023 through 2027	2.4
Gross benefit payments for the years 2027 through 2031	$ 4.2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Changes in Components of Accumulated Other Comprehensive Income, net of tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	$ 1,270.6	$ 1,262.1	$ 1,272.6
Other comprehensive (loss) income	(2)	(5.7)	3.9
Balance at end of period	1,291.2	1,270.6	1,262.1
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	(33.8)	(28.1)	(32)
Other comprehensive (loss) income	(2)	(5.7)	3.9
Balance at end of period	(35.8)	(33.8)	(28.1)
Unrealized Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	(33.8)	(27.7)	(31.5)
Other comprehensive (loss) income	(2.3)	(6.1)	3.8
Balance at end of period	(36.1)	(33.8)	(27.7)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	0	0	0.1
Other comprehensive (loss) income	0	0	(0.1)
Balance at end of period	0	0	0
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	0	(0.4)	(0.6)
Other comprehensive (loss) income	0.3	0.4	0.2
Balance at end of period	$ 0.3	$ 0	$ (0.4)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Net Changes in Components of AOCI, Including Tax Effect (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Unrealized translation	$ (2.3)	$ (6.1)	$ 3.8
Defined benefit pension plans	0.4	0.5	0.3
Tax effect	(0.1)	(0.1)	(0.1)
Defined benefit pension plans, net of tax	0.3	0.4	0.2
Cash flow hedges	0	0	(0.1)
Tax effect	0	0	0
Cash flow hedges, net of tax	0	0	(0.1)
Total Other Comprehensive (Loss) Income, Net of Tax	$ (2)	$ (5.7)	$ 3.9

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	3,900,000
Shares remaining available for issuance (in shares)	1,000,000
Granted (in shares)	0	0
Intrinsic value of options	$ 0	$ 1,600,000	$ 700,000
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	1,000,000
Shares remaining available for issuance (in shares)	800,000
Employee stock purchase plan, discount off closing price at the end of each offering period	15%
Vesting period	6 months
Employee stock purchase plan, maximum contribution percentage per year	25%
Employee stock purchase plan, maximum amount of salary each employee can contribute	$ 25,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Weighted-average fair value of options granted (in dollars per share)			$ 9.82
Costs not yet recognized	$ 300,000
Costs not yet recognized, period for recognition (less than)	1 year
Volatility			41%
Stock options | First 12-month period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	30%
Stock options | Second 12-month period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	30%
Stock options | Third 12-month period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	40%
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Costs not yet recognized	$ 14,100,000
Costs not yet recognized, period for recognition (less than)	2 years
Service period	3 years
Granted (in shares)	389,000
Weighted average grant date fair value (in dollars per share)	$ 35.17	$ 36.84
Performance-based restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Costs not yet recognized	$ 5,500,000
Costs not yet recognized, period for recognition (less than)	1 year
Service period	3 years
Granted (in shares)	193,000
Weighted average grant date fair value (in dollars per share)	$ 36.63	$ 47.94
Total Shareholder Return Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Granted (in shares)	0	0
Weighted average grant date fair value (in dollars per share)	$ 0	$ 52.36

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 15.9	$ 13.2	$ 12.1
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1.1	1.9	2.7
Time-based restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	11.6	8.9	6.3
Performance-based restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	3	2.1	2.8
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0.2	$ 0.3	$ 0.3

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions (Details) - Stock options	12 Months Ended
	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	41%
Risk-free rate	0.30%
Expected term (Years)	4 years
Dividend Yield	0%

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Shares
Outstanding at beginning of period (in shares) | shares	1,290
Exercises (in shares) | shares	(4)
Forfeitures (in shares) | shares	(180)
Outstanding at end of period (in shares) | shares	1,106
Vested and exercisable (in shares) | shares	1,008
Weighted- Average Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 39.40
Exercises (in dollars per share) | $ / shares	26.04
Forfeitures (in dollars per share) | $ / shares	41.52
Outstanding at end of period (in dollars per share) | $ / shares	39.11
Vested and exercisable (in dollars per share) | $ / shares	$ 40.11
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Outstanding, Weighted-Average Remaining Contractual Term	4 years 9 months 25 days
Vested and exercisable, Weighted-Average Remaining Contractual Term	4 years 6 months 25 days
Outstanding, Aggregate Intrinsic Value | $	$ 0
Vested and exercisable, Aggregate Intrinsic Value | $	$ 0

Stock-Based Compensation - Opti

Stock-Based Compensation - Options Outstanding, by Exercise Price Range (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding (in shares) | shares	1,107
Options outstanding , Weighted-Average Remaining Contractual Term (Years)	4 years 9 months 18 days
Options Exercisable (in shares) | shares	1,008
Weighted Average Exercise Price (in dollars per share)	$ 40.11
$25.00 to $35.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, minimum (in dollars per share)	25
Range of Exercise Prices, maximum (in dollars per share)	$ 35
Options Outstanding (in shares) | shares	374
Options outstanding , Weighted-Average Remaining Contractual Term (Years)	5 years 9 months 18 days
Options Exercisable (in shares) | shares	275
Weighted Average Exercise Price (in dollars per share)	$ 29.44
$35.00 to $45.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, minimum (in dollars per share)	35
Range of Exercise Prices, maximum (in dollars per share)	$ 45
Options Outstanding (in shares) | shares	470
Options outstanding , Weighted-Average Remaining Contractual Term (Years)	4 years 6 months
Options Exercisable (in shares) | shares	470
Weighted Average Exercise Price (in dollars per share)	$ 40.89
$45.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, minimum (in dollars per share)	$ 45
Options Outstanding (in shares) | shares	263
Options outstanding , Weighted-Average Remaining Contractual Term (Years)	4 years
Options Exercisable (in shares) | shares	263
Weighted Average Exercise Price (in dollars per share)	$ 49.90

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Shares
Outstanding at beginning of period (in shares) | shares	840
Granted (in shares) | shares	389
Vested (in shares) | shares	(135)
Forfeited (in shares) | shares	(62)
Outstanding at end of period (in shares) | shares	1,032
Weighted Average Fair Value
Outstanding at beginning of the period (in dollars per share) | $ / shares	$ 36.84
Granted (in dollars per share) | $ / shares	32.42
Vested (in dollars per share) | $ / shares	37.71
Forfeited (in dollars per share) | $ / shares	34.87
Outstanding at end of the period (in dollars per share) | $ / shares	$ 35.17

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Shares Activity (Details) - Performance-based restricted share units shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Shares
Outstanding at beginning of period (in shares) | shares	56
Granted (in shares) | shares	193
Forfeited (in shares) | shares	(10)
Outstanding at end of period (in shares) | shares	239
Weighted Average Fair Value
Outstanding at beginning of the period (in dollars per share) | $ / shares	$ 47.94
Granted (in dollars per share) | $ / shares	33.39
Forfeited (in dollars per share) | $ / shares	37.92
Outstanding at end of the period (in dollars per share) | $ / shares	$ 36.63

Stock-Based Compensation - TSR

Stock-Based Compensation - TSR Unit Activity (Details) - Total Shareholder Return Restricted Share Units shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Shares
Outstanding at beginning of period (in shares) | shares	89
Forfeited (in shares) | shares	(89)
Outstanding at end of period (in shares) | shares	0
Weighted Average Fair Value
Outstanding at beginning of the period (in dollars per share) | $ / shares	$ 52.36
Forfeited (in dollars per share) | $ / shares	52.36
Outstanding at end of the period (in dollars per share) | $ / shares	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($)		12 Months Ended
	Jul. 06, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Payments for legal settlements		$ 0	$ 15,000,000	$ 27,500,000
Loss contingency accrual, payments	$ 22,200,000

Earnings Per Share ("EPS") - Ca

Earnings Per Share ("EPS") - Calculation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 50.5	$ 6.3	$ (29)
Weighted Average Shares Outstanding:
Basic weighted average shares outstanding (in shares)	46.9	48.1	47.8
Dilutive effect of stock options and restricted share unit awards (in shares)	0.4	0.5	0
Diluted weighted average shares outstanding (in shares)	47.3	48.6	47.8
Basic And Diluted, Earnings Per Share [Abstract]
Basic earnings (loss) per share (in dollars per share)	$ 1.08	$ 0.13	$ (0.61)
Diluted earnings (loss) per share (in dollars per share)	$ 1.07	$ 0.13	$ (0.61)
Dilutive securities excluded from computation of earnings per share (in shares)	2.1

Business and Products Informa_3

Business and Products Information - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Concentration Risk [Line Items]
Number of operating segments (in segments) | segment	1
Number of reportable segments (in reportable segments) | segment	1
Net Sales | $	$ 820	$ 744.6	$ 714.8
United States
Concentration Risk [Line Items]
Net Sales | $	$ 560.7	$ 521.6	$ 481.6

Business and Products Informa_4

Business and Products Information - Disaggregated Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 820	$ 744.6	$ 714.8
Chronic Care:
Disaggregation of Revenue [Line Items]
Net sales	476.3	479.8	471.2
Digestive health
Disaggregation of Revenue [Line Items]
Net sales	340.4	322.2	294.1
Respiratory health
Disaggregation of Revenue [Line Items]
Net sales	135.9	157.6	177.1
Pain Management:
Disaggregation of Revenue [Line Items]
Net sales	343.7	264.8	243.6
Acute pain
Disaggregation of Revenue [Line Items]
Net sales	160.1	162.7	157.4
Interventional pain
Disaggregation of Revenue [Line Items]
Net sales	$ 183.6	$ 102.1	$ 86.2

Business and Products Informa_5

Business and Products Information - Schedule Of Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Accrued rebates	$ 14.5	$ 14.3
Accrued incentives	12.4	10.2
Accrued rebates and incentives	26.9	24.5
Accrued sales returns	0.1	0.1
Total estimated liabilities	$ 27	$ 24.6

Business and Products Informa_6

Business and Products Information - Property, plant and equipment (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, net	$ 163.9	$ 168.1
Domestic
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, net	94.5	101.4
Foreign
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, net	$ 69.4	$ 66.7

Share Repurchase Program - Narr

Share Repurchase Program - Narrative (Details) - USD ($) $ in Millions		3 Months Ended				12 Months Ended
	May 16, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 15, 2021
Equity [Abstract]
Stock repurchase program, authorized amount	$ 25								$ 30
Repurchased amount		$ 10.9	$ 14.1	$ 19.3	$ 10.7	$ 44.3	$ 11.5	$ 0.9
Stock repurchase program, period in force	1 year
Shares withheld for tax withholding obligation (in shares)						42,365
Stock issued, value, stock options exercised, net of tax benefit (expense)						$ 1.2

Share Repurchase Program - Purc

Share Repurchase Program - Purchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Number of shares repurchased (in shares)	399,957	522,162	588,293	323,140
Shares repurchased, program to date (in shares)	922,119	522,162	911,433	323,140		323,140
Aggregate Purchase Price (in millions)	$ 10.9	$ 14.1	$ 19.3	$ 10.7	$ 44.3	$ 11.5	$ 0.9
Average price per share (in dollars per share)	$ 27.25	$ 27	$ 32.85	$ 33.04
Amount Remaining in Program for Purchase (in millions)	$ 0	$ 10.9	$ 0	$ 19.3		$ 19.3

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions	Jan. 10, 2023 USD ($)
Subsequent Event [Line Items]
Restructuring plan term	3 years
Transformation process
Subsequent Event [Line Items]
Expected cost savings next year	$ 10
Minimum | Transformation process
Subsequent Event [Line Items]
Costs expected to incur	20
Expected cost savings after next year	45
Minimum | Program management consulting and employee retention
Subsequent Event [Line Items]
Costs expected to incur	9
Minimum | Manufacturing and supply chain improvements
Subsequent Event [Line Items]
Costs expected to incur	8
Minimum | Organizational design, alignment and other related activities
Subsequent Event [Line Items]
Costs expected to incur	6
Maximum | Transformation process
Subsequent Event [Line Items]
Costs expected to incur	25
Expected cost savings after next year	55
Maximum | Program management consulting and employee retention
Subsequent Event [Line Items]
Costs expected to incur	12
Maximum | Manufacturing and supply chain improvements
Subsequent Event [Line Items]
Costs expected to incur	11
Maximum | Organizational design, alignment and other related activities
Subsequent Event [Line Items]
Costs expected to incur	$ 8