Avanos Medical (AVNS) 10-K 20 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 13, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,191,714,961
Entity Common Stock, Shares Outstanding		46,202,992
Documents Incorporated by Reference	Certain information contained in the definitive Proxy Statement for the Avanos Annual Meeting of Stockholders to be held on April 25, 2024 is incorporated by reference into Part III.
Entity Central Index Key	0001606498
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net Sales	$ 673.3	$ 684.1	$ 587
Cost of products sold	293.6	289.9	287.8
Gross Profit	379.7	394.2	299.2
Research and development	27.2	29.2	30.6
Selling and general expenses	335	326.5	285.3
Other expense, net	13.3	3	22.3
Operating Income (Loss)	4.2	35.5	(39)
Interest income	2.9	1.2	0.2
Interest expense	(15)	(10)	(3.3)
(Loss) Income Before Income Taxes	(7.9)	26.7	(42.1)
Income tax (provision) benefit	(2)	(5.2)	11.2
(Loss) Income from Continuing Operations	(9.9)	21.5	(30.9)
(Loss) Income from discontinued operations, net of tax	(51.9)	29	37.2
Net (Loss) Income	$ (61.8)	$ 50.5	$ 6.3
Basic:
Continuing operations (in dollars per share)	$ (0.21)	$ 0.46	$ (0.64)
Discontinued operations (in dollars per share)	(1.11)	0.62	0.77
Basic (Loss) Earnings Per Share (in dollars per share)	(1.32)	1.08	0.13
Diluted:
Continuing operations (in dollars per share)	(0.21)	0.46	(0.64)
Discontinued operations (in dollars per share)	(1.11)	0.61	0.77
Diluted (Loss) Earnings Per Share (in dollars per share)	$ (1.32)	$ 1.07	$ 0.13

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ (61.8)	$ 50.5	$ 6.3
Other Comprehensive (Loss) Income, Net of Tax
Defined benefit plans	(0.3)	0.3	0.4
Unrealized currency translation adjustments	9.1	(2.3)	(6.1)
Cash flow hedges, net of tax	0	0	0
Total Other Comprehensive Income (Loss), Net of Tax	8.8	(2)	(5.7)
Comprehensive (Loss) Income	$ (53)	$ 48.5	$ 0.6

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 87.7	$ 127.7
Accounts receivable, net of allowances	142.8	167.9
Inventories	163.2	132.3
Prepaid and other current assets	28.8	13.9
Assets held for sale	64.5	182.3
Total Current Assets	487	624.1
Property, Plant and Equipment, net	117.2	118.6
Operating Lease Right-of-Use Assets	26.8	27.5
Goodwill	796.1	760.3
Other Intangible Assets, net	239.5	234.2
Deferred Tax Assets	6.5	4.6
Other Assets	19.3	17.6
TOTAL ASSETS	1,692.4	1,786.9
Current Liabilities
Current portion of long-term debt	8.6	6.2
Current portion of operating lease liabilities	12.8	12
Trade accounts payable	56.3	67.9
Accrued expenses	93.2	97.8
Liabilities held for sale	63.7	7.1
Total Current Liabilities	234.6	191
Long-Term Debt	159.4	226.3
Operating Lease Liabilities	28.3	32.5
Deferred Tax Liabilities	23.8	25.4
Other Long-Term Liabilities	10	20.5
Total Liabilities	456.1	495.7
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, 46,174,337 outstanding at December 31, 2023 and 46,528,907 outstanding at December 31, 2022	0.5	0.5
Additional paid-in capital	1,663.6	1,646.4
Accumulated deficit	(314.9)	(253.1)
Treasury stock	(85.9)	(66.8)
Accumulated other comprehensive loss	(27)	(35.8)
Total Stockholders’ Equity	1,236.3	1,291.2
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,692.4	$ 1,786.9

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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)	46,174,337	46,528,907

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 (Loss) Income
Balance at the beginning of period (in shares) at Dec. 31, 2020		47,918,000
Balance at the beginning of period (in shares) at Dec. 31, 2020					231,000
Balance at beginning 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 (loss) income	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 income (loss), net of tax	(5.7)					(5.7)
Balance at the end of period (in shares) at Dec. 31, 2021		48,206,000
Balance at the end of period (in shares) at Dec. 31, 2021					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]
Net (loss) income	50.5			50.5
Issuance of common stock upon the exercise or redemption of share-based awards (in shares)		(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 income (loss), net of tax	$ (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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ (61.8)			(61.8)
Issuance of common stock upon the exercise or redemption of share-based awards (in shares)	2,000	(355,000)			168,000
Issuance of common stock upon the exercise or redemption of share-based awards	$ (2.7)		1.4		$ (4.1)
Stock-based compensation expense	15.8		15.8
Purchases of treasury stock (in shares)					743,000
Purchases of treasury stock	(15)				$ (15)
Other comprehensive income (loss), net of tax	$ 8.8					8.8
Balance at the end of period (in shares) at Dec. 31, 2023	46,174,337	46,174,000
Balance at the end of period (in shares) at Dec. 31, 2023	742,653				3,043,000
Balance at end of period at Dec. 31, 2023	$ 1,236.3	$ 0.5	1,663.6	(314.9)	$ (85.9)	(27)
Balance at the beginning of period (in shares) at Sep. 30, 2023	451,965
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of treasury stock (in shares)	290,688
Purchases of treasury stock	$ (5.8)
Balance at the end of period (in shares) at Dec. 31, 2023	46,174,337	46,174,000
Balance at the end of period (in shares) at Dec. 31, 2023	742,653				3,043,000
Balance at end of period at Dec. 31, 2023	$ 1,236.3	$ 0.5	$ 1,663.6	$ (314.9)	$ (85.9)	$ (27)

CONSOLIDATED CASH FLOW STATEMEN

CONSOLIDATED CASH FLOW STATEMENTS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net (loss) income	$ (61.8)	$ 50.5	$ 6.3
Depreciation and amortization	46.1	47.7	38.3
Stock-based compensation	15.8	15.9	13.2
Loss on RH disposal	70.8	0	0
Net losses on asset dispositions and asset impairments	1.9	1.1	8
Changes in operating assets and liabilities, net of acquisition
Accounts receivable	39	(24.7)	(10.8)
Inventories, net of allowance	4.7	(30.9)	15.7
Prepaid expenses and other assets	(19.6)	3	(1.9)
Accounts payable	(14.4)	35.4	(11.9)
Accrued expenses	(27.7)	(7.1)	33.4
Deferred income taxes and other	(22.4)	0	(3)
Cash Provided by Operating Activities	32.4	90.9	87.3
Investing Activities
Capital expenditures	(17.8)	(19.3)	(21)
Proceeds from the RH divestiture	89	0	0
Acquisition of assets and businesses, net of cash acquired	(49.6)	(116.1)	0
Cash Provided by (Used in) Investing Activities	21.6	(135.4)	(21)
Financing Activities
Proceeds from issuance of secured debt	0	250	0
Secured debt repayments	(4.7)	(126.6)	0
Debt issuance costs	0	(2.9)	20
Revolving credit facility proceeds	55	150	(70)
Revolving credit facility repayments	(115)	(170)	0
Purchase of treasury stock	(19.1)	(45.5)	(11.5)
Proceeds from the exercise of stock options	1.3	1.7	6.2
Payment of contingent consideration liabilities	(11.7)	0	0
Cash (Used in) Provided by Financing Activities	(94.2)	56.7	(55.3)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	0.2	(3)	(4)
(Decrease) Increase in Cash and Cash Equivalents	(40)	9.2	7
Cash and Cash Equivalents - Beginning of Year	127.7	118.5	111.5
Cash and Cash Equivalents - End of Year	87.7	127.7	118.5
Supplemental Cash Flow Disclosure:
Cash paid (refunded) for income taxes	23.6	(2.9)	(45)
Cash paid for interest	14.7	8.1	3
Supplemental Noncash Disclosure
Capital expenditures included in accounts payable or accrued expenses	$ 3.4	$ 3.9	$ 5.6

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2023
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, certain amounts included in discontinued operations, certain amounts included in assets and liabilities held for sale, 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 recent 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. 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, 2023, 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, as well as a decline in our stock price, 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 5. 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, 2023 and 2022. 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 49% 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 $10.4 million and $14.5 million, respectively, as of December 31, 2023 and 2022. 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 28% 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 $7.3 million and $12.4 million, respectively, as of December 31, 2023 and 2022. 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, 2023 and December 31, 2022. Bad debt expense was $0.7 million for the year ended December 31, 2023 compared to $1.4 million for the year ended December 31, 2022 and a net benefit of $0.5 million for the year end December 31, 2021. 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 13, “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, 2023, we have accumulated undistributed earnings generated by our foreign subsidiaries of approximately $33.6 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 obligation 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, 2023, we adopted 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. 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 December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvement to Income Tax Disclosures. This ASU pertains to disaggregation of income tax disclosures and enhances annual income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid, and requires entities to disclose a tabular reconciliation of expected tax and reported tax on income from continuing operations using both percentages and amounts, broken out into specific categories with certain reconciling items at or above 5% of the expected tax further broken out by nature and/or jurisdiction. Additionally, this ASU requires disclosure around income taxes paid (net of refunds received) broken out between federal, state, local and foreign, and income taxes paid (net of refunds received) to an individual jurisdiction when greater than 5% of total income taxes paid. This ASU will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures. This ASU enhances segment reporting under Topic 280 by expanding the breadth and frequency of segment disclosures, and aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. This ASU will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows. In August 2023, the FASB issued ASU No. 2023-05, Business Combinations: Joint Venture Formations. This ASU is intended to address diversity in practice regarding accounting and provide decision-useful information related to contributions made to joint ventures and requires entities that qualify as either a joint venture or a corporate joint venture to apply a new basis of accounting upon the formation of the joint venture. Specifically, the ASU provides that a joint venture or a corporate joint venture must initially measure its assets and liabilities at fair value on the formation date. This ASU will be effective for all newly-formed joint venture entities with a formation date on or after January 1, 2025, with early adoption permitted. Joint ventures formed prior to the adoption date may elect to apply the new guidance retrospectively back to their original formation date. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On June 7, 2023, we entered into a Purchase Agreement (the “Purchase Agreement”) by and among us and certain of our affiliates and SunMed Group Holdings, LLC (“Buyer”) pursuant to which Buyer agreed to purchase substantially all of the assets primarily relating to or primarily used in our Respiratory Health (“RH”) business (the “RH Divestiture”). On October 2, 2023, we closed the RH Divestiture for a total purchase price of $110.0 million in cash, subject to certain adjustments as provided in the Purchase Agreement based on the indebtedness and inventory transferred to Buyer at the closing and the chargebacks assumed by Buyer but that would otherwise have been payable by the Company and its subsidiaries on or after October 2, 2023 to distributors of the Company’s RH products located in the United States (the “Initial Closing”). The Divestiture represents a key component of Avanos’ ongoing three-year transformation process, and is aimed at accelerating the Company’s efforts to focus its portfolio on markets where it is well positioned to succeed. At or before the closing of the RH Divestiture, we and Buyer entered into various transition services agreements pursuant to which we, Buyer and each company’s respective affiliates will provide to each other various transitional services, including, but not limited to, product manufacturing and distribution, facilities, order fulfillment, invoicing, quality assurance, regulatory support, audit support and other services. The services generally commenced on the closing date of the Divestiture and terminate no later than one We have also entered into distribution agreements with Buyer under which we will remain a limited risk distributor for RH products on Buyer’s behalf for sales outside of the United States. As a result, we have $11.9 million of RH products included in “Prepaid expenses and other current assets” in the accompanying consolidated balance sheet as of December 31, 2023. We anticipate the limited risk distributor arrangements will terminate no later than a period not to exceed three years from the date of the Purchase Agreement. As a result of the Divestiture, the results of operations from our RH business are reported as “(Loss) income from discontinued operations, net of tax” and the related assets and liabilities are classified as “held for sale” in the consolidated financial statements. Pursuant to an agreement under which we provide manufacturing services for the Buyer, certain manufacturing facilities and equipment did not transfer to the Buyer upon the Initial Closing, and remain in “Assets Held for Sale” as of December 31, 2023 with a corresponding liability representing our obligation to transfer the manufacturing facilities and equipment to the buyer at a later date. Likewise, the results of operations from these manufacturing operations continue to be classified as “(Loss) income from discontinued operations, net of tax.” The following table summarizes the financial results of our discontinued operations for all periods presented herein (in millions): Year Ended December 31, 2023 2022 2021 Net Sales $ 100.9 $ 135.9 $ 157.6 Cost of products sold 68.8 80.1 91.0 Gross Profit 32.1 55.8 66.6 Research and development 0.8 1.4 1.7 Selling and general expenses 11.2 15.4 15.0 Pretax loss on classification as discontinued operations 70.8 — — Other expense, net 0.3 0.5 0.5 Operating Income (51.0) 38.5 49.4 Income tax (provision) benefit from discontinued operations (0.9) (9.5) (12.2) Net (Loss) Income from discontinued operations, net of tax $ (51.9) $ 29.0 $ 37.2 The “Pretax loss on classification of discontinued operations” was $70.8 million, which includes goodwill impairment of $59.1 million, inventory impairment of $5.0 million and impairment on the remaining disposal group of $6.7 million. In accordance with accounting principles generally accepted in the United States (“GAAP”), only expenses specifically identifiable and related to a business to be disposed may be allocated to discontinued operations. Accordingly, the cost of products sold, research and development, selling and general expenses and other expense, net in discontinued operations include expenses incurred directly to solely support our respiratory health business. Details on assets and liabilities classified as held for sale in the accompanying consolidated balance sheets are presented in the following table (in millions): December 31, December 31, Assets held for sale - discontinued operations Inventories $ 17.5 $ 58.0 Property, Plant and Equipment, net 43.9 45.3 Operating Lease Right-of-Use Assets 3.1 3.1 Goodwill — 59.1 Other Intangible Assets, net — 16.8 Total assets classified as held for sale $ 64.5 $ 182.3 Liabilities held for sale - discontinued operations Current Portion of Operating Lease Liabilities 0.8 $ 0.8 Liabilities held for sale 61.3 4.1 Current liabilities held for sale - discontinued operations 62.1 4.9 Non-Current Operating Lease Liability $ 1.6 2.2 Total liabilities held for sale - discontinued operations $ 63.7 $ 7.1 Assets and liabilities held for sale as of December 31, 2023 were classified as current since we expect the Divestiture to be completed within one year of the Purchase Agreement date. The following table provides operating and investing cash flow information for our discontinued operations (in millions): Year Ended December 31, 2023 2022 2021 Operating Activities: Depreciation and amortization $ 2.6 $ 6.5 $ 6.7 Stock-based compensation expense 0.1 0.1 0.1 Investing Activities: Capital expenditures 3.6 5.0 6.9

Restructuring

Restructuring	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring Our restructuring expenses for the years ended December 31, 2023, 2022 and 2021 are summarized in the table below (in millions): Year Ended December 31, 2023 2022 2021 Transformation Process $ 28.2 $ — $ — Post-S&IP Divestiture Restructuring Plan — — 10.2 2020 Restructuring — — 12.4 Total Restructuring Costs $ 28.2 $ — $ 22.6 Transformation Process In January 2023, we initiated a three-year restructuring initiative intended to align the Company under a single commercial organization, rationalize our product portfolio, undertake additional cost management activities to enhance the Company’s operating profitability and pursue efficient capital allocation strategies (the “Transformation Process”). The Divestiture represents a key component of our three-year transformation process. We expect the Transformation Process will be substantially complete by the end of 2025. We expect to incur up to $30.0 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 organization design and alignment and other related activities. These amounts include between $6.0 million and $8.0 million of employee severance and benefits costs. In the year ended December 31, 2023, we incurred expenses of $28.2 million primarily related to program management consulting and employee retention expenses and employee severance and benefits costs in connection with the Transformation Process. These costs were included in “Cost of products sold,” “Research and development,”, “Selling and general expenses” and “Other expense, net” in the accompanying consolidated income statements. Post-S&IP Divestiture Restructuring Plan In conjunction with the sale of our Surgical and Infection Prevention (“S&IP”) business (the “S&IP Divestiture”) in 2018, 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-S&IP Divestiture restructuring plan has been completed, and costs incurred were included in “Cost of products sold”, “Selling and general expenses” and “Other expense, net.” 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 and Recovery franchise, exit unprofitable lines of business and reduce the size of our office space to align with expected requirements following the COVID-19 pandemic (the “2020 Restructuring”). 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, 2023 and 2022 is summarized below (in millions): As of December 31, 2023 2022 Balance, beginning of year $ — $ 0.1 Total restructuring costs, excluding non-cash charges 24.3 — Payments and adjustments, net (22.0) (0.1) Balance, end of year $ 2.3 $ —

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2023
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, 2023, 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, 2021 $ 742.5 Goodwill acquired (a) 19.3 Currency translation adjustment (1.5) Balance at December 31, 2022 760.3 Goodwill acquired (a) 33.4 Purchase accounting adjustment (b) 1.8 Currency translation adjustment 0.6 Balance at December 31, 2023 $ 796.1 _____________________________________________ (a) We acquired $21.1 million and $33.4 million of goodwill in conjunction with the acquisition of OrthogenRx and Diros, respectively, described in Note 6, “Business Acquisition.” Goodwill was allocated to our existing medical devices reporting unit. (b) Purchase accounting adjustment related to the acquisition of OrthogenRx in the first quarter of 2023.

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 Accounts Receivable $ 134.0 $ 162.1 Income tax receivable 14.1 12.2 Allowances and doubtful accounts Doubtful accounts (5.1) (6.1) Sales discounts (0.2) (0.3) Accounts receivable, net $ 142.8 $ 167.9 Losses on receivables are estimated based on known troubled accounts and historical experience. Receivables are considered impaired and written off when it is probable that payments due will not be collected. Bad debt expense was $0.7 million for the year ended December 31, 2023 compared to $1.4 million for the year ended December 31, 2022 and a net benefit of $0.5 million for the year end December 31, 2021. 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, 2023 2022 Raw materials $ 50.3 $ 36.7 Work in process 19.8 23.8 Finished goods 88.5 69.8 Supplies and other 4.6 2.0 Total Inventory 163.2 132.3 We incurred $5.1 million, $8.2 million and $9.8 million of expense for inventory write-offs and obsolescence in the years ended December 31, 2023, 2022 and 2021, respectively. Property, Plant and Equipment Property, plant and equipment consists of the following (in millions): As of December 31, 2023 2022 Land $ 1.3 $ 1.1 Buildings and leasehold improvements 38.0 37.2 Machinery and equipment 182.8 168.7 Construction in progress 18.0 16.4 240.1 223.4 Less accumulated depreciation (122.9) (104.8) Total $ 117.2 $ 118.6 Property, plant and equipment includes $0.5 million of interest that was capitalized in the year ended December 31, 2023, compared to $0.1 million of interest that was capitalized in the year ended December 31, 2022. There were $3.4 million and $3.9 million of capital expenditures in accounts payable as of December 31, 2023 and 2022, respectively. Depreciation expense was $19.2 million, $17.5 million and $17.0 million, respectively, in the years ended December 31, 2023, 2022 and 2021. Intangible Assets Intangible assets subject to amortization consist of the following (in millions): As of December 31, 2023 2022 Gross Accumulated Net Gross Accumulated Net Trademarks $ 42.0 $ (28.8) $ 13.2 $ 38.8 $ (27.5) $ 11.3 Patents and acquired technologies 248.6 (171.9) 76.7 244.4 (162.3) 82.1 Other 207.7 (58.1) 149.6 185.7 (44.9) 140.8 Total $ 498.3 $ (258.8) $ 239.5 $ 468.9 $ (234.7) $ 234.2 In the third quarter of 2023, we acquired $29.6 million of identified intangibles in conjunction with our acquisition of Diros, as described in Note 6, “Business Acquisition.” Amortization expense for intangible assets is included in “Cost of products sold” and “Selling and general expenses” and was $24.3 million, $23.6 million and $14.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. We estimate amortization expense for the next five years and beyond will be as follows (in millions): For the years ending December 31, 2024 $ 25.5 2025 25.0 2026 24.5 2027 24.3 2028 24.3 Thereafter 115.9 Total $ 239.5 Accrued Expenses Accrued expenses consist of the following (in millions): As of December 31, 2023 2022 Accrued rebates $ 17.7 $ 26.9 Accrued salaries and wages 31.5 34.6 Accrued taxes and other 16.7 21.2 Other 27.3 15.1 Total $ 93.2 $ 97.8 Other Long-Term Liabilities Other long-term liabilities consist of the following (in millions): As of December 31, 2023 2022 Accrued compensation benefits 5.9 4.8 Other 4.1 15.7 Total $ 10.0 $ 20.5

Business Acquisitions

Business Acquisitions	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Business Acquisitions	Business Acquisitions Diros Technology Acquisition On June 17, 2023 we entered into a definitive agreement to acquire Diros Technology Inc., (“Diros”) a leading manufacturer of innovative radiofrequency ablation (“RFA”) products used to treat chronic pain conditions. On July 24, 2023, we closed the acquisition of Diros. The total purchase price paid in connection with our acquisition of Diros was $53.0 million, consisting of $2.5 million in cash paid upon entry into the definitive agreement and $50.5 million in cash paid at closing (subject to certain working capital and other adjustments), with up to an additional $7.0 million payable in contingent cash consideration based on achievement of certain performance objectives defined in the purchase agreement (the “Diros Acquisition”). The purchase price for the Diros Acquisition was funded by proceeds from our Revolving Credit Facility. The accompanying consolidated income statement includes $6.9 million of net sales from Diros since the acquisition date. In the year ended December 31, 2023, we incurred $1.7 million of costs, in connection with the Diros acquisition, which are included in “Costs of goods sold” and “Selling and general expenses.” Under the acquisition method of accounting for business combinations, the purchase price paid is allocated to the underlying net assets in proportion to their respective fair values. Any excess of the purchase price over the estimated fair values is recorded as goodwill. Fair values of assets acquired and liabilities assumed are being determined using discounted cash flow analyses and the fair value of the contingent consideration is being estimated using a Monte Carlo simulation. Assumptions supporting the estimated fair values are based on facts and circumstances that existed on the valuation date. Estimated fair values may be revised during a measurement period, not to exceed 12 months from the date of acquisition, as valuations are finalized or additional information is obtained about facts and circumstances that existed on the valuation date. The preliminary purchase price allocation is shown in the table below (in millions): Current assets, net of cash acquired $ 7.5 Current liabilities, excluding contingent consideration (7.0) Contingent consideration (5.3) Other noncurrent assets (liabilities), net (0.5) Deferred tax liabilities (8.1) Identifiable intangible assets 29.6 Goodwill 33.4 Total 49.6 Goodwill from the Diros Acquisition is not fully tax deductible and is attributable to future earnings potential and the strategic fit within our radiofrequency product line in our interventional pain portfolio as it allows for providing a greater continuum of care for patients. The identifiable intangible assets relating to the Diros Acquisition include the following (in millions, except years): Identifiable Intangible Asset Amount Weighted Average Useful Lives (Years) Trade names and trademarks $ 2.9 15 Customer relationships 21.2 14 Developed technology and other 5.5 13 Total $ 29.6 The following unaudited pro forma financial information is presented in the table below for the year ended December 31, 2023 and 2022 as if the acquisition had occurred on January 1, 2022 (in millions, except per share amounts): Year Ended December 31, 2023 (Unaudited) 2022 (Unaudited) Net sales $ 680.3 $ 697.8 Net (loss) income from continuing operations (8.9) 20.5 (Loss) Income from discontinued operations, net of tax (51.9) 29.0 Net (Loss) Income (60.8) 49.5 Basic (Loss) Earnings Per Share Continuing operations (0.17) 0.39 Discontinued operations (1.14) 0.67 Basic (Loss) Earnings Per Share (1.31) 1.06 Diluted (Loss) Earnings Per Share Continuing operations (0.17) 0.39 Discontinued operations (1.14) 0.67 Diluted (Loss) Earnings Per Share (1.31) 1.06 The pro forma financial information has been adjusted to include the effects of the Diros Acquisition, including acquisition-related costs, amortization of acquired intangibles and related tax effects. The pro-forma financial information is not necessarily indicative of the results of operations that would have been achieved. OrthogenRx 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 (the “OrthogenRx Acquisition”) . 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. $10.6 million of contingent cash consideration has been paid based on OrthogenRx’s 2022 net sales. We will have no payments of contingent cash consideration based on OrthogenRx’s 2023 net sales. 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. Any excess of the purchase price over the estimated fair values was recorded as goodwill. The final purchase price allocation, net of cash acquired, is shown in the table below (in millions): Accounts receivable, net $ 11.6 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) (5.7) Deferred tax liability (22.1) Identifiable intangible assets 135.6 Goodwill 21.1 Total $ 116.1 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.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Leases Our 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, 2023, 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, 2023 2022 Assets Operating lease right-of-use assets $ 26.8 $ 27.5 Liabilities Current portion of operating lease liabilities 12.8 12.0 Operating lease liabilities 28.3 32.5 Total Operating Lease Liabilities $ 41.1 $ 44.5 Weighted average remaining lease term 4.8 years 5.6 years Weighted average discount rate 4.5 % 4.0 % The table below summarizes costs and cash flows arising from our lease arrangements for the year ended December 31, 2023 (in millions): Year Ended December 31, 2023 2022 Operating lease cost $ 12.8 $ 13.1 Short-term lease cost 0.3 0.3 Variable lease cost 1.5 1.0 Total lease cost $ 14.6 $ 14.4 Cash paid for amounts included in the measurement of lease liabilities $ 17.5 $ 16.2 Right-of-use assets obtained in exchange for operating lease liabilities $ 10.4 $ 3.0 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 2024 $ 13.5 2025 9.3 2026 7.7 2027 6.2 2028 5.6 Thereafter 5.9 Future minimum obligations $ 48.2

Fair Value Information

Fair Value Information	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Assets Cash and cash equivalents 1 $ 87.7 $ 87.7 $ 127.7 $ 127.7 Liabilities Revolving Credit Facility 2 $ 50.0 $ 50.0 $ 110.0 $ 110.0 Term Loan Facility 2 118.0 118.0 122.5 122.5 Contingent consideration related to acquisition 3 5.3 5.3 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 9, “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 Diros in Note 6, “Business Acquisitions.” For the years ended December 31, 2023 and 2022, 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, 2023
Debt Disclosure [Abstract]
Debt	Debt As of December 31, 2023 and 2022, our debt balances were as follows (in millions): Weighted- Maturity As of December 31, 2023 2022 Revolving Credit Facility 6.71% 2027 $ 50.0 $ 110.0 Term Loan Facility 6.63% 2027 118.8 123.4 168.8 233.4 Unamortized debt issuance costs (0.8) (0.9) Current portion of long-term debt (8.6) (6.2) Total Long-Term Debt, net $ 159.4 $ 226.3 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 6.6% as of December 31, 2023. 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 6, “Business Acquisitions”. 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”). 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 $8.6 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, 2023, we repaid $4.7 million of the Term Loan Facility. During the year ended December 31, 2023, we borrowed $55.0 million repaid $115.0 million of the Revolving Credit Facility. As of December 31, 2023, we had letters of credit outstanding of $6.4 million. As of December 31, 2023, the aggregate amounts of long-term debt that will mature during each of the next four years are as follows (in millions): Amount 2024 $ 8.6 2025 9.4 2026 10.2 2027 140.6 Total $ 168.8 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, 2023, we were in compliance with all of our debt covenants. As of December 31, 2023, 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, 2023
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, 2023 2022 2021 Income (loss) before income taxes United States $ (17.3) $ 21.6 $ (44.1) Foreign 9.4 5.1 2.0 Total (7.9) 26.7 (42.1) Income tax provision (benefit): Current: United States 3.7 4.9 (15.5) State 2.4 2.4 (0.8) Foreign 4.0 1.7 1.3 Total 10.1 9.0 (15.0) Deferred: United States (4.9) (4.0) 3.8 State (1.9) 0.6 (0.1) Foreign (1.3) (0.4) 0.1 Total (8.1) (3.8) 3.8 Total income tax provision (benefit) $ 2.0 $ 5.2 $ (11.2) 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 no benefit in the year ended December 31, 2023 and a $3.8 million, and $2.8 million benefit that was recognized in the years ended December 31, 2022 and 2021, respectively. As of December 31, 2023, we have accumulated undistributed earnings generated by our foreign subsidiaries of approximately $33.6 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, 2023 2022 2021 Federal statutory rate 21.0 % 21.0 % 21.0 % Rate of state income taxes, net of federal tax benefit (4.1) 8.1 2.5 Statutory rate other than U.S. statutory rate (11.8) 2.2 0.1 Foreign tax credit carryback — — (4.8) Valuation allowance (0.1) 1.2 (2.8) Uncertain tax positions — — 1.0 Capital Loss Carryback — — 11.5 CARES Act — (14.4) 6.7 DOJ Deferred Prosecution Agreement — — (6.6) Nondeductible officer’s compensation (21.2) 5.6 (3.0) U.S. federal research and development credit 22.6 (10.5) 3.1 Share based compensation windfall tax deduction (7.2) 4.1 (1.3) Other, net (24.5) 2.2 (0.8) Effective tax rate (25.3) % 19.5 % 26.6 % The following is a summary of the significant components of the Company’s deferred tax assets and liabilities (in millions): As of December 31, 2023 2022 Deferred tax assets Accrued liabilities $ 9.8 $ 9.2 Stock-based compensation 5.2 5.5 Net Operating Losses 10.3 18.3 Section 174 Research Capitalization 18.0 10.7 Foreign Tax Credits 3.7 3.7 Federal Research Tax Credits 0.4 0.4 Operating Lease Obligations 6.2 7.3 Other 4.1 4.2 57.7 59.3 Valuation allowance (4.3) (9.0) Total deferred tax assets 53.4 50.3 Deferred tax liabilities Intangibles, net 55.3 56.5 Operating Lease Right of Use Assets 2.9 3.5 Inventories 3.8 2.9 Property, plant and equipment, net 8.5 7.9 Other 0.2 0.3 Total deferred tax liabilities 70.7 71.1 Net deferred tax (liabilities) assets $ (17.3) $ (20.8) Valuation allowances decreased $4.7 million during the year ended December 31, 2023. Valuation allowances at the end of 2023 and 2022 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, 2023, we have credit carryforwards for federal income tax purposes of $5.0 million, all of which will expire between 2028 and 2038. We also have net operating loss carryforwards for federal income tax purposes of $25.1 million, of which $1.8 million will expire between 2031 and 2037. The remaining net operating losses are available for carryforward indefinitely. At December 31, 2023, we have credit carryforwards for state income tax purposes of $0.6 million, of which $0.4 million will expire between 2025 and 2028. We also have net operating loss carryforwards for state income tax purposes of $89.0 million, some of which will expire between 2025 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 $1.9 million, of which all are available for carryforward indefinitely. We did not have any unrecognized tax benefits during the years ended December 31, 2023 and 2022.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2023
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 $6.6 million, $6.5 million and $6.6 million, respectively, of expense for our matching contributions to the 401(k) plan in the years ended December 31, 2023, 2022 and 2022, 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 $4.7 million and $4.0 million as of December 31, 2023 and 2022, respectively. Net periodic pension cost for the years ended December 31, 2023, 2022 and 2021 was $0.9 million, $0.7 million and $0.8 million, respectively. Over the next ten years, we expect gross benefit payments to be $0.3 million in total for the years 2024 through 2028, and $0.5 million in total for the years 2030 through 2034.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2023
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 Defined Benefit Accumulated Other Comprehensive Income 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) Other comprehensive income (loss) 9.1 (0.3) 8.8 Balance, December 31, 2023 $ (27.0) $ — $ (27.0) The net changes in the components of AOCI, including the tax effect, are as follows (in millions): Year Ended December 31, 2023 2022 2021 Unrealized translation $ 9.1 $ (2.3) $ (6.1) Defined benefit pension plans (0.3) 0.4 0.5 Tax effect — (0.1) (0.1) Defined benefit pension plans, net of tax (0.3) 0.3 0.4 Change in AOCI $ 8.8 $ (2.0) $ (5.7)

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Avanos Medical, Inc. Equity Participation Plan, the Avanos Medical, Inc. 2021 Long Term Incentive Plan, as amended 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 5.1 million shares of Avanos common stock may be issued under the Equity Plans, and there were 1.7 million shares remaining available for issuance as of December 31, 2023. 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, 2023. 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, 2023, 2022 and 2022 is shown in the table below (in millions): Year Ended December 31, 2023 2022 2021 Stock options $ 0.3 $ 1.1 $ 1.9 Time-based restricted share units 10.5 11.6 8.9 Performance-based restricted share units 4.8 3.0 2.1 Employee stock purchase plan 0.2 0.2 0.3 Total stock-based compensation $ 15.8 $ 15.9 $ 13.2 Stock Options There were no options awarded in the years ended December 31, 2023, 2022 and 2021. 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. A summary of stock option activity is presented below: Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2022 1,106 $ 39.11 Exercises (2) 29.32 Forfeitures (68) 36.28 Outstanding at December 31, 2023 1,036 $ 39.32 3.89 $ — Vested and exercisable at December 31, 2023 1,036 $ 39.32 3.89 $ — The following table summarizes information about options outstanding as of December 31, 2023: Options Outstanding Options Exercisable Range of Shares (in thousands) Weighted-Average Shares (in thousands) Weighted-Average Exercise Price $25.00 to $35.00 333 5.0 333 $ 28.97 $35.00 to $45.00 446 3.5 446 40.93 $45.00+ 257 3.0 257 49.91 1,036 3.9 1,036 $ 39.32 No options were exercised during the years ended December 31, 2023 and 2022. Options with aggregate intrinsic values of $1.6 million were exercised in the year ending December 31, 2021. The tax benefits from exercises were not material in 2021. 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, 2022 1,032 $ 35.17 Granted 433 27.78 Vested (491) 31.69 Forfeited (99) 35.46 Outstanding at December 31, 2023 875 $ 33.44 For time-vested RSUs outstanding at December 31, 2023, we expect to recognize an additional $12.1 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, 2022 239 $ 36.63 Granted 313 28.89 Forfeited (32) 34.57 Outstanding at December 31, 2023 520 $ 32.09 For performance-based RSUs outstanding at December 31, 2023, we expect to recognize an additional $8.7 million of expense over the remaining average service period of less than two years.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
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 years ended December 31, 2023 and December 31, 2022, we incurred no costs with respect to such indemnification matters compared to $15.0 million in the year ended December 31, 2021. 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. In the year ended December 31, 2023, we incurred $10.0 million of expense for a settlement related to a customer claim. We did not record litigation-related charges in 2022. 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, 2023
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, 2023, 2022 and 2021 is set forth in the following table (in millions, except per share amounts): Year Ended December 31, 2023 2022 2021 Net (loss) income from continuing operations $ (9.9) $ 21.5 $ (30.9) Net (loss) income from discontinued operations $ (51.9) $ 29.0 $ 37.2 Net (loss) income $ (61.8) $ 50.5 $ 6.3 Weighted Average Shares Outstanding: Basic weighted average shares outstanding 46.6 46.9 48.1 Dilutive effect of stock options and restricted share unit awards — 0.4 0.5 Diluted weighted average shares outstanding 46.6 47.3 48.6 (Loss) Earnings Per Share: Basic: Continuing Operations $ (0.21) $ 0.46 $ (0.64) Discontinued Operations (1.11) 0.62 0.77 Basic (Loss) Earnings Per Share $ (1.32) $ 1.08 $ 0.13 Diluted: Continuing operations $ (0.21) $ 0.46 $ (0.64) Discontinued operations (1.11) 0.61 0.77 Diluted (Loss) Earnings Per Share $ (1.32) $ 1.07 $ 0.13 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, 2023, $2.2 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, 2023
Segment Reporting [Abstract]
Business and Products Information	Business and Products Information We conduct our business in one operating and reportable segment that provides our medical device products to healthcare 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 recovery 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, 2023 2022 2021 Digestive Health $ 371.6 $ 340.4 $ 322.2 Pain Management and Recovery: Surgical pain and recovery 139.2 160.1 162.7 Interventional pain 162.5 183.6 102.1 Total Pain Management and Recovery 301.7 343.7 264.8 Total Net Sales $ 673.3 $ 684.1 $ 587.0 Digestive Health i s a portfolio of products such as our MIC-KEY enteral feeding tubes, Corpak patient feeding solutions and NeoMed neonatal and pediatric feeding solutions. Pain Management and Recovery is a portfolio of products including: • Surgical pain and recovery products such as ON-Q and ambIT surgical pain pumps and Game Ready cold and compression therapy systems; and • Interventional pain solutions, which provide minimally invasive pain relief therapies, such as our Coolief pain therapy, OrthogenRx’s knee osteoarthritis HA pain relief injection products and Diros’ RFA products used to treat chronic pain conditions . Liabilities for estimated returns, rebates and incentives as of December 31, 2023 and 2022 are presented in the table below (in millions): As of December 31, 2023 2022 Accrued rebates $ 10.4 $ 14.5 Accrued incentives 7.3 12.4 Accrued rebates and incentives (See Note 1) 17.7 26.9 Accrued sales returns (a) 0.1 0.1 Total estimated liabilities $ 17.8 $ 27.0 __________________________________________________ (a) Accrued sales returns are included in “Other” in the accrued expenses table in “Supplemental Balance Sheet Information” in Note 5. For the years ended December 31, 2023, 2022 and 2021, net sales to external customers in the United States were $467.0 million, $463.9 million and $412.2 million, respectively. Globally, two customers accounted for 10% or more of our consolidated net sales in the years ended December 31, 2023, 2022 and 2021. 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, 2023 2022 Domestic $ 76.1 $ 84.1 Foreign 41.1 34.5 Total Property, Plant and Equipment $ 117.2 $ 118.6

Share Repurchase Program

Share Repurchase Program	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Share Repurchase Program	Share Repurchase Program On July 28, 2023, the Board of Directors approved a new one-year program under which we may repurchase up to $25.0 million of our common stock. Repurchases under this program will be made from time to time at management’s discretion on the open market or through privately negotiated transactions in compliance with Rule 10b-18 under the Exchange Act, subject to market conditions, applicable legal requirements and other relevant factors. We have established a pre-arranged trading plan under Rule 10b5-1 of the Exchange Act in connection with this share repurchase program. This share repurchase program does not obligate us to purchase any particular amount of common stock and may be suspended, modified or discontinued by us without prior notice. Purchases of common stock under the 10b5-1 trading plans for the year ended December 31, 2023 are summarized in the table below: Shares Repurchased Aggregate Purchase Price Average Price per Share Amount Remaining in # of Shares Program to Date Third quarter of 2023 451,965 451,965 $ 9.2 $ 20.39 $ 15.8 Fourth quarter of 2023 290,688 742,653 $ 5.8 $ 19.90 $ 10.0 In addition to the share repurchase program, we withheld 168,178 shares of common stock for $4.1 million in taxes associated with stock-based compensation transactions in the year ended December 31, 2023.

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation
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, certain amounts included in discontinued operations, certain amounts included in assets and liabilities held for sale, 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 recent 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	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. Distribution costs are classified as cost of products sold.
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, 2023, 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, as well as a decline in our stock price, 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 5. 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, 2023 and 2022. 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 49% 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 $10.4 million and $14.5 million, respectively, as of December 31, 2023 and 2022. 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 28% 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 $7.3 million and $12.4 million, respectively, as of December 31, 2023 and 2022. 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.
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 Compensation
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, 2023, we have accumulated undistributed earnings generated by our foreign subsidiaries of approximately $33.6 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 obligation 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, 2023, we adopted 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. 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 December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvement to Income Tax Disclosures. This ASU pertains to disaggregation of income tax disclosures and enhances annual income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid, and requires entities to disclose a tabular reconciliation of expected tax and reported tax on income from continuing operations using both percentages and amounts, broken out into specific categories with certain reconciling items at or above 5% of the expected tax further broken out by nature and/or jurisdiction. Additionally, this ASU requires disclosure around income taxes paid (net of refunds received) broken out between federal, state, local and foreign, and income taxes paid (net of refunds received) to an individual jurisdiction when greater than 5% of total income taxes paid. This ASU will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures. This ASU enhances segment reporting under Topic 280 by expanding the breadth and frequency of segment disclosures, and aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. This ASU will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows. In August 2023, the FASB issued ASU No. 2023-05, Business Combinations: Joint Venture Formations. This ASU is intended to address diversity in practice regarding accounting and provide decision-useful information related to contributions made to joint ventures and requires entities that qualify as either a joint venture or a corporate joint venture to apply a new basis of accounting upon the formation of the joint venture. Specifically, the ASU provides that a joint venture or a corporate joint venture must initially measure its assets and liabilities at fair value on the formation date. This ASU will be effective for all newly-formed joint venture entities with a formation date on or after January 1, 2025, with early adoption permitted. Joint ventures formed prior to the adoption date may elect to apply the new guidance retrospectively back to their original formation date. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows.

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Summary of Financial Results of Discontinued Operations	The following table summarizes the financial results of our discontinued operations for all periods presented herein (in millions): Year Ended December 31, 2023 2022 2021 Net Sales $ 100.9 $ 135.9 $ 157.6 Cost of products sold 68.8 80.1 91.0 Gross Profit 32.1 55.8 66.6 Research and development 0.8 1.4 1.7 Selling and general expenses 11.2 15.4 15.0 Pretax loss on classification as discontinued operations 70.8 — — Other expense, net 0.3 0.5 0.5 Operating Income (51.0) 38.5 49.4 Income tax (provision) benefit from discontinued operations (0.9) (9.5) (12.2) Net (Loss) Income from discontinued operations, net of tax $ (51.9) $ 29.0 $ 37.2 Details on assets and liabilities classified as held for sale in the accompanying consolidated balance sheets are presented in the following table (in millions): December 31, December 31, Assets held for sale - discontinued operations Inventories $ 17.5 $ 58.0 Property, Plant and Equipment, net 43.9 45.3 Operating Lease Right-of-Use Assets 3.1 3.1 Goodwill — 59.1 Other Intangible Assets, net — 16.8 Total assets classified as held for sale $ 64.5 $ 182.3 Liabilities held for sale - discontinued operations Current Portion of Operating Lease Liabilities 0.8 $ 0.8 Liabilities held for sale 61.3 4.1 Current liabilities held for sale - discontinued operations 62.1 4.9 Non-Current Operating Lease Liability $ 1.6 2.2 Total liabilities held for sale - discontinued operations $ 63.7 $ 7.1 The following table provides operating and investing cash flow information for our discontinued operations (in millions): Year Ended December 31, 2023 2022 2021 Operating Activities: Depreciation and amortization $ 2.6 $ 6.5 $ 6.7 Stock-based compensation expense 0.1 0.1 0.1 Investing Activities: Capital expenditures 3.6 5.0 6.9

Restructuring (Tables)

Restructuring (Tables)	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Summary of Accrual and Payment Activity	Our restructuring expenses for the years ended December 31, 2023, 2022 and 2021 are summarized in the table below (in millions): Year Ended December 31, 2023 2022 2021 Transformation Process $ 28.2 $ — $ — Post-S&IP Divestiture Restructuring Plan — — 10.2 2020 Restructuring — — 12.4 Total Restructuring Costs $ 28.2 $ — $ 22.6 Our liability for costs associated with our restructuring activities as of December 31, 2023 and 2022 is summarized below (in millions): As of December 31, 2023 2022 Balance, beginning of year $ — $ 0.1 Total restructuring costs, excluding non-cash charges 24.3 — Payments and adjustments, net (22.0) (0.1) Balance, end of year $ 2.3 $ —

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary 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, 2021 $ 742.5 Goodwill acquired (a) 19.3 Currency translation adjustment (1.5) Balance at December 31, 2022 760.3 Goodwill acquired (a) 33.4 Purchase accounting adjustment (b) 1.8 Currency translation adjustment 0.6 Balance at December 31, 2023 $ 796.1 _____________________________________________ (a) We acquired $21.1 million and $33.4 million of goodwill in conjunction with the acquisition of OrthogenRx and Diros, respectively, described in Note 6, “Business Acquisition.” Goodwill was allocated to our existing medical devices reporting unit. (b) Purchase accounting adjustment related to the acquisition of OrthogenRx in the first quarter of 2023.

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Accounts Receivable	Accounts receivable consist of the following (in millions): As of December 31, 2023 2022 Accounts Receivable $ 134.0 $ 162.1 Income tax receivable 14.1 12.2 Allowances and doubtful accounts Doubtful accounts (5.1) (6.1) Sales discounts (0.2) (0.3) Accounts receivable, net $ 142.8 $ 167.9
Summary 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, 2023 2022 Raw materials $ 50.3 $ 36.7 Work in process 19.8 23.8 Finished goods 88.5 69.8 Supplies and other 4.6 2.0 Total Inventory 163.2 132.3
Summary of Property, Plant and Equipment	Property, plant and equipment consists of the following (in millions): As of December 31, 2023 2022 Land $ 1.3 $ 1.1 Buildings and leasehold improvements 38.0 37.2 Machinery and equipment 182.8 168.7 Construction in progress 18.0 16.4 240.1 223.4 Less accumulated depreciation (122.9) (104.8) Total $ 117.2 $ 118.6 Property, plant and equipment held domestically and in foreign countries is as follows (in millions): As of December 31, 2023 2022 Domestic $ 76.1 $ 84.1 Foreign 41.1 34.5 Total Property, Plant and Equipment $ 117.2 $ 118.6
Summary of Intangible Assets Subject to Amortization	Intangible assets subject to amortization consist of the following (in millions): As of December 31, 2023 2022 Gross Accumulated Net Gross Accumulated Net Trademarks $ 42.0 $ (28.8) $ 13.2 $ 38.8 $ (27.5) $ 11.3 Patents and acquired technologies 248.6 (171.9) 76.7 244.4 (162.3) 82.1 Other 207.7 (58.1) 149.6 185.7 (44.9) 140.8 Total $ 498.3 $ (258.8) $ 239.5 $ 468.9 $ (234.7) $ 234.2
Summary 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, 2024 $ 25.5 2025 25.0 2026 24.5 2027 24.3 2028 24.3 Thereafter 115.9 Total $ 239.5
Summary of Accrued Expenses	Accrued expenses consist of the following (in millions): As of December 31, 2023 2022 Accrued rebates $ 17.7 $ 26.9 Accrued salaries and wages 31.5 34.6 Accrued taxes and other 16.7 21.2 Other 27.3 15.1 Total $ 93.2 $ 97.8 Liabilities for estimated returns, rebates and incentives as of December 31, 2023 and 2022 are presented in the table below (in millions): As of December 31, 2023 2022 Accrued rebates $ 10.4 $ 14.5 Accrued incentives 7.3 12.4 Accrued rebates and incentives (See Note 1) 17.7 26.9 Accrued sales returns (a) 0.1 0.1 Total estimated liabilities $ 17.8 $ 27.0 __________________________________________________ (a) Accrued sales returns are included in “Other” in the accrued expenses table in “Supplemental Balance Sheet Information” in Note 5.
Summary of Other Long-Term Liabilities	Other long-term liabilities consist of the following (in millions): As of December 31, 2023 2022 Accrued compensation benefits 5.9 4.8 Other 4.1 15.7 Total $ 10.0 $ 20.5

Business Acquisitions (Tables)

Business Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Summary of Purchase Price Allocation	The preliminary purchase price allocation is shown in the table below (in millions): Current assets, net of cash acquired $ 7.5 Current liabilities, excluding contingent consideration (7.0) Contingent consideration (5.3) Other noncurrent assets (liabilities), net (0.5) Deferred tax liabilities (8.1) Identifiable intangible assets 29.6 Goodwill 33.4 Total 49.6 Accounts receivable, net $ 11.6 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) (5.7) Deferred tax liability (22.1) Identifiable intangible assets 135.6 Goodwill 21.1 Total $ 116.1
Summary of Asset Acquisition	The identifiable intangible assets relating to the Diros Acquisition include the following (in millions, except years): Identifiable Intangible Asset Amount Weighted Average Useful Lives (Years) Trade names and trademarks $ 2.9 15 Customer relationships 21.2 14 Developed technology and other 5.5 13 Total $ 29.6 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
Summary of Pro Forma Information	The following unaudited pro forma financial information is presented in the table below for the year ended December 31, 2023 and 2022 as if the acquisition had occurred on January 1, 2022 (in millions, except per share amounts): Year Ended December 31, 2023 (Unaudited) 2022 (Unaudited) Net sales $ 680.3 $ 697.8 Net (loss) income from continuing operations (8.9) 20.5 (Loss) Income from discontinued operations, net of tax (51.9) 29.0 Net (Loss) Income (60.8) 49.5 Basic (Loss) Earnings Per Share Continuing operations (0.17) 0.39 Discontinued operations (1.14) 0.67 Basic (Loss) Earnings Per Share (1.31) 1.06 Diluted (Loss) Earnings Per Share Continuing operations (0.17) 0.39 Discontinued operations (1.14) 0.67 Diluted (Loss) Earnings Per Share (1.31) 1.06

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Summary 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, 2023 2022 Assets Operating lease right-of-use assets $ 26.8 $ 27.5 Liabilities Current portion of operating lease liabilities 12.8 12.0 Operating lease liabilities 28.3 32.5 Total Operating Lease Liabilities $ 41.1 $ 44.5 Weighted average remaining lease term 4.8 years 5.6 years Weighted average discount rate 4.5 % 4.0 %
Summary 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, 2023 (in millions): Year Ended December 31, 2023 2022 Operating lease cost $ 12.8 $ 13.1 Short-term lease cost 0.3 0.3 Variable lease cost 1.5 1.0 Total lease cost $ 14.6 $ 14.4 Cash paid for amounts included in the measurement of lease liabilities $ 17.5 $ 16.2 Right-of-use assets obtained in exchange for operating lease liabilities $ 10.4 $ 3.0
Summary 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 2024 $ 13.5 2025 9.3 2026 7.7 2027 6.2 2028 5.6 Thereafter 5.9 Future minimum obligations $ 48.2

Fair Value Information (Tables)

Fair Value Information (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Summary 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, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Assets Cash and cash equivalents 1 $ 87.7 $ 87.7 $ 127.7 $ 127.7 Liabilities Revolving Credit Facility 2 $ 50.0 $ 50.0 $ 110.0 $ 110.0 Term Loan Facility 2 118.0 118.0 122.5 122.5 Contingent consideration related to acquisition 3 5.3 5.3 9.2 9.2

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Summary of Debt Balances	As of December 31, 2023 and 2022, our debt balances were as follows (in millions): Weighted- Maturity As of December 31, 2023 2022 Revolving Credit Facility 6.71% 2027 $ 50.0 $ 110.0 Term Loan Facility 6.63% 2027 118.8 123.4 168.8 233.4 Unamortized debt issuance costs (0.8) (0.9) Current portion of long-term debt (8.6) (6.2) Total Long-Term Debt, net $ 159.4 $ 226.3
Summary of Maturities of Long-Term Debt	As of December 31, 2023, the aggregate amounts of long-term debt that will mature during each of the next four years are as follows (in millions): Amount 2024 $ 8.6 2025 9.4 2026 10.2 2027 140.6 Total $ 168.8

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Summary of 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, 2023 2022 2021 Income (loss) before income taxes United States $ (17.3) $ 21.6 $ (44.1) Foreign 9.4 5.1 2.0 Total (7.9) 26.7 (42.1) Income tax provision (benefit): Current: United States 3.7 4.9 (15.5) State 2.4 2.4 (0.8) Foreign 4.0 1.7 1.3 Total 10.1 9.0 (15.0) Deferred: United States (4.9) (4.0) 3.8 State (1.9) 0.6 (0.1) Foreign (1.3) (0.4) 0.1 Total (8.1) (3.8) 3.8 Total income tax provision (benefit) $ 2.0 $ 5.2 $ (11.2)
Summary of 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, 2023 2022 2021 Federal statutory rate 21.0 % 21.0 % 21.0 % Rate of state income taxes, net of federal tax benefit (4.1) 8.1 2.5 Statutory rate other than U.S. statutory rate (11.8) 2.2 0.1 Foreign tax credit carryback — — (4.8) Valuation allowance (0.1) 1.2 (2.8) Uncertain tax positions — — 1.0 Capital Loss Carryback — — 11.5 CARES Act — (14.4) 6.7 DOJ Deferred Prosecution Agreement — — (6.6) Nondeductible officer’s compensation (21.2) 5.6 (3.0) U.S. federal research and development credit 22.6 (10.5) 3.1 Share based compensation windfall tax deduction (7.2) 4.1 (1.3) Other, net (24.5) 2.2 (0.8) Effective tax rate (25.3) % 19.5 % 26.6 %
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, 2023 2022 Deferred tax assets Accrued liabilities $ 9.8 $ 9.2 Stock-based compensation 5.2 5.5 Net Operating Losses 10.3 18.3 Section 174 Research Capitalization 18.0 10.7 Foreign Tax Credits 3.7 3.7 Federal Research Tax Credits 0.4 0.4 Operating Lease Obligations 6.2 7.3 Other 4.1 4.2 57.7 59.3 Valuation allowance (4.3) (9.0) Total deferred tax assets 53.4 50.3 Deferred tax liabilities Intangibles, net 55.3 56.5 Operating Lease Right of Use Assets 2.9 3.5 Inventories 3.8 2.9 Property, plant and equipment, net 8.5 7.9 Other 0.2 0.3 Total deferred tax liabilities 70.7 71.1 Net deferred tax (liabilities) assets $ (17.3) $ (20.8)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Summary 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 Defined Benefit Accumulated Other Comprehensive Income 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) Other comprehensive income (loss) 9.1 (0.3) 8.8 Balance, December 31, 2023 $ (27.0) $ — $ (27.0) The net changes in the components of AOCI, including the tax effect, are as follows (in millions): Year Ended December 31, 2023 2022 2021 Unrealized translation $ 9.1 $ (2.3) $ (6.1) Defined benefit pension plans (0.3) 0.4 0.5 Tax effect — (0.1) (0.1) Defined benefit pension plans, net of tax (0.3) 0.3 0.4 Change in AOCI $ 8.8 $ (2.0) $ (5.7)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount	Stock-based compensation expense for the years ended December 31, 2023, 2022 and 2022 is shown in the table below (in millions): Year Ended December 31, 2023 2022 2021 Stock options $ 0.3 $ 1.1 $ 1.9 Time-based restricted share units 10.5 11.6 8.9 Performance-based restricted share units 4.8 3.0 2.1 Employee stock purchase plan 0.2 0.2 0.3 Total stock-based compensation $ 15.8 $ 15.9 $ 13.2
Summary of Stock Option Activity	A summary of stock option activity is presented below: Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2022 1,106 $ 39.11 Exercises (2) 29.32 Forfeitures (68) 36.28 Outstanding at December 31, 2023 1,036 $ 39.32 3.89 $ — Vested and exercisable at December 31, 2023 1,036 $ 39.32 3.89 $ —
Summary of Options Outstanding by Exercise Prices	The following table summarizes information about options outstanding as of December 31, 2023: Options Outstanding Options Exercisable Range of Shares (in thousands) Weighted-Average Shares (in thousands) Weighted-Average Exercise Price $25.00 to $35.00 333 5.0 333 $ 28.97 $35.00 to $45.00 446 3.5 446 40.93 $45.00+ 257 3.0 257 49.91 1,036 3.9 1,036 $ 39.32
Summary of Restricted Share Unit Activity	A summary of time-vested RSU activity is presented below: Shares Weighted Average Outstanding at December 31, 2022 1,032 $ 35.17 Granted 433 27.78 Vested (491) 31.69 Forfeited (99) 35.46 Outstanding at December 31, 2023 875 $ 33.44
Summary of Share-based Payment Arrangement, Performance Shares, Activity	A summary of performance-based RSU activity is presented below: Shares Weighted Average Outstanding at December 31, 2022 239 $ 36.63 Granted 313 28.89 Forfeited (32) 34.57 Outstanding at December 31, 2023 520 $ 32.09

Earnings Per Share ("EPS") (Tab

Earnings Per Share ("EPS") (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Summary of Basic and Diluted Earnings Per Share	The calculation of basic and diluted EPS for each of the three years ended December 31, 2023, 2022 and 2021 is set forth in the following table (in millions, except per share amounts): Year Ended December 31, 2023 2022 2021 Net (loss) income from continuing operations $ (9.9) $ 21.5 $ (30.9) Net (loss) income from discontinued operations $ (51.9) $ 29.0 $ 37.2 Net (loss) income $ (61.8) $ 50.5 $ 6.3 Weighted Average Shares Outstanding: Basic weighted average shares outstanding 46.6 46.9 48.1 Dilutive effect of stock options and restricted share unit awards — 0.4 0.5 Diluted weighted average shares outstanding 46.6 47.3 48.6 (Loss) Earnings Per Share: Basic: Continuing Operations $ (0.21) $ 0.46 $ (0.64) Discontinued Operations (1.11) 0.62 0.77 Basic (Loss) Earnings Per Share $ (1.32) $ 1.08 $ 0.13 Diluted: Continuing operations $ (0.21) $ 0.46 $ (0.64) Discontinued operations (1.11) 0.61 0.77 Diluted (Loss) Earnings Per Share $ (1.32) $ 1.07 $ 0.13

Business and Products Informa_2

Business and Products Information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Summary of 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, 2023 2022 2021 Digestive Health $ 371.6 $ 340.4 $ 322.2 Pain Management and Recovery: Surgical pain and recovery 139.2 160.1 162.7 Interventional pain 162.5 183.6 102.1 Total Pain Management and Recovery 301.7 343.7 264.8 Total Net Sales $ 673.3 $ 684.1 $ 587.0
Summary of Accrued Expenses	Accrued expenses consist of the following (in millions): As of December 31, 2023 2022 Accrued rebates $ 17.7 $ 26.9 Accrued salaries and wages 31.5 34.6 Accrued taxes and other 16.7 21.2 Other 27.3 15.1 Total $ 93.2 $ 97.8 Liabilities for estimated returns, rebates and incentives as of December 31, 2023 and 2022 are presented in the table below (in millions): As of December 31, 2023 2022 Accrued rebates $ 10.4 $ 14.5 Accrued incentives 7.3 12.4 Accrued rebates and incentives (See Note 1) 17.7 26.9 Accrued sales returns (a) 0.1 0.1 Total estimated liabilities $ 17.8 $ 27.0 __________________________________________________ (a) Accrued sales returns are included in “Other” in the accrued expenses table in “Supplemental Balance Sheet Information” in Note 5.
Summary of Property, Plant and Equipment Held Domestically and in Foreign Countries	Property, plant and equipment consists of the following (in millions): As of December 31, 2023 2022 Land $ 1.3 $ 1.1 Buildings and leasehold improvements 38.0 37.2 Machinery and equipment 182.8 168.7 Construction in progress 18.0 16.4 240.1 223.4 Less accumulated depreciation (122.9) (104.8) Total $ 117.2 $ 118.6 Property, plant and equipment held domestically and in foreign countries is as follows (in millions): As of December 31, 2023 2022 Domestic $ 76.1 $ 84.1 Foreign 41.1 34.5 Total Property, Plant and Equipment $ 117.2 $ 118.6

Share Repurchase Program (Table

Share Repurchase Program (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Summary of Class of Treasury Stock	Purchases of common stock under the 10b5-1 trading plans for the year ended December 31, 2023 are summarized in the table below: Shares Repurchased Aggregate Purchase Price Average Price per Share Amount Remaining in # of Shares Program to Date Third quarter of 2023 451,965 451,965 $ 9.2 $ 20.39 $ 15.8 Fourth quarter of 2023 290,688 742,653 $ 5.8 $ 19.90 $ 10.0

Accounting Policies - Property,

Accounting Policies - Property, Plant and Equipment and Depreciation (Details)	Dec. 31, 2023
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	40 years
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	16 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	20 years
Computer software costs | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Computer software costs | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	9 years

Accounting Policies - Goodwill

Accounting Policies - Goodwill and Other Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2023 reportingUnit
Finite-Lived Intangible Assets [Line Items]
Number of reporting unit	1
Minimum | Trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	7 years
Minimum | Patents and acquired technologies
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	7 years
Minimum | Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	2 years
Maximum | Trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	30 years
Maximum | Patents and acquired technologies
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	17 years
Maximum | Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	16 years

Accounting Policies - Revenue R

Accounting Policies - Revenue Recognition and Accounts Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Supply agreement term (in years)	3 years
Amounts billed, payment term (in days)	30 days
Amounts billed, discount percentage if paid within discount term	1%
Amounts billed, payment term to receive discount percentage (in days)	15 days
Accrued sales returns	$ 0.1	$ 0.1
Accrued rebates	10.4	14.5
Accrued incentives	7.3	12.4
Provision (reversal) for doubtful accounts	$ 0.7	$ 1.4	$ (0.5)
Minimum
Property, Plant and Equipment [Line Items]
Retail land sales receivables, stated interest rate (as percent)	10%
Maximum
Property, Plant and Equipment [Line Items]
Retail land sales receivables, stated interest rate (as percent)	35%
Distribution Rebates | Revenue, product and service benchmark | Product concentration risk
Property, Plant and Equipment [Line Items]
Percentage of total net sales	49%
Incentives | Revenue, product and service benchmark | Product concentration risk
Property, Plant and Equipment [Line Items]
Percentage of total net sales	28%

Accounting Policies - Income Ta

Accounting Policies - Income Taxes (Details) $ in Millions	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Accumulated undistributed earnings generated by foreign subsidiaries	$ 33.6

Discontinued Operations - Narra

Discontinued Operations - Narratives (Details) - USD ($) $ in Millions			12 Months Ended
	Oct. 02, 2023	Jun. 07, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the RH divestiture			$ 89	$ 0	$ 0
Prepaid and other current assets			$ 28.8	13.9
RH Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the RH divestiture	$ 110
Transformation process term (in years)		3 years
RH Business | Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transition services agreement, term (in years)		1 year
RH Business | Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transition services agreement, term (in years)		3 years	3 years
Held-for-sale or disposed by sale | RH Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Prepaid and other current assets			$ 11.9
Pretax loss on classification as discontinued operations			(70.8)	$ 0	$ 0
Goodwill impairment			59.1
Inventory impairment			5
Disposal group impairment loss			$ 6.7

Discontinued Operations - Summa

Discontinued Operations - Summary of Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net (Loss) Income from discontinued operations, net of tax	$ (51.9)	$ 29	$ 37.2
Held-for-sale or disposed by sale | RH Business
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net Sales	100.9	135.9	157.6
Cost of products sold	68.8	80.1	91
Gross Profit	32.1	55.8	66.6
Research and development	0.8	1.4	1.7
Selling and general expenses	11.2	15.4	15
Pretax loss on classification as discontinued operations	70.8	0	0
Other expense, net	0.3	0.5	0.5
Operating Income	(51)	38.5	49.4
Income tax (provision) benefit from discontinued operations	(0.9)	(9.5)	(12.2)
Net (Loss) Income from discontinued operations, net of tax	$ (51.9)	$ 29	$ 37.2

Discontinued Operations - Sum_2

Discontinued Operations - Summary of Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current liabilities held for sale - discontinued operations	$ 63.7	$ 7.1
Held-for-sale or disposed by sale | RH Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventories	17.5	58
Property, Plant and Equipment, net	43.9	45.3
Operating Lease Right-of-Use Assets	3.1	3.1
Goodwill	0	59.1
Other Intangible Assets, net	0	16.8
Total assets classified as held for sale	64.5	182.3
Current Portion of Operating Lease Liabilities	0.8	0.8
Liabilities held for sale	61.3	4.1
Current liabilities held for sale - discontinued operations	62.1	4.9
Non-Current Operating Lease Liability	1.6	2.2
Total liabilities held for sale - discontinued operations	$ 63.7	$ 7.1

Discontinued Operations- Summar

Discontinued Operations- Summary of Cashflow (Details) - Held-for-sale or disposed by sale - RH Business - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities:
Depreciation and amortization	$ 2.6	$ 6.5	$ 6.7
Stock-based compensation expense	0.1	0.1	0.1
Investing Activities:
Capital expenditures	$ 3.6	$ 5	$ 6.9

Restructuring - Restructuring E

Restructuring - Restructuring Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 28.2	$ 0	$ 22.6
Transformation process
Restructuring Cost and Reserve [Line Items]
Restructuring charges	28.2	0	0
Post-S&IP Divestiture Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0	10.2
2020 Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 0	$ 12.4

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Jun. 07, 2023	Jan. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring plan term (in years)		3 years
Restructuring charges			$ 28.2	$ 0	$ 22.6
Transformation process
Restructuring Cost and Reserve [Line Items]
Restructuring charges			28.2	$ 0	$ 0
Maximum | Transformation process
Restructuring Cost and Reserve [Line Items]
Costs expected to incur		$ 30
Maximum | Program management consulting and employee retention
Restructuring Cost and Reserve [Line Items]
Costs expected to incur			12
Maximum | Manufacturing and supply chain improvements
Restructuring Cost and Reserve [Line Items]
Costs expected to incur			11
Maximum | Organizational design, alignment and other related activities
Restructuring Cost and Reserve [Line Items]
Costs expected to incur			8
Minimum | Program management consulting and employee retention
Restructuring Cost and Reserve [Line Items]
Costs expected to incur			9
Minimum | Manufacturing and supply chain improvements
Restructuring Cost and Reserve [Line Items]
Costs expected to incur			8
Minimum | Organizational design, alignment and other related activities
Restructuring Cost and Reserve [Line Items]
Costs expected to incur			$ 6
RH Business
Restructuring Cost and Reserve [Line Items]
Transformation process term (in years)	3 years

Restructuring - Accrual and Pay

Restructuring - Accrual and Payment Activity (Details) - Employee severance and benefits - Initial phase - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring Reserve [Roll Forward]
Balance, beginning of year	$ 0	$ 0.1
Total restructuring costs, excluding non-cash charges	24.3	0
Payments and adjustments, net	(22)	(0.1)
Balance, end of year	$ 2.3	$ 0

Goodwill - Narrative (Details)

Goodwill - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 segment
Goodwill and Intangible Assets Disclosure [Abstract]
Number of operating segments	1

Goodwill - Summary of Goodwill

Goodwill - Summary of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Balance at beginning of period	$ 760.3	$ 742.5
Currency translation adjustment	0.6
Balance at end of period	796.1	760.3
OrthogenRx, Inc
Goodwill [Roll Forward]
Goodwill acquired	21.1	19.3
Goodwill acquired in conjuction with acquisition of OrthogenRX	21.1	19.3
CoolSystems, Inc. referred to as Game Ready
Goodwill [Roll Forward]
Purchase accounting adjustment	1.8
Currency translation adjustment		$ (1.5)
Diros Technology Inc
Goodwill [Roll Forward]
Goodwill acquired	33.4
Goodwill acquired in conjuction with acquisition of OrthogenRX	$ 33.4

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information - Accounts receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accounts Receivable	$ 134	$ 162.1
Income tax receivable	14.1	12.2
Accounts receivable, net	142.8	167.9
Provision (reversal) for doubtful accounts	0.7	1.4	$ (0.5)
Doubtful accounts
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowances and doubtful accounts	(5.1)	(6.1)
Sales discounts
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowances and doubtful accounts	$ (0.2)	$ (0.3)

Supplemental Balance Sheet In_4

Supplemental Balance Sheet Information - Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Raw materials	$ 50.3	$ 36.7
Work in process	19.8	23.8
Finished goods	88.5	69.8
Supplies and other	4.6	2
Total Inventory	$ 163.2	$ 132.3

Supplemental Balance Sheet In_5

Supplemental Balance Sheet Information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2023
Inventory [Line Items]
Inventory write-down	$ 5.1	$ 8.2	$ 9.8
Amortization expense for intangible assets	$ 24.3	$ 23.6	$ 14.6
Diros Technology Inc
Inventory [Line Items]
Identifiable intangible assets				$ 29.6

Supplemental Balance Sheet In_6

Supplemental Balance Sheet Information - Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 240.1	$ 223.4
Less accumulated depreciation	(122.9)	(104.8)
Total	117.2	118.6
Accumulated capitalized interest costs	0.5	0.1
Capital expenditures in accounts payable	3.4	3.9	$ 5.6
Depreciation expense	19.2	17.5	$ 17
Accounts payable
Property, Plant and Equipment [Line Items]
Capital expenditures in accounts payable	3.4	3.9
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1.3	1.1
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	38	37.2
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	182.8	168.7
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 18	$ 16.4

Supplemental Balance Sheet In_7

Supplemental Balance Sheet Information - Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 498.3	$ 468.9
Accumulated Amortization	(258.8)	(234.7)
Total	239.5	234.2
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	42	38.8
Accumulated Amortization	(28.8)	(27.5)
Total	13.2	11.3
Patents and acquired technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	248.6	244.4
Accumulated Amortization	(171.9)	(162.3)
Total	76.7	82.1
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	207.7	185.7
Accumulated Amortization	(58.1)	(44.9)
Total	$ 149.6	$ 140.8

Supplemental Balance Sheet In_8

Supplemental Balance Sheet Information - Estimated Amortization Expense (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 25.5
2025	25
2026	24.5
2027	24.3
2028	24.3
Thereafter	115.9
Total	$ 239.5	$ 234.2

Supplemental Balance Sheet In_9

Supplemental Balance Sheet Information - Accrued Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued rebates	$ 17.7	$ 26.9
Accrued salaries and wages	31.5	34.6
Accrued taxes and other	16.7	21.2
Other	27.3	15.1
Total	$ 93.2	$ 97.8

Supplemental Balance Sheet I_10

Supplemental Balance Sheet Information - Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation benefits	$ 5.9	$ 4.8
Other	4.1	15.7
Total	$ 10	$ 20.5

Business Acquisitions - Narrati

Business Acquisitions - Narrative (Details) - USD ($) $ in Millions				5 Months Ended	12 Months Ended
	Jul. 24, 2023	Jun. 17, 2023	Jan. 20, 2022	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Other Intangible Assets, net				$ 239.5	$ 239.5	$ 234.2
Diros Technology Inc
Business Acquisition [Line Items]
Consideration transferred	$ 53
Payments to acquire businesses, gross	50.5	$ 2.5
Future estimated payments	$ 7
Net sales				6.9	680.3	$ 697.8
Business acquisition, transaction costs					1.7
OrthogenRx, Inc
Business Acquisition [Line Items]
Consideration transferred			$ 10.6
Payments to acquire businesses, gross			130
Future estimated payments			$ 30
OrthogenRx, Inc | Customer Relationship And Distribution Rights
Business Acquisition [Line Items]
Other Intangible Assets, net				126	126
OrthogenRx, Inc | Noncompete Agreements
Business Acquisition [Line Items]
Other Intangible Assets, net				$ 8.3	$ 8.3

Business Acquisitions - Purchas

Business Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Jul. 24, 2023	Dec. 31, 2022	Jan. 20, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 796.1			$ 760.3		$ 742.5
Diros Technology Inc
Business Acquisition [Line Items]
Current assets, net of cash acquired			$ 7.5
Current liabilities, excluding contingent consideration			(7)
Contingent consideration			(5.3)
Other non-current assets (liabilities)			(0.5)
Deferred tax liability			(8.1)
Identifiable intangible assets		$ 29.6
Goodwill			33.4
Total			$ 49.6
OrthogenRx, Inc
Business Acquisition [Line Items]
Accounts receivable, net					$ 11.6
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)					(5.7)
Deferred tax liability					(22.1)
Identifiable intangible assets					135.6
Goodwill					21.1
Total					$ 116.1

Business Acquisitions - Finite-

Business Acquisitions - Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Jul. 24, 2023	Jan. 20, 2022
Diros Technology Inc
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable Intangible Asset Amount	$ 29.6
Diros Technology Inc | Trademarks and Trade Names
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable Intangible Asset Amount	$ 2.9
Weighted Average Useful Lives (Years)	15 years
Diros Technology Inc | Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable Intangible Asset Amount	$ 21.2
Weighted Average Useful Lives (Years)	14 years
Diros Technology Inc | Technology-Based Intangible Assets
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable Intangible Asset Amount	$ 5.5
Weighted Average Useful Lives (Years)	13 years
OrthogenRx, Inc
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable Intangible Asset Amount		$ 135.6
OrthogenRx, Inc | Trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable Intangible Asset Amount		$ 1.3
Weighted Average Useful Lives (Years)		10 years
OrthogenRx, Inc | Other
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable Intangible Asset Amount		$ 134.3
Weighted Average Useful Lives (Years)		14 years

Business Acquisitions - Pro-For

Business Acquisitions - Pro-Forma Information (Details) - Diros Technology Inc - USD ($) $ / shares in Units, $ in Millions	5 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Net sales	$ 6.9	$ 680.3	$ 697.8
Net (loss) income from continuing operations		(8.9)	20.5
(Loss) Income from discontinued operations, net of tax		(51.9)	29
Net (Loss) Income		$ (60.8)	$ 49.5
Basic (Loss) Earnings Per Share
Basic (Loss) Earnings Per Share (in dollars per share)		$ (1.31)	$ 1.06
Diluted (Loss) Earnings Per Share
Diluted (Loss) Earnings Per Share (in dollars per share)		(1.31)	1.06
Continuing Operations
Basic (Loss) Earnings Per Share
Basic (Loss) Earnings Per Share (in dollars per share)		(0.17)	0.39
Diluted (Loss) Earnings Per Share
Diluted (Loss) Earnings Per Share (in dollars per share)		(0.17)	0.39
Discontinued Operations
Basic (Loss) Earnings Per Share
Basic (Loss) Earnings Per Share (in dollars per share)		(1.14)	0.67
Diluted (Loss) Earnings Per Share
Diluted (Loss) Earnings Per Share (in dollars per share)		$ (1.14)	$ 0.67

Leases - ROU Assets and Lease L

Leases - ROU Assets and Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Lease Right-of-Use Assets	$ 26.8	$ 27.5
Current portion of operating lease liabilities	12.8	12
Operating Lease Liabilities	28.3	32.5
Total Operating Lease Liabilities	$ 41.1	$ 44.5
Weighted average remaining lease term	4 years 9 months 18 days	5 years 7 months 6 days
Weighted average discount rate	4.50%	4%

Leases - Cost and Cash Flows Fr

Leases - Cost and Cash Flows From Lease Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 12.8	$ 13.1
Short-term lease cost	0.3	0.3
Variable lease cost	1.5	1
Total lease cost	14.6	14.4
Cash paid for amounts included in the measurement of lease liabilities	17.5	16.2
Right-of-use assets obtained in exchange for operating lease liabilities	$ 10.4	$ 3

Leases - Future Minimum Obligat

Leases - Future Minimum Obligations Under Operating Leases (Details) $ in Millions	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 13.5
2025	9.3
2026	7.7
2027	6.2
2028	5.6
Thereafter	5.9
Future minimum obligations	48.2
Undiscounted excess amount not disclosed

Fair Value Information (Details

Fair Value Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Level 1 | Carrying Amount
Assets
Cash and cash equivalents	$ 87.7	$ 127.7
Level 1 | Estimated Fair Value
Assets
Cash and cash equivalents	87.7	127.7
Level 2 | Carrying Amount | Revolving Credit Facility
Liabilities
Contingent consideration related to acquisition	50	110
Level 2 | Carrying Amount | Term Loan Facility
Liabilities
Contingent consideration related to acquisition	118	122.5
Level 2 | Estimated Fair Value | Revolving Credit Facility
Liabilities
Contingent consideration related to acquisition	50	110
Level 2 | Estimated Fair Value | Term Loan Facility
Liabilities
Contingent consideration related to acquisition	118	122.5
Level 3 | Carrying Amount
Liabilities
Contingent consideration related to acquisition	5.3	9.2
Level 3 | Estimated Fair Value
Liabilities
Contingent consideration related to acquisition	$ 5.3	$ 9.2

Debt - Debt Balances (Details)

Debt - Debt Balances (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total	$ 168.8	$ 233.4
Unamortized debt issuance costs	(0.8)	(0.9)
Current portion of long-term debt	(8.6)	(6.2)
Total Long-Term Debt, net	$ 159.4	226.3
Revolving Credit Facility | Unsecured Debt
Debt Instrument [Line Items]
Weighted- Average Interest Rate	6.71%
Total	$ 50	110
Term Loan Facility | Unsecured Debt
Debt Instrument [Line Items]
Weighted- Average Interest Rate	6.63%
Total	$ 118.8	$ 123.4

Debt - Narratives (Details)

Debt - Narratives (Details) - USD ($)			12 Months Ended
	Jun. 24, 2022	Jan. 20, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Current portion of long-term debt			$ 8,600,000	$ 6,200,000
Revolving credit facility repayments			$ 115,000,000	$ 170,000,000	$ 0
Debt repayment term (in years)			5 years
Unsecured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility repayments			$ 115,000,000
Proceeds from borrowings			55,000,000
Letters of credit outstanding, amount			6,400,000
Unsecured Debt | Term Loan Facility
Debt Instrument [Line Items]
Revolving credit facility repayments			$ 4,700,000
Unsecured Debt | Term Loan Facility | First eight quarters
Debt Instrument [Line Items]
Periodic payment, percent			10%
Unsecured Debt | 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 (as percent)	0.50%
Credit Agreement | One Month Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1%
Credit Agreement | Minimum | Adjusted Term Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	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 (as percent)	2%
Term Loan Facility | Secured Debt
Debt Instrument [Line Items]
Debt instrument, term (in years)	5 years
Debt instrument, face amount	$ 125,000,000
Line of credit Facility, interest rate (as percent)			6.60%
Senior Secured Revolving Credit Facility | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	$ 375,000,000
Debt instrument, term (in years)	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

Debt - Maturities of Long-Term

Debt - Maturities of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 8.6
2025	9.4
2026	10.2
2027	140.6
Total	$ 168.8	$ 233.4

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (loss) before income taxes
United States	$ (17.3)	$ 21.6	$ (44.1)
Foreign	9.4	5.1	2
(Loss) Income Before Income Taxes	(7.9)	26.7	(42.1)
Current:
United States	3.7	4.9	(15.5)
State	2.4	2.4	(0.8)
Foreign	4	1.7	1.3
Total	10.1	9	(15)
Deferred:
United States	(4.9)	(4)	3.8
State	(1.9)	0.6	(0.1)
Foreign	(1.3)	(0.4)	0.1
Total	(8.1)	(3.8)	3.8
Total income tax provision (benefit)	$ 2	$ 5.2	$ (11.2)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax Credit Carryforward [Line Items]
CARES Act, income tax benefit	$ 0	$ 3,800,000	$ 2,800,000
Accumulated undistributed earnings generated by foreign subsidiaries	33,600,000
Valuation allowance decrease	4,700,000
Operating loss carryforwards	1,900,000
Accrued interest and penalties on unrecognized tax benefits	0	$ 0
Federal
Tax Credit Carryforward [Line Items]
Credit carryforwards	5,000,000
Operating loss carryforwards	25,100,000
Federal | Expiring tax credit carryforwards
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	1,800,000
State and local
Tax Credit Carryforward [Line Items]
Credit carryforwards	600,000
Operating loss carryforwards	89,000,000
State and local | Expiring tax credit carryforwards
Tax Credit Carryforward [Line Items]
Credit carryforwards	$ 400,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Federal Statutory Rate and Effective Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory rate	21%	21%	21%
Rate of state income taxes, net of federal tax benefit	(4.10%)	8.10%	2.50%
Statutory rate other than U.S. statutory rate	(11.80%)	2.20%	0.10%
Foreign tax credit carryback	0%	0%	(4.80%)
Valuation allowance	(0.10%)	1.20%	(2.80%)
Uncertain tax positions	0	0	0.010
Capital Loss Carryback	0%	0%	11.50%
CARES Act	0%	(14.40%)	6.70%
DOJ Deferred Prosecution Agreement	0%	0%	(6.60%)
Nondeductible officer’s compensation	(21.20%)	5.60%	(3.00%)
U.S. federal research and development credit	0.226	(0.105)	0.031
Share based compensation windfall tax deduction	(7.20%)	4.10%	(1.30%)
Other, net	(24.50%)	2.20%	(0.80%)
Effective tax rate	(25.30%)	19.50%	26.60%

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Accrued liabilities	$ 9.8	$ 9.2
Stock-based compensation	5.2	5.5
Net Operating Losses	10.3	18.3
Section 174 Research Capitalization	18	10.7
Foreign Tax Credits	3.7	3.7
Federal Research Tax Credits	0.4	0.4
Operating Lease Obligations	6.2	7.3
Other	4.1	4.2
Deferred tax assets, gross	57.7	59.3
Valuation allowance	(4.3)	(9)
Total deferred tax assets	53.4	50.3
Deferred tax liabilities
Intangibles, net	55.3	56.5
Operating Lease Right of Use Assets	2.9	3.5
Inventories	3.8	2.9
Property, plant and equipment, net	8.5	7.9
Other	0.2	0.3
Total deferred tax liabilities	70.7	71.1
Net deferred tax (liabilities) assets	$ (17.3)	$ (20.8)

Employee Benefit Plans - Define

Employee Benefit Plans - Defined Contribution Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Contributions made	$ 6.6	$ 6.5	$ 6.6

Employee Benefit Plans - Defi_2

Employee Benefit Plans - Defined Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Aggregated projected benefit obligation	$ 4.7	$ 4
Net periodic pension cost	0.9	$ 0.7	$ 0.8
Expected gross benefit payments for the years 2024 through 2028	0.3
Gross benefit payments for the years 2030 through 2034	$ 0.5

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	$ 1,291.2	$ 1,270.6	$ 1,262.1
Other comprehensive income (loss)	8.8	(2)	(5.7)
Balance at end of period	1,236.3	1,291.2	1,270.6
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	(35.8)	(33.8)	(28.1)
Other comprehensive income (loss)	8.8	(2)	(5.7)
Balance at end of period	(27)	(35.8)	(33.8)
Unrealized Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	(36.1)	(33.8)	(27.7)
Other comprehensive income (loss)	9.1	(2.3)	(6.1)
Balance at end of period	(27)	(36.1)	(33.8)
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	0.3	0	(0.4)
Other comprehensive income (loss)	(0.3)	0.3	0.4
Balance at end of period	$ 0	$ 0.3	$ 0

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Unrealized translation	$ 9.1	$ (2.3)	$ (6.1)
Defined benefit pension plans	(0.3)	0.4	0.5
Tax effect	0	(0.1)	(0.1)
Defined benefit pension plans, net of tax	(0.3)	0.3	0.4
Total Other Comprehensive Income (Loss), Net of Tax	$ 8.8	$ (2)	$ (5.7)

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	5,100,000
Shares remaining available for issuance (in shares)	1,700,000
Granted (in shares)	0	0	0
Intrinsic value of options	$ 0	$ 0	$ 1,600,000
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 (as percent)	15%
Vesting period (in months)	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 (in years)	10 years
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	$ 12,100,000
Costs not yet recognized, period for recognition (less than)	2 years
Service period (in years)	3 years
Performance-based restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Costs not yet recognized	$ 8,700,000
Costs not yet recognized, period for recognition (less than)	2 years
Service period (in years)	3 years

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 15.8	$ 15.9	$ 13.2
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0.3	1.1	1.9
Time-based restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	10.5	11.6	8.9
Performance-based restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	4.8	3	2.1
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0.2	$ 0.2	$ 0.3

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, 2023 USD ($) $ / shares shares
Shares
Outstanding at beginning of period (in shares) | shares	1,106
Exercises (in shares) | shares	(2)
Forfeitures (in shares) | shares	(68)
Outstanding at end of period (in shares) | shares	1,036
Vested and exercisable (in shares) | shares	1,036
Weighted- Average Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 39.11
Exercises (in dollars per share) | $ / shares	29.32
Forfeitures (in dollars per share) | $ / shares	36.28
Outstanding at end of period (in dollars per share) | $ / shares	39.32
Vested and exercisable (in dollars per share) | $ / shares	$ 39.32
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Outstanding, Weighted-Average Remaining Contractual Term (in years)	3 years 10 months 20 days
Vested and exercisable, Weighted-Average Remaining Contractual Term (in years)	3 years 10 months 20 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, 2023 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding (in shares) | shares	1,036
Options outstanding , Weighted-Average Remaining Contractual Term (Years)	3 years 10 months 24 days
Options Exercisable (in shares) | shares	1,036
Weighted Average Exercise Price (in dollars per share)	$ 39.32
$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	333
Options outstanding , Weighted-Average Remaining Contractual Term (Years)	5 years
Options Exercisable (in shares) | shares	333
Weighted Average Exercise Price (in dollars per share)	$ 28.97
$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	446
Options outstanding , Weighted-Average Remaining Contractual Term (Years)	3 years 6 months
Options Exercisable (in shares) | shares	446
Weighted Average Exercise Price (in dollars per share)	$ 40.93
$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	257
Options outstanding , Weighted-Average Remaining Contractual Term (Years)	3 years
Options Exercisable (in shares) | shares	257
Weighted Average Exercise Price (in dollars per share)	$ 49.91

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Shares
Outstanding at beginning of period (in shares) | shares	1,032
Granted (in shares) | shares	433
Vested (in shares) | shares	(491)
Forfeited (in shares) | shares	(99)
Outstanding at end of period (in shares) | shares	875
Weighted Average Fair Value
Outstanding at beginning of the period (in dollars per share) | $ / shares	$ 35.17
Granted (in dollars per share) | $ / shares	27.78
Vested (in dollars per share) | $ / shares	31.69
Forfeited (in dollars per share) | $ / shares	35.46
Outstanding at end of the period (in dollars per share) | $ / shares	$ 33.44

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Shares Activity (Details) - Performance-based restricted share units shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Shares
Outstanding at beginning of period (in shares) | shares	239
Granted (in shares) | shares	313
Forfeited (in shares) | shares	(32)
Outstanding at end of period (in shares) | shares	520
Weighted Average Fair Value
Outstanding at beginning of the period (in dollars per share) | $ / shares	$ 36.63
Granted (in dollars per share) | $ / shares	28.89
Forfeited (in dollars per share) | $ / shares	34.57
Outstanding at end of the period (in dollars per share) | $ / shares	$ 32.09

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($)		12 Months Ended
	Jul. 06, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Payments for legal settlements		$ 0	$ 0	$ 15,000,000
Loss contingency accrual, payments	$ 22,200,000
Expense for settlement of prior year claims		$ 10,000,000

Earnings Per Share ("EPS") (Det

Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net (loss) income from continuing operations	$ (9.9)	$ 21.5	$ (30.9)
Net (loss) income from discontinued operations	(51.9)	29	37.2
Net (Loss) Income	$ (61.8)	$ 50.5	$ 6.3
Weighted Average Shares Outstanding:
Basic weighted average shares outstanding (in shares)	46.6	46.9	48.1
Dilutive effect of stock options and restricted share unit awards (in shares)	0	0.4	0.5
Diluted weighted average shares outstanding (in shares)	46.6	47.3	48.6
(Loss) Earnings Per Share
Continuing operations (in dollars per share)	$ (0.21)	$ 0.46	$ (0.64)
Discontinued operations (in dollars per share)	(1.11)	0.62	0.77
Basic (Loss) Earnings Per Share (in dollars per share)	(1.32)	1.08	0.13
Diluted:
Continuing operations (in dollars per share)	(0.21)	0.46	(0.64)
Diluted (in dollars per share)	(1.11)	0.61	0.77
Diluted (Loss) Earnings Per Share (in dollars per share)	$ (1.32)	$ 1.07	$ 0.13
Dilutive securities excluded from computation of earnings per share (in shares)	2.2
Held-for-sale or disposed by sale | RH Business
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net (loss) income from discontinued operations	$ (51.9)	$ 29	$ 37.2
(Loss) Earnings Per Share
Discontinued operations (in dollars per share)	$ (1.11)	$ 0.62	$ 0.77
Diluted:
Diluted (in dollars per share)	$ (1.11)	$ 0.61	$ 0.77

Business and Products Informa_3

Business and Products Information - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Concentration Risk [Line Items]
Number of operating segments | segment	1
Number of reportable segments | segment	1
Net Sales | $	$ 673.3	$ 684.1	$ 587
United States
Concentration Risk [Line Items]
Net Sales | $	$ 467	$ 463.9	$ 412.2

Business and Products Informa_4

Business and Products Information - Net Sales by Product Category (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 673.3	$ 684.1	$ 587
Digestive Health
Disaggregation of Revenue [Line Items]
Net sales	371.6	340.4	322.2
Pain Management and Recovery:
Disaggregation of Revenue [Line Items]
Net sales	301.7	343.7	264.8
Surgical pain and recovery
Disaggregation of Revenue [Line Items]
Net sales	139.2	160.1	162.7
Interventional pain
Disaggregation of Revenue [Line Items]
Net sales	$ 162.5	$ 183.6	$ 102.1

Business and Products Informa_5

Business and Products Information - Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Accrued rebates	$ 10.4	$ 14.5
Accrued incentives	7.3	12.4
Accrued rebates and incentives	17.7	26.9
Accrued sales returns	0.1	0.1
Total estimated liabilities	$ 17.8	$ 27

Business and Products Informa_6

Business and Products Information - Property, plant and equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, net	$ 117.2	$ 118.6
Domestic
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, net	76.1	84.1
Foreign
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, net	$ 41.1	$ 34.5

Share Repurchase Program - Narr

Share Repurchase Program - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Jul. 28, 2023	Dec. 31, 2023
Equity [Abstract]
Stock repurchase program, period in force (in years)	1 year
Stock repurchase program, authorized amount	$ 25
Shares withheld for tax withholding obligation (in shares)		168,178
Stock issued, value, stock options exercised, net of tax benefit (expense)		$ 4.1

Share Repurchase Program - Purc

Share Repurchase Program - Purchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Number of shares repurchased (in shares)	290,688	451,965
Shares repurchased, program to date (in shares)	742,653	451,965	742,653
Aggregate Purchase Price (in millions)	$ 5.8	$ 9.2	$ 15	$ 44.3	$ 11.5
Average price per share (in dollars per share)	$ 19.90	$ 20.39
Amount Remaining in Program for Purchase (in millions)	$ 10	$ 15.8	$ 10