Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 23, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | CommScope Holding Company, Inc. | |
Entity Central Index Key | 0001517228 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 204,201,881 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | COMM | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-36146 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-4332098 | |
Entity Address, Address Line One | 1100 CommScope Place, SE | |
Entity Address, City or Town | Hickory | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28602 | |
City Area Code | 828 | |
Local Phone Number | 324-2200 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 2,185.3 | $ 2,102.8 | $ 4,257.3 | $ 4,136 |
Cost of sales | 1,512 | 1,446.7 | 2,911.8 | 2,838.7 |
Gross profit | 673.3 | 656.1 | 1,345.5 | 1,297.3 |
Operating expenses: | ||||
Selling, general and administrative | 302.3 | 290.9 | 595 | 602 |
Research and development | 176.3 | 176.1 | 347.8 | 356.5 |
Amortization of purchased intangible assets | 154.2 | 157.6 | 308.9 | 315.4 |
Restructuring costs, net | 58.9 | 19.6 | 103.3 | 43.3 |
Asset impairments | 206.7 | 206.7 | ||
Total operating expenses | 691.7 | 850.9 | 1,355 | 1,523.9 |
Operating loss | (18.4) | (194.8) | (9.5) | (226.6) |
Other income (expense), net | 1.5 | (0.8) | 2.5 | (13.3) |
Interest expense | (138) | (141.4) | (275.5) | (290.5) |
Interest income | 0.5 | 0.8 | 1 | 2.9 |
Loss before income taxes | (154.4) | (336.2) | (281.5) | (527.5) |
Income tax benefit | 0.6 | 15.1 | 30.1 | 46.5 |
Net loss | (153.8) | (321.1) | (251.4) | (481) |
Series A convertible preferred stock dividend | (14.3) | (13.9) | (28.7) | (27.7) |
Net loss attributable to common stockholders | $ (168.1) | $ (335) | $ (280.1) | $ (508.7) |
Loss per share: | ||||
Basic | $ (0.82) | $ (1.71) | $ (1.38) | $ (2.60) |
Diluted | $ (0.82) | $ (1.71) | $ (1.38) | $ (2.60) |
Weighted average shares outstanding: | ||||
Basic | 204.1 | 195.9 | 202.9 | 195.4 |
Diluted | 204.1 | 195.9 | 202.9 | 195.4 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Comprehensive loss: | ||||
Net loss | $ (153.8) | $ (321.1) | $ (251.4) | $ (481) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation gain (loss) | 21.5 | 34.6 | (29.8) | (65) |
Pension and other postretirement benefit activity | 0.3 | 0.6 | (0.5) | |
Gain (loss) on hedging instruments | (8.7) | (5.3) | 3.9 | (12.9) |
Total other comprehensive income (loss), net of tax | 13.1 | 29.3 | (25.3) | (78.4) |
Total comprehensive loss | $ (140.7) | $ (291.8) | $ (276.7) | $ (559.4) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 446.2 | $ 521.9 |
Accounts receivable, less allowance for doubtful accounts of $30.8 and $40.3, respectively | 1,653.9 | 1,487.4 |
Inventories, net | 1,150.2 | 1,088.9 |
Prepaid expenses and other current assets | 247.1 | 256.3 |
Total current assets | 3,497.4 | 3,354.5 |
Property, plant and equipment, net of accumulated depreciation of $759.1 and $705.7, respectively | 667.7 | 684.5 |
Goodwill | 5,272.3 | 5,286.5 |
Other intangible assets, net | 3,336.9 | 3,650.4 |
Other noncurrent assets | 653.5 | 600.9 |
Total assets | 13,427.8 | 13,576.8 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 1,080.1 | 1,010.8 |
Accrued and other liabilities | 983.9 | 910.6 |
Current portion of long-term debt | 32 | 32 |
Total current liabilities | 2,096 | 1,953.4 |
Long-term debt | 9,484.8 | 9,488.6 |
Deferred income taxes | 202.5 | 206.2 |
Other noncurrent liabilities | 533.8 | 531.8 |
Total liabilities | 12,317.1 | 12,180 |
Commitments and contingencies | ||
Series A convertible preferred stock, $0.01 par value | 1,041.8 | 1,041.8 |
Stockholders' equity: | ||
Preferred stock, $0.01 par value: Authorized shares: 200,000,000; Issued and outstanding shares: 1,041,819 Series A convertible preferred stock | ||
Common stock, $0.01 par value: Authorized shares: 1,300,000,000; issued and outstanding shares: 204,154,201 and 200,095,232, respectively | 2.1 | 2.1 |
Additional paid-in capital | 2,528.1 | 2,512.9 |
Retained earnings (accumulated deficit) | (2,004.1) | (1,752.7) |
Accumulated other comprehensive loss | (181.2) | (155.9) |
Treasury stock, at cost: 10,834,613 shares and 9,223,081 shares, respectively | (276) | (251.4) |
Total stockholders' equity | 68.9 | 355 |
Total liabilities and stockholders' equity | $ 13,427.8 | $ 13,576.8 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 30.8 | $ 40.3 |
Property, plant and equipment, accumulated depreciation | $ 759.1 | $ 705.7 |
Series A convertible preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Series A convertible preferred stock, shares issued | 1,041,819 | 1,041,819 |
Series A convertible preferred stock, shares outstanding | 1,041,819 | 1,041,819 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,300,000,000 | 1,300,000,000 |
Common stock, shares issued | 204,154,201 | 200,095,232 |
Common stock, shares outstanding | 204,154,201 | 200,095,232 |
Treasury stock, shares | 10,834,613 | 9,223,081 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities: | ||
Net loss | $ (251.4) | $ (481) |
Adjustments to reconcile net loss to net cash generated by operating activities: | ||
Depreciation and amortization | 392.8 | 408.9 |
Equity-based compensation | 40 | 56 |
Deferred income taxes | (81.1) | (69.4) |
Asset impairments | 206.7 | |
Changes in assets and liabilities: | ||
Accounts receivable | (173.9) | 33.5 |
Inventories | (64.9) | (73.5) |
Prepaid expenses and other assets | 32.3 | 11.7 |
Accounts payable and other liabilities | 169 | 62.7 |
Other | 4.8 | 10.7 |
Net cash generated by operating activities | 67.6 | 166.3 |
Investing Activities: | ||
Additions to property, plant and equipment | (60.2) | (47.7) |
Proceeds from sale of property, plant and equipment | 1.3 | 0.1 |
Payments upon settlement of net investment hedge | (18) | |
Net cash used in investing activities | (76.9) | (47.6) |
Financing Activities: | ||
Long-term debt repaid | (16) | (116) |
Long-term debt proceeds | 250 | |
Dividends paid on Series A convertible preferred stock | (28.7) | |
Proceeds from the issuance of common shares under equity-based compensation plans | 3.9 | 0.9 |
Tax withholding payments for vested equity-based compensation awards | (24.6) | (6.3) |
Net cash generated by (used in) financing activities | (65.4) | 128.6 |
Effect of exchange rate changes on cash and cash equivalents | (1) | (22.1) |
Change in cash and cash equivalents | (75.7) | 225.2 |
Cash and cash equivalent at beginning of period | 521.9 | 598.2 |
Cash and cash equivalents at end of period | $ 446.2 | $ 823.4 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock, at Cost [Member] |
Beginning balance, Shares at Dec. 31, 2019 | 194,563,530 | |||||
Issuance of shares under equity-based compensation plans, shares | 2,043,869 | |||||
Shares surrendered under equity-based compensation plans | (610,169) | |||||
Ending balance, Shares at Jun. 30, 2020 | 195,997,230 | |||||
Beginning balance at Dec. 31, 2019 | $ 2 | $ 2,445.1 | $ (1,179.3) | $ (197) | $ (234.5) | |
Issuance of shares under equity-based compensation plans | 0.9 | |||||
Equity-based compensation | 56 | |||||
Dividend on Series A convertible preferred stock | (27.7) | |||||
Net loss | $ (481) | (481) | ||||
Other comprehensive income (loss), net of tax | (78.4) | |||||
Net shares surrendered under equity-based compensation plans | (6.3) | |||||
Ending balance at Jun. 30, 2020 | 299.8 | 2,474.3 | (1,660.3) | (275.4) | (240.8) | |
Beginning balance, Shares at Mar. 31, 2020 | 195,807,913 | |||||
Issuance of shares under equity-based compensation plans, shares | 229,571 | |||||
Shares surrendered under equity-based compensation plans | (40,254) | |||||
Ending balance, Shares at Jun. 30, 2020 | 195,997,230 | |||||
Beginning balance at Mar. 31, 2020 | $ 2 | 2,455.7 | (1,339.2) | (304.7) | (240.4) | |
Equity-based compensation | 32.5 | |||||
Dividend on Series A convertible preferred stock | (13.9) | |||||
Net loss | (321.1) | (321.1) | ||||
Other comprehensive income (loss), net of tax | 29.3 | |||||
Net shares surrendered under equity-based compensation plans | (0.4) | |||||
Ending balance at Jun. 30, 2020 | $ 299.8 | 2,474.3 | (1,660.3) | (275.4) | (240.8) | |
Beginning balance, Shares at Dec. 31, 2020 | 200,095,232 | 200,095,232 | ||||
Issuance of shares under equity-based compensation plans, shares | 5,670,501 | |||||
Shares surrendered under equity-based compensation plans | (1,611,532) | |||||
Ending balance, Shares at Jun. 30, 2021 | 204,154,201 | 204,154,201 | ||||
Beginning balance at Dec. 31, 2020 | $ 355 | $ 2.1 | 2,512.9 | (1,752.7) | (155.9) | (251.4) |
Issuance of shares under equity-based compensation plans | 3.9 | |||||
Equity-based compensation | 40 | |||||
Dividend on Series A convertible preferred stock | (28.7) | |||||
Net loss | (251.4) | (251.4) | ||||
Other comprehensive income (loss), net of tax | (25.3) | |||||
Net shares surrendered under equity-based compensation plans | (24.6) | |||||
Ending balance at Jun. 30, 2021 | $ 68.9 | 2,528.1 | (2,004.1) | (181.2) | (276) | |
Beginning balance, Shares at Mar. 31, 2021 | 203,996,914 | |||||
Issuance of shares under equity-based compensation plans, shares | 173,285 | |||||
Shares surrendered under equity-based compensation plans | (15,998) | |||||
Ending balance, Shares at Jun. 30, 2021 | 204,154,201 | 204,154,201 | ||||
Beginning balance at Mar. 31, 2021 | $ 2.1 | 2,526 | (1,850.3) | (194.3) | (275.7) | |
Equity-based compensation | 16.4 | |||||
Dividend on Series A convertible preferred stock | (14.3) | |||||
Net loss | $ (153.8) | (153.8) | ||||
Other comprehensive income (loss), net of tax | 13.1 | |||||
Net shares surrendered under equity-based compensation plans | (0.3) | |||||
Ending balance at Jun. 30, 2021 | $ 68.9 | $ 2,528.1 | $ (2,004.1) | $ (181.2) | $ (276) |
Background and Basis of Present
Background and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Background and Basis of Presentation | 1. BACKGROUND AND BASIS OF PRESENTATION Background CommScope Holding Company, Inc., along with its direct and indirect subsidiaries (CommScope or the Company), is a global provider of infrastructure solutions for communication and entertainment networks. The Company’s solutions for wired and wireless networks enable service providers including cable, telephone and digital broadcast satellite operators and media programmers to deliver media, voice, Internet Protocol (IP) data services and Wi-Fi to their subscribers and allow enterprises to experience constant, wireless and wired connectivity across complex and varied networking environments. The Company’s solutions are complemented by a broad array of services including technical support, systems design and integration. CommScope is a leader in digital video and IP television distribution systems, broadband access infrastructure platforms and equipment that delivers data and voice networks to homes. CommScope’s global leadership position is built upon innovative technology, broad solution offerings, high-quality and cost-effective customer solutions, and global manufacturing and distribution scale. Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim period financial statements. The results of operations for these interim periods are not necessarily indicative of the results of operations to be expected for any future period or the full fiscal year. Certain prior year amounts have been reclassified to conform to the current year presentation. In the second quarter of 2021, management shifted certain product lines from the Company’s Broadband Networks (Broadband) segment to its Home Networks (Home) segment to better align with how the business is being managed in light of the planned spin-off of the Home Networks business. All prior period amounts in these condensed consolidated financial statements have been recast to reflect these operating segment changes. The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and are presented in accordance with the applicable requirements of Regulation S-X. Accordingly, these financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the 2020 Annual Report). The significant accounting policies followed by the Company are set forth in Note 2 within the Company’s audited consolidated financial statements included in the 2020 Annual Report. There were no material changes in the Company’s significant accounting policies during the three or six months ended June 30, 2021. Concentrations of Risk and Related Party Transactions No direct customer accounted for 10% or more of the Company’s total net sales during the three or six months ended June 30, 2021. Net sales to Comcast Corporation and affiliates accounted for 12% and 10% of the Company’s total net sales during the three and six months ended June 30, 2020, respectively. No other direct customer accounted for 10% or more of the Company’s total net sales during the three or six months ended June 30, 2020. As of June 30, 2021, no direct customer accounted for 10% or more of the Company’s accounts receivable. The Company relies on sole suppliers or a limited group of suppliers for certain key components, subassemblies and modules and a limited group of contract manufacturers to manufacture a significant portion of its products. Any disruption or termination of these arrangements could have a material adverse impact on the Company’s results of operations. As of June 30, 2021, funds affiliated with Carlyle Partners VII S1 Holdings, L.P. (Carlyle) owned 100% of the Series A convertible preferred stock (the Convertible Preferred Stock), which was sold to Carlyle to fund a portion of the acquisition of ARRIS International plc (ARRIS) in 2019. See Note 9 for further discussion of the Convertible Preferred Stock. Other than transactions related to the Convertible Preferred Stock, there were no material related party transactions for the three or six months ended June 30, 2021. Product Warranties The Company recognizes a liability for the estimated claims that may be paid under its customer warranty agreements to remedy potential deficiencies of quality or performance of the Company’s products. These product warranties extend over various periods, depending upon the product subject to the warranty and the terms of the individual agreements. The Company records a provision for estimated future warranty claims as cost of sales based upon the historical relationship of warranty claims to sales and specifically identified warranty issues. The Company bases its estimates on assumptions that are believed to be reasonable under the circumstances and revises its estimates, as appropriate, when events or changes in circumstances indicate that revisions may be necessary. Such revisions may be material. The following table summarizes the activity in the product warranty accrual, included in accrued and other liabilities and other noncurrent liabilities: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Product warranty accrual, beginning of period $ 62.1 $ 57.3 $ 59.5 $ 61.0 Provision for warranty claims 12.6 3.4 23.2 7.4 Warranty claims paid (5.4 ) (4.9 ) (13.1 ) (12.0 ) Foreign exchange 0.2 0.1 (0.1 ) (0.5 ) Product warranty accrual, end of period $ 69.5 $ 55.9 $ 69.5 $ 55.9 Commitments and Contingencies The Company is party to certain intellectual property claims and periodically receives notices asserting that its products infringe on another party’s patents and other intellectual property rights. These claims and assertions, whether against the Company directly or against its customers, could require the Company to pay damages, royalties, stop offering the relevant products and/or cease other activities. The Company may also be called upon to indemnify certain customers for costs related to products sold to such customers. The outcome of these claims and notices is uncertain and a reasonable estimate of the loss from unfavorable outcomes in certain of these matters either cannot be determined or is estimated at the minimum amount of a range of estimates. The actual loss could be material and may vary significantly from our estimates. As of June 30, 2021, the Company had a liability of $67.7 million recorded in accrued and other liabilities and noncurrent liabilities on the Condensed Consolidated Balance Sheets related to certain intellectual property assertions that have been settled or are in process of settlement. For the three and six months ended June 30, 2021, the Company recorded a charge to cost of sales in the Condensed Consolidated Statements of Operations of $40.0 million and $41.5 million, respectively, related to these intellectual property assertions. This amount is reflected in the results of the Broadband, Home and Venue and Campus Networks segments. The Company paid $4.0 million during the three and six months ended June 30, 2021 to settle intellectual property assertions and paid an additional $50.0 million in July 2021. The Company is either a plaintiff or a defendant in certain other pending legal matters in the normal course of business. Management believes none of these other pending legal matters will have a material adverse effect on the Company’s business or financial condition upon final disposition. In addition, the Company is subject to various federal, state, local and foreign laws and regulations governing the use, discharge, disposal and remediation of hazardous materials. Compliance with current laws and regulations has not had, and is not expected to have, a materially adverse effect on the Company’s financial condition or results of operations. Asset Impairments Goodwill is tested for impairment annually or at other times if events have occurred or circumstances exist that indicate the carrying value of the reporting unit may exceed its fair value. In the second quarter of 2021, the Company assessed goodwill for impairment due to a change in the composition of reporting units. The Company performed impairment testing immediately before and after the change and determined that no goodwill impairment existed. See Note 2 for further discussion. During the three and six months ended June 30, 2020, the Company recorded a $206.7 million goodwill impairment charge as a result of lower projected operating results for the Home Networks reporting unit in the Home segment. Property, plant and equipment, intangible assets and right of use assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable, based on the undiscounted cash flows expected to be derived from the use and ultimate disposition of the assets. Assets identified as impaired are adjusted to estimated fair value. Equity investments without readily determinable fair values are evaluated each reporting period for impairment based on a qualitative assessment and are then measured at fair value if an impairment is determined to exist. Other than certain assets impaired as a result of restructuring actions, there were no definite-lived intangible or other long-lived asset impairments identified during the three or six months ended June 30, 2021 or 2020. See Note 8 for discussion of impairment charges related to restructuring actions. Income Taxes For the three and six months ended June 30, 2021, the Company’s effective tax rate was 0.4% and 10.7%, respectively, and the Company recognized a tax benefit of $0.6 million on a pretax loss of $154.4 million and a tax benefit of $30.1 million on a pretax loss of $281.5 million, respectively. For the three and six months ended June 30, 2021, the Company’s tax benefit was unfavorably impacted by $37.3 million related to a foreign tax rate change as well as impacts of earnings in foreign jurisdictions that are taxed at rates higher than the United States (U.S.) statutory rate, foreign withholding taxes and U.S. anti-deferral provisions. These unfavorable impacts were offset partially by decreases in prior year uncertain tax positions and adjustments related to the finalization of prior year’s tax returns. For the three and six months ended June 30, 2020, the Company’s effective income tax rate was 4.5% and 8.8%, respectively, and the Company recognized a tax benefit of $15.1 million on a pretax loss of $336.2 million and $46.5 million on a pretax loss $527.5 million, respectively. The Company’s tax benefit was unfavorably impacted in both the three and six months ended June 30, 2020 by a goodwill impairment charge of $206.7 million for which minimal tax benefits were recorded and $20.3 million and $21.9 million, respectively, of tax expense related to state valuation allowances. Excess tax costs of $3.7 million and $7.8 million related to equity compensation awards also impacted the tax benefit unfavorably for the three and six months ended June 30, 2020, respectively. Earnings (Loss) Per Share Basic earnings (loss) per share (EPS) is computed by dividing net income (loss), less any dividends and deemed dividends related to the Convertible Preferred Stock, by the weighted average number of common shares outstanding during the period. The numerator in diluted EPS is based on the basic EPS numerator adjusted to add back any dividends and deemed dividends related to the Convertible Preferred Stock, subject to antidilution requirements. The denominator used in diluted EPS is based on the basic EPS computation plus the effect of potentially dilutive common shares related to the Convertible Preferred Stock and equity-based compensation plans, subject to antidilution requirements. For the three and six months ended June 30, 2021, 10.4 million and 12.9 million shares, respectively, of outstanding equity-based compensation awards were not included in the computation of diluted EPS because the effect was either antidilutive or the performance conditions were not met. Of those amounts, for the three and six months ended June 30, 2021, 4.4 million and 5.4 million shares, respectively, would have been considered dilutive if the Company had not been in a net loss position. For the three and six months ended June 30, 2020, 17.0 million and 16.6 million shares, respectively, of outstanding equity-based compensation awards were not included in the computation of diluted EPS because the effect was either antidilutive or the performance conditions were not met. Of those amounts, for the three and six months ended June 30, 2020, 4.3 million and 4.4 million shares, respectively, would have been considered dilutive if the Company had not been in a net loss position. For both the three and six months ended June 30, 2021, 37.9 million of as-if converted shares related to the Convertible Preferred Stock were excluded from the diluted share count because they were antidilutive. For the three and six months ended June 30, 2020, 36.9 million and 36.6 million, respectively, of as-if converted shares related to the Convertible Preferred Stock were excluded from the diluted share count because they were antidilutive. These shares may have been considered dilutive if the Company had not been in a net loss position. The following table presents the basis for the EPS computations (in millions, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator: Net loss $ (153.8 ) $ (321.1 ) $ (251.4 ) $ (481.0 ) Dividends on Series A convertible preferred stock (14.3 ) (13.9 ) (28.7 ) (27.7 ) Net loss attributable to common stockholders $ (168.1 ) $ (335.0 ) $ (280.1 ) $ (508.7 ) Denominator: Weighted average common shares outstanding - basic 204.1 195.9 202.9 195.4 Dilutive effect of as-if converted Series A convertible preferred stock — — — — Dilutive effect of equity-based awards — — — — Weighted average common shares outstanding - diluted 204.1 195.9 202.9 195.4 Loss per share: Basic $ (0.82 ) $ (1.71 ) $ (1.38 ) $ (2.60 ) Diluted $ (0.82 ) $ (1.71 ) $ (1.38 ) $ (2.60 ) Recent Accounting Pronouncements Adopted During the Six Months Ended June 30, 2021 On January 1, 2021, the Company adopted Accounting Standards Update (ASU) No. 2020-01 , Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). The new guidance is based on a consensus of the Emerging Issues Task Force and is expected to improve comparability in accounting for these transactions. The amendments in this guidance clarify the interaction of accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The impact of adopting this new guidance was not material to the consolidated financial statements. On January 1, 2021, the Company adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The impact of adopting this new guidance was not material to the consolidated financial statements. Issued but Not Adopted In August 2020, the (FASB) issued ASU No. 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In March 2020 and January 2021, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope , respectively. Together, the ASUs provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to transactions affected by reference rate reform if certain criteria are met. These transactions include contract modifications, hedging relationships, and sale or transfer of debt securities classified as held-to-maturity. The Company can elect to apply the amendments through December 31, 2022. The Company is currently evaluating the impact of this guidance |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 2. GOODWILL The following table presents the activity in goodwill by reportable segment. December 31, 2020 Activity June 30, 2021 Goodwill Accumulated Impairment Losses Total Foreign Exchange and Other Goodwill Accumulated Impairment Losses Total Broadband $ 3,369.7 $ (193.6 ) $ 3,176.1 $ (22.2 ) $ 3,347.5 $ (193.6 ) $ 3,153.9 OWN 669.1 (159.5 ) 509.6 (1.4 ) 667.7 (159.5 ) 508.2 VCN 1,642.0 (41.2 ) 1,600.8 (4.3 ) 1,637.7 (41.2 ) 1,596.5 Home 399.5 (399.5 ) — 13.7 413.2 (399.5 ) 13.7 Total $ 6,080.3 $ (793.8 ) $ 5,286.5 $ (14.2 ) $ 6,066.1 $ (793.8 ) $ 5,272.3 In the second quarter of 2021, management shifted certain product lines from the Company’s Broadband segment to its Home segment to better align the Home segment with how the business is being managed in light of the planned spin-off of the Home Networks business. This changed the composition of the Company’s reporting units which resulted in the reallocation of $13.7 million of goodwill from the Network and Cloud reporting unit to the Home Networks reporting unit. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue From Contracts With Customers | 3. REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregated Net Sales The majority of the Company’s net sales are product sales that are recognized at a point in time. The Company does have some customer arrangements where net sales are recognized over time, but this does not represent a significant portion of consolidated net sales. Contracts with net sales recognized over time are primarily concentrated in the Broadband Networks and Venue and Campus Networks segments. In the first quarter of 2021, the Company determined that the geographic disaggregation of net sales by segment is a more meaningful disaggregation of net sales than net sales disaggregated based on the timing of the transfer of goods, given the relatively low level of net sales recognized over time. Therefore, the presentation of net sales by geographic region in Note 7 has been expanded to include segments and the presentation of net sales based on the timing of the transfer of goods has been eliminated. Allowance for Doubtful Accounts Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Allowance for doubtful accounts, beginning of period $ 32.1 $ 40.0 $ 40.3 $ 35.4 Provision (benefit) (1.1 ) 3.7 (8.3 ) 9.9 Write-offs (0.5 ) (0.6 ) (0.6 ) (2.7 ) Recoveries — — — — Foreign exchange and other 0.3 0.3 (0.6 ) 0.8 Allowance for doubtful accounts, end of period $ 30.8 $ 43.4 $ 30.8 $ 43.4 Customer Contract Balances The following table provides the balance sheet location and amounts of contract assets, or unbilled accounts receivable, and contract liabilities, or deferred revenue, from contracts with customers as of June 30, 2021 and December 31, 2020. Contract Balance Type Balance Sheet Location June 30, 2021 December 31, 2020 Unbilled accounts receivable Accounts receivable, less allowance for doubtful accounts $ 32.1 $ 21.9 Deferred revenue - current Accrued and other liabilities 121.0 90.0 Deferred revenue - noncurrent Other noncurrent liabilities 58.2 53.2 Total contract liabilities $ 179.2 $ 143.2 There were no material changes to contract asset balances for the three or six months ended June 30, 2021 as a result of changes in estimates or impairments. T he change in the contract liability balance from December 31, 2020 to June 30, 2021 was primarily due to upfront support payments recognized over the support term. During the three and six months ended June 30, 2021, the Company recognized related to contract liabilities at December 31, 2020 of $22.6 million and $53.7 millio |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Supplemental Financial Statement Information | 4. SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Inventories June 30, 2021 December 31, 2020 Raw materials $ 324.3 $ 280.2 Work in process 162.0 140.6 Finished goods 663.9 668.1 $ 1,150.2 $ 1,088.9 Accrued and Other Liabilities June 30, 2021 December 31, 2020 Compensation and employee benefit liabilities $ 241.7 $ 277.9 Deferred revenue 121.0 90.0 Accrued interest 120.2 120.2 Patent claims and litigation settlements 65.7 25.7 Operating lease liabilities 56.1 62.4 Product warranty accrual 53.9 45.8 Restructuring liabilities 52.0 22.0 Other 273.3 266.6 $ 983.9 $ 910.6 Operating Lease Information Balance Sheet Location June 30, 2021 December 31, 2020 Right of use assets Other noncurrent assets $ 139.4 $ 159.3 Lease liabilities Accrued and other liabilities $ 56.1 $ 62.4 Lease liabilities Other noncurrent liabilities 101.6 119.1 Total lease liabilities $ 157.7 $ 181.5 Accumulated Other Comprehensive Loss The following table presents changes in accumulated other comprehensive loss (AOCL), net of tax: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Foreign currency translation Balance at beginning of period $ (131.8 ) $ (262.3 ) $ (80.5 ) $ (162.7 ) Other comprehensive income (loss) 21.6 34.6 (30.3 ) (65.0 ) Amounts reclassified from AOCL (0.1 ) — 0.5 — Balance at end of period $ (110.3 ) $ (227.7 ) $ (110.3 ) $ (227.7 ) Hedging instruments Balance at beginning of period $ (26.4 ) $ (16.5 ) $ (39.0 ) $ (8.9 ) Other comprehensive income (loss) (8.7 ) (5.3 ) 3.9 (12.9 ) Balance at end of period $ (35.1 ) $ (21.8 ) $ (35.1 ) $ (21.8 ) Defined benefit plan activity Balance at beginning of period $ (36.1 ) $ (25.9 ) $ (36.4 ) $ (25.4 ) Amounts reclassified from AOCL 0.3 — 0.6 (0.5 ) Balance at end of period $ (35.8 ) $ (25.9 ) $ (35.8 ) $ (25.9 ) Net AOCL at end of period $ (181.2 ) $ (275.4 ) $ (181.2 ) $ (275.4 ) Amounts reclassified from net AOCL related to foreign currency translation and defined benefit plans are recorded in other income (expense), net in the Condensed Consolidated Statements of Operations. Cash Flow Information Six Months Ended June 30, 2021 2020 Cash paid during the period for: Income taxes, net of refunds $ 39.1 $ 37.2 Interest 261.7 277.1 |
Financing
Financing | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Financing | 5. FINANCING June 30, 2021 December 31, 2020 7.125% senior notes due July 2028 $ 700.0 $ 700.0 5.00% senior notes due March 2027 750.0 750.0 8.25% senior notes due March 2027 1,000.0 1,000.0 6.00% senior notes due June 2025 1,300.0 1,300.0 6.00% senior secured notes due March 2026 1,500.0 1,500.0 5.50% senior secured notes due March 2024 1,250.0 1,250.0 Senior secured term loan due April 2026 3,144.0 3,160.0 Senior secured revolving credit facility — — Total principal amount of debt $ 9,644.0 $ 9,660.0 Less: Original issue discount, net of amortization (22.6 ) (24.8 ) Less: Debt issuance costs, net of amortization (104.6 ) (114.6 ) Less: Current portion (32.0 ) (32.0 ) Total long-term debt $ 9,484.8 $ 9,488.6 See Note 8 in the Notes to Consolidated Financial Statements in the 2020 Annual Report for additional information on the terms and conditions of the Company’s debt obligations. Senior Secured Credit Facilities During the three and six months ended June 30, 2021, the Company did not borrow under the senior secured asset-based revolving credit facility (the Revolving Credit Facility). As of June 30, 2021, the Company had no outstanding borrowings under the Revolving Credit Facility and had availability of $729.7 million, after giving effect to borrowing base limitations and outstanding letters of credit. During the three and six months ended June 30, 2021, the Company made quarterly scheduled amortization payments of $8.0 million and $16.0 million, respectively, on the senior secured term loan due in 2026 (the 2026 Term Loan). The current portion of long-term debt reflects $32.0 million of repayments due under the 2026 Term Loan. No portion of the 2026 Term Loan was reflected as a current portion of long-term debt as of June 30, 2021 related to the potentially required excess cash flow payment because the amount that may be payable in 2022, if any, cannot currently be reliably estimated. There is no excess cash flow payment required in 2021 related to 2020. Other Matters The Company’s non-guarantor subsidiaries held $3,376 million, or 25%, of total assets and $1,034 million, or 8%, of total liabilities as of June 30, 2021 and accounted for $677 million, or 31%, and $1,296 million, or 30%, of net sales for the three and six months ended June 30, 2021, respectively. As of December 31, 2020, the non-guarantor subsidiaries held $3,488 million, or 26%, of total assets and $956 million, or 8%, of total liabilities. For the three and six months ended June 30, 2020, the non-guarantor subsidiaries accounted for $583 million, or 28%, and $1,197 million, or 29%, of net sales, respectively. All amounts presented exclude intercompany balances. The weighted average effective interest rate on outstanding borrowings, including the impact of the interest rate swap, and the amortization of debt issuance costs and original issue discount, was 5.81% and 5.86% at June 30, 2021 and December 31, 2020, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. FAIR VALUE MEASUREMENTS The Company’s financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, debt instruments, interest rate derivatives and foreign currency contracts. For cash and cash equivalents, trade receivables and trade payables, the carrying amounts of these financial instruments as of June 30, 2021 and December 31, 2020 were considered representative of their fair values due to their short terms to maturity. The fair values of the Company’s debt instruments, interest rate derivatives and foreign currency contracts were based on indicative quotes. Fair value measurements using quoted prices in active markets for identical assets and liabilities fall within Level 1 of the fair value hierarchy, measurements using significant other observable inputs fall within Level 2, and measurements using significant unobservable inputs fall within Level 3. The carrying amounts, estimated fair values and valuation input levels of the Company’s debt instruments, interest rate derivatives and foreign currency contracts as of June 30, 2021 and December 31, 2020, are as follows: June 30, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Inputs Assets: Foreign currency contracts $ 3.9 $ 3.9 $ 11.7 $ 11.7 Level 2 Liabilities: 7.125% senior notes due 2028 $ 700.0 $ 759.5 $ 700.0 $ 743.8 Level 2 5.00% senior notes due 2027 750.0 767.8 750.0 741.5 Level 2 8.25% senior notes due 2027 1,000.0 1,066.3 1,000.0 1,068.5 Level 2 6.00% senior notes due 2025 1,300.0 1,327.6 1,300.0 1,329.3 Level 2 6.00% senior secured notes due 2026 1,500.0 1,583.6 1,500.0 1,576.8 Level 2 5.50% senior secured notes due 2024 1,250.0 1,282.8 1,250.0 1,285.9 Level 2 Senior secured term loan due 2026 3,144.0 3,134.2 3,160.0 3,156.1 Level 2 Foreign currency contracts 2.9 2.9 24.4 24.4 Level 2 Interest rate swap contracts 21.5 21.5 29.9 29.9 Level 2 These fair value estimates are based on pertinent information available to management as of the valuation date. Although management is not aware of any factors that would significantly affect these fair value estimates, such amounts have not been comprehensively revalued for purposes of these financial statements since those dates, and current estimates of fair value may differ significantly from the amounts presented. |
Segments and Geographic Informa
Segments and Geographic Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segments and Geographic Information | 7. SEGMENTS AND GEOGRAPHIC INFORMATION The Company has four reportable segments as described below. The Broadband Networks (Broadband) segment provides an end-to-end product portfolio serving the telco and cable provider broadband market. The segment includes converged cable access platform, passive optical networking, video systems, access technologies, fiber and coaxial cable, fiber and copper connectivity and hardened closures. The Outdoor Wireless Networks (OWN) segment focuses on the macro and metro cell markets. The segment includes base station antennas, RF filters, tower connectivity, microwave antennas, metro cell products, cabinets, steel, accessories, Spectrum Access Systems and Comsearch. The Venue and Campus Networks (VCN) segment targets both public and private networks for campuses, venues, data centers and buildings. The segment combines Wi-Fi and switching, distributed antenna systems, licensed and unlicensed small cells and enterprise fiber and copper infrastructure. The Home Networks (Home) segment includes subscriber-based solutions that support broadband and video applications. The broadband offerings in the Home segment include devices that provide residential connectivity to a service provider’s network, such as digital subscriber line and cable modems and telephony and data gateways which incorporate routing and Wi-Fi functionality. Video offerings include set top boxes that support cable, satellite and IP television content delivery and include products such as digital video recorders, high definition set top boxes and hybrid set top devices. In the second quarter of 2021, management shifted certain product lines from the Company’s Broadband segment to its Home segment to better align with how the business is being managed in light of the planned spin-off of the Home Networks business. All prior period amounts in these condensed consolidated financial statements have been recast to reflect these operating segment changes. The following table provides summary financial information by reportable segment: June 30, 2021 December 31, 2020 Identifiable segment-related assets: Broadband $ 6,405.9 $ 6,441.1 OWN 1,360.1 1,264.4 VCN 3,369.5 3,352.3 Home 1,478.0 1,709.0 Total identifiable segment-related assets 12,613.5 12,766.8 Reconciliation to total assets: Cash and cash equivalents 446.2 521.9 Deferred income tax assets 368.1 288.1 Total assets $ 13,427.8 $ 13,576.8 The Company’s measurement of segment performance is adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization). The Company defines adjusted EBITDA as operating income (loss), adjusted to exclude depreciation, amortization of intangible assets, restructuring costs, asset impairments, equity-based compensation, transaction, transformation and integration costs and other items that the Company believes are useful to exclude in the evaluation of operating performance from period to period because these items are not representative of the Company’s core business. The following table provides net sales, adjusted EBITDA, depreciation expense and additions to property, plant and equipment by reportable segment: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net sales: Broadband $ 807.9 $ 660.6 $ 1,586.8 $ 1,258.8 OWN 358.1 328.4 680.6 677.2 VCN 562.8 478.5 1,032.4 948.0 Home 456.5 635.3 957.5 1,252.0 Consolidated net sales $ 2,185.3 $ 2,102.8 $ 4,257.3 $ 4,136.0 Segment adjusted EBITDA: Broadband $ 154.0 $ 127.2 $ 330.3 $ 212.5 OWN 80.0 76.0 153.9 164.9 VCN 59.1 38.2 79.1 75.9 Home 14.6 38.4 34.1 57.7 Total segment adjusted EBITDA 307.7 279.8 597.4 511.0 Amortization of intangible assets (154.2 ) (157.6 ) (308.9 ) (315.4 ) Restructuring costs, net (58.9 ) (19.6 ) (103.3 ) (43.3 ) Equity-based compensation (16.4 ) (32.5 ) (40.0 ) (56.0 ) Asset impairments — (206.7 ) — (206.7 ) Transaction, transformation and integration costs (21.0 ) (7.6 ) (36.7 ) (13.0 ) Acquisition accounting adjustments (3.0 ) (5.2 ) (6.2 ) (10.7 ) Patent claims and litigation settlements (40.0 ) (7.5 ) (41.5 ) (12.8 ) Depreciation (32.6 ) (37.9 ) (70.3 ) (79.7 ) Consolidated operating loss $ (18.4 ) $ (194.8 ) $ (9.5 ) $ (226.6 ) Depreciation expense: Broadband $ 13.4 $ 14.3 $ 28.7 $ 29.6 OWN 3.8 4.0 7.6 8.5 VCN 10.3 11.4 21.4 23.2 Home 5.1 8.2 12.6 18.4 Consolidated depreciation expense $ 32.6 $ 37.9 $ 70.3 $ 79.7 Additions to property, plant and equipment: Broadband $ 20.3 $ 8.7 $ 32.8 $ 18.1 OWN 2.5 3.9 4.9 6.7 VCN 8.7 5.7 18.1 12.9 Home 2.3 5.5 4.4 10.0 Consolidated additions to property, plant and equipment $ 33.8 $ 23.8 $ 60.2 $ 47.7 Sales to customers located outside of the U.S. comprised 42.6% and 42.5% of total net sales for the three and six months ended June 30, 2021, respectively, compared to 35.6% and 37.8%, of total net sales for the three and six months ended June 30, 2020, respectively. The following table presents net sales by reportable segment, disaggregated based on geographic region: Three Months Ended June 30, Broadband OWN VCN Home Total 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Geographic Region: United States $ 493.4 $ 434.5 $ 231.9 $ 223.0 $ 288.3 $ 273.1 $ 240.6 $ 423.0 $ 1,254.2 $ 1,353.6 Europe, Middle East and Africa 116.5 93.9 65.4 66.6 120.0 97.2 106.9 101.3 408.8 359.0 Asia Pacific 58.9 61.9 34.5 19.3 127.7 94.4 23.0 26.3 244.1 201.9 Caribbean and Latin America 114.1 44.7 8.4 13.9 17.6 11.4 50.2 54.0 190.3 124.0 Canada 25.0 25.6 17.9 5.6 9.2 2.4 35.8 30.7 87.9 64.3 Consolidated net sales $ 807.9 $ 660.6 $ 358.1 $ 328.4 $ 562.8 $ 478.5 $ 456.5 $ 635.3 $ 2,185.3 $ 2,102.8 Six Months Ended June 30, Broadband OWN VCN Home Total 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Geographic Region: United States $ 1,017.8 $ 788.6 $ 421.5 $ 482.4 $ 515.4 $ 530.3 $ 491.4 $ 772.8 $ 2,446.1 $ 2,574.1 Europe, Middle East and Africa 215.3 200.4 127.9 123.5 228.8 200.7 222.5 229.5 794.5 754.1 Asia Pacific 119.7 113.8 76.6 39.5 232.1 176.0 41.1 50.1 469.5 379.4 Caribbean and Latin America 191.1 106.3 19.6 22.5 34.4 25.9 137.3 127.7 382.4 282.4 Canada 42.9 49.7 35.0 9.3 21.7 15.1 65.2 71.9 164.8 146.0 Consolidated net sales $ 1,586.8 $ 1,258.8 $ 680.6 $ 677.2 $ 1,032.4 $ 948.0 $ 957.5 $ 1,252.0 $ 4,257.3 $ 4,136.0 |
Restructuring Costs
Restructuring Costs | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Costs | 8. RESTRUCTURING COSTS The Company incurs costs associated with restructuring initiatives intended to improve overall operating performance and profitability. The costs related to restructuring actions are generally cash-based and primarily consist of employee-related costs, which include severance and other one-time termination benefits. In addition to the employee-related costs, the Company also records other costs associated with restructuring actions such as the gain or loss on the sale of facilities and impairment costs arising from unutilized real estate or equipment. The Company attempts to sell or lease this unutilized space but additional impairment charges may be incurred related to these or other excess assets. The Company’s net pretax restructuring charges included in restructuring costs, net on the Condensed Consolidated Statements of Operations, by segment, were as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Broadband $ 62.7 $ (0.2 ) $ 73.2 $ 5.1 OWN 0.5 0.5 6.2 3.9 VCN (6.2 ) (1.2 ) 16.1 10.1 Home 1.9 20.5 7.8 24.2 Total $ 58.9 $ 19.6 $ 103.3 $ 43.3 Restructuring liabilities were included in the Company’s Condensed Consolidated Balance Sheets as follows: June 30, 2021 December 31, 2020 Accrued and other liabilities $ 52.0 $ 22.0 Other noncurrent liabilities 39.7 4.0 Total liability $ 91.7 $ 26.0 CommScope NEXT Restructuring Actions In the first quarter of 2021, the Company announced and began implementing a business transformation initiative called CommScope NEXT. This initiative is designed to drive shareholder value through three pillars: focusing on strategies to drive profitable growth, undertaking a full portfolio evaluation and optimizing the business by focusing on efficiency and eliminating unnecessary non-value-added complexity and cost across the business. The activity within the liability established for CommScope NEXT restructuring actions was as follows: Employee- Related Costs Other Total Balance at March 31, 2021 $ 33.3 $ — $ 33.3 Additional expense 54.9 4.0 58.9 Cash paid (19.8 ) — (19.8 ) Non-cash items — (4.0 ) (4.0 ) Balance at June 30, 2021 $ 68.4 $ — $ 68.4 Balance at December 31, 2020 $ — $ — $ — Additional expense 88.2 4.0 92.2 Cash paid (19.8 ) — (19.8 ) Non-cash items — (4.0 ) (4.0 ) Balance at June 30, 2021 $ 68.4 $ — $ 68.4 The CommScope NEXT actions included the planned closure of a manufacturing facility as well as headcount reductions in manufacturing, engineering, marketing, sales and administrative functions. The Company expects to make cash payments of $8.5 million during the remainder of 2021 and additional cash payments of $59.9 million between 2022 and 2023 to settle the CommScope NEXT restructuring actions. Additional restructuring actions related to CommScope NEXT are expected to be identified and the resulting charges and cash requirements are expected to be material. In addition, during the three and six months ended June 30, 2021, the Company recorded $4.0 million of impairment costs related to restructuring activities, which is included in restructuring costs, net on the Condensed Consolidated Statements of Operations. ARRIS Integration Restructuring Actions In anticipation of and following the acquisition of ARRIS, the Company initiated a series of restructuring actions to integrate and streamline operations and achieve cost synergies. The activity within the liability established for the ARRIS integration restructuring actions was as follows: Employee- Related Costs Other Total Balance at March 31, 2021 $ 25.8 $ 0.8 $ 26.6 Additional expense (recovery) 0.8 (0.8 ) — Cash paid (4.0 ) (0.8 ) (4.8 ) Non-cash items — 1.0 1.0 Balance at June 30, 2021 $ 22.6 $ 0.2 $ 22.8 Balance at December 31, 2020 $ 24.4 $ 0.8 $ 25.2 Additional expense 9.2 1.9 11.1 Cash paid (11.0 ) (1.0 ) (12.0 ) Non-cash items — (1.5 ) (1.5 ) Balance at June 30, 2021 $ 22.6 $ 0.2 $ 22.8 The ARRIS integration actions included headcount reductions in manufacturing, sales, engineering, marketing and administrative functions. The Company has recognized restructuring charges of $185.7 million since the ARRIS acquisition for integration actions. The Company expects to make cash payments of $18.4 million during the remainder of 2021 and additional cash payments of $4.4 million in 2022 to settle the ARRIS integration initiatives. The Company does not expect to identify significant additional restructuring actions related to the ARRIS integration. For the three and six months ended June 30, 2021, the other restructuring category primarily includes activity from impairment of operating lease right of use assets related to ceasing use of certain leased facilities as part of restructuring activities, which is included in restructuring costs, net on the Condensed Consolidated Statements of Operations. |
Series A Convertible Preferred
Series A Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Series A Convertible Preferred Stock | 9. SERIES A CONVERTIBLE PREFERRED STOCK On April 4, 2019, the Company issued and sold 1,000,000 shares of the Convertible Preferred Stock to Carlyle for $1.0 billion, or $1,000 per share, pursuant to an Investment Agreement between the Company and Carlyle, dated November 8, 2018. The Convertible Preferred Stock is convertible at the option of the holders at any time into shares of CommScope common stock at an initial conversion rate of 36.3636 shares of common stock per share of the Convertible Preferred Stock (equivalent to $27.50 per common share). The conversion rate is subject to customary anti-dilution and other adjustments. Holders of the Convertible Preferred Stock are entitled to a cumulative dividend at the rate of 5.5 % per year, payable quarterly in arrears. Dividends can be paid in cash, in - kind through the issuance of additional shares of the Convertible Preferred Stock or any combination of the two, at the Company’s option. During the three and six months ended June 30, 2021 , the Company paid cash dividends of $ 14.3 million and $ 28.7 million , respectively . During the three and six months ended June 30 , 2020, the Company paid dividends in-kind of $ 13.9 million and $ 27.7 million , respectively , which was recorded as additional Convertible Preferred Stock on the Condensed Consolidated Balance Sheets. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 10. STOCKHOLDERS’ EQUITY Equity-Based Compensation Plans As of June 30, 2021, $149.3 million of total unrecognized compensation expense related to unvested stock options, restricted stock units (RSUs) and performance share units (PSUs) is expected to be recognized over a remaining weighted average period of 1.6 years. There were no significant capitalized equity-based compensation costs at June 30, 2021. In the second quarter of 2021, the Company’s stockholders approved the termination of certain executive performance stock options, which is reflected as forfeited stock options below, and the grant of selective performance-based retention equity awards, which is reflected as performance share units granted below. The impact under modification accounting was not material to the condensed consolidated financial statements. The following table shows a summary of the equity-based compensation expense included in the Condensed Consolidated Statements of Operations: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Selling, general and administrative $ 8.5 $ 17.7 $ 20.4 $ 30.7 Cost of sales 2.7 5.2 6.6 9.0 Research and development 5.2 9.6 13.0 16.3 Total equity-based compensation expense $ 16.4 $ 32.5 $ 40.0 $ 56.0 Stock Options Stock options are awards that allow the recipient to purchase shares of the Company’s common stock at a fixed price. Stock options are granted at an exercise price equal to the Company’s stock price at the date of grant. These awards generally vest over five years following the grant date and have a contractual term of ten years. The Company uses the Black-Scholes model to estimate the fair value of stock option awards at the date of grant. Key inputs and assumptions used in the model include the grant date fair value of common stock, exercise price of the award, the expected option term, the risk-free interest rate, stock price volatility and the Company’s projected dividend yield. There were no stock option awards granted during the three and six months ended June 30, 2021 or 2020. The following table summarizes the stock option activity (in millions, except per share data and years): Shares Weighted Average Option Exercise Price Per Share Weighted Average Remaining Contractual Term in Years Aggregate Intrinsic Value Options outstanding at March 31, 2021 5.1 $ 21.83 7.2 $ 1.0 Forfeited (1.9 ) $ 18.34 Options outstanding at June 30, 2021 3.2 $ 23.95 5.8 $ 6.5 Options outstanding at December 31, 2020 6.2 $ 19.86 6.6 $ 5.6 Exercised (0.7 ) $ 5.78 Forfeited (2.3 ) $ 18.39 Options outstanding at June 30, 2021 3.2 $ 23.95 5.8 $ 6.5 Options vested at June 30, 2021 2.4 $ 25.74 5.1 $ 4.1 Options unvested at June 30, 2021 0.8 $ 18.20 7.9 $ 2.4 The exercise prices of outstanding options at June 30, 2021 were in the following ranges (in millions, except per share data and years): Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Price Per Share Shares Weighted Average Exercise Price Per Share $5.50 to $18.50 0.1 4.9 $ 10.08 0.1 $ 9.11 $18.51 to $30.00 2.2 5.9 $ 19.54 1.4 $ 20.01 $30.01 to $45.00 0.9 5.6 $ 36.44 0.9 $ 36.44 $5.50 to $45.00 3.2 5.8 $ 23.95 2.4 $ 25.74 Restricted Stock Units RSUs entitle the holder to shares of common stock after a vesting period that generally ranges from one to three years. The fair value of the awards is determined on the grant date based on the Company’s stock price. The following table summarizes the RSU activity (in millions, except per share data): Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Non-vested share units at March 31, 2021 8.2 $ 12.25 Granted 3.8 $ 20.53 Vested and shares issued (0.2 ) $ 11.92 Forfeited (0.5 ) $ 12.93 Non-vested share units at June 30, 2021 11.3 $ 15.00 Non-vested share units at December 31, 2020 13.2 $ 13.62 Granted 3.8 $ 20.39 Vested and shares issued (5.0 ) $ 15.71 Forfeited (0.7 ) $ 13.22 Non-vested share units at June 30, 2021 11.3 $ 15.00 Performance Share Units PSUs are stock-based awards in which the number of shares ultimately received by the employee can vary from 0% to 100% depending on a market condition, the achievement of certain CommScope stock price milestones, as well as a service condition. The Company uses a Monte Carlo simulation model to estimate the fair value of PSUs with a market condition at the date of grant. Key assumptions used in the model include the risk-free interest rate, which reflects the yield on zero-coupon U.S. treasury securities, and stock price volatility which is derived based on the historical volatility of the Company’s stock. The following table presents the weighted average assumptions used in the valuation and the fair value of PSU awards granted with a market condition: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Risk-free interest rate 0.4 % 0.4 % Expected volatility 55.0 % 56.0 % Weighted average fair value at grant date $ 12.01 $ 11.21 The following table summarizes the PSU activity (in millions, except per share data): Performance Share Units Weighted Average Grant Date Fair Value Per Share Non-vested share units at March 31, 2021 1.6 $ 4.30 Granted 0.6 $ 12.01 Non-vested share units at June 30, 2021 2.2 $ 6.30 Non-vested share units at December 31, 2020 1.5 $ 4.03 Granted 0.7 $ 11.21 Non-vested share units at June 30, 2021 2.2 $ 6.30 |
Background and Basis of Prese_2
Background and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim period financial statements. The results of operations for these interim periods are not necessarily indicative of the results of operations to be expected for any future period or the full fiscal year. Certain prior year amounts have been reclassified to conform to the current year presentation. In the second quarter of 2021, management shifted certain product lines from the Company’s Broadband Networks (Broadband) segment to its Home Networks (Home) segment to better align with how the business is being managed in light of the planned spin-off of the Home Networks business. All prior period amounts in these condensed consolidated financial statements have been recast to reflect these operating segment changes. The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and are presented in accordance with the applicable requirements of Regulation S-X. Accordingly, these financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the 2020 Annual Report). The significant accounting policies followed by the Company are set forth in Note 2 within the Company’s audited consolidated financial statements included in the 2020 Annual Report. There were no material changes in the Company’s significant accounting policies during the three or six months ended June 30, 2021. |
Concentrations of Risk and Related Party Transactions | Concentrations of Risk and Related Party Transactions No direct customer accounted for 10% or more of the Company’s total net sales during the three or six months ended June 30, 2021. Net sales to Comcast Corporation and affiliates accounted for 12% and 10% of the Company’s total net sales during the three and six months ended June 30, 2020, respectively. No other direct customer accounted for 10% or more of the Company’s total net sales during the three or six months ended June 30, 2020. As of June 30, 2021, no direct customer accounted for 10% or more of the Company’s accounts receivable. The Company relies on sole suppliers or a limited group of suppliers for certain key components, subassemblies and modules and a limited group of contract manufacturers to manufacture a significant portion of its products. Any disruption or termination of these arrangements could have a material adverse impact on the Company’s results of operations. As of June 30, 2021, funds affiliated with Carlyle Partners VII S1 Holdings, L.P. (Carlyle) owned 100% of the Series A convertible preferred stock (the Convertible Preferred Stock), which was sold to Carlyle to fund a portion of the acquisition of ARRIS International plc (ARRIS) in 2019. See Note 9 for further discussion of the Convertible Preferred Stock. Other than transactions related to the Convertible Preferred Stock, there were no material related party transactions for the three or six months ended June 30, 2021. |
Product Warranties | Product Warranties The Company recognizes a liability for the estimated claims that may be paid under its customer warranty agreements to remedy potential deficiencies of quality or performance of the Company’s products. These product warranties extend over various periods, depending upon the product subject to the warranty and the terms of the individual agreements. The Company records a provision for estimated future warranty claims as cost of sales based upon the historical relationship of warranty claims to sales and specifically identified warranty issues. The Company bases its estimates on assumptions that are believed to be reasonable under the circumstances and revises its estimates, as appropriate, when events or changes in circumstances indicate that revisions may be necessary. Such revisions may be material. The following table summarizes the activity in the product warranty accrual, included in accrued and other liabilities and other noncurrent liabilities: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Product warranty accrual, beginning of period $ 62.1 $ 57.3 $ 59.5 $ 61.0 Provision for warranty claims 12.6 3.4 23.2 7.4 Warranty claims paid (5.4 ) (4.9 ) (13.1 ) (12.0 ) Foreign exchange 0.2 0.1 (0.1 ) (0.5 ) Product warranty accrual, end of period $ 69.5 $ 55.9 $ 69.5 $ 55.9 |
Commitments and Contingencies | Commitments and Contingencies The Company is party to certain intellectual property claims and periodically receives notices asserting that its products infringe on another party’s patents and other intellectual property rights. These claims and assertions, whether against the Company directly or against its customers, could require the Company to pay damages, royalties, stop offering the relevant products and/or cease other activities. The Company may also be called upon to indemnify certain customers for costs related to products sold to such customers. The outcome of these claims and notices is uncertain and a reasonable estimate of the loss from unfavorable outcomes in certain of these matters either cannot be determined or is estimated at the minimum amount of a range of estimates. The actual loss could be material and may vary significantly from our estimates. As of June 30, 2021, the Company had a liability of $67.7 million recorded in accrued and other liabilities and noncurrent liabilities on the Condensed Consolidated Balance Sheets related to certain intellectual property assertions that have been settled or are in process of settlement. For the three and six months ended June 30, 2021, the Company recorded a charge to cost of sales in the Condensed Consolidated Statements of Operations of $40.0 million and $41.5 million, respectively, related to these intellectual property assertions. This amount is reflected in the results of the Broadband, Home and Venue and Campus Networks segments. The Company paid $4.0 million during the three and six months ended June 30, 2021 to settle intellectual property assertions and paid an additional $50.0 million in July 2021. The Company is either a plaintiff or a defendant in certain other pending legal matters in the normal course of business. Management believes none of these other pending legal matters will have a material adverse effect on the Company’s business or financial condition upon final disposition. In addition, the Company is subject to various federal, state, local and foreign laws and regulations governing the use, discharge, disposal and remediation of hazardous materials. Compliance with current laws and regulations has not had, and is not expected to have, a materially adverse effect on the Company’s financial condition or results of operations. |
Asset Impairments | Asset Impairments Goodwill is tested for impairment annually or at other times if events have occurred or circumstances exist that indicate the carrying value of the reporting unit may exceed its fair value. In the second quarter of 2021, the Company assessed goodwill for impairment due to a change in the composition of reporting units. The Company performed impairment testing immediately before and after the change and determined that no goodwill impairment existed. See Note 2 for further discussion. During the three and six months ended June 30, 2020, the Company recorded a $206.7 million goodwill impairment charge as a result of lower projected operating results for the Home Networks reporting unit in the Home segment. Property, plant and equipment, intangible assets and right of use assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable, based on the undiscounted cash flows expected to be derived from the use and ultimate disposition of the assets. Assets identified as impaired are adjusted to estimated fair value. Equity investments without readily determinable fair values are evaluated each reporting period for impairment based on a qualitative assessment and are then measured at fair value if an impairment is determined to exist. Other than certain assets impaired as a result of restructuring actions, there were no definite-lived intangible or other long-lived asset impairments identified during the three or six months ended June 30, 2021 or 2020. See Note 8 for discussion of impairment charges related to restructuring actions. |
Income Taxes | Income Taxes For the three and six months ended June 30, 2021, the Company’s effective tax rate was 0.4% and 10.7%, respectively, and the Company recognized a tax benefit of $0.6 million on a pretax loss of $154.4 million and a tax benefit of $30.1 million on a pretax loss of $281.5 million, respectively. For the three and six months ended June 30, 2021, the Company’s tax benefit was unfavorably impacted by $37.3 million related to a foreign tax rate change as well as impacts of earnings in foreign jurisdictions that are taxed at rates higher than the United States (U.S.) statutory rate, foreign withholding taxes and U.S. anti-deferral provisions. These unfavorable impacts were offset partially by decreases in prior year uncertain tax positions and adjustments related to the finalization of prior year’s tax returns. For the three and six months ended June 30, 2020, the Company’s effective income tax rate was 4.5% and 8.8%, respectively, and the Company recognized a tax benefit of $15.1 million on a pretax loss of $336.2 million and $46.5 million on a pretax loss $527.5 million, respectively. The Company’s tax benefit was unfavorably impacted in both the three and six months ended June 30, 2020 by a goodwill impairment charge of $206.7 million for which minimal tax benefits were recorded and $20.3 million and $21.9 million, respectively, of tax expense related to state valuation allowances. Excess tax costs of $3.7 million and $7.8 million related to equity compensation awards also impacted the tax benefit unfavorably for the three and six months ended June 30, 2020, respectively. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share (EPS) is computed by dividing net income (loss), less any dividends and deemed dividends related to the Convertible Preferred Stock, by the weighted average number of common shares outstanding during the period. The numerator in diluted EPS is based on the basic EPS numerator adjusted to add back any dividends and deemed dividends related to the Convertible Preferred Stock, subject to antidilution requirements. The denominator used in diluted EPS is based on the basic EPS computation plus the effect of potentially dilutive common shares related to the Convertible Preferred Stock and equity-based compensation plans, subject to antidilution requirements. For the three and six months ended June 30, 2021, 10.4 million and 12.9 million shares, respectively, of outstanding equity-based compensation awards were not included in the computation of diluted EPS because the effect was either antidilutive or the performance conditions were not met. Of those amounts, for the three and six months ended June 30, 2021, 4.4 million and 5.4 million shares, respectively, would have been considered dilutive if the Company had not been in a net loss position. For the three and six months ended June 30, 2020, 17.0 million and 16.6 million shares, respectively, of outstanding equity-based compensation awards were not included in the computation of diluted EPS because the effect was either antidilutive or the performance conditions were not met. Of those amounts, for the three and six months ended June 30, 2020, 4.3 million and 4.4 million shares, respectively, would have been considered dilutive if the Company had not been in a net loss position. For both the three and six months ended June 30, 2021, 37.9 million of as-if converted shares related to the Convertible Preferred Stock were excluded from the diluted share count because they were antidilutive. For the three and six months ended June 30, 2020, 36.9 million and 36.6 million, respectively, of as-if converted shares related to the Convertible Preferred Stock were excluded from the diluted share count because they were antidilutive. These shares may have been considered dilutive if the Company had not been in a net loss position. The following table presents the basis for the EPS computations (in millions, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator: Net loss $ (153.8 ) $ (321.1 ) $ (251.4 ) $ (481.0 ) Dividends on Series A convertible preferred stock (14.3 ) (13.9 ) (28.7 ) (27.7 ) Net loss attributable to common stockholders $ (168.1 ) $ (335.0 ) $ (280.1 ) $ (508.7 ) Denominator: Weighted average common shares outstanding - basic 204.1 195.9 202.9 195.4 Dilutive effect of as-if converted Series A convertible preferred stock — — — — Dilutive effect of equity-based awards — — — — Weighted average common shares outstanding - diluted 204.1 195.9 202.9 195.4 Loss per share: Basic $ (0.82 ) $ (1.71 ) $ (1.38 ) $ (2.60 ) Diluted $ (0.82 ) $ (1.71 ) $ (1.38 ) $ (2.60 ) |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted During the Six Months Ended June 30, 2021 On January 1, 2021, the Company adopted Accounting Standards Update (ASU) No. 2020-01 , Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). The new guidance is based on a consensus of the Emerging Issues Task Force and is expected to improve comparability in accounting for these transactions. The amendments in this guidance clarify the interaction of accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The impact of adopting this new guidance was not material to the consolidated financial statements. On January 1, 2021, the Company adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The impact of adopting this new guidance was not material to the consolidated financial statements. Issued but Not Adopted In August 2020, the (FASB) issued ASU No. 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In March 2020 and January 2021, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope , respectively. Together, the ASUs provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to transactions affected by reference rate reform if certain criteria are met. These transactions include contract modifications, hedging relationships, and sale or transfer of debt securities classified as held-to-maturity. The Company can elect to apply the amendments through December 31, 2022. The Company is currently evaluating the impact of this guidance |
Background and Basis of Prese_3
Background and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Activity in Product Warranty Accrual, Included in Accrued and Other Liabilities and Other Noncurrent Liabilities | The following table summarizes the activity in the product warranty accrual, included in accrued and other liabilities and other noncurrent liabilities: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Product warranty accrual, beginning of period $ 62.1 $ 57.3 $ 59.5 $ 61.0 Provision for warranty claims 12.6 3.4 23.2 7.4 Warranty claims paid (5.4 ) (4.9 ) (13.1 ) (12.0 ) Foreign exchange 0.2 0.1 (0.1 ) (0.5 ) Product warranty accrual, end of period $ 69.5 $ 55.9 $ 69.5 $ 55.9 |
Summary of EPS, Weighted Average Common Shares and Potential Common Shares Outstanding | The following table presents the basis for the EPS computations (in millions, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator: Net loss $ (153.8 ) $ (321.1 ) $ (251.4 ) $ (481.0 ) Dividends on Series A convertible preferred stock (14.3 ) (13.9 ) (28.7 ) (27.7 ) Net loss attributable to common stockholders $ (168.1 ) $ (335.0 ) $ (280.1 ) $ (508.7 ) Denominator: Weighted average common shares outstanding - basic 204.1 195.9 202.9 195.4 Dilutive effect of as-if converted Series A convertible preferred stock — — — — Dilutive effect of equity-based awards — — — — Weighted average common shares outstanding - diluted 204.1 195.9 202.9 195.4 Loss per share: Basic $ (0.82 ) $ (1.71 ) $ (1.38 ) $ (2.60 ) Diluted $ (0.82 ) $ (1.71 ) $ (1.38 ) $ (2.60 ) |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill by Reportable Segment | The following table presents the activity in goodwill by reportable segment. December 31, 2020 Activity June 30, 2021 Goodwill Accumulated Impairment Losses Total Foreign Exchange and Other Goodwill Accumulated Impairment Losses Total Broadband $ 3,369.7 $ (193.6 ) $ 3,176.1 $ (22.2 ) $ 3,347.5 $ (193.6 ) $ 3,153.9 OWN 669.1 (159.5 ) 509.6 (1.4 ) 667.7 (159.5 ) 508.2 VCN 1,642.0 (41.2 ) 1,600.8 (4.3 ) 1,637.7 (41.2 ) 1,596.5 Home 399.5 (399.5 ) — 13.7 413.2 (399.5 ) 13.7 Total $ 6,080.3 $ (793.8 ) $ 5,286.5 $ (14.2 ) $ 6,066.1 $ (793.8 ) $ 5,272.3 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Allowance for doubtful accounts, beginning of period $ 32.1 $ 40.0 $ 40.3 $ 35.4 Provision (benefit) (1.1 ) 3.7 (8.3 ) 9.9 Write-offs (0.5 ) (0.6 ) (0.6 ) (2.7 ) Recoveries — — — — Foreign exchange and other 0.3 0.3 (0.6 ) 0.8 Allowance for doubtful accounts, end of period $ 30.8 $ 43.4 $ 30.8 $ 43.4 |
Summary of Balance Sheet Location and Amounts of Contract Assets and Liabilities from Contracts with Customers | The following table provides the balance sheet location and amounts of contract assets, or unbilled accounts receivable, and contract liabilities, or deferred revenue, from contracts with customers as of June 30, 2021 and December 31, 2020. Contract Balance Type Balance Sheet Location June 30, 2021 December 31, 2020 Unbilled accounts receivable Accounts receivable, less allowance for doubtful accounts $ 32.1 $ 21.9 Deferred revenue - current Accrued and other liabilities 121.0 90.0 Deferred revenue - noncurrent Other noncurrent liabilities 58.2 53.2 Total contract liabilities $ 179.2 $ 143.2 |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Inventories | Inventories June 30, 2021 December 31, 2020 Raw materials $ 324.3 $ 280.2 Work in process 162.0 140.6 Finished goods 663.9 668.1 $ 1,150.2 $ 1,088.9 |
Accrued and Other Liabilities | Accrued and Other Liabilities June 30, 2021 December 31, 2020 Compensation and employee benefit liabilities $ 241.7 $ 277.9 Deferred revenue 121.0 90.0 Accrued interest 120.2 120.2 Patent claims and litigation settlements 65.7 25.7 Operating lease liabilities 56.1 62.4 Product warranty accrual 53.9 45.8 Restructuring liabilities 52.0 22.0 Other 273.3 266.6 $ 983.9 $ 910.6 |
Operating Lease Information | Operating Lease Information Balance Sheet Location June 30, 2021 December 31, 2020 Right of use assets Other noncurrent assets $ 139.4 $ 159.3 Lease liabilities Accrued and other liabilities $ 56.1 $ 62.4 Lease liabilities Other noncurrent liabilities 101.6 119.1 Total lease liabilities $ 157.7 $ 181.5 |
Changes in Accumulated Other Comprehensive Loss, Net of Tax | The following table presents changes in accumulated other comprehensive loss (AOCL), net of tax: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Foreign currency translation Balance at beginning of period $ (131.8 ) $ (262.3 ) $ (80.5 ) $ (162.7 ) Other comprehensive income (loss) 21.6 34.6 (30.3 ) (65.0 ) Amounts reclassified from AOCL (0.1 ) — 0.5 — Balance at end of period $ (110.3 ) $ (227.7 ) $ (110.3 ) $ (227.7 ) Hedging instruments Balance at beginning of period $ (26.4 ) $ (16.5 ) $ (39.0 ) $ (8.9 ) Other comprehensive income (loss) (8.7 ) (5.3 ) 3.9 (12.9 ) Balance at end of period $ (35.1 ) $ (21.8 ) $ (35.1 ) $ (21.8 ) Defined benefit plan activity Balance at beginning of period $ (36.1 ) $ (25.9 ) $ (36.4 ) $ (25.4 ) Amounts reclassified from AOCL 0.3 — 0.6 (0.5 ) Balance at end of period $ (35.8 ) $ (25.9 ) $ (35.8 ) $ (25.9 ) Net AOCL at end of period $ (181.2 ) $ (275.4 ) $ (181.2 ) $ (275.4 ) Amounts reclassified from net AOCL related to foreign currency translation and defined benefit plans are recorded in other income (expense), net in the Condensed Consolidated Statements of Operations. |
Cash Flow Information | Cash Flow Information Six Months Ended June 30, 2021 2020 Cash paid during the period for: Income taxes, net of refunds $ 39.1 $ 37.2 Interest 261.7 277.1 |
Financing (Tables)
Financing (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Debt | June 30, 2021 December 31, 2020 7.125% senior notes due July 2028 $ 700.0 $ 700.0 5.00% senior notes due March 2027 750.0 750.0 8.25% senior notes due March 2027 1,000.0 1,000.0 6.00% senior notes due June 2025 1,300.0 1,300.0 6.00% senior secured notes due March 2026 1,500.0 1,500.0 5.50% senior secured notes due March 2024 1,250.0 1,250.0 Senior secured term loan due April 2026 3,144.0 3,160.0 Senior secured revolving credit facility — — Total principal amount of debt $ 9,644.0 $ 9,660.0 Less: Original issue discount, net of amortization (22.6 ) (24.8 ) Less: Debt issuance costs, net of amortization (104.6 ) (114.6 ) Less: Current portion (32.0 ) (32.0 ) Total long-term debt $ 9,484.8 $ 9,488.6 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts, Estimated Fair Values and Valuation Input Levels of the Company's Debt Instruments, Interest Rate Derivatives and Foreign Currency Contracts | The carrying amounts, estimated fair values and valuation input levels of the Company’s debt instruments, interest rate derivatives and foreign currency contracts as of June 30, 2021 and December 31, 2020, are as follows: June 30, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Inputs Assets: Foreign currency contracts $ 3.9 $ 3.9 $ 11.7 $ 11.7 Level 2 Liabilities: 7.125% senior notes due 2028 $ 700.0 $ 759.5 $ 700.0 $ 743.8 Level 2 5.00% senior notes due 2027 750.0 767.8 750.0 741.5 Level 2 8.25% senior notes due 2027 1,000.0 1,066.3 1,000.0 1,068.5 Level 2 6.00% senior notes due 2025 1,300.0 1,327.6 1,300.0 1,329.3 Level 2 6.00% senior secured notes due 2026 1,500.0 1,583.6 1,500.0 1,576.8 Level 2 5.50% senior secured notes due 2024 1,250.0 1,282.8 1,250.0 1,285.9 Level 2 Senior secured term loan due 2026 3,144.0 3,134.2 3,160.0 3,156.1 Level 2 Foreign currency contracts 2.9 2.9 24.4 24.4 Level 2 Interest rate swap contracts 21.5 21.5 29.9 29.9 Level 2 |
Segments and Geographic Infor_2
Segments and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of Financial Information by Reportable Segment | The following table provides summary financial information by reportable segment: June 30, 2021 December 31, 2020 Identifiable segment-related assets: Broadband $ 6,405.9 $ 6,441.1 OWN 1,360.1 1,264.4 VCN 3,369.5 3,352.3 Home 1,478.0 1,709.0 Total identifiable segment-related assets 12,613.5 12,766.8 Reconciliation to total assets: Cash and cash equivalents 446.2 521.9 Deferred income tax assets 368.1 288.1 Total assets $ 13,427.8 $ 13,576.8 |
Summary of Net Sales, Adjusted EBITDA, Depreciation Expense and Additions to PP&E by Reportable Segment | The following table provides net sales, adjusted EBITDA, depreciation expense and additions to property, plant and equipment by reportable segment: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net sales: Broadband $ 807.9 $ 660.6 $ 1,586.8 $ 1,258.8 OWN 358.1 328.4 680.6 677.2 VCN 562.8 478.5 1,032.4 948.0 Home 456.5 635.3 957.5 1,252.0 Consolidated net sales $ 2,185.3 $ 2,102.8 $ 4,257.3 $ 4,136.0 Segment adjusted EBITDA: Broadband $ 154.0 $ 127.2 $ 330.3 $ 212.5 OWN 80.0 76.0 153.9 164.9 VCN 59.1 38.2 79.1 75.9 Home 14.6 38.4 34.1 57.7 Total segment adjusted EBITDA 307.7 279.8 597.4 511.0 Amortization of intangible assets (154.2 ) (157.6 ) (308.9 ) (315.4 ) Restructuring costs, net (58.9 ) (19.6 ) (103.3 ) (43.3 ) Equity-based compensation (16.4 ) (32.5 ) (40.0 ) (56.0 ) Asset impairments — (206.7 ) — (206.7 ) Transaction, transformation and integration costs (21.0 ) (7.6 ) (36.7 ) (13.0 ) Acquisition accounting adjustments (3.0 ) (5.2 ) (6.2 ) (10.7 ) Patent claims and litigation settlements (40.0 ) (7.5 ) (41.5 ) (12.8 ) Depreciation (32.6 ) (37.9 ) (70.3 ) (79.7 ) Consolidated operating loss $ (18.4 ) $ (194.8 ) $ (9.5 ) $ (226.6 ) Depreciation expense: Broadband $ 13.4 $ 14.3 $ 28.7 $ 29.6 OWN 3.8 4.0 7.6 8.5 VCN 10.3 11.4 21.4 23.2 Home 5.1 8.2 12.6 18.4 Consolidated depreciation expense $ 32.6 $ 37.9 $ 70.3 $ 79.7 Additions to property, plant and equipment: Broadband $ 20.3 $ 8.7 $ 32.8 $ 18.1 OWN 2.5 3.9 4.9 6.7 VCN 8.7 5.7 18.1 12.9 Home 2.3 5.5 4.4 10.0 Consolidated additions to property, plant and equipment $ 33.8 $ 23.8 $ 60.2 $ 47.7 |
Summary of Net Sales by Reportable Segment, Disaggregated Based on Geographic Region | The following table presents net sales by reportable segment, disaggregated based on geographic region: Three Months Ended June 30, Broadband OWN VCN Home Total 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Geographic Region: United States $ 493.4 $ 434.5 $ 231.9 $ 223.0 $ 288.3 $ 273.1 $ 240.6 $ 423.0 $ 1,254.2 $ 1,353.6 Europe, Middle East and Africa 116.5 93.9 65.4 66.6 120.0 97.2 106.9 101.3 408.8 359.0 Asia Pacific 58.9 61.9 34.5 19.3 127.7 94.4 23.0 26.3 244.1 201.9 Caribbean and Latin America 114.1 44.7 8.4 13.9 17.6 11.4 50.2 54.0 190.3 124.0 Canada 25.0 25.6 17.9 5.6 9.2 2.4 35.8 30.7 87.9 64.3 Consolidated net sales $ 807.9 $ 660.6 $ 358.1 $ 328.4 $ 562.8 $ 478.5 $ 456.5 $ 635.3 $ 2,185.3 $ 2,102.8 Six Months Ended June 30, Broadband OWN VCN Home Total 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Geographic Region: United States $ 1,017.8 $ 788.6 $ 421.5 $ 482.4 $ 515.4 $ 530.3 $ 491.4 $ 772.8 $ 2,446.1 $ 2,574.1 Europe, Middle East and Africa 215.3 200.4 127.9 123.5 228.8 200.7 222.5 229.5 794.5 754.1 Asia Pacific 119.7 113.8 76.6 39.5 232.1 176.0 41.1 50.1 469.5 379.4 Caribbean and Latin America 191.1 106.3 19.6 22.5 34.4 25.9 137.3 127.7 382.4 282.4 Canada 42.9 49.7 35.0 9.3 21.7 15.1 65.2 71.9 164.8 146.0 Consolidated net sales $ 1,586.8 $ 1,258.8 $ 680.6 $ 677.2 $ 1,032.4 $ 948.0 $ 957.5 $ 1,252.0 $ 4,257.3 $ 4,136.0 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Summary of Company's Net Pretax Restructuring Charges, Included in Restructuring Costs | The Company’s net pretax restructuring charges included in restructuring costs, net on the Condensed Consolidated Statements of Operations, by segment, were as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Broadband $ 62.7 $ (0.2 ) $ 73.2 $ 5.1 OWN 0.5 0.5 6.2 3.9 VCN (6.2 ) (1.2 ) 16.1 10.1 Home 1.9 20.5 7.8 24.2 Total $ 58.9 $ 19.6 $ 103.3 $ 43.3 |
Restructuring Liabilities Included in Company's Condensed Consolidated Balance Sheets | Restructuring liabilities were included in the Company’s Condensed Consolidated Balance Sheets as follows: June 30, 2021 December 31, 2020 Accrued and other liabilities $ 52.0 $ 22.0 Other noncurrent liabilities 39.7 4.0 Total liability $ 91.7 $ 26.0 |
CommScope NEXT Restructuring Plan [Member] | |
Activity within Liability Established for Restructuring Actions, Included in Other Accrued Liabilities | In the first quarter of 2021, the Company announced and began implementing a business transformation initiative called CommScope NEXT. This initiative is designed to drive shareholder value through three pillars: focusing on strategies to drive profitable growth, undertaking a full portfolio evaluation and optimizing the business by focusing on efficiency and eliminating unnecessary non-value-added complexity and cost across the business. The activity within the liability established for CommScope NEXT restructuring actions was as follows: Employee- Related Costs Other Total Balance at March 31, 2021 $ 33.3 $ — $ 33.3 Additional expense 54.9 4.0 58.9 Cash paid (19.8 ) — (19.8 ) Non-cash items — (4.0 ) (4.0 ) Balance at June 30, 2021 $ 68.4 $ — $ 68.4 Balance at December 31, 2020 $ — $ — $ — Additional expense 88.2 4.0 92.2 Cash paid (19.8 ) — (19.8 ) Non-cash items — (4.0 ) (4.0 ) Balance at June 30, 2021 $ 68.4 $ — $ 68.4 |
ARRIS Integration Restructuring Plan [Member] | |
Activity within Liability Established for Restructuring Actions, Included in Other Accrued Liabilities | In anticipation of and following the acquisition of ARRIS, the Company initiated a series of restructuring actions to integrate and streamline operations and achieve cost synergies. The activity within the liability established for the ARRIS integration restructuring actions was as follows: Employee- Related Costs Other Total Balance at March 31, 2021 $ 25.8 $ 0.8 $ 26.6 Additional expense (recovery) 0.8 (0.8 ) — Cash paid (4.0 ) (0.8 ) (4.8 ) Non-cash items — 1.0 1.0 Balance at June 30, 2021 $ 22.6 $ 0.2 $ 22.8 Balance at December 31, 2020 $ 24.4 $ 0.8 $ 25.2 Additional expense 9.2 1.9 11.1 Cash paid (11.0 ) (1.0 ) (12.0 ) Non-cash items — (1.5 ) (1.5 ) Balance at June 30, 2021 $ 22.6 $ 0.2 $ 22.8 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Summary of the Equity-Based Compensation Expense Included in the Statements of Operations | The following table shows a summary of the equity-based compensation expense included in the Condensed Consolidated Statements of Operations: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Selling, general and administrative $ 8.5 $ 17.7 $ 20.4 $ 30.7 Cost of sales 2.7 5.2 6.6 9.0 Research and development 5.2 9.6 13.0 16.3 Total equity-based compensation expense $ 16.4 $ 32.5 $ 40.0 $ 56.0 |
Summary of Stock Option Activity | The following table summarizes the stock option activity (in millions, except per share data and years): Shares Weighted Average Option Exercise Price Per Share Weighted Average Remaining Contractual Term in Years Aggregate Intrinsic Value Options outstanding at March 31, 2021 5.1 $ 21.83 7.2 $ 1.0 Forfeited (1.9 ) $ 18.34 Options outstanding at June 30, 2021 3.2 $ 23.95 5.8 $ 6.5 Options outstanding at December 31, 2020 6.2 $ 19.86 6.6 $ 5.6 Exercised (0.7 ) $ 5.78 Forfeited (2.3 ) $ 18.39 Options outstanding at June 30, 2021 3.2 $ 23.95 5.8 $ 6.5 Options vested at June 30, 2021 2.4 $ 25.74 5.1 $ 4.1 Options unvested at June 30, 2021 0.8 $ 18.20 7.9 $ 2.4 |
Summary of Exercise Price | The exercise prices of outstanding options at June 30, 2021 were in the following ranges (in millions, except per share data and years): Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Price Per Share Shares Weighted Average Exercise Price Per Share $5.50 to $18.50 0.1 4.9 $ 10.08 0.1 $ 9.11 $18.51 to $30.00 2.2 5.9 $ 19.54 1.4 $ 20.01 $30.01 to $45.00 0.9 5.6 $ 36.44 0.9 $ 36.44 $5.50 to $45.00 3.2 5.8 $ 23.95 2.4 $ 25.74 |
Summary of RSU Activity | The following table summarizes the RSU activity (in millions, except per share data): Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Non-vested share units at March 31, 2021 8.2 $ 12.25 Granted 3.8 $ 20.53 Vested and shares issued (0.2 ) $ 11.92 Forfeited (0.5 ) $ 12.93 Non-vested share units at June 30, 2021 11.3 $ 15.00 Non-vested share units at December 31, 2020 13.2 $ 13.62 Granted 3.8 $ 20.39 Vested and shares issued (5.0 ) $ 15.71 Forfeited (0.7 ) $ 13.22 Non-vested share units at June 30, 2021 11.3 $ 15.00 |
Summary of Weighted Average Assumptions Used to Estimate Fair Value of Stock Option | The following table presents the weighted average assumptions used in the valuation and the fair value of PSU awards granted with a market condition: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Risk-free interest rate 0.4 % 0.4 % Expected volatility 55.0 % 56.0 % Weighted average fair value at grant date $ 12.01 $ 11.21 |
Summary of PSU Activity | The following table summarizes the PSU activity (in millions, except per share data): Performance Share Units Weighted Average Grant Date Fair Value Per Share Non-vested share units at March 31, 2021 1.6 $ 4.30 Granted 0.6 $ 12.01 Non-vested share units at June 30, 2021 2.2 $ 6.30 Non-vested share units at December 31, 2020 1.5 $ 4.03 Granted 0.7 $ 11.21 Non-vested share units at June 30, 2021 2.2 $ 6.30 |
Background and Basis of Prese_4
Background and Basis of Presentation - Additional Information (Detail) shares in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021USD ($) | Jun. 30, 2021USD ($)Customershares | Jun. 30, 2020USD ($)Customershares | Jun. 30, 2021USD ($)Customershares | Jun. 30, 2020USD ($)shares | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Percentage of convertible preferred stock owned | 100.00% | 100.00% | |||
Related party transactions | $ 0 | $ 0 | |||
Product warranty term | These product warranties extend over various periods, depending upon the product subject to the warranty and the terms of the individual agreements | ||||
Loss contingency liability amount | 67,700,000 | $ 67,700,000 | |||
Payments to settle intellectual property assertions | 4,000,000 | 4,000,000 | |||
Intangible asset impairment charges, excluding goodwill | 0 | $ 0 | 0 | $ 0 | |
Other long-Lived assets impairments | $ 0 | 0 | 0 | 0 | |
Impairment of goodwill | $ 206,700,000 | $ 0 | $ 206,700,000 | ||
Effective income tax rate | 0.40% | 4.50% | 10.70% | 8.80% | |
Income tax expense (benefit) | $ (600,000) | $ (15,100,000) | $ (30,100,000) | $ (46,500,000) | |
Pre-tax net loss for the period | (154,400,000) | (336,200,000) | (281,500,000) | (527,500,000) | |
Tax expense related to a foreign tax rate change | $ 37,300,000 | $ 37,300,000 | |||
Tax expense related to goodwill impairment charges | 206,700,000 | 206,700,000 | |||
Tax expense related to state valuation allowance | 20,300,000 | 21,900,000 | |||
Impact of recent accounting pronouncements | $ 3,700,000 | $ 7,800,000 | |||
Convertible Preferred Stock [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Dilutive effect of equity-based awards | shares | 37.9 | 36.9 | 37.9 | 36.6 | |
Stock Compensation Plan [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Amount of outstanding equity based awards not included in computation of diluted EPS | shares | 10.4 | 17 | 12.9 | 16.6 | |
Dilutive effect of equity-based awards | shares | 4.4 | 4.3 | 5.4 | 4.4 | |
Subsequent Event [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Payments to settle intellectual property assertions | $ 50,000,000 | ||||
Home and VCN [Member] | Cost of Sales [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Loss contingency portion recorded | $ 40,000,000 | $ 41,500,000 | |||
Maximum [Member] | Accounts Receivable [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Concentration risk percentage | 10.00% | ||||
Customer Concentration Risk [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Direct customer accounted for 10% or more of the Company's accounts receivable and total net sales | Customer | 0 | ||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Direct customer accounted for 10% or more of the Company's accounts receivable and total net sales | Customer | 0 | 0 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Direct customer accounted for 10% or more of the Company's accounts receivable and total net sales | Customer | 0 | ||||
Customer Concentration Risk [Member] | Maximum [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Concentration risk percentage | 10.00% | 10.00% | |||
Customer Concentration Risk [Member] | Maximum [Member] | Sales Revenue, Net [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Concentration risk percentage | 10.00% | 10.00% | |||
Customer Concentration Risk [Member] | Maximum [Member] | Sales Revenue, Net [Member] | Comcast Corporation [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Concentration risk percentage | 12.00% | 10.00% |
Background and Basis of Prese_5
Background and Basis of Presentation - Summary of Activity in Product Warranty Accrual, Included in Accrued and Other Liabilities and Other Noncurrent Liabilities (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||
Product warranty accrual, beginning of period | $ 62.1 | $ 57.3 | $ 59.5 | $ 61 |
Provision for warranty claims | 12.6 | 3.4 | 23.2 | 7.4 |
Warranty claims paid | (5.4) | (4.9) | (13.1) | (12) |
Foreign exchange | 0.2 | 0.1 | (0.1) | (0.5) |
Product warranty accrual, end of period | $ 69.5 | $ 55.9 | $ 69.5 | $ 55.9 |
Background and Basis of Prese_6
Background and Basis of Presentation - Summary of EPS, Weighted Average Common Shares and Potential Common Shares Outstanding (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net loss | $ (153.8) | $ (321.1) | $ (251.4) | $ (481) |
Dividends on Series A convertible preferred stock | (14.3) | (13.9) | (28.7) | (27.7) |
Net loss attributable to common stockholders | $ (168.1) | $ (335) | $ (280.1) | $ (508.7) |
Denominator: | ||||
Weighted average common shares outstanding - basic | 204.1 | 195.9 | 202.9 | 195.4 |
Weighted average common shares outstanding - diluted | 204.1 | 195.9 | 202.9 | 195.4 |
Loss per share: | ||||
Basic | $ (0.82) | $ (1.71) | $ (1.38) | $ (2.60) |
Diluted | $ (0.82) | $ (1.71) | $ (1.38) | $ (2.60) |
Goodwill - Goodwill by Reportab
Goodwill - Goodwill by Reportable Segment (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | $ 6,066.1 | $ 6,080.3 |
Accumulated impairment charges | (793.8) | (793.8) |
Goodwill, net | 5,272.3 | 5,286.5 |
Foreign exchange and other | (14.2) | |
Goodwill, gross, Ending balance | 6,066.1 | |
Accumulated impairment charges | (793.8) | |
Goodwill, net | 5,272.3 | |
Broadband [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | 3,347.5 | 3,369.7 |
Accumulated impairment charges | (193.6) | (193.6) |
Goodwill, net | 3,153.9 | 3,176.1 |
Foreign exchange and other | (22.2) | |
Goodwill, gross, Ending balance | 3,347.5 | |
Accumulated impairment charges | (193.6) | |
Goodwill, net | 3,153.9 | |
OWN [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | 667.7 | 669.1 |
Accumulated impairment charges | (159.5) | (159.5) |
Goodwill, net | 508.2 | 509.6 |
Foreign exchange and other | (1.4) | |
Goodwill, gross, Ending balance | 667.7 | |
Accumulated impairment charges | (159.5) | |
Goodwill, net | 508.2 | |
VCN [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | 1,637.7 | 1,642 |
Accumulated impairment charges | (41.2) | (41.2) |
Goodwill, net | 1,596.5 | 1,600.8 |
Foreign exchange and other | (4.3) | |
Goodwill, gross, Ending balance | 1,637.7 | |
Accumulated impairment charges | (41.2) | |
Goodwill, net | 1,596.5 | |
Home [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | 413.2 | 399.5 |
Accumulated impairment charges | (399.5) | $ (399.5) |
Goodwill, net | 13.7 | |
Foreign exchange and other | 13.7 | |
Goodwill, gross, Ending balance | 413.2 | |
Accumulated impairment charges | (399.5) | |
Goodwill, net | $ 13.7 |
Goodwill -Additional Informatio
Goodwill -Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Goodwill | $ 5,272.3 | $ 5,286.5 |
Home [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Change in Goodwill Allocation, Description | This changed the composition of the Company’s reporting units which resulted in the reallocation of $13.7 million of goodwill from the Network and Cloud reporting unit to the Home Networks reporting unit | |
Goodwill | $ 13.7 |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Allowance for Doubtful Accounts (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounts Notes And Loans Receivable Classified [Abstract] | ||||
Allowance for doubtful accounts, beginning of period | $ 32.1 | $ 40 | $ 40.3 | $ 35.4 |
Provision (benefit) | (1.1) | 3.7 | (8.3) | 9.9 |
Write-offs | (0.5) | (0.6) | (0.6) | (2.7) |
Foreign exchange and other | 0.3 | 0.3 | (0.6) | 0.8 |
Allowance for doubtful accounts, end of period | $ 30.8 | $ 43.4 | $ 30.8 | $ 43.4 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Summary of Balance Sheet Location and Amounts of Contract Assets and Liabilities from Contracts with Customers (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule Of Contract Assets And Liabilities [Line Items] | ||
Deferred revenue - current | $ 121 | $ 90 |
Total contract liabilities | 179.2 | 143.2 |
Accounts Receivable, Less Allowance for Doubtful Accounts [Member] | ||
Schedule Of Contract Assets And Liabilities [Line Items] | ||
Unbilled accounts receivable | 32.1 | 21.9 |
Accrued and Other Liabilities [Member] | ||
Schedule Of Contract Assets And Liabilities [Line Items] | ||
Deferred revenue - current | 121 | 90 |
Other Noncurrent Liabilities [Member] | ||
Schedule Of Contract Assets And Liabilities [Line Items] | ||
Deferred revenue - noncurrent | $ 58.2 | $ 53.2 |
Revenue From Contracts With C_5
Revenue From Contracts With Customers - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | ||
Contract with Customer, Liability | $ 22.6 | $ 53.7 |
Supplemental Financial Statem_3
Supplemental Financial Statement Information - Inventories (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 324.3 | $ 280.2 |
Work in process | 162 | 140.6 |
Finished goods | 663.9 | 668.1 |
Inventories, net | $ 1,150.2 | $ 1,088.9 |
Supplemental Financial Statem_4
Supplemental Financial Statement Information - Accrued and Other Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued and Other Liabilities [Abstract] | ||
Compensation and employee benefit liabilities | $ 241.7 | $ 277.9 |
Deferred revenue | 121 | 90 |
Accrued interest | 120.2 | 120.2 |
Patent claims and litigation settlements | 65.7 | 25.7 |
Operating lease liabilities | 56.1 | 62.4 |
Product warranty accrual | 53.9 | 45.8 |
Restructuring liabilities | 52 | 22 |
Other | 273.3 | 266.6 |
Accrued and other liabilities | $ 983.9 | $ 910.6 |
Supplemental Financial Statem_5
Supplemental Financial Statement Information - Operating Lease Information (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Fair Value of Assets (Liability), Right of use assets | $ 139.4 | $ 159.3 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherNoncurrentAssetsMember | us-gaap:OtherNoncurrentAssetsMember |
Fair Value of Assets (Liability), Total lease liabilities | $ 56.1 | $ 62.4 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | comm:AccruedAndOtherLiabilitiesCurrent | comm:AccruedAndOtherLiabilitiesCurrent |
Fair Value of Assets (Liability), Total lease liabilities | $ 101.6 | $ 119.1 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other noncurrent liabilities | Other noncurrent liabilities |
Fair Value of Assets (Liability), Total lease liabilities | $ 157.7 | $ 181.5 |
Supplemental Financial Statem_6
Supplemental Financial Statement Information - Changes in Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 355 | |||
Ending balance | $ 68.9 | $ 299.8 | 68.9 | $ 299.8 |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (131.8) | (262.3) | (80.5) | (162.7) |
Other comprehensive income (loss) | 21.6 | 34.6 | (30.3) | (65) |
Amounts reclassified from AOCL | (0.1) | 0.5 | ||
Ending balance | (110.3) | (227.7) | (110.3) | (227.7) |
Hedging Instruments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (26.4) | (16.5) | (39) | (8.9) |
Other comprehensive income (loss) | (8.7) | (5.3) | 3.9 | (12.9) |
Ending balance | (35.1) | (21.8) | (35.1) | (21.8) |
Defined Benefit Plan Activity [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (36.1) | (25.9) | (36.4) | (25.4) |
Amounts reclassified from AOCL | 0.3 | 0.6 | (0.5) | |
Ending balance | (35.8) | (25.9) | (35.8) | (25.9) |
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (194.3) | (304.7) | (155.9) | (197) |
Ending balance | $ (181.2) | $ (275.4) | $ (181.2) | $ (275.4) |
Supplemental Financial Statem_7
Supplemental Financial Statement Information - Cash Flow Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash paid during the period for: | ||
Income taxes, net of refunds | $ 39.1 | $ 37.2 |
Interest | $ 261.7 | $ 277.1 |
Financing - Summary of Debt (De
Financing - Summary of Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total principal amount of debt | $ 9,644 | $ 9,660 |
Less: Original issue discount, net of amortization | (22.6) | (24.8) |
Less: Debt issuance costs, net of amortization | (104.6) | (114.6) |
Less: Current portion | (32) | (32) |
Total long-term debt | 9,484.8 | 9,488.6 |
7.125% Senior Notes Due July 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 700 | 700 |
5.00% Senior Notes Due March 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 750 | 750 |
8.25% Senior Notes Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,000 | 1,000 |
6.00% Senior Notes Due June 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,300 | 1,300 |
6.00% Senior Secured Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured notes | 1,500 | 1,500 |
5.50% Senior Secured Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured notes | 1,250 | 1,250 |
Senior Secured Term Loan Due April 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured notes | $ 3,144 | $ 3,160 |
Financing - Summary of Debt (Pa
Financing - Summary of Debt (Parenthetical) (Detail) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
7.125% Senior Notes Due July 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity month and year | 2028-07 | |
Interest rate | 7.125% | 7.125% |
5.00% Senior Notes Due March 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity month and year | 2027-03 | |
Interest rate | 5.00% | 5.00% |
8.25% Senior Notes Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity month and year | 2027-03 | |
Interest rate | 8.25% | 8.25% |
6.00% Senior Notes Due June 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity month and year | 2025-06 | |
Interest rate | 6.00% | 6.00% |
6.00% Senior Secured Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity month and year | 2026-03 | |
Interest rate | 6.00% | 6.00% |
5.50% Senior Secured Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity month and year | 2024-03 | |
Interest rate | 5.50% | 5.50% |
Senior Secured Term Loan Due April 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity month and year | 2026-04 |
Financing - Additional Informat
Financing - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||||
Current portion of long term debt | $ 32 | $ 32 | $ 32 | ||
Total assets | 13,427.8 | 13,427.8 | 13,576.8 | ||
Total liabilities | 12,317.1 | 12,317.1 | $ 12,180 | ||
Net sales | $ 2,185.3 | $ 2,102.8 | $ 4,257.3 | $ 4,136 | |
Weighted average effective interest rate | 5.81% | 5.81% | 5.86% | ||
Non Guarantor Subsidiaries Concentration Risk [Member] | |||||
Debt Instrument [Line Items] | |||||
Total assets | $ 3,376 | $ 3,376 | $ 3,488 | ||
Total liabilities | 1,034 | 1,034 | $ 956 | ||
Net sales | $ 677 | $ 583 | $ 1,296 | $ 1,197 | |
Assets, Total [Member] | Non Guarantor Subsidiaries Concentration Risk [Member] | |||||
Debt Instrument [Line Items] | |||||
Concentration risk percentage | 25.00% | 26.00% | |||
Liabilities, Total [Member] | Non Guarantor Subsidiaries Concentration Risk [Member] | |||||
Debt Instrument [Line Items] | |||||
Concentration risk percentage | 8.00% | 8.00% | |||
Sales Revenue, Net [Member] | Non Guarantor Subsidiaries Concentration Risk [Member] | |||||
Debt Instrument [Line Items] | |||||
Concentration risk percentage | 31.00% | 28.00% | 30.00% | 29.00% | |
2026 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Current portion of long term debt | $ 0 | $ 0 | |||
Asset Based Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior secured revolving credit facility | 0 | 0 | |||
Line of credit facility, remaining borrowing capacity | 729.7 | 729.7 | |||
2026 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Scheduled amortization payments | 8 | 16 | |||
Current portion of long term debt | $ 32 | $ 32 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts, Estimated Fair Values and Valuation Input Levels of the Company's Debt Instruments, Interest Rate Derivatives and Foreign Currency Contracts (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Carrying Amount [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Foreign currency contracts | $ 3.9 | $ 11.7 |
Carrying Amount [Member] | Other Accrued Liabilities [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Foreign currency contracts | 2.9 | 24.4 |
Carrying Amount [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate swap contracts | 21.5 | 29.9 |
Fair Value [Member] | Prepaid Expenses and Other Current Assets [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Foreign currency contracts | 3.9 | 11.7 |
Fair Value [Member] | Other Accrued Liabilities [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Foreign currency contracts | 2.9 | 24.4 |
Fair Value [Member] | Other Noncurrent Liabilities [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate swap contracts | 21.5 | 29.9 |
7.125% Senior Notes Due 2028 [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 700 | 700 |
7.125% Senior Notes Due 2028 [Member] | Fair Value [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 759.5 | 743.8 |
5.00% Senior Notes Due 2027 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 750 | 750 |
5.00% Senior Notes Due 2027 [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 750 | 750 |
5.00% Senior Notes Due 2027 [Member] | Fair Value [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 767.8 | 741.5 |
8.25% Senior Notes Due 2027 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 1,000 | 1,000 |
8.25% Senior Notes Due 2027 [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 1,000 | 1,000 |
8.25% Senior Notes Due 2027 [Member] | Fair Value [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 1,066.3 | 1,068.5 |
6.00% Senior Notes Due 2025 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 1,300 | 1,300 |
6.00% Senior Notes Due 2025 [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 1,300 | 1,300 |
6.00% Senior Notes Due 2025 [Member] | Fair Value [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 1,327.6 | 1,329.3 |
6.00% Senior Secured Notes Due 2026 [Member] | Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior secured debt | 1,500 | 1,500 |
6.00% Senior Secured Notes Due 2026 [Member] | Fair Value [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 1,583.6 | 1,576.8 |
5.50% Senior Secured Notes Due 2024 [Member] | Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior secured debt | 1,250 | 1,250 |
5.50% Senior Secured Notes Due 2024 [Member] | Fair Value [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 1,282.8 | 1,285.9 |
Senior Secured Term Loan Due 2026 (Member) | Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior secured debt | 3,144 | 3,160 |
Senior Secured Term Loans Due 2026 (Member) | Fair Value [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior secured term loans | $ 3,134.2 | $ 3,156.1 |
Segments and Geographic Infor_3
Segments and Geographic Information - Summary of Financial Information by Reportable Segment (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||||
Total assets | $ 13,427.8 | $ 13,576.8 | ||
Cash and cash equivalents | 446.2 | 521.9 | $ 823.4 | $ 598.2 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 12,613.5 | 12,766.8 | ||
Operating Segments | Broadband [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 6,405.9 | 6,441.1 | ||
Operating Segments | OWN [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 1,360.1 | 1,264.4 | ||
Operating Segments | VCN [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 3,369.5 | 3,352.3 | ||
Operating Segments | Home [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 1,478 | 1,709 | ||
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 446.2 | 521.9 | ||
Deferred income tax assets | $ 368.1 | $ 288.1 |
Segments and Geographic Infor_4
Segments and Geographic Information - Summary of Net Sales, Adjusted EBITDA, Depreciation Expense and Additions to PP&E by Reportable Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,185.3 | $ 2,102.8 | $ 4,257.3 | $ 4,136 |
Total segment adjusted EBITDA | 307.7 | 279.8 | 597.4 | 511 |
Amortization of intangible assets | (154.2) | (157.6) | (308.9) | (315.4) |
Restructuring costs, net | (58.9) | (19.6) | (103.3) | (43.3) |
Equity-based compensation | (16.4) | (32.5) | (40) | (56) |
Asset impairments | (206.7) | (206.7) | ||
Transaction, transformation and integration costs | (21) | (7.6) | (36.7) | (13) |
Acquisition accounting adjustments | (3) | (5.2) | (6.2) | (10.7) |
Patent claims and litigation settlements | (40) | (7.5) | (41.5) | (12.8) |
Depreciation | (32.6) | (37.9) | (70.3) | (79.7) |
Consolidated operating loss | (18.4) | (194.8) | (9.5) | (226.6) |
Additions to property, plant and equipment | 33.8 | 23.8 | 60.2 | 47.7 |
Broadband [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 807.9 | 660.6 | 1,586.8 | 1,258.8 |
Total segment adjusted EBITDA | 154 | 127.2 | 330.3 | 212.5 |
Restructuring costs, net | (62.7) | 0.2 | (73.2) | (5.1) |
Depreciation | (13.4) | (14.3) | (28.7) | (29.6) |
Additions to property, plant and equipment | 20.3 | 8.7 | 32.8 | 18.1 |
OWN [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 358.1 | 328.4 | 680.6 | 677.2 |
Total segment adjusted EBITDA | 80 | 76 | 153.9 | 164.9 |
Restructuring costs, net | (0.5) | (0.5) | (6.2) | (3.9) |
Depreciation | (3.8) | (4) | (7.6) | (8.5) |
Additions to property, plant and equipment | 2.5 | 3.9 | 4.9 | 6.7 |
VCN [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 562.8 | 478.5 | 1,032.4 | 948 |
Total segment adjusted EBITDA | 59.1 | 38.2 | 79.1 | 75.9 |
Restructuring costs, net | 6.2 | 1.2 | (16.1) | (10.1) |
Depreciation | (10.3) | (11.4) | (21.4) | (23.2) |
Additions to property, plant and equipment | 8.7 | 5.7 | 18.1 | 12.9 |
Home [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 456.5 | 635.3 | 957.5 | 1,252 |
Total segment adjusted EBITDA | 14.6 | 38.4 | 34.1 | 57.7 |
Depreciation | (5.1) | (8.2) | (12.6) | (18.4) |
Additions to property, plant and equipment | $ 2.3 | $ 5.5 | $ 4.4 | $ 10 |
Segments and Geographic Infor_5
Segments and Geographic Information - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Sales Revenue, Net [Member] | Customers Located Outside of the U.S [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 42.60% | 35.60% | 42.50% | 37.80% |
Segments and Geographic Infor_6
Segments and Geographic Information - Summary of Net Sales by Reportable Segment, Disaggregated Based on Geographic Region (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | $ 2,185.3 | $ 2,102.8 | $ 4,257.3 | $ 4,136 |
Broadband [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 807.9 | 660.6 | 1,586.8 | 1,258.8 |
OWN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 358.1 | 328.4 | 680.6 | 677.2 |
VCN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 562.8 | 478.5 | 1,032.4 | 948 |
Home [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 456.5 | 635.3 | 957.5 | 1,252 |
Caribbean and Latin America (CALA) [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 190.3 | 124 | 382.4 | 282.4 |
Caribbean and Latin America (CALA) [Member] | Broadband [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 114.1 | 44.7 | 191.1 | 106.3 |
Caribbean and Latin America (CALA) [Member] | OWN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 8.4 | 13.9 | 19.6 | 22.5 |
Caribbean and Latin America (CALA) [Member] | VCN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 17.6 | 11.4 | 34.4 | 25.9 |
Caribbean and Latin America (CALA) [Member] | Home [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 50.2 | 54 | 137.3 | 127.7 |
Canada [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 87.9 | 64.3 | 164.8 | 146 |
Canada [Member] | Broadband [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 25 | 25.6 | 42.9 | 49.7 |
Canada [Member] | OWN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 17.9 | 5.6 | 35 | 9.3 |
Canada [Member] | VCN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 9.2 | 2.4 | 21.7 | 15.1 |
Canada [Member] | Home [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 35.8 | 30.7 | 65.2 | 71.9 |
United States [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 1,254.2 | 1,353.6 | 2,446.1 | 2,574.1 |
United States [Member] | Broadband [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 493.4 | 434.5 | 1,017.8 | 788.6 |
United States [Member] | OWN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 231.9 | 223 | 421.5 | 482.4 |
United States [Member] | VCN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 288.3 | 273.1 | 515.4 | 530.3 |
United States [Member] | Home [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 240.6 | 423 | 491.4 | 772.8 |
Europe, Middle East and Africa (EMEA) [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 408.8 | 359 | 794.5 | 754.1 |
Europe, Middle East and Africa (EMEA) [Member] | Broadband [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 116.5 | 93.9 | 215.3 | 200.4 |
Europe, Middle East and Africa (EMEA) [Member] | OWN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 65.4 | 66.6 | 127.9 | 123.5 |
Europe, Middle East and Africa (EMEA) [Member] | VCN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 120 | 97.2 | 228.8 | 200.7 |
Europe, Middle East and Africa (EMEA) [Member] | Home [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 106.9 | 101.3 | 222.5 | 229.5 |
Asia Pacific (APAC) [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 244.1 | 201.9 | 469.5 | 379.4 |
Asia Pacific (APAC) [Member] | Broadband [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 58.9 | 61.9 | 119.7 | 113.8 |
Asia Pacific (APAC) [Member] | OWN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 34.5 | 19.3 | 76.6 | 39.5 |
Asia Pacific (APAC) [Member] | VCN [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 127.7 | 94.4 | 232.1 | 176 |
Asia Pacific (APAC) [Member] | Home [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | $ 23 | $ 26.3 | $ 41.1 | $ 50.1 |
Restructuring Costs - Summary o
Restructuring Costs - Summary of Company's Net Pretax Restructuring Charges (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, net | $ 58.9 | $ 19.6 | $ 103.3 | $ 43.3 |
Broadband [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, net | 62.7 | (0.2) | 73.2 | 5.1 |
Home [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, net | 1.9 | 20.5 | 7.8 | 24.2 |
OWN [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, net | 0.5 | 0.5 | 6.2 | 3.9 |
VCN [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, net | $ (6.2) | $ (1.2) | $ 16.1 | $ 10.1 |
Restructuring Costs - Restructu
Restructuring Costs - Restructuring Liabilities Included in Company's Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring liabilities | $ 52 | $ 22 |
Ending balance | 91.7 | 26 |
Accrued and Other Liabilities [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring liabilities | 52 | 22 |
Other Noncurrent Liabilities [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, non-current | $ 39.7 | $ 4 |
Restructuring Costs - Activity
Restructuring Costs - Activity within Liability Established for Restructuring Actions (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | $ 26 | |||
Additional expense | $ 58.9 | $ 19.6 | 103.3 | $ 43.3 |
Ending Balance | 91.7 | 91.7 | ||
CommScope NEXT Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 33.3 | |||
Additional expense | 58.9 | 92.2 | ||
Cash paid | (19.8) | (19.8) | ||
Non-cash items | (4) | (4) | ||
Ending Balance | 68.4 | 68.4 | ||
ARRIS Integration Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 26.6 | 25.2 | ||
Additional expense | 11.1 | |||
Cash paid | (4.8) | (12) | ||
Non-cash items | 1 | (1.5) | ||
Ending Balance | 22.8 | 22.8 | ||
Employee-Related Costs [Member] | CommScope NEXT Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 33.3 | |||
Additional expense | 54.9 | 88.2 | ||
Cash paid | (19.8) | (19.8) | ||
Ending Balance | 68.4 | 68.4 | ||
Employee-Related Costs [Member] | ARRIS Integration Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 25.8 | 24.4 | ||
Additional expense | 0.8 | 9.2 | ||
Cash paid | (4) | (11) | ||
Ending Balance | 22.6 | 22.6 | ||
Other Costs [Member] | CommScope NEXT Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Additional expense | 4 | 4 | ||
Non-cash items | (4) | (4) | ||
Other Costs [Member] | ARRIS Integration Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 0.8 | 0.8 | ||
Additional expense | (0.8) | 1.9 | ||
Cash paid | (0.8) | (1) | ||
Non-cash items | 1 | (1.5) | ||
Ending Balance | $ 0.2 | $ 0.2 |
Restructuring Costs - Additiona
Restructuring Costs - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | |
CommScope NEXT Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Activities Related To Impairment Of Asset | $ 4 | $ 4 |
CommScope NEXT Restructuring Plan [Member] | Remainder of 2021 [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cash payments | 8.5 | |
CommScope NEXT Restructuring Plan [Member] | 2022 to 2023 [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cash payments | 59.9 | |
ARRIS [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Recognized restructuring charges | $ 185.7 | 185.7 |
ARRIS [Member] | Remainder of 2021 [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cash payments | 18.4 | |
ARRIS [Member] | 2022 [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cash payments | $ 4.4 |
Series A Convertible Preferre_2
Series A Convertible Preferred Stock - Additional Information (Detail) - Carlyle [Member] - USD ($) $ / shares in Units, $ in Millions | Apr. 04, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Class Of Stock [Line Items] | |||||
Agreement date | Nov. 8, 2018 | ||||
Series A Convertible Preferred Stock [Member] | |||||
Class Of Stock [Line Items] | |||||
Convertible preferred stock, share issued | 1,000,000 | ||||
Total purchase price | $ 1,000 | ||||
Total purchase price per share | $ 1,000 | ||||
Convertible preferred stock, conversion price per share | $ 27.50 | ||||
Initial conversion rate of common stock per share of the convertible preferred stock | 36.3636 | ||||
Series A Convertible Preferred Stock [Member] | |||||
Class Of Stock [Line Items] | |||||
Convertible preferred stock, dividend payment terms | Holders of the Convertible Preferred Stock are entitled to a cumulative dividend at the rate of 5.5% per year, payable quarterly in arrears. | ||||
Convertible preferred stock, dividend rate percentage | 5.50% | ||||
Dividends declared payable in kind | $ 13.9 | $ 27.7 | |||
Dividends declared payable in cash | $ 14.3 | $ 28.7 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Stockholders Equity [Line Items] | ||||
Unrecognized compensation costs related to unvested stock options, restricted stock units (RSUs) and performance share units (PSUs) | $ 149,300,000 | $ 149,300,000 | ||
Recognition period of unrecognized compensation expense | 1 year 7 months 6 days | |||
Capitalized equity-based compensation costs | $ 0 | |||
Stock Options [Member] | ||||
Stockholders Equity [Line Items] | ||||
Contractual term | 10 years | |||
Stock Options [Member] | Minimum [Member] | ||||
Stockholders Equity [Line Items] | ||||
Vesting period, year | 5 years | |||
Non Qualified Stock Option [Member] | ||||
Stockholders Equity [Line Items] | ||||
Stock option awards granted | 0 | 0 | 0 | 0 |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||
Stockholders Equity [Line Items] | ||||
Vesting period, year | 1 year | |||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||
Stockholders Equity [Line Items] | ||||
Vesting period, year | 3 years | |||
Performance Shares [Member] | Minimum [Member] | ||||
Stockholders Equity [Line Items] | ||||
Number of shares issued on performance | 0.00% | |||
Performance Shares [Member] | Maximum [Member] | ||||
Stockholders Equity [Line Items] | ||||
Number of shares issued on performance | 100.00% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of the Equity-Based Compensation Expense Included in the Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total equity-based compensation expense | $ 16.4 | $ 32.5 | $ 40 | $ 56 |
Selling, General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total equity-based compensation expense | 8.5 | 17.7 | 20.4 | 30.7 |
Cost of Sales [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total equity-based compensation expense | 2.7 | 5.2 | 6.6 | 9 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total equity-based compensation expense | $ 5.2 | $ 9.6 | $ 13 | $ 16.3 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Stock Option Activity (Detail) - Non Qualified Stock Option [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares, Options Beginning Balance | 5.1 | 6.2 | 6.2 | |
Shares, Exercised | (0.7) | |||
Shares, Forfeited | (1.9) | (2.3) | ||
Shares, Options Ending Balance | 3.2 | 5.1 | 3.2 | 6.2 |
Shares, Options vested Ending Balance | 2.4 | 2.4 | ||
Shares, Options unvested Ending Balance | 0.8 | 0.8 | ||
Weighted Average Option Exercise Price Per Share, Balance | $ 21.83 | $ 19.86 | $ 19.86 | |
Weighted Average Option Exercise Price Per Share, Exercised | 5.78 | |||
Weighted Average Option Exercise Price Per Share, Forfeited | 18.34 | 18.39 | ||
Weighted Average Option Exercise Price Per Share, Balance | 23.95 | $ 21.83 | 23.95 | $ 19.86 |
Weighted Average Option Exercise Price Per Share, Options vested Ending Balance | 25.74 | 25.74 | ||
Weighted Average Option Exercise Price Per Share, Options unvested Ending Balance | $ 18.20 | $ 18.20 | ||
Weighted Average Remaining Contractual Term in Years, Options outstanding | 5 years 9 months 18 days | 7 years 2 months 12 days | 5 years 9 months 18 days | 6 years 7 months 6 days |
Weighted Average Remaining Contractual Term in Years, Options vested | 5 years 1 month 6 days | |||
Weighted Average Remaining Contractual Term in Years, Options unvested | 7 years 10 months 24 days | |||
Aggregate Intrinsic Value, Options Outstanding Balance | $ 1 | $ 5.6 | $ 5.6 | |
Aggregate Intrinsic Value, Options Outstanding Balance | 6.5 | $ 1 | 6.5 | $ 5.6 |
Aggregate Intrinsic Value, Options vested Ending Balance | 4.1 | 4.1 | ||
Aggregate Intrinsic Value, Options unvested Ending Balance | $ 2.4 | $ 2.4 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Exercise Price (Detail) shares in Millions | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
$5.50 to $18.50 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices Minimum | $ 5.50 |
Range of Exercise Prices Maximum | $ 18.50 |
Options Outstanding Shares | shares | 0.1 |
Weighted Average Remaining Contractual Life | 4 years 10 months 24 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 10.08 |
Options Exercisable Shares | shares | 0.1 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 9.11 |
$18.51 to $30.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices Minimum | 18.51 |
Range of Exercise Prices Maximum | $ 30 |
Options Outstanding Shares | shares | 2.2 |
Weighted Average Remaining Contractual Life | 5 years 10 months 24 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 19.54 |
Options Exercisable Shares | shares | 1.4 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 20.01 |
$30.01 to $45.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices Minimum | 30.01 |
Range of Exercise Prices Maximum | $ 45 |
Options Outstanding Shares | shares | 0.9 |
Weighted Average Remaining Contractual Life | 5 years 7 months 6 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 36.44 |
Options Exercisable Shares | shares | 0.9 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 36.44 |
$5.50 to $45.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices Minimum | 5.50 |
Range of Exercise Prices Maximum | $ 45 |
Options Outstanding Shares | shares | 3.2 |
Weighted Average Remaining Contractual Life | 5 years 9 months 18 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 23.95 |
Options Exercisable Shares | shares | 2.4 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 25.74 |
Stockholders' Equity - Summar_4
Stockholders' Equity - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested share units, Beginning balance | 8.2 | 13.2 |
Shares, Granted | 3.8 | 3.8 |
Shares, Vested and shares issued | (0.2) | (5) |
Shares, Forfeited | (0.5) | (0.7) |
Non-vested share units, Ending balance | 11.3 | 11.3 |
Weighted Average Grant Date Fair Value Per Share, Non-vested share units, Beginning balance | $ 12.25 | $ 13.62 |
Weighted Average Grant Date Fair Value Per Share, Granted | 20.53 | 20.39 |
Weighted Average Grant Date Fair Value Per Share, Vested and shares issued | 11.92 | 15.71 |
Weighted Average Grant Date Fair Value Per Share, Forfeited | 12.93 | 13.22 |
Weighted Average Grant Date Fair Value Per Share, Non-vested share units, Ending balance | $ 15 | $ 15 |
Stockholders' Equity - Summar_5
Stockholders' Equity - Summary of Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Detail) - Stock Options [Member] - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.40% | 0.40% |
Expected volatility | 55.00% | 56.00% |
Weighted average fair value at grant date | $ 12.01 | $ 11.21 |
Stockholders' Equity - Summar_6
Stockholders' Equity - Summary of PSU Activity (Detail) - Performance Shares [Member] - $ / shares shares in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested share units, Beginning balance | 1.6 | 1.5 |
Shares, Granted | 0.6 | 0.7 |
Non-vested share units, Ending balance | 2.2 | 2.2 |
Weighted Average Grant Date Fair Value Per Share, Non-vested share units, Beginning balance | $ 4.30 | $ 4.03 |
Weighted Average Grant Date Fair Value Per Share, Granted | 12.01 | 11.21 |
Weighted Average Grant Date Fair Value Per Share, Non-vested share units, Ending balance | $ 6.30 | $ 6.30 |