Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.22.4
Segment Information
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company manages its operations through two operating and reportable segments: Medical and Industrial. These segments align the Company’s products and service offerings with customer use in medical and industrial markets and are consistent with how the Company’s Chief Executive Officer, its Chief Operating Decision Maker (“CODM”), reviews and evaluates the Company’s operations. The CODM allocates resources and evaluates the financial performance of each operating segment. The Company’s segments are strategic businesses that are managed separately because each one develops, manufactures and markets distinct products and services. Prior period information herein has been conformed to the current reportable segment structure.

Description of Segments

The Medical segment provides radiation oncology quality assurance, delivering patient safety solutions for diagnostic imaging and radiation therapy centers around the world, dosimetry solutions for monitoring the total amount of radiation medical staff members are exposed to over time, radiation therapy quality assurance solutions for calibrating and verifying imaging and treatment accuracy, and radionuclide therapy products for nuclear medicine applications such as shielding, product handling, and medical imaging furniture.

The Industrial segment provides robust, field ready personal radiation detection and identification equipment for defense applications and radiation detection and analysis tools for power plants, labs, and research applications. Nuclear power plant product offerings are used for the full nuclear power plant lifecycle including core detectors and essential measurement devices for new build, maintenance, decontamination and decommission equipment for monitoring and control during fuel dismantling, and remote environmental monitoring.

The following table summarizes select operating results for each reportable segment. The CODM evaluates operating results and allocates capital resources among segments, in part, based on segment income from operations, which includes revenues of the segment less expenses that are directly related to those revenues, including purchase accounting impacts to revenue and cost of revenues, but excluding certain charges to cost of revenues and selling, general and administrative expenses predominantly related to corporate costs, shared overhead and other non-operational costs related to restructuring activities and costs to achieve operational initiatives, which are included in "Corporate and Other" in the table below. Interest expense, loss on debt extinguishment, foreign currency loss (gain), net, and other expense (income), net, are not allocated to segments.
The following table summarizes select operating results for each reportable segment (in millions).
Successor Predecessor
(In millions) For Year Ended December 31, 2022 From
October 20, 2021
through
December 31, 2021		 From
July 1, 2021 through
October 19, 2021		 For Year Ended June 30. 2021 For Year Ended June 30, 2020
Revenues
Medical $ 271.7  $ 49.2  $ 60.3  $ 155.7  $ 62.6 
Industrial 446.1  104.9  107.7  455.9  415.6 
Consolidated Revenues $ 717.8  $ 154.1  $ 168.0  $ 611.6  $ 478.2 
Segment (Loss) Income from Operations
Medical $ (84.4) $ (4.3) $ 0.7  $ 6.0  $ 13.9 
Industrial (98.0) 1.1  11.7  81.5  59.6 
Total Segment (Loss) Income from Operations (182.4) (3.2) 12.4  87.5  73.5 
Corporate and other (115.4) (19.7) (54.0) (76.3) (50.5)
Consolidated (Loss) Income from Operations $ (297.8) $ (22.9) $ (41.6) $ 11.2  $ 23.0 
Capital Expenditures
Medical $ 22.6  $ 3.8  $ 6.8  $ 14.2  $ 10.1 
Industrial 11.6  2.0  2.7  12.2  11.4 
Total operating and reportable segments 34.2  5.8  9.5  26.4  21.5 
Corporate and other 0.4  0.3  0.3  —  0.4 
Total Capital Expenditures $ 34.6  $ 6.1  $ 9.8  $ 26.4  $ 21.9 
Depreciation and Amortization
Medical $ 82.4  $ 17.0  $ 13.3  $ 33.3  $ 15.8 
Industrial 91.1  20.1  12.4  49.7  52.2 
Total operating and reportable segments 173.5  37.1  25.7  83.0  68.0 
Corporate and other 1.0  0.2  0.2  0.6  0.4 
Total Depreciation and Amortization $ 174.5  $ 37.3  $ 25.9  $ 83.6  $ 68.4 
The goodwill impairment charges recognized by segments during the year ended December 31, 2022 are included in the segment loss from operations disclosed above. The Company’s assets by reportable segment were not included, as this information is not reviewed by, nor otherwise provided to, the chief operating decision maker to make operating decisions or allocate resources.
The following details revenues by geographic region. Revenues generated from external customers are attributed to geographic regions through sales from site locations (i.e., point of origin) (in millions).
Revenues
Successor Predecessor
Fiscal Year Ended
December 31,		 From October 20, 2021 through December 31 From July 1, 2021 through October 19, For the Fiscal Year Ended June 30, For the Fiscal Year Ended June 30,
2022 2021 2021 2021 2020
North America
Medical $ 252.0  $ 45.3  $ 54.6  $ 138.6  $ 57.5 
Industrial 210.7  47.6  53.4  199.4  193.3 
Total North America 462.7  92.9  108.0  338.0  250.8 
Europe
Medical 19.7  3.9  5.7  17.1  5.2 
Industrial 222.1  55.3  52.6  241.5  206.2 
Total Europe 241.8  59.2  58.3  258.6  211.4 
Asia Pacific
Medical —  —  —  —  — 
Industrial 13.3  2.0  1.7  15.0  16.0 
Total Asia Pacific 13.3  2.0  1.7  15.0  16.0 
Total Revenues $ 717.8  $ 154.1  $ 168.0  $ 611.6  $ 478.2 
Revenues generated in the United States were $429.6 million and $86.7 million for the Successor year ended December 31, 2022 and the Successor period from October 20, 2021 through December 31, 2021 respectively, and were $100.0 million, $306.3 million, $215.5 million, from the Predecessor Periods from July 1, 2021 through October 19, 2021 and fiscal years ended June 30, 2021, and 2020, respectively. Revenues in France were $142.1 million, and $34.4 million from the Successor Period ended December 31, 2022 and October 20, 2021 through December 31, 2021, respectively, and $35.1 million $158.8 million, and $134.5 million, from the Predecessor Periods from July 1, 2021 through October 19, 2021 and fiscal years ended June 30, 2021, and 2020, respectively. No other country generated more than 10% of revenue individually.
The following details revenues by timing of recognition (in millions):
Revenues
Successor Predecessor
Fiscal Year Ended
December 31,		 From October 20, 2021 through December 31 From July 1, 2021 through October 19, For the Fiscal Year Ended June 30, For the Fiscal Year Ended June 30,
2022 2021 2021 2021 2020
Point in time $ 485.9  $ 120.1  $ 123.6  $ 456.6  $ 337.3 
Over time 231.9  34.0  44.4  155.0  140.9 
Total Revenues $ 717.8  $ 154.1  $ 168.0  $ 611.6  $ 478.2 
The following details revenues by product category (in millions):
Revenues
Successor Predecessor
Fiscal Year Ended
December 31,		 From October 20, 2021 through December 31 From July 1, 2021 through October 19, For the Fiscal Year Ended June 30, For the Fiscal Year Ended June 30,
2022 2021 2021 2021 2020
Medical segment:
Medical $ 271.7  $ 49.2  $ 60.3  $ 155.7  $ 62.6 
Industrial segment:
Reactor Safety and Control Systems 163.8  30.6  34.7  146.8  135.4 
Radiological Search, Measurement, and Analysis Systems 282.3  74.3  73.0  309.1  280.2 
Total Revenues $ 717.8  $ 154.1  $ 168.0  $ 611.6  $ 478.2 
The following details property, plant, and equipment, net by geography (in millions):

Property, Plant, and Equipment, net
Successor Predecessor
(In millions) As of
December 31, 2022		 As of
December 31, 2021		 As of June 30, 2021
North America $ 79.4  $ 77.1  $ 47.5 
Europe 44.7  46.7  41.1 
Asia Pacific 0.2  0.2  0.2 
Total $ 124.3  $ 124.0  $ 88.8