Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

For the quarters and nine months ended September 30, 2020 and 2019, the results of operations for Fairbanks Morse were as follows:

	Quarters Ended   September 30,				Nine Months Ended   September 30,
	2020		2019		2020		2019
	(in millions)
Net sales	$	—	$	74.7	$	7.6	$	203.1
Cost of sales	—		57.4		7.6		155.6
Gross profit	—		17.3		—		47.5
Operating expenses:
Selling, general, and administrative expenses	—		7.0		1.5		20.3
Other	—		0.8		(0.1)		0.8
Total operating expenses	—		7.8		1.4		21.1
Income (loss) from discontinued operations before income taxes	—		9.5		(1.4)		26.4
Income tax benefit (expense)	—		(2.6)		0.3		(6.9)
Income (loss) from discontinued operations, net of taxes	—		6.9		(1.1)		19.5
Gain from sale of discontinued operations, net of taxes	1.9		—		208.4		—
Income from discontinued operations, net of taxes	$	1.9	$	6.9	$	207.3	$	19.5

The major classes of assets and liabilities for Fairbanks Morse as of December 31, 2019 are shown below:

(in millions)
Assets:
Accounts receivable	$	107.8
Inventories	60.2
Property, plant, and equipment	63.0
Goodwill	11.8
Other assets	11.3
Total assets of discontinued operations	$	254.1
Liabilities:
Accounts payable	$	36.9
Accrued expenses	48.2
Other liabilities	4.4
Total liabilities of discontinued operations	$	89.5