Discontinued Operations and Disposal Groups (Tables)

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Carrying Value of Assets and Liabilities and the Financial Results

The carrying value of the assets and liabilities of the Company’s former fabrication technology business’ discontinued operations, other contributed legal entities, discontinued operations containing asbestos, and certain pension assets and liabilities, as of December 31, 2021 were as follows:

	December 31, 2021
ASSETS	(in thousands)
Cash and cash equivalents	$	39,118
Trade receivables, net	383,742
Inventories, net	420,062
Prepaid expenses	52,140
Other current assets	61,552
Total current assets associated with discontinued operations	956,614
Property, plant and equipment, net	286,278
Goodwill	1,533,037
Other intangibles, net	521,434
Lease asset - right of use	107,944
Other assets	289,356
Total assets associated with discontinued operations(1)	$	3,694,663
LIABILITIES
Current portion of long-term debt	$	613
Accounts payable	348,965
Accrued liabilities	285,706
Total current liabilities associated with discontinued operations	635,284
Long-term debt, less current portion	54
Non-current lease liability	88,777
Deferred tax liabilities	116,198
Other liabilities	368,533
Total liabilities associated with discontinued operations(1)	$	1,208,846

(1) Total assets and liabilities include asbestos-related contingencies and insurance coverages previously reported as discontinued operations. See Asbestos Contingencies section below for more information.

The following table presents the financial results of the Company’s discontinued operations:

	Three Months Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
	(in thousands)
Net sales	$	—	$	605,968	$	647,911	$	1,803,900
Cost of sales	—		398,973		423,580		1,178,719
Selling, general and administrative expense	527		124,313		175,191		382,037
Restructuring and other charges	—		4,227		5,304		10,790
Operating income (loss)	(527)		78,455		43,836		232,354
Interest expense	—		9,417		8,035		34,254
Pension settlement gain	—		—		—		(11,208)
Income (loss) from discontinued operations before income taxes	(527)		69,038		35,801		209,308
Income tax expense	—		28,603		25,638		44,950
Income (loss) from discontinued operations, net of taxes	$	(527)	$	40,435	$	10,163	$	164,358