Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent EventsOn January 31, 2021, the Company completed the acquisition of Tuthill Vacuum and Blower Systems for approximately $184 million in cash, subject to post-closing adjustments. Tuthill Vacuum and Blower Systems is a leader in the design and production of positive displacement blowers, mechanical vacuum pumps, vacuum boosters and engineered systems. The initial accounting for the business combination, including the estimated fair value of assets and liabilities acquired, is incomplete as a

result of the timing of the acquisition. The results of operations of the acquired business will be reported within the Industrial Technologies and Services segment beginning in the first quarter of 2021.

On February 14, 2021, the Company entered into an agreement to sell its High Pressure Solutions (“HPS”) business to private equity firm American Industrial Partners (“AIP”). Under the agreement, the Company will receive cash consideration of $300 million at close for its majority interest and retain a 45% ownership interest in the HPS business. The HPS business did not meet the criteria for assets held for sale as of December 31, 2020 and therefore remains presented as a component of continuing operations. In all subsequent periods, the HPS business will be presented as a discontinued operation and its net assets will be classified as held for sale and comparable prior periods will be recast to reflect this change. Upon classification as held for sale in the first quarter of 2021, the Company expects to recognize a loss of between $195 million and $235 million, inclusive of estimated transaction fees. This transaction is expected to close in the first half of 2021, subject to regulatory approvals and customary closing conditions.