Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The results of operations of SVT and HPS are presented as discontinued operations as summarized below:

	Specialty Vehicle Technologies				High Pressure Solutions				Total
	For the Three Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Revenues	$	184.0	$	217.5	$	3.0	$	21.5	$	187.0	$	239.0
Cost of sales	137.9		166.4		3.9		21.2		141.8		187.6
Gross Profit	46.1		51.1		(0.9)		0.3		45.2		51.4
Selling and administrative expenses	16.9		18.2		0.6		20.4		17.5		38.6
Amortization of intangible assets	0.9		12.3		—		5.9		0.9		18.2
Loss (gain) on sale	(256.7)		—		8.4		—		(248.3)		—
Other operating expense (income), net	9.2		(0.1)		7.4		1.9		16.6		1.8
Income (Loss) from Discontinued Operations Before Income Taxes	275.8		20.7		(17.3)		(27.9)		258.5		(7.2)
Provision (benefit) for income taxes	162.8		29.2		(0.6)		(11.8)		162.2		17.4
Income (Loss) from Discontinued Operations, Net of Tax	$	113.0	$	(8.5)	$	(16.7)	$	(16.1)	$	96.3	$	(24.6)

	Specialty Vehicle Technologies				High Pressure Solutions				Total
	For the Six Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Revenues	$	424.3	$	304.2	$	65.4	$	117.9	$	489.7	$	422.1
Cost of sales	314.9		238.7		54.4		90.8		369.3		329.5
Gross Profit	109.4		65.5		11.0		27.1		120.4		92.6
Selling and administrative expenses	35.3		26.0		4.9		28.6		40.2		54.6
Amortization of intangible assets	10.4		14.9		2.4		11.8		12.8		26.7
Loss (gain) on sale	(256.7)		—		211.7		—		(45.0)		—
Other operating expense, net	16.2		0.7		15.5		5.3		31.7		6.0
Income (Loss) from Discontinued Operations Before Income Taxes	304.2		23.9		(223.5)		(18.6)		80.7		5.3
Provision (benefit) for income taxes	169.7		30.0		(5.1)		(4.5)		164.6		25.5
Income (Loss) from Discontinued Operations, Net of Tax	$	134.5	$	(6.1)	$	(218.4)	$	(14.1)	$	(83.9)	$	(20.2)

The carrying amount of major classes of assets and liabilities classified that were included in discontinued operations at June 30, 2021 and December 31, 2020 related to SVT and HPS are shown in the table below. Long-term assets and liabilities as of June 30, 2021 have been reclassified as current in the Condensed Consolidated Balance Sheets.

	June 30, 2021 (1)		December 31, 2020 (2)
Assets
Current assets:
Accounts receivable, net	$	18.7	$	104.8
Inventories	19.6		226.9
Other current assets	4.5		5.7
Total current assets	42.8		337.4
Property, plant and equipment, net	2.1		188.3
Goodwill	0.8		721.0
Other intangible assets, net	28.0		935.4
Deferred tax assets	—		0.5
Other assets	—		17.6
Total non-current assets	30.9		1,862.8
Total assets	$	73.7	$	2,200.2
Liabilities
Current liabilities:
Accounts payable	$	32.3	$	134.7
Accrued liabilities	31.8		78.2
Total current liabilities	64.1		212.9
Pensions and other postretirement benefits	—		2.5
Deferred income taxes	3.8		173.3
Other liabilities	—		17.0
Total non-current liabilities	3.8		192.8
Total liabilities	$	67.9	$	405.7

(1)Primarily relates to non-U.S. subsidiaries for which legal ownership will transfer in the second half of 2021.

(2)Total assets and total liabilities related to SVT were $1,512.7 million and $354.1 million, respectively, at December 31, 2020.

The significant non-cash operating items and capital expenditures reflected in cash flows of discontinued operations for the six months periods ended June 30, 2021 and 2020 include the following:

	Specialty Vehicle Technologies				High Pressure Solutions				Total
	For the Six Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Loss (gain) on sale	$	(256.7)	$	—	$	211.7	$	—	$	(45.0)	$	—
Depreciation and amortization	14.8		19.8		4.0		18.2		18.8		38.0
Stock-based compensation expense	8.2		0.4		2.7		0.4		10.9		0.8
Capital expenditures	1.6		1.3		0.3		1.4		1.9		2.7