Discontinued Operations (Tables)

9 Months Ended

Sep. 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 September 30,
	2021		2020		2021		2020		2021		2020
Revenues	$	4.4	$	191.1	$	2.6	$	31.6	$	7.0	$	222.7
Cost of sales	4.2		140.4		2.4		30.3		6.6		170.7
Gross Profit	0.2		50.7		0.2		1.3		0.4		52.0
Selling and administrative expenses	0.3		18.8		0.2		8.2		0.5		27.0
Amortization of intangible assets	—		11.3		—		5.9		—		17.2
Loss on sale	3.9		—		—		—		3.9		—
Other operating expense, net	1.8		0.2		1.8		2.3		3.6		2.5
Income (Loss) from Discontinued Operations Before Income Taxes	(5.8)		20.4		(1.8)		(15.1)		(7.6)		5.3
Provision (benefit) for income taxes	(1.5)		8.2		(1.9)		(2.8)		(3.4)		5.4
Income (Loss) from Discontinued Operations, Net of Tax	$	(4.3)	$	12.2	$	0.1	$	(12.3)	$	(4.2)	$	(0.1)

	Specialty Vehicle Technologies				High Pressure Solutions				Total
	For the Nine Month Period Ended September 30,
	2021		2020		2021		2020		2021		2020
Revenues	$	428.7	$	495.3	$	68.0	$	149.5	$	496.7	$	644.8
Cost of sales	319.1		379.1		56.8		121.1		375.9		500.2
Gross Profit	109.6		116.2		11.2		28.4		120.8		144.6
Selling and administrative expenses	35.6		44.8		5.1		36.8		40.7		81.6
Amortization of intangible assets	10.4		26.2		2.4		17.7		12.8		43.9
Loss (gain) on sale	(252.8)		—		211.7		—		(41.1)		—
Other operating expense, net	18.0		0.9		17.3		7.6		35.3		8.5
Income (Loss) from Discontinued Operations Before Income Taxes	298.4		44.3		(225.3)		(33.7)		73.1		10.6
Provision (benefit) for income taxes	168.2		38.2		(7.0)		(7.3)		161.2		30.9
Income (Loss) from Discontinued Operations, Net of Tax	$	130.2	$	6.1	$	(218.3)	$	(26.4)	$	(88.1)	$	(20.3)

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

	September 30, 2021 (1)		December 31, 2020 (2)
Assets
Current assets:
Cash and cash equivalents	$	2.3	$	—
Accounts receivable, net	4.4		104.8
Inventories	19.5		226.9
Other current assets	—		5.7
Total current assets	26.2		337.4
Property, plant and equipment, net	1.3		188.3
Goodwill	0.5		721.0
Other intangible assets, net	—		935.4
Deferred tax assets	—		0.5
Other assets	—		17.6
Total non-current assets	1.8		1,862.8
Total assets	$	28.0	$	2,200.2
Liabilities
Current liabilities:
Accounts payable	$	26.5	$	134.7
Accrued liabilities	0.7		78.2
Total current liabilities	27.2		212.9
Pensions and other postretirement benefits	—		2.5
Deferred income taxes	—		173.3
Other liabilities	—		17.0
Total non-current liabilities	—		192.8
Total liabilities	$	27.2	$	405.7

(1)Primarily relates to non-U.S. subsidiaries for which legal ownership is expected to transfer in the fourth quarter 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 nine months periods ended September 30, 2021 and 2020 include the following:

	Specialty Vehicle Technologies				High Pressure Solutions				Total
	For the Nine Month Period Ended September 30,
	2021		2020		2021		2020		2021		2020
Loss (gain) on sale	$	(252.8)	$	—	$	211.7	$	—	$	(41.1)	$	—
Depreciation and amortization	14.8		36.2		4.0		27.3		18.8		63.5
Stock-based compensation expense	8.2		1.1		2.7		0.6		10.9		1.7
Capital expenditures	1.6		1.8		0.3		2.6		1.9		4.4