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Discontinued Operations
 12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
Discontinued operations comprise two formerly-owned businesses, Specialty Vehicle Technologies (“SVT” or “Club Car”) and High Pressure Solutions (“HPS”). The results of operations, financial positions and cash flows of these businesses are reported as discontinued operations for all periods presented in these consolidated financial statements.
Specialty Vehicle Technologies
On April 9, 2021, the Company entered into an agreement to sell Club Car to private equity firm Platinum Equity Advisors, LLC (“Platinum Equity”) for $1.68 billion in cash. The sale was substantially completed on June 1, 2021.
SVT is presented as a discontinued operation and its net assets are classified as held for sale for all periods presented.
The Company recognized a pre-tax gain on sale of $298.3 million for the year ended December 31, 2021.
High Pressure Solutions
On February 14, 2021, the Company entered into an agreement to sell its majority interest in High Pressure Solutions to private equity firm American Industrial Partners. In exchange for its majority interest of 55%, the Company received net cash proceeds of $278.3 million and retained a 45% common equity interest in the newly-formed entity comprising the HPS business. The Company expects to maintain this minority investment indefinitely and is unable to estimate when this interest may be disposed. This sale was substantially completed on April 1, 2021.
HPS is presented as a discontinued operation and its net assets are classified as held for sale for all periods presented.
The Company recognized a pre-tax loss on sale of $207.7 million for the year ended December 31, 2021.
Financial information of discontinued operations
The results of operations of SVT and HPS are presented as discontinued operations for the years ended December 31, 2021, 2020 and 2019 as summarized below:
Specialty Vehicle TechnologiesHigh Pressure SolutionsTotal
202120202019202120202019202120202019
Revenues$430.9 $741.4 $— $71.9 $195.6 $434.4 $502.8 $937.0 $434.4 
Cost of sales321.3 564.6 — 60.2 163.9 301.0 381.5 728.5 301.0 
Gross Profit109.6 176.8 — 11.7 31.7 133.4 121.3 208.5 133.4 
Selling and administrative expenses35.7 63.0 — 5.3 42.5 26.8 41.0 105.5 26.8 
Amortization of intangible assets10.4 37.1 — 2.4 23.6 19.0 12.8 60.7 19.0 
Loss (gain) on sale(298.3)— — 207.7 — — (90.6)— — 
Other operating expense, net18.1 1.7 — 19.0 14.5 6.4 37.1 16.2 6.4 
Operating Income (Loss)343.7 75.0 — (222.7)(48.9)81.2 121.0 26.1 81.2 
Interest expense— — — — — 0.5 — — 0.5 
Other expense, net— — — — 0.1 — — 0.1 — 
Income (Loss) from Discontinued Operations Before Income Taxes343.7 75.0 — (222.7)(49.0)80.7 121.0 26.0 80.7 
Provision (benefit) for income taxes87.1 12.9 — (7.7)(11.3)18.9 79.4 1.6 18.9 
Income (Loss) from Discontinued Operations, Net of Tax$256.6 $62.1 $— $(215.0)$(37.7)$61.8 $41.6 $24.4 $61.8 
The carrying value of major classes of assets and liabilities related to SVT and HPS that were included in discontinued operations at December 31, 2021 and December 31, 2020 are shown in the table below. Long-term assets and liabilities as of December 31, 2021 have been reclassified as current in the Consolidated Balance Sheets.
December 31, 2021(1)
December 31, 2020(2)
Assets
Current assets:
Cash and cash equivalents$6.2 $— 
Accounts receivable, net2.5 104.8 
Inventories5.6 226.9 
Other current assets0.1 5.7 
Total current assets14.4 337.4 
Property, plant and equipment, net1.2 188.3 
Goodwill— 721.0 
Other intangible assets, net— 935.4 
Deferred tax assets— 0.5 
Other assets— 17.6 
Total non-current assets1.2 1,862.8 
Total assets$15.6 $2,200.2 
Liabilities
Current liabilities:
Accounts payable$2.2 $134.7 
Accrued liabilities14.9 78.2 
Total current liabilities17.1 212.9 
Pensions and other postretirement benefits— 2.5 
Deferred income taxes— 173.3 
Other liabilities— 17.0 
Total non-current liabilities— 192.8 
Total liabilities$17.1 $405.7 
(1)Relates to certain non-U.S. subsidiaries for which legal ownership of assets has not yet transferred.
(2)Total assets and total liabilities related to SVT were $1,512.7 million and $354.1 million, respectively, at December 31, 2020.
The significant non-cash operating items and capital expenditures reflected in cash flows of discontinued operations for the years ended December 31, 2021, 2020 and 2019 include the following:
Specialty Vehicle TechnologiesHigh Pressure SolutionsTotal
202120202019202120202019202120202019
Loss (gain) on sale$(298.3)$— $— $207.7 $— $— $(90.6)$— $— 
Depreciation and amortization14.8 51.5 — 4.0 36.9 31.6 18.8 88.4 31.6 
Stock-based compensation expense8.2 3.0 — 2.7 0.8 0.5 10.9 3.8 0.5 
Capital expenditures1.6 3.1 — 0.3 3.6 5.3 1.9 6.7 5.3