Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule 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 Technologies						High Pressure Solutions						Total
	2021		2020		2019		2021		2020		2019		2021		2020		2019
Revenues	$	430.9	$	741.4	$	—	$	71.9	$	195.6	$	434.4	$	502.8	$	937.0	$	434.4
Cost of sales	321.3		564.6		—		60.2		163.9		301.0		381.5		728.5		301.0
Gross Profit	109.6		176.8		—		11.7		31.7		133.4		121.3		208.5		133.4
Selling and administrative expenses	35.7		63.0		—		5.3		42.5		26.8		41.0		105.5		26.8
Amortization of intangible assets	10.4		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, net	18.1		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 Taxes	343.7		75.0		—		(222.7)		(49.0)		80.7		121.0		26.0		80.7
Provision (benefit) for income taxes	87.1		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, net	2.5		104.8
Inventories	5.6		226.9
Other current assets	0.1		5.7
Total current assets	14.4		337.4
Property, plant and equipment, net	1.2		188.3
Goodwill	—		721.0
Other intangible assets, net	—		935.4
Deferred tax assets	—		0.5
Other assets	—		17.6
Total non-current assets	1.2		1,862.8
Total assets	$	15.6	$	2,200.2
Liabilities
Current liabilities:
Accounts payable	$	2.2	$	134.7
Accrued liabilities	14.9		78.2
Total current liabilities	17.1		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 Technologies						High Pressure Solutions						Total
	2021		2020		2019		2021		2020		2019		2021		2020		2019
Loss (gain) on sale	$	(298.3)	$	—	$	—	$	207.7	$	—	$	—	$	(90.6)	$	—	$	—
Depreciation and amortization	14.8		51.5		—		4.0		36.9		31.6		18.8		88.4		31.6
Stock-based compensation expense	8.2		3.0		—		2.7		0.8		0.5		10.9		3.8		0.5
Capital expenditures	1.6		3.1		—		0.3		3.6		5.3		1.9		6.7		5.3