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Discontinued Operations
 3 Months Ended
Mar. 31, 2022
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 condensed 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. The transfer of legal
ownership of one non-U.S. subsidiary has not yet been completed due to local regulatory and administrative requirements. This transfer is expected to be completed in the second quarter of 2022.
SVT is presented as a discontinued operation and its net assets are classified as held for sale and comparable prior periods have been recast to reflect this change.
High Pressure Solutions
On February 14, 2021, the Company entered into an agreement to sell the majority interest in its High Pressure Solutions business to private equity firm American Industrial Partners. The Company received net cash proceeds of $278.3 million for its majority interest of 55%, and retained a 45% common equity interest in the newly-formed entity comprising the HPS business. This sale was substantially completed on April 1, 2021. The Company expects to maintain its minority investment in HPS indefinitely and is unable to estimate when this interest may be disposed.
HPS is presented as a discontinued operation and its net assets are classified as held for sale and comparable prior periods have been recast to reflect this change.
Financial information of discontinued operations
The results of operations attributable to discontinued operations are summarized below:
Specialty Vehicle TechnologiesHigh Pressure SolutionsTotal
For the Three Month Period Ended March 31,
202220212022202120222021
Revenues$4.0 $240.3 $— $62.4 $4.0 $302.7 
Cost of sales3.9 177.0 — 50.5 3.9 227.5 
Gross Profit0.1 63.3 — 11.9 0.1 75.2 
Selling and administrative expenses0.1 18.4 — 4.3 0.1 22.7 
Amortization of intangible assets— 9.5 — 2.4 — 11.9 
Loss on disposal group— — — 203.3 — 203.3 
Other operating expense, net0.2 7.0 1.6 8.1 1.8 15.1 
Income (Loss) from Discontinued Operations Before Income Taxes(0.2)28.4 (1.6)(206.2)(1.8)(177.8)
Provision (benefit) for income taxes— 6.9 (0.4)(4.5)(0.4)2.4 
Income (Loss) from Discontinued Operations, Net of Tax$(0.2)$21.5 $(1.2)$(201.7)$(1.4)$(180.2)
The carrying amount of assets and liabilities attributable to discontinued operations are shown in the table below. These primarily relate to non-U.S. subsidiaries subject to delayed closing terms due to local regulatory and administrative requirements.
March 31, 2022December 31, 2021
Cash and cash equivalents$— $6.2 
Accounts receivable, net3.5 2.5 
Inventories4.9 5.6 
Other current assets— 0.1 
Property, plant and equipment, net1.1 1.2 
Total assets of discontinued operations$9.5 $15.6 
Accounts payable$1.4 $2.2 
Accrued liabilities8.6 14.9 
Total liabilities of discontinued operations10.0 17.1 
The significant non-cash operating items and capital expenditures reflected in cash flows of discontinued operations for the three months periods ended March 31, 2022 and 2021 include the following:
Specialty Vehicle TechnologiesHigh Pressure SolutionsTotal
For the Three Month Period Ended March 31,
202220212022202120222021
Loss on sale$— $— $— $203.3 $— $203.3 
Depreciation and amortization— 13.5 — 4.0 — 17.5 
Stock-based compensation expense— 1.7 — 0.8 — 2.5 
Capital expenditures— (0.7)— (0.3)— (1.0)