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Discontinued Operations
 6 Months Ended
Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued OperationsTwo formerly-owned businesses, Specialty Vehicle Technologies (“SVT” or “Club Car”) and High Pressure Solutions (“HPS”) comprise discontinued operations. 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 as of June 30, 2022. This transfer is expected to be completed in the third quarter of 2022.
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.
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 June 30,
202220212022202120222021
Revenues$2.6 $184.0 $— $3.0 $2.6 $187.0 
Cost of sales2.6 137.9 — 3.9 2.6 141.8 
Gross Profit— 46.1 — (0.9)— 45.2 
Selling and administrative expenses— 16.9 — 0.6 — 17.5 
Amortization of intangible assets— 0.9 — — — 0.9 
(Gain) loss on disposal group— (256.7)— 8.4 — (248.3)
Other operating expense (income), net(1.9)9.2 (0.1)7.4 (2.0)16.6 
Income (Loss) from Discontinued Operations Before Income Taxes1.9 275.8 0.1 (17.3)2.0 258.5 
Provision (benefit) for income taxes0.4 162.8 0.1 (0.6)0.5 162.2 
Income (Loss) from Discontinued Operations, Net of Tax$1.5 $113.0 $— $(16.7)$1.5 $96.3 
Specialty Vehicle TechnologiesHigh Pressure SolutionsTotal
For the Six Month Period Ended June 30,
202220212022202120222021
Revenues$6.6 $424.3 $— $65.4 $6.6 $489.7 
Cost of sales6.5 314.9 — 54.4 6.5 369.3 
Gross Profit0.1 109.4 — 11.0 0.1 120.4 
Selling and administrative expenses0.1 35.3 — 4.9 0.1 40.2 
Amortization of intangible assets— 10.4 — 2.4 — 12.8 
Loss (gain) on sale— (256.7)— 211.7 — (45.0)
Other operating expense (income), net(1.7)16.2 1.5 15.5 (0.2)31.7 
Income (Loss) from Discontinued Operations Before Income Taxes1.7 304.2 (1.5)(223.5)0.2 80.7 
Provision (benefit) for income taxes0.4 169.7 (0.3)(5.1)0.1 164.6 
Income (Loss) from Discontinued Operations, Net of Tax$1.3 $134.5 $(1.2)$(218.4)$0.1 $(83.9)
The carrying amount of assets and liabilities attributable to discontinued operations are shown in the table below. These primarily relate to non-U.S. subsidiaries subject to delayed closing terms.
June 30, 2022December 31, 2021
Cash and cash equivalents$— $6.2 
Accounts receivable, net3.7 2.5 
Inventories4.4 5.6 
Other current assets— 0.1 
Property, plant and equipment, net1.0 1.2 
Total assets of discontinued operations$9.1 $15.6 
Accounts payable$1.0 $2.2 
Accrued liabilities7.6 14.9 
Total liabilities of discontinued operations$8.6 $17.1 
The significant non-cash operating items and capital expenditures reflected in cash flows of discontinued operations for the six month periods ended June 30, 2022 and 2021 include the following:
Specialty Vehicle TechnologiesHigh Pressure SolutionsTotal
For the Six Month Period Ended June 30,
202220212022202120222021
Loss (gain) on sale$— $(256.7)$— $211.7 $— $(45.0)
Depreciation and amortization— 14.8 — 4.0 — 18.8 
Stock-based compensation expense— 8.2 — 2.7 — 10.9 
Capital expenditures— 1.6 — 0.3 — 1.9