Discontinued Operations

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations consist of 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 and concluded in the third quarter of 2022.

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.

Financial information of discontinued operations

The results of operations of SVT and HPS are presented as discontinued operations for the year ended December 31, 2022 as summarized below:


	Specialty Vehicle Technologies		High Pressure Solutions		Total


Revenues	$	6.6	$	—	$	6.6
Cost of sales	6.5		—		6.5
Gross Profit	0.1		—		0.1
Selling and administrative expenses	0.1		—		0.1

Gain on sale	(2.8)		—		(2.8)
Other operating expense, net	0.7		1.6		2.3




Income from Discontinued Operations Before Income Taxes	2.1		(1.6)		0.5
Provision for income taxes	(13.2)		(1.5)		(14.7)
Income from Discontinued Operations, Net of Tax	$	15.3	$	(0.1)	$	15.2

The significant non-cash operating items and capital expenditures reflected in cash flows of discontinued operations for the year ended December 31, 2022 include a gain on sale of $2.8 million related to Specialty Vehicle Technologies.