Assets and Liabilities Held for Sale

12 Months Ended

Dec. 31, 2022

ASSETS AND LIABILITIES HELD FOR SALE

Hennessy

During the three months ended July 1, 2022, the Company reached the strategic decision to exit its Hennessy business. The Company determined that the associated assets and liabilities met the held for sale accounting criteria and they were classified as Current assets held for sale and Current liabilities held for sale in the Consolidated Balance Sheets as of December 31, 2022.

Global Traffic Technologies

During the three months ended July 1, 2022, the Company reached the strategic decision to exit its Global Traffic Technologies business (collectively with Hennessy, the “Disposal Groups”). The Company determined that the associated assets and liabilities met the held for sale accounting criteria and they were classified as Current assets held for sale and Current liabilities held for sale in the Consolidated Balance Sheets as of December 31, 2022.

The assets and liabilities were measured at the lower of fair value less costs to sell or the carrying value and the Company recognized impairment charges of $3.6 million during the year ended December 31, 2022 to remeasure certain assets. The following table summarizes the carrying amounts of major classes of assets and liabilities of the Disposal Groups as of December 31, 2022 (in millions):



ASSETS

Accounts receivable, net	$	26.8
Inventories	16.8
Other current assets	1.5
Property, plant and equipment, net	10.5
Operating lease right-of-use assets	0.4
Other intangible assets, net	28.7
Goodwill	56.0
Other assets	4.9
Total assets held for sale	$	145.6
LIABILITIES
Trade accounts payable	$	20.0

Accrued expenses and other current liabilities	13.1
Other long-term liabilities	9.9
Total liabilities held for sale	$	43.0

The operations of Hennessy and Global Traffic Technologies did not meet the criteria individually or in the aggregate to be presented as discontinued operations.