Assets and Liabilities Held for Sale

3 Months Ended

Mar. 31, 2023

Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]

ASSETS AND LIABILITIES HELD FOR SALEDuring the three months ended July 1, 2022, the Company reached the strategic decision to exit its Coats (Hennessy) and Global Traffic Technologies businesses (collectively with Coats (Hennessy), the “Disposal Groups”). The Company determined that the associated assets and liabilities met the held for sale accounting criteria and the Disposal Groups were classified as Current assets held for sale and Current liabilities held for sale in the Consolidated Condensed Balance Sheets as of March 31, 2023.

The assets and liabilities were measured at the lower of fair value less costs to sell or the carrying value. The following table summarizes the carrying amounts of major classes of assets and liabilities of the Disposal Groups as of March 31, 2023 (in millions):



ASSETS

Accounts receivable, net	$	24.9
Inventories	16.5
Other current assets	2.0
Property, plant and equipment, net	9.5
Operating lease right-of-use assets	0.4
Other intangible assets, net	28.7
Goodwill	56.0
Other assets	6.3
Total assets held for sale	$	144.3
LIABILITIES
Trade accounts payable	$	19.3
Current operating lease liabilities	0.4
Accrued expenses and other current liabilities	13.9
Other long-term liabilities	15.7
Total liabilities held for sale	$	49.3

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