Discontinued Operations

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

The Company holds certain asbestos-related contingencies and insurance coverages from divested businesses for which it does not have an interest in the ongoing operations. The entities that hold these assets and liabilities became subsidiaries of the Company during the three months ended April 1, 2022 in connection with the Separation.

The Company has classified asbestos-related activity included in its Consolidated and Combined Condensed Statements of Operations as part of Loss from discontinued operations, net of taxes.

Loss from discontinued operations, net of taxes consists of Selling, general and administrative expenses of $0.9 million and $2.6 million, net of an immaterial tax benefit for the three months ended March 31, 2023 and $0.6 million for the three months ended April 1, 2022, respectively. See Note 13, “Commitments and Contingencies” for further information.

Cash used in operating activities related to discontinued operations for the three months ended March 31, 2023 and April 1, 2022 was $5.4 million and $4.6 million, respectively.