Discontinued Operations

9 Months Ended

Sep. 30, 2017

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Discontinued Operations

3. Disposed Operations

2017

On February 14, 2017, the Company completed the sale of Performance Motorsports International ("PMI"), a wholly owned subsidiary of the Company that manufactures pistons and other engine related components serving the motorsports and powersports markets. Total consideration for the transaction was $147,313, including cash proceeds of $118,706. We recognized a pre-tax gain on sale of $88,402 for the nine months ended September 30, 2017 within the Condensed Consolidated Statements of Earnings and recorded a 25% equity method investment at fair value of $18,607 as well as a subordinated note receivable of $10,000.

2016

On February 17, 2016, the Company completed the sale of Texas Hydraulics ("THI"), a wholly owned subsidiary of the Company, a custom manufacturer of fluid power components. Upon disposal of THI, the Company recognized total consideration of $47,300, which resulted in a pre-tax gain on sale of $11,853 included within the Condensed Consolidated Statements of Earnings and within the Engineered Systems Segment for the nine months ended September 30, 2016.

On September 30, 2016, the Company entered into a definitive agreement to sell Tipper Tie, a wholly owned subsidiary, for total consideration of approximately $160,000. Tipper Tie was subsequently sold in the fourth quarter. Tipper Tie is a global supplier of processing and clip packaging machines and was included in the results of the Refrigeration & Food Equipment segment.

These disposals did not represent a strategic shift in operations and, therefore, did not qualify for presentation as discontinued operations.