Dispositions

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

4. Dispositions

On October 11, 2023, the Company entered into a definitive agreement to sell De-Sta-Co, an operating company within the Engineered Products segment, for approximately $680,000 enterprise value, net of estimated selling costs and subject to customary post-closing adjustments. The transaction is expected to close in the first half of 2024, subject to customary closing conditions, including receipt of regulatory approvals. As of September 30, 2023, De-Sta-Co met the criteria to be classified as held for sale. The Company classified De-Sta-Co's assets and liabilities separately as current assets and current liabilities held for sale within the condensed consolidated balance sheets as of September 30, 2023. The Company had no assets or liabilities classified as held for sale as of December 31, 2022.

The following table presents the assets and liabilities associated with the De-Sta-Co business classified as held for sale as of September 30, 2023.

	September 30, 2023
Assets held for sale
Cash and cash equivalents	$	17,300
Receivables, net	36,653
Inventories, net	45,837
Property, plant and equipment, net	18,390
Goodwill	58,337
Other assets held for sale	14,031
Total assets held for sale	$	190,548
Liabilities held for sale
Accounts payable	$	28,023
Accrued expenses and deferred revenue	17,140
Other liabilities held for sale	21,902
Total liabilities held for sale	$	67,065

The sale does not represent a strategic shift that will have a major effect on the Company's operations and financial results and, therefore, did not qualify for presentation as a discontinued operation.