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Discontinued and Disposed Operations
 9 Months Ended
Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued and Disposed Operations
4. Discontinued and Disposed Operations

Discontinued Operations

On July 21, 2024, the Company signed a definitive agreement to sell its ESG business, which is part of the Company’s Engineered Products segment, to Terex Corporation for total consideration, net of cash transferred, of $2.0 billion, subject to post-closing adjustments. The ESG business was classified as held for sale as of September 30, 2024, and qualifies for discontinued operations reporting because its disposal represents a strategic shift that will have a major effect on the Company's operations and financial results. As a result, the Company has classified the results of operations as discontinued operations in the condensed consolidated statements of earnings and the condensed consolidated statements of cash flows and classified the assets and liabilities as held for sale in the condensed consolidated balance sheets for all periods presented.

Summarized results of the Company's discontinued operations are as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Revenue$231,777 $194,840 $671,479 $552,713 
Cost of goods and services164,115 141,206 474,705 402,484 
Gross profit67,662 53,634 196,774 150,229 
Selling, general and administrative expenses24,318 17,407 67,599 52,776 
Operating earnings43,344 36,227 129,175 97,453 
Other (income) expense, net
(1)— 696 (1)
Earnings from discontinued operations before provision for income taxes
43,345 36,227 128,479 97,454 
Provision for income taxes
9,141 8,457 28,921 22,573 
Earnings from discontinued operations, net
$34,204 $27,770 $99,558 $74,881 

Assets and liabilities that were held for sale are summarized below:
 September 30, 2024December 31, 2023
Assets:
  
Cash and cash equivalents$10,000 $— 
Receivables, net138,531 110,933 
Inventories, net79,986 81,363 
Prepaid and other current assets2,156 2,190 
Property, plant and equipment, net69,301 53,344 
Goodwill244,123 244,123 
Intangible assets, net35,536 38,709 
Other assets and deferred charges3,528 5,778 
Total assets held for sale
$583,161 $536,440 
Liabilities:
Accounts payable$128,886 $104,077 
Other current liabilities
55,217 48,936 
Other non-current liabilities
34,385 35,058 
Total liabilities held for sale
$218,488 $188,071 

For the period ended September 30, 2024, all assets and liabilities held for sale are presented as current in the condensed consolidated balance sheets due to the timing of the transaction close. For the period ended December 31, 2023, current assets and liabilities held for sale of $194,486 and $153,013, respectively, and non-current assets and liabilities held for sale of $341,954 and $35,058, respectively, are presented in the condensed consolidated balance sheets.
2024 Dispositions

On March 31, 2024, the Company completed the sale of the De-Sta-Co business, an operating company within the Engineered Products segment, for total consideration, net of cash transferred, of $674,727. Of the total consideration, $63,000 was received upon finalization of closing activities in India and China, which occurred during the second quarter. This sale resulted in a preliminary pre-tax gain on disposition of $529,201 ($414,372 after-tax) included within the condensed consolidated statements of earnings for the nine months ended September 30, 2024. The total consideration and pre-tax gain on disposition are preliminary and subject to standard post-closing adjustments. The sale did not meet the criteria to be classified as a discontinued operation, as it did not represent a strategic shift that would have a major effect on operations and financial results.

De-Sta-Co met the criteria to be classified as held for sale beginning September 30, 2023. For the period ended December 31, 2023, current assets and liabilities held for sale of $192,644 and $64,568, respectively, are presented in the condensed consolidated balance sheets.

On September 30, 2024, a minority owned equity method investment held within the Climate & Sustainability Technologies segment was sold and the Company received its proportionate share of the proceeds amounting to $92,962. The sale resulted in a preliminary pre-tax gain of $68,712, subject to customary post-closing adjustments and included within the condensed consolidated statements of earnings for the three and nine months ended September 30, 2024.

2023 Dispositions

There were no dispositions during the nine months ended September 30, 2023.