Discontinued and Disposed Operations

3 Months Ended

Mar. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

4. Discontinued and Disposed Operations

Discontinued Operations

On October 8, 2024, the Company completed the sale of the ESG business, an operating company within the Engineered Products segment, to Terex Corporation for total preliminary consideration, net of cash transferred, of $2.0 billion, subject to post-closing adjustments. The ESG sale qualifies for discontinued operations reporting because its disposal represented a strategic shift with 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 for the three months ended March 31, 2024. During the three months ended March 31, 2025, net working capital adjustments of $9,796 ($7,739 after-tax) and other post-closing adjustments of $862 ($681 after-tax) were recorded resulting in a loss from discontinued operations, net of $8,420 in the condensed consolidated statements of earnings.

Summarized results of the Company's discontinued operations are as follows:


	Three Months Ended March 31,
	2025		2024
Revenue	$	—	$	210,222
Cost of goods and services	—		150,154
Gross profit	—		60,068
Selling, general and administrative expenses	—		20,143

Operating earnings	—		39,925
Loss on disposition	10,658		—

Other expense, net	—		722
(Loss) earnings from discontinued operations before provision for income taxes	(10,658)		39,203
(Benefit) provision for income taxes	(2,238)		9,084
(Loss) earnings from discontinued operations, net	$	(8,420)	$	30,119

2025 Dispositions

There were no dispositions in 2025.

2024 Disposition

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 of 2024, and represents a non-cash investing activity for the three months ended March 31, 2024. This sale resulted in a preliminary pre-tax gain on disposition of $529,943 ($414,970 after-tax) included within the condensed consolidated statements of earnings for the three

months ended March 31, 2024. 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.