XML 42 R31.htm IDEA: XBRL DOCUMENT v3.20.2
DISCONTINUED OPERATIONS (Tables)
6 Months Ended
Jun. 30, 2020
DISCONTINUED OPERATIONS  
Schedule Of Assets And Liabilities Transferred As A Part Of Separation

(millions)

Assets:

 

Cash and cash equivalent

 

$60.6

Current assets

 

810.5

Non-current assets

 

3,222.3

4,093.4

Liabilities:

Current liabilities

313.0

Non-current liabilities

293.7

606.7

Net assets distributed to ChampionX

$(3,486.7)

Fair value of shares exchanged

1,051.4

Cash received from ChampionX

527.4

Consideration received less net assets

(1,907.9)

ChampionX cumulative translation adjustment ("CTA") write-off

(229.9)

Loss on separation

$(2,137.8)

Summary of discontinued operations

Second Quarter Ended

Six Months Ended 

June 30

June 30

(millions)

2020

    

2019

    

2020

    

2019

Product and equipment sales

$352.9

$532.1

$858.9

$1,058.6

Service and lease sales

44.8

58.1

99.6

112.3

Net sales

397.7

590.2

958.5

1,170.9

Product and equipment cost of sales

270.5

383.7

621.7

753.2

Service and lease cost of sales

34.9

44.1

80.4

88.8

Cost of sales (including special charges)

305.4

427.8

702.1

842.0

Selling, general and administrative expenses

74.0

102.7

180.5

214.8

Special (gains) and charges

2,185.2

25.6

2,221.7

26.4

Operating (loss) income

(2,166.9)

34.1

 

(2,145.8)

87.7

Other (income) expense

0.1

-

0.3

-

Interest expense (income), net

0.3

0.1

0.2

0.3

(Loss) income before income taxes

(2,167.3)

34.0

 

(2,146.3)

87.4

Provision for income taxes

(3.1)

9.1

24.0

17.7

Net (loss) income including noncontrolling interest

(2,164.2)

24.9

 

(2,170.3)

69.7

Net (loss) income attributable to noncontrolling interest

(0.3)

(0.3)

2.2

(0.4)

Net (loss) income from discontinued operations, net of tax

$(2,163.9)

$25.2

$(2,172.5)

$70.1

December 31

(millions)

    

2019

ASSETS

Current assets

Cash and cash equivalents

$67.6

Accounts receivable, net

 

414.5

Inventories

 

424.0

Other current assets

44.7

Total current assets

 

950.8

Property, plant and equipment, net

 

726.6

Goodwill

 

1,682.6

Other intangible assets, net

 

745.0

Operating lease assets

110.8

Other assets

67.8

Total assets

$4,283.6

LIABILITIES AND EQUITY

Current liabilities

Short-term debt

$0.1

Accounts payable

 

209.0

Compensation and benefits

 

33.8

Income taxes

 

5.9

Other current liabilities

112.7

Total current liabilities

 

361.5

Long-term debt

 

0.4

Postretirement health care and pension benefits

 

3.6

Deferred income taxes

203.1

Operating lease liabilities

79.2

Other liabilities

15.8

Total liabilities

 

$663.6