As indicated in Note 1, on February 1, 2019, July 3, 2019, November 12, 2019, September 2, 2020, November 11, 2020, April 19, 2021, August 2, 2021 and December 15, 2021, we completed the acquisitions of Sabik, SGS, Patterson-Kelley, ULC, Sensors & Software, Sealite, ECS, and Cincinnati Fan, respectively. The pro forma effects of these acquisitions are not material to our consolidated results of operations.

As discussed in Note 1, on October 1, 2021, we completed the sale of Transformer Solutions for net cash proceeds of $620.6. In connection with the sale, we recorded a gain of $382.2 to “Gain (loss) on disposition of discontinued operations, net of tax” within our consolidated statement of operations for the year ended December 31, 2021.

The results of Transformer Solutions are presented as a discontinued operation for all periods presented. Major line items constituting pre-tax income and after-tax income of Transformer Solutions for the period January 1, 2021 to October 1, 2021 and the years ended December 2020 and 2019 are shown below:



	2021		2020		2019
Revenues	$	313.5	$	427.4	$	403.4
Costs and expenses:
Cost of product sold	257.2		338.7		334.1
Selling, general and administrative	28.4		32.7		30.2
Special charges	—		—		0.3
Other income, net	—		0.9		0.6
Income before tax	27.9		56.9		39.4
Income tax provision	(7.0)		(14.0)		(8.8)
Income after tax	$	20.9	$	42.9	$	30.6

The assets and liabilities of Transformer Solutions have been classified as assets and liabilities of discontinued operations as of December 31, 2020. The major line items constituting Transformer Solutions assets and liabilities as of December 31, 2020 are shown below:


ASSETS
Accounts receivable, net	$	50.9
Contract assets	48.6
Inventories, net	21.7
Other current assets	3.2
Property, plant and equipment:
Land	6.5
Buildings and leasehold improvements	63.1
Machinery and equipment	141.1
	210.7
Accumulated depreciation	(131.0)
Property, plant and equipment, net	79.7
Goodwill	131.3
Other assets	8.1
Total assets - discontinued operations	$	343.5
LIABILITIES
Accounts payable	$	34.1
Contract liabilities	57.2
Accrued expenses	24.5
Deferred and other income taxes	22.3
Other long-term liabilities	9.1
Total liabilities - discontinued operations	$	147.2

As discussed in Note 1, we completed the wind-down of our DBT business in the fourth quarter of 2021. As a result of completing the wind-down plan, we are now reporting DBT as a discontinued operation for all periods presented. In connection with the wind-down, we recorded a charge of $19.9 to “Gain (loss) on disposition of discontinued operations, net of tax” within our consolidated statement of operations for the year ended December 31, 2021 to reflect the write-off of historical currency translation amounts associated with DBT that had been previously reported within “Stockholders' equity.”



	2021		2020		2019
Revenues (1)	$	0.5	$	4.0	$	(6.1)
Costs and expenses:
Cost of product sold	0.9		6.9		22.4
Selling, general and administrative	15.1		14.8		11.6
Special charges	1.3		0.8		2.6
Other income (expense), net	(1.2)		1.9		(0.6)
Interest income, net	0.1		—		0.2
Loss before tax	(17.9)		(16.6)		(43.1)
Income tax benefit	2.7		2.4		7.3
Loss after tax	$	(15.2)	$	(14.2)	$	(35.8)

(1) During the year ended December 31, 2019, we reduced the amount of revenue associated with the large power projects in South Africa by $23.5. See below for further discussion.

During February, April, and July of 2019, we received a number of claims from the prime contractors on the large power projects in South Africa asserting various amounts of damages. In consideration of these claims (including the magnitude of the claims and claims in areas that had not been previously identified by the prime contractors), and in accordance with ASC 606, we analyzed the risk of a significant revenue reversal associated with the amount of variable consideration that had been recorded for these projects. Based on such analysis, we reduced the amount of cumulative revenue associated with variable consideration on these projects by $17.5 during the first quarter of 2019, as it was no longer probable that such amounts of revenue would not be reversed.

On June 28, 2019, DBT reached an agreement with Alstom S&E Africa (PTY) LTD (“Alstom/GE”), one of the prime contractors on the large power projects in South Africa to, among other things, settle all material outstanding claims between the parties (other than certain pass-through claims relating to third parties). In connection with the agreement, we reduced the amount of cumulative revenue associated with variable consideration on the large power projects in South Africa by $6.0 during the second quarter of 2019.

The assets and liabilities of DBT have been included within “Assets of DBT and Heat Transfer” and “Liabilities of DBT and Heat Transfer,” respectively, on the consolidated balance sheets as of December 31, 2021 and 2020. The major line items constituting DBT's assets and liabilities as of December 31, 2021 and 2020 are shown below:


	December 31, 2021		December 31, 2020
ASSETS
Cash and equivalents	$	7.8	$	4.3
Accounts receivable, net	9.1		10.1
Other current assets	7.0		7.5
Property, plant and equipment:
Buildings and leasehold improvements	0.2		5.7
Machinery and equipment	1.5		7.3
	1.7		13.0
Accumulated depreciation	(1.5)		(9.8)
Property, plant and equipment, net	0.2		3.2
Other assets	27.6		17.9
Total assets of DBT	$	51.7	$	43.0
LIABILITIES
Accounts payable	$	2.3	$	2.3
Contract liabilities	5.6		7.5
Accrued expenses	22.4		2.5
Other long-term liabilities	4.9		5.3
Total liabilities of DBT	$	35.2	$	17.6

As discussed in Note 1, we completed the wind-down of our Heat Transfer business in the fourth quarter of 2020. As a result of completing the wind-down plan, we are reporting Heat Transfer as a discontinued operation for all periods presented.



	2020		2019
Revenues	$	3.9	$	4.5
Costs and expenses:
Cost of products sold	3.1		6.1
Selling, general and administrative	0.1		0.9
Special charges (credits), net	0.4		(0.4)
Other income, net	—		0.3
Income (loss) before tax	0.3		(1.8)
Income tax (provision) benefit	(0.1)		0.4
Income (loss) after tax	$	0.2	$	(1.4)

The assets and liabilities of Heat Transfer have been included within “Assets of DBT and Heat Transfer” and “Liabilities of DBT and Heat Transfer,” respectively, on the consolidated balance sheets as of December 31, 2021 and 2020. The major line items constituting Heat Transfer's assets and liabilities as of December 31, 2021 and 2020 are shown below:


	December 31, 2021		December 31, 2020
ASSETS
Accounts receivable, net	$	0.1	$	0.1
Other current assets	0.2		0.2
Other assets	0.2		0.2
Total assets of Heat Transfer	$	0.5	$	0.5
LIABILITIES
Accounts payable	$	0.3	$	0.2
Accrued expenses	0.1		0.3
Total liabilities of Heat Transfer	$	0.4	$	0.5

In addition to Transformer Solutions, DBT and Heat Transfer, we recognized net losses of $1.3, $3.7 and $4.4 during 2021, 2020 and 2019, respectively. The net losses for 2021, 2020, and 2019 resulted primarily from revisions to liabilities, including income tax liabilities, retained in connection with prior businesses classified as discontinued operations.

Changes in estimates associated with liabilities retained in connection with a business divestiture (e.g., income taxes) may occur. As a result, it is possible that the resulting gains/losses on these and other previous divestitures may be materially adjusted in subsequent periods.



	2021		2020		2019
Transformer Solutions
Income from discontinued operations	$	454.9	$	56.9	$	39.4
Income tax provision (1)	(51.8)		(14.0)		(8.8)
Income from discontinued operations, net	403.1		42.9		30.6

DBT
Loss from discontinued operations	(37.8)		(16.6)		(43.1)
Income tax benefit	2.7		2.4		7.3
Loss from discontinued operations, net	(35.1)		(14.2)		(35.8)

Heat Transfer
Income (loss) from discontinued operations	(0.3)		0.3		(1.8)
Income tax (provision) benefit	—		(0.1)		0.4
Income (loss) from discontinued operations, net	(0.3)		0.2		(1.4)

All other
Loss from discontinued operations	(7.6)		(4.8)		(4.0)
Income tax (provision) benefit	6.3		1.1		(0.4)
Loss from discontinued operations, net	(1.3)		(3.7)		(4.4)

Total
Income (loss) from discontinued operations	409.2		35.8		(9.5)
Income tax provision	(42.8)		(10.6)		(1.5)
Income (loss) from discontinued operations, net	$	366.4	$	25.2	$	(11.0)

(1) During the fourth quarter of 2021, we liquidated certain recently acquired entities. As a result of this action, we recorded a net income tax benefit of $16.5 within our 2021 consolidated statement of operations, which included an income tax charge of $10.9 within continuing operations and income tax benefit of $27.4 within discontinued operations.