Acquisitions and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2021

Acquisitions and Discontinued Operations [Abstract]

Schedule of Discontinued Operations

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

Major line items constituting pre-tax loss and after-tax loss of DBT for the years ended December 31, 2021, 2020 and 2019 are shown below:

	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)

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(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.

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

Major line items constituting pre-tax income (loss) and after-tax income (loss) of Heat Transfer for the years ended December 31, 2020 and 2019 are shown below:

	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

For the years ended December 31, 2021, 2020 and 2019, results of operations from our businesses reported as discontinued operations were as follows:

	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)

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(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.