Quarterly Results (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]


	First (4)				Second (4)				Third (4)				Fourth (4)
	2021		2020		2021		2020		2021		2020		2021		2020
Operating revenues	$	287.2	$	254.7	$	296.6	$	257.3	$	285.7	$	267.8	$	350.0	$	348.3
Gross profit (1)	104.4		90.5		102.3		89.4		95.8		92.1		129.3		123.5
Income from continuing operations, net of tax (1)(2)	23.0		14.5		17.7		19.3		13.9		19.5		4.4		20.5
Income from discontinued operations, net of tax (1)(3)	3.8		8.6		44.2		8.2		316.4		3.1		2.0		5.3
Net income	$	26.8	$	23.1	$	61.9	$	27.5	$	330.3	$	22.6	$	6.4	$	25.8
Basic income per share of common stock:
Continuing operations, net of tax	$	0.51	$	0.33	$	0.39	$	0.43	$	0.31	$	0.44	$	0.10	$	0.46
Discontinued operations, net of tax	0.08		0.19		0.98		0.19		6.98		0.07		0.04		0.11
Net income	$	0.59	$	0.52	$	1.37	$	0.62	$	7.29	$	0.51	$	0.14	$	0.57
Diluted income per share of common stock:
Continuing operations, net of tax	$	0.50	$	0.32	$	0.38	$	0.42	$	0.30	$	0.42	$	0.10	$	0.44
Discontinued operations, net of tax	0.08		0.19		0.95		0.18		6.78		0.07		0.04		0.12
Net income	$	0.58	$	0.51	$	1.33	$	0.60	$	7.08	$	0.49	$	0.14	$	0.56

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Note: The sum of the quarters’ income per share may not equal the full year per share amounts.

(1) During the fourth quarter of 2021, and as further discussed in Note 9, we converted the inventory accounting for certain of our businesses from the LIFO method to the FIFO method. This change in accounting has been retrospectively applied to our consolidated financial statements. Within the quarterly results presented above, and compared to what has been previously reported, we have restated gross profit, income from continuing operations, net of tax, income from discontinued operations, net of tax, and net income as follows:


	First				Second				Third				Fourth
	2021		2020		2021		2020		2021		2020		2020
Gross profit	$	—	$	0.5	$	0.5	$	0.5	$	1.5	$	(0.2)	$	1.5
Income from continuing operations, net of tax	—		0.4		0.4		0.4		1.1		(0.2)		1.1
Income from discontinued operations, net of tax	—		—		—		—		(2.1)		—		0.1
Net income	—		0.4		0.4		0.4		(1.0)		(0.2)		1.2

(2) During the fourth quarter of 2021 and 2020, we recognized pre-tax actuarial gains (losses) of $9.9 and $(6.8), respectively, associated with our pension and postretirement benefit plans. See Note 11 for additional details.

During the fourth quarter of 2021 and 2020, we recorded charges of $46.3 ($44.6 to continuing operations and $1.7 to discontinued operations) and $19.1 ($17.0 to continuing operations and $2.1 to discontinued operations), respectively, as a result of changes in estimates associated with the assets and liabilities recorded for asbestos product liability matters.

During the fourth quarter of 2021, we recorded impairment charges of $5.7 related to (i) the goodwill and indefinite-lived intangible assets of ULC ($5.2) and (ii) certain other indefinite-lived intangible assets ($0.5). See Note 10 for additional details.

(3) During the second quarter of 2021, we recorded tax benefits of $33.0 in “Income from discontinued operations, net of tax” including (i) $28.6 for the excess tax basis in the stock of Transformer Solutions and (ii) $4.4 for previously unrecognized state net operating losses, each as a result of the definitive agreement to sell the business.

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 $357.7 to “Gain (loss) on disposition of discontinued operations, net of tax” within our consolidated statement of operations for the third quarter 2021.

During the fourth quarter of 2021, we increased the gain by $24.5, with the additional gain related primarily to the utilization of income tax benefits associated with liquidating certain recently acquired entities.

In the fourth quarter of 2021, and in connection with the completion of the wind-down of our DBT business, we recorded a charge of $19.9 to discontinued operations to reflect the write-off of historical currency translation amounts associated with DBT that had been previously reported within “Stockholders’ equity.”

(4) We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2021 were April 3, July 3 and October 2, compared to the respective March 28, June 27 and September 26, 2020 dates. This practice only affects the quarterly reporting periods and not the annual reporting period. We had five more days in the first quarter of 2021 and had six fewer days in the fourth quarter of 2021 than in the respective 2020 periods.