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Discontinued and Disposed Operations | 9 Months Ended
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Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued and Disposed Operations | 4. Discontinued and Disposed Operations Discontinued Operations On July 21, 2024, the Company signed a definitive agreement to sell its ESG business, which is part of the Company’s Engineered Products segment, to Terex Corporation for total consideration, net of cash transferred, of $2.0 billion, subject to post-closing adjustments. The ESG business was classified as held for sale as of September 30, 2024, and qualifies for discontinued operations reporting because its disposal represents a strategic shift that will have 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 and classified the assets and liabilities as held for sale in the condensed consolidated balance sheets for all periods presented. Summarized results of the Company's discontinued operations are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |
| 2024 |  | 2023 |  | 2024 |  | 2023 |
Revenue | $ | 231,777 |  |  | $ | 194,840 |  |  | $ | 671,479 |  |  | $ | 552,713 |  |
Cost of goods and services | 164,115 |  |  | 141,206 |  |  | 474,705 |  |  | 402,484 |  |
Gross profit | 67,662 |  |  | 53,634 |  |  | 196,774 |  |  | 150,229 |  |
Selling, general and administrative expenses | 24,318 |  |  | 17,407 |  |  | 67,599 |  |  | 52,776 |  |
Operating earnings | 43,344 |  |  | 36,227 |  |  | 129,175 |  |  | 97,453 |  |
Other (income) expense, net | (1) |  |  | — |  |  | 696 |  |  | (1) |  |
Earnings from discontinued operations before provision for income taxes | 43,345 |  |  | 36,227 |  |  | 128,479 |  |  | 97,454 |  |
Provision for income taxes | 9,141 |  |  | 8,457 |  |  | 28,921 |  |  | 22,573 |  |
Earnings from discontinued operations, net | $ | 34,204 |  |  | $ | 27,770 |  |  | $ | 99,558 |  |  | $ | 74,881 |  |
Assets and liabilities that were held for sale are summarized below:
| September 30, 2024 |  | December 31, 2023
Assets: |  |  |
Cash and cash equivalents | $ | 10,000 |  |  | $ | — |
Receivables, net | 138,531 |  |  | 110,933 |
Inventories, net | 79,986 |  |  | 81,363 |
Prepaid and other current assets | 2,156 |  |  | 2,190 |
Property, plant and equipment, net | 69,301 |  |  | 53,344 |
Goodwill | 244,123 |  |  | 244,123 |
Intangible assets, net | 35,536 |  |  | 38,709 |
Other assets and deferred charges | 3,528 |  |  | 5,778 |
Total assets held for sale | $ | 583,161 |  |  | $ | 536,440 |
Liabilities: |  |  |
Accounts payable | $ | 128,886 |  |  | $ | 104,077 |
Other current liabilities | 55,217 |  |  | 48,936 |
Other non-current liabilities | 34,385 |  |  | 35,058 |
Total liabilities held for sale | $ | 218,488 |  |  | $ | 188,071 |
For the period ended September 30, 2024, all assets and liabilities held for sale are presented as current in the condensed consolidated balance sheets due to the timing of the transaction close. For the period ended December 31, 2023, current assets and liabilities held for sale of $194,486 and $153,013, respectively, and non-current assets and liabilities held for sale of $341,954 and $35,058, respectively, are presented in the condensed consolidated balance sheets. 2024 Dispositions 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. This sale resulted in a preliminary pre-tax gain on disposition of $529,201 ($414,372 after-tax) included within the condensed consolidated statements of earnings for the nine months ended September 30, 2024. The total consideration and pre-tax gain on disposition are preliminary and subject to standard post-closing adjustments. 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. De-Sta-Co met the criteria to be classified as held for sale beginning September 30, 2023. For the period ended December 31, 2023, current assets and liabilities held for sale of $192,644 and $64,568, respectively, are presented in the condensed consolidated balance sheets. On September 30, 2024, a minority owned equity method investment held within the Climate & Sustainability Technologies segment was sold and the Company received its proportionate share of the proceeds amounting to $92,962. The sale resulted in a preliminary pre-tax gain of $68,712, subject to customary post-closing adjustments and included within the condensed consolidated statements of earnings for the three and nine months ended September 30, 2024. 2023 Dispositions There were no dispositions during the nine months ended September 30, 2023.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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