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Discontinued and Disposed Operations | 3 Months Ended
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Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued and Disposed Operations | 4. Discontinued and Disposed Operations Discontinued Operations On October 8, 2024, the Company completed the sale of the ESG business, an operating company within the Engineered Products segment, to Terex Corporation for total preliminary consideration, net of cash transferred, of $2.0 billion, subject to post-closing adjustments. The ESG sale qualifies for discontinued operations reporting because its disposal represented a strategic shift with 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 for the three months ended March 31, 2024. During the three months ended March 31, 2025, net working capital adjustments of $9,796 ($7,739 after-tax) and other post-closing adjustments of $862 ($681 after-tax) were recorded resulting in a loss from discontinued operations, net of $8,420 in the condensed consolidated statements of earnings. Summarized results of the Company's discontinued operations are as follows:
| Three Months Ended March 31, |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |
Revenue | $ | — |  |  | $ | 210,222 |  |  |  |  |  |  |  |
Cost of goods and services | — |  |  | 150,154 |  |  |  |  |  |  |  |
Gross profit | — |  |  | 60,068 |  |  |  |  |  |  |  |
Selling, general and administrative expenses | — |  |  | 20,143 |  |  |  |  |  |  |  |
Operating earnings | — |  |  | 39,925 |  |  |  |  |  |  |  |
Loss on disposition | 10,658 |  |  | — |  |  |  |  |  |  |  |
Other expense, net | — |  |  | 722 |  |  |  |  |  |  |  |
(Loss) earnings from discontinued operations before provision for income taxes | (10,658) |  |  | 39,203 |  |  |  |  |  |  |  |
(Benefit) provision for income taxes | (2,238) |  |  | 9,084 |  |  |  |  |  |  |  |
(Loss) earnings from discontinued operations, net | $ | (8,420) |  |  | $ | 30,119 |  |  |  |  |  |  |  |
2025 Dispositions There were no dispositions in 2025. 2024 Disposition 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 of 2024, and represents a non-cash investing activity for the three months ended March 31, 2024. This sale resulted in a preliminary pre-tax gain on disposition of $529,943 ($414,970 after-tax) included within the condensed consolidated statements of earnings for the three months ended March 31, 2024. 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.

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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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