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ACQUISITIONS AND DISCONTINUED OPERATIONS (Tables) | 9 Months Ended
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Oct. 01, 2022
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 three and nine months ended October 2, 2021 are shown below:
| Three months ended |  | Nine months ended
| October 2, 2021 |  | October 2, 2021
Revenues | $ | 94.4 |  |  | $ | 313.5 |
Costs and expenses: |  |  |
Cost of product sold | 80.5 |  |  | 257.2 |
Selling, general and administrative | 10.3 |  |  | 28.4 |
Income before income tax | 3.6 |  |  | 27.9 |
Income tax provision | (33.8) |  |  | (6.8) |
Income (loss) from discontinued operations, net of tax | $ | (30.2) |  |  | $ | 21.1 |
Major line items constituting pre-tax loss and after-tax loss of DBT for the three and nine months ended October 2, 2021 are shown below:
|  |  |  | Three months ended |  | Nine months ended
|  |  |  | October 2, 2021 |  | October 2, 2021
Revenues |  |  |  | $ | 0.1 |  |  | $ | 0.9 |
Costs and expenses: |  |  |  |  |  |
Cost of product sold |  |  |  | 0.5 |  |  | 1.4 |
Selling, general and administrative |  |  |  | 3.4 |  |  | 11.4 |
Special charges |  |  |  | 0.6 |  |  | 1.2 |
Other expense, net |  |  |  | 0.9 |  |  | 0.4 |
Interest income |  |  |  | 0.1 |  |  | 0.2 |
Loss before income tax |  |  |  | (5.2) |  |  | (13.3) |
Income tax benefit |  |  |  | 0.1 |  |  | 1.6 |
Loss from discontinued operations, net of tax |  |  |  | $ | (5.1) |  |  | $ | (11.7) |
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 condensed consolidated balance sheets as of October 1, 2022 and December 31, 2021. The major line items constituting DBT's assets and liabilities as of October 1, 2022 and December 31, 2021 are shown below:
|  | October 1, 2022 |  | December 31, 2021
ASSETS |  |  |  |
Cash and equivalents |  | $ | 3.9 |  |  | $ | 7.8 |
Accounts receivable, net |  | 7.3 |  |  | 9.1 |
Other current assets |  | 6.2 |  |  | 7.0 |
Property, plant and equipment: |  |  |  |
Buildings and leasehold improvements |  | 0.2 |  |  | 0.2 |
Machinery and equipment |  | 1.2 |  |  | 1.5 |
|  | 1.4 |  |  | 1.7 |
Accumulated depreciation |  | (1.3) |  |  | (1.5) |
Property, plant and equipment, net |  | 0.1 |  |  | 0.2 |
Other assets |  | 23.4 |  |  | 27.6 |
Total assets of DBT |  | $ | 40.9 |  |  | $ | 51.7 |
LIABILITIES |  |  |  |
Accounts payable |  | $ | 1.3 |  |  | $ | 2.3 |
Contract liabilities |  | 3.3 |  |  | 5.6 |
Accrued expenses |  | 22.2 |  |  | 22.4 |
Other long-term liabilities |  | 4.4 |  |  | 4.9 |
Total liabilities of DBT |  | $ | 31.2 |  |  | $ | 35.2 |
The major line items constituting Heat Transfer's assets and liabilities as of October 1, 2022 and December 31, 2021 are shown below:
|  | October 1, 2022 |  | December 31, 2021
ASSETS |  |  |  |
Accounts receivable, net |  | $ | — |  |  | $ | 0.1 |
Other current assets |  | 0.2 |  |  | 0.2 |
Other assets |  | 0.1 |  |  | 0.2 |
Total assets of Heat Transfer |  | $ | 0.3 |  |  | $ | 0.5 |
LIABILITIES |  |  |  |
Accounts payable |  | $ | 0.1 |  |  | $ | 0.3 |
Accrued expenses |  | 0.1 |  |  | 0.1 |
Total liabilities of Heat Transfer |  | $ | 0.2 |  |  | $ | 0.4 |
For the three and nine months ended October 1, 2022 and October 2, 2021, results of operations from our businesses reported as discontinued operations were as follows:
| Three months ended |  | Nine months ended
| October 1, 2022 |  | October 2, 2021 |  | October 1, 2022 |  | October 2, 2021
Transformer Solutions (1) |  |  |  |  |  |  |
Income (loss) from discontinued operations | $ | (0.6) |  |  | $ | 431.4 |  |  | $ | (0.8) |  |  | $ | 455.7 |
Income tax (provision) benefit | 0.1 |  |  | (106.6) |  |  | 0.2 |  |  | (79.6) |
Income (loss) from discontinued operations, net | (0.5) |  |  | 324.8 |  |  | (0.6) |  |  | 376.1 |
DBT (2) |  |  |  |  |  |  |
Loss from discontinued operations | (5.7) |  |  | (5.2) |  |  | (14.2) |  |  | (13.3) |
Income tax benefit | 0.8 |  |  | 0.1 |  |  | 2.3 |  |  | 1.6 |
Loss from discontinued operations, net | (4.9) |  |  | (5.1) |  |  | (11.9) |  |  | (11.7) |
Heat Transfer |  |  |  |  |  |  |
Loss from discontinued operations | — |  |  | (0.1) |  |  | (0.2) |  |  | (0.3) |
Income tax (provision) benefit | — |  |  | — |  |  | — |  |  | — |
Loss from discontinued operations, net | — |  |  | (0.1) |  |  | (0.2) |  |  | (0.3) |
All other (3) |  |  |  |  |  |  |
Loss from discontinued operations | (5.4) |  |  | (4.3) |  |  | (5.9) |  |  | (5.4) |
Income tax benefit | 1.4 |  |  | 1.1 |  |  | 1.5 |  |  | 5.7 |
Income (loss) from discontinued operations, net | (4.0) |  |  | (3.2) |  |  | (4.4) |  |  | 0.3 |
Total |  |  |  |  |  |  |
Income (loss) from discontinued operations | (11.7) |  |  | 421.8 |  |  | (21.1) |  |  | 436.7 |
Income tax (provision) benefit | 2.3 |  |  | (105.4) |  |  | 4.0 |  |  | (72.3) |
Income (loss) from discontinued operations, net | $ | (9.4) |  |  | $ | 316.4 |  |  | $ | (17.1) |  |  | $ | 364.4 |
___________________________ (1) Loss for the three and nine months ended October 1, 2022 resulted primarily from revisions to liabilities retained in connection with the disposition. Income for the three and nine months ended October 2, 2021 resulted primarily from the gain on sale of the business of $355.0, as well as the results of operations for the periods. (2) Loss for the three and nine months ended October 1, 2022 and October 2, 2021 resulted primarily from legal costs incurred in connection with various dispute resolution matters related to two large power projects. (3) Income (loss) for the three and nine months ended October 1, 2022 and October 2, 2021 resulted primarily from asbestos-related charges and revisions to liabilities, including income tax liabilities, retained in connection with prior dispositions.

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