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Acquisitions, Discontinued Operations, and the Asbestos Portfolio Sale (Tables) | 12 Months Ended
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Dec. 31, 2022
Acquisitions, Dispositions 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 year ended December 2020 are shown below:
|  | 2021 |  | 2020
Revenues |  | $ | 313.5 |  |  | $ | 427.4 |
Costs and expenses: |  |  |  |
Cost of product sold |  | 257.2 |  |  | 338.7 |
Selling, general and administrative |  | 28.4 |  |  | 32.7 |
Other income, net |  | — |  |  | 0.9 |
Income before tax |  | 27.9 |  |  | 56.9 |
Income tax provision |  | (7.0) |  |  | (14.0) |
Income after tax |  | $ | 20.9 |  |  | $ | 42.9 |
Major line items constituting pre-tax loss and after-tax loss of DBT for the years ended December 31, 2021 and 2020 are shown below:
|  | 2021 |  | 2020
Revenues |  | $ | 0.5 |  |  | $ | 4.0 |
Costs and expenses: |  |  |  |
Cost of product sold |  | 0.9 |  |  | 6.9 |
Selling, general and administrative |  | 15.1 |  |  | 14.8 |
Special charges, net |  | 1.3 |  |  | 0.8 |
Other income (expense), net |  | (1.2) |  |  | 1.9 |
Interest income, net |  | 0.1 |  |  | — |
Loss before tax |  | (17.9) |  |  | (16.6) |
Income tax benefit |  | 2.7 |  | 2.4
Loss after tax |  | $ | (15.2) |  |  | $ | (14.2) |
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, 2022 and 2021. The major line items constituting DBT's assets and liabilities as of December 31, 2022 and 2021 are shown below:
|  | December 31, 2022 |  | December 31, 2021
ASSETS |  |  |  |
Cash and equivalents |  | $ | 9.3 |  |  | $ | 7.8 |
Accounts receivable, net |  | 7.6 |  |  | 9.1 |
Other current assets |  | 6.5 |  |  | 7.0 |
Property, plant and equipment: |  |  |  |
Buildings and leasehold improvements |  | 0.2 |  |  | 0.2 |
Machinery and equipment |  | 0.7 |  |  | 1.5 |
|  | 0.9 |  |  | 1.7 |
Accumulated depreciation |  | (0.8) |  |  | (1.5) |
Property, plant and equipment, net |  | 0.1 |  |  | 0.2 |
Other assets |  | 19.1 |  |  | 27.6 |
Total assets of DBT |  | $ | 42.6 |  |  | $ | 51.7 |
LIABILITIES |  |  |  |
Accounts payable |  | $ | 1.4 |  |  | $ | 2.3 |
Contract liabilities |  | 3.6 |  |  | 5.6 |
Accrued expenses |  | 22.0 |  |  | 22.4 |
Other long-term liabilities |  | 4.6 |  |  | 4.9 |
Total liabilities of DBT |  | $ | 31.6 |  |  | $ | 35.2 |
Major line items constituting pre-tax income and after-tax income of Heat Transfer for the year ended December 31, 2020 are shown below:
|  |  |  |  | 2020
Revenues |  |  |  |  | $ | 3.9 |
Costs and expenses: |  |  |  |  |
Cost of products sold |  |  |  |  | 3.1 |
Selling, general and administrative |  |  |  |  | 0.1 |
Special charges, net |  |  |  |  | 0.4 |
Income before tax |  |  |  |  | 0.3 |
Income tax provision |  |  |  |  | (0.1) |
Income after tax |  |  |  |  | $ | 0.2 |
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, 2022 and 2021. The major line items constituting Heat Transfer's assets and liabilities as of December 31, 2022 and 2021 are shown below:
|  | December 31, 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 years ended December 31, 2022, 2021 and 2020, results of operations from our businesses reported as discontinued operations were as follows:
| 2022 |  | 2021 |  | 2020
Transformer Solutions |  |  |  |  |
Income (loss) from discontinued operations (1) | $ | (0.6) |  |  | $ | 454.9 |  |  | $ | 56.9 |
Income tax (provision) benefit (2) | 0.9 |  |  | (51.8) |  |  | (14.0) |
Income from discontinued operations, net | 0.3 |  |  | 403.1 |  |  | 42.9 |
DBT |  |  |  |  |
Loss from discontinued operations (3) | (17.3) |  |  | (37.8) |  |  | (16.6) |
Income tax benefit | 2.1 |  |  | 2.7 |  |  | 2.4 |
Loss from discontinued operations, net | (15.2) |  |  | (35.1) |  |  | (14.2) |
Heat Transfer |  |  |  |  |
Income (loss) from discontinued operations | (0.4) |  |  | (0.3) |  |  | 0.3 |
Income tax (provision) benefit | 0.1 |  |  | — |  |  | (0.1) |
Income (loss) from discontinued operations, net | (0.3) |  |  | (0.3) |  |  | 0.2 |
All other (4) |  |  |  |  |
Loss from discontinued operations | (6.0) |  |  | (7.6) |  |  | (4.8) |
Income tax benefit | 1.6 |  |  | 6.3 |  |  | 1.1 |
Loss from discontinued operations, net | (4.4) |  |  | (1.3) |  |  | (3.7) |
Total |  |  |  |  |
Income (loss) from discontinued operations | (24.3) |  |  | 409.2 |  |  | 35.8 |
Income tax (provision) benefit | 4.7 |  |  | (42.8) |  |  | (10.6) |
Income (loss) from discontinued operations, net | $ | (19.6) |  |  | $ | 366.4 |  |  | $ | 25.2 |
________________________________________________ (1) Loss for the year ended December 31, 2022 resulted primarily from revisions to liabilities retained in connection with the disposition. Income for the year ended December 31, 2021 resulted primarily from the gain on sale of the business of $382.2, as well as the results of operations for the year. Income for the year ended December 31, 2020 related to the results of operations for the year. (2) 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. (3) Loss for the years ended December 31, 2022, 2021, and 2020 resulted primarily from legal costs incurred in connection with various dispute resolution matters related to two large power projects. In addition, and as previously noted, the year ended December 31, 2021 includes a charge of $19.9 related to the write-off of historical translation amounts. (4) Loss for the years ended December 31, 2022, 2021, and 2020 resulted primarily from asbestos-related charges and revisions to liabilities, including income tax liabilities, retained in connection with prior dispositions. Below is a summary of the impact of the Asbestos Portfolio Sale, including the loss on sale, on our consolidated financial statements:
Cash contribution |  | $ | (138.8) |
Assets divested: |  |
Accounts receivable, net |  | (5.0) |
Other current assets |  | (50.0) |
Other assets |  | (420.3) |
Deferred tax assets |  | (27.0) |
Liabilities divested: |  |
Accrued liabilities |  | 53.9 |
Other long-term liabilities |  | 518.0 |
Loss on Asbestos Portfolio Sale, before transaction costs |  | (69.2) |
Transaction costs |  | (4.7) |
Loss on Asbestos Portfolio Sale |  | $ | (73.9) |

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