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Quarterly Results (Unaudited) | 12 Months Ended
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Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results (Unaudited) | Quarterly Results (Unaudited)
| First (3) |  | Second (3) |  | Third (3) |  | Fourth (3)
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Revenues | $ | 307.1 |  |  | $ | 287.2 |  |  | $ | 354.0 |  |  | $ | 296.6 |  |  | $ | 370.5 |  |  | $ | 285.7 |  |  | $ | 429.3 |  |  | $ | 350.0 |
Gross profit | 104.0 |  |  | 104.4 |  |  | 124.6 |  |  | 102.3 |  |  | 133.1 |  |  | 95.8 |  |  | 162.2 |  |  | 129.3 |
Income (loss) from continuing operations, net of tax (1) | 13.0 |  |  | 23.0 |  |  | 19.1 |  |  | 17.7 |  |  | 12.5 |  |  | 13.9 |  |  | (24.8) |  |  | 4.4 |
Income (loss) from discontinued operations, net of tax (1)(2) | (1.6) |  |  | 3.8 |  |  | (6.1) |  |  | 44.2 |  |  | (9.4) |  |  | 316.4 |  |  | (2.5) |  |  | 2.0 |
Net income (loss) | $ | 11.4 |  |  | $ | 26.8 |  |  | $ | 13.0 |  |  | $ | 61.9 |  |  | $ | 3.1 |  |  | $ | 330.3 |  |  | $ | (27.3) |  |  | $ | 6.4 |
Basic income (loss) per share of common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations, net of tax | $ | 0.29 |  |  | $ | 0.51 |  |  | $ | 0.42 |  |  | $ | 0.39 |  |  | $ | 0.28 |  |  | $ | 0.31 |  |  | $ | (0.55) |  |  | $ | 0.10 |
Discontinued operations, net of tax | (0.04) |  |  | 0.08 |  |  | (0.13) |  |  | 0.98 |  |  | (0.21) |  |  | 6.98 |  |  | (0.05) |  |  | 0.04 |
Net income (loss) | $ | 0.25 |  |  | $ | 0.59 |  |  | $ | 0.29 |  |  | $ | 1.37 |  |  | $ | 0.07 |  |  | $ | 7.29 |  |  | $ | (0.60) |  |  | $ | 0.14 |
Diluted income (loss) per share of common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations, net of tax | $ | 0.28 |  |  | $ | 0.50 |  |  | $ | 0.41 |  |  | $ | 0.38 |  |  | $ | 0.27 |  |  | $ | 0.30 |  |  | $ | (0.55) |  |  | $ | 0.10 |
Discontinued operations, net of tax | (0.03) |  |  | 0.08 |  |  | (0.13) |  |  | 0.95 |  |  | (0.20) |  |  | 6.78 |  |  | (0.05) |  |  | 0.04 |
Net income (loss) | $ | 0.25 |  |  | $ | 0.58 |  |  | $ | 0.28 |  |  | $ | 1.33 |  |  | $ | 0.07 |  |  | $ | 7.08 |  |  | $ | (0.60) |  |  | $ | 0.14 |
___________________________________________________________________ Note: The sum of the quarters' income per share may not equal the full year per share amounts. (1) During the second and third quarters of 2022, we recognized pre-tax actuarial losses of $3.8 and $2.4, respectively, associated with our pension and postretirement benefit plans. During the fourth quarter of 2022 and 2021, we recognized pre-tax actuarial gains of $8.0 and $9.9, respectively, associated with our pension and postretirement benefit plans. During the third quarter of 2022, we recorded charges of $21.7 ($16.5 to continuing operations and $5.2 to discontinued operations) as a result of changes in estimates associated with the assets recorded for asbestos product liability matters. During the fourth quarter of 2021, we recorded charges of $46.3 ($44.6 to continuing operations and $1.7 to discontinued operations) as a result of changes in estimates associated with the assets and liabilities recorded for asbestos product liability matters. See Note 15 for additional details. During the fourth quarter of 2022, we recorded a loss of $73.9 as a result of the Asbestos Portfolio Sale. During the fourth quarter of 2022, we recorded impairment charges of $13.4 related to (i) the goodwill and indefinite-lived intangible assets of ULC ($12.9) and (ii) certain other indefinite-lived intangible assets ($0.5). 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). (2) 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 on the sale of Transformer Solutions 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.” (3) 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 2022 were April 2, July 2 and October 1, compared to the respective April 3, July 3 and October 2, 2021 dates. This practice only affects the quarterly reporting periods and not the annual reporting period. We had one less day in the first quarter of 2022 and had one more day in the fourth quarter of 2022 than in the respective 2021 periods.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI https://asc.fasb.org/topic&trid=2126967 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=126900988&loc=SL124452896-108306 + Details
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