As indicated in Note 1, on September 2, 2020, November 11, 2020, April 19, 2021, August 2, 2021, December 15, 2021, and March 31, 2022, we completed the acquisitions of ULC, Sensors & Software, Sealite, ECS, Cincinnati Fan, and ITL, respectively. The pro forma effects of these acquisitions are not material to our consolidated results of operations.

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 $382.2 to “Gain (loss) on disposition of discontinued operations, net of tax” within our consolidated statement of operations for the year ended December 31, 2021.

The results of Transformer Solutions are presented as a discontinued operation for all periods presented. 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

As discussed in Note 1, we completed the wind-down of our DBT business in the fourth quarter of 2021. As a result of completing the wind-down plan, we are reporting DBT as a discontinued operation for all periods presented. In connection with the wind-down, we recorded a charge of $19.9 to “Gain (loss) on disposition of discontinued operations, net of tax” within our consolidated statement of operations for the year ended December 31, 2021 to reflect the write-off of historical currency translation amounts associated with DBT that had been previously reported within “Stockholders' equity.”


	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

As discussed in Note 1, we completed the wind-down of our Heat Transfer business in the fourth quarter of 2020. As a result of completing the wind-down plan, we are reporting Heat Transfer as a discontinued operation for all periods presented.



	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



	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.

Changes in estimates associated with liabilities retained in connection with a business divestiture (e.g., income taxes) may occur. As a result, it is possible that the resulting gains/losses on previous business divestitures may be materially adjusted in subsequent periods.


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)