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ACQUISITIONS AND DISCONTINUED OPERATIONS (Tables)
 9 Months Ended
Sep. 30, 2023
Acquisitions and Discontinued Operations [Abstract]  
Schedule of Discontinued Operations The following is a summary of the recorded preliminary fair values of the assets acquired and liabilities assumed for ASPEQ as of June 2, 2023:
Assets acquired:
Current assets, including cash and equivalents of $0.9
$42.1 
Property, plant and equipment10.6 
Goodwill168.9 
Intangible assets246.1 
Other assets1.3 
Total assets acquired469.0 
Current liabilities assumed11.3 
Non-current liabilities assumed (1)
35.0 
Net assets acquired$422.7 
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(1)Includes net deferred income tax liabilities and other liabilities of $34.0 and $1.0, respectively.
The following unaudited pro forma information presents our results of operations for the three and nine months ended September 30, 2023 and October 1, 2022, respectively, as if the acquisition of ASPEQ had taken place on January 1, 2022. The unaudited pro forma financial information is not intended to represent or be indicative of our consolidated results of operations that would have been reported had the acquisition been completed as of the date presented, and should not be taken as representative of our future consolidated results of operations. The pro forma results include estimates and assumptions that management believes are reasonable; however, these results do not include any anticipated cost savings or expenses of the planned integration of ASPEQ. These pro forma results of operations have been prepared for comparative purposes only and include additional interest expense on the borrowings required to finance the acquisition, additional depreciation and amortization expense associated with fair value adjustments to the acquired property, plant and equipment and intangible assets, adjustments to reflect charges associated with acquisition-related costs and charges associated with the excess fair value (over historical cost) of inventory acquired and subsequently sold as if they were incurred during the first quarter of 2022, and the related income tax effects.

Three months endedNine months ended
September 30, 2023October 1, 2022September 30, 2023October 1, 2022
Revenues$448.7 $397.0 $1,319.0 $1,108.8 
Income from continuing operations39.8 9.0 118.6 23.5 
Net income (loss)(16.3)(0.4)63.9 6.4 
Income from continuing operations per share of common stock:
Basic$0.87 $0.20 $2.61 $0.52 
Diluted$0.85 $0.20 $2.55 $0.51 
Net income (loss) per share of common stock:
Basic$(0.36)$(0.01)$1.40 $0.14 
Diluted$(0.35)$(0.01)$1.37 $0.14 
The major line items constituting DBT’s assets and liabilities as of September 30, 2023 and December 31, 2022:

September 30, 2023December 31, 2022
ASSETS
Cash and equivalents$1.1 $9.3 
Accounts receivable, net4.9 7.6 
Other current assets3.8 6.5 
Property, plant and equipment:
Buildings and leasehold improvements0.2 0.2 
Machinery and equipment0.6 0.7 
0.8 0.9 
Accumulated depreciation(0.7)(0.8)
Property, plant and equipment, net0.1 0.1 
Other assets— 19.1 
Total assets of DBT$9.9 $42.6 
LIABILITIES
Accounts payable (1)
$25.8 $1.4 
Contract liabilities2.0 3.6 
Accrued expenses7.4 22.0 
Other long-term liabilities4.1 4.6 
Total liabilities of DBT$39.3 $31.6 
___________________________

(1) Includes DBT's remaining obligation under the Settlement Agreement to make a payment to MHI of South African Rand 480.9 (or $25.0 at September 30, 2023), due in September 2024. In connection with this remaining obligation, we entered into a foreign currency forward contract which we are accounting for as a fair value hedge. Refer to Note 13 for additional details.
The major line items constituting Heat Transfer’s assets and liabilities as of September 30, 2023 and December 31, 2022 are shown below:
September 30, 2023December 31, 2022
ASSETS
Other current assets$0.3 $0.2 
Other assets0.1 0.1 
Total assets of Heat Transfer$0.4 $0.3 
LIABILITIES
Accounts payable$0.1 $0.1 
Accrued expenses0.1 0.1 
Total liabilities of Heat Transfer$0.2 $0.2 
For the three and nine months ended September 30, 2023 and October 1, 2022, results of operations from our businesses reported as discontinued operations were as follows:
Three months endedNine months ended
September 30, 2023October 1, 2022September 30, 2023October 1, 2022
DBT (1)
Loss from discontinued operations$(69.2)$(5.7)$(68.6)$(14.2)
Income tax benefit13.2 0.8 14.1 2.3 
Loss from discontinued operations, net(56.0)(4.9)(54.5)(11.9)
All other (2)
Loss from discontinued operations(0.1)(6.0)(0.2)(6.9)
Income tax benefit— 1.5 — 1.7 
Loss from discontinued operations, net(0.1)(4.5)(0.2)(5.2)
Total
Loss from discontinued operations(69.3)(11.7)(68.8)(21.1)
Income tax benefit13.2 2.3 14.1 4.0 
Loss from discontinued operations, net$(56.1)$(9.4)$(54.7)$(17.1)
___________________________
(1)Loss for the three and nine months ended September 30, 2023 resulted primarily from the charge, and related income tax impacts, recorded in connection with the Settlement Agreement referred to above and legal costs incurred in connection with the various dispute resolution matters. This loss for the nine months ended September 30, 2023 was partially offset by the arbitration awards received, which are discussed above. Loss for the three and nine months ended October 1, 2022 resulted primarily from net legal costs, and related income tax impacts, incurred in connection with various dispute resolution matters related to the two large power projects.
(2)Loss for the three and nine months ended September 30, 2023 resulted primarily from revisions to liabilities retained in connection with prior dispositions. Loss for the three and nine months ended October 1, 2022 resulted primarily from asbestos-related charges and revisions to liabilities, including income tax liabilities, retained in connection with prior dispositions.