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Acquisitions, Discontinued Operations, and the Asbestos Portfolio Sale (Tables)
 12 Months Ended
Dec. 31, 2024
Acquisitions, Dispositions and Discontinued Operations [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The following is a summary of the recorded final fair values of the assets acquired and liabilities assumed for Ingénia as of February 7, 2024:

Assets acquired:
Current assets, including cash and equivalents of $1.5
$31.2 
Property, plant and equipment73.6 
Goodwill142.4 
Intangible assets97.9 
Total assets acquired345.1 
Current liabilities assumed14.5 
Deferred and other income taxes37.1 
Net assets acquired$293.5 
The following is a summary of the recorded final 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
$38.0 
Property, plant and equipment10.6 
Goodwill195.0 
Intangible assets246.1 
Other assets1.2 
Total assets acquired490.9 
Current liabilities assumed11.1 
Non-current liabilities assumed (1)
57.4 
Net assets acquired$422.4 
___________________________
(1)Includes net deferred income tax liabilities and other liabilities of $56.4 and $1.0, respectively.
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, 2024 and 2023. The major line items constituting DBT’s assets and liabilities as of December 31, 2024 and 2023 are shown below:

December 31, 2024December 31, 2023
ASSETS
Cash and equivalents$4.4 $5.5 
Accounts receivable, net— 0.4 
Other current assets(1)
3.4 4.7 
Property, plant and equipment:
Buildings and leasehold improvements— 0.2 
Machinery and equipment— 0.5 
— 0.7 
Accumulated depreciation— (0.6)
Property, plant and equipment, net— 0.1 
Total assets of DBT$7.8 $10.7 
LIABILITIES
Accounts payable(1)(2)
$0.7 $26.9 
Contract liabilities(1)
2.0 2.1 
Accrued expenses(1)
5.8 6.3 
Other long-term liabilities(1)
4.2 4.2 
Total liabilities of DBT$12.7 $39.5 
___________________________
(1) Balances relate primarily to disputed amounts due to or from a subcontractor, engaged by DBT during the Kusile project, that is currently in liquidation. The timing of the ultimate resolution of these matters is uncertain as they are likely to occur as part of the liquidation process.

(2) At December 31, 2023, the balance included DBT’s remaining obligation under the Settlement Agreement to make a payment to MHI of South African Rand 480.9 (or $26.2 at December 31, 2023), which was paid ($27.1 at the time of payment) during 2024. In connection with this remaining obligation, we entered into a foreign currency forward contract which we designated and accounted for as a fair value hedge and matured at the time of the final payment to MHI. The resulting cash received of $2.0 is presented within “Net cash used in discontinued operations” within the consolidated statement of cash flows for the year ended December 31, 2024. Refer to Note 14 for additional details. There are no further payment obligations to MHI under the terms of the Settlement Agreement.
Business Acquisition, Pro Forma Information
The following unaudited pro forma information presents our consolidated results of operations for the years ended December 31, 2024, 2023, and 2022, respectively, as if the acquisitions of Ingénia and ASPEQ had taken place on January 1, 2023 and January 1, 2022, respectively. 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 acquisitions been completed as of the dates 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 integration of Ingénia and ASPEQ. These pro forma consolidated results of operations have been prepared for comparative purposes only and include additional interest expense on the borrowings required to finance the acquisitions, 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 2023 for Ingénia and 2022 for ASPEQ, and the related income tax effects.

Years ended December 31,
202420232022
Revenues$1,991.9 $1,852.6 $1,564.7 
Income (loss) from continuing operations210.9 127.5 (3.8)
Net income (loss)209.6 72.7 (23.4)
Income (loss) from continuing operations per share of common stock:
Basic$4.57 $2.80 $(0.08)
Diluted$4.48 $2.74 $(0.08)
Net income (loss) per share of common stock:
Basic$4.54 $1.60 $(0.52)
Diluted$4.45 $1.56 $(0.52)
Schedule of Discontinued Operations
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, 2024 and 2023. The major line items constituting Heat Transfer’s assets and liabilities as of December 31, 2024 and 2023 are shown below:

December 31, 2024December 31, 2023
ASSETS
Cash and equivalents$0.1 $— 
Other current assets0.3 0.3 
Other assets— 0.1 
Total assets of Heat Transfer$0.4 $0.4 
LIABILITIES
Accounts payable$0.1 $0.2 
Total liabilities of Heat Transfer$0.1 $0.2 
For the years ended December 31, 2024, 2023 and 2022, results of operations from our businesses reported as discontinued operations were as follows:
Year ended December 31,
202420232022
Transformer Solutions
Loss from discontinued operations (1)
$— $— $(0.6)
Income tax benefit— — 0.9 
Income from discontinued operations, net— — 0.3 
DBT
Loss from discontinued operations(2)
(0.6)(69.0)(17.3)
Income tax benefit (provision)(0.1)15.3 2.1 
Loss from discontinued operations, net(0.7)(53.7)(15.2)
All other (3)
Loss from discontinued operations(0.3)(1.3)(6.4)
Income tax benefit (provision)(0.3)0.2 1.7 
Loss from discontinued operations, net(0.6)(1.1)(4.7)
Total
Loss from discontinued operations(0.9)(70.3)(24.3)
Income tax benefit (provision)(0.4)15.5 4.7 
Loss from discontinued operations, net$(1.3)$(54.8)$(19.6)
________________________________________________

(1) Loss for the year ended December 31, 2022 resulted primarily from revisions to liabilities retained in connection with the disposition.

(2) Loss for the year ended December 31, 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 year ended December 31, 2023 was partially offset by arbitration awards received, which are discussed above. Loss for the year ended December 31, 2022 resulted primarily from legal costs incurred in connection with various dispute resolution matters prior to the Settlement Agreement.

(3) Loss for the years ended December 31, 2024, 2023, and 2022 resulted primarily from revisions to liabilities, including income tax liabilities, retained in connection with prior dispositions and, for the year ended December 31, 2022, asbestos-related charges for businesses previously disposed of.
Below is a summary of the impact of the Asbestos Portfolio Sale, including the loss on sale, on our 2022 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)