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Discontinued Operations (Tables) | 9 Months Ended
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Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Summarized financial information of discontinued operations | The following table represents income from discontinued operations, net of tax:
| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Sales | $ | 19.4 |  |  | $ | 19.8 |  |  | $ | 59.5 |  |  | $ | 62.6 |
Cost of sales | 9.5 |  |  | 11.4 |  |  | 31.4 |  |  | 33.6 |
Selling, general and administrative expenses | 1.4 |  |  | 1.8 |  |  | 4.3 |  |  | 5.6 |
Operating income (1) | 8.5 |  |  | 6.6 |  |  | 23.8 |  |  | 23.4 |
Other expenses (income), net | 0.2 |  |  | 0.3 |  |  | (0.1) |  |  | 0.3 |
Income before income taxes from discontinued operations | 8.3 |  |  | 6.3 |  |  | 23.9 |  |  | 23.1 |
Income tax expense (2) | 2.2 |  |  | 1.3 |  |  | 5.0 |  |  | 4.1 |
Income from discontinued operations, net of tax | $ | 6.1 |  |  | $ | 5.0 |  |  | $ | 18.9 |  |  | $ | 19.0 |
________________ (1)Includes depreciation expense of $0.2 and $0.3 for the three months ended September 30, 2020 and 2019, respectively. Includes depreciation expense of $0.8 for both the nine months ended September 30, 2020 and 2019. (2)Income tax expense of $2.2 and $1.3 for the three months ended September 30, 2020 and 2019, respectively, represents taxes on both U.S. and foreign earnings at a combined effective tax rate of 26.5% and 20.6%, respectively. Income tax expense of $5.0 and $4.1 for the nine months ended September 30, 2020 and 2019, respectively, represents taxes on both U.S. and foreign earnings at a combined effective tax rate of 20.9% and 17.7%, respectively. The effective income tax rate of 26.5% and 20.9% for the three and nine months ended September 30, 2020, respectively, differed from the U.S. federal statutory rate of 21% primarily due to excess tax benefits associated with foreign-derived intangible income, which is offset by the effect of income earned by our certain foreign entities being taxed at higher rates than the U.S. federal statutory rate. The effective income tax rate of 20.6% and 17.7% for the three and nine months ended September 30, 2019, respectively, differed from the U.S. federal statutory rate of 21% primarily due to excess tax benefits associated with foreign-derived intangible income, which is offset by the effect of income earned by our certain foreign entities being taxed at higher rates than the U.S. federal statutory rate. The following table represents the assets and liabilities from discontinued operations:
| September 30, 2020 |  | December 31, 2019
Accounts receivable, net | $ | 9.7 |  |  | $ | 11.0 |
Inventories, net | 11.8 |  |  | 9.4 |
Prepaid expenses | 0.2 |  |  | 0.3 |
Other current assets | 1.2 |  |  | 0.9 |
Property, plant, and equipment, net | 6.3 |  |  | 6.8 |
Goodwill (1) | 33.5 |  |  | 33.5 |
Identifiable intangible assets, net | 6.7 |  |  | 6.7 |
Total assets of discontinued operations | $ | 69.4 |  |  | $ | 68.6 |
Current assets of discontinued operations (1) | $ | 69.4 |  |  | $ | 21.6 |
Non-current assets of discontinued operations | — |  |  | 47.0 |
Total assets of discontinued operations | $ | 69.4 |  |  | $ | 68.6 |
Accounts payable | $ | 2.9 |  |  | $ | 4.2 |
Customer advances and billings in excess of contract revenue | 0.3 |  |  | 0.1 |
Accrued salaries, wages, and benefits | 1.2 |  |  | 1.5 |
Current portion of warranty reserve | 0.2 |  |  | 0.1 |
Other current liabilities | 0.1 |  |  | — |
Other long-term liabilities | 1.2 |  |  | 0.2 |
Total liabilities of discontinued operations | $ | 5.9 |  |  | $ | 6.1 |
Current liabilities of discontinued operations (2) | $ | 5.9 |  |  | $ | 5.9 |
Non-current liabilities of discontinued operations | — |  |  | 0.2 |
Total liabilities of discontinued operations | $ | 5.9 |  |  | $ | 6.1 |
_______________ (1)We allocated a portion of the D&S West reporting unit’s goodwill to the cryobiological products business asset group on a relative fair value basis. Refer to Note 8, “Goodwill and Intangible Assets” for further discussion. (2)The total assets and liabilities of discontinued operations were presented as current in the September 30, 2020 balance sheet since we sold the cryobiological products business asset group and collected proceeds within one year of the date that the cryobiological products business asset group met held for sale criteria.

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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
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