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Discontinued Operations (Tables) | 6 Months Ended
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Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Summarized financial information of discontinued operations | The following table represent the assets and liabilities from discontinued operations:
| June 30, 2023
Accounts receivable, less allowances | $ | 17.6 |
Inventories, net | 40.0 |
Unbilled contract revenue | 3.8 |
Prepaid expenses | 0.3 |
Property, plant, and equipment, net | 35.0 |
Goodwill | 102.2 |
Identifiable intangible assets, net | 108.5 |
Total assets of discontinued operations | $ | 307.4 |
Accounts payable | $ | 15.6 |
Customer advances and billings in excess of contract revenue | 9.5 |
Accrued salaries, wages, and benefits | 1.5 |
Current portion of warranty reserve | 0.8 |
Short-term debt and current portion of long-term debt | 0.2 |
Operating lease liabilities, current | 0.3 |
Other current liabilities | 0.3 |
Operating lease liabilities, non-current | 1.8 |
Total liabilities of discontinued operations | $ | 30.0 |
The following table represents income from discontinued operations, net of tax:
| Three Months Ended June 30, 2023 |  | Six Months Ended June 30, 2023
Sales | $ | 34.9 |  |  | $ | 41.3 |
Cost of sales | 21.8 |  |  | 26.0 |
Gross profit | 13.1 |  |  | 15.3 |
Selling, general, and administrative expenses | 3.8 |  |  | 4.8 |
Operating expenses | 3.8 |  |  | 4.8 |
Operating income | 9.3 |  |  | 10.5 |
Other expenses: |  |  |
Interest expense, net | 5.9 |  |  | 5.9 |
Foreign currency loss | 0.1 |  |  | 0.1 |
Other expense, net | 6.0 |  |  | 6.0 |
Income before income taxes | 3.3 |  |  | 4.5 |
Income tax expense | 0.8 |  |  | 1.1 |
Total income from discontinued operations, net of tax | $ | 2.5 |  |  | $ | 3.4 |
The following table represents a summary of cash flows related to discontinued operations:
Net cash provided by (used in): | Six Months Ended June 30, 2023
Operating activities | $ | (5.5) |
Investing activities | (2.1) |
Net cash used in discontinued operations | $ | (7.6) |

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