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Discontinued Operations | 6 Months Ended
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Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations Roots™ Divestiture On June 11, 2023, we signed a definitive agreement to divest our Roots™ (“Roots”) business, which we acquired as part of the Howden acquisition and is within the Specialty Products, Cryo Tank Solutions and Repair, Service & Leasing segments, to Ingersoll Rand Inc. (“buyer”). Pursuant to the Purchase Agreement and subject to the terms and conditions set forth therein, the business will be sold to the buyer for $300.0, subject to customary adjustments. The transaction, which is subject to customary closing conditions, is expected to close no later than August 18, 2023. Our Roots business, met the criteria to be held for sale. Furthermore, we determined that the assets held for sale qualify for discontinued operations. As such, the financial results of the Roots business are reflected in our unaudited condensed consolidated statements of operations and comprehensive income (loss) as discontinued operations for our entire ownership period of March 17, 2023 through June 30, 2023. Furthermore, current and non-current assets and liabilities of discontinued operations are reflected in the unaudited condensed consolidated balance sheet at June 30, 2023. 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) |
There was no income or cash flows from discontinued operations for the three and six months ended June 30, 2022.

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- Definition The entire disclosure 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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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