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Discontinued Operations and Other Businesses Sold | 3 Months Ended
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Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations and Other Businesses Sold | Discontinued Operations and Other Businesses Sold Roots™ Divestiture On June 11, 2023, we signed a definitive agreement to divest our Roots business, which we acquired as part of the Howden acquisition, to Ingersoll Rand Inc. (New York Stock Exchange: IR) (“buyer”) for a base purchase price of $300.0, subject to customary adjustments. The sale was completed on August 18, 2023 with proceeds totaling $291.9 before customary estimated closing working capital adjustments. The purchase price was subject to an additional net working capital adjustment of $2.5, settled in the first quarter of 2024. No further adjustments to the purchase price are anticipated. We previously determined that our Roots business qualified for discontinued operations and as such, the financial results of the Roots business are reflected in our unaudited condensed consolidated statements of operations and comprehensive loss as discontinued operations for our entire ownership period of March 17, 2023 through August 18, 2023. Summarized Financial Information of Discontinued Operations The following table represents income from discontinued operations, net of tax:
| Three Months Ended March 31, |  |
| 2024 |  |  |  | 2023 |  |
Sales | $ | — |  |  |  |  | $ | 6.4 |  |  |
Cost of sales | — |  |  |  |  | 4.2 |  |  |
Gross profit | — |  |  |  |  | 2.2 |  |  |
Selling, general and administrative expenses | 0.2 |  |  |  |  | 1.0 |  |  |
Operating (loss) income | (0.2) |  |  |  |  | 1.2 |  |  |
(Loss) income before income taxes | (0.2) |  |  |  |  | 1.2 |  |  |
Income tax expense | — |  |  |  |  | 0.3 |  |  |
(Loss) income from discontinued operations before loss on sale of business | (0.2) |  |  |  |  | 0.9 |  |  |
Loss on sale of business, net of $0.5 of taxes | 2.0 |  |  |  |  | — |  |  |
(Loss) income from discontinued operations, net of tax | $ | (2.2) |  |  |  |  | $ | 0.9 |  |  |
Other Businesses Sold On October 26, 2023, we signed and closed on the divestiture of our American Fan business to Arcline Investment Management, L.P, with net proceeds totaling $109.7 after customary closing working capital adjustments. On October 31, 2023, we completed the sale of our Cofimco fans business (“Cofimco”) to PX3 Partners, with net proceeds totaling $67.4 after customary closing working capital adjustments. The previously disclosed sale of our Cryo Diffusion business remains subject to potential net working capital adjustments.

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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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