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Discontinued Operations and Other Businesses Sold
 9 Months Ended
Sep. 30, 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, which are complete. The purchase price was subject to a final net working capital adjustment of $2.5, settled in the first quarter of 2024.
We previously determined that our Roots business qualified for discontinued operations and as such, the financial results of the Roots business are reflected in our unaudited condensed consolidated statements of operations and comprehensive income (loss) as discontinued operations for our entire ownership period of March 17, 2023 through August 18, 2023.
Summarized Financial Information of Discontinued Operations
The following table represents (loss) income from discontinued operations, net of tax:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Sales$— $17.5 $— $58.8 
Cost of sales— 15.4 — 41.4 
Gross profit— 2.1 — 17.4 
Selling, general and administrative expenses0.5 2.1 1.0 6.9 
Operating (loss) income(0.5)— (1.0)10.5 
Other expenses:
Other expense, net— 3.0 — 9.0 
(Loss) income before income taxes(0.5)(3.0)(1.0)1.5 
Income tax (benefit) expense(0.1)0.5 (0.2)1.6 
Loss from discontinued operations before loss on sale of business(0.4)(3.5)(0.8)(0.1)
Loss on sale of business, net of $0.0, $7.5, $0.5 and $7.5 of taxes (1) (2)
— 2.5 2.0 2.5 
Loss from discontinued operations, net of tax$(0.4)$(6.0)$(2.8)$(2.6)
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(1)The loss on sale of the Roots business was $0.0 and $2.5 before taxes for the three and nine months ended September 30, 2024, respectively.
(2)The gain on sale of the Roots business was $5.0 before taxes for both the three and nine months ended September 30, 2023.
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, which are complete.
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, which are complete.