Discontinued Operations and Other Businesses Sold

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

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 consolidated statements of income 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:


	Year Ended December 31,
	2024		2023 (1)		2022 (3)
Sales	$	—	$	58.8	$	—
Cost of sales	—		41.4		—
Gross profit	—		17.4		—
Selling, general, and administrative expenses	1.3		7.4		74.8
Operating income	(1.3)		10.0		(74.8)
Other expenses:

Interest expense, net	—		8.9		—



Foreign currency loss	—		0.1		—
Other expense, net	—		9.0		—
(Loss) income before income taxes	(1.3)		1.0		(74.8)
Income tax expense (benefit)	0.2		1.2		(17.2)
Loss from discontinued operations before gain on sale of business	(1.5)		(0.2)		(57.6)
Loss on sale of business, net of $0.5 and $5.4 taxes (2)	2.0		0.4		—
Total loss from discontinued operations, net of tax	$	(3.5)	$	(0.6)	$	(57.6)

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(1)The Roots business was acquired on March 17, 2023 and held for sale until the sale was completed on August 18, 2023.

(2)The loss (gain) on sale of the Roots business was $2.5 and $(5.0) before taxes for the year ended December 31, 2024 and December 31, 2023, respectively.

(3)Loss from discontinued operations, net of tax for the year ended December 31, 2022 relates to the divestiture of our cryobiological products business and the associated Pacific Fertility lawsuits that Chart retained after the divestiture. We reached a settlement in late January 2023 to resolve the Pacific Fertility Center lawsuits. We recorded a net loss of approximately $73.0 in discontinued operations for the year ended December 31, 2022, which represented the expected out-of-pocket payments in connection with these settlements.

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.