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Divestitures and Discontinued Operations | 12 Months Ended
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Dec. 31, 2022
Business Combinations [Abstract] |
Divestitures and Discontinued Operations | Divestitures and Discontinued Operations 2021 Divestitures. In an effort to more strategically allocate the Company’s resources, the Company sold its Global Electric Motorcar (“GEM”) and Taylor-Dunn businesses on December 31, 2021. The sale resulted in a loss of $36.8 million. As a result of this divestiture, the Company eliminated its Global Adjacent Markets segment on January 1, 2022. All segment results were reclassified for comparability. The 2021 and 2020 financial results of these businesses are reflected in Corporate. 2022 Divestitures. On July 1, 2022, the Company completed the sale of its Transamerican Auto Parts (“TAP”) business, an aftermarket parts business, for a sales price, net of post-closing purchase price adjustments, of $42.2 million. TAP is a vertically integrated manufacturer, distributor, retailer, and installer of off-road Jeep and truck parts and accessories. The transaction included TAP’s full portfolio of operations, including all brands, product lines, manufacturing operations, distribution facilities, more than 100 4 Wheel Parts retail locations, and more than 1,700 TAP employees. The results of TAP have been presented as discontinued operations and the related assets and liabilities have been classified as held for sale for all periods presented. For the year ended December 31, 2022, a loss on sale of $187.6 million was recorded which resulted in a $45.0 million income tax benefit. TAP was historically included within the Company’s Aftermarket segment; however, as a result of the divestiture, the Company began management of its portfolio of businesses under a new basis as of June 30, 2022. The Aftermarket segment was eliminated and the results of the Company’s remaining aftermarket businesses historically included within the Aftermarket segment were reclassified to the Off Road and On Road segments. The comparative 2021 and 2020 segment results were reclassified for comparability. Results of discontinued operations were as follows (in millions):
|  | For the Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Sales |  | $ | 349.3 |  |  | $ | 759.0 |  |  | $ | 746.5 |
Cost of sales |  | 262.9 |  |  | 567.3 |  |  | 572.1 |
Other costs and expenses |  | 100.9 |  |  | 194.7 |  |  | 483.4 |
Loss from discontinued operations before income taxes |  | (14.5) |  |  | (3.0) |  |  | (309.0) |
Income tax benefit |  | (1.3) |  |  | (0.7) |  |  | (73.4) |
Loss from discontinued operations, net of tax |  | (13.2) |  |  | (2.3) |  |  | (235.6) |
Loss from sale of discontinued operations |  | 187.6 |  |  | — |  |  | — |
Provision for income taxes |  | (45.0) |  |  | — |  |  | — |
Loss from sale of discontinued operations, net of tax |  | 142.6 |  |  | — |  |  | — |
Net loss from discontinued operations |  | $ | (155.8) |  |  | $ | (2.3) |  |  | $ | (235.6) |
The carrying amounts of major classes of assets and liabilities of discontinued operations were as follows (in millions):
|  | December 31, 2021
Cash |  | $ | 6.9 |
Trade receivables |  | 12.6 |
Inventories, net |  | 134.1 |
Other current assets |  | 9.6 |
Current assets held for sale |  | $ | 163.2 |
Property and equipment, net |  | $ | 47.7 |
Intangible assets, net |  | 102.3 |
Operating lease assets |  | 74.8 |
Other long-term assets |  | 1.2 |
Long-term assets held for sale |  | $ | 226.0 |
Accounts payable |  | $ | 21.5 |
Accrued expenses and other current liabilities |  | 66.5 |
Current operating lease liabilities |  | 19.8 |
Current liabilities held for sale |  | $ | 107.8 |
Long-term operating lease liabilities |  | $ | 57.2 |
Other long-term liabilities |  | 8.9 |
Long-term liabilities held for sale |  | $ | 66.1 |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 + Details
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