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Divestitures and Discontinued Operations | 12 Months Ended
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Dec. 31, 2023
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 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 pr ice, net of post-closing purchase price adjustments, of $42.2 million. The results of TAP have been presented as discontinued operations. 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 with in 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. All historical segment results were reclassified for comparability. Results of discontinued operations were as follows (in millions):
|  | 2022 |  | 2021
Sales |  | $ | 349.3 |  |  | $ | 759.0 |
Cost of sales |  | 262.9 |  |  | 567.3 |
Other costs and expenses |  | 100.9 |  |  | 194.7 |
Loss from discontinued operations before income taxes |  | (14.5) |  |  | (3.0) |
Income tax benefit |  | (1.3) |  |  | (0.7) |
Loss from discontinued operations, net of tax |  | (13.2) |  |  | (2.3) |
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) |

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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 -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent Reference 2: 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 + Details
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