ACQUISITIONS AND DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

ACQUISITIONS AND DISCONTINUED OPERATIONS

ACQUISITIONS AND DISPOSITIONS

Acquisitions

On April 22, 2022, the Company acquired a 100% ownership interest in Steelweld Fabrications Limited (“Steelweld”), a manufacturer of heavy fabrications based in Northern Ireland, to facilitate manufacturing of certain MP products. Total cash consideration was approximately $6 million. On July 29, 2022, the Company acquired a 100% ownership interest in ProAll International Mfg. Inc. and ProAll UK Limited and related assets (“ProAll”), a manufacturer of volumetric mixers based in Canada, to expand the Company’s concrete product offering. Total consideration, including estimated contingent consideration from earn out provisions, was approximately $40 million. The Company remeasured the earn-out liability at December 31, 2022 and recorded the adjustment in earnings as an operating expense. On July 6, 2021, the Company acquired all of the outstanding shares of Murray Design & Engineering, Ltd (“MDS”), a manufacturer of heavy duty aggregate and recycling trommels, apron feeders and conveyor systems, based in the Republic of Ireland. Total cash consideration transferred was approximately $19 million.

These transactions were recorded as business combinations using the acquisition method which requires measurement of identifiable assets acquired and liabilities assumed at their estimated fair values as of the acquisition date. Goodwill was calculated as the excess of the aggregate of the fair value of the consideration transferred over the fair value of the net assets recognized. The results of operations associated with these businesses are consolidated within the MP segment in the Consolidated Financial Statements from the respective dates of acquisition. See Note H – “Goodwill and Intangible Assets” for additional information regarding goodwill recognized as a result of these acquisitions.

On May 25, 2021, the Company acquired assets to facilitate manufacturing of certain MP products in China. Total cash consideration transferred was approximately $17 million. The transaction was recorded as an asset acquisition at cost, with the consideration allocated to individual assets acquired.

Dispositions

On November 30, 2021, the Company sold its utility hot line tools business located in South America. The Company received consideration of $5.8 million from the sale at fair value and recognized a gain of $6.4 million included in SG&A in the Consolidated Statement of Income (Loss). Prior to disposition, the results of operations for the hot lines tools business, including any impairment reserves taken, were consolidated within the AWP segment in the consolidated financial statements.

Assets Held for Sale

Long-lived assets expected to be sold or otherwise disposed of within one year are classified as assets held for sale and included in Other assets in the Consolidated Balance Sheet. The Company classified a facility as an asset held for sale in its AWP segment, as part of realignment of its manufacturing footprint, at December 31, 2022, with a carrying value of approximately $31 million.

Gain (Loss) on Disposition of Discontinued Operations - net of tax (in millions)


	Year Ended December 31,
	2022				2021						2020






	Cranes		MHPS		Total		Cranes		MHPS			Total		Cranes		MHPS		Total
Gain (loss) on disposition of discontinued operations	$	(0.5)	$	—	$	(0.5)	$	1.4	$	1.2		$	2.6	$	(27.7)	$	(0.4)	$	(28.1)
(Provision for) benefit from income taxes	0.3		—		0.3		0.1		0.7			0.8		8.8		0.1		8.9
Gain (loss) on disposition of discontinued operations – net of tax	$	(0.2)	$	—	$	(0.2)	$	1.5	$	1.9		$	3.4	$	(18.9)	$	(0.3)	$	(19.2)