v3.24.0.1
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2023
Discontinued Operations [Abstract]  
Carrying Value of Assets and Liabilities and the Financial Results and Other Details
The following table presents the financial results of the former fabrication technology business including all divestiture-related expenses incurred by the company and allocated interest expense; asbestos charges; items related related to Air & Gas; and the combined income tax effect of those items for the years ended December 31, 2023, 2022 and 2021.

Year Ended December 31,
202320222021
(in thousands)
Net sales$— $647,911 $2,428,115 
Cost of sales— 423,580 1,592,132 
Selling, general and administrative expense— 125,529 477,040 
Gain on disposal of facility(15,517)— — 
Restructuring and other charges— 5,304 18,954 
Asbestos charges— 3,194 15,578 
Divestiture-related expenses and other(1)
4,387 46,684 29,668 
Operating income11,130 43,620 294,743 
Interest expense(2)
— 8,035 43,481 
Pension settlement gain— — (11,208)
Income from discontinued operations before income taxes11,130 35,585 262,470 
Income tax (benefit) expense(3)
(9,978)9,155 83,939 
Income from discontinued operations, net of taxes$21,108 $26,430 $178,531 
(1) Divestiture-related expenses and other includes a charge of $5.1 million for the release of a tax indemnification receivable from ESAB for the year ended December 31, 2023 and divestiture-related expenses for the Separation of $45.0 million and $20.6 million for the years ended December 31, 2022 and 2021, respectively.
(2) Interest expense was allocated to discontinued operations based on allocating $1.2 billion of corporate level debt to discontinued operations consistent with the dividend received from ESAB and the debt repaid at the time of the Separation.
(3) The year ended December 31, 2023 includes benefit of release of uncertain tax positions.
The following table presents further detail into the financial results of the former fabrication technology business:

Year Ended December 31,
20222021
(in thousands)
Depreciation$7,671 $32,452 
Amortization9,012 41,954 
Capital expenditures5,903 35,584