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Discontinued Operations (Tables)
12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
The major components of the Income from discontinued operations, net of tax presented in the consolidated statements of operations during the years ended December 31, 2023, 2022, and 2021 are included in the table below (in millions):
Year Ended
(1)(2)(3)
December 31, 2023
December 31, 2022
December 31, 2021
Net sales$— $— $973.0 
Cost of sales— — 598.6 
Selling, general and administrative expenses/(income)(8.4)(2.9)260.2 
Restructuring and other similar charges— — 1.9 
Amortization of intangible assets— — 9.9 
Interest expense, net— — 4.1 
Actuarial loss on pension and other postretirement benefit obligations— — 4.8 
Other non-operating income, net— — (5.6)
Income from discontinued operations before income tax8.4 2.9 99.1 
Income tax benefit (provision)0.1 1.8 (28.0)
Equity method investment income— — 0.3 
Non-controlling interest income— — (0.2)
Income from discontinued operations, net of tax$8.5 $4.7 $71.2 
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(1)Selling, general and administrative expenses for the year ended December 31, 2023 include the reversal of certain accruals as a result of costs the Company will no longer incur related to the Spin-Off Transaction.
(2)Results of operations for the year ended December 31, 2022 includes the reversal of certain accruals as a result of costs the Company is obligated to indemnify Regal Rexnord Corporation for being lower than original estimates.
(3)Results of operations during the year ended December 31, 2021 reflect the period from January 1, 2021 through October 4, 2021, the date on which the Spin-Off Transaction of PMC was completed.
The consolidated statements of cash flows for the periods presented have not been adjusted to separately disclose cash flows related to discontinued operations. However, the significant investing and financing cash flows and other significant non-cash operating items associated with the discontinued operations were as follows (in millions):
Year Ended
(1)
December 31, 2022
December 31, 2021
Depreciation$— $34.9 
Amortization of intangible assets— 9.9 
Gain on disposition of assets— (10.1)
Deferred income taxes— 0.5 
Actuarial loss on pension and other postretirement benefit obligations— 4.8 
Other non-cash (income) expenses— (0.3)
Stock-based compensation— 13.9 
Expenditures for property, plant and equipment— (17.5)
Acquisitions, net of cash acquired— — 
Proceeds from dispositions of long-lived assets— 14.3 
Net payments from divestiture of discontinued operations35.0 4.2 
Repayments of debt— (1.6)
Proceeds from exercise of stock options— 12.8 
Taxes withheld and paid on employees' shared-based payment awards— (0.5)
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(1)Results of operations during the year ended December 31, 2021 reflect the period from January 1, 2021 through October 4, 2021, the date on which the Spin-Off Transaction of PMC was completed.