Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations And Disposal Groups [Abstract]

Summary of Results and Assets and Liabilities of Discontinued Operations

Results of discontinued operations were as follows:

	Twelve Months Ended
	December 31,
	2020			2019			2018
Net sales	$	632.5		$	865.7		$	1,203.8
Cost of sales		(548.6	)		(758.7	)		(1,070.5	)
Selling, general, administrative and other operating expenses		(66.2	)		(95.1	)		(109.6	)
Restructuring, impairment and other expense		(21.1	)		(98.6	)		(0.2	)
Operating income (loss) from discontinued operations		(3.4	)		(86.7	)		23.5
Income tax expense		(0.9	)		1.7			3.2
Net income (loss) from discontinued operations	$	(2.5	)	$	(88.4	)	$	20.3

Restructuring, impairment, and other expenses included $20.6 million and $98.5 million of non-cash charges related to impairment of goodwill recorded in 2020 and 2019 respectively.

Our evaluation of goodwill for impairment involves the comparison of the fair value of each reporting unit to its carrying value. If the carrying value of a reporting unit exceeds its estimated fair value, an impairment loss is recognized equal to the excess, limited to the total amount of goodwill allocated to that reporting unit. The Company determines the fair value of its reporting units using a combination of comparable company market valuations and expected future discounted cash flows.  

During the first quarter of 2020, we identified a triggering event at our Logistics reporting unit. We determined that the fair value of our Logistics reporting unit was lower than its carrying value, resulting in a goodwill impairment charge of $20.6 million. The goodwill impairment charge resulted from reductions in the estimated fair value for this reporting unit based on lower expectations for future revenue, profitability and cash flows driven by expected reduced demand due to the COVID-19 pandemic. The goodwill impairment charge was determined using discounted cash flow analysis and comparable marketplace fair value data which utilized Level 3 inputs including forecasted future revenue and the selection of the discount rate.

Assets and liabilities of discontinued operations presented in the Consolidated Balance Sheets as of December 31, 2019 include the following:

	December 31, 2019
Receivables, net of allowance	$	120.6
Operating lease right-of-use assets		8.8
Goodwill		53.3
Intangible assets, net		10.9
Other assets		7.0
Total assets of discontinued operations	$	200.6
Accounts payable	$	53.3
Accrued expenses and other liabilities		38.8
Total liabilities of discontinued operations	$	92.1