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Discontinued Operations
 12 Months Ended
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
Cryobiological Products Divestiture
On October 1, 2020, we closed on the sale of our cryobiological products business, which was formerly within our D&S West segment prior to the realignment of our segment reporting structuring in the fourth quarter of 2020 discussed in Note 4, “Segment and Geographic Information,” to Cryoport, Inc. (NASDAQ: CYRX) for net cash proceeds of $317.5, inclusive of the base purchase price of $320.0 less estimated closing adjustments of $2.5 (the “Cryobiological Divestiture”). The strategic decision to divest of our cryobiological products business reflects our strategy and capital allocation approach to focus on our core capabilities and offerings. We recorded a gain on the Cryobiological Divestiture of $224.2, net of taxes of $25.2, for the year ended December 31, 2020. Interest expense of $7.4 and $10.6 was allocated to discontinued operations for the years ended December 31, 2020, and 2019, respectively, based on interest on our term loan due June 2024 that was required to be repaid as a result of the Cryobiological Divestiture.
CAIRE Divestiture
On December 20, 2018, we closed the sale of our oxygen-related products business, which was reported within our prior BioMedical segment, to NGK SPARK PLUG CO., LTD. for $133.5 (the “CAIRE Divestiture”). The strategic decision to divest the oxygen-related products business reflects our strategy and capital allocation approach to focus on our core capabilities and offerings. We recorded a gain on the CAIRE Divestiture of $34.3, net of taxes of $2.6, for the year ended December 31, 2018. Interest expense of $3.2 was allocated to discontinued operations for the year ended December 31, 2018 based on the net assets of the discontinued operations as a percentage of the net assets of Chart.
Both our cryobiological products business and oxygen-related products business asset groups met the criteria to be held for sale. Furthermore, we determined that the assets held for sale qualify for discontinued operations. As such, the financial results of the cryobiological products business and oxygen-related products business are reflected in our consolidated financial statements as discontinued operations for all periods presented with related operations. Furthermore, current and non-current assets and liabilities of discontinued operations for our cryobiological products business are reflected in the December 31, 2019 balance sheet.
Summarized Financial Information of Discontinued Operations
The following table represents income from discontinued operations, net of tax:
Year Ended December 31,
2020 (1)
2019 (1)
2018 (2)
Sales$59.9 $83.6 $237.5 
Cost of sales31.8 44.3 159.5 
Selling, general and administrative expenses7.8 10.4 41.9 
Amortization expense— — 2.3 
Operating income (3)
20.3 28.9 33.8 
Interest expense, net7.4 10.6 3.2 
Other (income) expense, net(0.8)0.1 0.4 
Income before income taxes13.7 18.2 30.2 
Income tax (benefit) expense(1.3)3.2 9.0 
Income from discontinued operations before gain on sale of businesses15.0 15.0 21.2 
Gain on sale of businesses, net of taxes (4)
224.2 — 34.3 
Income from discontinued operations, net of tax$239.2 $15.0 $55.5 
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(1)Includes results of operations for the cryobiological products business only.
(2)Includes results of operations for both the cryobiological products and oxygen-related products businesses.
(3)Includes depreciation expense of $0.7, $1.1 and $2.7 for the years ended December 31, 2020, 2019 and 2018, respectively.
(4)Gain on sale of businesses is net of taxes of $25.2 and $2.6 for the years ended December 31, 2020 and 2018, respectively.
The following table represents the assets and liabilities from discontinued operations and represents the statement of financial position for the cryobiological products business only:

December 31, 2019
Accounts receivable, net$11.0 
Inventories, net9.4 
Prepaid expenses0.3 
Other current assets0.9 
Current assets of discontinued operations$21.6 
Property, plant, and equipment, net$6.8 
Goodwill33.5 
Identifiable intangible assets, net6.7 
Non-current assets of discontinued operations$47.0 
Accounts payable$4.2 
Customer advances and billings in excess of contract revenue0.1 
Accrued salaries, wages, and benefits1.5 
Current portion of warranty reserve0.1 
Current liabilities of discontinued operations$5.9 
Other long-term liabilities$0.2 
Non-current liabilities of discontinued operations$0.2