Discontinued Operations

12 Months Ended

Dec. 31, 2021

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, 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 reflected 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.

Summarized Financial Information of Discontinued Operations

The following table represents income from discontinued operations, net of tax:

	Year Ended December 31,
	2020		2019
Sales	$	59.9	$	83.6
Cost of sales	31.8		44.3
Selling, general and administrative expenses	7.8		10.4
Operating income (1)	20.3		28.9
Interest expense, net	7.4		10.6
Other (income) expense, net	(0.8)		0.1
Income before income taxes	13.7		18.2
Income tax (benefit) expense	(1.3)		3.2
Income from discontinued operations before gain on sale of businesses	15.0		15.0
Gain on sale of business, net of taxes (2)	224.2		—
Income from discontinued operations, net of tax	$	239.2	$	15.0

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(1)Includes depreciation expense of $0.7 and $1.1 for the years ended December 31, 2020 and 2019, respectively.

(2)Gain on sale of business is net of taxes of $25.2 for the year ended December 31, 2020.

The following table presents a summary of cash flows related to discontinued operations for the following periods:

	Year Ended December 31,
	2020		2019
Net cash provided by (used in):
Operating activities	$	18.3	$	16.6
Investing activities	316.7		(0.9)
Net cash provided by discontinued operations	$	335.0	$	15.7