Discontinued Operations

3 Months Ended

Mar. 31, 2023

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.

Summarized Financial Information of Discontinued Operations

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

	Three Months Ended March 31, 2023
Sales	$	—
Selling, general and administrative expenses	0.4
Operating loss	(0.4)
Other expense, net	—
Loss before income taxes	(0.4)
Income tax benefit	—
Loss from discontinued operations, net of tax (1) (2)	$	(0.4)

_______________

(1)There was no income or cash flows from discontinued operations for the three months ended March 31, 2022.

(2)Includes legal fees related to our divested cryobiological products business. See Note 18 “Commitments and Contingencies” for further information related to our discontinued operations for the three months ended March 31, 2023.