Subsequent Events

12 Months Ended

Dec. 31, 2021

Definitive Agreement to Divest Tripwire

On February 7, 2022, we signed a definitive agreement to divest Tripwire for $350 million in cash. The transaction is expected to close in the first quarter of 2022. During the fourth quarter of 2021, we recognized a goodwill impairment charge for the Tripwire reporting unit of $131.2 million, representing the reporting unit's excess carrying value over its present value of estimated future cash flows, which was based in part on the assumed proceeds from the divestiture. The impairment charge was excluded from Segment EBITDA of our Industrial Solutions segment.

The following table provides the major classes of assets and liabilities of the Tripwire disposal group:


	December 31, 2021		December 31, 2020
	(In thousands)
Assets:
Cash and cash equivalents	$	2,194	$	1,328
Receivables, net	28,773		26,001
Inventories, net	150		126
Other current assets	7,418		9,798
Property, plant and equipment, less accumulated depreciation	6,250		7,588
Operating lease right-of-use assets	3,893		5,151
Goodwill	331,024		462,202
Intangible assets, less accumulated amortization	63,541		67,979
Deferred income taxes	834		800
Other long-lived assets	5,325		2,653
Total assets of Tripwire disposal group	$	449,402	$	583,626

Liabilities:
Accounts payable	$	6,458	$	4,868
Accrued liabilities	56,208		61,769
Deferred income taxes	10,964		12,599
Long-term operating lease liabilities	5,257		7,019
Other long-term liabilities	20,192		17,214
Total liabilities of Tripwire disposal group	$	99,079	$	103,469

The Tripwire disposal group also had $3.4 million and $3.5 million of accumulated other comprehensive income as of December 31, 2021 and 2020, respectively.

The Tripwire disposal group had revenues of $106.8 million, $110.5 million, and $133.0 million for the years ended December 31, 2021, 2020, and 2019, respectively. The Tripwire disposal group had losses before taxes of $(139.1) million, $(24.8) million and $(16.0) million for the years ended December 31, 2021, 2020, and 2019, respectively. In 2021, loss before taxes includes a goodwill impairment charge of $131.2 million. In addition, the Tripwire disposal group recognized depreciation and amortization expense of $11.9 million, $39.4 million, and $47.9 million during the years ended December 31, 2021, 2020, and 2019, respectively.

Acquisition of macmon secure GmbH

On January 17, 2022, we acquired macmon secure GmbH (Macmon), a leading provider of products and services that secure network infrastructures in a variety of mission critical industries, for approximately $43.3 million, net of cash acquired. The acquisition was funded with cash on hand. Headquartered in Berlin, Germany, Macmon brings proven products and technologies that protect network infrastructure and extend our offerings in the areas of segmentation, zoning and access control.