Divestitures and Discontinued Operations

6 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Divestitures and Discontinued Operations

Divestitures and Discontinued Operations

2022 Divestitures.

On July 1, 2022, the Company completed the sale of its TAP business, an aftermarket parts business, for a sales price, net of post-closing purchase price adjustments, of $42.2 million. The results of TAP have been presented as discontinued operations. TAP was historically included within the Company’s Aftermarket segment; however, as a result of the divestiture, the Company began management of its portfolio of businesses under a new basis as of June 30, 2022. The Aftermarket segment was eliminated and the results of the Company’s remaining aftermarket businesses historically included within the Aftermarket segment were reclassified to the Off Road and On Road segments. The comparative 2022 segment results were reclassified for comparability.

Results of discontinued operations were as follows (in millions):

	Three months ended June 30, 2022		Six months ended June 30, 2022
Sales	$	173.9	$	349.3
Cost of sales	131.0		262.9
Other costs and expenses	48.5		97.5
Loss from discontinued operations before income taxes	(5.6)		(11.1)
Income tax benefit	(1.4)		(2.7)
Loss from discontinued operations, net of tax	(4.2)		(8.4)
Impairment of discontinued operations	187.8		187.8
Income tax benefit	(45.6)		(45.6)
Impairment of discontinued operations, net of tax	142.2		142.2
Net loss from discontinued operations	$	(146.4)	$	(150.6)