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DISCONTINUED OPERATIONS AND OTHER DIVESTITURES
 12 Months Ended
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS AND OTHER DIVESTITURES DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE
Mobile Cranes Disposal Group

On July 31, 2019, the Company completed the disposition of Demag to Tadano. The Company received approximately $215 million of consideration, as adjusted for estimated amounts of cash, debt, working capital and certain other items. Products divested were Demag® all terrain cranes and large lattice boom crawler cranes. During the year ended December 31, 2020, the Company recognized a loss, net of tax, of $19.2 million primarily related to a settlement with Tadano on cash, debt, working capital and certain other items related to the disposition of Demag. During the year ended December 31, 2019 the Company recognized a charge of approximately $82 million, net of tax, to write-down Demag to its fair value, less costs to sell. During the year ended December 31, 2019, the Company recorded a loss on disposition of discontinued operations, net of tax, of $11.6 million. During 2019, the Company also exited North American mobile crane product lines manufactured in its Oklahoma City facility and recognized a gain, net of tax, of $12.8 million related to the sale during the year ended December 31, 2019.

The Company’s actions to sell Demag and cease manufacturing of mobile crane product lines in its Oklahoma City facility represented a significant strategic shift in its business away from mobile cranes as these businesses constituted a significant part of its operations and financial results. The Company believes these actions were necessary to execute its strategy.

In connection with the disposition of Demag, the Company entered into certain ancillary agreements with Tadano including a Transition Services Agreement (“TSA”), dated as of July 31, 2019, under which the parties provided one another certain transition services to facilitate the separation of Demag from the Company. At December 31, 2020, all significant agreements covered under the TSA have terminated.

Income (Loss) from Discontinued Operations

The following amounts related to discontinued operations were derived from historical financial information and have been segregated from continuing operations and reported as discontinued operations in the Consolidated Statement of Income (Loss) (in millions):

 Year ended December 31,
 202020192018
CranesCranesCranes
Net sales$6.0 $327.2 $607.8 
Cost of sales
(5.8)(335.2)(602.9)
Selling, general and administrative expenses
(0.9)(75.6)(117.5)
Impairment of mobile cranes disposal group— (82.1)— 
Asset impairments(0.1)— (6.6)
Other income (expense)
— (4.5)(19.1)
Income (loss) from discontinued operations before income taxes
(0.8)(170.2)(138.3)
(Provision for) benefit from income taxes
0.4 14.8 7.9 
Income (loss) from discontinued operations – net of tax$(0.4)$(155.4)$(130.4)

Other

The Company is actively seeking a buyer for its utility hot lines tools business located in South America and, accordingly, assets and liabilities have been reported as held for sale. Non-cash impairment charges of $1.8 million were recorded to adjust net asset value to estimated fair value in 2018.

The operating results for the hot lines tools business are reported in continuing operations, within the AWP segment in the Company’s segment disclosures.
Assets and Liabilities Held for Sale

Assets and liabilities held for sale consist of the Company’s utility hot lines tools business located in South America, mobile cranes product lines manufactured in Oklahoma City and Demag, all previously contained in its former Cranes segment. Such assets and liabilities were classified as held for sale upon meeting the requirements of ASC 360 - “Property, Plant and Equipment”, and are recorded at lower of carrying amounts or fair value less costs to sell. Assets are no longer depreciated once classified as held for sale.

The following table provides the amounts of assets and liabilities held for sale in the Consolidated Balance Sheet (in millions):

December 31, 2020December 31, 2019
Assets
Cash and cash equivalents$5.1 $5.0 
Trade receivables – net2.3 3.5 
Inventories1.8 5.3 
Prepaid and other current assets0.2 0.2 
Impairment reserve(3.7)(4.8)
Included in Prepaid and other current assets$5.7 $9.2 
Property, plant and equipment – net$0.7 $0.6 
Intangible assets – net1.8 2.4 
Impairment reserve(2.2)(2.8)
Other assets0.3 0.4 
Included in Other assets$0.6 $0.6 
Liabilities
Trade accounts payable0.7 4.6 
Accruals and other current liabilities1.3 3.8 
Included in Other current liabilities$2.0 $8.4 
Other non-current liabilities0.7 1.2 
Included in Other non-current liabilities$0.7 $1.2 
The following table provides amounts of cash and cash equivalents presented in the Consolidated Statement of Cash Flows (in millions):

 December 31, 2020December 31, 2019December 31, 2018
Cash and cash equivalents:  
Cash and cash equivalents - continuing operations$665.0 $535.1 $339.5 
Cash and cash equivalents - held for sale5.1 5.0 32.6 
Total cash and cash equivalents$670.1 $540.1 $372.1 

The following table provides supplemental cash flow information related to discontinued operations (in millions):
 Year Ended December 31,
 202020192018
Non-cash operating items:
Depreciation and amortization$— $3.3 $14.4 
Deferred taxes
$0.1 $(1.4)$(0.2)
Impairments$0.1 $82.1 $6.6 
Investing activities:
Capital expenditures$— $(3.4)$(12.8)

Gain (Loss) on Disposition of Discontinued Operations - net of tax (in millions)

Year Ended December 31,
202020192018
CranesMHPSTotalCranesMHPSOtherTotalMHPSAtlasOtherTotal
Gain (loss) on disposition of discontinued operations$(27.7)$(0.4)$(28.1)$(1.0)$(4.6)$— $(5.6)$(1.2)$3.2 $— $2.0 
(Provision for) benefit from income taxes8.8 0.1 8.9 2.2 3.4 0.1 5.7 (1.9)(0.5)2.8 0.4 
Gain (loss) on disposition of discontinued operations – net of tax$(18.9)$(0.3)$(19.2)$1.2 $(1.2)$0.1 $0.1 $(3.1)$2.7 $2.8 $2.4