Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v3.22.0.1
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations [Table Text Block]
The following table discloses the results of operations of the business reported as discontinued operations for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 respectively:
(in millions) 2021 2020 2019
Net sales $ —  $ —  $ 448.3 
Cost of sales (0.4) —  334.6 
Selling, general and administrative expense (A)
0.2  0.5  113.3 
Research and development expense —  —  12.6 
Restructuring, exit and impairment charges(B)
—  —  138.3 
Other expense (income), net (B)
1.4  —  (0.3)
Loss from discontinued operations before income taxes (A) (B)
(1.2) (0.5) (150.2)
Income tax provision (benefit) 0.9  —  (32.7)
Loss from discontinued operations, net of tax (A) (B)
(2.1) (0.5) (117.5)
Loss on disposal of discontinued operations, net of tax (C)
—  (1.5) (43.9)
Net loss from discontinued operations, net of tax $ (2.1) $ (2.0) $ (161.4)

(A) The Company recorded $16.5 million for the year ended December 31, 2019, of net costs incurred in connection with the sale of its Fitness business.
(B) In the first quarter of 2019, the Company re-evaluated the fair value of the Fitness reporting unit and determined the fair value of the business was less than its carrying value. As a result, (Loss) earnings from discontinued operations, net of tax, includes a $137.2 million ($103.0 million after tax) goodwill impairment charge for the year ended December 31, 2019.
(C) The Loss on disposal of discontinued operations, net of tax for the year ended December 31, 2019 includes a pre-tax loss of $51.3 million and a net tax benefit of $7.4 million.
There were no assets and liabilities held for sale related to discontinued operations as of December 31, 2021 or December 31, 2020.