Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations

Included within the unaudited condensed consolidated balance sheet are the following major classes of assets and liabilities, respectively, associated with the discontinued operations (in millions):

	September 30, 2023		December 31, 2022
ASSETS
Cash and cash equivalents	$	19.0	$	23.3
Accounts receivable, net	95.3		88.6
Inventories, net	118.6		120.2
Income taxes receivable	2.8		0.4
Other current assets	2.6		1.3
Total current assets	238.3		233.8
Property, plant and equipment, net	177.5		183.5
Finance lease right-of-use assets	0.2		—
Operating lease right-of-use assets	4.6		5.2
Investment in equity affiliates	55.8		59.1
Goodwill	3.0		3.0
Other assets	5.5		5.3
Total assets of discontinued operations	$	484.9	$	489.9
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current debt	$	0.1	$	1.1
Finance lease liabilities	0.1		—
Operating lease liabilities	0.7		0.8
Accounts payable	43.0		45.1
Income taxes payable	1.4		1.2
Accrued expenses and other current liabilities	44.4		55.2
Total current liabilities	89.7		103.4
Long-term debt	3.2		2.9
Finance lease liabilities, noncurrent	0.1		—
Operating lease liabilities, noncurrent	4.2		4.6
Long-term income tax payable	0.6		0.6
Pension and other postretirement benefits	20.8		21.3
Deferred income tax liabilities	16.0		20.1
Other liabilities	18.1		17.4
Total liabilities of discontinued operations	152.7		170.3

Summary financial results of discontinued operations were as follows (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net sales	$	127.2	$	122.6	$	399.1	$	394.8
Cost of products sold	92.3		95.7		309.9		298.1
Gross profit	34.9		26.9		89.2		96.7
Selling expense	3.7		3.3		11.0		10.5
Research and development expense	2.2		1.8		7.1		5.6
General expense	3.7		4.3		10.9		13.6
Total nonmanufacturing expenses	9.6		9.4		29.0		29.7
Restructuring and other impairment expense	0.5		—		0.6		0.2
Operating income	24.8		17.5		59.6		66.8
Interest expense(1)	(12.3)		(8.9)		(35.1)		(15.0)
Other income, net	1.4		1.3		8.3		10.0
Income from discontinued operations before income taxes	13.9		9.9		32.8		61.8
Income tax expense	4.8		(0.4)		6.3		9.6
Income (loss) from equity affiliates, net of income taxes	0.2		1.2		0.4		5.1
Net income from discontinued operations	9.3		11.5		26.9		57.3

(1) Upon the close of the transaction, the Company plans to use a portion of the net proceeds to repay a portion of its outstanding debt amounting to approximately $575 million. This debt repayment is based on the triggering of a financial covenant in the loan agreement and interest expense has been allocated to discontinued operations on a pro-rata basis within the Condensed Consolidated Statement of Income (Loss) and the Condensed Consolidated Statement of Cash Flows based on the outstanding loan balances.