Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations, Disposed of by Sale | RX Pharmaceuticals

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Discontined Operations - Financial Statement Information

Income from discontinued operations, net of tax was as follows (in millions):

	Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Net sales	$	405.1	$	975.0	$	967.5
Cost of sales	258.4		645.1		619.5
Gross profit	146.7		329.9		348.0
Operating expenses
Distribution	6.1		15.2		14.1
Research and development	30.8		54.8		67.3
Selling	16.3		30.1		25.1
Administration	36.4		31.8		39.1
Impairment charges	—		346.8		170.7
Restructuring	—		0.3		0.3
Other operating expense (income)	(0.4)		0.7		1.3
Total operating expenses	89.2		479.7		317.9
Operating income (loss)	57.5		(149.8)		30.1
Interest expense, net	0.8		3.5		4.3
Other (income) expense, net	(1.6)		2.0		2.8
Income (loss) from discontinued operations before tax	58.3		(155.3)		23.0
Gain on disposal of discontinued operations before tax	(47.5)		—		—
Income (loss) before income taxes	105.8		(155.3)		23.0
Income tax expense	43.8		51.5		35.6
Income (loss), net of tax	$	62.0	$	(206.8)	$	(12.6)

During the year ended December 31, 2021, we incurred $40.8 million of separation costs related to the sale of the RX business. The costs incurred included selling costs, which were reported in gain on discontinued operations before tax as part of the gain on sale of the RX business. Separation costs incurred in prior periods were included in administration expenses.

Select cash flow information related to discontinued operations was as follows (in millions):

	Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Cash flows from discontinued operations operating activities:
Depreciation and amortization	$	15.4	$	97.0	$	99.4
Restructuring charges	—		0.3		0.3
Impairment charges	—		346.8		170.7
Share-based compensation	10.8		5.2		5.5
Gain on sale of business	(47.5)		—		—
Cash flows from discontinued operations investing activities:
Asset acquisitions	$	(69.7)	$	(0.9)	$	(49.1)
Additions to property, plant and equipment	(16.1)		(10.2)		(16.3)
Net proceeds from sale of business	1,491.9		—		—

The assets and liabilities classified as held for sale related to discontinued operations were as follows (in millions):

	December 31, 2020
Cash and cash equivalents	$	10.0
Accounts receivable, net of allowance for credit losses of $1.1	460.7
Inventories	140.8
Prepaid expenses and other current assets	55.4
Current assets held for sale	666.9
Property, plant and equipment, net	131.4
Operating lease assets	31.3
Goodwill and indefinite-lived intangible assets	681.2
Definite-lived intangible assets, net	492.8
Deferred income taxes	3.6
Other non-current assets	23.7
Non-current assets held for sale	1,364.0
Total assets held for sale	$	2,030.9
Accounts payable	$	92.2
Payroll and related taxes	22.3
Accrued customer programs	237.4
Other accrued liabilities	67.2
Current indebtedness	0.5
Current liabilities held for sale	419.6
Long-term debt, less current portion	0.7
Deferred income taxes	3.1
Other non-current liabilities	104.5
Non-current liabilities held for sale	108.3
Total liabilities held for sale	$	527.9