Divestitures and Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Group Activity

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

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Sales	$	173.9	$	206.2	$	349.3	$	399.4
Cost of sales	131.0		152.2		262.9		296.7
Other costs and expenses	48.5		49.9		97.5		97.4
Income (loss) from discontinued operations before income taxes	(5.6)		4.1		(11.1)		5.3
Income tax expense (benefit)	(1.4)		0.8		(2.7)		0.9
Income (loss) from discontinued operations, net of tax	(4.2)		3.3		(8.4)		4.4
Impairment of discontinued operations	187.8		—		187.8		—
Provision for income taxes	(45.6)		—		(45.6)		—
Impairment of discontinued operations, net of tax	142.2		—		142.2		—
Net income (loss) from discontinued operations	$	(146.4)	$	3.3	$	(150.6)	$	4.4

The carrying amounts of major classes of assets and liabilities of discontinued operations were as follows (in millions):

	June 30, 2022		December 31, 2021
Cash	$	9.5	$	6.9
Trade receivables	7.8		12.6
Inventories, net	141.5		134.1
Other current assets	9.4		9.6
Current assets held for sale	$	168.2	$	163.2
Property and equipment, net	$	47.1	$	47.7
Intangible assets, net	98.5		102.3
Operating lease assets	77.8		74.8
Other long-term assets	1.7		1.2
Valuation allowance on disposal group classified as discontinued operations	$	(187.8)	$	—
Long-term assets held for sale	$	37.3	$	226.0
Accounts payable	$	16.4	$	21.5
Accrued expenses and other current liabilities	57.2		66.5
Current operating lease liabilities	20.7		19.8
Current liabilities held for sale	$	94.3	$	107.8
Long-term operating lease liabilities	$	59.3	$	57.2
Other long-term liabilities	8.9		8.9
Long-term liabilities held for sale	$	68.2	$	66.1