XML 35 R25.htm IDEA: XBRL DOCUMENT
v3.23.3

Discontinued Operations (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | Financial results from discontinued operations:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Net sales | $ | — |  |  | $ | 335.1 |  |  | $ | 329.1 |  |  | $ | 1,001.7 |
Cost of sales | — |  |  | 174.9 |  | 174.4 |  |  | 536.8
Selling, general and administrative | — |  |  | 74.2 |  | 80.0 |  |  | 214.0
Operating profit | — |  |  | 86.0 |  |  | 74.7 |  |  | 250.9 |
Other expense, net | — |  |  | (10.5) |  |  | (11.2) |  |  | (29.4) |
Net income from discontinued operations before income taxes | — |  |  | 75.5 |  | 63.5 |  |  | 221.5
Provision for income taxes | — |  |  | 13.9 |  | 11.4 |  |  | 49.4
Income from discontinued operations, net of tax | $ | — |  |  | $ | 61.6 |  |  | $ | 52.1 |  |  | $ | 172.1 |
The major categories of assets and liabilities included in assets of discontinued operations and liabilities of discontinued operations are as follows:
(in millions) |  |  |  | December 31, 2022
Assets: |  |  |  |
Cash and Cash Equivalents |  |  |  | $ | 230.6 |
Accounts receivable, net |  |  |  | 205.0 |
Inventories, net |  |  |  | 145.6
Other current assets |  |  |  | 44.7
Current assets of discontinued operations |  |  |  | 625.9
Property, plant and equipment, net |  |  |  | 261.6
Long-term deferred tax asset |  |  |  | 5.1
Other assets |  |  |  | 56.7
Intangible assets, net |  |  |  | 344.9
Goodwill |  |  |  | 836.6
Long-term assets of discontinued operations |  |  |  | 1,504.9 |
Assets of discontinued operations |  |  |  | $ | 2,130.8 |
Liabilities: |  |  |  |
Short term borrowings |  |  |  | $ | 299.7 |
Accounts payable |  |  |  | 107.4 |
Accrued liabilities |  |  |  | 203.7
U.S. and foreign taxes on income |  |  |  | 3.9
Current liabilities of discontinued operations |  |  |  | 614.7 |
Long-term debt |  |  |  | 545.1 |
Accrued pension and postretirement benefits |  |  |  | 21.1 |
Long-term deferred tax liability |  |  |  | 107.1 |
Other liabilities |  |  |  | 53.6 |
Long-term liabilities of discontinued operations |  |  |  | 726.9 |
Liabilities of discontinued operations |  |  |  | $ | 1,341.6 |

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483475/205-20-45-11 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-3A Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-4A Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-5A Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-5B Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-5C Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5D -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-5D Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-3A Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 205 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-1 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-3 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration