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Discontinued Operations (Tables) | 9 Months Ended
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Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Discontinued Operations | For the quarter ended September 30, 2022 and the nine months ended September 30, 2023 and 2022, the results of operations from the discontinued Engineered Materials segment were as follows:
(in millions) |  | Quarter Ended September 30, |  | Nine Months Ended September 30,
|  | 2022 |  | 2023 |  | 2022
Net sales |  | $ | 51.8 |  |  | $ | 2.0 |  |  | $ | 166.6 |
Cost of sales |  | 34.9 |  |  | 1.3 |  |  | 109.1 |
Gross profit |  | 16.9 |  |  | 0.7 |  |  | 57.5 |
Operating expenses: |  |  |  |  |  |
Selling, general and administrative |  | 13.0 |  |  | 0.4 |  |  | 39.3 |
Other |  | — |  |  | — |  |  | 0.2 |
Total operating expenses |  | 13.0 |  |  | 0.4 |  |  | 39.5 |
Income from discontinued operation before income tax |  | 3.9 |  |  | 0.3 |  |  | 18.0 |
Income tax expense |  | (3.2) |  |  | (0.1) |  |  | (4.1) |
Income from discontinued operations, net of tax |  | 0.7 |  |  | 0.2 |  |  | 13.9 |
Gain from sale of discontinued operation, net of tax |  | — |  |  | 11.2 |  |  | — |
Income from discontinued operations, including gain on sale, net of tax |  | $ | 0.7 |  |  | $ | 11.4 |  |  | $ | 13.9 |
The major classes of assets and liabilities for the discontinued Engineered Materials segment are shown below:
(in millions) | December 31, 2022
Assets: |
Accounts receivable | $ | 3.8 |
Inventories | 3.1 |
Property, plant and equipment | 7.6 |
Intangible assets | 1.2 |
Other assets | 0.2 |
Current assets of discontinued operation | $ | 15.9 |
Liabilities |
Accounts payable | $ | 1.4 |
Accrued expenses | 0.9 |
Current liabilities of discontinued operation | $ | 2.3 |

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