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Discontinued operations (Tables) | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Schedules of Discontinued Operations | The following table presents the assets and liabilities that are classified as discontinued operations in the Consolidated Balance Sheets as of December 31, 2024 and 2023:
| 2024 |  | 2023
Cash and cash equivalents | $ | 12,050 |  |  | $ | 13,042 |
Trade accounts receivable, net of allowances of $2,582 in 2024 and $2,793 in 2023 | 209,379 |  |  | 218,620 |
Other receivables | 46,001 |  |  | 48,677 |
Inventories |  |  |
Finished and in process | 80,573 |  |  | 86,515 |
Materials and supplies | 94,083 |  |  | 83,338 |
Prepaid expenses | 8,788 |  |  | 9,426 |
Current assets of discontinued operations | $ | 450,874 |  |  | $ | 459,618 |
Property, plant and equipment, net of accumulated depreciation of $465,923 in 2024 and $480,416 in 2023 | 262,662 |  |  | 243,370 |
Goodwill | 502,621 |  |  | 512,643 |
Other intangible assets, net of accumulated amortization of $206,437 in 2024 and $189,471 in 2023 | 103,593 |  |  | 127,113 |
Long-term deferred income taxes | 262 |  |  | 706 |
Right of use asset-operating leases | 75,855 |  |  | 81,483 |
Other assets | 19,317 |  |  | 18,794 |
Non-current assets of discontinued operations | $ | 964,310 |  |  | $ | 984,109 |
Payable to suppliers | 172,720 |  |  | 169,613 |
Accrued expenses and other | 62,562 |  |  | 70,593 |
Notes payable and current portion of long-term debt | 6,774 |  |  | 8,198 |
Current liabilities of discontinued operations | $ | 242,056 |  |  | $ | 248,404 |
Long-term debt | 29,850 |  |  | 37,866 |
Noncurrent operating lease liabilities | 67,789 |  |  | 72,751 |
Pension and other postretirement benefits | — |  |  | 116 |
Deferred income taxes | 15,928 |  |  | 6,934 |
Other liabilities | 344 |  |  | 473 |
Non-current liabilities of discontinued operations | $ | 113,911 |  |  | $ | 118,140 |
The following table presents key components of “Income from discontinued operations, net of taxes” for the years ended December 31, 2024, 2023, and 2022:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Net sales | $ | 1,291,461 |  |  | $ | 1,339,866 |  |  | $ | 1,391,225 |
Cost of sales | 1,037,196 |  |  | 1,106,970 |  |  | 1,176,894 |
Gross profit | 254,265 |  |  | 232,896 |  |  | 214,331 |
Selling, general and administrative expenses | 122,488 |  |  | 97,131 |  |  | 97,762 |
Restructuring/Asset impairment charges | 3,740 |  |  | 9,024 |  |  | 4,525 |
Operating profit | 128,037 |  |  | 126,741 |  |  | 112,044 |
Interest expense 1 | 13,396 |  |  | 1,293 |  |  | 790 |
Interest income | 1,668 |  |  | 357 |  |  | 94 |
Income from discontinued operations before income taxes | 116,309 |  |  | 125,805 |  |  | 111,348 |
Provision for income taxes | 19,934 |  |  | 29,548 |  |  | 22,778 |
Net income from discontinued operations | 96,375 |  |  | 96,257 |  |  | 88,570 |
Net income from discontinued operations attributable to noncontrolling interests | (171) |  |  | (174) |  |  | (259) |
Net income attributable to discontinued operations | $ | 96,204 |  |  | $ | 96,083 |  |  | $ | 88,311 |
Weighted average common shares outstanding: |  |  |  |  |
Basic | 98,637 |  |  | 98,294 |  |  | 97,991 |
Diluted | 99,290 |  |  | 98,890 |  |  | 98,732 |
Per common share |  |  |  |  |
Net income attributable to discontinued operations: |  |  |  |  |
Basic | $ | 0.97 |  |  | $ | 0.98 |  |  | $ | 0.90 |
Diluted | $ | 0.97 |  |  | $ | 0.97 |  |  | $ | 0.89 |
1 Includes $9,528 of interest expense in 2024 relating to certain debt contractually required to be repaid by the Company upon completion of the TFP divestiture. No such interest expense is reflected in 2023 or 2022. The following table presents significant cash flow items from discontinued operations for the years ended December 31, 2024, 2023, and 2022:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Depreciation, depletion and amortization | $ | 58,798 |  |  | $ | 58,959 |  |  | $ | 58,291 |
Capital expenditures | $ | (65,321) |  |  | $ | (55,624) |  |  | $ | (48,049) |

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