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Discontinued Operations (Tables) | 6 Months Ended
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Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Financial Results and Major Classes of Assets and Liabilities from Discontinued Operations | Financial results from discontinued operations:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Net sales | $ | 59.1 |  |  | $ | 33.6 |  |  | $ | 113.0 |  |  | $ | 84.6 |
Cost of sales | 46.7 |  |  | 26.9 |  | 89.7 |  | 65.9
Selling, general and administrative | 4.7 |  |  | 4.2 |  | 9.2 |  | 9.4
Restructuring charges | — |  |  | 0.6 |  | — |  |  | 0.6
Income from discontinued operations | 7.7 |  | 1.9 |  | 14.1 |  | 8.7
Income tax (benefit) provision 1 | (19.9) |  |  | 0.5 |  | (18.5) |  |  | 2.2
Income from discontinued operations, net of tax | $ | 27.6 |  |  | $ | 1.4 |  |  | $ | 32.6 |  |  | $ | 6.5 |
1 Includes $21.5 million of deferred tax benefit in 2021 associated with the pending disposition of the Engineered Materials segment.
Major classes of assets and liabilities to be transferred in the transaction:
(in millions) |  | June 30, 2021 |  | December 31, 2020
Assets: |  |  |  |
Accounts receivable, net |  | $ | 17.1 |  |  | $ | 8.8 |
Inventories, net |  | 9.4 |  |  | 8.5
Other current assets |  | 0.5 |  |  | 0.1
Property, plant and equipment, net |  | 26.1 |  |  | 26.8
Other assets |  | 0.3 |  |  | 0.6
Intangible assets, net |  | 1.2 |  |  | 1.2
Goodwill |  | 171.3 |  |  | 171.3
Assets held for sale |  | $ | 225.9 |  |  | $ | 217.3 |
Liabilities: |  |  |  |
Accounts payable |  | $ | 25.1 |  |  | $ | 19.5 |
Accrued liabilities |  | 8.1 |  |  | 7.9
Long-term deferred tax liability |  | 4.7 |  |  | 26.1
Other liabilities |  | — |  |  | 0.1
Liabilities held for sale |  | $ | 37.9 |  |  | $ | 53.6 |

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