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Discontinued Operations (Tables) | 9 Months Ended
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Sep. 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 |  | Nine Months Ended
| September 30, |  | September 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Net sales | $ | 60.3 |  |  | $ | 48.3 |  |  | $ | 173.3 |  |  | $ | 132.9 |
Cost of sales | 47.2 |  |  | 35.2 |  |  | 137.0 |  |  | 101.1 |
Selling, general and administrative | 6.5 |  |  | 4.1 |  |  | 15.6 |  |  | 13.5 |
Restructuring charges | — |  |  | — |  |  | — |  |  | 0.6 |
Income from discontinued operations | $ | 6.6 |  |  | $ | 9.0 |  |  | $ | 20.7 |  |  | $ | 17.7 |
Income tax provision (benefit) 1 | 1.4 |  |  | 1.8 |  |  | (17.1) |  |  | 3.8 |
Income from discontinued operations, net of tax | $ | 5.2 |  |  | $ | 7.2 |  |  | $ | 37.8 |  |  | $ | 13.9 |
1 The nine-month period ended September 30, 2021 includes $21.5 million of deferred tax benefit associated with the pending disposition of the Engineered Materials segment.
Major classes of assets and liabilities to be transferred in the transaction:
(in millions) |  | September 30, 2021 |  | December 31, 2020
Assets: |  |  |  |
Accounts receivable, net |  | $ | 18.2 |  |  | $ | 8.8 |
Inventories, net |  | 9.1 |  |  | 8.5
Other current assets |  | 0.2 |  |  | 0.1
Property, plant and equipment, net |  | 26.7 |  |  | 26.8
Other assets |  | 0.3 |  |  | 0.6
Intangible assets, net |  | 1.2 |  |  | 1.2
Goodwill |  | 171.3 |  |  | 171.3
Assets held for sale |  | $ | 227.0 |  |  | $ | 217.3 |
Liabilities: |  |  |  |
Accounts payable |  | $ | 23.8 |  |  | $ | 19.5 |
Accrued liabilities |  | 10.6 |  |  | 7.9
Long-term deferred tax liability |  | 4.6 |  |  | 26.1
Other liabilities |  | 0.1 |  |  | 0.1
Liabilities held for sale |  | $ | 39.1 |  |  | $ | 53.6 |

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