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Discontinued Operations | 12 Months Ended
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Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations A business is classified as held for sale when management having the authority to approve the action commits to a plan to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current fair value and certain other criteria are met. A business classified as held for sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. When the carrying amount of the business exceeds its estimated fair value less cost to sell, a loss is recognized and updated each reporting period as appropriate. Executing on our strategy to focus our growth investments on our three remaining segments, on May 16, 2021, we entered into an agreement to sell our Engineered Materials segment to Grupo Verzatec S.A. de C.V. for $360 million on a cash-free and debt-free basis. The sale is subject to customary closing conditions and regulatory approvals. In the second quarter of 2021, the assets and liabilities of the segment were classified as held for sale, and the segment’s results are presented as discontinued operations. This change was applied on a retrospective basis. The following represents financial results from discontinued operations:
| For the year ended December 31,
(in millions) |  | 2021 |  | 2020 |  | 2019
Net sales |  | $ | 228.0 |  |  | $ | 175.6 |  |  | $ | 208.6 |
Cost of sales |  | 181.3 |  |  | 134.5 |  |  | 161.9 |
Selling, general and administrative |  | 19.8 |  |  | 17.8 |  |  | 19.4 |
Restructuring charges |  | — |  |  | 0.6 |  |  | — |
Operating profit |  | $ | 26.9 |  |  | $ | 22.7 |  |  | $ | 27.3 |
Miscellaneous expense, net |  | (1.3) |  |  | — |  |  | (0.5) |
Income from discontinued operations |  | $ | 25.6 |  |  | $ | 22.7 |  |  | $ | 26.8 |
Income tax (benefit) provision(a) |  | (15.5) |  |  | 4.8 |  |  | 5.8 |
Income from discontinued operations, net of tax |  | $ | 41.1 |  |  | $ | 17.9 |  |  | $ | 21.0 |
(a) The period ended December 31, 2021 includes $20.6 million of deferred tax benefit associated with the pending disposition of the Engineered Materials segment.
The following represents major classes of assets and liabilities to be disposed of in the transaction:
(in millions) |  | December 31, 2021 |  | December 31, 2020
Assets: |  |  |  |
Accounts receivable, net |  | $ | 10.6 |  |  | $ | 8.8 |
Inventories, net |  | 8.2 |  |  | 8.5
Other current assets |  | 0.6 |  |  | 0.1
Current assets held for sale (a) |  | 19.4 |  |  | 17.4
Property, plant and equipment, net |  | 28.3 |  |  | 26.8
Other assets |  | 0.3 |  |  | 0.6
Intangible assets, net |  | 1.2 |  |  | 1.2
Goodwill |  | 171.3 |  |  | 171.3
Long-term assets held for sale (a) |  | 201.1 |  |  | 199.9 |
Assets held for sale |  | $ | 220.5 |  |  | $ | 217.3 |
Liabilities: |  |  |  |
Accounts payable |  | $ | 27.0 |  |  | $ | 19.5 |
Accrued liabilities |  | 12.0 |  |  | 7.9
Current liabilities held for sale (a) |  | 39.0 |  |  | 27.4
Long-term deferred tax liability |  | 5.8 |  |  | 26.1
Other liabilities |  | 0.1 |  | 0.1
Long-term liabilities held for sale (a) |  | 5.9 |  |  | 26.2 |
Liabilities held for sale |  | $ | 44.9 |  |  | $ | 53.6 |
(a) We reasonably expect to close on this transaction within one year from the date of our entry into the agreement, and therefore have presented the assets and liabilities as current as of December 31, 2021.

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- Definition The entire disclosure 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 -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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