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Divestitures (Tables) | 6 Months Ended
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Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of the Net Pre-Tax Loss and Assets and Liabilities | The following table summarizes the total net pre-tax loss recognized within other income (expense), net and selling, general and administrative expenses on our condensed consolidated statement of operations during the six months ended June 30, 2025 in connection with the divestiture (in millions):
Sale price |  | $ | 290.0 |
Less: Working capital and other customary closing adjustments |  | (4.0) |
Proceeds from sale, net of cash retained and net working capital and customary closing adjustments |  | 286.0 |
Less: Estimated future net working capital and customary closing adjustments (1) |  | (2.4) |
Proceeds from sale, net of cash retained and estimated net working capital and customary closing adjustments |  | 283.6 |
Less: |  |
Carrying value of net assets divested |  | 287.7 |
Direct costs to sell |  | 2.7 |
Indemnification provided |  | 2.1 |
Accumulated other comprehensive loss reclassification adjustment, foreign currency translation |  | 13.8 |
Loss on sale, before taxes |  | $ | (22.7) |
(1) Certain working capital adjustments are to be finalized over a defined period from the close of sale. Any resulting revisions will be settled in cash, with an offsetting impact recognized in loss on sale.
The following table summarizes the major categories of assets and liabilities sold (in millions):
|  | May 31, 2025
Assets |  |
Accounts receivable |  | $ | 11.7 |
Inventories |  | 86.2 |
Property, plant and equipment, net |  | 11.8 |
Operating lease right-of-use assets, net |  | 67.4 |
Trade names and trademarks |  | 212.2 |
Goodwill and other intangible assets |  | 16.2 |
Other assets |  | 36.2 |
Total assets |  | $ | 441.7 |
Liabilities |  |
Accounts payable and accrued expenses |  | $ | 48.6 |
Operating lease liabilities |  | 64.7 |
Other liabilities |  | 40.7 |
Total liabilities |  | $ | 154.0 |
Carrying value of net assets sold |  | $ | 287.7 |

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