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Discontinued Operations (Tables) | 9 Months Ended
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Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Disposal Groups, Including Discontinued Operations | Included within the unaudited condensed consolidated balance sheet are the following major classes of assets and liabilities, respectively, associated with the discontinued operations (in millions):
| September 30, 2023 |  | December 31, 2022
ASSETS |  |  |
Cash and cash equivalents | $ | 19.0 |  |  | $ | 23.3 |
Accounts receivable, net | 95.3 |  |  | 88.6 |
Inventories, net | 118.6 |  |  | 120.2 |
Income taxes receivable | 2.8 |  |  | 0.4 |
Other current assets | 2.6 |  |  | 1.3 |
Total current assets | 238.3 |  |  | 233.8 |
Property, plant and equipment, net | 177.5 |  |  | 183.5 |
Finance lease right-of-use assets | 0.2 |  |  | — |
Operating lease right-of-use assets | 4.6 |  |  | 5.2 |
Investment in equity affiliates | 55.8 |  |  | 59.1 |
Goodwill | 3.0 |  |  | 3.0 |
Other assets | 5.5 |  |  | 5.3 |
Total assets of discontinued operations | $ | 484.9 |  |  | $ | 489.9 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |
Current debt | $ | 0.1 |  |  | $ | 1.1 |
Finance lease liabilities | 0.1 |  |  | — |
Operating lease liabilities | 0.7 |  |  | 0.8 |
Accounts payable | 43.0 |  |  | 45.1 |
Income taxes payable | 1.4 |  |  | 1.2 |
Accrued expenses and other current liabilities | 44.4 |  |  | 55.2 |
Total current liabilities | 89.7 |  |  | 103.4 |
Long-term debt | 3.2 |  |  | 2.9 |
Finance lease liabilities, noncurrent | 0.1 |  |  | — |
Operating lease liabilities, noncurrent | 4.2 |  |  | 4.6 |
Long-term income tax payable | 0.6 |  |  | 0.6 |
Pension and other postretirement benefits | 20.8 |  |  | 21.3 |
Deferred income tax liabilities | 16.0 |  |  | 20.1 |
Other liabilities | 18.1 |  |  | 17.4 |
Total liabilities of discontinued operations | 152.7 |  |  | 170.3 |
Summary financial results of discontinued operations were as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net sales | $ | 127.2 |  |  | $ | 122.6 |  |  | $ | 399.1 |  |  | $ | 394.8 |
Cost of products sold | 92.3 |  |  | 95.7 |  |  | 309.9 |  |  | 298.1 |
Gross profit | 34.9 |  |  | 26.9 |  |  | 89.2 |  |  | 96.7 |
Selling expense | 3.7 |  |  | 3.3 |  |  | 11.0 |  |  | 10.5 |
Research and development expense | 2.2 |  |  | 1.8 |  |  | 7.1 |  |  | 5.6 |
General expense | 3.7 |  |  | 4.3 |  |  | 10.9 |  |  | 13.6 |
Total nonmanufacturing expenses | 9.6 |  |  | 9.4 |  |  | 29.0 |  |  | 29.7 |
Restructuring and other impairment expense | 0.5 |  |  | — |  |  | 0.6 |  |  | 0.2 |
Operating income | 24.8 |  |  | 17.5 |  |  | 59.6 |  |  | 66.8 |
Interest expense(1) | (12.3) |  |  | (8.9) |  |  | (35.1) |  |  | (15.0) |
Other income, net | 1.4 |  |  | 1.3 |  |  | 8.3 |  |  | 10.0 |
Income from discontinued operations before income taxes | 13.9 |  |  | 9.9 |  |  | 32.8 |  |  | 61.8 |
Income tax expense | 4.8 |  |  | (0.4) |  |  | 6.3 |  |  | 9.6 |
Income (loss) from equity affiliates, net of income taxes | 0.2 |  |  | 1.2 |  |  | 0.4 |  |  | 5.1 |
Net income from discontinued operations | 9.3 |  |  | 11.5 |  |  | 26.9 |  |  | 57.3 |
(1) Upon the close of the transaction, the Company plans to use a portion of the net proceeds to repay a portion of its outstanding debt amounting to approximately $575 million. This debt repayment is based on the triggering of a financial covenant in the loan agreement and interest expense has been allocated to discontinued operations on a pro-rata basis within the Condensed Consolidated Statement of Income (Loss) and the Condensed Consolidated Statement of Cash Flows based on the outstanding loan balances.

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