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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Disposal Groups, Including Discontinued Operations | Included within the Consolidated Balance Sheet are the following major classes of assets and liabilities, respectively, associated with the discontinued operations (in millions):
|  | December 31, 2022
ASSETS |  |
Cash and cash equivalents |  | $ | 23.3 |
Accounts receivable, net |  | 88.6 |
Inventories, net |  | 120.2 |
Income taxes receivable |  | 0.4 |
Other current assets |  | 1.3 |
Total current assets |  | 233.8 |
Property, plant and equipment, net |  | 183.5 |
Operating lease right-of-use assets |  | 5.2 |
Investment in equity affiliates |  | 59.1 |
Goodwill |  | 3.0 |
Other assets |  | 5.3 |
Total assets of discontinued operations |  | $ | 489.9 |
LIABILITIES |  |
Current debt |  | $ | 1.1 |
Operating lease liabilities |  | 0.8 |
Accounts payable |  | 45.1 |
Income taxes payable |  | 1.2 |
Accrued expenses and other current liabilities |  | 55.2 |
Total current liabilities |  | 103.4 |
Long-term debt |  | 2.9 |
Operating lease liabilities, noncurrent |  | 4.6 |
Long-term income tax payable |  | 0.6 |
Pension and other postretirement benefits |  | 21.3 |
Deferred income tax liabilities |  | 20.1 |
Other liabilities |  | 17.4 |
Total liabilities of discontinued operations |  | $ | 170.3 |
Summary financial results of discontinued operations were as follows (in millions):
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Net sales |  | $ | 490.9 |  |  | $ | 530.5 |  |  | $ | 509.3 |
Cost of products sold |  | 373.4 |  |  | 398.9 |  |  | 362.2 |
Gross profit |  | 117.5 |  |  | 131.6 |  |  | 147.1 |
Selling expense |  | 13.2 |  |  | 14.4 |  |  | 14.2 |
Research and development expense |  | 8.6 |  |  | 7.8 |  |  | 8.5 |
General expense |  | 16.2 |  |  | 17.6 |  |  | 16.7 |
Total nonmanufacturing expenses |  | 38.0 |  |  | 39.8 |  |  | 39.4 |
Restructuring and other impairment expense |  | 0.5 |  | 0.2 |  |  | 8.2 |
Operating profit |  | 79.0 |  |  | 91.6 |  |  | 99.5 |
Interest expense (1) |  | 49.0 |  |  | 28.8 |  |  | 5.7 |
Other income, net |  | 194.8 |  |  | 9.3 |  |  | 5.8 |
Income from discontinued operations before income taxes |  | 224.8 |  |  | 72.1 |  |  | 99.6 |
Income tax expense |  | 29.1 |  | 15.0 |  |  | 18.8 |
Income (loss) from equity affiliates, net of income taxes |  | 2.5 |  | 5.2 |  |  | 6.4 |
Income from discontinued operations, net of tax |  | $ | 198.2 |  |  | $ | 62.3 |  |  | $ | 87.2 |
(1) Upon the close of the transaction, the Company used a portion of the net proceeds to repay a portion of its outstanding debt amounting to approximately $641.2 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 Consolidated Statements of Income (Loss) and the Consolidated Statement of Cash Flows based on the outstanding loan balances.

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