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Discontinued Operations (Tables)
 12 Months Ended
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, net88.6 
Inventories, net120.2 
Income taxes receivable0.4 
Other current assets1.3 
Total current assets233.8 
Property, plant and equipment, net183.5 
Operating lease right-of-use assets5.2 
Investment in equity affiliates59.1 
Goodwill3.0 
Other assets5.3 
Total assets of discontinued operations
$489.9 
LIABILITIES
 
Current debt$1.1 
Operating lease liabilities0.8 
Accounts payable45.1 
Income taxes payable1.2 
Accrued expenses and other current liabilities55.2 
Total current liabilities103.4 
Long-term debt2.9 
Operating lease liabilities, noncurrent4.6 
Long-term income tax payable0.6 
Pension and other postretirement benefits21.3 
Deferred income tax liabilities20.1 
Other liabilities17.4 
Total liabilities of discontinued operations
$170.3 
Summary financial results of discontinued operations were as follows (in millions):
Years Ended December 31,
 202320222021
Net sales$490.9 $530.5 $509.3 
Cost of products sold373.4 398.9 362.2 
Gross profit117.5 131.6 147.1 
Selling expense13.2 14.4 14.2 
Research and development expense8.6 7.8 8.5 
General expense16.2 17.6 16.7 
Total nonmanufacturing expenses38.0 39.8 39.4 
Restructuring and other impairment expense0.50.2 8.2 
Operating profit
79.0 91.6 99.5 
Interest expense (1)
49.0 28.8 5.7 
Other income, net194.8 9.3 5.8 
Income from discontinued operations before income taxes
224.8 72.1 99.6 
Income tax expense
29.115.0 18.8 
Income (loss) from equity affiliates, net of income taxes2.55.2 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.