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Discontinued Operations

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Upon entering into the Engineered Papers Offer agreement, the EP business met the criteria set forth in Accounting Standards Codification 205-20, Presentation of Financial Statements – Discontinued Operations ("ASC 205-20"), as the sale represents a strategic shift that will have a major effect on the Company’s operations and financial results.

Summary financial results of discontinued operations were as follows (in millions):


	Three Months Ended March 31,
		2023
Net sales		$	130.0
Cost of products sold		108.7
Gross profit		21.3

Selling expense		3.5
Research and development expense		2.4
General expense		3.9
Total nonmanufacturing expenses		9.8



Operating profit		11.5
Interest expense		(10.9)
Other income, net		7.7
Income from discontinued operations before income taxes		8.3
Income tax expense		0.6
Income from equity affiliates, net of income taxes		0.1
Net income from discontinued operations		$	7.8