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Discontinued Operations | 6 Months Ended
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Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations 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. On November 30, 2023 the Company completed the sale of its EP business. The gain and cash proceeds are subject to customary working capital adjustments during a specified period following the sale close date. Summary financial results of discontinued operations were as follows (in millions):
|  |  | Three Months Ended June 30, |  |  |  | Six Months Ended June 30,
|  |  | 2023 |  |  |  | 2023
Net sales |  |  | $ | 141.8 |  |  |  |  | $ | 271.9 |
Cost of products sold |  |  | 108.8 |  |  |  |  | 217.6 |
Gross profit |  |  | 33.0 |  |  |  |  | 54.3 |
Selling expense |  |  | 3.8 |  |  |  |  | 7.4 |
Research and development expense |  |  | 2.5 |  |  |  |  | 4.9 |
General expense |  |  | 3.4 |  |  |  |  | 7.3 |
Total nonmanufacturing expenses |  |  | 9.7 |  |  |  |  | 19.6 |
Operating profit |  |  | 23.3 |  |  |  |  | 34.7 |
Interest expense |  |  | (11.9) |  |  |  |  | (22.7) |
Other income (expense), net |  |  | (0.8) |  |  |  |  | 6.9 |
Income from discontinued operations before income taxes |  |  | 10.6 |  |  |  |  | 18.9 |
Income tax expense |  |  | 0.9 |  |  |  |  | 1.5 |
Income from equity affiliates, net of income taxes |  |  | 0.1 |  |  |  |  | 0.2 |
Net income from discontinued operations |  |  | $ | 9.8 |  |  |  |  | $ | 17.6 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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