Discontinued Operations

6 Months Ended

Jun. 30, 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.

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