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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Disposal Groups, Including Discontinued Operations | Summary financial results of discontinued operations were as follows (in millions):
|  |  | Years Ended December 31,
|  |  | 2023 |  | 2022
Net sales |  |  | $ | 490.9 |  |  | $ | 530.5 |
Cost of products sold |  |  | 373.4 |  |  | 398.9 |
Gross profit |  |  | 117.5 |  |  | 131.6 |
Selling and general expense |  |  | 29.4 |  |  | 32.0 |
Research and development expense |  |  | 8.6 |  |  | 7.8 |
Intangible asset amortization expense |  |  | — |  |  | — |
Total nonmanufacturing expenses |  |  | 38.0 |  |  | 39.8 |
Restructuring and other impairment expense |  |  | 0.5 |  |  | 0.2 |
Operating profit |  |  | 79.0 |  |  | 91.6 |
Interest expense (1) |  |  | 49.0 |  |  | 28.8 |
Other income, net |  |  | 194.8 |  |  | 9.3 |
Income from discontinued operations before income taxes |  |  | 224.8 |  |  | 72.1 |
Income tax expense |  |  | 29.1 |  |  | 15.0 |
Income from equity affiliates, net of income taxes |  |  | 2.5 |  |  | 5.2 |
Income from discontinued operations, net of tax |  |  | $ | 198.2 |  |  | $ | 62.3 |
(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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