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Discontinued Operations (Tables) | 6 Months Ended
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Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Summary of Financial Results of Discontinued Operations | The following table summarizes the financial results of our discontinued operations for all periods presented herein (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net Sales | $ | 13.6 |  |  | $ | 30.4 |  |  | $ | 30.5 |  |  | $ | 62.8 |
Cost of products sold | 15.6 |  |  | 18.6 |  |  | 31.5 |  |  | 37.9 |
Gross Profit | (2.0) |  |  | 11.8 |  |  | (1.0) |  |  | 24.9 |
Research and development | — |  |  | 0.2 |  |  | — |  |  | 0.6 |
Selling and general expenses | — |  |  | 3.8 |  |  | — |  |  | 7.7 |
Pretax loss on classification as discontinued operations | — |  |  | 72.3 |  |  | — |  |  | 72.3 |
Other expense, net | 1.4 |  |  | 0.1 |  |  | 4.3 |  |  | 0.2 |
Loss from discontinued operations before income taxes | (3.4) |  |  | (64.6) |  |  | (5.3) |  |  | (55.9) |
Income tax benefit (provision) from discontinued operations | 0.9 |  |  | 0.8 |  |  | 1.4 |  |  | (0.6) |
Net Loss from discontinued operations, net of tax | $ | (2.5) |  |  | $ | (63.8) |  |  | $ | (3.9) |  |  | $ | (56.5) |
Loss Per Share |  |  |  |  |  |  |
Basic | $ | (0.05) |  |  | $ | (1.37) |  |  | $ | (0.08) |  |  | $ | (1.21) |
Diluted | $ | (0.05) |  |  | $ | (1.37) |  |  | $ | (0.08) |  |  | $ | (1.21) |
Details on assets and liabilities classified as held for sale in the accompanying consolidated balance sheets are presented in the following table (in millions):
| June 30, 2024 |  | December 31, 2023
Assets held for sale - discontinued operations |  |  |
Inventories | $ | 25.7 |  |  | $ | 17.5 |
Property, Plant and Equipment, net | 44.0 |  |  | 43.9 |
Operating Lease Right-of-Use Assets | 3.0 |  |  | 3.1 |
Total assets classified as held for sale | $ | 72.7 |  |  | $ | 64.5 |
Liabilities held for sale - discontinued operations |  |  |
Current Portion of Operating Lease Liabilities | $ | 0.8 |  |  | $ | 0.8 |
Accrued expenses | 50.8 |  |  | 61.3 |
Non-Current Operating Lease Liability | 1.1 |  |  | 1.6 |
Total liabilities held for sale - discontinued operations | $ | 52.7 |  |  | $ | 63.7 |
The following table provides operating and investing cash flow information for our discontinued operations (in millions):
| Six Months Ended June 30, |
| 2024 |  | 2023 |
Operating Activities: |  |  |  |
Depreciation and amortization | $ | — |  |  | $ | 2.6 |  |
Stock-based compensation expense | — |  |  | 0.1 |  |
Investing Activities: |  |  |  |
Capital expenditures | 0.2 |  |  | 0.6 |  |

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