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Discontinued Operations | 6 Months Ended
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Jun. 30, 2020
Discontinued Operations And Disposal Groups [Abstract] |
Discontinued Operations |
6. | DISCONTINUED OPERATIONS
On October 31, 2018, we completed the previously announced sale of our Specialty Papers business on a cash free and debt free basis to Pixelle Specialty Solutions LLC, an affiliate of Lindsay Goldberg (the “Purchaser”) for $360 million. Cash proceeds from the sale were approximately $323 million in cash reflecting estimated purchase price adjustments as of the closing date and the assumption by the Purchaser of approximately $38 million in retiree healthcare liabilities. In addition, the Purchaser assumed approximately $210 million of pension liabilities relating to Specialty Papers’ employees and received approximately $274 million of related assets from the Company’s existing pension plan. In connection with the sale of Specialty Papers, we entered into a Transition Services Agreement with Purchaser pursuant to which we agreed to provide various back-office and information technology support until the business is fully separated from us, which was completed in the third quarter of 2019. The following table sets forth a summary of discontinued operations included in the condensed consolidated statements of income:
|  | Three months ended June 30 |  |  | Six months ended June 30 |
In thousands |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net sales |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Energy and related sales, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total revenues |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Costs of products sold |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gross profit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Selling, general and administrative expenses |  |  | 135 |  |  |  | 485 |  |  |  | 135 |  |  |  | (229 | )
Gains on dispositions of plant, equipment and timberlands, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Operating income (loss) |  |  | (135 | ) |  |  | (485 | ) |  |  | (135 | ) |  |  | 229 |
Non-operating income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Impairment charge |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Income (loss) before income taxes |  |  | (135 | ) |  |  | (485 | ) |  |  | (135 | ) |  |  | 229 |
Income tax provision (benefit) |  |  | — |  |  |  | (23 | ) |  |  | — |  |  |  | 8 |
Income (loss) from discontinued operations |  | $ | (135 | ) |  | $ | (462 | ) |  | $ | (135 | ) |  | $ | 221 |
The following table sets forth a summary of cash flows from discontinued operations which is included in the condensed consolidated statements of cash flows:
|  | Six months ended June 30 |  |
In thousands |  | 2020 |  |  | 2019 |  |
Net cash used by operating activities |  | $ | (945 | ) |  | $ | (10,658 | ) |
Net cash used by investing activities |  |  | — |  |  |  | (1,572 | ) |
Net cash provided by financing activities |  |  | — |  |  |  | — |  |
Change in cash and cash equivalents from discontinued operations |  | $ | (945 | ) |  | $ | (12,230 | ) |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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