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Discontinued Operations and Disposal Groups | 3 Months Ended
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Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure | Discontinued Operations On July 21, 2024, we entered into agreements with Sofidel America Corp. (Sofidel), pursuant to which we agreed to sell our consumer products division through the divestiture of certain wholly owned subsidiaries and certain assets of the Company. The purchase price was $1.06 billion in cash, subject to adjustments for debt and transaction expenses. Accordingly, financial results included in this document report the consumer products division as discontinued for all periods presented. Below is a reconciliation of line items constituting pre-tax income from discontinued operations to the after-tax income from discontinued operations as reported on our Consolidated Statement of Operations:
| Quarter Ended September 30, |  | Nine Months Ended September 30,
| 2024 | 2023 |  | 2024 | 2023
Net sales | $ | 262.4 |  | $ | 259.3 |  |  | $ | 768.3 |  | $ | 761.3 |
Cost of sales | 212.2 |  | 203.3 |  |  | 611.1 |  | 627.4 |
Selling, general and administrative expenses | 7.0 |  | 8.1 |  |  | 22.7 |  | 23.4 |
Depreciation and amortization | 6.7 |  | 14.2 |  |  | 35.0 |  | 43.5 |
Other operating charges, net | 6.3 |  | 0.1 |  |  | 10.8 |  | 1.3 |
Income from discontinued operations | 30.1 |  | 33.6 |  |  | 88.7 |  | 65.8 |
Other non-operating expense | (8.0) |  | (4.6) |  |  | (19.7) |  | (14.1) |
Total non-operating expense | (8.0) |  | (4.6) |  |  | (19.7) |  | (14.1) |
Income from discontinued operations before income taxes | 22.1 |  | 29.0 |  |  | 68.9 |  | 51.7 |
Income tax provision | 5.6 |  | 7.2 |  |  | 17.4 |  | 12.9 |
Income from discontinued operations, net of tax | $ | 16.6 |  | $ | 21.7 |  |  | $ | 51.6 |  | $ | 38.8 |
The major components of “Other operating charges, net” included in discontinued operations for the quarter and nine months ended September 30, 2024 and 2023 are reflected in the table below. These items are considered outside of our core discontinued operations.
| Quarter Ended September 30, |  | Nine Months Ended September 30,
| 2024 | 2023 |  | 2024 | 2023
Divestiture related costs | $ | 6.2 |  | $ | — |  |  | $ | 10.5 |  | $ | — |
Loss on sale or impairment associated with assets | 0.1 |  | 0.1 |  |  | 0.3 |  | 1.3 |
| $ | 6.3 |  | $ | 0.1 |  |  | $ | 10.8 |  | $ | 1.3 |
The carrying amounts of major components of assets and liabilities included as part of discontinued operations are as follows:
| September 30, 2024 | December 31, 2023
Assets of discontinued operations: |  |
Receivables, net of allowance for current expected credit losses | $ | 82.0 |  | $ | 88.4 |
Inventories, net | 162.1 |  | 158.6 |
Other current assets | 2.0 |  | 0.5 |
Property, plant and equipment, net | 608.1 |  | 629.4 |
Other assets, net | 25.5 |  | 28.5 |
Total assets of discontinued operations | 879.7 |  | 905.4 |
Liabilities of discontinued operations: |  |
Current portion of long-term debt | 0.9 |  | 0.8 |
Accounts payable and accrued liabilities | 102.1 |  | 89.7 |
Long-term debt | 21.7 |  | 22.4 |
Liability for pension and other postretirement employee benefits | 1.2 |  | 1.2 |
Deferred tax liabilities and other long-term obligations | 107.5 |  | 114.5 |
Total liabilities of discontinued operations | 233.5 |  | 228.6 |
Net assets of discontinued operations | $ | 646.2 |  | $ | 676.8 |
Operating and investing cash flows of the discontinued operation are presented in the following table:
|  | Nine Months Ended September 30,
|  | 2024 | 2023
Net cash provided by operating activities of discontinued operations |  | $ | 133.8 |  | $ | 75.1 |
Net cash used in investing activities of discontinued operations |  | (9.8) |  | (12.1) |

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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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