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Discontinued Operations and Disposal Groups (Tables) | 9 Months Ended
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Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations |
|  | 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) |
Condensed Income Statement |
| 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 |
Condensed Balance Sheet |
| 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 |

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