Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of disposal groups, including discontinued operations

	Three Months Ended March 31,
	2023		2022
Net sales	$	46.9	$	60.6
Cost of sales	45.5		53.8
Selling, general and administrative	3.1		3.7
Restructuring and other special charges	—		0.5
Operating (loss) income	(1.7)		2.6
Interest expense1	(0.7)		(0.7)
(Loss) income from operation of discontinued operations	(2.4)		1.9
Income tax benefit	0.7		0.5
(Loss) income from discontinued operations, net of tax	$	(1.7)	$	2.4

(1) - Interest expense includes an allocation of interest that is not directly attributable to our Aluminum Products business, totaling $0.6 million in both three months ended March 31, 2023 and 2022.

The following represents the details of assets and liabilities held-for-sale in each period:

	March 31, 2023		December 31, 2022
	(In millions, except share data)
ASSETS
Current assets:
Accounts receivable, net	$	32.9	$	24.9
Inventories, net	21.4		30.2
Other current assets	1.3		1.2
Current assets held-for-sale1	55.6		56.3
Property, plant and equipment, net	47.6		46.1
Operating lease right-of-use assets	4.8		4.8
Long-term assets held-for-sale1	52.4		50.9
Total assets held-for-sale	$	108.0	$	107.2
LIABILITIES
Current liabilities:
Trade accounts payable	$	19.4	$	22.8
Current portion of finance lease liabilities	2.2		2.4
Current portion of operating lease liabilities	2.1		2.3
Other accrued expenses	8.8		10.7
Current liabilities held-for-sale1	$	32.5	$	38.2
Long-term liabilities, less current portion:
Long-term finance lease liabilities	2.7		3.1
Long-term operating lease liabilities	2.1		2.5
Long-term liabilities held-for-sale1	4.8		5.6
Total liabilities held-for-sale	$	37.3	$	43.8

(1) - We reasonably expect to finalize the sale of the Aluminum Products business in 2023, and therefore we have presented all assets and liabilities held-for-sale as current in the Condensed Consolidated Balance Sheet.