v3.26.3
Divestitures (Tables)
 9 Months Ended
Sep. 30, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operations
The results of our discontinued operations are summarized below:
Three Months Ended September 30,Nine Months Ended September 30,
In millions2026202520262025
Net sales$— $29.0 $— $98.7 
Cost of sales— 18.0 — 76.1 
Gross profit— 11.0 — 22.6 
Selling, general, and administrative expenses— 0.9 — 2.7 
Research and technical expenses— 0.6 — 2.1 
Restructuring and other (income) charges, net2.1 8.8 14.7 33.9 
(Gain) loss on sale of business (1)(2)(3)
0.2 — (54.0)— 
Other (income) expense, net— (1.0)— (0.9)
Income (loss) from discontinued operations before income taxes(2.3)1.7 39.3 (15.2)
Provision (benefit) for income taxes on discontinued operations(0.5)(1.0)9.2 (4.2)
Income (loss) from discontinued operations, net of income taxes$(1.8)$2.7 $30.1 $(11.0)
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(1) During the three months ended September 30, 2026, we incurred $0.2 million of customary purchase price adjustments.
(2) During the nine months ended September 30, 2026, the gain of $54.0 million is inclusive of $7.3 million of customary purchase price adjustments. These adjustments include a $4.7 million LIFO reserve adjustment, reflecting the impact of removing the divested industrial specialties product line inventory from the company's LIFO pool.
(3) In connection with the sale of our DeRidder, Louisiana facility during the nine months ended September 30, 2026, we extinguished a $7.8 million asset retirement obligation and recognized an $8.2 million guarantee, through June 30, 2027, related to certain environmental obligations assumed by the purchaser. The guarantee is included within "Accrued expenses" on the Condensed Consolidated Balance Sheet as of September 30, 2026, and the resulting $0.4 million loss was recognized within "(Gain) loss on sale of business" within discontinued operations for the nine months ended September 30, 2026.
The following table presents the major classes of assets and liabilities which represent those related to our industrial specialties product line, classified as held for sale and presented as discontinued operations:
In millionsSeptember 30, 2026December 31, 2025
Assets(Unaudited)(Unaudited)
Accounts receivable, net$— $6.5 
Inventories, net (1)
— 9.4 
Current assets of discontinued operations— 15.9 
Property, plant, and equipment, net— 15.4 
Operating lease assets, net— 4.1 
Noncurrent assets of discontinued operations— 19.5 
Total Assets of discontinued operations$— $35.4 
Liabilities
Accrued payroll and employee benefits$— $0.6 
Current operating lease liabilities— 2.5 
Current liabilities of discontinued operations— 3.1 
Noncurrent operating lease liabilities— 0.7 
Noncurrent liabilities of discontinued operations— 0.7 
Total Liabilities of discontinued operations$— $3.8 
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(1) Reported net of LIFO Reserve of zero and $8.2 million for the periods ended September 30, 2026 and December 31, 2025, respectively.
The cash flows related to the discontinued operations have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows. The following table presents significant cash flow and non-cash information for the Discontinued Operations:
Nine Months Ended September 30,
In millions20262025
Cash provided by (used in) operating activities:
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation and amortization$— $1.1 
Restructuring and other (income) charges, net14.7 33.9 
LIFO charge (liquidation)— (20.5)
(Gain) loss on sale of business(54.0)— 
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Restructuring and other cash outflow, net(16.6)(33.9)
CTO resales cash inflow (outflow), net— 6.2 
Cash provided by (used in) investing activities:
Capital expenditures$— $(0.2)