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DISCONTINUED OPERATIONS (Tables) | 6 Months Ended
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Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | Details of Income from Discontinued Operations are as follows (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net sales | $ | 246.4 |  |  | $ | 234.7 |  |  | $ | 497.7 |  |  | $ | 456.6 |
Cost of sales | 91.2 |  |  | 86.1 |  |  | 180.5 |  |  | 176.6 |
Gross profit | 155.2 |  |  | 148.6 |  |  | 317.2 |  |  | 280.0 |
Selling, general, and administrative expenses | 57.7 |  |  | 58.3 |  |  | 114.6 |  |  | 112.6 |
Research and development expenses | 30.6 |  |  | 26.6 |  |  | 58.0 |  |  | 53.0 |
Separation costs | 79.7 |  |  | — |  |  | 121.0 |  |  | — |
Operating (loss) income, net | (12.8) |  |  | 63.7 |  |  | 23.6 |  |  | 114.4 |
Other expense (income), net | 1.1 |  |  | 0.3 |  |  | 1.4 |  |  | (0.1) |
(Loss) income from discontinued operations before provision for income taxes | (13.9) |  |  | 63.4 |  |  | 22.2 |  |  | 114.5 |
(Benefit from) provision for income taxes from discontinued operations | (12.5) |  |  | 12.1 |  |  | (0.7) |  |  | 24.9 |
Net (loss) income from discontinued operations | (1.4) |  |  | 51.3 |  |  | 22.9 |  |  | 89.6 |
Details of assets and liabilities of discontinued operations are as follows (in millions):
| June 30, 2024 |  | December 31, 2023
Cash and cash equivalents | $ | 9.2 |  |  | $ | 7.9 |
Accounts receivable, net of allowances | 4.9 |  |  | 3.6 |
Other receivables | 4.1 |  |  | 5.2 |
Inventories | 261.9 |  |  | 249.9 |
Prepaid expenses | 17.9 |  |  | 18.0 |
Other current assets | 6.8 |  |  | 14.4 |
Total current assets of discontinued operations | $ | 304.8 |  |  | $ | 299.0 |
Property, plant, and equipment, net | 158.6 |  |  | 156.6 |
Operating lease right-of-use assets | 14.2 |  |  | 9.6 |
Goodwill | 101.0 |  |  | 101.0 |
Other intangible assets, net | 27.3 |  |  | 29.0 |
Deferred income taxes | 5.2 |  |  | 5.2 |
Other assets | 0.3 |  |  | 0.6 |
Total non-current assets of discontinued operations | $ | 306.6 |  |  | $ | 302.0 |
Accounts payable | $ | 13.3 |  |  | $ | 14.8 |
Accrued and other liabilities | 90.9 |  |  | 110.9 |
Operating lease liabilities | 3.0 |  |  | 2.0 |
Total current liabilities of discontinued operations | $ | 107.2 |  |  | $ | 127.7 |
Operating lease liabilities | 11.4 |  |  | 7.8 |
Uncertain tax positions | 4.3 |  |  | 4.3 |
Other liabilities | 14.3 |  |  | 13.0 |
Total non-current liabilities of discontinued operations | $ | 30.0 |  |  | $ | 25.1 |
Cash flows attributable to the Company's discontinued operations are included in the Company's consolidated condensed statements of cash flows. Significant non-cash operating and investing activities attributable to discontinued operations consisted of the following (in millions):
| Six Months Ended June 30,
| 2024 |  | 2023
Depreciation and amortization | 11.7 |  |  | 11.2 |
Stock-based compensation | 11.9 |  |  | 7.8 |
Inventory write off | 6.7 |  |  | 3.5 |
Capital expenditures | 11.4 |  |  | 13.4 |

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