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DISCONTINUED OPERATIONS (Tables) | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net sales | $ | 177.2 |  |  | $ | 237.5 |  |  | $ | 708.4 |  |  | $ | 727.1 |
Cost of sales | 65.4 |  |  | 99.8 |  |  | 265.1 |  |  | 295.5 |
Gross profit | 111.8 |  |  | 137.7 |  |  | 443.3 |  |  | 431.6 |
Selling, general, and administrative expenses | 40.9 |  |  | 57.7 |  |  | 163.2 |  |  | 178.7 |
Research and development expenses | 21.4 |  |  | 27.5 |  |  | 81.3 |  |  | 81.0 |
Separation costs | 81.5 |  |  | — |  |  | 202.5 |  |  | — |
Operating (loss) income, net | (32.0) |  |  | 52.5 |  |  | (3.7) |  |  | 171.9 |
Other non-operating (income) expense, net | (3,338.9) |  |  | 0.8 |  |  | (3,337.5) |  |  | 0.7 |
Income from discontinued operations before provision for income taxes | 3,306.9 |  |  | 51.7 |  |  | 3,333.8 |  |  | 171.2 |
Provision for income taxes from discontinued operations | 599.6 |  |  | 2.9 |  |  | 599.4 |  |  | 28.4 |
Net income from discontinued operations | 2,707.3 |  |  | 48.8 |  |  | 2,734.4 |  |  | 142.8 |
Details of assets and liabilities of discontinued operations are as follows (in millions):
| September 30, 2024 |  | December 31, 2023
Cash and cash equivalents | $ | 2.9 |  |  | $ | 11.7 |
Accounts receivable, net of allowances | — |  |  | 3.6 |
Other receivables | — |  |  | 5.2 |
Inventories | 17.1 |  |  | 264.7 |
Prepaid expenses | — |  |  | 18.0 |
Other current assets | — |  |  | 14.4 |
Total current assets of discontinued operations | $ | 20.0 |  |  | $ | 317.6 |
Property, plant, and equipment, net | 3.1 |  |  | 158.4 |
Operating lease right-of-use assets | — |  |  | 9.6 |
Goodwill | 7.4 |  |  | 108.4 |
Other intangible assets, net | — |  |  | 29.0 |
Deferred income taxes | — |  |  | 5.2 |
Other assets | — |  |  | 0.5 |
Total non-current assets of discontinued operations | $ | 10.5 |  |  | $ | 311.1 |
Accounts payable | $ | — |  |  | $ | 14.8 |
Accrued and other liabilities | 1.8 |  |  | 112.7 |
Operating lease liabilities | — |  |  | 2.0 |
Total current liabilities of discontinued operations | $ | 1.8 |  |  | $ | 129.5 |
Operating lease liabilities | — |  |  | 7.8 |
Uncertain tax positions | — |  |  | 4.3 |
Other liabilities | — |  |  | 13.0 |
Total non-current liabilities of discontinued operations | $ | — |  |  | $ | 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):
| Nine Months Ended September 30,
| 2024 |  | 2023
Depreciation and amortization | 12.1 |  |  | 16.2 |
Stock-based compensation | 16.7 |  |  | 11.6 |
Inventory write off | 17.0 |  |  | 13.2 |
Capital expenditures | 16.4 |  |  | 21.0 |

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