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DISCONTINUED OPERATIONS (Tables) | 6 Months Ended
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Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of 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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net sales | $ | 16.3 |  |  | $ | 262.9 |  |  | $ | 33.3 |  |  | $ | 531.2 |
Cost of sales | 10.2 |  |  | 101.0 |  |  | 19.9 |  |  | 199.7 |
Gross profit | 6.1 |  |  | 161.9 |  |  | 13.4 |  |  | 331.5 |
Selling, general, and administrative expenses | 5.3 |  |  | 61.0 |  |  | 11.0 |  |  | 122.3 |
Research and development expenses | 1.1 |  |  | 31.4 |  |  | 2.5 |  |  | 59.9 |
Separation costs | 5.2 |  |  | 79.7 |  |  | 10.5 |  |  | 121.0 |
Operating (loss) income, net | (5.5) |  |  | (10.2) |  |  | (10.6) |  |  | 28.3 |
Other non-operating expense, net | 0.1 |  |  | 1.1 |  |  | 3.2 |  |  | 1.4 |
(Loss) income from discontinued operations before provision for income taxes | (5.6) |  |  | (11.3) |  |  | (13.8) |  |  | 26.9 |
Benefit from income taxes from discontinued operations | (1.2) |  |  | (12.3) |  |  | (2.2) |  |  | (0.2) |
Net (loss) income from discontinued operations | $ | (4.4) |  |  | $ | 1.0 |  |  | $ | (11.6) |  |  | $ | 27.1 |
Details of assets and liabilities of discontinued operations are as follows (in millions):
| June 30, 2025 |  | December 31, 2024
Cash and cash equivalents | $ | 15.0 |  |  | $ | 9.6 |
Accounts receivable, net of allowances | 11.1 |  |  | — |
Inventories | 17.6 |  |  | 15.1 |
Prepaid expenses | 2.6 |  |  | 2.1 |
Total current assets of discontinued operations | $ | 46.3 |  |  | $ | 26.8 |
Property, plant, and equipment, net | $ | 5.2 |  |  | $ | 3.4 |
Operating lease right-of-use assets | 0.1 |  |  | — |
Goodwill | 7.5 |  |  | 7.4 |
Other assets | — |  |  | — |
Total non-current assets of discontinued operations | $ | 12.8 |  |  | $ | 10.8 |
Accounts payable | $ | 0.1 |  |  | $ | — |
Accrued and other liabilities | 2.1 |  |  | 2.0 |
Operating lease liabilities | 0.1 |  |  | — |
Total current liabilities of discontinued operations | $ | 2.3 |  |  | $ | 2.0 |
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,
|  |  |  |  | 2025 |  | 2024
Depreciation and amortization |  |  |  |  | — |  |  | 11.9 |
Stock-based compensation |  |  |  |  | 0.1 |  |  | 12.2 |
Inventory reserves and write offs |  |  |  |  | — |  |  | 6.7 |
Capital expenditures |  |  |  |  | (1.7) |  |  | 13.0 |

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