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DISCONTINUED OPERATIONS (Tables) | 6 Months Ended
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Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Results of Discontinued Operations and Assets and Liabilities of Discontinued Operations | The following table summarizes the major classes of line items included in income from discontinued operations, net of tax, for the three and six months ended June 30, 2023 and 2022:
| Three months ended June 30, | Six months ended June 30,
(in millions) | 2023 | 2022 | 2023 | 2022
Net sales | $ | 142 |  | $ | 152 |  | $ | 278 |  | $ | 301 |
Cost of sales | 71 |  | 70 |  | 135 |  | 133 |
Gross margin | 71 |  | 82 |  | 143 |  | 168 |
Selling, general and administrative expenses | 14 |  | 6 |  | 29 |  | 11 |
Research and development expenses | 1 |  | — |  | 1 |  | 1 |
Other income, net | (1) |  | — |  | — |  | — |
Income from discontinued operations before income taxes | 57 |  | 76 |  | 113 |  | 156 |
Income tax expense | 3 |  | 6 |  | 14 |  | 21 |
Income from discontinued operations, net of tax | $ | 54 |  | $ | 70 |  | $ | 99 |  | $ | 135 |
The following table summarizes the carrying amounts of the major classes of assets and liabilities classified as discontinued operations in the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022:
(in millions) | June 30, 2023 | December 31, 2022
Accounts receivable, net of allowances | $ | 82 |  | $ | 88 |
Inventories | 60 |  | 39 |
Prepaid expenses and other current assets | 91 |  | 59 |
Property, plant and equipment, net | 297 |  | 284 |
Goodwill | 386 |  | 391 |
Operating lease right-of-use assets | 9 |  | 9 |
Other non-current assets | 6 |  | 2 |
Assets of discontinued operations | $ | 931 |  | $ | 872 |
Accounts payable | $ | 40 |  | $ | 29 |
Accrued expenses and other current liabilities | 30 |  | 32 |
Operating lease liabilities | 8 |  | 9 |
Other non-current liabilities | 115 |  | 111 |
Liabilities of discontinued operations | $ | 193 |  | $ | 181 |

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