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Discontinued Operations | 12 Months Ended
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Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | 5. Discontinued Operations On December 14, 2022, the Company completed the Separation of MasterBrand. The consolidated statements of income and consolidated balance sheets for all prior periods have been adjusted to reflect the presentation of MasterBrand as discontinued operations. The following table summarizes the results of the discontinued operations for the years ended December 31, 2022, 2021 and 2020.
(In millions, except per share amounts) | 2022 |  | 2021 |  | 2020 |
NET SALES | $ | 3,199.7 |  | $ | 2,855.0 |  | $ | 2,469.0 |
Cost of products sold |  | 2,279.3 |  |  | 2,068.5 |  |  | 1,768.7 |
Selling, general and administrative expense |  | 619.7 |  |  | 485.3 |  |  | 433.8 |
Amortization of intangible asset |  | 16.8 |  |  | 17.8 |  |  | 17.8 |
Asset impairment charges |  | 46.4 |  |  | — |  |  | 9.5 |
Restructuring charges |  | 25.1 |  |  | 4.2 |  |  | 5.5 |
DISCONTINUED OPERATING INCOME |  | 212.4 |  |  | 279.2 |  |  | 233.7 |
Interest expense |  | 0.2 |  |  | 0.1 |  |  | 0.1 |
Other expense, net |  | 2.2 |  |  | 0.4 |  |  | 2.2 |
INCOME FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES |  | 210.0 |  |  | 278.7 |  |  | 231.4 |
Income taxes |  | 63.2 |  |  | 66.0 |  |  | 57.8 |
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX |  | 146.8 |  |  | 212.7 |  |  | 173.6 |
We incurred $63.2 million of transaction costs in connection with the Separation during the year ended December 31, 2022, which are included in the consolidated statements of operations as discontinued operations. These costs include legal, accounting and advisory fees, implementation and integration costs, duplicative costs for subscriptions and information technology systems, employee and contract costs, and other incremental separation costs related to the Separation. The following table summarizes the major classes of assets and liabilities of MasterBrand, which are now reflected as discontinued operations in the consolidated balance sheet:
(In millions) | 2021 |
ASSETS |  |
Current assets |  |
Cash and cash equivalents | $ | 45.9 |
Accounts receivable less allowances for discounts and credit losses |  | 305.3 |
Inventories |  | 304.3 |
Other current assets |  | 58.5 |
TOTAL CURRENT ASSETS OF DISCONTINUED OPERATIONS |  | 714.0 |
Property, plant and equipment, net of accumulated depreciation |  | 338.7 |
Operating lease assets |  | 61.2 |
Goodwill |  | 926.2 |
Other intangible assets, net of accumulated amortization |  | 415.7 |
Other assets |  | 33.9 |
TOTAL ASSETS OF DISCONTINUED OPERATIONS |  | 2,489.7 |
LIABILITIES |  |
Current liabilities |  |
Accounts payable |  | 203.9 |
Other current liabilities |  | 159.8 |
TOTAL CURRENT LIABILITIES OF DISCONTINUED OPERATIONS |  | 363.7 |
Deferred income taxes |  | 94.3 |
Accrued defined benefit plans |  | (1.2 | )
Operating lease liabilities |  | 50.0 |
Other non-current liabilities |  | 5.8 |
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS | $ | 512.6 |
The following table summarizes the cash flows of MasterBrand, which are reflected in the consolidated statements of cash flows:
(In millions) |  | 2022 |  |  | 2021 |  |  | 2020 |
Net cash provided by operating activities |  | $ | 213.0 |  |  | $ | 162.7 |  |  | $ | 232.9 |
Net cash used in investing activities |  |  | (55.8 | ) |  |  | (51.5 | ) |  |  | (26.7 | )
Net cash used in financing activities |  |  | — |  |  |  | — |  |  |  | — |
Effect of foreign exchange rate changes on cash |  |  | (0.2 | ) |  |  | 0.1 |  |  |  | 0.8 |
Net increase (decrease) in cash and cash equivalents |  | $ | 157.0 |  |  | $ | 111.3 |  |  | $ | 207.0 |
MasterBrand depreciation for 2022, 2021 and 2020 was $43.6 million, $44.4 million and $48.0 million, respectively. MasterBrand amortization of intangibles for 2022, 2021 and 2020 was $16.8 million, $17.8 million and $17.8 million, respectively. MasterBrand capital expenditures for 2022, 2021 and 2020 were $55.8 million, $51.6 million and $27.3 million, respectively.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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