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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Summary of Results of the 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 |
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 |
Summary of Cash Flow Information Related to Discontinued Operations | 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 |

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