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Discontinued Operations | 12 Months Ended
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Dec. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | 5. Discontinued Operations On December 14, 2022, the Company completed the Separation. 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. During 2023, we recognized expense of $1.0 million within I ncome (loss) from discontinued operations, net of tax. The following table summarizes the results of the discontinued operations for the years ended December 31, 2022 and December 31, 2021.
(In millions) | 2022 |  | 2021 |
NET SALES | $ | 3,199.7 |  | $ | 2,855.0 |
Cost of products sold |  | 2,279.3 |  |  | 2,068.5 |
Selling, general and administrative expense |  | 619.7 |  |  | 485.3 |
Amortization of intangible asset |  | 16.8 |  |  | 17.8 |
Asset impairment charges |  | 46.4 |  |  | — |
Restructuring charges |  | 25.1 |  |  | 4.2 |
DISCONTINUED OPERATING INCOME |  | 212.4 |  |  | 279.2 |
Interest expense |  | 0.2 |  |  | 0.1 |
Other expense, net |  | 2.2 |  |  | 0.4 |
INCOME FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES |  | 210.0 |  |  | 278.7 |
Income taxes |  | 63.2 |  |  | 66.0 |
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | $ | 146.8 |  | $ | 212.7 |
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 cash flows of MasterBrand, which are reflected in the consolidated statements of cash flows:
(In millions) |  | 2022 |  |  | 2021 |
Net cash provided by operating activities |  | $ | 213.0 |  |  | $ | 162.7 |
Net cash used in investing activities |  |  | (55.8 | ) |  |  | (51.5 | )
Net cash used in financing activities |  |  | — |  |  |  | — |
Effect of foreign exchange rate changes on cash |  |  | (0.2 | ) |  |  | 0.1 |
Net increase in cash and cash equivalents |  | $ | 157.0 |  |  | $ | 111.3 |
MasterBrand depreciation for 2022 and 2021 was $43.6 million and $44.4 million, respectively. MasterBrand amortization of intangibles for 2022 and 2021 was $16.8 million and $17.8 million, respectively. MasterBrand capital expenditures for 2022 and 2021 were $55.8 million and $51.6 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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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