Investment in joint venture reflects our 50% equity interest in WAVE. The WAVE joint venture is reflected within the Mineral Fiber segment in our condensed consolidated financial statements using the equity method of accounting. The European and Pacific Rim businesses of WAVE were included in the Sale to Knauf on September 30, 2019. Accordingly, beginning in 2017, WAVE’s European and Pacific Rim historical financial statement results have been reflected in WAVE’s consolidated financial statements as a discontinued operation for all periods presented. Condensed financial statement data for WAVE is summarized below on a continuing operations basis.

	September 30, 2019		December 31, 2018
Current assets	$	105.4	$	112.9
Current assets of discontinued operations		-		33.8
Nonncurrent assets		34.3		34.9
Current liabilities		23.7		113.6
Current liabilities of discontinued operations		-		6.9
Other noncurrent liabilities		284.3		293.6

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Net sales	$	99.9	$	93.1	$	302.3	$	287.5
Gross profit		56.9		50.8		168.4		160.2
Net earnings		43.9		38.7		127.3		123.5

In connection with the sale of WAVE’s European and Pacific Rim businesses and operations to Knauf on September 30, 2019, WAVE recorded a $50.9 million gain on sale, which included $10.2 million of unfavorable AOCI adjustments. As such, during the third quarter of 2019, we recorded our 50% share of WAVE’s gain on sale of discontinued operations of $25.5 million, included as a component of Equity earnings from joint venture in our Condensed Consolidated Statements of Earnings and Comprehensive Income. The transaction and final gain amount is subject to finalization of customary working capital and other adjustments, as provided in the Purchase Agreement.

Our recorded investment in WAVE was higher than our 50% share of the carrying values reported in WAVE’s consolidated financial statements by $147.0 million as of September 30, 2019, and $155.5 million as of December 31, 2018. These differences are due to our

adoption of fresh-start reporting upon emergence from Chapter 11 in October 2006, while WAVE’s consolidated financial statements do not reflect fresh-start reporting. These differences are composed of the following fair value adjustments to assets:

	September 30, 2019		December 31, 2018
Property, plant and equipment	$	0.4	$	0.4
Other intangibles		116.2		124.7
Goodwill		30.4		30.4
Total	$	147.0	$	155.5

Other intangibles include customer relationships, trademarks and developed technology. Customer relationships are amortized over 20 years and developed technology is amortized over 15 years. Trademarks have an indefinite life. During the third quarter of 2019, we wrote off $4.4 million of customer relationships and developed technology intangible assets attributed to WAVE’s European and Pacific Rim businesses included in the Sale. This write-off is included as a reduction to Equity earnings from joint venture in our Condensed Consolidated Statements of Earnings and Comprehensive Income.