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, 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.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Net sales	$	86.3	$	99.9	$	257.0	$	302.3
Gross profit		49.4		56.9		145.7		168.4
Net earnings		33.4		43.9		103.3		127.3

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. 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 Operations and Comprehensive Income.