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DIVESTITURES | 12 Months Ended
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Dec. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
DIVESTITURES | DIVESTITURES PENDING DIVESTITURE Infrastructure business In December 2023, the Company announced that it had entered into a definitive agreement for the sale of its Infrastructure business as part of the Company's strategic commitment to simplify and streamline its portfolio to focus on the core Tools & Outdoor and Industrial businesses. Based on management's commitment to sell this business, the assets and liabilities related to the Infrastructure business were classified as held for sale on the Company's Consolidated Balance Sheet as of December 30, 2023. This pending divestiture does not qualify for discontinued operations and therefore, its results are included in the Company's continuing operations within the Industrial segment for all periods presented. Following is the pre-tax income for this business for the years ended December 30, 2023, December 31, 2022 and January 1, 2022:
(Millions of Dollars) | 2023 |  | 2022 |  | 2021
Pre-tax income | $ | 52.0 |  |  | $ | 54.3 |  |  | $ | 65.1 |
In addition, the Company recognized a $150.8 million pre-tax asset impairment charge in the fourth quarter of 2023 to adjust the carrying amount of the long-lived assets of the Infrastructure business to its estimated fair value less selling cost based on the contractual sale price outlined in the agreement. The transaction is subject to regulatory approval and other customary closing conditions. The carrying amounts of the assets and liabilities that were aggregated in assets held for sale and liabilities held for sale as of December 30, 2023 are presented in the following table:
(Millions of Dollars) | December 30, 2023
Cash and cash equivalents | $ | 0.6 |
Accounts and notes receivable, net | 41.3 |
Inventories, net | 96.5 |
Other current assets | 2.4 |
Property, plant and equipment, net | 70.4 |
Goodwill | 389.7 |
Intangibles, net | 214.3 |
Other assets | 42.4 |
Total assets | $ | 857.6 |
Accounts payable and accrued expenses | $ | 44.1 |
Other long-term liabilities | 84.8 |
Total liabilities | $ | 128.9 |
2022 DIVESTITURES Oil & Gas business On August 19, 2022, the Company completed the sale of its Oil & Gas business comprised of the pipeline services and equipment businesses to Pipeline Technique Limited and recognized a pre-tax loss of $8.6 million. This divestiture did not qualify for discontinued operations and therefore, its results were included in the Company's continuing operations within the Industrial segment for all periods presented through the date of sale. For the years ended December 31, 2022 and January 1, 2022, the Company recognized pre-tax losses of $2.7 million and $16.8 million for this business, respectively. In addition, the Company recognized a $168.4 million pre-tax asset impairment charge to adjust the carrying amount of the long-lived assets of the Oil & Gas business to its fair value less the costs to sell during the second quarter of 2022. Commercial Electronic Security and Healthcare businesses On July 22, 2022, the Company completed the sale of its Convergent Security Solutions ("CSS") business comprised of the commercial electronic security and healthcare businesses to Securitas AB for net proceeds of approximately $3.1 billion and recorded a pre-tax gain of $574 million. As part of the purchase and sale agreement, the Company provided transition services relating to certain administrative functions for Securitas AB from the date of close through January 2024. A portion of the net proceeds received at closing was deferred to reimburse the Company for transition service costs incurred over the service period. Mechanical Access Solutions business On July 5, 2022, the Company completed the sale of its Mechanical Access Solutions ("MAS") business comprised of the automatic doors business to Allegion plc for net proceeds of $916.0 million and recorded a pre-tax gain of $609 million. As part of the purchase and sale agreement, the Company is providing transition services relating to certain administrative functions for Allegion plc for an initial period of two years or less, with extensions up to six months for certain services, pending integration of these functions into their pre-existing business processes. The CSS and MAS divestitures represented a single plan to exit the Security segment and were considered a strategic shift that had a major effect on the Company’s operations and financial results. As such, the 2022 and 2021 operating results of CSS and MAS were reported as discontinued operations. These divestitures allowed the Company to invest in other areas that fit into its long-term strategy. Summarized operating results of discontinued operations are presented in the following table for each fiscal year ended:
(Millions of Dollars) | 2023 |  | 2022 |  | 2021
Net Sales | $ | — |  |  | $ | 1,056.3 |  |  | $ | 1,971.4 |
Cost of sales | — |  |  | 687.5 |  |  | 1,258.7 |
Selling, general, and administrative(1) | — |  |  | 308.0 |  |  | 529.2 |
(Loss) gain on sale of discontinued operations | (14.3) |  |  | 1,197.4 |  |  | — |
Other, net and restructuring charges | — |  |  | 47.3 |  |  | 59.2 |
(Loss) earnings from discontinued operations before income taxes | $ | (14.3) |  |  | $ | 1,210.9 |  |  | $ | 124.3 |
Income taxes on discontinued operations | 14.5 |  |  | 318.5 |  |  | (12.4) |
Net (loss) earnings from discontinued operations | $ | (28.8) |  |  | $ | 892.4 |  |  | $ | 136.7 |
(1) Includes provision for credit losses. The following table presents the significant non-cash items and capital expenditures for the discontinued operations with respect to CSS and MAS that are included in the Consolidated Statements of Cash Flows for each fiscal year ended:
(Millions of Dollars) | 2022 |  | 2021
Depreciation and amortization | $ | 0.4 |  |  | $ | 62.8 |
Capital expenditures | $ | 6.3 |  |  | $ | 20.0 |
Stock-based compensation | $ | 17.5 |  |  | $ | 7.9 |

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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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