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DIVESTITURES | 3 Months Ended
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Mar. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
DIVESTITURES | DIVESTITURES Infrastructure business On April 1, 2024, the Company completed the previously announced sale of its Infrastructure business to Epiroc AB for $760 million. The Company received proceeds of $728.5 million at closing, net of customary adjustments and costs. As of March 30, 2024 and December 30, 2023, the assets and liabilities related to the Infrastructure business were classified as held for sale on the Company's Condensed Consolidated Balance Sheet. This divestiture does not qualify for discontinued operations and therefore, its results are included in the Company's Consolidated Statements of Operations and Comprehensive Loss for all periods presented. Following is the pre-tax income for this business for the first three months ended March 30, 2024, and April 1, 2023:
(Millions of Dollars) | 2024 |  | 2023
Pre-tax income | $ | 9.6 |  |  | $ | 18.0 |
In addition, the Company recognized pre-tax asset impairment charges of $25.5 million and $150.8 million in the first quarter of 2024 and fourth quarter of 2023, respectively, to adjust the carrying amount of the long-lived assets of the Infrastructure business to its estimated fair value less the costs to sell. The carrying amounts of the assets and liabilities that were aggregated in assets held for sale and liabilities held for sale as of March 30, 2024 and December 30, 2023 are presented in the following table:
(Millions of Dollars) | March 30, 2024 |  | December 30, 2023
Cash and cash equivalents | $ | 3.3 |  |  | $ | 0.6 |
Accounts and notes receivable, net | 43.0 |  |  | 41.3 |
Inventories, net | 87.7 |  |  | 96.5 |
Other current assets | 2.3 |  |  | 2.4 |
Property, plant and equipment, net | 71.4 |  |  | 70.4 |
Goodwill | 363.3 |  |  | 389.7 |
Intangibles, net | 214.2 |  |  | 214.3 |
Other assets | 42.3 |  |  | 42.4 |
Total assets | $ | 827.5 |  |  | $ | 857.6 |
Accounts payable and accrued expenses | $ | 45.0 |  |  | $ | 44.1 |
Other long-term liabilities | 83.4 |  |  | 84.8 |
Total liabilities | $ | 128.4 |  |  | $ | 128.9 |

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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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