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DIVESTITURES | 12 Months Ended
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Dec. 28, 2024
Discontinued Operations and Disposal Groups [Abstract] |
DIVESTITURES | DIVESTITURES 2024 DIVESTITURE Infrastructure business On April 1, 2024, the Company completed the 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 December 30, 2023, the assets and liabilities related to the Infrastructure business were classified as held for sale on the Company's Consolidated Balance Sheet. This divestiture did not qualify for discontinued operations and therefore, its results were included in the Company's Consolidated Statements of Operations in continuing operations through the date of sale. Following is the pre-tax income for this business for the years ended December 28, 2024, December 30, 2023 and December 31, 2022:
(Millions of Dollars) | 2024 |  | 2023 |  | 2022
Pre-tax income | $ | 9.6 |  |  | $ | 52.0 |  |  | $ | 54.3 |
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 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, the results of the Oil & Gas business were included in the Company's continuing operations within the Industrial segment through the date of sale in the third quarter of 2022. For the year ended December 31, 2022, the Company recognized a pre-tax loss of $2.7 million for this business. In addition, the Company recognized a $168.4 million pre-tax asset impairment charge in the second quarter of 2022 to adjust the carrying amount of the long-lived assets of the Oil & Gas business to its fair value less the costs to sell. 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 $3.1 billion and recorded a pre-tax gain of $584 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. The transition service period is expected to end June 30, 2025, or earlier, upon 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 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) | 2024 |  | 2023 |  | 2022
Net Sales | $ | — |  |  | $ | — |  |  | $ | 1,056.3 |
Cost of sales | — |  |  | — |  |  | 687.5 |
Selling, general, and administrative(1) | — |  |  | — |  |  | 308.0 |
Gain (loss) on sale of discontinued operations | 10.4 |  |  | (14.3) |  |  | 1,197.4 |
Other, net and restructuring charges | — |  |  | — |  |  | 47.3 |
Earnings (loss) from discontinued operations before income taxes | $ | 10.4 |  |  | $ | (14.3) |  |  | $ | 1,210.9 |
Income taxes on discontinued operations | 2.4 |  |  | 14.5 |  |  | 318.5 |
Net earnings (loss) from discontinued operations | $ | 8.0 |  |  | $ | (28.8) |  |  | $ | 892.4 |
(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 the fiscal year ended December 31, 2022:
(Millions of Dollars) | 2022
Depreciation and amortization | $ | 0.4 |
Capital expenditures | $ | 6.3 |
Stock-based compensation | $ | 17.5 |

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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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