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AQUISITIONS AND DISCONTINUED OPERATIONS | 3 Months Ended
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Mar. 30, 2019
Discontinued Operations and Disposal Groups [Abstract] |
AQUISITIONS AND DISCONTINUED OPERATIONS | ACQUISITIONS AND DISCONTINUED OPERATIONS Acquisition of Sabik As indicated in Note 1, on February 1, 2019, we completed the acquisition of Sabik for $77.0, net of cash acquired of $0.6. The assets acquired and liabilities assumed have been recorded at estimates of fair value as determined by management, based on available information and on assumptions as to future operations and are subject to change upon completion of acquisition accounting. We financed the acquisition with available cash and borrowings under our senior credit and trade receivables financing arrangements. For the period February 1, 2019 to March 30, 2019, Sabik recognized revenues and a net loss of $4.3 and $0.1, respectively, with the net loss impacted by charges of $1.1 associated with the excess fair value (over historical cost) of inventory acquired which was subsequently sold during the period. During the three months ended March 30, 2019, we incurred acquisition related costs for Sabik of $0.3, which have been recorded to “Selling, general and administrative” within the accompanying condensed consolidated statement of operations. The pro forma effects of the Sabik acquisition are not material to our consolidated results of operations. Acquisition of Cues As indicated in Note 1, on June 7, 2018, we completed the acquisition of Cues for $164.4, net of cash acquired of $20.6. We financed the acquisition with available cash and borrowings under our senior credit and trade receivables financing arrangements. The assets acquired and liabilities assumed have been recorded at estimates of fair value as determined by management, based on information available and on assumptions as to future operations and are subject to change based on the final assessment and valuation of certain income tax amounts. The following is a summary of the recorded fair values of the assets acquired and liabilities assumed for Cues as of June 7, 2018:
Assets acquired: |  |
Current assets, including cash and equivalents of $20.6 |  | $ | 70.4 |
Property, plant and equipment |  | 7.4 |
Goodwill |  | 47.8 |
Intangible assets |  | 79.5 |
Other assets |  | 2.3 |
Total assets acquired |  | 207.4 |
Current liabilities assumed |  | 7.8 |
Non-current liabilities assumed |  | 14.6 |
Net assets acquired |  | $ | 185.0 |
The identifiable intangible assets acquired consist of a trademark, customer backlog, customer relationships, and technology of $27.6, $0.8, $42.6, and $8.5, respectively, with such amounts based on an assessment of the related fair values. We are amortizing the customer backlog, customer relationships, and technology assets over 0.5, 12.0, and 11.0 years, respectively. We acquired gross receivables of $13.6, which had a fair value at the acquisition date of $13.2 based on our estimates of cash flows expected to be recovered. The qualitative factors that comprise the recorded goodwill include expected synergies from combining our existing inspection equipment operations with those of Cues, expected market growth for Cues’ existing operations, and various other factors. We expect none of this goodwill or the intangible assets described above to be deductible for tax purposes. The following unaudited pro forma information presents our results of operations for the three months ended March 31, 2018 as if the acquisition of Cues had taken place on January 1, 2018. The unaudited pro forma financial information is not intended to represent or be indicative of our consolidated results of operations that would have been reported had the acquisition been completed as of the date presented, and should not be taken as representative of our future consolidated results of operations. The pro forma results include estimates and assumptions that management believes are reasonable; however, these results do not include any anticipated cost savings or expenses of the planned integration of Cues. These pro forma results of operations have been prepared for comparative purposes only and include additional interest expense on the borrowings required to finance the acquisition, additional depreciation and amortization expense associated with fair value adjustments to the acquired property, plant and equipment and intangible assets, the removal of professional fees incurred in connection with the transaction, and the related income tax effects.
| Three months ended
| March 31, 2018
Revenues | $ | 369.3 |
Income from continuing operations | 12.7 |
Net income | 12.7 |
Income from continuing operations per share of common stock: |
Basic | $ | 0.30 |
Diluted | $ | 0.29 |
Net income per share of common stock: |
Basic | $ | 0.30 |
Diluted | $ | 0.29 |
Acquisition of Schonstedt As indicated in Note 1, on March 1, 2018, we completed the acquisition of Schonstedt for $16.4, net of cash acquired of $0.3 , which included an additional amount paid during the three months ended June 30, 2018 of $0.1 related to the settlement of the agreed-upon working capital as of the acquisition date. The pro forma effects of the Schonstedt acquisition are not material to our consolidated results of operations. Discontinued Operations Summarized below are the components of discontinued operations for the three months ended March 30, 2019 and March 31, 2018:
| Three months ended
| March 30, 2019 |  | March 31, 2018
Income (loss) from discontinued operations | $ | — |  |  | $ | — |
Income tax provision (1) | (1.4 | ) |  | — |
Loss from discontinued operations, net | $ | (1.4 | ) |  | $ | — |
___________________________ (1) We recorded a provision of $1.4 within “Loss on disposition of discontinued operations, net of tax” during the three months ended March 30, 2019 as a result of a change in estimate associated with income tax liabilities retained in connection with a prior business divestiture.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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