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ACQUISITIONS AND DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
Jul. 03, 2021
Acquisitions and Discontinued Operations [Abstract]  
Schedule of Discontinued Operations
Major line items constituting pre-tax income and after-tax income of Transformer Solutions for the three and six months ended July 3, 2021 and June 27, 2020 are shown below:

Three months endedSix months ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Revenues$108.5 $113.9 $219.1 $224.5 
Costs and expenses:
Cost of product sold87.3 88.5 176.7 175.1 
Selling, general and administrative8.6 8.2 18.1 16.0 
Other income, net0.2 0.4 — 0.7 
Income before income tax12.8 17.6 24.3 34.1 
Income tax (provision) benefit (1)
29.9 (4.1)27.0 (7.8)
Income from discontinued operations, net of tax$42.7 $13.5 $51.3 $26.3 
___________________________
(1) During the three and six months ended July 3, 2021, we recorded tax benefits of $33.0 in “Income from discontinued operations, net of tax” including (i) $28.6 for the excess tax basis in the stock of Transformer Solutions and (ii) $4.4 for previously unrecognized state net operating losses, each as a result of the definitive agreement to sell the business.
Major line items constituting pre-tax income (loss) and after-tax income (loss) of Heat Transfer for the three and six months ended June 27, 2020, are shown below:
Three months endedSix months ended
June 27, 2020June 27, 2020
Revenues$1.3 $3.2 
Cost of product sold1.0 2.5 
Selling, general and administrative0.2 0.2 
Special charges, net0.4 0.4 
Income (loss) before income tax(0.3)0.1 
Income tax provision— — 
Income (loss) from discontinued operations, net of tax$(0.3)$0.1 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The assets and liabilities of Transformer Solutions have been classified as assets and liabilities of discontinued operations as of July 3, 2021 and December 31, 2020. The major line items constituting Transformer Solutions assets and liabilities as of July 3, 2021 and December 31, 2020 are shown below:

July 3, 2021December 31, 2020
ASSETS
Accounts receivable, net$49.3 $50.9 
Contract assets45.1 48.6 
Inventories, net21.0 18.9 
Other current assets1.7 3.2 
Property, plant and equipment:
Land6.4 6.5 
Buildings and leasehold improvements62.4 63.1 
Machinery and equipment141.9 141.1 
210.7 210.7 
Accumulated depreciation(134.3)(131.0)
Property, plant and equipment, net76.4 79.7 
Goodwill131.3 131.3 
Other assets8.1 8.1 
Total assets - discontinued operations$332.9 $340.7 
LIABILITIES
Accounts payable$37.3 $34.1 
Contract liabilities67.3 57.2 
Accrued expenses24.2 24.5 
Deferred and other income taxes21.9 21.6 
Other long-term liabilities9.1 9.1 
Total liabilities - discontinued operations$159.8 $146.5