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AQUISITIONS AND DISCONTINUED OPERATIONS | 9 Months Ended
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Oct. 02, 2021
Acquisitions and Discontinued Operations [Abstract] |
AQUISITIONS AND DISCONTINUED OPERATIONS | ACQUISITIONS AND DISCONTINUED OPERATIONS As indicated in Note 1, on September 2, 2020, November 11, 2020, April 19, 2021 and August 2, 2021, we completed the acquisitions of ULC, Sensors & Software, Sealite and ECS, respectively. The pro forma effects of these acquisitions, to the applicable periods, are not material to the accompanying condensed consolidated results of operations. Sale of Transformer Solutions Business As discussed in Note 1, on October 1, 2021, we completed the sale of Transformer Solutions for net cash proceeds of $620.6. In connection with the sale, we recorded a gain of $357.7 to “Gain (loss) on disposition of discontinued operations, net of tax” within our condensed consolidated statements of operations for the three and nine months ended October 2, 2021. The final sales price for Transformer Solutions is subject to adjustment based on cash, debt and working capital existing at the closing date, as well as for specified transaction expenses and other specified items, and is subject to agreement with the Purchaser, with final agreement of these items yet to occur. Accordingly, it is possible that the sales price and resulting gain for this divestiture may be materially adjusted in subsequent periods. The results of Transformer Solutions are presented as a discontinued operation for all periods presented. Major line items constituting pre-tax income and after-tax income (loss) of Transformer Solutions for the three and nine months ended October 2, 2021 and September 26, 2020 are shown below:
| Three months ended |  | Nine months ended
| October 2, 2021 |  | September 26, 2020 |  | October 2, 2021 |  | September 26, 2020
Revenues | $ | 94.4 |  |  | $ | 95.1 |  |  | $ | 313.5 |  |  | $ | 319.6 |
Costs and expenses: |  |  |  |  |  |  |
Cost of product sold | 81.3 |  |  | 78.4 |  |  | 258.0 |  |  | 253.5 |
Selling, general and administrative | 10.3 |  |  | 7.0 |  |  | 28.4 |  |  | 23.0 |
Other income, net | — |  |  | 0.2 |  |  | — |  |  | 0.9 |
Income before income tax | 2.8 |  |  | 9.9 |  |  | 27.1 |  |  | 44.0 |
Income tax provision | (33.8) |  |  | (2.7) |  |  | (6.8) |  |  | (10.5) |
Income (loss) from discontinued operations, net of tax | $ | (31.0) |  |  | $ | 7.2 |  |  | $ | 20.3 |  |  | $ | 33.5 |
The assets and liabilities of Transformer Solutions have been classified as assets and liabilities of discontinued operations as of December 31, 2020. The major line items constituting Transformer Solutions assets and liabilities as of December 31, 2020 are shown below:
ASSETS |  |
Accounts receivable, net |  | $ | 50.9 |
Contract assets |  | 48.6 |
Inventories, net |  | 18.9 |
Other current assets |  | 3.2 |
Property, plant and equipment: |  |
Land |  | 6.5 |
Buildings and leasehold improvements |  | 63.1 |
Machinery and equipment |  | 141.1 |
|  | 210.7 |
Accumulated depreciation |  | (131.0) |
Property, plant and equipment, net |  | 79.7 |
Goodwill |  | 131.3 |
Other assets |  | 8.1 |
Total assets - discontinued operations |  | $ | 340.7 |
LIABILITIES |  |
Accounts payable |  | $ | 34.1 |
Contract liabilities |  | 57.2 |
Accrued expenses |  | 24.5 |
Deferred and other income taxes |  | 21.6 |
Other long-term liabilities |  | 9.1 |
Total liabilities - discontinued operations |  | $ | 146.5 |
Wind-Down of the Heat Transfer Business As discussed in Note 1, we completed the wind-down of Heat Transfer in the fourth quarter of 2020. As a result of completing the wind-down plan, we are reporting Heat Transfer as a discontinued operation for all prior periods presented. Major line items constituting pre-tax income (loss) and after-tax income (loss) of Heat Transfer for the three and nine months ended September 26, 2020 are shown below:
| Three months ended |  | Nine months ended
| September 26, 2020 |  | September 26, 2020
Revenues | $ | — |  |  | $ | 3.2 |
Cost of product sold | 0.1 |  |  | 2.6 |
Selling, general and administrative | (0.1) |  |  | 0.1 |
Special charges, net | 0.1 |  |  | 0.5 |
Income (loss) before income tax | (0.1) |  |  | — |
Income tax provision | — |  |  | — |
Income (loss) from discontinued operations, net of tax | $ | (0.1) |  |  | $ | — |
We recognized net gain (loss) of $(3.3) and $0.0 during the three and nine months ended October 2, 2021 and net gain (loss) of $0.1 and $(1.2) during the three and nine months ended September 26, 2020 within “Gain (loss) on disposition of discontinued operations, net of tax” resulting primarily from revisions to liabilities, including income tax liabilities, retained in connection with prior businesses classified as discontinued operations.

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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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