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DIVESTITURE | 9 Months Ended
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Sep. 29, 2018
Discontinued Operations and Disposal Groups [Abstract] |
DIVESTITURE | On April 30, 2018, the Company completed the sale of Donhad, its grinding media business in Australia, reported in the Other segment. The business was sold because it did not fit the long-term strategic plans for the Company. The grinding media business historical annual sales, operating profit, and net assets are not significant for discontinued operations presentation. The grinding media business had operating income/(loss) of ($913) for the thirty-nine weeks ended September 29, 2018, and $(217) and $3,728 for the thirteen and thirty-nine weeks ended September 30, 2017. The Company received Australian $82,500 (U.S. $62,518) but is subject to a working capital target settlement with the buyer that is expected to be finalized before the end of fiscal 2018. The assets and liabilities of the grinding media business at closing on April 30, 2018 were as follows:
Receivables, net | $ | 9,848 |
Inventories | 15,945 |
Net property, plant, and equipment | 13,815 |
Goodwill and intangible assets | 27,153 |
Other assets | 1,388 |
Total assets | $ | 68,149 |
Accounts payable | $ | 7,125 |
Accrued expenses | 2,484 |
Deferred income taxes | 2,187 |
Total liabilities | $ | 11,796 |
Net assets | $ | 56,353 |
The pre-tax loss from the divestiture is reported in other income (expense). The loss is comprised of the proceeds from buyer, less deal-related costs, less the net assets of the business which resulted in a gain of $4,334. Offsetting this amount is a $(10,418) realized loss on foreign exchange translation adjustments and net investment hedges previously reported in shareholders' equity.
Pre-tax gain from divestiture, before recognition of currency translation loss | $ | 4,334 |
Recognition of cumulative currency translation loss and hedges (out of OCI) | (10,418 | )
Net pre-tax loss from divestiture of the grinding media business | $ | (6,084 | )
The transaction did not result in a taxable capital gain as the cash proceeds were less than the tax carrying value of the business. There is an insignificant tax benefit from the tax deductibility of deal related expenses.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: 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 + Details
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