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Subsequent Events | 9 Months Ended
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Sep. 29, 2019
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Assets Held for Sale We classify assets and liabilities as held for sale (disposal group) when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. During the fourth quarter of 2019, we committed to a plan to sell Grass Valley, and at such time, met all of the criteria to classify the assets and liabilities of this business as held for sale. As a result, the Grass Valley disposal group, which is currently part of the Enterprise Solutions segment, will be included in discontinued operations commencing in the fourth quarter. We also ceased depreciating and amortizing the assets of the disposal group once they met the held for sale criteria in the fourth quarter. We intend to complete the sale of the Grass Valley disposal group during the next twelve months. As discussed in Note 8, we recognized an impairment charge for the disposal group of $342.1 million during the third quarter of 2019, which consisted of impairments to goodwill, customer relationships, and trademarks of $326.1 million, $14.4 million, and $1.6 million, respectively. As of September 29, 2019, Grass Valley had total assets and total liabilities of $491.8 million and $194.0 million, respectively, and accumulated other comprehensive losses of $73.2 million. Cost Reduction Program During the fourth quarter, we announced a cost reduction program designed to improve performance and enhance margins by streamlining the organizational structure and investing in technology to drive productivity. The cost reduction program is expected to deliver an estimated $40.0 million annualized reduction in selling, general, and administrative expenses, with some benefit in 2020, and the full benefit realized in 2021. We expect to incur severance and other related costs as part of this program but the timing and amounts of such costs are not yet known.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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