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Discontinued Operations (Tables)
 6 Months Ended
Jun. 29, 2020
Discontinued Operations And Disposal Groups [Abstract]  
Schedule of Components of Discontinued Operations

The following table summarizes the results of Mobility operations for each period prior to sale:

 

 

 

Quarter Ended

 

 

Two Quarters Ended

 

 

 

June 29,

 

 

July 1,

 

 

June 29,

 

 

July 1,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In thousands, except per share data)

 

Net sales

 

$

30,777

 

 

$

106,161

 

 

$

143,951

 

 

$

189,916

 

Cost of goods sold

 

 

28,375

 

 

 

114,394

 

 

 

136,800

 

 

 

208,290

 

Gross profit

 

 

2,402

 

 

 

(8,233

)

 

 

7,151

 

 

 

(18,374

)

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

285

 

 

 

969

 

 

 

1,461

 

 

 

2,310

 

General and administrative

 

 

1,007

 

 

 

2,272

 

 

 

2,317

 

 

 

2,742

 

Research and development

 

 

—

 

 

 

—

 

 

 

147

 

 

 

—

 

Amortization of definite-lived intangibles

 

 

134

 

 

 

674

 

 

 

809

 

 

 

1,348

 

Total operating expenses

 

 

1,426

 

 

 

3,915

 

 

 

4,734

 

 

 

6,400

 

Operating income (loss)

 

 

976

 

 

 

(12,148

)

 

 

2,417

 

 

 

(24,774

)

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

—

 

 

 

(318

)

 

 

(223

)

 

 

(871

)

Gain on sale of the Mobility business unit

 

 

248,863

 

 

 

—

 

 

 

248,863

 

 

 

—

 

Other, net

 

 

(411

)

 

 

1,614

 

 

 

1,160

 

 

 

1,441

 

Total other income, net

 

 

248,452

 

 

 

1,296

 

 

 

249,800

 

 

 

570

 

Income (loss) from discontinued operations

     before income taxes

 

 

249,428

 

 

 

(10,852

)

 

 

252,217

 

 

 

(24,204

)

Income tax (provision) benefit

 

 

(65,964

)

 

 

1,783

 

 

 

(66,707

)

 

 

5,645

 

Income (loss) from discontinued operations,

     net of income taxes

 

$

183,464

 

 

$

(9,069

)

 

$

185,510

 

 

$

(18,559

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share from discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

1.72

 

 

$

(0.09

)

 

$

1.75

 

 

$

(0.18

)

Diluted earnings (loss) per share

 

$

1.70

 

 

$

(0.09

)

 

$

1.72

 

 

$

(0.18

)

 

The following is a reconciliation of the gain recorded for the sale of the Company’s Mobility business unit (in thousands):

 

Net proceeds from the sale of the Mobility business unit (1)

 

$

567,585

 

 

 

 

 

 

Mobility business unit assets:

 

 

 

 

Cash and cash equivalents

 

 

12,513

 

Restricted cash

 

 

35,412

 

Accounts receivable, net

 

 

12

 

Contract assets

 

 

40,072

 

Inventories

 

 

5,642

 

Prepaid expenses and other current assets

 

 

4,593

 

Property, plant and equipment, net

 

 

328,648

 

Goodwill

 

 

68,267

 

Definite-lived intangibles, net

 

 

5,520

 

Deposits and other non-current assets

 

 

6,291

 

Total Mobility business unit assets

 

 

506,970

 

 

 

 

 

 

Mobility business unit liabilities:

 

 

 

 

Accounts payable

 

 

142,636

 

Accrued salaries, wages and benefits

 

 

9,392

 

Other current liabilities

 

 

11,283

 

Other long-term liabilities

 

 

303

 

Total Mobility business unit liabilities

 

 

163,614

 

 

 

 

 

 

Derecognition of foreign currency translation adjustments and unrealized losses

      on cash flow hedges recorded in accumulated other comprehensive loss

 

 

26,957

 

 

 

 

 

 

Other transaction costs incurred as part of the sale of the Mobility business unit (2)

 

 

2,323

 

 

 

 

 

 

Gain on sale of the Mobility business unit before income taxes

 

$

248,863

 

 

(1)

Net proceeds from the sale of the Mobility business unit are net of customary purchase price adjustments. As of June 29, 2020, the Company received a portion of the proceeds amounting to $253,000.

(2)

Costs directly incurred as a result of the sale of the Company’s Mobility business unit, including legal fees, professional fees, and other costs.