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Discontinued Operations (Tables) | 9 Months Ended
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Sep. 28, 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 |  |  | Three Quarters Ended |
|  | September 28, |  |  | September 30, |  |  | September 28, |  |  | September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | (In thousands, except per share data) |
Net sales |  | $ | — |  |  | $ | 182,644 |  |  | $ | 143,951 |  |  | $ | 372,560 |
Cost of goods sold |  |  | — |  |  |  | 164,068 |  |  |  | 136,800 |  |  |  | 372,358 |
Gross profit |  |  | — |  |  |  | 18,576 |  |  |  | 7,151 |  |  |  | 202 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling and marketing |  |  | — |  |  |  | 1,247 |  |  |  | 1,461 |  |  |  | 3,557 |
General and administrative |  |  | — |  |  |  | 1,424 |  |  |  | 2,317 |  |  |  | 4,166 |
Research and development |  |  | — |  |  |  | — |  |  |  | 147 |  |  |  | — |
Amortization of definite-lived intangibles |  |  | — |  |  |  | 675 |  |  |  | 809 |  |  |  | 2,023 |
Total operating expenses |  |  | — |  |  |  | 3,346 |  |  |  | 4,734 |  |  |  | 9,746 |
Operating income (loss) |  |  | — |  |  |  | 15,230 |  |  |  | 2,417 |  |  |  | (9,544 | )
Other (expense) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | — |  |  |  | (145 | ) |  |  | (223 | ) |  |  | (1,016 | )
Gain on sale of the Mobility business unit |  |  | — |  |  |  | — |  |  |  | 237,253 |  |  |  | — |
Other, net |  |  | — |  |  |  | 2,251 |  |  |  | 1,160 |  |  |  | 3,692 |
Total other income, net |  |  | — |  |  |  | 2,106 |  |  |  | 238,190 |  |  |  | 2,676 |
Income (loss) from discontinued operations before income taxes |  |  | — |  |  |  | 17,336 |  |  |  | 240,607 |  |  |  | (6,868 | )
Income tax benefit (provision) |  |  | 20,021 |  |  |  | (3,859 | ) |  |  | (46,686 | ) |  |  | 1,786 |
Income (loss) from discontinued operations, net of income taxes |  | $ | 20,021 |  |  | $ | 13,477 |  |  | $ | 193,921 |  |  | $ | (5,082 | )
Earnings (loss) per share from discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  | $ | 0.19 |  |  | $ | 0.13 |  |  | $ | 1.83 |  |  | $ | (0.05 | )
Diluted earnings (loss) per share |  | $ | 0.19 |  |  | $ | 0.13 |  |  | $ | 1.83 |  |  | $ | (0.05 | )
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) |  | $ | 569,246 |
Mobility business unit assets: |  |  |  |
Cash and cash equivalents |  |  | 12,513 |
Restricted cash |  |  | 35,412 |
Accounts receivable, net |  |  | 12 |
Contract assets |  |  | 40,072 |
Inventories |  |  | 4,988 |
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 |  |  | 506,316 |
Mobility business unit liabilities: |  |  |  |
Accounts payable |  |  | 142,636 |
Accrued salaries, wages and benefits |  |  | 9,392 |
Other current liabilities |  |  | 8,890 |
Other long-term liabilities |  |  | 303 |
Total Mobility business unit liabilities |  |  | 161,221 |
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) |  |  | 13,855 |
Gain on sale of the Mobility business unit before income taxes |  | $ | 237,253 |
(1) | Net proceeds from the sale of the Mobility business unit are net of customary purchase price adjustments.
(2) | Costs directly incurred as a result of the sale of the Company’s Mobility business unit, including bank fees, legal fees, professional fees, and other costs.

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