XML 47 R32.htm IDEA: XBRL DOCUMENT
v3.20.4

Discontinued Operations (Tables) | 12 Months Ended
--- | ---
Dec. 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:
|  | For the Year Ended |
|  | December 28, |  |  | December 30, |  |  | December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (In thousands, except per share data) |
Net sales |  | $ | 143,951 |  |  | $ | 556,098 |  |  | $ | 609,519 |
Cost of goods sold |  |  | 136,800 |  |  |  | 531,592 |  |  |  | 555,154 |
Gross profit |  |  | 7,151 |  |  |  | 24,506 |  |  |  | 54,365 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Selling and marketing |  |  | 1,461 |  |  |  | 4,840 |  |  |  | 3,231 |
General and administrative |  |  | 2,317 |  |  |  | 4,875 |  |  |  | 7,464 |
Research and development |  |  | 147 |  |  |  | — |  |  |  | — |
Amortization of definite-lived intangibles |  |  | 809 |  |  |  | 2,698 |  |  |  | 2,698 |
Restructuring charges |  |  | — |  |  |  | 1,601 |  |  |  | 858 |
Total operating expenses |  |  | 4,734 |  |  |  | 14,014 |  |  |  | 14,251 |
Operating income |  |  | 2,417 |  |  |  | 10,492 |  |  |  | 40,114 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | (223 | ) |  |  | (1,147 | ) |  |  | (3,194 | )
Gain on sale of the Mobility business unit |  |  | 237,253 |  |  |  | — |  |  |  | — |
Other, net |  |  | 1,160 |  |  |  | 2,513 |  |  |  | 5,663 |
Total other income, net |  |  | 238,190 |  |  |  | 1,366 |  |  |  | 2,469 |
Income from discontinued operations before income taxes |  |  | 240,607 |  |  |  | 11,858 |  |  |  | 42,583 |
Income tax provision |  |  | (46,686 | ) |  |  | (2,478 | ) |  |  | (4,391 | )
Income from discontinued operations, net of income taxes |  | $ | 193,921 |  |  | $ | 9,380 |  |  | $ | 38,192 |
Earnings per share from discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per share |  | $ | 1.82 |  |  | $ | 0.09 |  |  | $ | 0.37 |
Diluted earnings per share |  | $ | 1.82 |  |  | $ | 0.09 |  |  | $ | 0.28 |
The following table summarizes the major categories of assets and liabilities classified as held for sale in the consolidated balance sheet as of December 30, 2019:
|  | As of |
|  | December 30, 2019 |
|  | (In thousands) |
Cash and cash equivalents |  | $ | 20,336 |
Accounts receivable, net |  |  | 66 |
Contract assets |  |  | 33,635 |
Inventories |  |  | 8,266 |
Prepaid expenses and other current assets |  |  | 5,269 |
Property, plant and equipment, net |  |  | 344,728 |
Operating lease right-of-use assets |  |  | 1,983 |
Goodwill |  |  | 68,267 |
Definite-lived intangibles, net |  |  | 6,328 |
Deposits and other non-current assets |  |  | 4,291 |
Total assets classified as held for sale |  | $ | 493,169 |
Accounts payable |  | $ | 153,700 |
Accrued salaries, wages and benefits |  |  | 13,606 |
Other current liabilities |  |  | 18,085 |
Operating lease liabilities |  |  | 1,104 |
Other long-term liabilities |  |  | 426 |
Total liabilities classified as held for sale |  | $ | 186,921 |
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 the finalized 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.

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information 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 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration