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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.