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Discontinued Operations (Tables)
 9 Months Ended
Sep. 27, 2021
Discontinued Operations And Disposal Groups [Abstract]  
Schedule of Components of Discontinued Operations

The following table summarizes the results of Mobility operations for the quarter and three quarters ended September 28, 2020 prior to sale:

 

 

 

Quarter Ended

 

 

Three Quarters Ended

 

 

 

September 28,

 

 

September 28,

 

 

 

2020

 

 

2020

 

 

 

(In thousands, except per share data)

 

Net sales

 

$

—

 

 

$

143,951

 

Cost of goods sold

 

 

—

 

 

 

136,800

 

Gross profit

 

 

—

 

 

 

7,151

 

Operating expenses:

 

 

 

 

 

 

 

 

Selling and marketing

 

 

—

 

 

 

1,461

 

General and administrative

 

 

—

 

 

 

2,317

 

Research and development

 

 

—

 

 

 

147

 

Amortization of definite-lived intangibles

 

 

—

 

 

 

809

 

Total operating expenses

 

 

—

 

 

 

4,734

 

Operating income

 

 

—

 

 

 

2,417

 

Other (expense) income:

 

 

 

 

 

 

 

 

Interest expense

 

 

—

 

 

 

(223

)

Gain on sale of the Mobility business unit

 

 

—

 

 

 

237,253

 

Other, net

 

 

—

 

 

 

1,160

 

Total other income, net

 

 

—

 

 

 

238,190

 

Income from discontinued operations

     before income taxes

 

 

—

 

 

 

240,607

 

Income tax benefit (provision)

 

 

20,021

 

 

 

(46,686

)

Income from discontinued operations,

     net of income taxes

 

$

20,021

 

 

$

193,921

 

 

 

 

 

 

 

 

 

 

Earnings per share from discontinued operations:

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.19

 

 

$

1.83

 

Diluted earnings per share

 

$

0.19

 

 

$

1.83

 

 

The following is a reconciliation of the final 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.