Discontinued Operations

3 Months Ended

Mar. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

As disclosed in Note 1, the Company completed the previously announced sale of TFP on April 1, 2025. The following table presents the assets and liabilities that are classified as discontinued operations in the Condensed Consolidated Balance Sheets as of March 30, 2025 and December 31, 2024:


	March 30, 2025		December 31, 2024
Cash and cash equivalents	$	9,886	$	12,050
Trade accounts receivable, net of allowances of $2,190 at March 30, 2025 and $2,582 at December 31, 2024	213,627		209,379
Other receivables	48,273		46,001
Inventories, net:
Finished and in process	84,616		80,573
Materials and supplies	99,826		94,083
Prepaid expenses	7,680		8,788
Current assets of discontinued operations	$	463,908	$	450,874
Property, plant and equipment, net of accumulated depreciation of $457,621 at March 30, 2025 and $465,923 at December 31, 2024	271,237		262,662
Goodwill	505,009		502,621
Other intangible assets, net of accumulated amortization of $206,601 at March 30, 2025 and $206,437 and December 31, 2024	104,428		103,593
Long-term deferred income taxes	288		262
Right of use asset-operating leases	74,140		75,855
Other assets	20,844		19,317
Non-current assets of discontinued operations	$	975,946	$	964,310
Payable to suppliers	170,770		172,720
Accrued expenses and other	48,026		62,562
Notes payable and current portion of long-term debt	21,591		6,774
Current liabilities of discontinued operations	$	240,387	$	242,056
Long-term debt	16,028		29,850
Noncurrent operating lease liabilities	64,458		67,789

Deferred income taxes	16,363		15,928
Other liabilities	312		344
Non-current liabilities of discontinued operations	$	97,161	$	113,911

The following table presents key components of “Net income from discontinued operations” for the three months ended March 30, 2025 and March 31, 2024:


	Three Months Ended
	March 30, 2025		March 31, 2024
Net sales	$	320,678	$	328,907
Cost of sales	250,854		262,519
Gross profit	69,824		66,388
Selling, general and administrative expenses	31,607		25,899
Restructuring/Asset impairment charges	426		608
Operating profit	37,791		39,881
Other income, net	182		—
Interest expense	24,911		1,056
Interest income	281		425
Income from discontinued operations before income taxes	12,979		39,250
Provision for income taxes	7,807		9,489
Net income from discontinued operations	5,172		29,761
Net income from discontinued operations attributable to noncontrolling interests	—		(48)
Net income attributable to discontinued operations	$	5,172	$	29,713

Weighted average common shares outstanding:
Basic	98,913		98,498
Diluted	99,342		99,159

Per common share:
Net income attributable to discontinued operations:
Basic	$	0.05	$	0.30
Diluted	$	0.05	$	0.30

The following table presents significant cash flow items from discontinued operations for the three months ended March 30, 2025 and March 31, 2024:


	Three Months Ended
	March 30, 2025		March 31, 2024
Depreciation, depletion and amortization(a)	$	(311)	$	15,613
Capital expenditures	$	(5,572)	$	(12,569)

(a) Subsequent to entering the agreement on December 8, 2024 to sell TFP, depreciation was not recognized on TFP’s property, plant and equipment, and amortization was not recognized on TFP’s other intangible assets or right of use assets-operating leases, in accordance with Accounting Standards Codification (“ASC”) 360, “Property, Plant, and Equipment.”