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Discontinued Operations | 6 Months Ended
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Jun. 29, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations As disclosed in Note 1, the Company completed the previously announced sale of TFP o n 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 December 31, 2024:
|  |  |  | December 31, 2024
Cash and cash equivalents |  |  |  | $ | 12,050 |
Trade accounts receivable, net of allowances of $2,582 at December 31, 2024 |  |  |  | 209,379 |
Other receivables |  |  |  | 46,001 |
Inventories, net: |  |  |  |
Finished and in process |  |  |  | 80,573 |
Materials and supplies |  |  |  | 94,083 |
Prepaid expenses |  |  |  | 8,788 |
Current assets of discontinued operations |  |  |  | $ | 450,874 |
Property, plant and equipment, net of accumulated depreciation of $465,923 at December 31, 2024 |  |  |  | 262,662 |
Goodwill |  |  |  | 502,621 |
Other intangible assets, net of accumulated amortization of $206,437 and December 31, 2024 |  |  |  | 103,593 |
Long-term deferred income taxes |  |  |  | 262 |
Right of use asset-operating leases |  |  |  | 75,855 |
Other assets |  |  |  | 19,317 |
Non-current assets of discontinued operations |  |  |  | $ | 964,310 |
Payable to suppliers |  |  |  | 172,720 |
Accrued expenses and other |  |  |  | 62,562 |
Notes payable and current portion of long-term debt |  |  |  | 6,774 |
Current liabilities of discontinued operations |  |  |  | $ | 242,056 |
Long-term debt |  |  |  | 29,850 |
Noncurrent operating lease liabilities |  |  |  | 67,789 |
Deferred income taxes |  |  |  | 15,928 |
Other liabilities |  |  |  | 344 |
Non-current liabilities of discontinued operations |  |  |  | $ | 113,911 |
The following table presents key components of “Net income from discontinued operations” for the three- and six-month periods ended June 29, 2025 and June 30, 2024:
| Three Months Ended |  | Six Months Ended
| June 29, 2025 |  | June 30, 2024 |  | June 29, 2025 |  | June 30, 2024
Net sales | $ | — |  |  | $ | 344,678 |  |  | $ | 320,678 |  |  | $ | 673,585 |
Cost of sales | — |  |  | 272,567 |  |  | 250,854 |  |  | 535,086 |
Gross profit | — |  |  | 72,111 |  |  | 69,824 |  |  | 138,499 |
Selling, general and administrative expenses | — |  |  | 26,263 |  |  | 31,607 |  |  | 52,162 |
Restructuring/Asset impairment charges | — |  |  | 1,287 |  |  | 426 |  |  | 1,895 |
Gain on divestiture of business | 625,773 |  |  | — |  |  | 625,773 |  |  | — |
Operating profit | 625,773 |  |  | 44,561 |  |  | 663,564 |  |  | 84,442 |
Other income, net | — |  |  | — |  |  | 182 |  |  | — |
Interest expense | — |  |  | 967 |  |  | 24,911 |  |  | 2,023 |
Interest income | — |  |  | 497 |  |  | 281 |  |  | 922 |
Income from discontinued operations before income taxes | 625,773 |  |  | 44,091 |  |  | 638,752 |  |  | 83,341 |
Provision for income taxes | 201,225 |  |  | 10,551 |  |  | 209,032 |  |  | 20,040 |
Net income from discontinued operations | 424,548 |  |  | 33,540 |  |  | 429,720 |  |  | 63,301 |
Net income from discontinued operations attributable to noncontrolling interests | — |  |  | (30) |  |  | — |  |  | (78) |
Net income attributable to discontinued operations | $ | 424,548 |  |  | $ | 33,510 |  |  | $ | 429,720 |  |  | $ | 63,223 |
Weighted average common shares outstanding: |  |  |  |  |  |  |
Basic | 99,171 |  |  | 98,671 |  |  | 99,055 |  |  | 98,583 |
Diluted | 99,539 |  |  | 99,241 |  |  | 99,453 |  |  | 99,199 |
Per common share: |  |  |  |  |  |  |
Net income attributable to discontinued operations: |  |  |  |  |  |  |
Basic | $ | 4.28 |  |  | $ | 0.34 |  |  | $ | 4.34 |  |  | $ | 0.64 |
Diluted | $ | 4.27 |  |  | $ | 0.34 |  |  | $ | 4.32 |  |  | $ | 0.64 |
The following table presents significant cash flow items from discontinued operations for the six months ended June 29, 2025 and June 30, 2024:
| Six Months Ended
| June 29, 2025 |  | June 30, 2024
Depreciation and amortization(a) | $ | (311) |  |  | $ | 31,030 |
Purchases of property, plant and equipment | $ | (5,572) |  |  | $ | (27,567) |
(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.”

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- Definition The entire disclosure 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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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