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Discontinued Operations (Tables)
 9 Months Ended
Sep. 28, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedules of Discontinued Operations
In conjunction with the pending sale of ThermoSafe, the following major classes of assets and liabilities were classified as held for sale on the Company’s Condensed Consolidated Balance Sheet as of September 28, 2025:
Assets:
Cash and cash equivalents$1,011 
Trade accounts receivable, net of allowances47,770 
Other receivables245 
Inventories24,626 
Prepaid expenses2,299 
Property, Plant and Equipment, net37,556 
Goodwill173,394 
Other Intangible Assets, net9,430 
Deferred Income Taxes1,875 
Right of Use Asset-Operating Leases20,825 
Other Assets3,321 
Assets held for sale$322,352 
Liabilities:
Payable to suppliers$32,481 
Accrued expenses and other payables12,047 
Notes payable and current portion of long-term debt445 
Accrued taxes177 
Long-term Debt, Net of Current Portion2,475 
Noncurrent Operating Lease Liabilities16,916 
Deferred Income Taxes846 
Liabilities held for sale$65,387 
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 receivables46,001 
Inventories, net:
Finished and in process80,573 
Materials and supplies94,083 
Prepaid expenses8,788 
Current assets of discontinued operations$450,874 
Property, plant and equipment, net of accumulated depreciation of $465,923 at December 31, 2024
262,662 
Goodwill502,621 
Other intangible assets, net of accumulated amortization of $206,437 at December 31, 2024
103,593 
Deferred income taxes262 
Right of use asset-operating leases75,855 
Other assets19,317 
Non-current assets of discontinued operations$964,310 
Payable to suppliers172,720 
Accrued expenses and other payables62,562 
Notes payable and current portion of long-term debt6,774 
Current liabilities of discontinued operations$242,056 
Long-term debt29,850 
Noncurrent operating lease liabilities67,789 
Deferred income taxes15,928 
Other liabilities344 
Non-current liabilities of discontinued operations$113,911 
The following table presents key components of “Net income from discontinued operations” for the three- and nine-month periods ended September 28, 2025 and September 29, 2024:
 Three Months EndedNine Months Ended
  
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Net sales$— $321,213 $320,678 $994,798 
Cost of sales— 262,328 250,854 797,414 
Gross profit— 58,885 69,824 197,384 
Selling, general and administrative expenses— 30,821 31,607 82,983 
Restructuring/Asset impairment charges— 2,041 426 3,936 
Gain on divestiture of business— — 625,773 — 
Operating profit— 26,023 663,564 110,465 
Other income, net— — 182 — 
Interest expense— 1,000 24,911 3,023 
Interest income— 430 281 1,352 
Income from discontinued operations before income taxes— 25,453 638,752 108,794 
Provision for income taxes— 5,635 209,032 25,675 
Net income from discontinued operations— 19,818 429,720 83,119 
Net income from discontinued operations attributable to noncontrolling interests— (47)— (125)
Net income attributable to discontinued operations$— $19,771 $429,720 $82,994 
Weighted average common shares outstanding:
Basic99,182 98,683 99,098 98,616 
Diluted99,648 99,267 99,519 99,221 
Per common share:
Net income attributable to discontinued operations:
Basic $— $0.20 $4.34 $0.84 
Diluted $— $0.20 $4.32 $0.84 

The following table presents significant cash flow items from discontinued operations for the nine months ended September 28, 2025 and September 29, 2024:
 Nine Months Ended
  
September 28, 2025September 29, 2024
Depreciation and amortization(a)
$(311)$46,758 
Purchases of property, plant and equipment$(5,572)$(35,301)

(a) Subsequent to entering the agreement to sell TFP on December 8, 2024, 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 ASC 360, “Property, Plant, and Equipment.”