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Discontinued Operations | 6 Months Ended
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Jul. 03, 2021
Discontinued Operations |
Discontinued Operations | 2. Discontinued Operations ​ On April 22, 2021, the Company entered into an Asset Purchase Agreement pursuant to which Skyworks Solutions, Inc. agreed to acquire certain assets, rights, and properties, and assume certain liabilities, comprising the Company’s infrastructure and automotive business for $2.75 billion in cash. The transaction closed on July 26, 2021. The financial results of the infrastructure and automotive business, which are readily distinguishable from other components of the Company, have been presented as discontinued operations in the Condensed Consolidated Financial Statements. The following table presents the financial results of the infrastructure and automotive business (the “discontinued operations”) in the Company’s condensed consolidated statements of operations (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Six Months Ended
​ | ​ | July 3, | ​ | July 4, | ​ | July 3, | ​ | July 4,
​ | ​ | 2021 |  | 2020 |  | 2021 |  | 2020
Revenues | ​ | $ | 108,064 | ​ | $ | 93,183 | ​ | $ | 205,712 | ​ | $ | 190,042
Costs of revenues and operating expenses | ​ |  | 70,143 | ​ |  | 54,352 | ​ |  | 130,917 | ​ |  | 113,948
Income from discontinued operations before income taxes | ​ |  | 37,921 | ​ |  | 38,831 | ​ |  | 74,795 | ​ |  | 76,094
Provision (benefit) for income taxes | ​ |  | (502) | ​ |  | 4,609 | ​ |  | (2,293) | ​ |  | 8,237
Income from discontinued operations | ​ | $ | 38,423 | ​ | $ | 34,222 | ​ | $ | 77,088 | ​ | $ | 67,857
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income from discontinued operations per share: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Basic | ​ | $ | 0.86 | ​ | $ | 0.78 | ​ | $ | 1.73 | ​ | $ | 1.55
Diluted | ​ | $ | 0.84 | ​ | $ | 0.78 | ​ | $ | 1.68 | ​ | $ | 1.53
​ 2. Discontinued Operations (Continued) The following table summarizes the assets and liabilities of the infrastructure and automotive business held for sale (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | July 3, |  | January 2,
​ | ​ | 2021 | ​ | 2021
Assets |  | ​ |  |  | ​ |
Inventories | ​ | $ | 30,176 | ​ | $ | 18,801
Prepaid expenses and other current assets | ​ | ​ | 1,876 | ​ |  | 2,204
Goodwill | ​ | ​ | 255,543 | ​ |  | 255,543
Other assets | ​ | ​ | 9,947 | ​ |  | 9,772
Total assets held for sale | ​ | $ | 297,543 | ​ | $ | 286,321
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ |  |
Other current liabilities | ​ | $ | 699 | ​ | $ | 433
Other non-current liabilities | ​ | ​ | — | ​ |  | 451
Total liabilities held for sale | ​ | $ | 699 | ​ | $ | 884
​ Continuing Involvement ​ In connection with the closing of the sale, the Company entered into certain ancillary agreements with Skyworks, including a Transition Services Agreement ("TSA"). Through the TSA, the Company will sublease certain premises to Skyworks and provide various temporary support services for three to eighteen months, depending on the service provided. Although the services provided under the TSA will generate continuing cash flows between the Company and Skyworks for the duration of the TSA, the amounts are not expected to be material to the ongoing operations of either entity. In addition, the Company has no contractual ability through the TSA or any other agreement to significantly influence the operating or financial policies of Skyworks.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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