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Discontinued Operations (Notes) | 9 Months Ended
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Sep. 26, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations On June 27, 2019, the Company completed the sale of its Fitness business to KPS Capital Partners, LP. As a result, this business, which was previously reported in the Company's Fitness segment, is being reported as discontinued operations in the Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Cash Flows for all periods presented. Refer to Note 3 in the 2019 Form 10-K for further information. The sale of the Fitness business resulted in net proceeds of $466.2 million and an after-tax loss of $45.4 million. During the third quarter of 2020, the Company made a payment of $3.3 million, including a $7.5 million final working capital settlement as well as $1.2 million of retained liabilities partially offset by a $5.4 million cash true-up. In connection with the sale of its Fitness business, the Company retained assets of $26.4 million primarily related to VAT receivables, and retained liabilities of $45.1 million primarily related to VAT payables, product warranty liabilities and certain employee benefits. As of September 26, 2020, retained assets and liabilities were $9.6 million and $22.8 million, respectively. The following table discloses the results of operations of the business reported as discontinued operations for the three months and nine months ended September 26, 2020 and September 28, 2019, respectively:
| Three Months Ended |  | Nine Months Ended
(in millions) | Sep 26, 2020 |  | Sep 28, 2019 |  | Sep 26, 2020 |  | Sep 28, 2019
Net sales | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 448.3 |
Cost of sales | — |  |  | — |  |  | — |  |  | 334.6 |
Selling, general and administrative expense (A) | (2.1) |  |  | 3.2 |  |  | (0.7) |  |  | 112.3 |
Research and development expense | — |  |  | — |  |  | — |  |  | 12.3 |
Restructuring, exit and impairment charges (B) | — |  |  | — |  |  | — |  |  | 138.3 |
Earnings (loss) from discontinued operations before income taxes (A) (B) | $ | 2.1 |  |  | $ | (3.2) |  |  | $ | 0.7 |  |  | $ | (149.2) |
Income tax provision (benefit) | 0.6 |  |  | (0.3) |  |  | 0.3 |  |  | (40.7) |
Earnings (loss) from discontinued operations, net of tax (A) (B) | 1.5 |  |  | (2.9) |  |  | 0.4 |  |  | (108.5) |
Loss on disposal of discontinued operations, net of tax (C) | (0.4) |  |  | (3.5) |  |  | (1.5) |  |  | (45.0) |
Net earnings (loss) from discontinued operations, net of tax | $ | 1.1 |  |  | $ | (6.4) |  |  | $ | (1.1) |  |  | $ | (153.5) |
(A) The Company recorded $2.1 million and $0.7 million for the three and nine months ended September 26, 2020, respectively, primarily resulting from adjustments of certain retained liabilities. The Company recorded $2.5 million and $13.4 million for the three and nine months ended September 28, 2019, respectively, of net costs incurred in connection with the sale of the Fitness business. (B) In the first quarter of 2019, the Company re-evaluated the fair value of the Fitness reporting unit and determined the fair value of the business was less than its carrying value. As a result, the Company recorded a $137.2 million ($103.0 million after tax) goodwill impairment charge for the nine months ended September 28, 2019. (C) Loss on disposal of discontinued operations, net of tax, for the three months ended September 26, 2020 includes a pre-tax loss of $0.5 million and a tax benefit of $0.1 million. Loss on disposal of discontinued operations, net of tax, for the nine months ended September 26, 2020 includes a pre-tax loss of $2.0 million and a tax benefit of $0.5 million. Loss on disposal of discontinued operations, net of tax, for the three months ended September 28, 2019 includes a pre-tax loss of $4.7 million and a tax benefit of $1.2 million. Loss on disposal of discontinued operations, net of tax, for the nine months ended September 28, 2019 includes a pre-tax loss of $52.4 million and a tax benefit of $7.4 million.

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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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