XML 32 R9.htm IDEA: XBRL DOCUMENT
v3.25.2

DISCONTINUED OPERATIONS | 6 Months Ended
--- | ---
Jun. 27, 2025
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On October 31, 2024, the Company completed the sale of Electrochem, collecting cash proceeds of $48.7 million, which is net of transaction costs and adjustments set forth in the stock purchase agreement. The Electrochem business focused on non-medical applications for the energy, military and environmental sectors. Upon the signing of the stock purchase agreement on September 27, 2024, the Electrochem business qualified as a discontinued operation. In connection with the sale, the Company entered into a transition services agreement with the purchaser whereby the Company will perform certain support functions for a period of up to nine months from the date of the closing. In connection with the closing of the transaction, the Company recognized a pre-tax gain on sale of discontinued operations of $0.9 million, of which $0.8 million was recorded during the year ended December 31, 2024. The Company is in the process of finalizing the net working capital adjustment with the purchaser as provided for in the stock purchase agreement. The final net working capital adjustment, as determined through the established process outlined in the stock purchase agreement, may be different from the Company’s estimates. The impact of any changes in the net working capital adjustment and associated income taxes will be recorded as an adjustment to the gain on sale from discontinued operations in the period such change occurs and may be materially different from the Company’s estimates. Selected financial information of the Electrochem business included in discontinued operations is below. Income (loss) from discontinued operations, net of tax, were as follows (in thousands):
| Three Months Ended |  | Six Months Ended
| June 27, 2025 |  | June 28, 2024 |  | June 27, 2025 |  | June 28, 2024
Sales | $ | — |  |  | $ | 8,739 |  |  | $ | — |  |  | $ | 16,430 |
Cost of sales | — |  |  | 6,723 |  |  | 68 |  |  | 12,847 |
Gross profit | — |  |  | 2,016 |  |  | (68) |  |  | 3,583 |
Selling, general and administrative expenses | — |  |  | 638 |  |  | — |  |  | 1,132 |
Research, development and engineering costs | — |  |  | 490 |  |  | — |  |  | 969 |
Restructuring and other charges | — |  |  | 196 |  |  | — |  |  | 214 |
Interest expense | — |  |  | 706 |  |  | — |  |  | 1,386 |
Gain on sale of discontinued operations | — |  |  | — |  |  | (46) |  |  | — |
Loss from discontinued operations before taxes | — |  |  | (14) |  |  | (22) |  |  | (118) |
Income tax benefit | — |  |  | (53) |  |  | — |  |  | (74) |
Income (loss) from discontinued operations, net of tax | $ | — |  |  | $ | 39 |  |  | $ | (22) |  |  | $ | (44) |
Cash flow information from discontinued operations for the six months ended June 28, 2024 was as follows (in thousands):
Cash used in operating activities |  |  |  |  |  |  | $ | 551 |
Cash used in investing activities (all capital expenditures) |  |  |  |  |  |  | 522 |
Depreciation and amortization |  |  |  |  |  |  | 636 |

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration