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Divestures (Tables) | 3 Months Ended
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Mar. 30, 2024
Asset Retirement Obligation Disclosure [Abstract] |
Schedule of Components Held-for Sale | The following table summarizes the fair value of the sale proceeds received in connection with the divestiture, which are subject to further post-closing adjustment (in thousands):
|  | February 26, 2024
Gross purchase price |  | $ | 25,000 |
Estimated working capital adjustment |  | (151) |
Cash transferred to the buyer at closing |  | (2,743) |
Direct costs to sell |  | (986) |
Fair value of sale consideration, net |  | $ | 21,120 |
The carrying amount of net assets associated with the China operations was approximately $1.2 million. The major classes of assets and liabilities sold consisted of the following (in thousands):
|  | February 26, 2024
ASSETS |  |
Accounts receivable, net |  | $ | 1,174 |
Inventories, net |  | 3,729 |
Other current assets |  | 391 |
Total current assets |  | 5,294 |
Property, plant and equipment, net |  | 1,283 |
Goodwill |  | 1,117 |
Other assets |  | 3,029 |
Total assets |  | $ | 10,723 |
LIABILITIES |  |
Deferred Revenue |  | $ | 3,739 |
Other current liabilities |  | 1,546 |
Other liabilities |  | 4,283 |
Total liabilities |  | $ | 9,568 |
The following table summarizes the fair value of the sale proceeds received in connection with the divestiture (in thousands):
|  | November 1, 2023
Gross purchase price |  | $ | 99,100 |
Working capital adjustment |  | 4,266 |
Cash transferred to the buyer at closing |  | (2,049) |
Direct costs to sell |  | (1,225) |
Fair value of sale consideration, net |  | $ | 100,092 |
The carrying amount of net assets associated with the FRT business was approximately $26.8 million. The major classes of assets and liabilities sold consisted of the following (in thousands):
|  | November 1, 2023
ASSETS |  |
Accounts receivable, net |  | $ | 7,738 |
Inventories, net |  | 6,446 |
Other current assets |  | 635 |
Total current assets |  | 14,819 |
Intangibles, net |  | 6,897 |
Goodwill |  | 10,660 |
Other assets |  | 1,612 |
Total assets |  | $ | 33,988 |
LIABILITIES |  |
Current liabilities |  | $ | 4,300 |
Other liabilities |  | 2,856 |
Total liabilities |  | $ | 7,156 |

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