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Divestiture | 12 Months Ended
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Dec. 28, 2019
Business Combinations [Abstract] |
Divestiture |
Note 6. | Divestiture
On January 14, 2017, the company completed the sale of a non-core mix manufacturing business located in Cedar Rapids, Iowa for $44.0 million, an amount reduced by a working capital adjustment of $2.8 million, resulting in net proceeds of $41.2 million. This resulted in a gain on sale of $28.9 million, which was recognized in the first quarter of fiscal 2017. The gain on the sale is presented on the Consolidated Statements of Income on the ‘Gain on divestiture’ line item. The disposal of the mix manufacturing business did not represent a material strategic shift in our operations or financial results. The table below presents a computation of the gain on divestiture (amounts in thousands):
Cash consideration received |  | $ | 41,230 |
Recognized amounts of identifiable assets acquired and liabilities assumed by buyer: |  |  |  |
Property, plant, and equipment recorded as assets held for sale |  |  | 3,824 |
Goodwill |  |  | 801 |
Financial assets |  |  | 7,730 |
Net derecognized amounts of identifiable assets sold |  |  | 12,355 |
Gain on divestiture |  | $ | 28,875 |

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