Assets Held For Sale (Tables)

3 Months Ended

Mar. 30, 2024

Disposal (Line Items)

Schedule of Noncash or Part Noncash Divestitures

The following table summarizes the fair value of the sale proceeds received in connection with the divestiture, which are subject to final post-closing adjustment:

(In thousands)	March 1, 2024
Cash proceeds received, gross	$	263,208
Preliminary working capital adjustment	1,819
Cash transferred to the buyer on the closing balance sheet	(230)
Direct costs to sell	(8,005)
Fair value of sale consideration	$	256,792

PIM [Member]

Disposal (Line Items)

Disposal Groups, Including Discontinued Operations

(In thousands)
Assets:	March 1, 2024
Current assets	$	58,684
Property, Plant and Equipment, net	118,146
Intangible assets, net	76,692
Goodwill	12,707
Other assets	2,318
Total assets-held-for sale	$	268,547
Liabilities:
Accounts payable	$	9,485
Accrued expenses	4,396
Long-term liabilities	1,737
Total liabilities-held-for sale	$	15,618

As a result of the sale of the PIM business, the Company recognized a pre-tax gain of $4.8 million, inclusive of a $1.0 million gain reclassified from accumulated other comprehensive income for foreign currency translation, presented in selling, general and administrative (“SG&A”) expenses on the condensed consolidated statements of operations for the three months ended March 30, 2024. The Company recorded an income tax expense associated with the PIM divestiture of approximately $1.1 million for the three months ended March 30, 2024.