Discontinued Operations (Tables)

9 Months Ended

Sep. 28, 2020

Discontinued Operations And Disposal Groups [Abstract]

Schedule of Components of Discontinued Operations

The following table summarizes the results of Mobility operations for each period prior to sale:

	Quarter Ended					Three Quarters Ended
	September 28,		September 30,			September 28,			September 30,
	2020		2019			2020			2019
	(In thousands, except per share data)
Net sales	$	—	$	182,644		$	143,951		$	372,560
Cost of goods sold		—		164,068			136,800			372,358
Gross profit		—		18,576			7,151			202
Operating expenses:
Selling and marketing		—		1,247			1,461			3,557
General and administrative		—		1,424			2,317			4,166
Research and development		—		—			147			—
Amortization of definite-lived intangibles		—		675			809			2,023
Total operating expenses		—		3,346			4,734			9,746
Operating income (loss)		—		15,230			2,417			(9,544	)
Other (expense) income:
Interest expense		—		(145	)		(223	)		(1,016	)
Gain on sale of the Mobility business unit		—		—			237,253			—
Other, net		—		2,251			1,160			3,692
Total other income, net		—		2,106			238,190			2,676
Income (loss) from discontinued operations      before income taxes		—		17,336			240,607			(6,868	)
Income tax benefit (provision)		20,021		(3,859	)		(46,686	)		1,786
Income (loss) from discontinued operations,      net of income taxes	$	20,021	$	13,477		$	193,921		$	(5,082	)
Earnings (loss) per share from discontinued operations:
Basic earnings (loss) per share	$	0.19	$	0.13		$	1.83		$	(0.05	)
Diluted earnings (loss) per share	$	0.19	$	0.13		$	1.83		$	(0.05	)

The following is a reconciliation of the gain recorded for the sale of the Company’s Mobility business unit (in thousands):

Net proceeds from the sale of the Mobility business unit (1)	$	569,246
Mobility business unit assets:
Cash and cash equivalents		12,513
Restricted cash		35,412
Accounts receivable, net		12
Contract assets		40,072
Inventories		4,988
Prepaid expenses and other current assets		4,593
Property, plant and equipment, net		328,648
Goodwill		68,267
Definite-lived intangibles, net		5,520
Deposits and other non-current assets		6,291
Total Mobility business unit assets		506,316
Mobility business unit liabilities:
Accounts payable		142,636
Accrued salaries, wages and benefits		9,392
Other current liabilities		8,890
Other long-term liabilities		303
Total Mobility business unit liabilities		161,221
Derecognition of foreign currency translation adjustments and unrealized losses       on cash flow hedges recorded in accumulated other comprehensive loss		26,957
Other transaction costs incurred as part of the sale of the Mobility business unit (2)		13,855
Gain on sale of the Mobility business unit before income taxes	$	237,253

(1) Net proceeds from the sale of the Mobility business unit are net of customary purchase price adjustments.

(2) Costs directly incurred as a result of the sale of the Company’s Mobility business unit, including bank fees, legal fees, professional fees, and other costs.