Discontinued Operations (Tables)

12 Months Ended

Jan. 03, 2022

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:

	For the Year Ended
	December 28,			December 30,
	2020			2019
	(In thousands, except per share data)
Net sales	$	143,951		$	556,098
Cost of goods sold		136,800			531,592
Gross profit		7,151			24,506
Operating expenses:
Selling and marketing		1,461			4,840
General and administrative		2,317			4,875
Research and development		147			—
Amortization of definite-lived intangibles		809			2,698
Restructuring charges		—			1,601
Total operating expenses		4,734			14,014
Operating income		2,417			10,492
Other (expense) income:
Interest expense		(223	)		(1,147	)
Gain on sale of the Mobility business unit		237,253			—
Other, net		1,160			2,513
Total other income, net		238,190			1,366
Income from discontinued operations      before income taxes		240,607			11,858
Income tax provision		(46,686	)		(2,478	)
Income from discontinued operations,      net of income taxes	$	193,921		$	9,380
Earnings per share from discontinued operations:
Basic earnings per share	$	1.82		$	0.09
Diluted earnings per share	$	1.82		$	0.09

The following is a reconciliation of the final 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 the finalized 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.