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Discontinued Operations
 6 Months Ended
Jul. 02, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
NOTE 3. DISCONTINUED OPERATIONS
On October 9, 2020, we completed the Vontier Separation. The accounting requirements for reporting the Vontier business as a discontinued operation were met when the Vontier Separation was completed. Accordingly, the consolidated financial statements reflect the results of the Vontier business as a discontinued operation for all periods presented.
Vontier Impairment Charge
As a result of the interim impairment testing performed, we concluded that the estimated fair value of the Telematics reporting unit was less than its carrying value as of March 27, 2020, and recorded a non-cash goodwill impairment charge of $85.3 million during the three month period ended March 27, 2020. The Telematics reporting unit was included in our former Industrial Technologies segment and part of the Vontier Separation. Accordingly, the impairment charge is recorded in Earnings from discontinued operations, net of income taxes in the Consolidated Statement of Earnings.
The key components of income from discontinued operations for the three and six month periods ended July 2, 2021 and June 26, 2020 were as follows ($ in millions):
Three Months EndedSix Months Ended
 July 2, 2021June 26, 2020July 2, 2021June 26, 2020
Sales$— $533.7 $— $1,142.9 
Cost of sales— (302.8)— (648.9)
Selling, general and administrative expenses(1.3)(112.6)(3.2)(253.6)
Research and development expenses— (30.2)— (63.1)
Goodwill impairment— — — (85.3)
Interest expense and other income, net— (7.1)0.1 (12.3)
Earnings before income taxes(1.3)81.0 (3.1)79.7 
Income taxes0.2 (10.8)0.5 (22.4)
Net earnings from discontinued operations$(1.1)$70.2 $(2.6)$57.3 
The following table summarizes the major classes of assets and liabilities of discontinued operations that were included in the Company’s Consolidated Balance Sheets ($ in millions):
 July 2, 2021December 31, 2020
ASSETS
Other current assets$— $30.4 
Total assets, discontinued operations$— $30.4 
LIABILITIES
Current liabilities:
Accrued expenses and other current liabilities$(1.5)$(33.3)
Total liabilities, discontinued operations$(1.5)$(33.3)