Discontinued Operations (Tables)

9 Months Ended

Oct. 01, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The carrying amounts of the assets and liabilities of the Divestiture have been reclassified from their historical balance sheet presentation to current and noncurrent assets and current and noncurrent liabilities held for sale as follows:

	As of
	October 1, 2021		December 31, 2020
ASSETS
Current assets:
Trade accounts receivable, less allowance for credit losses of $4.4 and $6.6, respectively	$	57.4	$	59.3
Inventories, net	53.5		50.9
Prepaid expenses and other current assets	6.7		3.7
Property, plant and equipment, net	27.5		—
Operating lease right-of-use assets	2.8		—
Other assets	8.2		—
Goodwill	212.0		—
Other intangible assets, net	99.9		—
Current assets held for sale	$	468.0	$	113.9
Property, plant and equipment, net	$	—	$	28.4
Operating lease right-of-use assets	—		2.6
Other long-term assets	—		8.2
Goodwill	—		223.3
Other intangible assets, net	—		106.5
Noncurrent assets held for sale	$	—	$	369.0
LIABILITIES AND EQUITY
Current liabilities:
Trade accounts payable	$	20.4	$	32.6
Accrued expenses and other liabilities	53.5		62.5
Operating lease liabilities	2.7		1.4
Other liabilities	60.5		—
Current liabilities held for sale	$	137.1	$	96.5
Operating lease liabilities	$	—	$	1.2
Other long-term liabilities	—		61.8
Noncurrent liabilities held for sale	$	—	$	63.0

The operating results of the Divestiture are reflected in the Condensed Consolidated Statements of Operations within income (loss) from discontinued operations, net of tax as follows:

	Three Months Ended				Nine Months Ended
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020
Sales	$	102.5	$	93.3	302.0		$	236.8
Cost of sales	57.2		61.1		174.4		182.1
Gross profit	45.3		32.2		127.6		54.7
Operating expenses:
Selling, general and administrative	25.2		22.0		70.4		78.1
Research and development	3.8		2.4		12.5		10.1
Operating profit (loss)	16.3		7.8		44.7		(33.5)
Income tax expense (benefit)	$	3.6	$	(4.2)	$	11.0	$	(7.0)
Income (loss) from discontinued operations	$	12.7	$	12.0	$	33.7	$	(26.5)

Significant non-cash operating items and capital expenditures for the Divestiture are reflected in the cash flows from operations as follows:

	Nine Months Ended
	October 1, 2021		October 2, 2020
Cash flows from operating activities
Non-cash restructuring charges	$	—	$	9.6
Impairment charges	$	—	$	10.3
Depreciation and amortization1	$	5.6	$	9.0
Cash flows from investing activities:
Capital expenditures	$	4.2	$	4.5
1 Depreciation and amortization are no longer recognized once the business is classified as held for sale.