Discontinued Operations (Tables)

3 Months Ended

Apr. 01, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The carrying amounts of the assets and liabilities of the Divestiture held for sale are as follows ($ in millions):

	As of
	April 1, 2022		December 31, 2021
ASSETS
Current assets:
Assets for relevant jurisdictions	$	10.2	$	12.2
Current assets held for sale	$	10.2	$	12.2
LIABILITIES AND EQUITY
Current liabilities:
Liabilities for relevant jurisdictions	$	2.4	$	4.0
Current liabilities held for sale	$	2.4	$	4.0

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

	Three Months Ended
	April 1, 2022		April 2, 2021
Sales	$	6.9	$	96.6
Cost of sales	5.9		57.7
Gross profit	1.0		38.9
Operating expenses:
Selling, general and administrative	1.1		21.3
Research and development	—		4.4
Operating (loss) profit	(0.1)		13.2
Income tax (benefit) expense	—		3.3
(Loss) income from discontinued operations	(0.1)		9.9
Gain on sale of discontinued operations, net of tax	4.6		—
Net income from discontinued operations	$	4.5	$	9.9

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

	Three Months Ended
	April 1, 2022		April 2, 2021
Cash flows from operating activities
Depreciation and amortization1	$	—	$	2.1
Cash flows from investing activities:
Capital expenditures	$	—	$	0.9
1 Depreciation and amortization were no longer recognized once the business was classified as discontinued operations as of August 27, 2021.