Discontinued Operations (Tables)

6 Months Ended

Jul. 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
	July 1, 2022		December 31, 2021
ASSETS
Current assets:
Assets for relevant jurisdictions	$	4.1	$	12.2
Current assets held for sale	$	4.1	$	12.2
LIABILITIES AND EQUITY
Current liabilities:
Liabilities for relevant jurisdictions	$	1.7	$	4.0
Current liabilities held for sale	$	1.7	$	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				Six Months Ended
	July 1, 2022		July 2, 2021		July 1, 2022		July 2, 2021
Sales	$	2.0	$	102.9	$	8.9	$	199.5
Cost of sales	1.1		59.6		7.0		117.3
Gross profit	0.9		43.3		1.9		82.2
Operating expenses:
Selling, general and administrative	1.0		23.7		2.1		45.1
Research and development	—		4.4		—		8.7
Operating (loss) profit	(0.1)		15.2		(0.2)		28.4
Income tax expense	—		4.1				7.4
(Loss) income from discontinued operations	(0.1)		11.1		(0.2)		21.0
Gain on sale of discontinued operations, net of tax	2.7		—		7.3		—
Net income from discontinued operations	$	2.6	$	11.1	$	7.1	$	21.0

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

	Six Months Ended
	July 1, 2022		July 2, 2021
Cash flows from operating activities
Depreciation and amortization1	$	—	$	3.3
Cash flows from investing activities:
Capital expenditures	$	—	$	2.4
1 Depreciation and amortization were no longer recognized once the business was classified as discontinued operations as of August 27, 2021.