Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 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):

	December 31, 2021
ASSETS
Current assets:
Assets for relevant jurisdictions	$	12.2
Current assets held for sale	$	12.2
LIABILITIES AND EQUITY
Current liabilities:
Liabilities for relevant jurisdictions	$	4.0
Current liabilities held for sale	$	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				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
Sales	$	2.8	$	102.5	$	11.7	$	302.0
Cost of sales	2.1		57.2		9.1		174.4
Gross profit	0.7		45.3		2.6		127.6
Operating expenses:
Selling, general and administrative	1.1		25.2		3.2		70.4
Research and development	—		3.8		—		12.5
Operating (loss) profit	(0.4)		16.3		(0.6)		44.7
Income tax expense	—		3.6		—		11.0
(Loss) income from discontinued operations	(0.4)		12.7		(0.6)		33.7
(Loss) gain on sale of discontinued operations, net of tax	(1.6)		—		5.7		—
Net (loss) income from discontinued operations	$	(2.0)	$	12.7	$	5.1	$	33.7

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

	Nine Months Ended
	September 30, 2022		October 1, 2021
Cash flows from operating activities
Depreciation and amortization1	$	—	$	5.6
Cash flows from investing activities:
Capital expenditures	$	—	$	4.2
1 Depreciation and amortization were no longer recognized once the business was classified as discontinued operations as of August 27, 2021.