Discontinued Operations

6 Months Ended

Jul. 01, 2012

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

As part of the Company’s continuing efforts to focus on higher growth opportunities, the Company has discontinued certain businesses. The Company has accounted for these businesses as discontinued operations and, accordingly, has presented the results of operations and related cash flows as discontinued operations for all periods presented. The assets and liabilities of these businesses have been presented separately, and are reflected within the assets and liabilities from discontinued operations in the accompanying condensed consolidated balance sheets as of July 1, 2012 and January 1, 2012.

The Company recorded the following gains and losses, which have been reported as gain (loss) on disposition of discontinued operations:

	Three Months Ended						Six Months Ended
	July 1, 2012			July 3, 2011			July 1, 2012		July 3, 2011
	(In thousands)
(Loss) gain on disposition of Illumination and Detection Solutions business	$	—		$	(111	)	$	16	$	(1,696	)
Gain (loss) on disposition of Photoflash business	485			(13		)	992		(9		)
(Loss) gain on disposition of other discontinued operations	(3		)	(33		)	9		(36		)
Gain (loss) on disposition of discontinued operations before income taxes	$	482		$	(157	)	$	1,017	$	(1,741	)

In November 2010, the Company sold its Illumination and Detection Solutions business, which was included in the Company’s Environmental Health segment, for $510.3 million, including an adjustment for net working capital. During the first six months of fiscal year 2011, the Company updated the net working capital adjustment associated with the sale of this business and other potential contingencies, which resulted in the recognition of a pre-tax loss of $1.7 million. This loss was recognized as loss on disposition of discontinued operations.

In December 2008, the Company’s management approved a plan to divest its Photoflash business within the Environmental Health segment. In June 2010, the Company sold the Photoflash business for $13.5 million, including an adjustment for net working capital, plus potential additional contingent consideration. During the first six months of fiscal year 2012, the Company recognized a pre-tax gain of $1.0 million for contingent consideration related to this sale. This gain was recognized as gain on disposition of discontinued operations.

The Company recorded tax provisions of $0.4 million and $0.5 million on disposition of discontinued operations for the three and six months ended July 1, 2012, respectively. The Company recorded tax benefits of $0.8 million and $0.02 million on disposition of discontinued operations for the three and six months ended July 3, 2011, respectively.