As of December 29, 2018, the Company presented assets and liabilities of certain assets and businesses held for sale as the Company had both the intent and ability to sell these assets and businesses. The businesses were divested in fiscal 2019.

In December 2018, the Company signed an agreement to sell its Regal Drive Technologies business included in the Company's Commercial Systems segment. This transaction closed in January 2019.

The table below presents the balances that were classified as Assets of Held for Sale as of December 28, 2019 and Assets and Liabilities Held for Sale as of December 29, 2018, as the Company has both the intent and the ability to sell these assets and liabilities, (in millions):



	December 28, 2019		December 29, 2018
Trade Receivables	$	—	$	19.2
Inventories	—		34.7
Prepaid Expenses and Other Current Assets	—		5.0
Property, Plant and Equipment	2.8		19.9
Intangible Assets	—		12.0
Goodwill	—		1.3
Assets Held for Sale	$	2.8	$	92.1
Accounts Payable	$	—	$	8.1
Accrued Compensation and Benefits	—		0.5
Other Accrued Expenses	—		7.3
Other Noncurrent Liabilities	—		1.1
Liabilities Held for Sale	$	—	$	17.0

The businesses classified as held for sale at December 29, 2018 had fiscal 2018 Net Sales and Income from Operations of $138.9 million and $15.7 million, respectively.

The Company exited its hermetic climate business in 2019. The hermetic climate business had sales of $19.5 million, $52.6 million and $60.4 million for the fiscal years ended 2019, 2018 and 2017.

On January 7, 2019, the Company sold its Regal Drive Technologies business and received proceeds of $119.9 million. Regal Drive Technologies was included in the Company's Commercial Systems segment. The Company recognized a gain on sale of$41.2 million in the Consolidated Statements of Income.

On April 1, 2019, the Company sold its Velvet Drive business and received proceeds of $8.9 million. This business was included in the Company's Power Transmissions Solutions segment. The Company recognized a loss on sale of $0.5 million in the Consolidated Statements of Income.

On April 1, 2019, the Company sold its CapCom business and received proceeds of $9.9 million. This business was included in the Company's Climate Solutions segment. The Company recognized a gain on sale of $6.0 million in the Consolidated Statements of Income.

On July 1, 2019, the Company sold its Vapor Recovery business and received proceeds of $19.2 million. The business was included in the Company's Commercial Systems segment. The Company recognized a loss on sale of $1.9 million in the Consolidated Statements of Income.

The results of operations of acquired businesses are included in the Consolidated Financial Statements from the date of acquisition. Acquisition and acquisition-related expenses of $0.1 million were recorded in Operating Expenses for the fiscal year ended December 28, 2019. There were $1.5 million of acquisition-related expenses in fiscal 2018 and zero in fiscal 2017.

On April 10, 2018, the Company acquired Nicotra Gebhardt S.p.A. ("NG") for $161.5 million in cash, net of $8.5 million of cash acquired. NG is a leader in critical, energy-efficient systems for ventilation and air quality. NG manufactures, sells and services fans and blowers under the industry leading brands of Nicotra and Gebhardt. The financial results of NG have been included in the Company's Commercial Systems segment from the date of acquisition.

The following table summarizes the fair value of assets acquired and liabilities assumed (in millions):



	As of April 10, 2018
Other Current Assets	$	17.2
Trade Receivables	28.0
Inventories	22.1
Property, Plant and Equipment	44.6
Intangible Assets	37.8
Goodwill	58.7
Other Noncurrent Assets	2.5
Total Assets Acquired	$	210.9
Accounts Payable	16.7
Current Liabilities	14.2
Long-Term Liabilities	10.0
Net Assets Acquired	$	170.0

The Consolidated Statements of Income include the results of operations of NG since the date of acquisition, and such results are reflected in the Commercial Systems segment. Results of operations since the date of acquisition and supplemental pro forma financial information have not been presented for the NG acquisition as such information is not material to the results of operations.

During the year ended December 29, 2018 the Company purchased the remaining shares owned by the joint venture partner in a South African distribution business for a purchase price of $0.8 million. The purchase price of the South African distribution business is reflected as a component of equity.