Business Divestiture (Tables)

6 Months Ended

Jun. 28, 2020

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The assets and liabilities of our O&M business that were sold in the transaction are summarized below:

(In thousands)
Accounts receivable	$	5,693
Contract assets, current portion	3,239
Prepaid expenses, other current assets, and cash	4,786
Other long-term assets	634
Total assets	14,352
Accounts payable	3,434
Contract liabilities, current portion	4,204
Other current liabilities	808
Other long-term liabilities	2,245
Total liabilities	10,691
Net assets	$	3,661

As of June 28, 2020, net proceeds received are as follows:

(In thousands)
Purchase price	$	36,300
Holdback receivables, including contracts not novated	(15,000)
Estimated working capital adjustment, upon close	(5,324)
Net proceeds received	$	15,976

Net gain on sale for the three and six months ended June 28, 2020 is as follows:

(In thousands)
Net proceeds received	$	15,976
Estimated receivable from amount held back for retained obligations	7,199
Liabilities for loss-making contracts retained	(6,026)
Book value of net assets sold	(3,661)
Estimated working capital adjustment, post close1	(3,030)
Net gain on sale	$	10,458

1 Final working capital adjustment will be completed during the third quarter of fiscal 2020