Discontinued Operations

9 Months Ended

Oct. 01, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On January 19, 2016, the Company completed the sale of the Packaging Business. The Company received total cash proceeds of approximately $88.1 million, net of transaction costs of approximately $6.3 million. This resulted in the recognition of a total loss of $5.1 million, of which a gain of $1.2 million and a loss of $0.1 million were recorded during the three and nine months ended October 1, 2016, respectively. In the fourth quarter of 2015, the Company recorded a non-cash loss on the sale of $5.0 million. The loss was based on the executed purchase agreement and the net assets of the Packaging Business. During the fourth quarter of 2015, the Company recorded a non-cash goodwill impairment charge of $9.9 million related to this transaction. In addition to the proceeds, $5.0 million of purchase price consideration has been held in escrow (the "Holdback Amount") and will be paid to the Company subject to the satisfaction of certain conditions. Any amount received from the Holdback Amount will be recognized as income when received.

The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's condensed consolidated balance sheets as of October 1, 2016, and January 2, 2016 (in thousands):

	October 1, 2016			January 2, 2016
Accounts receivable, net	$	—		$	23,244
Inventories	—			18,603
Other current assets	—			6,719
Assets of discontinued operations - current	—			48,566
Property, plant and equipment, net	—			48,244
Goodwill and other long-term assets	—			14,607
Assets of discontinued operations - long-term	—			62,851
Accounts payable	—			17,917
Other current liabilities	280			4,351
Liabilities of discontinued operations - current	280			22,268
Long-term debt and other liabilities	—			1,153
Liabilities of discontinued operations - long-term	—			1,153
Net (liabilities) assets of discontinued operations	$	(280	)	$	87,996

The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data):

	For the Three Months Ended						For the Nine Months Ended
	October 1, 2016			September 26, 2015			October 1, 2016			September 26, 2015
Net sales	$	—		$	44,166		$	6,637		$	137,092
Cost of sales	—			37,679			6,625			117,110
Selling, general and administrative expenses	—			5,187			2,242			15,321
Amortization of intangible assets	—			539			—			1,617
Restructuring and other charges	—			31			1			379
Interest expense, net	—			28			7			92
Other expense (income), net	490			(149		)	728			(578		)
(Loss) income from discontinued operations	(490		)	851			(2,966		)	3,151
Gain (loss) on sale of discontinued operations	1,176			—			(97		)	—
Income (loss) from discontinued operations before income taxes	686			851			(3,063		)	3,151
Income tax expense	—			532			1,372			1,382
Income (loss) from discontinued operations, net of taxes	$	686		$	319		$	(4,435	)	$	1,769
Income (loss) per share - basic	$	0.08		$	0.04		$	(0.52	)	$	0.21
Income (loss) per share - diluted	$	0.08		$	0.04		$	(0.46	)	$	0.21