DIVESTITURES

6 Months Ended

Jun. 29, 2024

Discontinued Operations and Disposal Groups [Abstract]

DIVESTITURES

DIVESTITURES

Infrastructure business

On April 1, 2024, the Company completed the previously announced sale of its Infrastructure business to Epiroc AB for $760 million. The Company received proceeds of $728.5 million at closing, net of customary adjustments and costs. As of December 30, 2023, the assets and liabilities related to the Infrastructure business were classified as held for sale on the Company's Condensed Consolidated Balance Sheet. This divestiture did not qualify for discontinued operations and therefore, its results were included in the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income in continuing operations through the date of sale.

Following is the pre-tax income for this business for the three and six months ended June 29, 2024, and July 1, 2023:

	Second Quarter				Year-to-Date
(Millions of Dollars)	2024		2023		2024		2023
Pre-tax income	$	—	$	17.8	$	9.6	$	35.8

In addition, the Company recognized pre-tax asset impairment charges of $25.5 million and $150.8 million in the first quarter

of 2024 and fourth quarter of 2023, respectively, to adjust the carrying amount of the long-lived assets of the Infrastructure business to its estimated fair value less the costs to sell.

The carrying amounts of the assets and liabilities that were aggregated in assets held for sale and liabilities held for sale as of December 30, 2023 are presented in the following table:

(Millions of Dollars)	December 30, 2023
Cash and cash equivalents	$	0.6
Accounts and notes receivable, net	41.3
Inventories, net	96.5
Other current assets	2.4
Property, plant and equipment, net	70.4
Goodwill	389.7
Intangibles, net	214.3
Other assets	42.4
Total assets	$	857.6
Accounts payable and accrued expenses	$	44.1
Other long-term liabilities	84.8
Total liabilities	$	128.9