Held for Sale Assets and Discontinued Operations (Tables)

6 Months Ended

Jun. 25, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Gain (Loss) Recorded on Divestitures

The results of operations are presented as discontinued operations as summarized below:

	13 weeks ended				26 weeks ended
(In millions)	June 25, 2022		June 26, 2021		June 25, 2022		June 26, 2021
Net sales	$	21.1	$	48.1	$	59.6	$	94.5
Cost of products sold	8.6		18.0		23.1		34.7
Gross profit	$	12.5	$	30.1	$	36.5	$	59.8
Selling and administrative expenses	18.1		26.2		41.0		54.4
Re-engineering charges	0.1		—		0.4		—
Other expense, net	0.2		0.5		0.6		1.6
(Loss) income from operations of discontinued operations before income taxes	$	(5.9)	$	3.4	$	(5.5)	$	3.8
Gain (loss) on held for sale assets and dispositions	1.4		—		$	(1.2)	$	1.0
(Loss) income from discontinued operations before income taxes	$	(4.5)	$	3.4	$	(6.7)	$	4.8
Benefit for income taxes	(1.2)		(0.3)		(0.8)		(0.2)
Net (loss) income from discontinued operations	$	(3.3)	$	3.7	$	(5.9)	$	5.0

The carrying amount of major classes of assets and liabilities classified as held for sale that were included in discontinued operations at June 25, 2022 and December 25, 2021 are shown in the table below.

	As of
(In millions)	June 25, 2022		December 25, 2021
Assets
Cash and cash equivalents	$	0.2	$	0.2
Accounts receivable, net	3.3		14.9
Inventory, net	11.0		25.8
Non-trade accounts receivable, net	0.1		2.2
Prepaid expenses and other current assets	1.3		1.5
Accumulated translation adjustment losses, current	(8.3)		(36.7)
Total assets of discontinued operations - current	$	7.6	$	7.9
Deferred tax assets, net	1.5		6.2
Property, plant and equipment, net	1.1		7.8
Operating lease assets	9.8		11.1
Trade names, net	3.5		6.7
Goodwill	1.9		1.7
Other assets, net	2.6		2.7
Accumulated translation adjustment losses	(5.1)		(17.7)
Assets held for sale	$	15.3	$	18.5
Total assets of discontinued operations	$	22.9	$	26.4
Liabilities
Accounts payable	$	3.0	$	17.0
Accrued liabilities	10.5		30.5
Accumulated translation adjustment losses, current	3.1		88.3
Total liabilities of discontinued operations - current	$	16.6	$	135.8
Operating lease liabilities	7.8		8.6
Other liabilities	0.7		9.2
Liabilities held for sale	$	8.5	$	17.8
Total liabilities of discontinued operations	$	25.1	$	153.6