The results of operations are presented as discontinued operations as summarized below:
| | | | | | | | | | | | | | | | | | | Year Ended | (In millions of U.S. Dollars) | December 31, 2022 | | December 25, 2021 | | December 26, 2020 | Net Sales | $ | 65.9 | | | $ | 171.7 | | | $ | 182.3 | | Cost of products sold | 25.7 | | | 60.0 | | | 66.0 | | Gross profit | 40.2 | | | 111.7 | | | 116.3 | | | | | | | | Selling and administrative expenses | 46.3 | | | 105.1 | | | 109.8 | | Re-engineering charges | 0.4 | | | 0.3 | | | 0.8 | | (Gain) loss on disposal of assets | (22.2) | | | (9.2) | | | 0.3 | | Loss on held for sale assets and dispositions | 1.3 | | | 142.7 | | | — | | | | | | | | Operating income (loss) | 14.4 | | | (127.2) | | | 5.4 | | | | | | | | Other expense, net | 0.6 | | | 1.7 | | | 0.4 | | Income (loss) from discontinued operations before income taxes | 13.8 | | | (128.9) | | | 5.0 | | | | | | | | (Benefit) provision for income taxes | (0.6) | | | 6.5 | | | 4.3 | | Net income (loss) from discontinued operations | $ | 14.4 | | | $ | (135.4) | | | $ | 0.7 | |
The carrying amount of major classes of assets and liabilities classified as held for sale that were included in discontinued operations at December 31, 2022 and December 25, 2021 are shown in the table below. | | | | | | | | | | | | | As of | (In millions of U.S. Dollars) | December 31, 2022 | | December 25, 2021 | Assets | | | | Cash and cash equivalents | $ | — | | | $ | 0.2 | | Accounts receivable, net | 2.9 | | | 14.9 | | Inventories | 3.6 | | | 25.8 | | Non-trade accounts receivable, net | — | | | 2.2 | | Prepaid expenses and other current assets | 0.5 | | | 1.5 | | Accumulated translation adjustment losses, current | (7.0) | | | (36.7) | | Total assets of discontinued operations - current | — | | | 7.9 | | | | | | Deferred tax assets, net | — | | | 6.2 | | Property, plant and equipment, net | 0.8 | | | 7.8 | | Operating lease assets | 1.8 | | | 11.1 | | | | | | Trade name, net | — | | | 6.7 | | Goodwill | 2.0 | | | 1.7 | | Other assets | 0.3 | | | 2.7 | | Accumulated translation adjustment losses | (4.9) | | | (17.7) | | Assets held for sale | — | | | 18.5 | | Total assets of discontinued operations | $ | — | | | $ | 26.4 | | | | | | Liabilities | | | | Accounts payable | $ | 1.0 | | | $ | 17.0 | | Accrued liabilities | 1.6 | | | 30.5 | | Accumulated translation adjustment losses, current | 4.0 | | | 88.3 | | Total liabilities of discontinued operations - current | 6.6 | | | 135.8 | | | | | | | | | | Operating lease liabilities | 1.0 | | | 8.6 | | Other liabilities | — | | | 9.2 | | | | | | Liabilities held for sale | 1.0 | | | 17.8 | | Total liabilities of discontinued operations | $ | 7.6 | | | $ | 153.6 | |
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