Discontinued Operations (Tables)

6 Months Ended

Jul. 03, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table presents the gain on sale of our C&I Solutions business recorded within our condensed consolidated statements of equity for the three months ended July 3, 2022:

	Three Months Ended
	July 3, 2022
Net cash consideration	$	149,171
Less: Estimated final working capital adjustment (as of July 3, 2022)	6,265
Less: Net book value of assets sold	24,562
Gain on sale of C&I Solutions business	$	118,344
Gain on sale of C&I Solutions business - within additional paid-in capital	$	114,401
Gain on sale of C&I Solutions business - within non-controlling interest	$	3,943

The following table presents the assets and liabilities of C&I Solutions as of January 2, 2022, presented as assets and liabilities of discontinued operations on the condensed consolidated balance sheet:

	January 2, 2022
Assets
Current assets:
Cash and cash equivalents	$	3,395
Restricted cash and cash equivalents, current portion	3,466
Accounts receivable, net	5,522
Contract assets	55,673
Inventories	28,561
Advances to suppliers, current portion	2,813
Project assets - plants and land, current portion	8,105
Prepaid expenses and other current assets	13,257
Total current assets of discontinued operations	120,792
Restricted cash and cash equivalents, net of current portion	2,439
Property, plant and equipment, net	1,734
Operating lease right-of-use assets	27,572
Other long-term assets	15,781
Total assets of discontinued operations	$	168,318
Liabilities
Current liabilities:
Accounts payable	$	38,541
Accrued liabilities	16,895
Operating lease liabilities, current portion	1,400
Contract liabilities, current portion	26,559
Short-term debt	3,101
Total current liabilities of discontinued operations	86,496
Operating lease liabilities, net of current portion	10,200
Contract liabilities, net of current portion	9,096
Other long-term liabilities	23,365
Total liabilities of discontinued operations	$	129,157

The following table presents financial results of C&I Solutions presented as discontinued operations in the condensed consolidated statement of operations in the corresponding periods:

	Three Months Ended				Six Months Ended
	July 3, 2022		July 4, 2021		July 3, 2022		July 4, 2021
Total revenues	$	8,256	$	48,176	$	36,710	$	114,438
Total cost of revenues	14,830		47,856		59,860		110,210
Gross (loss) profit	(6,574)		320		(23,150)		4,228
Operating expenses	13,781		12,771		22,131		18,639
Operating (loss) income	(20,355)		(12,451)		(45,281)		(14,411)
Other (expense) income, net	(502)		(1,054)		(1,874)		(948)
(Loss) earnings before income taxes	(20,857)		(13,505)		(47,155)		(15,359)
Benefits from (provision for) income taxes	241		1,169		584		1,267
Net (loss) income from discontinued operations, net of taxes	(20,616)		(12,336)		(46,571)		(14,092)
Net loss (income) from discontinued operations attributable to noncontrolling interests	—		449		250		967
Net (loss) income from discontinued operations attributable to stockholders	$	(20,616)	$	(11,887)	$	(46,321)	$	(13,125)

The following table presents significant non-cash items and capital expenditures of discontinued operations:

	Six Months Ended
	July 3, 2022		July 4, 2021
Depreciation and amortization	$	85	$	2,436
Stock-based compensation	$	21	$	1,445
(Gain) loss on change in valuation of equity method investments	$	—	$	(726)
(Gain) loss on sale of investments	$	—	$	(1,162)
Loss (gain) on business divestiture	$	—	$	5,066