Discontinued Operations (Tables)

3 Months Ended

Mar. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations in Financial Statements

The major components of Net income from discontinued operations, net of income taxes in the accompanying Consolidated Statement of Operations include the following:

	For the Three Months Ended
(in millions of U.S. dollars)	March 30, 2024		April 1, 2023
Revenue, net	$	79.1	$	134.0
Cost of sales	46.3		64.7
Gross profit	32.8		69.3
Selling, general and administrative expenses	23.7		68.9
Loss on disposal of property, plant and equipment, net	0.1		—
Acquisition and integration expenses	—		0.3
Operating income from discontinued operations	9.0		0.1
Other income, net	—		(6.0)
Loss on sale of discontinued operations	0.5		—
Interest expense, net	0.6		0.6
Income from discontinued operations, before income taxes	$	7.9	$	5.5
Income tax expense	1.6		2.9
Net income from discontinued operations, net of income taxes	$	6.3	$	2.6

Assets and liabilities of discontinued operations presented in the accompanying Consolidated Balance Sheets as of March 30, 2024 and December 30, 2023 include the following:

(in millions of U.S. dollars)	March 30, 2024		December 30, 2023
ASSETS
Cash and cash equivalents	$	27.0	$	22.6
Accounts receivable, net of allowance of $3.1 ($3.4 as of December 30, 2023)	59.4		67.4
Inventories	31.8		31.9
Prepaid expenses and other current assets	7.7		6.8
Current assets of discontinued operations	$	125.9	$	128.7
Property, plant and equipment, net	86.1		83.7
Operating lease right-of-use-assets	37.7		37.9
Goodwill	47.5		48.5
Intangible assets, net	60.5		61.5
Other long-term assets, net 1	(6.6)		(6.0)
Long-term assets of discontinued operations	$	225.2	$	225.6
LIABILITIES
Short-term borrowings	$	18.7	$	18.4
Current maturities of long-term debt	3.4		3.5
Accounts payable and accrued liabilities	75.3		83.4
Current operating lease obligations	4.7		4.6
Current liabilities of discontinued operations	$	102.1	$	109.9
Long-term debt	9.1		9.2
Operating lease obligations	32.1		33.6
Deferred tax liabilities	7.5		7.0
Other long-term liabilities	2.3		2.4
Long-term liabilities of discontinued operations	$	51.0	$	52.2