Long-Lived Assets

9 Months Ended

Oct. 02, 2022

Property, Plant and Equipment [Abstract]

Long-Lived Assets

Long-Lived Assets

Gain on Sale of Asset

During the three and nine months ended October 2, 2022, we sold certain real estate in the United States for $42.2 million, net of transaction costs and recognized a $37.9 million pre-tax gain on sale. This gain on sale was excluded from Segment EBITDA of our Industrial Automation Solutions segment.

Depreciation and Amortization Expense

We recognized depreciation expense in income from continuing operations of $11.8 million and $34.4 million in the three and nine months ended October 2, 2022, respectively. We recognized depreciation expense in income from continuing operations of $10.6 million and $32.0 million in the three and nine months ended October 3, 2021, respectively.

We recognized amortization expense in income from continuing operations of $11.0 million and $31.0 million in the three and nine months ended October 2, 2022, respectively. We recognized amortization expense in income from continuing operations of $8.2 million and $24.1 million in the three and nine months ended October 3, 2021, respectively.

Sale-Leaseback

During the fourth quarter of 2021, we sold certain real estate in Germany as part of a sale and leaseback transaction. When the assets met the held for sale criteria during the third quarter of 2021, we performed a recoverability test and determined that the carrying values of the assets were not recoverable and as a result, recognized a $2.3 million impairment charge to write them down to fair value. This $2.3 million impairment charge recognized during the three and nine months ended October 3, 2021 was excluded from Segment EBITDA of our Industrial Automation Solutions segment.

Asset Impairment

During the nine months ended October 3, 2021, we sold our oil and gas cable business in Brazil and recognized an impairment charge of $3.4 million. See Note 4. Also during the nine months ended October 3, 2021, we performed a recoverability test over certain held and used long-lived assets in our Industrial Automation Solutions segment. We determined that the carrying values of the assets were not recoverable and recognized a $3.6 million impairment charge to write them down to fair value. This impairment charge was excluded from Segment EBITDA of our Industrial Automation Solutions segment.