DIVESTITURES (Tables)

6 Months Ended

Jul. 02, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Pre Tax Losses

Following is the pre-tax losses for this business for the three and six months ended July 2, 2022 and July 3, 2021:

	Second Quarter				Year-to-Date
(Millions of Dollars)	2022		2021		2022		2021
Pre-tax losses	$	(0.9)	$	(9.0)	$	(5.6)	$	(10.1)

Summary of Operating Results of Discontinued Operations

Summarized operating results of discontinued operations are presented in the following table for the three and six months ended July 2, 2022 and July 3, 2021:

	Second Quarter				Year-to-Date
(Millions of Dollars)	2022		2021		2022		2021
Net Sales	$	489.8	$	502.0	$	978.1	$	978.3
Cost of sales	325.9		320.3		638.5		620.1
Selling, general, and administrative(1)	139.6		134.5		277.8		268.3
Other, net and restructuring charges	17.9		14.8		33.2		26.4
Earnings from discontinued operations before income taxes	$	6.4	$	32.4	$	28.6	$	63.5
Income taxes on discontinued operations	(2.6)		6.4		(0.2)		10.3
Net earnings from discontinued operations	$	9.0	$	26.0	$	28.8	$	53.2

(1) Includes provision for credit losses.

The following table presents the significant non-cash items and capital expenditures for the discontinued operations with respect to MAS and CSS that are included in the Condensed Consolidated Statements of Cash Flows (in millions) for the three and six months ended July 2, 2022 and July 3, 2021:

	Second Quarter				Year-to-Date
(Millions of Dollars)	2022		2021		2022		2021
Depreciation and amortization	$	—	$	17.3	$	0.4	$	34.8
Capital expenditures	$	2.3	$	1.9	$	6.3	$	6.8
Stock-based compensation	$	9.2	$	1.9	$	18.5	$	3.9

The carrying amounts of the assets and liabilities that were aggregated in assets held for sale and liabilities held for sale as of July 2, 2022 and January 1, 2022 are presented in the following table:

(Millions of Dollars)	July 2, 2022		January 1, 2022
Cash and cash equivalents	$	19.7	$	145.1
Accounts and notes receivable, net	548.3		513.9
Inventories, net	209.4		169.4
Other current assets	73.6		41.2
Property, plant and equipment, net	198.2		84.3
Goodwill and other intangibles, net	2,231.6		2,270.2
Other assets	302.8		281.3
Valuation allowance	(168.4)		—
Total assets	$	3,415.2	$	3,505.4
Accounts payable and accrued expenses	$	483.5	$	460.4
Other long-term liabilities	137.1		137.4
Total liabilities	$	620.6	$	597.8