Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

v3.20.2
Discontinued Operations (Tables)
 9 Months Ended
Sep. 26, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations [Table Text Block]
The following table discloses the results of operations of the business reported as discontinued operations for the three months and nine months ended September 26, 2020 and September 28, 2019, respectively:
Three Months Ended Nine Months Ended
(in millions) Sep 26, 2020 Sep 28, 2019 Sep 26, 2020 Sep 28, 2019
Net sales $ —  $ —  $ —  $ 448.3 
Cost of sales —  —  —  334.6 
Selling, general and administrative expense (A)
(2.1) 3.2  (0.7) 112.3 
Research and development expense —  —  —  12.3 
Restructuring, exit and impairment charges (B)
—  —  —  138.3 
Earnings (loss) from discontinued operations before income taxes (A) (B)
$ 2.1  $ (3.2) $ 0.7  $ (149.2)
Income tax provision (benefit) 0.6  (0.3) 0.3  (40.7)
Earnings (loss) from discontinued operations, net of tax (A) (B)
1.5  (2.9) 0.4  (108.5)
Loss on disposal of discontinued operations, net of tax (C)
(0.4) (3.5) (1.5) (45.0)
Net earnings (loss) from discontinued operations, net of tax $ 1.1  $ (6.4) $ (1.1) $ (153.5)

(A) The Company recorded $2.1 million and $0.7 million for the three and nine months ended September 26, 2020, respectively, primarily resulting from adjustments of certain retained liabilities. The Company recorded $2.5 million and $13.4 million for the three and nine months ended September 28, 2019, respectively, of net costs incurred in connection with the sale of the Fitness business.
(B) In the first quarter of 2019, the Company re-evaluated the fair value of the Fitness reporting unit and determined the fair value of the business was less than its carrying value. As a result, the Company recorded a $137.2 million ($103.0 million after tax) goodwill impairment charge for the nine months ended September 28, 2019.
(C) Loss on disposal of discontinued operations, net of tax, for the three months ended September 26, 2020 includes a pre-tax loss of $0.5 million and a tax benefit of $0.1 million. Loss on disposal of discontinued operations, net of tax, for the nine months ended September 26, 2020 includes a pre-tax loss of $2.0 million and a tax benefit of $0.5 million. Loss on disposal of discontinued operations, net of tax, for the three months ended September 28, 2019 includes a pre-tax loss of $4.7 million and a tax benefit of $1.2 million. Loss on disposal of discontinued operations, net of tax, for the nine months ended September 28, 2019 includes a pre-tax loss of $52.4 million and a tax benefit of $7.4 million.