v3.25.2
Discontinued Operations (Tables)
 6 Months Ended
Jun. 29, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedules of Discontinued Operations The following table presents the assets and liabilities that are classified as discontinued operations in the Condensed Consolidated Balance Sheets as of December 31, 2024:
December 31,
2024
Cash and cash equivalents$12,050 
Trade accounts receivable, net of allowances of $2,582 at December 31, 2024
209,379 
Other receivables46,001 
Inventories, net:
Finished and in process80,573 
Materials and supplies94,083 
Prepaid expenses8,788 
Current assets of discontinued operations$450,874 
Property, plant and equipment, net of accumulated depreciation of $465,923 at December 31, 2024
262,662 
Goodwill502,621 
Other intangible assets, net of accumulated amortization of $206,437 and December 31, 2024
103,593 
Long-term deferred income taxes262 
Right of use asset-operating leases75,855 
Other assets19,317 
Non-current assets of discontinued operations$964,310 
Payable to suppliers172,720 
Accrued expenses and other62,562 
Notes payable and current portion of long-term debt6,774 
Current liabilities of discontinued operations$242,056 
Long-term debt29,850 
Noncurrent operating lease liabilities67,789 
Deferred income taxes15,928 
Other liabilities344 
Non-current liabilities of discontinued operations$113,911 
The following table presents key components of “Net income from discontinued operations” for the three- and six-month periods ended June 29, 2025 and June 30, 2024:
 Three Months EndedSix Months Ended
  
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
Net sales$— $344,678 $320,678 $673,585 
Cost of sales— 272,567 250,854 535,086 
Gross profit— 72,111 69,824 138,499 
Selling, general and administrative expenses— 26,263 31,607 52,162 
Restructuring/Asset impairment charges— 1,287 426 1,895 
Gain on divestiture of business625,773 — 625,773 — 
Operating profit625,773 44,561 663,564 84,442 
Other income, net— — 182 — 
Interest expense— 967 24,911 2,023 
Interest income— 497 281 922 
Income from discontinued operations before income taxes625,773 44,091 638,752 83,341 
Provision for income taxes201,225 10,551 209,032 20,040 
Net income from discontinued operations424,548 33,540 429,720 63,301 
Net income from discontinued operations attributable to noncontrolling interests— (30)— (78)
Net income attributable to discontinued operations$424,548 $33,510 $429,720 $63,223 
Weighted average common shares outstanding:
Basic99,171 98,671 99,055 98,583 
Diluted99,539 99,241 99,453 99,199 
Per common share:
Net income attributable to discontinued operations:
Basic $4.28 $0.34 $4.34 $0.64 
Diluted $4.27 $0.34 $4.32 $0.64 

The following table presents significant cash flow items from discontinued operations for the six months ended June 29, 2025 and June 30, 2024:
 Six Months Ended
  
June 29, 2025June 30, 2024
Depreciation and amortization(a)
$(311)$31,030 
Purchases of property, plant and equipment$(5,572)$(27,567)

(a) Subsequent to entering the agreement on December 8, 2024 to sell TFP, depreciation was not recognized on TFP’s property, plant and equipment, and amortization was not recognized on TFP’s other intangible assets or right of use assets-operating leases, in accordance with Accounting Standards Codification (“ASC”) 360, “Property, Plant, and Equipment.”