DISCONTINUED OPERATIONS (Tables)
 3 Months Ended
Mar. 28, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Income (Loss) from Discontinued Operations Income (loss) from discontinued operations for the three months ended March 28, 2020 and March 30, 2019 was as follows:
Three months ended
March 28, 2020March 30, 2019
Revenues$110.7  $117.7  
Cost of products sold(1)
75.3  86.6  
Gross profit35.4  31.1  
Selling, general and administrative(1)
30.7  21.4  
Intangible amortization(1)
—  0.9  
Loss on Disposal Group(2)
8.5  —  
Restructuring and other related charges0.3  —  
Operating income (loss)(4.1) 8.8  
Other expense, net(0.3) (0.6) 
Interest expense, net(3)
(1.6) (3.1) 
Income (loss) from discontinued operations before income taxes(6.0) 5.1  
Income tax benefit(4)
0.9  —  
Income (loss) from discontinued operations, net of tax(5.1) 5.1  
Less: Income (loss) attributable to noncontrolling interests(0.1) 0.3  
Income (loss) from discontinued operations, net of tax and noncontrolling interests$(5.0) $4.8  
(1)During the three months ended March 28, 2020, there was no depreciation of property, plant and equipment or amortization of intangible assets, related to our discontinued operations, as the assets of the Disposal Group were classified as held-for-sale for the period.
(2)See previous paragraphs for further discussion regarding the loss on Disposal Group recognized during the three months ended March 28, 2020.
(3)In addition to any business-specific interest expense and income, the interest expense, net, of discontinued operations reflects an allocation of interest expense, including the amortization of deferred financing fees, related to the Company’s senior notes, senior credit facilities and former trade receivables financing arrangement. Interest expense related to such debt instruments and allocated to discontinued operations was $1.6 and $3.1 for the three months ended March 28, 2020 and March 30, 2019, respectively. The allocation of the Company’s interest expense of these debt instruments was determined based on the proportional amount of average net assets of the discontinued operations to the Company’s average net assets during each period, with the Company’s average net assets determined excluding the average outstanding borrowings under such debt instruments during each period.
(4)During the three months ended March 28, 2020, we recorded an income tax benefit of $0.9 on $(6.0) of pre-tax loss from discontinued operations, resulting in an effective tax rate of 15.0%. This compares to no income tax recorded for the three months ended March 30, 2019 on $5.1 of pre-tax income from discontinued operations. The effective tax rate for the first quarter of 2020 reflects the effect that the majority of the pre-tax loss on Disposal Group is not deductible in the various jurisdictions where the sale of the Disposal Group will be recognized. As such, only $1.2 of tax benefit was recognized on the $8.5 pre-tax loss on Disposal Group. The effective tax rate for the first quarter of 2019 was impacted by the relatively small amount of pre-tax income resulting in a disproportionately large impact of certain adjustments on the quarterly effective tax rate.
        The major classes of assets and liabilities, excluding intercompany balances, as they are excluded from the sale and were settled prior to closing, classified as held-for-sale in the accompanying condensed consolidated balance sheets, were as follows:
March 28, 2020December 31, 2019
ASSETS
Current assets:
Cash and equivalents$6.9  $3.1  
Accounts receivable, net97.3  99.4  
Contract assets41.5  43.0  
Inventories, net74.5  72.8  
Other current assets13.0  12.9  
Total current assets233.2  231.2  
Property, plant and equipment, net87.2  87.4  
Goodwill184.1  194.9  
Intangibles, net87.6  92.3  
Other assets58.5  59.2  
Total long-term assets(1)
417.4  433.8  
Total assets, before valuation allowance650.6  665.0  
Less: valuation allowance(2)
(209.5) (201.0) 
TOTAL ASSETS, net of valuation allowance(1)
$441.1  $464.0  
LIABILITIES
Current liabilities:
Accounts payable$47.7  $46.6  
Contract liabilities44.5  43.6  
Accrued expenses47.3  52.6  
Income taxes payable1.3  1.6  
Current maturities of long-term debt0.4  0.5  
Total current liabilities141.2  144.9  
Long-term debt3.2  3.6  
Deferred and other income taxes13.2  13.6  
Other long-term liabilities56.7  58.4  
Total long-term liabilities(1)
73.1  75.6  
TOTAL LIABILITIES(1)
$214.3  $220.5  
(1)The total assets and liabilities of discontinued operations are classified in current assets and liabilities, respectively, in our condensed consolidated balance sheets as of March 28, 2020 and December 31, 2019, as the disposition of the Disposal Group occurred, or was expected to occur, within twelve months of each respective date.
(2)See previous paragraphs for further discussion regarding the valuation allowance recorded as of March 28, 2020 and December 31, 2019.
        The following table summarizes the significant non-cash operating items and capital expenditures reflected in cash flows of discontinued operations for the three months ended March 28, 2020 and March 30, 2019:
Three months ended
March 28, 2020March 30, 2019
Loss on Disposal Group(1)
$8.5  $—  
Depreciation and amortization(2)
—  4.2  
Capital expenditures(5.5) (1.6) 
(1)See previous paragraphs for further discussion regarding the loss on Disposal Group recognized during the three months ended March 28, 2020.
(2)As noted above, during the three months ended March 28, 2020, there was no depreciation of property, plant and equipment or amortization of intangible assets, related to our discontinued operations, as the assets of the Disposal Group were classified as held-for-sale for the period.