Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v3.24.1
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
The following table presents the aggregate carrying amounts of the classes of assets and liabilities of the Company's discontinued operations:
(in thousands) December 31, 2023 December 31, 2022
Carrying amounts of assets included as part of discontinued operations:
Cash and cash equivalents $ —  $ 1 
Accounts receivable, net 778  11,918 
Inventories —  46,781 
Prepaid expenses and other current assets 83  1,212 
Current assets classified as discontinued operations 861  59,912 
Property, plant and equipment, net —  6,812 
Right-of-use assets, operating leases, net —  82 
Intangible assets, net —  386
Other non-current assets, net —  1,904 
Long-term assets classified as discontinued operations —  9,184 
Total assets classified as discontinued operations $ 861  $ 69,096 
Carrying amounts of current liabilities included as part of discontinued operations:
Accounts payable $ 107  $ 8,617 
Accrued expenses and other current liabilities 1,366  1,051 
Current portion of operating lease liabilities —  41 
Total current liabilities classified as discontinued operations $ 1,473  $ 9,709 
Carrying amounts of long-term liabilities included as part of discontinued operations:
Long-term portion of operating lease liabilities $ —  $ 42 
Total liabilities classified as discontinued operations $ 1,473  $ 9,751 
The financial results of the Company's discontinued operations are presented as income from discontinued operations, net of tax on the consolidated statements of income (loss). The following table summarizes the results of the Company's discontinued operations:
(Unaudited)
Three Months Ended December 31, Year Ended
December 31,
(in thousands) 2023 2022 2023 2022
Net sales $ 7,214  $ 27,381  $ 64,760  $ 152,154 
Cost of sales 8,115  30,674  64,507  138,909 
Gross profit (901) (3,293) 253  13,245 
Selling, general and administrative expense 1,261  2,088  7,587  7,311 
Acquisition costs and other 355  96  568  96 
Gain on sale of assets (26,348) —  (26,348) — 
Asset impairments —  —  8,720  — 
Earnout adjustments —  —  —  (7)
Operating income (loss) of discontinued operations 23,831  (5,477) 9,726  5,845 
Loss on classification as held for sale —  —  83  — 
Income (loss) from discontinued operations before income taxes 23,831  (5,477) 9,643  5,845 
Income tax provision (benefit) 5,157  (1,102) 2,121  1,357 
Net income (loss) from discontinued operations $ 18,674  $ (4,375) $ 7,522  $ 4,488 
Munhall assets classified as held for sale as are as follows:
(in thousands) December 31, 2023 December 31, 2022
Property, plant and equipment, net 2,374  — 
Other assets, net 538  — 
Assets held for sale $ 2,912  $ — 
Palmer assets classified as held for sale as of December 31, 2023 and 2022 are as follows:

(in thousands) 2023 2022
Inventory, net $ —  $ 198 
Property, plant and equipment, net —  182 
Assets held for sale $ —  $ 380