Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.23.3
Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Assets Held for Sale
The following table presents the aggregate carrying amounts of the classes of assets and liabilities of discontinued operations of Munhall:
(in thousands) September 30, 2023 December 31, 2022
Carrying amounts of assets included as part of discontinued operations:
Cash and cash equivalents $ —  $
Accounts receivable, net 500  8,058 
Inventories —  28,880 
Prepaid expenses and other current assets 120  1,181 
Current assets classified as discontinued operations 620  38,120 
Property, plant and equipment, net —  5,301 
Right-of-use assets, operating leases, net 6 26
Intangible assets, net —  386
Other non-current assets, net —  1904
Long-term assets classified as discontinued operations 7,617 
Total assets classified as discontinued operations $ 626  $ 45,737 
Carrying amounts of current liabilities included as part of discontinued operations:
Accounts payable $ 348  $ 3,108 
Accrued expenses and other current liabilities 615  521 
Current portion of operating lease liabilities 27 
Total current liabilities classified as discontinued operations $ 970  $ 3,656 

The financial results of Munhall are presented as loss from discontinued operations, net of tax on the unaudited condensed consolidated statements of income (loss). The following table summarizes the results of discontinued operations of Munhall:
Three Months Ended September 30, Nine Months Ended September 30,
(in thousands) 2023 2022 2023 2022
Net sales $ 2,650  $ 21,945  $ 25,313  $ 86,057 
Cost of sales 6,640  24,469  36,868  86,854 
Gross profit (3,990) (2,524) (11,555) (797)
Selling, general and administrative expense 170  595  4,310  1,699 
Asset impairments 2,416  —  8,720  — 
Earnout adjustments —  —  —  (7)
Operating loss of discontinued operations (6,576) (3,119) (24,585) (2,489)
Loss on classification as held for sale —  —  83  — 
Loss on discontinued operations before income taxes (6,576) (3,119) (24,668) (2,489)
Income tax benefit (1,413) (638) (5,367) (496)
Net loss from discontinued operations $ (5,163) $ (2,481) $ (19,301) $ (1,993)
Munhall assets classified as held for sale as are as follows:
(in thousands) September 30, 2023 December 31, 2022
Inventory, net $ 4,021  $ — 
Property, plant and equipment, net 2,382  — 
Other assets, net 2,553  — 
Assets held for sale $ 8,956  $ — 
Palmer assets classified as held for sale as are as follows:
(in thousands) September 30, 2023 December 31, 2022
Inventory, net $ —  $ 198 
Property, plant and equipment, net —  182 
Assets held for sale $ —  $ 380