Assets and Liabilities Held for Sale and Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

Income (loss) from discontinued operations, net of tax and the loss on the sale of discontinued operations, net of tax, of the Asia business, which is presented in total in the Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023, respectively, are as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net revenue	$	178	$	29,725	$	25,502	$	55,171
Cost of revenue (reversal) (a)	(132)		22,780		21,069		42,896
Gross profit	310		6,945		4,433		12,275
Operating expenses (reversal) (a)	(690)		9,432		7,730		19,884
Operating gain (loss) from discontinued operations	1,000		(2,487)		(3,297)		(7,609)
Interest expense, net	—		(161)		(981)		(329)
Other income, net	—		256		959		502
Income (loss) from discontinued operations before income taxes	1,000		(2,392)		(3,319)		(7,436)
Income tax benefit	(471)		(160)		—		(1,421)
Loss on sale of discontinued operations	2,422		—		2,803		—
Net loss from discontinued operations	$	(951)	$	(2,232)	$	(6,122)	$	(6,015)

(a)Includes reversal of previously recognized compensation cost for equity-based awards forfeited in conjunction with Asia Sale.

The following table presents the amounts reported in the Unaudited Condensed Consolidated Balance Sheets as held for sale related to the APAC assets as of December 31, 2023 (in thousands).

	December 31, 2023
Assets
Current assets:
Cash, cash equivalents and restricted cash	$	5,657
Accounts receivable - trade, net of allowance for credit losses	25,661
Other receivables	12,765
Inventories	49,114
Prepaid expenses and other current assets	1,178
Total current assets of discontinued operations	94,375
Property, plant and equipment, net	2,615
Right-of-use assets from operating leases	3,475
Intangible assets, net	419
Other assets	1,299
Total assets of discontinued operations	$	102,183
Liabilities
Current liabilities:
Accounts payable - trade	$	37,911
Short-term debt – bank, trade facilities and secured borrowings	19,633
Contract liabilities	1,041
Operating lease liabilities	1,858
Accrued and other liabilities	8,984
Total current liabilities of discontinued operations	69,427
Long-term debt	30,600
Contract liabilities - non-current	878
Operating lease liabilities - non-current	1,617
Other long-term liabilities	479
Total liabilities of discontinued operations	$	103,001