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Held for Sale
 6 Months Ended
Jun. 26, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] Held for Sale
In the first six months of 2020, the Company committed to a plan to sell its Large Area Coatings (LAC) reporting unit within the Precision Coatings segment and determined that it met the criteria to be classified as held for sale. Therefore, its assets and liabilities have been presented as held for sale in the Consolidated Balance Sheet as of June 26, 2020. Assets and liabilities classified as held for sale are measured at the lower of carrying value or fair value less costs to sell.
Before measuring the fair value less costs to sell of the disposal group as a whole, the Company first reviewed individual assets and liabilities to determine if any fair value adjustments were required. The Company recorded a goodwill impairment charge of $9.1 million in the first half of 2020 to write-off the remaining balance of goodwill for the LAC reporting unit. The Company determined fair value based on its expected proceeds to be received, which it concluded is most representative of the value of the assets.
The Company then estimated the fair value of the disposal group as a whole, less costs to sell, and compared the fair value to the remaining carrying value. Based on this review, the Company recorded a $1.7 million asset impairment loss in the first six months of 2020. No additional impairment charges were recorded in the second quarter of 2020.
The assets and liabilities of the LAC reporting unit classified as held for sale at June 26, 2020 were as follows:
(Thousands)
Accounts receivable, net$2,987  
Inventories, net1,305  
Prepaid and other current assets8  
Property, plant, and equipment - net2,508  
Operating lease, right-of-use assets716  
Impairment on carrying value(1,713) 
Assets held for sale$5,811  
Accounts payable$870  
Salaries and wages245  
Other liabilities and accrued items228  
Operating lease liabilities728  
Other long term liabilities 55  
Liabilities held for sale$2,126  
Excluding the $9.1 million goodwill impairment charge and $1.7 million asset impairment charge recorded in the first half of 2020, the operating results of the LAC reporting unit were not material to the Company for any period presented.