Discontinued Operations

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

We expect to complete the sale of the AMECO equipment business, which is reported in Disc Ops, within the first half of 2021. The assets and liabilities of the AMECO business are classified as held for sale. Due to the impact of COVID-19 and the steep decline in oil prices on the AMECO business during the first quarter of 2020, we recognized impairment expense of $100 million, of which $12 million related to goodwill, to write down the AMECO assets held for sale to fair value less cost to sell. The fair value of the AMECO assets were determined using a combination of observable level 2 inputs, including indicative offers and ongoing negotiations for the related assets.

The legal fees associated with a previously divested business were reported in Disc Ops under "Other".

Disc Ops information follows:

	Three Months Ended June 30, 2020							Three Months Ended June 30, 2019
(in thousands)	AMECO		Other			Total		AMECO			Other			Total
Revenue	$	50,667	$	—		$	50,667	$	62,820		$	—		$	62,820
Cost of revenue	44,512		—			44,512		80,746			—			80,746
Corporate general and administrative expense	37		3,679			3,716		71			2,904			2,975
Interest expense (income), net	10		—			10		(97		)	—			(97		)
Total cost and expenses	44,559		3,679			48,238		80,720			2,904			83,624
Earnings (loss) before taxes from Disc Ops	6,108		(3,679		)	2,429		(17,900		)	(2,904		)	(20,804		)
Income tax expense (benefit)	485		—			485		(3,542		)	(671		)	(4,213		)
Net earnings (loss) from Disc Ops	5,623		(3,679		)	1,944		(14,358		)	(2,233		)	(16,591		)

	Six Months Ended June 30, 2020									Six Months Ended June 30, 2019
(in thousands)	AMECO			Other			Total			AMECO			Other			Total
Revenue	$	111,206		$	—		$	111,206		$	124,606		$	—		$	124,606
Cost of revenue	92,783			—			92,783			141,366			—			141,366
Corporate general and administrative expense	51			9,381			9,432			150			4,919			5,069
Impairment of assets held for sale	100,000			—			100,000			—			—			—
Interest expense (income), net	(40		)	—			(40		)	(172		)	—			(172		)
Total cost and expenses	192,794			9,381			202,175			141,344			4,919			146,263
Earnings (loss) before taxes from Disc Ops	(81,588		)	(9,381		)	(90,969		)	(16,738		)	(4,919		)	(21,657		)
Income tax expense (benefit)	1,942			—			1,942			(3,115		)	(1,137		)	(4,252		)
Net earnings (loss) from Disc Ops	(83,530		)	(9,381		)	(92,911		)	(13,623		)	(3,782		)	(17,405		)

The carrying amounts of the major classes of assets and liabilities of Disc Ops and classified as held for sale as of June 30, 2020 and December 31, 2019 follow:

	June 30, 2020										December 31, 2019
(in thousands)	AMECO		Other		Total from Disc Ops		Other Assets and Liabilities from Cont Ops		Total		AMECO		Other		Total from Disc Ops		Other Assets and Liabilities from Cont Ops		Total
Accounts and notes receivable, net	$	55,749	$	15,925	$	71,674	$	11,913	$	83,587	$	69,126	$	15,925	$	85,051	$	17,513	$	102,564
Contract assets	2,157		—		2,157		4,177		6,334		3,497		—		3,497		3,779		7,276
Other current assets	45,109		—		45,109		6,677		51,786		54,116		—		54,116		8,112		62,228
Current assets held for sale	$	103,015	$	15,925	$	118,940	$	22,767	$	141,707	$	126,739	$	15,925	$	142,664	$	29,404	$	172,068
Property, plant and equipment, net	$	131,567	$	—	$	131,567	$	59,132	$	190,699	$	232,792	$	—	$	232,792	$	64,792	$	297,584
Goodwill	37		—		37		6,087		6,124		12,338		—		12,338		9,295		21,633
Investments	—		—		—		6,838		6,838		—		—		—		7,293		7,293
Other assets	9,014		—		9,014		14,453		23,467		5,868		—		5,868		12,654		18,522
Noncurrent assets held for sale(1)	$	140,618	$	—	$	140,618	$	86,510	$	227,128	$	250,998	$	—	$	250,998	$	94,034	$	345,032
Total assets held for sale	$	243,633	$	15,925	$	259,558	$	109,277	$	368,835	$	377,737	$	15,925	$	393,662	$	123,438	$	517,100
Accounts payable	$	10,884	$	23	$	10,907	$	7,739	$	18,646	$	24,692	$	—	$	24,692	$	6,702	$	31,394
Contract liabilities	139		—		139		25		164		4,466		—		4,466		25		4,491
Accrued salaries, wages and benefits	7,772		—		7,772		107		7,879		8,913		—		8,913		919		9,832
Other accrued liabilities	11,744		—		11,744		6,981		18,725		9,451		—		9,451		11,562		21,013
Current liabilities held for sale	$	30,539	$	23	$	30,562	$	14,852	$	45,414	$	47,522	$	—	$	47,522	$	19,208	$	66,730
Noncurrent liabilities held for sale(1)	$	6,283	$	—	$	6,283	$	10,581	$	16,864	$	4,272	$	—	$	4,272	$	11,320	$	15,592
Total liabilities held for sale	$	36,822	$	23	$	36,845	$	25,433	$	62,278	$	51,794	$	—	$	51,794	$	30,528	$	82,322

(1) Noncurrent assets and liabilities held for sale were classified as current as we expect to complete the sale of the AMECO business within the first half of 2021.

Capital expenditures from Disc Ops were $12 million and $44 million during the 2020 Period and 2019 Period, respectively.