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CHANGES IN BUSINESS (Tables)
12 Months Ended
Dec. 31, 2018
Schedule of exit costs

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

(in thousands)

 

 

Lease

 

 

Severance

 

 

Total

Balance, December 31, 2017

 

$

 —

 

$

 —

 

$

 —

Restructuring charges

 

 

536

 

 

5,153

 

 

5,689

Payments for restructuring

 

 

(169)

 

 

(2,264)

 

 

(2,433)

Balance, December 31, 2018

 

$

367

 

$

2,889

 

$

3,256

 

Summary of restructuring expenses

 

 

 

 

 

 

 

 

 

Year Ended December 31,

(in thousands)

  

2018

 

2017

Lease

 

$

536

 

$

 —

Severance

 

 

5,153

 

 

 —

Total

 

$

5,689

 

$

 —

 

Discontinued operations disposed of by sale  
Schedule of Financial Information of Disposal Group

 

 

 

 

 

 

 

 

 

December 31,

(in thousands)

  

2018

 

2017

Assets:

 

 

 

 

 

 

Accounts receivable

 

$

 —

 

$

12,296

Inventories, net

 

 

 —

 

 

178

Cost and estimated earnings in excess of billings

 

 

 —

 

 

11,325

Other current assets

 

 

 —

 

 

493

Property, plant and equipment, net

 

 

 —

 

 

3,630

Total assets of discontinued operations*

 

$

 —

 

$

27,922

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

 —

 

$

7,004

Accrued compensation and benefits 

 

 

259

 

 

1,191

Billings in excess of costs and estimated earnings 

 

 

 —

 

 

948

Accrued warranties

 

 

 —

 

 

1,166

Other current liabilities

 

 

381

 

 

18,493

Current liabilities of discontinued operations

 

 

640

 

 

28,802

Liability for pension obligation

 

 

2,781

 

 

 —

Liability for uncertain tax positions

 

 

2,407

 

 

3,110

Long-term liabilities of discontinued operations

 

 

5,188

 

 

3,110

Total liabilities of discontinued operations

 

$

5,828

 

$

31,912

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

(in thousands)

  

2018

  

2017

Revenue

 

 

 

 

 

 

Electrical Solutions

 

$

22,259

 

$

52,942

Mechanical Solutions

 

 

 —

 

 

52,461

Total revenue

 

 

22,259

 

 

105,403

Cost of revenue

 

 

 

 

 

 

Electrical Solutions

 

 

24,613

 

 

66,232

Mechanical Solutions

 

 

 —

 

 

42,811

Total cost of revenue

 

 

24,613

 

 

109,043

 

 

 

 

 

 

 

Selling and marketing expenses

 

 

207

 

 

4,035

General and administrative expenses

 

 

2,634

 

 

14,314

Impairment expense - Electrical Solutions

 

 

 —

 

 

9,709

Other

 

 

(38)

 

 

(48)

Loss from discontinued operations before income taxes

 

 

(5,157)

 

 

(31,650)

Loss (gain) on disposal - Electrical Solutions

 

 

9,623

 

 

 —

Loss (gain) on disposal - Mechanical Solutions

 

 

222

 

 

(6,332)

Total loss from discontinued operations before income taxes

 

 

(15,002)

 

 

(25,318)

Income tax expense (benefit)

 

 

(3,357)

 

 

1,186

Loss from discontinued operations 

 

$

(11,645)

 

$

(26,504)

 

Services | Hetsco Inc. | Disposed of by sale  
Schedule of Financial Information of Disposal Group

 

 

 

 

 

 

 

 

 

Year Ended December 31,

(In thousands)

 

2018

 

2017

Income (loss) before income taxes

 

$

 —

 

$

489