Discontinued Operations and Divestitures (Tables)

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Summary of Cash Proceeds from the Sale of of the North American Fiber Solutions Business and the Sale of the Metalex Business

The following table summarizes the cash received from the sale of the North American fiber solutions business before transaction costs, income taxes and certain retained liabilities:

Base purchase price	$	85,000
Less: contingent purchase price not earned	(5,000)
Less: debt and pension liabilities assumed by the Motus Group	(2,206)
Less: income tax allocation due to buyer	(560)
Plus: preliminary working capital surplus	5
Plus: excess cash at closing	1,394
Adjusted purchase price	78,633
Less: cash divested	(3,894)
Less: consideration held in escrow and closing balance sheet adjustments	282
Sale proceeds from divestiture, net of cash divested and liabilities assumed by buyer	$	75,021

The following table summarizes the cash received from the sale of the Metalex business before transaction costs, income taxes and certain retained liabilities:

Base purchase price	$	5,000
Plus: preliminary working capital surplus	570
Plus: cash at closing	229
Plus: income tax allocation due from buyer	139
Adjusted purchase price	5,938
Less: cash divested	(229)
Less: consideration held in escrow and closing balance sheet adjustments	(934)
Proceeds from divestiture, net of cash divested	$	4,775

Schedule of Discontinued Operations, Major Classes of Assets and Liabilities, and Significant Cash Flow Disclosures

The following table summarizes the results of the North American fiber solutions business and the Metalex business and other costs associated with the divestitures reclassified as discontinued operations for the years ended December 31, 2019, 2018 and 2017.

	North American Fiber Solutions						Metalex
	For the Years Ended						For the Years Ended
	December 31, 2019		December 31, 2018		December 31, 2017		December 31, 2019		December 31, 2018		December 31, 2017
Net sales	$	90,516	$	161,961	$	183,900	$	42,801	$	83,028	$	82,621
Cost of goods sold	77,495		136,461		151,596		44,945		72,355		71,096
Gross profit (loss)	13,021		25,500		32,304		(2,144)		10,673		11,525
Selling and administrative expenses	10,934		16,640		16,717		7,731		11,078		9,526
Impairment charges	—		—		—		20,597		—		—
(Gain) loss on disposals of property, plant and equipment - net	(4)		72		17		150		104		(455)
Restructuring	1,002		2,659		457		445		922		1,334
Operating income (loss)	1,089		6,129		15,113		(31,067)		(1,431)		1,120
Interest expense-net	(47)		(94)		(76)		(78)		(66)		(61)
Loss on divestiture	(3,060)		—		—		(13,783)		—		—
Other income (loss) - net	(10)		(40)		—		(108)		(64)		63
(Loss) income before income taxes	(2,028)		5,995		15,037		(45,036)		(1,561)		1,122
Tax provision (benefit)	1,337		3,453		4,927		(10,224)		(512)		303
Net (loss) income from discontinued operations	$	(3,365)	$	2,542	$	10,110	$	(34,812)	$	(1,049)	$	819

The following table summarizes the major classes of assets and liabilities of the North American fiber solutions business and the Metalex business classified as held for sale as of December 31, 2018.

	North American Fiber Solutions		Metalex		Total
Assets
Current assets
Cash and cash equivalents	$	11,712	$	(241)	$	11,471
Accounts receivable - net	19,234		5,112		24,346
Inventories - net	8,120		6,152		14,272
Other current assets	6,615		1,467		8,082
Total current assets held for sale	45,681		12,490		58,171
Property, plant and equipment - net	43,960		15,743		59,703
Other intangible assets - net	20,083		26,746		46,829
Other assets - net	316		392		708
Total noncurrent assets held for sale	64,359		42,881		107,240
Total assets held for sale	$	110,040	$	55,371	$	165,411
Liabilities
Current liabilities
Current portion of long-term debt	$	857	$	—	$	857
Accounts payable	12,199		4,877		17,076
Accrued compensation and employee benefits	2,087		411		2,498
Other current liabilities	3,358		762		4,120
Total current liabilities held for sale	18,501		6,050		24,551
Long-term debt	1,143		—		1,143
Deferred income taxes	112		—		112
Other long-term liabilities	1,022		1,090		2,112
Total noncurrent liabilities held for sale	2,277		1,090		3,367
Total liabilities held for sale	$	20,778	$	7,140	$	27,918

The following table summarizes significant cash flow disclosures for the North American fiber solutions business and the Metalex business for the years ended December 31, 2019, 2018 and 2017.

	For the Years Ended
	December 31, 2019		December 31, 2018		December 31, 2017
Depreciation	$	9,798	$	14,035	$	11,721
Amortization of intangible assets	$	3,428	$	7,432	$	5,627
Non-cash operating lease expense	$	2,964	$	—	$	—
Non-cash impairment charges	$	20,597	$	—	$	—
Share-based compensation	$	986	$	414	$	140
Payments for property, plant and equipment	$	(2,190)	$	(5,346)	$	(7,512)
Non-cash impact of business divestitures and dissolutions	$	13,716	$	—	$	—
Debt and pension liability assumed by buyer with divestiture	$	2,206	$	—	$	—