ASSETS HELD FOR SALE

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

ASSETS HELD FOR SALE

4. ASSETS HELD FOR SALE

During the fourth quarter of 2020, the Corporation committed to a plan to sell its industrial valve business in Germany, which is reported within its Commercial/Industrial segment. The business met the criteria to be classified as held for sale in the fourth quarter of 2020. Accordingly, the assets and liabilities of the business are presented as held for sale in the Corporation's Consolidated Balance Sheet as of December 31, 2020. The aforementioned assets and liabilities classified as held for sale have been measured at the lower of carrying value or fair value less costs to sell, which resulted in an impairment loss of $33.0 million for the year ended December 31, 2020. Such amount has been reported in the "Impairment of assets held for sale" caption within the Corporation’s Consolidated Statement of Earnings.

The aggregate components of assets and liabilities classified as held for sale are as follows:

(In thousands)	As of December 31, 2020
Assets held for sale:
Receivables, net	$	9,902
Inventories, net	16,401
Other current assets	1,798
Property, plant, and equipment, net	4,821
Reserve for assets held for sale	(5,338)
Total assets held for sale, current	$	27,584
Liabilities held for sale:
Accounts payable	$	(2,654)
Accrued expenses	(1,375)
Other current liabilities	(748)
Accrued pension and other postretirement benefit costs	(5,364)
Total liabilities held for sale, current	$	(10,141)