ASSETS HELD FOR SALE

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

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 Naval & Power 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 Condensed Consolidated Balance Sheet. 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 million in the fourth quarter of 2020. No impairment loss was recorded on the assets or liabilities held for sale during the six months ended June 30, 2021.

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


(In thousands)	June 30, 2021		December 31, 2020
Assets held for sale:
Receivables, net	$	10,792	$	9,902
Inventories, net	17,616		16,401
Other current assets	1,845		1,798
Property, plant, and equipment, net	4,606		4,821
Reserve for assets held for sale	(5,172)		(5,338)
Total assets held for sale, current	$	29,687	$	27,584
Liabilities held for sale:
Accounts payable	$	(3,787)	$	(2,654)
Accrued expenses	(1,180)		(1,375)
Other current liabilities	(157)		(748)
Accrued pension and other postretirement benefit costs	(5,449)		(5,364)
Total liabilities held for sale, current	$	(10,573)	$	(10,141)