Assets and Liabilities Held for Sale

9 Months Ended

Sep. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

ASSETS AND LIABILITIES HELD FOR SALE

On July 28, 2017, the Company’s board of directors approved a plan to sell the assets and liabilities of Bayou (see Note 1). It is probable that such sale will occur within one year. As a result, the relevant asset and liability balances are accounted for as held for sale and measured at the lower of carrying value or fair value less cost to sell. No impairment charges were recorded as the net carrying value approximated or was less than the expected fair value less cost to sell, as determined after consideration of preliminary indications of interest received.

On September 17, 2017, the Company entered into an agreement with Wasco Coatings UK Ltd. (“Wasco UK”), the Company’s joint venture partner in Bayou Wasco Insulation, LLC (“Bayou Wasco”), whereby the Company paid $1.5 million to Wasco UK for Wasco UK’s waiver of its transfer restrictions contained in the original operating agreement for Bayou Wasco. The payment was recorded to “Acquisition and divestiture expenses” in the Consolidated Statement of Operations for the quarter and nine-month period ended September 30, 2017.

The following table provides the components of assets and liabilities held for sale (in thousands):



	September 30, 2017
Assets held for sale:
Current assets:
Cash and cash equivalents	$	8,910
Receivables, net	9,121
Costs and estimated earnings in excess of billings	831
Inventories	3,141
Prepaid expenses and other current assets	1,201
Total current assets	23,204
Property, plant & equipment, less accumulated depreciation	51,803
Identified intangible assets, less accumulated amortization	3,216
Total assets held for sale	$	78,223

Liabilities held for sale:
Current liabilities
Accounts payable	$	2,196
Accrued expenses	3,373
Billings in excess of costs and estimated earnings	6,645
Total current liabilities	12,214
Long-term debt	7,689
Other non-current liabilities	87
Total liabilities held for sale	$	19,990

Non-controlling interests	$	2,957