Assets And Liabilities Held For Sale

12 Months Ended

Dec. 31, 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 of July 28, 2017. 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 management’s current expectation of fair value less cost to sell. In the event the Company is unable to sell the assets and liabilities of Bayou or sells them at a price or on terms that are less favorable, or at a higher cost than currently anticipated, the Company could incur impairment charges or a loss on disposal.

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 in 2017.

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



Assets held for sale:	December 31, 2017
Current assets
Cash and cash equivalents	$	989
Receivables	6,368
Costs and estimated earnings in excess of billings	1,299
Inventories	3,727
Prepaid expenses and other current assets	827
Total current assets	13,210
Property, plant & equipment, less accumulated depreciation	53,887
Identified intangible assets, less accumulated amortization	3,217
Total assets held for sale	$	70,314

Liabilities held for sale:
Current liabilities
Accounts payable	$	5,763
Accrued expenses	1,805
Billings in excess of costs and estimated earnings	5,478
Total current liabilities	13,046
Debt	7,757
Other liabilities	97
Total liabilities held for sale	$	20,900