Assets and Liabilities Held for Sale

3 Months Ended

Mar. 31, 2018

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.

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



	March 31, 2018		December 31, 2017
Assets held for sale:
Current assets
Cash and cash equivalents	$	813	$	989
Receivables, net	8,143		6,368
Contract assets	1,371		1,299
Inventories	3,541		3,727
Prepaid expenses and other current assets	763		827
Total current assets	14,631		13,210
Property, plant & equipment, less accumulated depreciation	54,835		53,887
Identified intangible assets, less accumulated amortization	3,217		3,217
Total assets held for sale	$	72,683	$	70,314

Liabilities held for sale:
Current liabilities
Accounts payable	$	2,249	$	5,763
Accrued expenses	1,543		1,805
Contract liabilities	3,076		5,478
Total current liabilities	6,868		13,046
Long-term debt	7,757		7,757
Other non-current liabilities	106		97
Total liabilities held for sale	$	14,731	$	20,900