ASSETS AND LIABILITIES HELD FOR SALE

On July 28, 2017 and May 14, 2018, the Company’s board of directors approved plans to sell the assets and liabilities of Bayou and Australia, respectively (see Note 1). For Bayou, the Company is currently negotiating with a prospective buyer and expects to close a transaction in the third quarter of 2018. For Australia, a sales process, consisting of management meetings with multiple prospective buyers, is under way and management believes that it is probable that a sale will occur before the end of 2018.

The relevant asset and liability balances at June 30, 2018 and December 31, 2017 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 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):



	June 30, 2018						December 31, 2017
	Bayou		Australia		Total		Bayou
Assets held for sale:
Current assets
Cash and cash equivalents	$	1,641	$	—	$	1,641	$	989
Receivables, net	5,257		2,373		7,630		6,368
Retainage	—		16		16		—
Contract assets	1,659		2,735		4,394		1,299
Inventories	3,896		1,908		5,804		3,727
Prepaid expenses and other current assets	391		188		579		827
Total current assets	12,844		7,220		20,064		13,210
Property, plant & equipment, less accumulated depreciation	55,577		2,374		57,951		53,887
Identified intangible assets, less accumulated amortization	3,219		—		3,219		3,217
Other Assets	—		28		28		—
Total assets held for sale	$	71,640	$	9,622	$	81,262	$	70,314

Liabilities held for sale:
Current liabilities
Accounts payable	$	2,258	$	1,311	$	3,569	$	5,763
Accrued expenses	2,001		5,585		7,586		1,805
Contract liabilities	1,178		40		1,218		5,478
Total current liabilities	5,437		6,936		12,373		13,046
Long-term debt	7,757		—		7,757		7,757
Other non-current liabilities	117		—		117		97
Total liabilities held for sale	$	13,311	$	6,936	$	20,247	$	20,900