ASSETS AND LIABILITIES HELD FOR SALE

On May 14, 2018 and July 25, 2018, the Company’s board of directors approved plans to divest the assets and liabilities of Australia and Denmark, respectively (see Notes 1 and 4). For Australia, a sales process is under way and management believes that it is probable that a sale will occur before the end of the first quarter of 2019. For Denmark, see Note 13 for additional information on the executed asset sale agreement, effective November 1, 2018.

On July 28, 2017, the Company’s board of directors approved a plan to sell the assets and liabilities of Bayou. The Company completed a sale transaction during the third quarter of 2018. See Note 1.

The relevant asset and liability balances at September 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 on these assets 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):



	September 30, 2018						December 31, 2017
	Australia		Denmark		Total		Bayou
Assets held for sale:
Current assets
Cash and cash equivalents	$	—	$	—	$	—	$	989
Receivables, net	2,003		—		2,003		6,368
Retainage	16		—		16		—
Contract assets	2,185		—		2,185		1,299
Inventories	1,769		35		1,804		3,727
Prepaid expenses and other current assets	250		—		250		827
Total current assets	6,223		35		6,258		13,210
Property, plant & equipment, less accumulated depreciation	2,315		1,600		3,915		53,887
Identified intangible assets, less accumulated amortization	—		—		—		3,217
Total assets held for sale	$	8,538	$	1,635	$	10,173	$	70,314

Liabilities held for sale:
Current liabilities
Accounts payable	$	985	$	—	$	985	$	5,763
Accrued expenses	5,399		—		5,399		1,805
Contract liabilities	39		—		39		5,478
Total current liabilities	6,423		—		6,423		13,046
Long-term debt	—		—		—		7,757
Other non-current liabilities	—		—		—		97
Total liabilities held for sale	$	6,423	$	—	$	6,423	$	20,900