Assets And Liabilities Held For Sale

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

ASSETS AND LIABILITIES HELD FOR SALE

On May 14, 2018, the Company’s board of directors approved a plan to divest the assets and liabilities of Australia (see Note 1). The Company is currently in discussions with a third party and management believes that it is probable that a sale will occur in the first half of 2019.

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 December 31, 2018 and 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):



	December 31,
	2018		2017
Assets held for sale:	Australia		Bayou
Current assets
Cash and cash equivalents	$	—	$	989
Receivables, net	1,309		6,368
Retainage	15		—
Contract assets	1,777		1,299
Inventories	2,123		3,727
Prepaid expenses and other current assets	300		827
Total current assets	5,524		13,210
Property, plant & equipment, less accumulated depreciation	2,268		53,887
Identified intangible assets, less accumulated amortization	—		3,217
Total assets held for sale	$	7,792	$	70,314

Liabilities held for sale:
Current liabilities
Accounts payable	$	1,331	$	5,763
Accrued expenses	3,891		1,805
Contract liabilities	38		5,478
Total current liabilities	5,260		13,046
Long-term debt	—		7,757
Other non-current liabilities	—		97
Total liabilities held for sale	$	5,260	$	20,900