In 2016, the Corporation purchased the stock of ASW, a specialty steel producer based in Canada. The acquisition supported the Corporation’s diversification efforts in the open-die forging market. Loss of significant U.S. business due to a combination of tariffs imposed by the United States on imports of primary steel and loss of a key customer as a result of a plant closure have resulted in significant losses for the Canadian operation. In October 2018, the Board of Directors of the Corporation approved a plan to sell ASW. While the Corporation will continue to service the open-die forged products market, it will not have a dedicated supply of required specialty steel through a back-end integration of ASW. Additionally, the Corporation will no longer manufacture and supply primary specialty steels to customers in the non-roll opened and closed die forgings and rebar markets and will exit the Canadian market.

Collectively, the sale of ASW represents a strategic shift that will have a major impact on the Corporation’s operations and financial results. As of December 31, 2018, the “asset held for sale” and “discontinued operations” criteria were met. Accordingly, as set forth in ASC 205, Presentation of Financial Statements, the assets and liabilities of ASW have been presented separately as assets and liabilities of discontinued operations in the accompanying condensed consolidated balance sheets as of March 31, 2019, and December 31, 2018. The assets and liabilities of ASW are classified as current because the Corporation expects to complete the sale in 2019. Additionally, the operating results and cash flows of ASW have been presented as discontinued operations, for the current and prior year period, in the accompanying condensed consolidated statements of operations and statements of cash flows. Previously, the operating results of ASW were included in the operating results of the Forged and Cast Engineered Products segment.

The assets and liabilities of ASW were as follows as of March 31, 2019, and December 31, 2018:

	March 31, 2019			December 31, 2018
Cash and cash equivalents	$	395		$	1,124
Receivables		7,303			6,928
Inventories		11,780			13,764
Other assets		1,463			1,708
Property, plant and equipment, net		11,813			11,714
Estimated charge for impairment		(15,000	)		(15,000	)
Current assets of discontinued operations	$	17,754		$	20,238

Accounts payable	$	9,123		$	8,890
Accrued payrolls and employee benefits		140			178
Other current liabilities		523			390
Current liabilities of discontinued operations	$	9,786		$	9,458

The following table presents the major classes of ASW’s line items constituting the “loss from discontinued operations, net of tax” in the condensed consolidated statements of operations for the three months ended March 31:

	2019			2018
Net sales	$	15,045		$	22,334
Costs of products sold (excluding depreciation and amortization)		16,758			20,776
Selling and administrative		549			617
Depreciation and amortization		0			305
Gain on disposal of assets		0			(38	)
(Loss) income from discontinued operations		(2,262	)		674
Other income (expense)		20			(721	)
Loss from discontinued operations before income taxes		(2,242	)		(47	)
Income tax provision		0			(22	)
Loss from discontinued operations, net of tax	$	(2,242	)	$	(69	)

Net sales for the three months ended March 31, 2019, and 2018, include $3,138 and $13,672, respectively, of products sold by ASW to Union Electric Steel Corporation (“UES”), a subsidiary of the Corporation. Costs of products sold (excluding depreciation and amortization) approximated the same. In connection with the sale, the Corporation expects to enter into a long-term supply agreement for the supply of steel ingots.

Additionally, in March 2019, the Board of Directors of the Corporation approved a plan to sell certain assets of the Corporation’s Avonmore, Pennsylvania, cast roll manufacturing facility owned by Akers National Roll Company. In connection with the anticipated disposal, the Corporation recognized an impairment loss of $10,082 to record the assets to their estimated net realizable value. See Note 18.