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Discontinued Operations
6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations DISCONTINUED OPERATIONS
In June 2025, the Company committed to a plan to sell its Renewables business, which represents a strategic shift in operations. The decision was driven by a change in the Company's long-term strategy to focus its asset portfolio and resources on its Residential, Agtech and Infrastructure segments. The Renewables business was classified as held for sale as of June 30, 2025, and met the criteria for discontinued operations. As of June 30, 2025, the Company has engaged a third-party financial advisor to assist in locating a buyer and the sale is expected to be completed with a third-party buyer within twelve months. The Renewables business was previously reported under the Renewables segment in accordance with ASC Subtopic 280.
Upon classifying the Renewables business as held for sale and as a discontinued operation, the Company conducted a fair value measurement analysis and determined that the Renewables business' fair value less cost to sell was greater that its carrying amount. As a result, no related measurement adjustment was recognized in the consolidated statements of income for the three and six months ended June 30, 2025.
The following table provides the carrying amounts and a reconciliation of the major classes of assets and liabilities included in discontinued operations related to the Renewables business which have been segregated from the Company's continuing operations and are reported as assets and liabilities of discontinued operations held for sale, respectively, in the consolidated balance sheets at (in thousands):
June 30,
2025
December 31,
2024
Assets of the discontinued operations:
Trade receivables, net$52,781 $54,452 
Costs in excess of billings, net13,093 15,753 
Inventories, net39,267 44,869 
Prepaid expenses and other current assets7,154 17,466 
Total current assets112,295 132,540 
Property, plant, and equipment, net21,448 22,741 
Operating lease assets5,460 3,463 
Goodwill184,230 184,230 
Acquired intangibles46,303 48,462 
Total non-current assets257,441 258,896 
Total assets classified as discontinued operations (1)$369,736 $391,436 
Liabilities of the discontinued operations:
Accounts payable$22,380 $26,703 
Accrued expenses30,622 29,759 
Billings in excess of costs29,441 27,021 
Total current liabilities82,443 83,483 
Deferred income taxes7,649 7,649 
Non-current operating lease liabilities3,856 1,734 
Total non-current liabilities11,505 9,383 
Total liabilities classified as discontinued operations (1)$93,948 $92,866 
(1) Total held for sale assets and liabilities of the discontinued operations are classified as current on the June 30, 2025 consolidated balance sheet as it is probable that the sale will occur and proceeds will be collected within one year.
The following table is the components of the (loss) income from discontinued operations before taxes (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
Net sales$53,588 $79,381 $97,246 $130,877 
Operating expenses58,969 77,895 105,790 127,078 
(Loss) income before taxes$(5,381)$1,486 $(8,544)$3,799