Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Assets and Liabilities Held for Sale

On July 2, 2024, we completed the sale of our lone plastics injection-molding plant, known as Industrial Molding Corporation (“IMC”), for $17.0 million in cash, subject to customary purchase price adjustments. We received net proceeds of $15.4 million after paying certain transaction costs, which was used to repay a portion of the outstanding borrowings under the Term Loan Facility in July 2024. We determined that the sale of IMC does not represent a strategic shift that will have a major effect on the consolidated results of operations, therefore the results of this business were not classified as discontinued operations and will continue to be reported within our Power Solutions segment. We determined that the IMC business met the criteria to be classified as held for sale as of June 30, 2024, and therefore have reclassified the related assets and liabilities as held for sale.

The following is a summary of the major categories of assets and liabilities that have been classified as held for sale, and the line item on the Condensed Consolidated Balance Sheet they are reported in:

	Financial Statement Line Item	June 30, 2024
Assets:
Accounts receivable, net		$	3,725
Inventories		3,041
Prepaid assets		74
Current assets held for sale	Other current assets	6,840
Property, plant and equipment, net		3,248
Intangible assets, net		591
Noncurrent assets held for sale	Other non-current assets	$	3,839
Liabilities:
Accounts payable		$	1,783
Accrued salaries, wages and benefits		343
Other current liabilities		272
Current liabilities held for sale	Other current liabilities	$	2,398