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Divestitures and Held for Sale

9 Months Ended

Sep. 30, 2020

Note 5. Divestitures and Held for Sale

During the fourth quarter of 2019, the Company determined its intent to sell two subsidiaries in its Industrial Services segment and classified the net book value of those companies as held for sale in the consolidated balance sheet. As of September 30, 2020, the Company has completed the divestitures of the subsidiaries. The sales were completed for $10 and $5, for which the Company recorded notes receivable within “prepaid expense and other current assets” and “other assets” in the condensed consolidated balance sheet. The subsidiaries divested sold for amounts that approximated carrying value and as a result, there was no significant gain or loss on sale.

The following table presents information related to the major classes of assets that were classified as assets held for sale in the condensed consolidated balance sheets:

	September 30, 2020 (Successor)		December 31, 2019 (Successor)
Property and equipment, net	$	—	$	9
Goodwill (1)		—		1
Intangible assets, net		—		10
Total assets held for sale	$	—	$	20

(1)

During the nine months ended September 30, 2020, the Company recorded a $4 goodwill impairment charge related to recording the carrying value of a subsidiary held for sale at its estimated selling price less costs to sell.