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DISPOSED AND DISCONTINUED OPERATIONS | 9 Months Ended
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Sep. 30, 2020
DISPOSED AND DISCONTINUED OPERATIONS |
DISPOSED AND DISCONTINUED OPERATIONS | NOTE 4. DISPOSED AND DISCONTINUED OPERATIONS Disposed Operations In May 2019, we sold our grid-tied central solar inverter services business to Bold Renewables Holdings, LLC (“Bold”) for $1.00 dollar and the assumption by Bold of our initial product warranty and our extended warranty service obligations. In connection with this transaction, we entered into a Loan and Security Agreement with Bold (the “Loan and Security Agreement”). Under the Loan and Security Agreement, we loaned Bold an aggregate $5.3 million between May 2019 and the first quarter of 2020. Under the terms of the Loan and Security Agreement and for the next ten years, we have made an additional $2.75 million available for borrowing, subject to the satisfaction of certain operating and liquidity covenants by Bold. The borrowings under the Loan and Security Agreement bear interest at 0% for the first seven years and 5% thereafter. Additionally, the Loan and Security Agreement provides for early payment discounts of 50% during the first three years, 45% for years four and five and 40% thereafter up to 30 days prior to the maturity of the Loan and Security Agreement. A discount of $2.3 million has been recognized as a reduction to our gain recognized on the sale. As a result of the transaction, we reduced our discontinued operations liabilities by approximately $10.9 million that were related to initial product warranty and reduced our other liabilities by approximately $22.0 million that were related to extended warranty service obligations as well as reduced other assets and liabilities associated with the continuing grid-tied central solar inverter service and repair business. Accordingly, a $14.8 million non-cash gain was recognized in Other income (expense) from continuing operations and an $8.6 million non-cash gain, net of tax expense of $2.4 million, was recognized in “Income (loss) from discontinued operations”. Discontinued Operations In December 2015, we completed the wind down of engineering, manufacturing, and sales of our solar inverter product line (the "inverter business"). Accordingly, the results of our inverter business have been reflected as "Income (loss) from discontinued operations, net of income taxes" on our Consolidated Statements of Operations for all periods presented herein. The effect of our sales of extended inverter warranties to our customers continues to be reflected in deferred revenue in our Consolidated Balance Sheets. Deferred revenue for extended inverter warranties and the associated costs of warranty service will be reflected in Sales and Cost of goods sold, respectively, from continuing operations in future periods in our Consolidated Statement of Operations, as the deferred revenue, is earned and the associated services are rendered. Extended warranties related to the inverter product line are no longer offered. The significant items included in "Income (loss) from discontinued operations, net of income taxes" are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30, | ​
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 | ​
Sales | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​
Cost of sales | ​ |  | — | ​ |  | (700) | ​ |  | — | ​ |  | (900) | ​
Total operating expense | ​ |  | 128 | ​ |  | 133 | ​ |  | 533 | ​ |  | 514 | ​
Operating income (loss) from discontinued operations | ​ |  | (128) | ​ |  | 567 | ​ |  | (533) | ​ |  | 386 | ​
Other income (expense) | ​ |  | 151 | ​ |  | (84) | ​ |  | (1) | ​ |  | 10,835 | ​
Income (loss) from discontinued operations before income taxes | ​ |  | 23 | ​ |  | 483 | ​ |  | (534) | ​ |  | 11,221 | ​
Provision (benefit) for income taxes | ​ |  | (27) | ​ |  | 108 | ​ |  | (113) | ​ |  | 2,531 | ​
Income (loss) from discontinued operations, net of income taxes | ​ | $ | 50 | ​ | $ | 375 | ​ | $ | (421) | ​ | $ | 8,690 | ​
​ Assets and Liabilities of discontinued operations within the Consolidated Balance Sheets are comprised of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ | ​ | 2020 |  | 2019
Cash and cash equivalents |  | $ | — |  | $ | —
Accounts and other receivables, net | ​ | ​ | — | ​ | ​ | —
Inventories | ​ | ​ | 23 | ​ | ​ | 30
Other current assets | ​ | ​ | 23 | ​ | ​ | 30
Other assets | ​ | ​ | — | ​ | ​ | —
Deferred income tax assets | ​ |  | 269 | ​ |  | 269
Deposits and other assets | ​ | ​ | 269 | ​ | ​ | 269
Accounts payable and other accrued expenses | ​ | ​ | 137 | ​ | ​ | —
Accrued warranty | ​ |  | 894 | ​ |  | 914
Other accrued expenses | ​ | ​ | 1,031 | ​ | ​ | 914
Accrued warranty | ​ | ​ | 310 | ​ | ​ | 698
Other liabilities | ​ |  | 215 | ​ |  | 189
Other long-term liabilities | ​ | $ | 525 | ​ | $ | 887
​

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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