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Assets Held for Sale | 9 Months Ended
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Oct. 01, 2017
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale | Assets Held for Sale We classify assets and liabilities as held for sale (disposal group) when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When we classify a disposal group as held for sale, we test for impairment. An impairment charge is recognized when the carrying value of the disposal group exceeds the estimated fair value, less costs to sell. We also cease depreciation and amortization for assets classified as held for sale. During the fourth quarter of 2016, we committed to a plan to sell our MCS business and Hirschmann JV and determined that we met all of the criteria to classify the assets and liabilities of these businesses as held for sale. The MCS business is part of the Industrial Solutions segment and the Hirschmann JV is an equity method investment that is not included in an operating segment. The MCS business operates in Germany and the United States, and the Hirschmann JV is an equity method investment located in China. During the fourth quarter of 2016, we reached an agreement in principle to sell this disposal group for a total sales price of $39 million. The carrying value of the disposal group exceeded the fair value less costs to sell, which we determined based on the expected sales price, by $23.9 million. Therefore, we recognized an impairment charge equal to this amount in the fourth quarter of 2016. During the first quarter of 2017, we signed a definitive sales agreement for a purchase price of $39 million, and we expect the sale to be completed in the fourth quarter of 2017. The following table provides the major classes of assets and liabilities classified as held for sale as of October 1, 2017 and December 31, 2016. In addition, the disposal group had $5.1 million and $15.7 million of accumulated other comprehensive losses at October 1, 2017 and December 31, 2016, respectively.
| October 1, 2017 |  | December 31, 2016
| (In thousands)
Receivables, net | $ | 5,937 |  |  | $ | 4,551 |
Inventories, net | 4,302 |  |  | 2,848 |
Other current assets | 1,101 |  |  | 1,131 |
Property, plant, and equipment, less accumulated depreciation | 2,348 |  |  | 1,946 |
Intangible assets, less accumulated amortization | 4,589 |  |  | 4,405 |
Goodwill | 5,477 |  |  | 5,477 |
Other long-lived assets | 36,130 |  |  | 26,766 |
Total assets of disposal group | 59,884 |  |  | 47,124 |
Impairment of assets held for sale | (23,931 | ) |  | (23,931 | )
Total assets held for sale | $ | 35,953 |  |  | $ | 23,193 |
Accrued liabilities | $ | 1,325 |  |  | $ | 1,288 |
Postretirement benefits | 407 |  |  | 448 |
Total liabilities held for sale | $ | 1,732 |  |  | $ | 1,736 |

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- References No definition available. + Details
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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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