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Assets Held for Sale | 12 Months Ended
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Dec. 31, 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the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.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 was part of the Industrial Solutions segment and the Hirschmann JV was an equity method investment that was not included in an operating segment. The MCS business operated in Germany and the United States, and the Hirschmann JV was an equity method investment located in China. During 2016, we reached an agreement in principle to sell this disposal group for a total sales price of $39 million plus a working capital adjustment. As 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, we recognized an impairment charge equal to this amount in 2016. Effective December 31, 2017, we sold the MCS business and Hirschmann JV for a total purchase price of $40.2 million and recognized a loss on sale of the assets of $1.0 million, which is included in selling, general and administrative expenses. This loss includes $2.8 million of accumulated other comprehensive losses that were recognized as a result of the sale. Our accounts receivable balance as of December 31, 2017 included $40.2 million from the MCS business and Hirschmann JV sale. The following table provides the major classes of assets and liabilities classified as held for sale as of December 31, 2016. In addition, the disposal group had $15.7 million of accumulated other comprehensive losses at December 31, 2016.
|  | December 31, 2016
|  | (In thousands)
Receivables, net |  | $ | 4,551 |
Inventories, net |  | 2,848 |
Other current assets |  | 1,131 |
Property, plant, and equipment, less accumulated depreciation |  | 1,946 |
Intangible assets, less accumulated amortization |  | 4,405 |
Goodwill |  | 5,477 |
Other long-lived assets |  | 26,766 |
Total assets of disposal group |  | 47,124 |
Impairment of assets held for sale |  | (23,931 | )
Total assets held for sale |  | $ | 23,193 |
Accrued liabilities |  | $ | 1,288 |
Postretirement benefits |  | 448 |
Total liabilities held for sale |  | $ | 1,736 |
Discontinued Operations In 2010, we completed the sale of Trapeze Networks, Inc. (Trapeze) for $152.1 million and recognized a pre-tax gain of $88.3 million ($44.8 million after-tax). At the time the transaction closed, a portion of the sale price was placed in escrow as partial security for our indemnity obligations under the sale agreement. During 2015, we agreed to a final settlement with the buyer of Trapeze regarding the escrow, and collected $3.5 million of the escrow receivable and recognized a $0.2 million ($0.1 million net of tax) loss from disposal of discontinued operations. Additionally, we recognized a $0.2 million net loss from discontinued operations for income tax expense related to this disposed business in 2015.

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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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