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ASSETS HELD FOR SALE

6 Months Ended

Jun. 30, 2012

3. ASSETS HELD FOR SALE

In June 2012, we committed to a plan to sell our subsidiary in the United Kingdom (Exterran (UK) Ltd.) as part of our continued emphasis on simplification and focus on our core business. We expect this sale to be completed within the next twelve months. Our assets and liabilities associated with this subsidiary are now reflected as assets or liabilities held for sale in our condensed consolidated balance sheet as of June 30, 2012. All assets and liabilities have been reported at the lower of their carrying value or their fair value based on current market conditions and expected sales proceeds based on level 3 fair value assumptions related to anticipated cash flows. The results of this subsidiary are included in our fabrication business segment. In conjunction with the planned disposition, we recorded an impairment of long-lived assets that totaled $1.5 million during the three months ended June 30, 2012. The impairment charges are reflected in Long-lived asset impairment in our condensed consolidated statements of operations.

The table below summarizes the balance sheet data for assets and liabilities held for sale at June 30, 2012 (in thousands):

	June 30, 2012
Cash	$	378
Accounts receivable	3,638
Inventory	324
Costs and estimated earnings in excess of billings on uncompleted contracts	8,881
Other current assets	259
Total current assets held for sale	13,480
Property, plant and equipment, net	294
Total assets held for sale	$	13,774

Accounts payable	$	4,102
Accrued liabilities	2,077
Billings on uncompleted contracts in excess of costs and estimated earnings	51
Total current liabilities held for sale	6,230
Deferred income taxes	15
Total liabilities held for sale	$	6,245