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Sale of Manufacturing Facility
3 Months Ended
Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Sale of Manufacturing Facility
Sale of Manufacturing Facility

In December 2018, we committed to sell a hardwood plywood facility located in Moncure, North Carolina, and subsequently entered into a definitive sale agreement in January 2019 (the Sale). This facility generated net sales and operating loss of approximately $5.5 million and $1.4 million, respectively, during the three months ended March 31, 2019, and net sales and operating loss of approximately $7.8 million and $1.2 million, respectively, during the three months ended March 31, 2018. These results are included in the operating results of our Wood Products segment.

On March 1, 2019, we closed on the Sale and received proceeds of $2.5 million. The disposal group met the criteria to be classified as held for sale during fourth quarter 2018. Upon classification as held for sale, we discontinued depreciation of the long-lived assets, and performed an assessment of impairment to identify and expense any excess of carrying value over fair value less costs to sell. As a result, we recorded pre-tax impairment and sale-related losses of $24.0 million during fourth quarter 2018.