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Discontinued Operations | 9 Months Ended
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Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On February 23, 2021, the Company sold the stock of its Industrial business which had been classified as held for sale and reported as a discontinued operation in the Company’s consolidated financial statements for the year ended December 31, 2020. Net proceeds of $38 million, consisting of cash and a $13 million seller note, resulted in an estimated pre-tax loss of $30 million, subject to working capital and other adjustments, of which $29.6 million was recorded when the assets of the Industrial business were written down to fair market value during the fourth quarter of 2020. The seller note was paid in full to the Company during the second quarter of 2021. The results of operations and financial position of the Industrial business have been presented as a discontinued operation in the Company's consolidated financial statements for all periods presented. The Company allocates interest to its discontinued operations in accordance with ASC Subtopic 205-20, “Presentation of Financial Statements – Discontinued Operations.” Interest was allocated based on the amount of net assets held by the discontinued operation in comparison to consolidated net assets. The following carrying amounts of the major classes of assets and liabilities included in discontinued operations related to the Industrial business have been segregated from the Company's continuing operations and are reported as assets and liabilities of discontinued operations, respectively, in the consolidated balance sheet at December 31, 2020 (in thousands):
| December 31, 2020 |  |  |  |
Assets |  |  |  |  |
Accounts receivable, net | $ | 11,261 |  |  |  |  |
Inventories, net | 13,041 |  |  |  |  |
Prepaid expenses and other current assets | 21,310 |  |  |  |  |
Total current assets (1) | 45,612 |  |  |  |  |
Property, plant, and equipment, net | 16,999 |  |  |  |  |
Operating lease assets | 6,470 |  |  |  |  |
Goodwill | 22,475 |  |  |  |  |
Acquired intangibles | 15,482 |  |  |  |  |
Loss recognized on classification as held for sale | (29,600) |  |  |  |  |
Total noncurrent assets (1) | 31,826 |  |  |  |  |
Total assets classified as held for sale | $ | 77,438 |  |  |  |  |
Liabilities |  |  |  |  |
Accounts payable | $ | 10,708 |  |  |  |  |
Accrued expenses | 9,274 |  |  |  |  |
Total current liabilities (1) | 19,982 |  |  |  |  |
Deferred income taxes | 24,657 |  |  |  |  |
Non-current operating lease liabilities | 4,639 |  |  |  |  |
Other non-current liabilities | 17 |  |  |  |  |
Total noncurrent liabilities (1) | 29,313 |  |  |  |  |
Total liabilities classified as held for sale | $ | 49,295 |  |  |  |  |
(1) The assets and liabilities of the discontinued operations were classified as current on the December 31, 2020 consolidated balance sheet, as it was probable that the sale would occur and proceeds would be collected within one year. Components of income from discontinued operations before taxes, including the interest allocated to discontinued operations, for the three and nine months ended September 30 are as follows (in thousands):
| Three months ended September 30, |  | Nine months ended September 30, |  |  |  |
| 2021 |  | 2020 |  | 2021 |  | 2020 |  |  |  |
Net sales | $ | — |  |  | $ | 32,873 |  |  | $ | 20,391 |  |  | $ | 97,541 |  |  |  |  |
Operating expenses | — |  |  | 30,028 |  |  | 17,493 |  |  | 88,080 |  |  |  |  |
Adjustment to loss on disposal | 201 |  |  | — |  |  | 1,031 |  |  | — |  |  |  |  |
Interest expense allocation | — |  |  | 31 |  |  | — |  |  | 71 |  |  |  |  |
(Loss) Income from discontinued operations before taxes | $ | (201) |  |  | $ | 2,814 |  |  | $ | 1,867 |  |  | $ | 9,390 |  |  |  |  |
On June 30, 2020, the Company sold its self-guided apartment tour application business to a third party from its Residential segment. The $2.0 million net proceeds from the sale resulted in pre-tax net gain of $1.9 million and has been presented within other (income) expense in the consolidated statements of income. This divestiture did not meet the criteria to be reported as discontinued operations nor will it have a major effect on the Company's operations.

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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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