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Discontinued Operations | 6 Months Ended
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Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | DISCONTINUED OPERATIONS In June 2025, the Company committed to a plan to sell its Renewables business, which represents a strategic shift in operations. The decision was driven by a change in the Company's long-term strategy to focus its asset portfolio and resources on its Residential, Agtech and Infrastructure segments. The Renewables business was classified as held for sale as of June 30, 2025, and met the criteria for discontinued operations. As of June 30, 2025, the Company has engaged a third-party financial advisor to assist in locating a buyer and the sale is expected to be completed with a third-party buyer within twelve months. The Renewables business was previously reported under the Renewables segment in accordance with ASC Subtopic 280. Upon classifying the Renewables business as held for sale and as a discontinued operation, the Company conducted a fair value measurement analysis and determined that the Renewables business' fair value less cost to sell was greater that its carrying amount. As a result, no related measurement adjustment was recognized in the consolidated statements of income for the three and six months ended June 30, 2025. The following table provides the carrying amounts and a reconciliation of the major classes of assets and liabilities included in discontinued operations related to the Renewables business which have been segregated from the Company's continuing operations and are reported as assets and liabilities of discontinued operations held for sale, respectively, in the consolidated balance sheets at (in thousands):
| June 30, 2025 |  | December 31, 2024
Assets of the discontinued operations: |  |  |
Trade receivables, net | $ | 52,781 |  |  | $ | 54,452 |
Costs in excess of billings, net | 13,093 |  |  | 15,753 |
Inventories, net | 39,267 |  |  | 44,869 |
Prepaid expenses and other current assets | 7,154 |  |  | 17,466 |
Total current assets | 112,295 |  |  | 132,540 |
Property, plant, and equipment, net | 21,448 |  |  | 22,741 |
Operating lease assets | 5,460 |  |  | 3,463 |
Goodwill | 184,230 |  |  | 184,230 |
Acquired intangibles | 46,303 |  |  | 48,462 |
Total non-current assets | 257,441 |  |  | 258,896 |
Total assets classified as discontinued operations (1) | $ | 369,736 |  |  | $ | 391,436 |
Liabilities of the discontinued operations: |  |  |
Accounts payable | $ | 22,380 |  |  | $ | 26,703 |
Accrued expenses | 30,622 |  |  | 29,759 |
Billings in excess of costs | 29,441 |  |  | 27,021 |
Total current liabilities | 82,443 |  |  | 83,483 |
Deferred income taxes | 7,649 |  |  | 7,649 |
Non-current operating lease liabilities | 3,856 |  |  | 1,734 |
Total non-current liabilities | 11,505 |  |  | 9,383 |
Total liabilities classified as discontinued operations (1) | $ | 93,948 |  |  | $ | 92,866 |
(1) Total held for sale assets and liabilities of the discontinued operations are classified as current on the June 30, 2025 consolidated balance sheet as it is probable that the sale will occur and proceeds will be collected within one year. The following table is the components of the (loss) income from discontinued operations before taxes (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net sales | $ | 53,588 |  |  | $ | 79,381 |  |  | $ | 97,246 |  |  | $ | 130,877 |
Operating expenses | 58,969 |  |  | 77,895 |  |  | 105,790 |  |  | 127,078 |
(Loss) income before taxes | $ | (5,381) |  |  | $ | 1,486 |  |  | $ | (8,544) |  |  | $ | 3,799 |

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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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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