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Discontinued Operations Discontinued Operations | 12 Months Ended
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Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations On December 20, 2019, the Company completed the sale of Lamons to two wholly-owned subsidiaries of an investment fund sponsored by First Reserve, pursuant to an Asset and Stock Purchase Agreement dated as of November 1, 2019 (the “Purchase Agreement”), for a purchase price of $135 million, subject to certain adjustments as set forth in the Purchase Agreement which the Company expects to be finalized in the first quarter of 2020. The Company recognized net cash proceeds of approximately $110.9 million, which represents the purchase price, less estimated tax payments of approximately $20.9 million and transaction costs of approximately $3.2 million. The Company recorded a pre-tax gain on sale of approximately $38.9 million, which includes the recognition of previously deferred non-cash foreign currency translation losses of approximately $12.4 million. The Company determined that Lamons met the criteria to be classified as a discontinued operation. As a result, the historical results for Lamons are shown in the accompanying consolidated statement of income as a discontinued operation and the assets and liabilities have been retrospectively reclassified to assets and liabilities of discontinued operations in the consolidated balance sheet. The carrying value of the assets and liabilities of Lamons held in discontinued operations were as follows:
|  | December 31, 2018
Assets |  |
Current assets: |  |
Receivables, net |  | $ | 25,940 |
Inventories |  | 45,960 |
Prepaid expenses and other current assets |  | 530 |
Total current assets |  | 72,430 |
Property and equipment, net |  | 15,850 |
Other intangibles, net |  | 6,640 |
Other assets |  | 450 |
Total assets |  | $ | 95,370 |
Liabilities |  |
Current liabilities: |  |
Accounts payable |  | $ | 26,010 |
Accrued liabilities |  | 4,410 |
Total current liabilities |  | 30,420 |
Deferred income taxes |  | 2,230 |
Total liabilities |  | $ | 32,650 |
Results of discontinued operations are summarized as follows (dollars in thousands):
|  | Year ended December 31,
|  | 2019 |  | 2018 |  | 2017
Net sales |  | $ | 182,590 |  |  | $ | 172,110 |  |  | $ | 161,580 |
Cost of sales |  | (138,100 | ) |  | (128,100 | ) |  | (131,470 | )
Gross profit |  | 44,490 |  |  | 44,010 |  |  | 30,110 |
Selling, general and administrative expenses |  | (32,920 | ) |  | (30,590 | ) |  | (29,240 | )
Net gain (loss) on dispositions of assets |  | 38,900 |  |  | (160 | ) |  | (4,420 | )
Operating profit (loss) |  | 50,470 |  |  | 13,260 |  |  | (3,550 | )
Interest expense |  | — |  |  | — |  |  | (10 | )
Other income (expense), net |  | (30 | ) |  | 360 |  |  | (110 | )
Other income (expense), net |  | (30 | ) |  | 360 |  |  | (120 | )
Income (loss) from discontinued operations, before income taxes |  | 50,440 |  |  | 13,620 |  |  | (3,670 | )
Income tax expense |  | (13,760 | ) |  | (4,030 | ) |  | (1,330 | )
Income (loss) from discontinued operations, net of tax |  | $ | 36,680 |  |  | $ | 9,590 |  |  | $ | (5,000 | )

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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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