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Discontinued Operations Discontinued Operations
 3 Months Ended
Mar. 31, 2020
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. The transaction was finalized in the first quarter of 2020 and resulted in a $1.8 million payment to the Company.
The Company's historical results for Lamons are shown in the accompanying consolidated statement of income as a discontinued operation. Results of discontinued operations are summarized as follows (dollars in thousands):
 
 
Three months ended
March 31,
 
 
2019
Net sales
 
$
47,920

Cost of sales
 
(34,890
)
Gross profit
 
13,030

Selling, general and administrative expenses
 
(6,980
)
Operating profit
 
6,050

Other expense, net
 
(110
)
Income from discontinued operations, before income taxes
 
5,940

Income tax expense
 
(1,400
)
Income from discontinued operations, net of tax
 
$
4,540