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Discontinued Operations Discontinued Operations | 6 Months Ended
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Jun. 30, 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 operations as a discontinued operation. Results of discontinued operations are summarized as follows (dollars in thousands):
|  | Three months ended June 30, |  | Six months ended June 30,
|  | 2019 |  | 2019
Net sales |  | $ | 48,540 |  |  | $ | 96,460 |
Cost of sales |  | (36,980 | ) |  | (71,870 | )
Gross profit |  | 11,560 |  |  | 24,590 |
Selling, general and administrative expenses |  | (7,510 | ) |  | (14,490 | )
Operating profit |  | 4,050 |  |  | 10,100 |
Other income, net |  | 130 |  |  | 20 |
Income from discontinued operations, before income taxes |  | 4,180 |  |  | 10,120 |
Income tax expense |  | (880 | ) |  | (2,280 | )
Income from discontinued operations, net of tax |  | $ | 3,300 |  |  | $ | 7,840 |

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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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