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Discontinued Operations Discontinued Operations | 12 Months Ended
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Dec. 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 $136.8 million. The Company recognized net cash proceeds of approximately $112.7 million, which represented the purchase price, less estimated tax payments of approximately $20.9 million, 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 reported in the accompanying consolidated statement of operations as a discontinued operation. Results of discontinued operations are summarized as follows (dollars in thousands):
|  |  |  | Year ended December 31,
|  |  |  | 2019 |  | 2018
Net sales |  |  |  | $ | 182,590 |  |  | $ | 172,110 |
Cost of sales |  |  |  | (138,100) |  |  | (128,100) |
Gross profit |  |  |  | 44,490 |  |  | 44,010 |
Selling, general and administrative expenses |  |  |  | (32,920) |  |  | (30,590) |
Net gain (loss) on dispositions of assets |  |  |  | 38,900 |  |  | (160) |
Operating profit |  |  |  | 50,470 |  |  | 13,260 |
Other income (expense), net |  |  |  | (30) |  |  | 360 |
Other income (expense), net |  |  |  | (30) |  |  | 360 |
Income from discontinued operations, before income taxes |  |  |  | 50,440 |  |  | 13,620 |
Income tax expense |  |  |  | (13,760) |  |  | (4,030) |
Income from discontinued operations, net of tax |  |  |  | $ | 36,680 |  |  | $ | 9,590 |

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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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