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Assets and Liabilities Held for Sale | 6 Months Ended
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Sep. 30, 2019
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] |
Assets and Liabilities Held for Sale | NOTE 5 – ASSETS AND LIABILITIES HELD FOR SALE: In March 2019, the Company's Board of Directors approved a plan to sell Energy Steel. Energy Steel met all of the criteria to classify its assets and liabilities as held for sale at March 31, 2019. The disposal of Energy Steel did not represent a strategic shift that would have a major effect on the Company’s operations and financial results and was, therefore, not classified as discontinued operations in accordance with ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operation And Disclosures of Disposals Of Components Of An Entity." As part of the required assessment under the held for sale guidance, the Company determined that the approximate fair value less costs to sell the operations was less than its carrying value and, as a result, an impairment loss totaling $6,449 was recorded in fiscal 2019. On June 24, 2019, the Company completed the sale of Energy Steel to Hayward Tyler, a division of Avingtrans PLC, a global leader in performance-critical pumps and motors for the energy sector. Under the terms of the stock purchase agreement, the Company received proceeds of $602, subject to certain adjustments, including a customary working capital adjustment. The purchase price was finalized within 90 days of the sale and no adjustments to the purchase price were required. In addition, $202 of Energy Steel’s net accounts receivable was retained by the Company. The Company recognized a loss on the disposal of $87 in the first quarter of fiscal 2020. As of June 24, 2019, all of the Energy Steel assets and liabilities were legally transferred, and therefore, are not included in the Company’s Condensed Consolidated Balance Sheet at September 30, 2019. The following table reconciles the major classes of assets and liabilities classified as held for sale in the Condensed Consolidated Balance Sheet at March 31, 2019:
|  | March 31, 2019 |
Major classes of assets included as held for sale |  |  |  |
Cash |  | $ | 552 |
Trade accounts receivable, net of allowances |  |  | 1,921 |
Unbilled revenue |  |  | 302 |
Inventories |  |  | 1,809 |
Prepaid expenses and other current assets |  |  | 130 |
Income taxes receivable |  |  | 10 |
Deferred tax asset |  |  | 126 |
Total major classes of assets included as held for sale |  | $ | 4,850 |
Major classes of liabilities included as held for sale |  |  |  |
Accounts payable |  | $ | 520 |
Accrued compensation |  |  | 326 |
Accrued expenses and other current liabilities |  |  | 746 |
Customer deposits |  |  | 1,933 |
Total major classes of liabilities included as held for sale |  | $ | 3,525 |

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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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