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Discontinued Operations | 9 Months Ended
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Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ote C — Discontinued Operations Sale of Advanced Circuits On January 10, 2023, the LLC, solely in its capacity as the representative of the holders of stock and options of Compass AC Holdings, Inc., a majority owned subsidiary of the LLC, entered into a definitive Agreement and Plan of Merger with APCT Inc. (“ACI Purchaser”), Circuit Merger Sub, Inc. (“ACI Merger Sub”) and Advanced Circuits, pursuant to which ACI Purchaser agreed to acquire all of the issued and outstanding securities of Advanced Circuits, the parent company of the operating entity, Advanced Circuits, Inc., through a merger of ACI Merger Sub with and into Advanced Circuits, with Advanced Circuits surviving the merger and becoming a wholly owned subsidiary of ACI Purchaser (the “ACI Merger”). The ACI Merger was completed on February 14, 2023. The sale price of Advanced Circuits was based on an enterprise value of $220 million, subject to certain adjustments based on matters such as the working capital and cash and debt balances of Advanced Circuits at the time of the closing. After the allocation of the sales price to Advanced Circuits non-controlling equity holders and the payment of transaction expenses, the Company received approximately $170.9 million of total proceeds at closing, of which $66.9 million related to the repayment of intercompany loans with the Company. The Company recorded a gain on the sale of ACI of $98.0 million, net of an income tax provision of $6.8 million, in the first quarter of 2023. The Company recorded an additional gain on sale of $2.1 million in the second quarter of 2023 related to the working capital settlement, and in the third quarter of 2023 adjusted the income tax provision to $3.4 million, reflecting the loss at the LLC during the nine months ended September 30, 2023. Summarized results of operations of ACI for the period of January 1, 2023 through the date of disposition and the three and nine months ended September 30, 2022 and are as follows (in thousands):
| For the period January 1, 2023 through disposition |  | Three months ended September 30, 2022 |  | Nine months ended September 30, 2022
Net sales | $ | 8,829 |  |  | $ | 21,788 |  |  | $ | 67,194 |
Gross profit | $ | 3,663 |  |  | $ | 9,757 |  |  | $ | 30,782 |
Operating income | $ | 1,058 |  |  | $ | 4,972 |  |  | $ | 17,302 |
Income (loss) from continuing operations before income taxes (1) | $ | (2,464) |  |  | $ | 4,749 |  |  | $ | 17,052 |
Provision (benefit) for income taxes | $ | (1,073) |  |  | $ | 671 |  |  | $ | 2,600 |
Income (loss) from discontinued operations (1) | $ | (1,391) |  |  | $ | 4,078 |  |  | $ | 14,452 |
(1) The results of operations for the period from January 1, 2023 through disposition and the three and nine months ended September 30, 2022, each exclude $1.4 million, $3.3 million and $4.9 million, respectively, of intercompany interest expense. The following table presents summary balance sheet information of ACI that is presented as discontinued operations as of December 31, 2022 (in thousands):
|  | December 31, 2022
Assets |  |
Cash and cash equivalents |  | $ | 3,391 |
Accounts receivable, net |  | 10,044 |
Inventories, net |  | 4,345 |
Prepaid expenses and other current assets |  | 346 |
Current assets of discontinued operations |  | $ | 18,126 |
Property, plant and equipment, net |  | 6,949 |
Goodwill |  | 66,678 |
Other non-current assets |  | 6,220 |
Non-current assets of discontinued operations |  | $ | 79,847 |
Liabilities |  |
Accounts payable |  | $ | 3,810 |
Accrued expenses |  | 5,570 |
Due to related party |  | 250 |
Other current liabilities |  | 1,518 |
Current liabilities of discontinued operations |  | $ | 11,148 |
Deferred income taxes |  | 10,999 |
Other non-current liabilities |  | 5,193 |
Non-current liabilities of discontinued operations |  | $ | 16,192 |
Noncontrolling interest of discontinued operations |  | $ | 1,533 |

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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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
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