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SALE OF OBER-SCHMITTEN, GERMANY FACILITY | 9 Months Ended
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Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
SALE OF OBER-SCHMITTEN, GERMANY FACILITY | SALE OF OBER-SCHMITTEN, GERMANY FACILITY In the third quarter of 2023, we sold our Composite Fibers’ Ober-Schmitten, Germany operations as part of the Company’s turnaround strategy that is aimed at improving financial performance of the Company’s overall business. The Company sold the facility for one euro and recognized a loss on the sale of $17.8 million during the three and nine months ended September 30, 2023. The loss on sale is recapped as follows:
In thousands |
Cash | $ | 5,793 |
Accounts receivable | 2,950 |
Inventory | 5,039 |
Prepaids and other current assets | 8,847 |
Property, plant and equipment | 2,513 |
Accounts payable and accrued liabilities | (7,337) |
Loss on sale | $ | 17,805 |
In connection with the sale, we entered into a transition services and distribution agreements with the purchaser pursuant to which we agreed to provide various back-office, information technology, commercial and operations support until the business is fully separated from us. The Company had previously announced the planned closure of the facility after unsuccessfully attempting to sell the operations. In conjunction with the planned closure of the site, during the second quarter of 2023, the Company had recognized an expense of approximately $10.4 million in connection with expected employee severance and benefit costs associated with the termination of the employees at the Facility. In the third quarter of 2023, prior to the planned closure of the site, a buyer was identified and the facility was subsequently sold. As a result, the $10.4 million expense recognized in “Cost of Goods Sold” in the second quarter of 2023 was reversed and reflected as a benefit in “Cost of Goods Sold” in the third quarter of 2023.DISCONTINUED OPERATIONS For the three and nine months ended September 30, 2023, we recognized a loss in discontinued operations of $0.2 million and $0.9 million, respectively, primarily related to an insurance claim settlement and legal costs. For both the three and nine months ended September 30 2022, we recognized a loss in discontinued operations of $0.2 million and income of $0.1 million which primarily represents legal costs and the successful appeal of a sales and use tax audit partially offset by legal costs, respectively. The following table sets forth a summary of cash flows from discontinued operations which is included in the condensed consolidated statements of cash flows:
| Nine months ended September 30,
In thousands | 2023 |  | 2022
Net cash used by operating activities | $ | (734) |  |  | $ | 45 |
Net cash used by investing activities | — |  |  | — |
Net cash provided by financing activities | — |  |  | — |
Change in cash and cash equivalents from discontinued operations | $ | (734) |  |  | $ | 45 |

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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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