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Discontinued Operations | 12 Months Ended
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Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations Since the middle of 2019, the upstream energy markets that the Company served have deteriorated as prices of oil and natural gas declined due to weakening demand. This deterioration accelerated as a result of the global COVID-19 pandemic and the associated reduction in demand for oil due to reduced travel patterns and movement of goods throughout the world. As U.S. exploration and production companies reduced production and implemented spending cuts, demand for much of the Company’s offerings in its upstream test and inspection business (“Test and Inspection Services”) services business had sharply declined. As a result, on September 4, 2020, the Company completed the sale of its upstream oil and gas Test and Inspection Services business. Proceeds from the sale were $4,000 and resulted in a loss of $10,034 net of tax. The Company has reflected the results of operations of the Test and Inspection Services business as discontinued operations in the Consolidated Financial statements for all periods presented. The Test and Inspection Services business was historically included in the legacy Tubular and Energy segment, whose remaining divisions are now included as part of the Infrastructure Solutions segment. The following table provides the net sales and losses from discontinued operations for the periods presented:
|  | December 31,
|  | 2020 |  | 2019 |  | 2018
Net sales |  | $ | 13,590 |  |  | $ | 38,629 |  |  | $ | 45,905 |
Loss from discontinued operations |  | (10,807) |  |  | (6,742) |  |  | (2,142) |
Income tax benefit |  | 2,600 |  |  | 1,336 |  |  | 1,560 |
Loss on the sale of discontinued operations |  | (13,172) |  |  | — |  |  | — |
Income tax benefit on the sale of discontinued operations |  | 3,138 |  |  | — |  |  | — |
Loss from discontinued operations |  | $ | (18,241) |  |  | $ | (5,406) |  |  | $ | (582) |
The assets and liabilities of the discontinued operations as of December 31, 2019 were as follows:
|  | December 31, 2019
Current assets: |  |
Accounts receivable - net |  | $ | 4,959 |
Inventories - net |  | 840 |
Other current assets |  | 509 |
Total current assets |  | 6,308 |
Property, plant, and equipment - net |  | 21,879 |
Operating lease right-of-use assets - net |  | 1,994 |
Other assets: |  |
Other intangibles - net |  | 1,401 |
Deferred tax assets (1) |  | 9,116 |
Other assets |  | 83 |
Total assets |  | $ | 40,781 |
Current liabilities: |  |
Accounts payable |  | $ | 3,332 |
Accrued payroll and employee benefits |  | 902 |
Current maturities of long-term debt |  | 28 |
Other accrued liabilities |  | 1,376 |
Total current liabilities |  | 5,638 |
Long-term debt |  | 13 |
Long-term operating lease liabilities |  | 1,256 |
Other long-term liabilities |  | 4,342 |
Total liabilities |  | $ | 11,249 |
(1) The assets of discontinued operations as of December 31, 2019 included $9,116 attributable to IOS Acquisitions, Inc. As part of the Company’s restructuring activities in the second quarter of 2020, IOS Acquisitions, Inc. was converted to a limited liability company and subsequently treated as a disregarded entity for income tax purposes. As a result of this transaction, the deferred tax assets were not transferred upon the disposition of the Test and Inspection Services business and have been retained by the Company.

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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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