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Assets and Liabilities Held for Sale and Discontinued Operations | 9 Months Ended
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Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Assets and Liabilities Held for Sale and Discontinued Operations | Assets and Liabilities Held for Sale and Discontinued Operations As of September 30, 2023, Yandy (which was sold in the second quarter of 2023) and TLA disposal groups met the criteria discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies, to be classified as discontinued operations for all periods presented, as the divestiture of Yandy and TLA in the aggregate represents a strategic shift that has or will have a major effect on our operations and financial results. Their assets and liabilities are classified as current assets and liabilities held for sale in the condensed consolidated balance sheets for all periods presented. The sale of TLA was closed on November 3, 2023. Refer to Note 18, Subsequent events, for details. The following table summarizes the components of income (loss) from discontinued operations, net of tax in the accompanying condensed consolidated statements of operations (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Net revenues |  | $ | 9,880 |  |  | $ | 17,918 |  |  | $ | 36,121 |  |  | $ | 57,769 |
Costs and expenses: |  |  |  |  |  |  |  |
Cost of sales |  | (4,252) |  |  | (11,512) |  |  | (16,431) |  |  | (30,939) |
Selling and administrative expenses |  | (4,313) |  |  | (10,078) |  |  | (19,329) |  |  | (30,060) |
Impairments |  | — |  |  | (24,665) |  |  | — |  |  | (24,665) |
Total operating expense |  | (8,565) |  |  | (46,255) |  |  | (35,760) |  |  | (85,664) |
Operating income (loss) |  | 1,315 |  |  | (28,337) |  |  | 361 |  |  | (27,895) |
Nonoperating income (expense): |  |  |  |  |  |  |  |
Other income (expense), net |  | 9 |  |  | 52 |  |  | (190) |  |  | 134 |
Total nonoperating income (expense) |  | 9 |  |  | 52 |  |  | (190) |  |  | 134 |
Income (loss) from discontinued operations before income taxes |  | 1,324 |  |  | (28,285) |  |  | 171 |  |  | (27,761) |
(Expense) benefit from income taxes |  | (5) |  |  | 471 |  |  | (22) |  |  | 1,121 |
Income (loss) from discontinued operations, net of tax |  | $ | 1,319 |  |  | $ | (27,814) |  |  | $ | 149 |  |  | $ | (26,640) |
The major classes of assets and liabilities classified as held for sale in the accompanying condensed consolidated balance sheets were as follows (in thousands):
| September 30, 2023 |  | December 31, 2022
Assets |  |  |
Receivables, net of allowance for credit losses | $ | 183 |  |  | $ | 4,206 |
Inventories, net | 4,684 |  |  | 12,477 |
Prepaid expenses and other current assets | 306 |  |  | 539 |
Property and equipment, net | 1,531 |  |  | 3,571 |
Operating right-of-use assets | 12,131 |  |  | 13,183 |
Other intangible assets, net | 433 |  |  | 471 |
Other noncurrent assets | 265 |  |  | 463 |
Total assets held for sale | $ | 19,533 |  |  | $ | 34,910 |
Liabilities |  |  |
Accounts payable | $ | 1,760 |  |  | $ | 6,541 |
Deferred revenues | — |  |  | 282 |
Operating lease liabilities | 11,494 |  |  | 13,682 |
Other current liabilities and accrued expenses | 2,237 |  |  | 6,621 |
Total liabilities held for sale | $ | 15,491 |  |  | $ | 27,126 |

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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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