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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Assets Held for Sale | The following table presents the aggregate carrying amounts of the classes of assets and liabilities of discontinued operations of Munhall:
(in thousands) | September 30, 2023 |  | December 31, 2022
Carrying amounts of assets included as part of discontinued operations: |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 1 |
Accounts receivable, net | 500 |  |  | 8,058 |
Inventories | — |  |  | 28,880 |
Prepaid expenses and other current assets | 120 |  |  | 1,181 |
Current assets classified as discontinued operations | 620 |  |  | 38,120 |
Property, plant and equipment, net | — |  |  | 5,301 |
Right-of-use assets, operating leases, net | 6 |  | 26
Intangible assets, net | — |  |  | 386
Other non-current assets, net | — |  |  | 1904
Long-term assets classified as discontinued operations | 6 |  |  | 7,617 |
Total assets classified as discontinued operations | $ | 626 |  |  | $ | 45,737 |
Carrying amounts of current liabilities included as part of discontinued operations: |  |  |
Accounts payable | $ | 348 |  |  | $ | 3,108 |
Accrued expenses and other current liabilities | 615 |  |  | 521 |
Current portion of operating lease liabilities | 7 |  |  | 27 |
Total current liabilities classified as discontinued operations | $ | 970 |  |  | $ | 3,656 |
The financial results of Munhall are presented as loss from discontinued operations, net of tax on the unaudited condensed consolidated statements of income (loss). The following table summarizes the results of discontinued operations of Munhall:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Net sales | $ | 2,650 |  |  | $ | 21,945 |  |  | $ | 25,313 |  |  | $ | 86,057 |
Cost of sales | 6,640 |  |  | 24,469 |  |  | 36,868 |  |  | 86,854 |
Gross profit | (3,990) |  |  | (2,524) |  |  | (11,555) |  |  | (797) |
Selling, general and administrative expense | 170 |  |  | 595 |  |  | 4,310 |  |  | 1,699 |
Asset impairments | 2,416 |  |  | — |  |  | 8,720 |  |  | — |
Earnout adjustments | — |  |  | — |  |  | — |  |  | (7) |
Operating loss of discontinued operations | (6,576) |  |  | (3,119) |  |  | (24,585) |  |  | (2,489) |
Loss on classification as held for sale | — |  |  | — |  |  | 83 |  |  | — |
Loss on discontinued operations before income taxes | (6,576) |  |  | (3,119) |  |  | (24,668) |  |  | (2,489) |
Income tax benefit | (1,413) |  |  | (638) |  |  | (5,367) |  |  | (496) |
Net loss from discontinued operations | $ | (5,163) |  |  | $ | (2,481) |  |  | $ | (19,301) |  |  | $ | (1,993) |
Munhall assets classified as held for sale as are as follows:
(in thousands) | September 30, 2023 |  | December 31, 2022
Inventory, net | $ | 4,021 |  |  | $ | — |
Property, plant and equipment, net | 2,382 |  |  | — |
Other assets, net | 2,553 |  |  | — |
Assets held for sale | $ | 8,956 |  |  | $ | — |
Palmer assets classified as held for sale as are as follows:
(in thousands) | September 30, 2023 |  | December 31, 2022
Inventory, net | $ | — |  |  | $ | 198 |
Property, plant and equipment, net | — |  |  | 182 |
Assets held for sale | $ | — |  |  | $ | 380 |

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