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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 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 the Company's discontinued operations:
(in thousands) | December 31, 2023 |  | December 31, 2022
Carrying amounts of assets included as part of discontinued operations: |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 1 |
Accounts receivable, net | 778 |  |  | 11,918 |
Inventories | — |  |  | 46,781 |
Prepaid expenses and other current assets | 83 |  |  | 1,212 |
Current assets classified as discontinued operations | 861 |  |  | 59,912 |
Property, plant and equipment, net | — |  |  | 6,812 |
Right-of-use assets, operating leases, net | — |  |  | 82 |
Intangible assets, net | — |  |  | 386
Other non-current assets, net | — |  |  | 1,904 |
Long-term assets classified as discontinued operations | — |  |  | 9,184 |
Total assets classified as discontinued operations | $ | 861 |  |  | $ | 69,096 |
Carrying amounts of current liabilities included as part of discontinued operations: |  |  |
Accounts payable | $ | 107 |  |  | $ | 8,617 |
Accrued expenses and other current liabilities | 1,366 |  |  | 1,051 |
Current portion of operating lease liabilities | — |  |  | 41 |
Total current liabilities classified as discontinued operations | $ | 1,473 |  |  | $ | 9,709 |
Carrying amounts of long-term liabilities included as part of discontinued operations: |  |  |
Long-term portion of operating lease liabilities | $ | — |  |  | $ | 42 |
Total liabilities classified as discontinued operations | $ | 1,473 |  |  | $ | 9,751 |
The financial results of the Company's discontinued operations are presented as income from discontinued operations, net of tax on the consolidated statements of income (loss). The following table summarizes the results of the Company's discontinued operations:
| (Unaudited) |  |  |
| Three Months Ended December 31, | Year Ended December 31,
(in thousands) | 2023 |  | 2022 | 2023 |  | 2022
Net sales | $ | 7,214 |  |  | $ | 27,381 |  | $ | 64,760 |  |  | $ | 152,154 |
Cost of sales | 8,115 |  |  | 30,674 |  | 64,507 |  |  | 138,909 |
Gross profit | (901) |  |  | (3,293) |  | 253 |  |  | 13,245 |
Selling, general and administrative expense | 1,261 |  |  | 2,088 |  | 7,587 |  |  | 7,311 |
Acquisition costs and other | 355 |  |  | 96 |  | 568 |  |  | 96 |
Gain on sale of assets | (26,348) |  |  | — |  | (26,348) |  |  | — |
Asset impairments | — |  |  | — |  | 8,720 |  |  | — |
Earnout adjustments | — |  |  | — |  | — |  |  | (7) |
Operating income (loss) of discontinued operations | 23,831 |  |  | (5,477) |  | 9,726 |  |  | 5,845 |
Loss on classification as held for sale | — |  |  | — |  | 83 |  |  | — |
Income (loss) from discontinued operations before income taxes | 23,831 |  |  | (5,477) |  | 9,643 |  |  | 5,845 |
Income tax provision (benefit) | 5,157 |  |  | (1,102) |  | 2,121 |  |  | 1,357 |
Net income (loss) from discontinued operations | $ | 18,674 |  |  | $ | (4,375) |  | $ | 7,522 |  |  | $ | 4,488 |
Munhall assets classified as held for sale as are as follows:
(in thousands) | December 31, 2023 |  | December 31, 2022
Property, plant and equipment, net | 2,374 |  |  | — |
Other assets, net | 538 |  |  | — |
Assets held for sale | $ | 2,912 |  |  | $ | — |
Palmer assets classified as held for sale as of December 31, 2023 and 2022 are as follows:
(in thousands) | 2023 |  | 2022
Inventory, net | $ | — |  |  | $ | 198 |
Property, plant and equipment, net | — |  |  | 182 |
Assets held for sale | $ | — |  |  | $ | 380 |

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