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Subsequent Events | 6 Months Ended
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Jun. 30, 2024
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Assets and Liabilities Held for Sale On July 2, 2024, we completed the sale of our lone plastics injection-molding plant, known as Industrial Molding Corporation (“IMC”), for $17.0 million in cash, subject to customary purchase price adjustments. We received net proceeds of $15.4 million after paying certain transaction costs, which was used to repay a portion of the outstanding borrowings under the Term Loan Facility in July 2024. We determined that the sale of IMC does not represent a strategic shift that will have a major effect on the consolidated results of operations, therefore the results of this business were not classified as discontinued operations and will continue to be reported within our Power Solutions segment. We determined that the IMC business met the criteria to be classified as held for sale as of June 30, 2024, and therefore have reclassified the related assets and liabilities as held for sale. The following is a summary of the major categories of assets and liabilities that have been classified as held for sale, and the line item on the Condensed Consolidated Balance Sheet they are reported in:
|  | Financial Statement Line Item |  | June 30, 2024
Assets: |  |  |  |
Accounts receivable, net |  |  |  | $ | 3,725 |
Inventories |  |  |  | 3,041 |
Prepaid assets |  |  |  | 74 |
Current assets held for sale |  | Other current assets |  | 6,840 |
Property, plant and equipment, net |  |  |  | 3,248 |
Intangible assets, net |  |  |  | 591 |
Noncurrent assets held for sale |  | Other non-current assets |  | $ | 3,839 |
Liabilities: |  |  |  |
Accounts payable |  |  |  | $ | 1,783 |
Accrued salaries, wages and benefits |  |  |  | 343 |
Other current liabilities |  |  |  | 272 |
Current liabilities held for sale |  | Other current liabilities |  | $ | 2,398 |

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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