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DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

5. DISCONTINUED OPERATIONS

A discontinued operation is a component of the Company’s business that represents a separate major line of business that had been disposed of or is held for sale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier. When an operation is classified as a discontinued operation, the comparative Consolidated Statement of Operations, Consolidated Statement of Cash Flows, and Consolidated Balance Sheets are re-presented as if the operation had been discontinued from the start of the comparative year.

During the fourth quarter of 2017, as part of Company’s review of strategic alternatives, the Company made the decision to sell its switchgear business. Operating results for switchgear business, which have been previously included in the T&D Solutions Segment, have now been reclassified as discontinued operations for all periods presented.

The components of assets and liabilities that are attributable to discontinued operations are as follows:

		Year Eneded December 31,
		2017				2016
Assets of discontinued operations:
Accounts receivable - trade, net		$	1,568			$	3,242
Inventories, net			2,921				3,868
Prepaid expenses			213				136
Property, plant and equipment, net			524				666
Intangible assets, net			1,477				1,604
Goodwill			—				1,445
Other assets			241				175
Assets of discontinued operations		$	6,944			$	11,136

Liabilities of discontinued operations:
Bank overdrafts			349				114
Accounts payable and accrued liabilities			3,370				4,016
Liabilities of discontinued operations		$	3,719			$	4,130

The following table presents the discontinued operations of the switchgear business in the Consolidated Statement of Operations:

		For the Years Ended December 31,
		2017				2016
Revenue		$	13,001			$	15,515
Costs and Expenses
Cost of goods sold			15,317				13,825
Operating Expenses			2,572				3,899
Interest income			(5	)			(3	)
Impairment of goodwill			1,445				—
Other expense			615				349
Total costs and expenses			19,944				18,070
Loss before provision for income taxes			(6,943	)			(2,555	)
Income tax benefit			(296	)			(38	)
Loss from discontinued operations, net of income taxes		$	(6,647	)		$	(2,517	)

The following table presents the switchgear business in the Consolidated Statements of Cash Flows:

		December 31,
		2017				2016
Net cash used in operating activities		$	(2,964	)		$	(2,355	)
Net cash used in investing activities			(124	)			(247	)
Net cash provided by financing activities			3,088				2,602
Increase in cash and cash equivalents		$	—			$	—