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DISCONTINUED OPERATIONS (Tables) | 9 Months Ended
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Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of components of assets and liabilities that are attributable to discontinued operations | The components of assets and liabilities that are attributable to discontinued operations are as follows (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2019 |  |  | 2018 |
Assets of discontinued operations: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 11 |
Accounts receivable - trade, net |  |  | — |  |  |  | 12,944 |
Inventories, net |  |  | — |  |  |  | 23,632 |
Income taxes receivable |  |  | — |  |  |  | 566 |
Prepaid expenses |  |  | — |  |  |  | 514 |
Property, plant and equipment, net |  |  | — |  |  |  | 4,406 |
Right of use asset |  |  | — |  |  |  | 2,124 |
Deferred income taxes |  |  | — |  |  |  | 134 |
Intangible assets, net |  |  | — |  |  |  | 3,460 |
Goodwill |  |  | — |  |  |  | 5,557 |
Assets of discontinued operations |  | $ | — |  |  | $ | 53,348 |
Liabilities of discontinued operations: |  |  |  |  |  |  |  |
Bank overdrafts |  | $ | — |  |  | $ | 1,690 |
Accounts payable and accrued liabilities |  |  | — |  |  |  | 18,894 |
Income taxes payable |  |  | — |  |  |  | 778 |
Pension deficit |  |  | — |  |  |  | 148 |
Other long-term liabilities |  |  | — |  |  |  | 2,187 |
Liabilities of discontinued operations |  | $ | — |  |  | $ | 23,697 |
Schedule of discontinued operations in the Consolidated Statement of Operations | The following table presents the discontinued operations of the liquid-filled and dry-type transformer manufacturing businesses in the Consolidated Statement of Operations (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Revenues |  | $ | 5,948 |  |  | $ | 22,663 |  |  | $ | 46,631 |  |  | $ | 65,193 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of goods sold |  |  | 6,029 |  |  |  | 18,349 |  |  |  | 39,915 |  |  |  | 52,098 |
Selling, general and administrative |  |  | 4,493 |  |  |  | 2,755 |  |  |  | 9,207 |  |  |  | 8,150 |
Foreign exchange gain |  |  | (342 | ) |  |  | (890 | ) |  |  | (833 | ) |  |  | (618 | )
Interest expense |  |  | 103 |  |  |  | 489 |  |  |  | 653 |  |  |  | 1,437 |
Other (income) expense |  |  | (6 | ) |  |  | 10 |  |  |  | 41 |  |  |  | 106 |
Total costs and expenses |  |  | 10,277 |  |  |  | 20,713 |  |  |  | 48,983 |  |  |  | 61,173 |
Gain on sale of discontinued subsidiaries |  |  | 17,210 |  |  |  | — |  |  |  | 17,210 |  |  |  | — |
Income before provision for income taxes |  |  | 12,881 |  |  |  | 1,950 |  |  |  | 14,858 |  |  |  | 4,020 |
Income tax expense |  |  | 2,637 |  |  |  | 488 |  |  |  | 3,171 |  |  |  | 964 |
Income from discontinued operations, net of income taxes |  | $ | 10,244 |  |  | $ | 1,462 |  |  | $ | 11,687 |  |  | $ | 3,056 |
Schedule of discontinued operations in the Consolidated Statements of Cash Flows | The following table presents the discontinued operations of the liquid-filled and dry-type transformer manufacturing businesses in the Consolidated Statements of Cash Flows (in thousands):
|  | Nine Months Ended September 30, |
|  | 2019 |  |  | 2018 |
Net cash (used in)/provided by operating activities |  | $ | (2,043 | ) |  | $ | 567 |
Net cash provided by/(used in) investing activities |  |  | 41,777 |  |  |  | (369 | )
Net cash (used in)/provided by financing activities |  |  | (26,461 | ) |  |  | 167 |
Effect of foreign exchange on cash and cash equivalents |  |  | 36 |  |  |  | 76 |
Increase in cash and cash equivalents |  | $ | 13,309 |  |  | $ | 441 |

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