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DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of discontinued operations

The components of assets and liabilities that are attributable to discontinued operations are as follows (in thousands):

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Assets of discontinued operations:

 

 

 

 

 

 

 

 

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

 

$

—

 

 

$

53,337

 

 

 

 

 

 

 

 

 

 

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

 

 

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):

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

Revenues

 

$

46,631

 

 

$

86,263

 

Costs and Expenses

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

39,915

 

 

 

68,906

 

Selling, general and administrative

 

 

9,207

 

 

 

10,445

 

Foreign exchange gain

 

 

(834

)

 

 

(337

)

Interest expense

 

 

653

 

 

 

1,745

 

Other expense

 

 

41

 

 

 

760

 

Total costs and expenses

 

 

48,982

 

 

 

81,519

 

Gain on sale of discontinued subsidiaries

 

 

13,686

 

 

 

—

 

Income before provision for income taxes

 

 

11,335

 

 

 

4,744

 

Income tax expense

 

 

737

 

 

 

1,099

 

Income from discontinued operations, net of income taxes

 

$

10,598

 

 

$

3,645

 

 

Depreciation, capital expenditures, and significant non cash items of the discontinued operations by period were as follows (in thousands):

 

 

         
    Year Ended December 31,
    2019   2018
Depreciation and amortization   $ 756   $ 1,207  
Capital expenditures     117     432  
Write-off of receivables     2,876       —