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DISCONTINUED OPERATIONS | 12 Months Ended
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Dec. 31, 2018
DISCONTINUED OPERATIONS |
DISCONTINUED OPERATIONS | 4. DISCONTINUED OPERATIONS The Company’s former Services segment had substantial continued operating losses for several years, due to low capacity utilization in our gearbox remanufacturing facility and an increasingly competitive environment for field services due in part to increased in-sourcing of service functions by customers. In July, 2015 the Company’s Board of Directors (the “Board”) directed management to evaluate potential strategic alternatives with respect to the Services segment. In September 2015 the Board authorized management to sell substantially all of the assets of the Services segment to one or more third-party purchasers, and thereafter to liquidate or otherwise dispose of any such assets remaining unsold. The Company began negotiations to sell substantially all the assets of the Services segment in the third quarter of 2015. The exit of this business was a strategic shift that had a major effect on the Company; therefore, the Company reclassified the related assets and liabilities of the Services segment as held for sale, which the divestiture was substantially completed in December 2015. Results of Discontinued Operations Results of operations associated with the Services segment, which are reflected as discontinued operations in the Company’s consolidated statements of income for the twelve months ended December 31, 2018 and 2017, were as follows:
|  |  |  |  | Year Ended December 31,
|  |  |  |  | 2018 |  | 2017
Revenues |  |  |  |  | $ | 3 |  | $ | 151
Cost of sales |  |  |  |  |  | (132) |  |  | (391)
Selling, general and administrative |  |  |  |  |  | (15) |  |  | (57)
Impairment of held for sale assets and liabilities and gain on sale of assets |  |  |  |  |  | — |  |  | (161)
Loss from discontinued operations |  |  |  |  | $ | (144) |  | $ | (458)
Assets and Liabilities Held for Sale Assets and liabilities classified as held for sale in the Company’s consolidated balance sheets as of December 31, 2018 and 2017 include the following:
|  | December 31, |  | December 31,
|  | 2018 |  | 2017
Assets: |  |  |  |  |  |
Accounts receivable, net |  | $ | — |  | $ | 11
Inventories, net |  |  | — |  |  | 9
Total Assets Held For Sale Related To Discontinued Operations |  | $ | — |  | $ | 20
Liabilities: |  |  |  |  |  |
Accrued liabilities |  | $ | 26 |  | $ | 27
Customer deposits and other current obligations |  |  | 1 |  |  | 3
Total Liabilities Held For Sale Related To Discontinued Operations |  | $ | 27 |  | $ | 30

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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