Acquisitions

3 Months Ended

Jun. 30, 2019

Business Combination, Step Acquisition [Abstract]

Acquisitions

2.    Acquisitions and Disposals

As part of our business strategy, Blueprint for Growth, in the first quarter of fiscal 2019 the Company started the process to sell its Tire Shredder business, its crane builder business, Crane Equipment and Service Inc., and Stahlhammer Bommern GmbH, its European forging business acquired in 2014 (the "Sold Businesses") as they were no longer considered part of the core business or a strategic fit with the Company's long-term growth and operational objectives. On December 28, 2018, the Company sold its Tire Shredder business and recognized a gain. On February 28, 2019, the Company sold the remaining two businesses, Crane Equipment and Service Inc. and Stahlhammer Bommern GmbH, and recognized a loss. As such, there are no remaining businesses which meet the criteria as being held for sale in accordance with ASC 360-10-45-9, "Property, Plant, and Equipment." The businesses were not deemed a strategic shift or significant to be considered discontinued operations.

When businesses or assets groups meet the criteria as held for sale, they are recorded at the lesser of their carrying value or fair value less cost to sell. As a result, the Company recorded an impairment loss in the amount of $11,100,000 presented as Net loss on sales of businesses, including impairment on the Condensed Consolidated Statements of Operations during the three months ended June 30, 2018 to reduce the carrying value of these asset groups to their fair values less estimated costs to sell. Net sales and pre-tax income for the three Held for Sale Businesses was $11,104,000 and $660,000 three months ended June 30, 2018. In the three months ending June 30, 2019, the Company recognized an additional loss of $169,000 as a result of a final working capital adjustment.

For additional information on the sold businesses refer to the Company's 2019 10-K.