DISCONTINUED OPERATIONS

9 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

During the quarter ended December 31, 2017, we commenced a sale process to divest our Coatings business to allow us to focus resources on our core growth platforms. Our Coatings business manufactured specialized industrial coating products including urethanes, epoxies, acrylics and alkyds. The Coatings business met the held-for-sale criteria under ASC 360, "Property, Plant and Equipment," and accordingly, we classified and accounted for the assets and liabilities of the Coatings business as held-for-sale in the accompanying condensed consolidated balance sheets, and as discontinued operations, net of tax, in the accompanying condensed consolidated statements of income and cash flows. We estimated that the fair value of the business was less than carrying value at December 31, 2017, resulting in a $46.0 million impairment charge. We completed an initial assessment of the assets and liabilities of the Coatings business and recorded the impairment based on our best estimates as of the date of issuance of financial results for the quarter ended December 31, 2017.

On July 31, 2018, we consummated a sale of assets related to our Coatings business to an unrelated third party, the terms of which were not disclosed due to immateriality.  During the three months ended September 30, 2018, we received an aggregate of $6.9 million for the sale of assets that related to our Coatings business in multiple transactions. This resulted in gains on disposal of $6.9 million due to write-downs of long-lived assets in prior periods.

Summarized selected financial information for the Coatings business for the three and nine months ended December 31, 2018 and 2017, is presented in the following table:

	Three Months Ended December 31,				Nine Months Ended December 31,
(amounts in thousands)	2018		2017		2018		2017
Revenues, net	$	—	$	4,616	$	5,303	$	19,289
Loss from discontinued operations before income taxes	(1,225)		(52,029)		(693)		(57,685)
Income tax benefit	209		15,357		77		17,392
Loss from discontinued operations, net	$	(1,016)	$	(36,672)	$	(616)	$	(40,293)

(amounts in thousands)	December 31, 2018		March 31, 2018
Assets
Accounts receivable, net	$	—	$	2,259
Prepaid expenses and other current assets (a)	21		168
Total assets	$	21	$	2,427
Liabilities
Accounts payable, accrued expenses and other liabilities	$	1,132	$	3,966

(a) The assets and liabilities of the Coatings business reside in a disregarded entity for tax purposes. Accordingly, the tax attributes associated with the operations of our Coatings business will ultimately flow through to the corporate parent, which files a consolidated federal return. Therefore, any corresponding tax assets or liabilities have been reflected as a component of our continuing operations.