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ASSETS HELD FOR SALE, DIVESTITURES AND DISCONTINUED OPERATIONS
 6 Months Ended
Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS HELD FOR SALE, DIVESTITURES AND DISCONTINUED OPERATIONS ASSETS HELD FOR SALE, DIVESTITURES AND DISCONTINUED OPERATIONS
Assets Held for Sale

Certain real property assets for the Copley, Ohio location were sold on March 15, 2021 for $4.0 million. We received $3.3 million of net proceeds after adjustments and recognized a gain on sale of $1.9 million. In conjunction with the sale, we executed a leaseback agreement commencing March 16, 2021 and expiring on March 31, 2033.

In December 2019, we determined that a small business within the B&W Thermal segment met the criteria to be classified as held for sale. At December 31, 2020, the carrying value of the net assets planned to be sold approximated the estimated fair value less costs to sell. Refer to Divestitures below as this sale closed March 5, 2021.

In December 2020, we determined that certain real property assets within the B&W Thermal segment met the criteria to be classified as held for sale. At June 30, 2021, the carrying value of the assets held for sale of $1.8 million was lower than the estimated fair value less costs to sell.
The following table summarizes the carrying value of the assets and liabilities held for sale at June 30, 2021 and December 31, 2020:
(in thousands)June 30, 2021December 31, 2020
Accounts receivable – trade, net$— $2,103 
Accounts receivable – other— 86 
Contracts in progress— 458 
Inventories— 1,676 
Other current assets— 405 
     Current assets held for sale— 4,728 
Net property, plant and equipment1,766 10,365 
Intangible assets— 759 
Right-of-use-asset— 32 
     Non-current assets held for sale1,766 11,156 
Total assets held for sale$1,766 $15,884 
Accounts payable$— $5,211 
Accrued employee benefits— 178 
Advance billings on contracts— 370 
Accrued warranty expense— 466 
Operating lease liabilities— 32 
Other accrued liabilities— 2,048 
     Current liabilities held for sale— 8,305 
Total liabilities held for sale$— $8,305 

Divestitures

Effective March 5, 2021, we sold all of the issued and outstanding capital stock of Diamond Power Machine (Hubei) Co., Inc, for $2.8 million. We received $2.0 million in gross proceeds before expenses and recorded an $0.8 million favorable contract asset for the amortization period from March 8, 2021 through December 31, 2023. We recognized a $0.4 million pre-tax gain, inclusive of the recognition of $4.5 million of currency translation adjustment, on the sale of the business in the three months ended March 31, 2021. For the three months ended June 30, 2021, we recorded an adjustment of $2.6 million related to certain working capital amounts that are in dispute. Additional adjustments may be necessary as this is finalized. For the six months ended June 30, 2021, the net pre-tax loss on the sale was $2.2 million.

On March 17, 2020, we fully settled the remaining escrow associated with the sale of PBRRC and received $4.5 million in cash.

Discontinued Operations

On April 6, 2020, we fully settled the remaining escrow associated with the sale of the MEGTEC and Universal businesses and received $3.5 million in cash.