ASSETS HELD FOR SALE

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

ASSETS HELD FOR SALE

4. ASSETS HELD FOR SALE

During the fourth quarter of 2020, the Corporation committed to a plan to sell its industrial valve business in Germany, which is reported within its Naval & Power segment. The business met the criteria to be classified as held for sale in the fourth quarter of 2020. Accordingly, the assets and liabilities of the business are presented as held for sale in the Corporation's Consolidated Balance Sheet as of December 31, 2021. The aforementioned assets and liabilities classified as held for sale have been measured at the lower of carrying value or fair value less costs to sell, which resulted in impairment losses of $19 million and $33 million for the years ended December 31, 2021 and 2020, respectively. Such amounts have been reported in the "Impairment of assets held for sale" caption within the Corporation’s Consolidated Statement of Earnings.

The aggregate components of assets and liabilities classified as held for sale as of December 31 are as follows:

(In thousands)	2021		2020
Assets held for sale:
Receivables, net	$	11,038	$	9,902
Inventories, net	18,373		16,401
Other current assets	1,181		1,798
Property, plant, and equipment, net	4,220		4,821
Reserve for assets held for sale	(23,824)		(5,338)
Total assets held for sale, current	$	10,988	$	27,584
Liabilities held for sale:
Accounts payable	$	(4,450)	(2,654)
Accrued expenses	(1,165)		(1,375)
Other current liabilities	(2,631)		(748)
Accrued pension and other postretirement benefit costs	(4,409)		(5,364)
Total liabilities held for sale, current	$	(12,655)	$	(10,141)