Divestitures (Tables)

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Summary of Financial Information Related to Discontinued Operations

A summary of financial information related to our discontinued operations is as follows:

Reconciliation of the Line Items Constituting Pretax Loss from Discontinued Operations to the After-Tax Loss from Discontinued Operations in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30:

	Three Months Ended September 30, 2023
	Neoteric		Alpha®			BIZ®		Prell®		Scott's Liquid Gold®		Total
Net sales	$	592	$	-		$	-	$	-	$	-	$	592
Cost of sales		318		-			-		-		-		318
Gross profit		274		-			-		-		-		274
Operating expenses:
Selling		90		-			-		-		-		90
General and administrative		47		13			-		-		-		60
Intangible asset amortization		4		-			-		-		-		4
Operating income (loss) from discontinued operations		133		(13	)		-		-		-		120
Gain on sale of discontinued operations		1,501		1,585			781						3,867
Interest expense		-		-			-		-		-		-
Income from discontinued operations	$	1,634	$	1,572		$	781	$	-	$	-	$	3,987

	Three Months Ended September 30, 2022
	Neoteric		Alpha®			BIZ®			Prell®			Scott's Liquid Gold®			Total
Net sales	$	494	$	131		$	1,179		$	903		$	837		$	3,544
Cost of sales		172		(18	)		958			540			387			2,039
Gross profit		322		149			221			363			450			1,505
Operating expenses:
Selling		108		63			384			261			192			1,008
Intangible asset amortization		4		-			6			12			-			22
Operating income (loss) from discontinued operations		210		86			(169	)		90			258			475
Interest expense		-		-			(44	)		(14	)		(54	)		(112	)
Income (loss) from discontinued operations	$	210	$	86		$	(213	)	$	76		$	204		$	363

	Nine Months Ended September 30, 2023
	Neoteric		Alpha®		BIZ®			Prell®		Scott's Liquid Gold®			Total
Net sales	$	2,144	$	879	$	2,164		$	-	$	187		$	5,374
Cost of sales		1,132		278		1,510			-		95			3,015
Gross profit		1,012		601		654			-		92			2,359
Operating expenses:
Selling		342		141		437			-		28			948
General and administrative		47		22		12			-		22			103
Intangible asset amortization		14		-		12			-		-			26
Operating income from discontinued operations		609		438		193			-		42			1,282
Interest expense		-		-		(88	)		-		(18	)		(106	)
Gain on sale of discontinued operations		1,501		1,585		781			-		787			4,654
Income from discontinued operations	$	2,110	$	2,023	$	886		$	-	$	811		$	5,830

	Nine Months Ended September 30, 2022
	Neoteric		Alpha®		BIZ®			Prell®			Scott's Liquid Gold®			Total
Net sales	$	1,906	$	1,982	$	3,602		$	2,494		$	3,150		$	13,134
Cost of sales		843		659		2,665			1,506			1,409			7,082
Gross profit		1,063		1,323		937			988			1,741			6,052
Operating expenses:
Selling		374		344		1,061			753			681			3,213
Intangible asset amortization		15		-		18			36			-			69
Operating income (loss) from discontinued operations		674		979		(142	)		199			1,060			2,770
Interest expense		-		-		(132	)		(42	)		(162	)		(336	)
Income (loss) from discontinued operations	$	674	$	979	$	(274	)	$	157		$	898		$	2,434

There were no capital expenditures or significant operating and investing noncash items related to discontinued operations during the nine months ended September 30, 2023 and 2022, respectively.

Reconciliation of Major Classes of Assets of the Discontinued Operations to Amounts Presented Separately in the Consolidated Balance Sheets as of:
 

	December 31, 2022
	Neoteric®		Alpha®		BIZ®		Scott's Liquid Gold®		Total
Assets
Current assets:
Inventories	$	322	$	1,268	$	1,092	$	1,235	$	3,917
Intangible assets, net		113		-		231		-	$	344
Assets of discontinued operations	$	435	$	1,268	$	1,323	$	1,235	$	4,261

There were no assets of discontinued operations related to Prell® in the above table. There were no assets of discontinued operations related to Prell®, Scott's Liquid Gold®, BIZ®, Alpha®, and Neoteric as of September 30, 2023.

The following summarizes the carrying values of assets and the resulting in the gain on sale of discontinued operations associated with Neoteric, Alpha®, BIZ®, and Scott's Liquid Gold® at the date of disposition:

	Neoteric		Alpha®		BIZ®		Scott's Liquid Gold®		Total
Inventories	$	150	$	1,115	$	946	$	1,149	$	3,360
Trade names		59		-		145		-		204
Formulas		40		-		71		-		111
Non-compete agreement		-		-		3		-		3
Intangible assets, net		99		-		219		-		318
Proceeds from sale		1,750		2,700		1,946		1,936		8,332
Gain on sale of discontinued operations	$	1,501	$	1,585	$	781	$	787	$	4,654