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Discontinued Operations
 12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
On February 23, 2021, the Company sold the stock of its Industrial business which had been classified as held for sale and reported as a discontinued operation in the Company’s consolidated financial statements for the year ended December 31, 2020. Net proceeds of $38 million, consisting of cash and a $13 million seller note, resulted in an estimated pre-tax loss of $30 million, subject to working capital and other adjustments, of which $29.6 million was recorded when the assets of the Industrial business were written down to fair market value during the fourth quarter of 2020. The seller note was paid in full to the Company during the second quarter of 2021.

The results of operations and financial position of the Industrial business have been presented as a discontinued operation in the Company's consolidated financial statements for all periods presented. The Company allocates interest to its discontinued operations in accordance with ASC Subtopic 205-20, “Presentation of Financial Statements – Discontinued Operations.” Interest was allocated based on the amount of net assets held by the discontinued operation in comparison to consolidated net assets.
The following carrying amounts of the major classes of assets and liabilities included in discontinued operations related to the Industrial business have been segregated from the Company's continuing operations and are reported as assets and liabilities of discontinued operations held for sale, respectively, in the consolidated balance sheet at December 31, 2020 (in thousands):
December 31, 2020
Assets
Accounts receivable, net$11,261 
Inventories, net13,041 
Prepaid expenses and other current assets21,310 
Total current assets (1)45,612 
Property, plant, and equipment, net16,999 
Operating lease assets6,470 
Goodwill22,475 
Acquired intangibles15,482 
Loss recognized on classification as held for sale(29,600)
Total noncurrent assets (1)31,826 
Total assets classified as held for sale$77,438 
Liabilities
Accounts payable$10,708 
Accrued expenses9,274 
Total current liabilities (1)19,982 
Deferred income taxes24,657 
Non-current operating lease liabilities4,639 
Other non-current liabilities17 
Total noncurrent liabilities (1)29,313 
Total liabilities classified as held for sale$49,295 

(1) The assets and liabilities of the discontinued operations were classified as current on the December 31, 2020 consolidated balance sheet, as it was probable that the sale would occur and proceeds would be collected within one year.

Components of the income (loss) from discontinued operations before taxes, including the interest allocated to discontinued operations, for the years ended December 31 were as follows (in thousands):
202120202019
Net sales$20,391 $128,915 $150,225 
Operating expenses17,493 115,822 143,335 
Loss and adjustments to loss on disposal1,419 29,600 — 
Interest expense allocation— 95 208 
Income (loss) from discontinued operations before taxes$1,479 $(16,602)$6,682 

On June 30, 2020, the Company sold its self-guided apartment tour application business to a third party from its Residential segment. The $2.0 million net proceeds from the sale resulted in pre-tax net gain of $1.9 million and has been presented within other (income) expense in the consolidated statements of income. This divestiture does not meet the criteria to be reported as a discontinued operation nor did it have a major effect on the Company's operations.