Held for Sale and Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Group, Including Discontinued Operations

The following table summarizes these assets and liabilities which have been measured at the lower of (i) the carrying value when classified as held for sale and (ii) the fair value of the business less costs to sell.

(in thousands)	September 30, 2022
Assets held for sale
Accounts receivable, net of allowance	$	89
Inventories, net of reserves	8,498
Other current assets	1,609
Property, plant, and equipment, net	331
Operating lease asset	603
Goodwill (1)	—
Acquired intangibles, net	6,213
Total assets held for sale	$	17,343
Liabilities held for sale
Accounts payable	$	803
Accrued expenses	74
Non-current operating lease liabilities	165
Total liabilities held for sale	$	1,042

(1) The assignment of goodwill was based on the relative fair value of the disposal group compared to the fair value of the total reporting unit it was included in prior to being reclassified as held for sale.

Net sales and operating loss for held for sale operations for the three and nine months ended September 30 are as follows (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Net sales	$	2,326	$	3,825	$	6,897	$	16,062
Operating loss	$	(481)	$	(1,387)	$	(4,115)	$	(2,689)

Components of income from discontinued operations before taxes, including the interest allocated to discontinued operations, for the three and nine months ended September 30 are as follows (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Net sales	$	—	$	—	$	—	$	20,391
Operating expenses	—		—		—		17,493
Adjustment to loss on disposal	—		201		—		1,031
(Loss) Income from discontinued operations before taxes	$	—	$	(201)	$	—	$	1,867