Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v3.20.2
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations

The carrying amounts of the major classes of assets and liabilities of the Company’s discontinued operations as of December 31, 2018 were as follows:

 

Cash   $ 11,828  
Accounts receivable     72,599  
Costs and estimated earnings in excess of billings on uncompleted contracts     5,974  
Other current assets     2,418  
Current assets of discontinued operations     92,819  
Property, plant and equipment     159  
Intangible assets     19,692  
Goodwill     45,007  
Total assets of discontinued operations   $ 157,677  
         
Accounts payable   $ 73,674  
Billings in excess of costs and estimated earnings on uncompleted contract     34,690  
Accrued expenses and other current liabilities     5,403  
Current liabilities of discontinued operations     113,767  
Deferred tax liabilities, net     1,641  
Total liabilities of discontinued operations   $ 115,408  

 

The operating results of the Company’s discontinued operations through the date of the foreclosure are as follows:

 

    Year Ended  
    December 31,  
    2019     2018  
Major line items constituting income from discontinued operations                
Revenues, net of discounts   $ 245,352     $ 369,652  
Cost of revenue     215,423       318,148  
Gross profit     29,929       51,504  
Compensation expense     7,985       18,572  
Selling, general and administrative     4,844       9,184  
Amortization of intangible assets     2,813       3,751  
Other (income)     —       (49 )
Income from discontinued operations before provision for income taxes     14,287       20,046  
Provision for income taxes     33       1,086  
Income from discontinued operations, net of tax   $ 14,254     $ 18,960  

 

The significant operating and investing cash and noncash items of the discontinued operations included in the Consolidated Statements of Cash Flows for the years ended December 31, 2019 and 2018 were as follows:

 

    Year Ended  
    December 31,  
    2019     2018  
Depreciation and amortization   $ 6,780     $ 8,027  
Capital expenditures   $ —     $ 113