v3.25.1
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)
 3 Months Ended
Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
The following tables summarize the operating results of the disposal groups included in discontinued operations in the Condensed Consolidated Statements of Operations:
Three Months Ended March 31, 2025
(in thousands)SolarBWRSVølundTotal
Revenues$10,042 $— $1,171 $11,213 
Cost of operations11,850 — 3,813 15,663 
Selling general and administrative expenses1,487 — 1,800 3,287 
Research and development costs— — 331 331 
Impairment of long-lived assets7,833 — — 7,833 
Total costs and expenses21,170 — 5,944 27,114 
Operating loss(11,128)— (4,773)(15,901)
Other (expense) income(227)— 975 748 
Loss from discontinued operations before tax(11,355)— (3,798)(15,153)
Expense (benefit) from income taxes— — 87 87 
Gain on divestiture$— $1,014 $— $1,014 
(Loss) income from discontinued operations, net of tax$(11,355)$1,014 $(3,885)$(14,226)

Three Months Ended March 31, 2024
(in thousands)SolarBWRSSPIGGMABVølundTotal
Revenues$11,373 $17,517 $16,751 $2,006 $6,994 $54,641 
Cost of operations10,366 12,963 13,357 1,103 7,268 45,057 
Selling general and administrative expenses1,734 3,300 2,736 338 3,279 11,387 
Research and development costs— — 85 20 158 263 
Loss on asset disposals, net— 6 47 — — 53 
Total costs and expenses12,100 16,269 16,225 1,461 10,705 56,760 
Operating (loss) income(727)1,248 526 545 (3,711)(2,119)
Other (expense) income(265)123 (132)312 (1,527)(1,489)
(Loss) income from discontinued operations before tax(992)1,371 394 857 (5,238)(3,608)
Benefit from income taxes— — 211 177 — 388 
(Loss) income from discontinued operations, net of tax$(992)$1,371 $183 $680 $(5,238)$(3,996)
The following tables provide the major classes of assets and liabilities of the disposal groups included in assets held for sale and liabilities held for sale in the Condensed Consolidated Balance Sheets:

March 31, 2025
(in thousands)SolarVølundTotal
Cash$526 $1,337 $1,863 
Accounts receivable – trade, net1,273 6,322 7,595 
Contracts in progress11,649 8,293 19,942 
Inventories, net— 2,725 2,725 
Other current assets59 4,799 4,858 
Total current assets13,507 23,476 36,983 
Net property, plant and equipment and finance leases2,935 146 3,081 
Intangible assets, net— 219 219 
Right-of-use assets47 1,327 1,374 
Other assets— 673 673 
Total noncurrent assets2,982 2,365 5,347 
Total assets held for sale$16,489 $25,841 $42,330 
Accounts payable$28,487 $9,363 $37,850 
Accrued employee benefits39 546 585 
Advance billings on contracts393 3,739 4,132 
Accrued warranty expense1,174 809 1,983 
Operating lease liabilities26 287 313 
Other accrued liabilities2,282 3,046 5,328 
Current borrowings447 — 447 
Total current liabilities32,848 17,790 50,638 
Borrowings, net of current portion561 — 561 
Operating lease liabilities, net of current portion22 1,048 1,070 
Total noncurrent liabilities583 1,048 1,631 
Total liabilities held for sale$33,431 $18,838 $52,269 
Reported as:
Current assets held for sale$16,489 $25,841 $42,330 
Current liabilities held for sale$33,431 $18,838 $52,269 
December 31, 2024
(in thousands)SolarVølundTotal
Cash$1,255 $2,200 $3,455 
Accounts receivable – trade, net2,814 7,202 10,016 
Contracts in progress4,157 10,023 14,180 
Inventories, net— 2,365 2,365 
Other current assets90 371 461 
Total current assets8,316 22,161 30,477 
Net property, plant and equipment and finance leases3,246 124 3,370 
Intangible assets, net7,833 211 8,044 
Right-of-use assets53 1,358 1,411 
Other assets9 243 252 
Total noncurrent assets11,141 1,936 13,077 
Total assets held for sale (1)
$19,457 $24,097 $43,554 
Accounts payable$30,365 $5,980 $36,345 
Accrued employee benefits— 518 518 
Advance billings on contracts961 5,855 6,816 
Accrued warranty expense1,176 845 2,021 
Operating lease liabilities26 288 314 
Other accrued liabilities4,504 190 4,694 
Current borrowings511 — 511 
Total current liabilities37,543 13,676 51,219 
Borrowings, net of current portion874 — 874 
Operating lease liabilities, net of current portion29 1,075 1,104 
Other noncurrent liabilities1,199 — 1,199 
Total noncurrent liabilities2,102 1,075 3,177 
Total liabilities held for sale (1)
$39,645 $14,751 $54,396 
Reported as:
Current assets held for sale (1)
$19,457 $24,097 $43,554 
Current liabilities held for sale (1)
$39,645 $14,751 $54,396 
(1) BWRS, SPIG and GMAB were sold in 2024; therefore, no balances are left to disclose.
The depreciation, amortization, capital expenditures, and significant operating and investing noncash items of the discontinued operations are as follows:

Three Months Ended March 31, 2025
(in thousands)SolarBWRSVølundTotal
Impairment of long-lived assets7,833 — — 7,833 
Gain on divestiture— 1,014 — 1,014 
Purchase of property, plant and equipment(95)— (20)(115)
Three Months Ended March 31, 2024
(in thousands)SolarBWRSSPIGGMABVølundTotal
Depreciation and amortization of long-lived assets$— $479 $887 $1 $42 $1,409 
Purchase of property, plant and equipment(127)(114)(206)— — (447)