v3.26.1
Discontinued Operations (Tables)
 6 Months Ended
Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations [Table Text Block]
The carrying value of the assets and liabilities held in discontinued operations were as follows (dollars in thousands):
December 31, 2025
Assets
Current assets:
Receivables, net$60,460 
Inventories113,950 
Prepaid expenses and other current assets1,870 
Total current assets176,280 
Property and equipment, net90,780 
Operating lease right-of-use assets10,360 
Goodwill86,960 
Other intangibles, net77,530 
Other assets1,540 
Total assets$443,450 
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable$16,370
Accrued liabilities25,000
Lease liabilities, current portion6,280
Total current liabilities47,650 
Lease liabilities4,540
Deferred income taxes6,160
Other long-term liabilities590
Total liabilities$58,940 
Results of discontinued operations are summarized as follows (dollars in thousands):
Three months ended June 30, Six months ended June 30,
2026202520262025
Net sales$— $103,010 $83,920 $192,220 
Cost of sales— (71,240)(59,850)(136,250)
Gross profit— 31,770 24,070 55,970 
Selling, general and administrative expenses— (12,030)(12,710)(21,600)
Net gain (loss) on dispositions of assets— — 1,040,000 — 
Operating profit— 19,740 1,051,360 34,370 
Other expense, net— (500)(2,180)(560)
Income from discontinued operations, before income taxes— 19,240 1,049,180 33,810 
Income tax expense(53,900)(4,930)(250,490)(9,020)
Income (loss) from discontinued operations, net of tax$(53,900)$14,310 $798,690 $24,790 
See Note 20, "Income Taxes," for additional information on income tax expense for the three and six months ended June 30, 2026.
The depreciation, amortization, capital expenditures, and significant cash flow items of the discontinued operations were as follows (dollars in thousands):
Six months ended June 30,
20262025
Cash flows from discontinued operating activities:
Depreciation$2,200 $4,060 
Amortization of intangible assets2,690 5,270 
Net gain on dispositions of assets(1,040,000)— 
Non-cash compensation expense(90)840 
Cash flows from discontinued investing activities:
Capital expenditures$(2,820)$(7,410)
Acquisition of businesses, net of cash acquired— (37,160)