Discontinued Operations | Discontinued Operations We expect to complete the sale of the AMECO equipment business, which is reported in Disc Ops, within the first half of 2021. The assets and liabilities of the AMECO business are classified as held for sale. Due to the impact of COVID-19 and the steep decline in oil prices on the AMECO business during the first quarter of 2020, we recognized impairment expense of $100 million , of which $12 million related to goodwill, to reduce the AMECO assets to their fair value less cost to sell. The fair value of the AMECO assets were determined using a combination of observable level 2 inputs, including indicative offers and ongoing negotiations for the related assets. In August 2020, we sold our AMECO equipment business in Jamaica for $18 million and recognized a loss of $1 million . The operations of the AMECO business in Jamaica were included in Disc Ops through the date of sale. In August 2019, we entered into a settlement agreement in connection with legal matters related to a previously divested business. The resulting gain on settlement as well as all legal fees associated with this matter were included in "Other" in the tables below. Disc Ops information follows: Three Months Ended Three Months Ended (in thousands) AMECO Other Total AMECO Other Total Revenue $ 58,236 $ — $ 58,236 $ 73,102 $ — $ 73,102 Cost of revenue 54,218 — 54,218 70,545 — 70,545 Corporate general and administrative expense 13 2,057 2,070 40 (27,848 ) (27,808 ) Interest expense (income), net 14 — 14 (107 ) — (107 ) Total cost and expenses 54,245 2,057 56,302 70,478 (27,848 ) 42,630 Earnings (loss) before taxes from Disc Ops 3,991 (2,057 ) 1,934 2,624 27,848 30,472 Income tax expense (benefit) 1,720 — 1,720 581 6,438 7,019 Net earnings (loss) from Disc Ops 2,271 (2,057 ) 214 2,043 21,410 23,453 Nine Months Ended Nine Months Ended (in thousands) AMECO Other Total AMECO Other Total Revenue $ 169,441 $ — $ 169,441 $ 197,708 $ — $ 197,708 Cost of revenue 147,000 — 147,000 211,913 — 211,913 Corporate general and administrative expense 64 11,438 11,502 189 (22,929 ) (22,740 ) Impairment of assets held for sale 100,000 — 100,000 — — — Interest expense (income), net (26 ) — (26 ) (280 ) — (280 ) Total cost and expenses 247,038 11,438 258,476 211,822 (22,929 ) 188,893 Earnings (loss) before taxes from Disc Ops (77,597 ) (11,438 ) (89,035 ) (14,114 ) 22,929 8,815 Income tax expense (benefit) 3,662 — 3,662 (2,535 ) 5,301 2,766 Net earnings (loss) from Disc Ops (81,259 ) (11,438 ) (92,697 ) (11,579 ) 17,628 6,049 The carrying amounts of the major classes of assets and liabilities of Disc Ops and classified as held for sale as of September 30, 2020 and December 31, 2019 follow: September 30, 2020 December 31, 2019 (in thousands) AMECO Other Total from Disc Ops Other Assets and Liabilities from Cont Ops Total AMECO Other Total from Disc Ops Other Assets and Liabilities from Cont Ops Total Accounts and notes receivable, net $ 37,083 $ 15,925 $ 53,008 $ 49 $ 53,057 $ 69,126 $ 15,925 $ 85,051 $ 17,513 $ 102,564 Contract assets 2,501 — 2,501 — 2,501 3,497 — 3,497 3,779 7,276 Other current assets 45,438 — 45,438 3,004 48,442 54,116 — 54,116 8,112 62,228 Current assets held for sale $ 85,022 $ 15,925 $ 100,947 $ 3,053 $ 104,000 $ 126,739 $ 15,925 $ 142,664 $ 29,404 $ 172,068 Property, plant and equipment, net $ 111,307 $ — $ 111,307 $ 45,740 $ 157,047 $ 232,792 $ — $ 232,792 $ 64,792 $ 297,584 Goodwill 37 — 37 — 37 12,338 — 12,338 9,295 21,633 Investments — — — 7,468 7,468 — — — 7,293 7,293 Other assets 8,870 — 8,870 18,603 27,473 5,868 — 5,868 12,654 18,522 Noncurrent assets held for sale (1) $ 120,214 $ — $ 120,214 $ 71,811 $ 192,025 $ 250,998 $ — $ 250,998 $ 94,034 $ 345,032 Total assets held for sale $ 205,236 $ 15,925 $ 221,161 $ 74,864 $ 296,025 $ 377,737 $ 15,925 $ 393,662 $ 123,438 $ 517,100 Accounts payable $ 14,559 $ 18 $ 14,577 $ 176 $ 14,753 $ 24,692 $ — $ 24,692 $ 6,702 $ 31,394 Contract liabilities 139 — 139 25 164 4,466 — 4,466 25 4,491 Accrued salaries, wages and benefits 5,938 — 5,938 145 6,083 8,913 — 8,913 919 9,832 Other accrued liabilities 10,322 — 10,322 229 10,551 9,451 — 9,451 11,562 21,013 Current liabilities held for sale $ 30,958 $ 18 $ 30,976 $ 575 $ 31,551 $ 47,522 $ — $ 47,522 $ 19,208 $ 66,730 Noncurrent liabilities held for sale (1) $ 6,033 $ — $ 6,033 $ — $ 6,033 $ 4,272 $ — $ 4,272 $ 11,320 $ 15,592 Total liabilities held for sale $ 36,991 $ 18 $ 37,009 $ 575 $ 37,584 $ 51,794 $ — $ 51,794 $ 30,528 $ 82,322 (1) Noncurrent assets and liabilities held for sale were classified as current as we expect to complete the sale of the AMECO business within the first half of 2021. During the 2020 Quarter, we sold 100% of our interest in an equipment rental business in Europe. The assets and liabilities of this business were previously included in "Other Assets and Liabilities from Cont Ops" in the table above. Capital expenditures from Disc Ops were $16 million and $58 million during the 2020 Period and 2019 |