13. Discontinued Operations
On September 30, 2014, the Company committed to a plan to sell certain net assets and rights comprising its large commercial installations business, otherwise known as its former Commercial segment, and focus its efforts and resources on its Residential and Sunetric segments. This represented a strategic shift that had a major effect on the Company’s operations and financial results.
Accordingly, the assets and liabilities, operating results, and operating and investing activities cash flows for the former Commercial segment are presented as a discontinued operation separate from the Company’s continuing operations, for all periods presented in these consolidated financial statements and footnotes, unless indicated otherwise.
The following is a reconciliation of the major line items constituting pretax loss of discontinued operations to the after-tax loss of discontinued operations that are presented in the condensed consolidated statements of operations as indicated:
| |
|
Years ended December 31, |
|
| (in thousands) |
|
2016 |
|
|
2015 |
|
| Major line items constituting pretax loss of discontinued operations: |
|
|
|
|
|
|
|
|
| Net revenue |
|
$ |
394 |
|
|
$ |
939 |
|
| Cost of goods sold |
|
|
(90 |
) |
|
|
1,061 |
|
| Expenses: |
|
|
|
|
|
|
|
|
| Selling and operating |
|
|
(75 |
) |
|
|
644 |
|
| General and administrative |
|
|
25 |
|
|
|
119 |
|
| Restructuring costs |
|
|
— |
|
|
|
31 |
|
| Depreciation and amortization |
|
|
— |
|
|
|
56 |
|
| Goodwill and other asset impairments |
|
|
— |
|
|
|
— |
|
| Pretax (loss) gain of discontinued operations |
|
$ |
534 |
|
|
$ |
(972 |
) |
| Income tax benefit |
|
|
32 |
|
|
|
— |
|
| (Loss) gain on discontinued operations |
|
$ |
502 |
|
|
$ |
(972 |
) |
The following is a reconciliation of the carrying amounts of major classes of assets and liabilities of the discontinued operations to the total assets and liabilities of the discontinued operations presented separately in the condensed consolidated balance sheets as indicated:
| (in thousands) |
|
December 31,
2016 |
|
|
December 31,
2015 |
|
| Carrying amounts of major classes of assets included as part of discontinued operations: |
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
| Accounts receivable, net |
|
$ |
536 |
|
|
$ |
1,560 |
|
| Costs in excess of billings on uncompleted contracts |
|
|
207 |
|
|
|
1,105 |
|
| Inventory, net |
|
|
37 |
|
|
|
112 |
|
| Deferred costs on uncompleted contracts |
|
|
— |
|
|
|
— |
|
| Other current assets |
|
|
129 |
|
|
|
76 |
|
| Total major classes of current assets of the discontinued operations |
|
|
909 |
|
|
|
2,853 |
|
| Noncurrent assets: |
|
|
|
|
|
|
|
|
| Property and equipment, net |
|
|
— |
|
|
|
— |
|
| Other noncurrent assets |
|
|
1,252 |
|
|
|
878 |
|
| Total noncurrent assets of discontinued operations |
|
|
1,252 |
|
|
|
878 |
|
| Total assets of the discontinued operations in the balance sheet |
|
$ |
2,161 |
|
|
$ |
3,731 |
|
| Carrying amounts of major classes of liabilities included as part of discontinued operations: |
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
| Accounts payable |
|
|
285 |
|
|
|
1,978 |
|
| Accrued liabilities |
|
|
1,059 |
|
|
|
2,394 |
|
| Billings in excess of costs on uncompleted contracts |
|
|
— |
|
|
|
— |
|
| Deferred revenue and other current liabilities |
|
|
113 |
|
|
|
138 |
|
| Total current liabilities of discontinued operations |
|
|
1,457 |
|
|
|
4,510 |
|
| Noncurrent liabilities: |
|
|
|
|
|
|
|
|
| Other liabilities |
|
|
225 |
|
|
|
225 |
|
| Total major classes of noncurrent liabilities of the discontinued operations |
|
|
225 |
|
|
|
225 |
|
| Total liabilities of the discontinued operations in the balance sheet |
|
$ |
1,682 |
|
|
$ |
4,735 |
|
|