5. ASSETS HELD FOR SALE

At December 31, 2021, our assets held for sale consisted of one large crawler crane within our Fabrication Division. As a result of the significant increase in our performance obligations for the Fabrication Division during the third quarter 2022, we determined that the crane was necessary to support our future operations. Accordingly, the crane was reclassified as property, plant and equipment on our Balance Sheet at September 30, 2022. In connection therewith, the crane was recorded at the lower of its fair value or carrying value as if it had been depreciated while it was classified as held for sale, which resulted in no impairment. A summary of our assets held for sale at December 31, 2021, is as follows (in thousands):  

During the nine months ended September 30, 2021, we received proceeds of $4.5 million ($4.4 million, net of transaction and other costs) from the sale of two large crawler cranes that were held for sale by our Fabrication Division. No significant gain or loss was recognized on the assets sold as the net proceeds received approximated the carrying values of the assets.