Divestitures

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Divestitures

Divestitures

On December 18, 2014, H&H Group and Bairnco entered into a stock purchase agreement to sell all the issued and outstanding equity interests of Arlon, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Bairnco, and its subsidiaries (other than Arlon India (Pvt) Limited) for $157.0 million in cash, less transaction fees, subject to a final working capital adjustment and certain potential reductions as provided in the stock purchase agreement, which are reflected in proceeds from sale of discontinued operations in the consolidated statements of cash flows. The closing of the sale occurred in January 2015. The operations of Arlon, LLC comprised substantially all of the Company's former Arlon Electronic Materials segment, which manufactured high performance materials for the printed circuit board industry and silicone rubber-based materials.

The net income from discontinued operations includes the following:

	Year Ended December 31,
(in thousands)	2015			2014
Net sales	$	5,952		$	103,392
Operating income	920			16,423
Interest expense and other income (expense)	10			(9		)
Tax provision	(365		)	(6,479		)
Income from discontinued operations, net of tax	565			9,935
Gain on disposal of assets	93,859			71
Tax provision	(5,052		)	(29		)
Gain on disposal of assets, net of tax	88,807			42
Net income from discontinued operations	$	89,372		$	9,977

Based on a tax reorganization completed in anticipation of the sale of Arlon, LLC, as well as the release of Arlon, LLC's net deferred tax liabilities totaling $7.6 million, the effective tax rate on the gain on disposal of Arlon, LLC in 2015 was 5.4%.

In October 2016, JPS sold the equipment and certain customer information, as well as related inventories, of its Slater, South Carolina facility for $3.5 million. The operations of this facility were not significant to the consolidated financial statements of the Company.