XML 27 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
Discontinued Operations
 9 Months Ended
Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued Operations
 
Discontinued Operations
 
On October 31, 2015, the Company sold the Lahnstein Mill to the Kajo Neukirchen Group (“the Acquirer”) for net cash proceeds of approximately $5.4 million. During the second quarter of 2016, the Company and the Acquirer finalized the purchase price for the Lahnstein Mill, which resulted in a payment by the Company of $0.5 million to the Acquirer. The Company recognized this payment, plus associated transaction costs, as a loss from discontinued operations of $0.6 million ($0.4 million, net of tax) in our consolidated statement of operations for the nine months ended September 30, 2016.

The condensed consolidated statement of operations for the three and nine months ended September 30, 2015 present the results of the Lahnstein Mill and the loss on sale of $6.9 million as discontinued operations. The results of the Lahnstein Mill were previously reported in the Technical Products segment. The following table presents the selected financial information for discontinued operations:
 
 
 
Three Months Ended
September 30, 2015
 
Nine Months Ended
September 30, 2015
Net sales
 
$
12.2

 
$
38.8

Cost of products sold
 
11.5

 
35.5

Gross profit
 
0.7

 
3.3

Selling, general and administrative expenses and other expenses
 
0.9

 
2.9

(Loss) Income from discontinued operations before income taxes
 
(0.2
)
 
0.4

Loss on sale
 
(6.9
)
 
(6.9
)
Loss before income taxes
 
(7.1
)
 
(6.5
)
Income tax provision
 
0.3

 
0.4

Loss from discontinued operations
 
$
(7.4
)
 
$
(6.9
)



 The following table presents selected cash flow information for discontinued operations:
 
 
Nine Months Ended
September 30, 2015
Depreciation and amortization
$
2.5

Capital expenditures
$
0.4