Discontinued Operations (Notes)

9 Months Ended

Sep. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operation

On March 15, 2016, the Company completed the sale of TPI for $55,070 in cash, subject to customary working capital adjustments. Under the terms of the sale, $1,500 of the purchase price was placed into escrow pending adjustment based upon the final calculation of the working capital at closing. The Company and the buyer agreed to the final working capital adjustment during the third quarter of 2016, which resulted in the full escrowed amount being returned to the buyer and the Company reducing its pre-tax gain on the sale of TPI by $2,214. The sale resulted in pre-tax and after-tax gains of $2,003 and $1,306, respectively, for the nine months ended September 30, 2016.

Prior to the sale of TPI, the Company had two reportable segments consisting of its Plastics segment and its Metals segment. Subsequent to the sale of TPI, which represented the Company's Plastics segment in its entirety, the Company has only one reportable segment.

Summarized results of the discontinued operation were as follows:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2016			2015		2016			2015
Net sales	$	—		$	34,105	$	29,680		$	101,168
Cost of materials	—			23,970		21,027			71,251
Operating costs and expenses	—			8,201		7,288			25,005
Interest expense(a)	—			350		333			1,081
Income from discontinued operations before income taxes	$	—		$	1,584	$	1,032		$	3,831
Income tax expense (benefit) (b)	—			629		(3,908		)	1,498
Gain (loss) on sale of discontinued operations, net of income taxes	(1,688		)	—		1,306			—
Income (loss) from discontinued operations, net of income taxes	$	(1,688	)	$	955	$	6,246		$	2,333

^(a)Interest expense was allocated to the discontinued operation based on the debt that was required to be paid as a result of the sale of TPI.

^(b) Income tax benefit for the nine months endedSeptember 30, 2016 includes $4,207 reversal of valuation allowance resulting from the sale of TPI.

Major classes of assets and liabilities of the discontinued operation at December 31, 2015 were as follows:

	December 31, 2015
Current assets of discontinued operations:
Accounts receivable	$	16,688
Inventories	19,353
Prepaid expenses and other current assets	1,099
Current assets of discontinued operations	$	37,140
Noncurrent assets of discontinued operations:
Goodwill	$	12,973
Property, plant and equipment, at cost	26,979
Less: accumulated depreciation	(20,147		)
Noncurrent assets of discontinued operations	$	19,805
Current liabilities of discontinued operations:
Accounts payable	$	10,666
Accrued and other current liabilities	492
Current liabilities of discontinued operations	$	11,158