Discontinued Operations

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Assets Held For Sale/Discontinued Operations

ASSETS HELD FOR SALE

On December 31, 2015, the Company entered into a definitive agreement to sell its 51% interest in BPPC, a pipe coatings company in Western Canada, to its joint venture partner MFRI, Inc. The transaction closed effective February 1, 2016. BPPC was classified as held-for-sale at December 31, 2015. As a result of the sale, the Company recognized a pre-tax, non-cash charge of approximately $0.6 million at December 31, 2015 to reflect the expected loss on the sale of the business. This loss was derived primarily from the release of cumulative currency translation adjustments and was recorded to other income (expense) in the Consolidated Statement of Operations. See Note 1 for further discussion of this sale.

The following table provides the components of assets and liabilities held for sale (in thousands):

	December 31, 2015
Assets held for sale:
Total current assets	$	8,559
Property, plant & equipment, less accumulated depreciation	12,501
Total assets held for sale	$	21,060
Liabilities held for sale:
Total current liabilities	$	944
Debt	1,924
Deferred income tax liabilities	1,473
Other liabilities	2,620
Total liabilities held for sale	$	6,961
Non-controlling interests	$	7,142

DISCONTINUED OPERATIONS

During 2013, the Company’s Board of Directors approved a plan of liquidation for its BWW business in an effort to improve the Company’s overall financial performance and align the operations with its long-term strategic initiatives. BWW provided specialty welding and fabrication services from its facility in New Iberia, Louisiana.

BWW ceased bidding new work and substantially completed all ongoing projects during the second quarter of 2013. During the fourth quarter of 2014, the Company completed final liquidation of BWW. Included within the final liquidation was the settlement of outstanding receivables with a single customer associated with a larger fabrication project. The Company also incurred cash charges of $1.4 million related to certain professional fees incurred during dissolution. This resulted in a recorded pre-tax charge of $6.0 million within discontinued operations.

There were no discontinued operations during 2016 and 2015. Operating results for discontinued operations in 2014 are summarized as follows (in thousands):

	Year Ended December 31, 2014
Revenues		$	—
Gross loss		(67		)
Operating expenses		(5,941		)
Operating loss		(6,008		)
Other income (expense)		(74		)
Loss before tax benefits		(6,082		)
Tax benefits		2,235
Net loss		(3,847		)