DISPOSITION OF BUSINESSES

2017 Disposition

On June 30, 2017, the Company completed the sale of its Transformer Services business, as part of its continuous focus on improving or divesting certain non-core operations. The Transformer Services business was a non-core business previously included within the Technical Services operating segment and was sold for approximately $45.5 million ($43.4 million net of $2.1 million in transactional related costs) subject to customary post-closing adjustments. As a result of the sale, the Company recognized during the year ended December 31, 2017, a pre-tax gain of $30.7 million which is included in gain on sale of business in the Company’s consolidated statement of operations.

(4) DISPOSITION OF BUSINESSES (Continued)

The following table presents the carrying amounts of the Company's Transformer Services business that was disposed of on June 30, 2017 (in thousands):



	June 30, 2017
Total current assets	$	7,241
Property, plant and equipment, net	8,773
Total other assets	1,681
Total assets divested	$	17,695
Total current liabilities	3,849
Total other liabilities	1,170
Total liabilities divested	$	5,019
Net carrying value divested	$	12,676

The Company evaluated the disposition and determined it did not meet the “major effect” criteria for classification as a discontinued operation largely due to the nature and size of the operations of the disposed entity. However, the Company determined that the disposition represented an individually significant component of the Company’s business. The following table presents income attributable to the Transformer Services business included in the Company's consolidated results of operations for each of the periods shown and through its disposition on June 30, 2017 (in thousands):



	For the years ended December 31,
	2017		2016		2015
Income before (benefit) provision for income taxes	$	2,771	$	4,187	$	3,597

2016 Disposition

On September 1, 2016, the Company completed the sale of its Catalyst Services business, which was a non-core business previously included within the Industrial Services operating segment, for approximately $50.6 million ($49.2 million net of cash retained by the Catalyst Services business) subject to customary post-closing adjustments. As a result of the sale, the Company recognized during the year ended December 31, 2016, a pre-tax gain of $16.9 million which was included in gain on sale of business in the Company’s consolidated statement of operations. Inclusive within this gain was $1.6 million of transactional related costs. During the first quarter of 2017, the Company and the buyer of the Catalyst Services business agreed to final working capital amounts and as a result the Company received $2.0 million of final sale proceeds.

The following table presents the carrying amounts of the Company's Catalyst Services business immediately preceding the disposition on September 1, 2016 (in thousands):



	September 1, 2016
Total current assets	$	19,019
Property, plant and equipment, net	11,154
Total other assets	6,500
Total assets divested	$	36,673
Total current liabilities	4,040
Total other liabilities	566
Total liabilities divested	$	4,606
Net carrying value divested	$	32,067

(4) DISPOSITION OF BUSINESSES (Continued)

The Company evaluated the disposition and determined it did not meet the “major effect” criteria for classification as a discontinued operation largely due to the nature and size of the operations of the disposed of entity. However, the Company determined that the disposition did represent an individually significant component of its business. The following table presents income attributable to the Catalyst Services business included in the Company's consolidated results of operations for each of the periods shown and through its disposition on September 1, 2016 (in thousands):



	For the years ended December 31,
	2016		2015
Income before (benefit) provision for income taxes	$	290	$	2,520