Discontinued operations (Notes)

9 Months Ended

Oct. 31, 2016

Discontinued operations

Discontinued Operations [Text Block]

Discontinued operations. On January 29, 2016, the Company sold certain assets and liabilities of its TDC Filter business based in Bolingbrook, Illinois to the Industrial Air division of CLARCOR. On January 29, 2016, the Company also sold its Nordic Air Filtration, Denmark and Nordic Air Filtration, United Arab Emirates ("U.A.E.") businesses to Hengst Holding GmbH. The aggregated sales price of these filtration businesses was $22.0 million, including cash proceeds of $18.4 million, of which $0.5 million is held in escrow, which terminates July 2017.

In May, 2016, the Company completed the sale of its Bolingbrook Filtration manufacturing facility to a third party at a price of $7.1 million. The sale generated approximately $1.9 million in cash after expenses and mortgage payoffs.

In September 2016, the Company completed the sale of its Cicero Filtration facility to a third party at a price of $0.5 million. The sale generated approximately $0.4 million in cash after expenses.

In October 2016, the Company completed the sale of its Virginia Filtration facility to a third party at a price of $1.5 million. The sale generated approximately $1.4 million in cash after expenses.

The Filtration business segment is reported as discontinued operations in the consolidated financial statements, and the notes to consolidated financial statements have been revised to conform to the current year reporting. For discontinued operations, there was $0.6 million of tax expense for the nine months ended October 31, 2016. Results from discontinued operations net of tax for the three and nine months ended October 31,2016 and 2015 were as follows:

	Three Months Ended October 31,						Nine Months Ended October 31,
	2016			2015			2016		2015
Net sales		$—			$19,366			$10,467		$51,677
(Loss) gain on disposal of discontinued operations		($2,204	)		$—			$268		$—
Income (loss) from discontinued operations		$1,876			($245	)	1,216		(1,583		)
(Loss) income from discontinued operations before income taxes	(328		)	(245		)	1,484		(1,583		)
Income tax (benefit) expense	(125		)	99			578		187
(Loss) income from discontinued operations, net of tax		($203	)		($344	)		$906		($1,770	)

Components of assets and liabilities from discontinued operations consist of the following:

	October 31, 2016		January 31, 2016
Current assets
Cash and cash equivalents		$—		$5
Trade accounts receivable, net	42		5,720
Inventories, net	—		2,000
Other assets	4		60
Property, plant and equipment, net of accumulated depreciation	—		6,456
Total assets from discontinued operations		$46		$14,241
Current liabilities
Trade accounts payable, accrued expenses and other		$644		$7,514
Current maturities of long-term debt	—		5,322
Total liabilities from discontinued operations		$644		$12,836

Cash flows from discontinued operations:

	Nine Months Ended October 31,
	2016			2015
Net cash used in discontinued operating activities		($673	)		($689	)
Net cash provided by (used in) discontinued investing activities	9,606			(1,373		)
Net cash (used in) provided by discontinued financing activities	(8,933		)	1,553