Divestitures (Tables)

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations [Table Text Block]

Depreciation and amortization and capital expenditures from discontinued operationsfor the years ended December 31, 2016 and 2015 were as follows (in thousands):

	Year Ended December 31,
	2016		2015
Depreciation and amortization	$	35,194	$	78,903
Capital expenditures	$	19,281	$	23,738

A summary of results of discontinued operations for the year ended December 31, 2014 is as follows (in thousands):

	Year Ended
	December 31, 2014
Net sales	$	154,273
Loss from discontinued operations	$	(90,439	)
Income tax benefit	(20,908		)
Loss from discontinued operations (net of tax)	$	(69,531	)

The carrying amounts of the major classes of assets and liabilities of these businesses classified as held for sale at December 31, 2015, were as follows (in thousands):

	December 31,
	2015
Assets
Current assets	$	156,421
Net property, plant and equipment	115,865
Goodwill	46,794
Other intangibles, net of amortization	66,324
All other noncurrent assets	19,081
Assets held for sale	$	404,485
Liabilities
Current liabilities	$	72,756
Deferred income taxes	24,947
All other noncurrent liabilities	31,003
Liabilities held for sale	$	128,706

The major components of Income (loss) from discontinued operations (net of tax) for the years ended December 31, 2016 and 2015 were as follows (in thousands):

	Year Ended December 31,
	2016			2015
Net sales	$	813,285		$	824,906
Cost of goods sold	416,934			488,267
Operating expenses, net(a)	268,402			239,316
Interest and financing expenses(b)	38,227			51,072
Other income, net	(2,485		)	(4,214		)
Gain on sale of discontinued operations	(387,980		)	—
Income before income taxes	480,187			50,465
Income tax expense(c)	278,056			17,989
Income from discontinued operations (net of tax)	$	202,131		$	32,476

(a) Operating expenses, net for discontinued operations includes mark-to market actuarial (losses) gains of ($8.5) million and $8.9 million during the years ended December 31, 2016 and 2015, respectively.

(b) Interest and financing expenses included the allocation of interest expense not directly attributable to other operations as well as interest expense related to debt to be assumed by the buyer. The allocation of interest expense to discontinued operations was based on the ratio of net assets held for sale to the sum of total net assets plus consolidated debt. There was no interest expense allocated to discontinued operations for the year endedDecember 31, 2014, as the Chemetall Surface Treatment business was not owned by the Company during this period.

(c) Income tax expense for the year ended December 31, 2016 included a charge of $253.0 million related to the gain on sale of discontinued operations.

The carrying amounts of the major classes of assets and liabilities for the Chemetall Surface Treatment business classified as held for saleat December 31, 2015, were as follows (in thousands):

	December 31,
	2015
Assets
Current assets	$	237,447
Net property, plant and equipment	163,643
Goodwill	1,433,259
Other intangibles, net of amortization	1,349,179
All other noncurrent assets	25,374
Assets held for sale	$	3,208,902
Liabilities
Current liabilities	$	200,892
Deferred income taxes	351,465
All other noncurrent liabilities	112,742
Liabilities held for sale	$	665,099