Discontinued Operations

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On January 19, 2016, the Company completed the sale of the Packaging Business. The Company received total cash proceeds of approximately $89.6 million, net of transaction costs of approximately $6.3 million. This resulted in the recognition of a total loss of $3.6 million, of which a gain of $1.4 million was recorded for the year ended 2016. For the year ended 2015, the Company recorded a non-cash loss on sale of $5.0 million and a non-cash goodwill impairment charge of $9.9 million related to this transaction. This loss was based on the executed purchase agreement and the net assets of the Packaging Business. In accordance with the guidance in ASC 205-20 Presentation of Financial Statements - Discontinued Operations and ASC 360 Property, Plant & Equipment, the financial results of the Packaging Business were accounted for as discontinued operations.

The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's consolidated balance sheets as of December 31, 2016, and January 2, 2016 (in thousands):

	2016		2015
Accounts receivable, net	$	—	$	23,244
Inventories	—		18,603
Other current assets	—		6,719
Assets of discontinued operations - current	—		48,566
Property, plant and equipment, net	—		48,244
Goodwill and other long-term assets	—		14,607
Assets of discontinued operations - long-term	—		62,851
Accounts payable	—		17,917
Other current liabilities	—		4,351
Liabilities of discontinued operations - current	—		22,268
Long-term debt and other liabilities	—		1,153
Liabilities of discontinued operations - long-term	—		1,153
Net assets of discontinued operations	$	—	$	87,996

The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data):

	For The Years Ended
	2016			2015
Net sales	$	6,637		$	178,850
Cost of sales	6,625			154,570
Selling, general and administrative expenses	2,242			20,630
Amortization of intangible assets	—			2,062
Restructuring and other charges	—			390
Impairment of goodwill	—			9,857
Interest expense, net	7			117
Other expense (income), net	729			(954		)
Loss from discontinued operations	(2,966		)	(7,822		)
Gain (loss) on sale of discontinued operations	1,405			(4,987		)
Loss from discontinued operations before income taxes	(1,561		)	(12,809		)
Income tax expense (benefit) on discontinued operations	1,336			(1,419		)
Loss from discontinued operations, net of taxes	$	(2,897	)	$	(11,390	)
Loss per share - basic	$	(0.34	)	$	(1.34	)
Loss per share - diluted	$	(0.31	)	$	(1.34	)