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Discontinued Operations
 9 Months Ended
Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued Operations
    
Over the course of the second and third quarters of 2017, the Company has been actively marketing for sale its Office Products Business. The Office Products Business is available for immediate sale in its present condition subject only to terms that are usual and customary and the price at which the Office Products Business is being marketed is reasonable in relation to its current fair value. As of the end of the third quarter, management has been given the appropriate authority to move forward with one strategic party on a potential sale of the Office Products Business. During the third quarter of 2017, the Company recorded a non-cash impairment charge of $7.0 million primarily related to goodwill and other intangible assets related to the Office Products Business. Fair value was determined by the Company to be Level 3 under the fair value hierarchy and was based upon current market expectations for the potential sale of the Office Products Business. On November 8, 2017, the Company completed the sale of the Office Products Business for a sales price of $37.8 million. In accordance with the guidance in Accounting Standards Codification ("ASC") 205-20 Presentation of Financial Statements - Discontinued Operations and ASC 360 Property, Plant & Equipment, the Company's historical financial statements have been retroactively adjusted to give recognition to the discontinued operations for all periods presented.

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. A gain of $1.4 million was recorded for the year ended 2016, of which a gain of $1.2 million and a loss of $0.1 million were recorded during the three and nine months ended October 1, 2016, respectively. For the year ended 2015, the Company recorded a non-cash loss on the 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, the Company's historical financial statements have been retroactively adjusted to give recognition to the discontinued operations for all periods presented.

The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's condensed consolidated balance sheets as of September 30, 2017, and December 31, 2016 (in thousands):
 
 
September 30,
2017
 
December 31,
2016
Accounts receivable, net
 
$
33,893

 
$
37,198

Inventories, net
 
25,206

 
21,183

Prepaid and other current assets
 
669

 
888

Assets of discontinued operations - current
 
59,768

 
59,269

Property, plant and equipment, net
 
6,850

 
8,767

Goodwill and other long-term assets
 
—

 
6,977

Assets of discontinued operations - long-term
 
6,850

 
15,744

Accounts payable
 
9,748

 
9,866

Other current liabilities
 
14,501

 
16,774

Liabilities of discontinued operations - current
 
24,249

 
26,640

Other liabilities
 
151

 
124

Liabilities of discontinued operations - long-term
 
151

 
124

Net assets of discontinued operations
 
$
42,218

 
$
48,249


    
As of September 30, 2017, and December 31, 2016, the Company did not have any assets or liabilities outstanding related to its Packaging Business.

The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data):
 
 
For the Three Months Ended
 
For the Nine Months Ended
 
 
September 30,
2017
 
October 1,
2016
 
September 30,
2017
 
October 1,
2016
Net sales
 
$
26,543

 
$
29,380

 
$
82,099

 
$
106,421

Cost of sales
 
26,255

 
27,050

 
78,310

 
94,124

Selling, general and administrative expenses
 
1,329

 
1,478

 
3,828

 
6,733

Amortization of intangible assets
 
55

 
50

 
165

 
160

Restructuring and other charges, net (1)
 
6,894

 
88

 
9,475

 
89

Other (income) expense, net
 
(55
)
 
518

 
(8
)
 
803

(Loss) income from discontinued operations
 
(7,935
)
 
196

 
(9,671
)
 
4,512

Gain (loss) on sale of discontinued operations
 
—

 
1,176

 
—

 
(97
)
(Loss) income from discontinued operations before income taxes
 
(7,935
)
 
1,372

 
(9,671
)
 
4,415

Income tax expense
 
672

 
—

 
—

 
1,372

(Loss) income from discontinued operations, net of taxes
 
$
(8,607
)
 
$
1,372

 
$
(9,671
)
 
$
3,043

(Loss) income per share - basic
 
$
(1.00
)
 
$
0.16

 
$
(1.13
)
 
$
0.36

(Loss) income per share - diluted
 
$
(1.00
)
 
$
0.16

 
$
(1.13
)
 
$
0.31


 __________________________

(1) During the third quarter of 2017, the Company recorded a non-cash impairment charge of $7.0 million related to goodwill and other intangible assets related to the Office Products Business.

Included in the above table, for three and nine months ended October 1, 2016, the Packaging Business had net sales of zero and $6.6 million, respectively. For three and nine months ended October 1, 2016, the Packaging Business had net income of $0.7 million and a net loss of $4.4 million, respectively.