Discontinued Operations and Related Assets Held for Sale (Tables)

6 Months Ended

Jun. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Related Assets Held for Sale

The following tables summarize the results of the Engineered Solutions business segment, reclassified as discontinued operations for the three and six months ended June 30, 2015 and 2016.

	For the Three Months Ended  June 30, 2015			For the Three Months Ended June 30, 2016
	(dollars in thousands)
Net sales	$	39,313		$	29,930
Cost of sales	37,591			24,569
Gross profit	1,722			5,361
Research and development	764			813
Selling and administrative expenses	5,544			5,314
Rationalizations	1,794			(255		)
Impairment	—			105,600
Operating loss	(6,380		)	(106,111		)
Other expense (income)	(37		)	(81		)
Interest expense	399			951
Loss from discontinued operations before income taxes	(6,742		)	(106,981		)
Benefit from income taxes on discontinued operations	1,040			843
Loss from discontinued operations	$	(5,702	)	$	(106,138	)

	For the Six Months Ended June 30, 2015			For the Six Months Ended June 30, 2016
	(dollars in thousands)
Net sales	$	84,030		$	59,019
Cost of sales	78,037			50,554
Gross profit	5,993			8,465
Research and development	1,679			1,691
Selling and administrative expenses	11,745			9,760
Rationalizations	4,210			(246		)
Impairment	—			105,600
Operating loss	(11,641		)	(108,340		)
Other expense (income)	(64		)	(72		)
Interest expense	695			1,670
Loss from discontinued operations before income taxes	(12,272		)	(109,938		)
Benefit from income taxes on discontinued operations	486			1,236
Loss from discontinued operations	$	(11,786	)	$	(108,702	)

The significant components of our Statements of Cash Flows for the Engineered Solutions business segment held for sale are as follows:

	For the Six Months Ended June 30, 2015			For the Six Months Ended June 30, 2016
	(dollars in thousands)
Depreciation and amortization	$	7,330		$	3,052
Impairment	—			105,600
Deferred income taxes	(486		)	(1,236		)
Capital expenditures	9,413			2,513

The following table summarizes the carrying value of the assets and liabilities of discontinued operations as of December 31, 2015 and June 30, 2016.

	As of December 31, 2015		As of June 30, 2016
	(dollars in thousands)
Current assets of discontinued operations:
Accounts receivable	$	20,425	$	19,030
Inventories	77,332		77,656
Prepaid expenses and other current assets	524		924
Total current assets of discontinued operations	98,281		97,610
Net property plant and equipment	86,369		86,595
Other assets	17,606		14,268
Total long-term assets of discontinued operations	103,975		100,863
Impairment upon reclassification to held for sale	—		(105,600		)
Total assets of discontinued operations	$	202,256	$	92,873
Liabilities of discontinued operations:
Accounts payable	$	9,331	$	6,499
Accrued income and other taxes	3,113		2,500
Other accrued liabilities	10,638		9,336
Total current liabilities of discontinued operations	23,082		18,335
Other long-term obligations	1,167		980
Total liabilities of discontinued operations	$	24,249	$	19,315