Discontinued Operations and Related Assets Held for Sale (Tables)

9 Months Ended

Sep. 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 nine months endedSeptember 30, 2015 and 2016.

	For the Period July 1 2015 Through August 14, 2015			For the Period August 15, 2015 Through September 30, 2015			For the Three Months Ended September 30, 2016
	(dollars in thousands)
Net sales	$	13,994		$	19,816		$	30,165
Cost of sales	16,779			17,712			23,497
Gross profit (loss)	(2,785		)	2,104			6,668
Research and development	501			440			707
Selling and administrative expenses	4,557			2,797			4,113
Rationalizations	743			681			(130		)
Operating (loss) income	(8,586		)	(1,814		)	1,978
Other expense (income)	(26		)	(24		)	(3		)
Interest expense	212			351			783
(Loss) income from discontinued operations     before income taxes	(8,772		)	(2,141		)	1,198
Provision for (benefit from) income     taxes on discontinued operations	1,879			274			(64		)
(Loss) income from discontinued operations	$	(6,893	)	$	(1,867	)	$	1,134

	For the Period January 1 Through August 14, 2015			For the Period August 15, 2015 Through September 30, 2015			For the Nine Months Ended September 30, 2016
	(dollars in thousands)
Net sales	$	98,024		$	19,816		$	89,184
Cost of sales	94,817			17,712			74,051
Gross profit	3,207			2,104			15,133
Research and development	2,179			440			2,398
Selling and administrative expenses	16,008			2,797			13,674
Rationalizations	5,248			681			(200		)
Impairment	—			—			105,623
Operating loss	(20,228		)	(1,814		)	(106,362		)
Other expense (income)	(90		)	(24		)	(75		)
Interest expense	907			351			2,452
Loss from discontinued operations     before income taxes	(21,045		)	(2,141		)	(108,739		)
Provision for income taxes on     discontinued operations	2,366			274			1,171
Loss from discontinued operations	$	(18,679	)	$	(1,867	)	$	(107,568	)

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

	For the Period January 1 Through August 14, 2015			For the Period August 15 Through September 30, 2015			For the Nine Months Ended September 30, 2016
	(dollars in thousands)
Depreciation and amortization	$	7,988		$	1,931		$	3,849
Impairment	—			—			105,623
Deferred income taxes	(2,366		)	(273		)	(1,172		)
Capital expenditures	10,104			1,229			3,621

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

	As of December 31, 2015		As of September 30, 2016
	(dollars in thousands)
Assets of discontinued operations:
Accounts receivable	$	20,425	$	20,842
Inventories	77,332		77,719
Prepaid expenses and other current assets	524		643
Net property plant and equipment	86,369		87,099
Other assets	17,606		14,183
Total assets of discontinued operations prior to impairment	202,256		200,486
Impairment upon reclassification to held for sale	—		(105,600		)
Total assets of discontinued operations	$	202,256	$	94,886
Liabilities of discontinued operations:
Accounts payable	$	9,331	$	5,830
Accrued income and other taxes	3,113		2,163
Other accrued liabilities	10,638		8,960
Total current liabilities of discontinued operations	23,082		16,953
Other long-term obligations	1,167		867
Total liabilities of discontinued operations	$	24,249	$	17,820