Discontinued Operations and Related Assets Held for Sale (Tables)

3 Months Ended

Mar. 31, 2018

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 months endedMarch 31, 2018 and 2017.

	For the Three Months Ended March 31,
	2018			2017
	(dollars in thousands)
Net sales	$	2,455		$	31,765
Cost of sales	1,193			28,412
Gross profit	1,262			3,353
Research and development	—			570
Selling and administrative expenses	401			3,693
Gain on sale of assets	(759		)	—
Impairments	—			2,500
Operating income (loss)	1,620			(3,410		)
Other (income) expense	(6		)	32
Interest expense	—			607
Income (loss) from discontinued operations     before income taxes	1,626			(4,049		)
Benefit from income taxes on discontinued operations	—			(17		)
Income (loss) from discontinued operations	$	1,626		$	(4,066	)

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

	For the Three Months Ended March 31,
	2018			2017
	(Dollars in thousands)
Depreciation and amortization	$	—		$	1,768
Impairment	—			2,500
Gain on sale of assets	(759		)	—
Deferred income taxes	—			17
Capital expenditures	—			228

The following table summarizes the carrying value of the assets and liabilities of discontinued operations as of March 31, 2018 and December 31, 2017.

	As of March 31, 2018		As of December 31, 2017
	(Dollars in thousands)
Assets of discontinued operations:
Accounts receivable	$	1,608	$	3,351
Inventories	165		502
Prepaid expenses and other current assets	536		1,137
Net property plant and equipment	—		226
Other assets	97		97
Total assets of discontinued operations	2,406		5,313
Liabilities of discontinued operations:
Accounts payable	$	756	$	512
Accrued income and other taxes	83		158
Other accrued liabilities	2,010		2,742
Total current liabilities of discontinued operations	2,849		3,412
Other long-term obligations	376		376
Total liabilities of discontinued operations	$	3,225	$	3,788