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Discontinued Operations | 3 Months Ended
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Mar. 31, 2014
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations On November 4, 2013, the Company completed the sale of its tungsten materials business, which produces tungsten powder, tungsten heavy alloys, tungsten carbide materials, and carbide cutting tools. The operating results for this business have been included in discontinued operations in the Company's consolidated statement of operations for the three months ended March 31, 2013. Also, during the third quarter of 2013, the Company completed a strategic review of its iron castings and fabricated components businesses. Based on current and forecasted results, these businesses were not projected to meet the Company’s long-term profitable growth and return on capital employed expectations resulting in the closure of the fabricated components business and planned divestiture of the iron casting business in 2013. The net assets of these businesses were classified as held for sale as of March 31, 2014 and December 31, 2013 and the operating results of these businesses have been included in discontinued operations in the Company's consolidated statements of operations for all periods presented. In April 2014, the Company determined that it will close its iron castings business, as the planned divestiture of this business through a sale process as previously announced was not able to be completed on commercially acceptable terms. The orderly wind-down of operations is expected to be completed by the end of the third quarter 2014 and is expected to result in approximately $3 million of cash exit costs, including approximately $2 million of pre-tax charges that will be recognized through the third quarter 2014, primarily related to severance benefits, as part of the results of discontinued operations. The following table presents summarized operating results for these discontinued operations (in millions):
| Three months ended March 31,
| 2014 |  | 2013
Sales | $ | 5.2 |  |  | $ | 80.4 |
Income (loss) before income tax provision (benefit) | $ | (2.8 | ) |  | $ | 0.5 |
Net assets of discontinued operations were $2.9 million and $4.2 million at March 31, 2014 and December 31, 2013, respectively, and consisted of the following items (in millions):
| March 31, 2014 |  | December 31, 2013
Accounts receivable, net of allowances for doubtful accounts | $ | 2.6 |  |  | $ | 2.9 |
Inventories, net | 2.4 |  |  | 3.1 |
Prepaid expenses and other current assets | 0.1 |  |  | 0.1 |
Property, plant and equipment, net | 3.4 |  |  | 3.7 |
Total Assets | 8.5 |  |  | 9.8 |
Accounts payable | 1.6 |  |  | 1.8 |
Accrued liabilities | 3.3 |  |  | 3.1 |
Long-term liabilities | 0.7 |  |  | 0.7 |
Total Liabilities | 5.6 |  |  | 5.6 |
Net Assets | $ | 2.9 |  |  | $ | 4.2 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 + Details
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