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Subsequent Event | 6 Months Ended
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Jun. 30, 2013
Subsequent Event |
Subsequent Event | 17. Subsequent Event In July 2013, we completed the sale of our contract operations and aftermarket services businesses in Canada (“Canadian Operations”) to Ironline Compression Holdings LLC, an affiliate of Staple Street Capital L.L.C. We received the following consideration for the sale of the Canadian Operations (specified in either U.S. Dollars (“$”) or Canadian Dollars (“CDN$”)): (i) cash proceeds of $12.4 million, net of transaction expenses and subject to adjustment upon the final determination of the balance in accounts receivable of the Canadian Operations at June 30, 2013, (ii) a note receivable of CDN$6.6 million, subject to adjustment upon the final determination of the balances in certain components of current assets and current liabilities of the Canadian Operations at June 30, 2013, (iii) contingent consideration of CDN$5.0 million based upon the Canadian Operations reaching a specified performance threshold prior to December 31, 2016 and (iv) a potential tax refund related to the Canadian Operations of CDN$1.6 million if such amounts are received by the Canadian Operations. At June 30, 2013, the Canadian Operations were reflected as discontinued operations in our condensed consolidated financial statements. Our results from discontinued operations in our condensed consolidated statements of operations for the three months ended June 30, 2013 include an impairment of $3.9 million related to the Canadian Operations. The sale of the Canadian Operations is subject to further adjustment in the third quarter of 2013 related to portions of the consideration received that are subject to adjustment. In July 2013, as part of our continued emphasis on simplification and focus on our core business, we sold the entity that owned our fabrication facility in the United Kingdom. During the three months ended June 30, 2013, we recorded impairment charges of $11.9 million to reduce the book value of the United Kingdom business to its estimated fair value, which are reflected in long-lived asset impairment in our condensed consolidated statements of operations.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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