Acquisitions and Disposals (Tables)

6 Months Ended

Jun. 30, 2014

Summary of Components of Balance Sheet Accounts Classified as Assets and Liabilities of Discontinued Operations

The table below presents the components of the balance sheet accounts associated with the OCTG business as of December 31, 2013 (in thousands). All sold assets and liabilities were transferred to the buyer as of March 30, 2014.


	December 31, 2013
Assets:
Trade and other receivables, net	$	11,673
Inventories		44,668
Prepaid expenses and other		206

Total current assets		56,547
Property and equipment, net		11,509

Total assets		68,056


Liabilities:
Current portion of capital lease obligations		1,289
Accounts payable		3,013
Accrued liabilities		1,466
Deferred revenue		4,505

Total current liabilities		10,273
Capital lease obligations, less current portion		4,075

Total liabilities	$	14,348

Summary of Operating Results for Company's Discontinued Operations

The table below presents the operating results for the Company’s discontinued operations (in thousands). These operating results for the three month and six month periods ended June 30, 2014 do not necessarily reflect what they would have been had the OCTG business not been classified as a discontinued operation.


	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net sales	$	—		$	28,796		$	22,225		$	62,058
Cost of sales		(15	)		28,338			24,377			63,315

Gross Profit (loss)		15			458			(2,152	)		(1,257	)
Selling, general and administrative expense		—			347			396			701

Operating income (loss)		15			111			(2,548	)		(1,958	)
Interest expense		—			(89	)		(99	)		(181	)
Loss on sale of business		—			—			(12,083	)		—

Income (loss) before income taxes		15			22			(14,730	)		(2,139	)
Income tax expense (benefit)		5			8			(3,847	)		(683	)

Income (loss) on discontinued operations	$	10		$	14		$	(10,883	)	$	(1,456	)

- Definition

Tabular disclosure of disposal groups, which may include 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 classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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