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Discontinued Operations and Related Assets Held for Sale (Tables) | 6 Months Ended
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Jun. 30, 2017
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 six months ended June 30, 2016 and 2017.
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2016 |  | 2017 |  | 2016 |  | 2017
| (Dollars in thousands)
Net sales | $ | 29,930 |  |  | $ | 32,428 |  |  | $ | 59,019 |  |  | $ | 64,193 |
Cost of sales | 24,569 |  |  | 28,610 |  |  | 50,554 |  |  | 57,022 |
Gross profit | 5,361 |  |  | 3,818 |  |  | 8,465 |  |  | 7,171 |
Research and development | 813 |  |  | 711 |  |  | 1,691 |  |  | 1,281 |
Selling and administrative expenses | 5,059 |  |  | 4,106 |  |  | 9,514 |  |  | 7,800 |
Impairment | 105,600 |  |  | 2,800 |  |  | 105,600 |  |  | 5,300 |
Operating loss | (106,111 | ) |  | (3,799 | ) |  | (108,340 | ) |  | (7,210 | )
Other income | (81 | ) |  | (47 | ) |  | (72 | ) |  | (18 | )
Interest expense | 951 |  |  | 524 |  |  | 1,670 |  |  | 1,133 |
Loss from discontinued operations before income taxes | (106,981 | ) |  | (4,276 | ) |  | (109,938 | ) |  | (8,325 | )
(Benefit from) income taxes on discontinued operations | (843 | ) |  | (226 | ) |  | (1,236 | ) |  | (209 | )
Loss from discontinued operations | $ | (106,138 | ) |  | $ | (4,050 | ) |  | $ | (108,702 | ) |  | $ | (8,116 | )
The significant components of our Statements of Cash Flows for the Engineered Solutions business segment held for sale are as follows:
| For the Six Months Ended June 30,
| 2016 |  | 2017
| (Dollars in thousands)
Depreciation and amortization | $ | 3,052 |  |  | $ | 2,311 |
Impairment | 105,600 |  |  | 5,300 |
Deferred income taxes | (1,236 | ) |  | (209 | )
Capital expenditures | 2,513 |  |  | 432 |
The following table summarizes the carrying value of the assets and liabilities of discontinued operations as of December 31, 2016 and June 30, 2017.
| As of December 31, 2016 |  | As of June 30, 2017
| (Dollars in thousands)
Assets of discontinued operations: |  |  |
Accounts receivable | $ | 17,094 |  |  | $ | 18,325 |
Inventories | 71,816 |  |  | 58,050 |
Prepaid expenses and other current assets | 320 |  |  | 952 |
Net property plant and equipment | 79,048 |  |  | 78,827 |
Other assets | 12,608 |  |  | 11,669 |
Total assets of discontinued operations prior to impairment | 180,886 |  |  | 167,823 |
Impairment | (119,907 | ) |  | (125,207 | )
Total assets of discontinued operations | $ | 60,979 |  |  | $ | 42,616 |
Liabilities of discontinued operations: |  |  |
Accounts payable | $ | 7,253 |  |  | $ | 6,389 |
Accrued income and other taxes | 2,326 |  |  | 994 |
Other accrued liabilities | 10,463 |  |  | 8,785 |
Total current liabilities of discontinued operations | 20,042 |  |  | 16,168 |
Other long-term obligations | 850 |  |  | 971 |
Total liabilities of discontinued operations | $ | 20,892 |  |  | $ | 17,139 |

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