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Discontinued Operations and Related Assets Held for Sale (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2016 and 2017.
 
For the Three Months Ended September 30,
 
For the Nine Months
Ended September 30,
 
2016
 
2017
 
2016
 
2017
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
Net sales
$
30,165

 
$
14,528

 
$
89,184

 
$
78,721

Cost of sales
23,497

 
14,574

 
74,051

 
71,596

    Gross profit (loss)
6,668

 
(46
)
 
15,133

 
7,125

Research and development
707

 
106

 
2,398

 
1,387

Selling and administrative expenses
3,983

 
3,561

 
13,474

 
11,360

Gain on sale of assets
—

 
(3,676
)
 
—

 
(3,676
)
Impairments
—

 
—

 
105,623

 
5,300

    Operating income (loss)
1,978

 
(37
)
 
(106,362
)
 
(7,246
)
Other income
(3
)
 
(56
)
 
(75
)
 
(71
)
Interest expense
783

 
—

 
2,452

 
1,131

Income (loss) from discontinued operations
    before income taxes
1,198

 
19

 
(108,739
)
 
(8,306
)
Provision for (benefit from) income taxes
    on discontinued operations
64

 
(3,215
)
 
(1,171
)
 
(3,424
)
Income (loss) from discontinued operations
$
1,134

 
$
3,234

 
$
(107,568
)
 
$
(4,882
)
The significant components of our Statements of Cash Flows for the Engineered Solutions business segment held for sale are as follows:
 
For the Nine Months
Ended September 30,
 
2016
 
2017
 
(Dollars in thousands)
 
 
 
 
Depreciation and amortization
$
3,849

 
$
2,418

Impairment
105,623

 
5,300

Gain on sale of assets
—

 
(3,676
)
Inventory
(217
)
 
13,804

Deferred income taxes
(1,172
)
 
(3,068
)
Capital expenditures
3,621

 
528

The following table summarizes the carrying value of the assets and liabilities of discontinued operations as of December 31, 2016 and September 30, 2017.
 
As of
December 31, 2016
 
As of
September 30, 2017
 
(Dollars in thousands)
Assets of discontinued operations:
 
 
 
  Accounts receivable
$
17,094

 
$
10,004

  Inventories
71,816

 
8,092

  Prepaid expenses and other current assets
320

 
2,173

  Net property plant and equipment
79,048

 
8,892

  Other assets
12,608

 
746

     Total assets of discontinued operations prior to impairment
180,886

 
29,907

 
 
 
 
  Impairment
(119,907
)
 
(14,532
)
 
 
 
 
         Total assets of discontinued operations
$
60,979

 
$
15,375

 
 
 
 
Liabilities of discontinued operations:
 
 
 
  Accounts payable
$
7,253

 
$
1,270

  Accrued income and other taxes
2,326

 
238

  Other accrued liabilities
10,463

 
10,449

     Total current liabilities of discontinued operations
20,042

 
11,957

 
 
 
 
  Other long-term obligations
850

 
581

 
 
 
 
          Total liabilities of discontinued operations
$
20,892

 
$
12,538