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Discontinued Operations and Related Assets Held for Sale (Tables) | 3 Months Ended
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Mar. 31, 2018
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 months ended March 31, 2018 and 2017.
|  | For the Three Months Ended March 31,
|  | 2018 |  | 2017
|  | (dollars in thousands)
Net sales |  | $ | 2,455 |  |  | $ | 31,765 |
Cost of sales |  | 1,193 |  |  | 28,412 |
Gross profit |  | 1,262 |  |  | 3,353 |
Research and development |  | — |  |  | 570 |
Selling and administrative expenses |  | 401 |  |  | 3,693 |
Gain on sale of assets |  | (759 | ) |  | — |
Impairments |  | — |  |  | 2,500 |
Operating income (loss) |  | 1,620 |  |  | (3,410 | )
Other (income) expense |  | (6 | ) |  | 32 |
Interest expense |  | — |  |  | 607 |
Income (loss) from discontinued operations before income taxes |  | 1,626 |  |  | (4,049 | )
Benefit from income taxes on discontinued operations |  | — |  |  | (17 | )
Income (loss) from discontinued operations |  | $ | 1,626 |  |  | $ | (4,066 | )
The significant components of our Statements of Cash Flows for the Engineered Solutions business segment held for sale are as follows:
| For the Three Months Ended March 31,
| 2018 |  | 2017
| (Dollars in thousands)
Depreciation and amortization | $ | — |  |  | $ | 1,768 |
Impairment | — |  |  | 2,500 |
Gain on sale of assets | (759 | ) |  | — |
Deferred income taxes | — |  |  | 17 |
Capital expenditures | — |  |  | 228 |
The following table summarizes the carrying value of the assets and liabilities of discontinued operations as of March 31, 2018 and December 31, 2017.
| As of March 31, 2018 |  | As of December 31, 2017
| (Dollars in thousands)
Assets of discontinued operations: |  |  |
Accounts receivable | $ | 1,608 |  |  | $ | 3,351 |
Inventories | 165 |  |  | 502 |
Prepaid expenses and other current assets | 536 |  |  | 1,137 |
Net property plant and equipment | — |  |  | 226 |
Other assets | 97 |  |  | 97 |
Total assets of discontinued operations | 2,406 |  |  | 5,313 |
Liabilities of discontinued operations: |  |  |
Accounts payable | $ | 756 |  |  | $ | 512 |
Accrued income and other taxes | 83 |  |  | 158 |
Other accrued liabilities | 2,010 |  |  | 2,742 |
Total current liabilities of discontinued operations | 2,849 |  |  | 3,412 |
Other long-term obligations | 376 |  |  | 376 |
Total liabilities of discontinued operations | $ | 3,225 |  |  | $ | 3,788 |

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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760 Reference 3: 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=64827811&loc=d3e1474-107760 Reference 4: 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=64827811&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760 Reference 9: 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=84176398&loc=d3e2941-110230 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760 + Details
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