XML 54 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Discontinued Operations and Related Assets Held for Sale (Tables)
 12 Months Ended
Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
The following tables summarize the results of the Engineered Solutions business segment, reclassified as discontinued operations:
 
 
For the Year Ended December 31,
 
 
2018
 
2017
 
2016
 
(Dollars in thousands)
Net sales
 
$
2,574

 
$
82,299

 
$
115,336

Cost of sales
 
3,310

 
74,723

 
98,440

    Gross (loss) profit
 
(736
)
 
7,576

 
16,896

Research and development
 
—

 
1,429

 
3,145

Selling and administrative expenses
 
(628
)
 
12,239

 
19,022

(Gain) loss on sale of assets
 
(508
)
 
(6,091
)
 
198

Rationalizations
 
—

 
(35
)
 
(405
)
Impairment
 
—

 
5,300

 
119,907

 
 
400

 
(5,266
)
 
(124,971
)
Other expense (income)
 
30

 
(115
)
 
(66
)
Interest expense
 
—

 
1,133

 
3,258

Income (loss) from discontinued operations before income taxes
 
370

 
(6,284
)
 
(128,163
)
Benefit for income taxes on discontinued operations
 
(39
)
 
(55
)
 
(1,189
)
Income (loss) from discontinued operations
 
$
331

 
$
(6,229
)
 
$
(126,974
)
 
 
 
 
 
 
 
Basic and diluted income (loss) from discontinued operations per share
 
$
—

 
$
(0.02
)
 
$
(0.42
)
The significant components of our Statements of Cash Flows for discontinued operations are as follows:
 
For the Year Ended December 31
 
2018
 
2017
 
2016
 
(Dollars in thousands)
Depreciation and amortization
$
—

 
$
2,418

 
$
5,277

Impairment
—

 
5,300

 
119,907

(Gain) loss on sale of assets
(508
)
 
(6,091
)
 
198

Net change in inventory
502

 
15,217

 
(917
)
Cash received from divestitures
—

 
27,254

 
15,889

Credit facility reductions
—

 
(27,254
)
 
(15,889
)
Deferred income taxes
40

 
(55
)
 
(1,189
)
Capital expenditures
—

 
558

 
4,713

The following table summarizes the carrying value of the assets and liabilities of discontinued operations as of December 31, 2018 and 2017.
 
As of
December 31, 2018
 
As of
December 31, 2017
 
(Dollars in thousands)
Assets of discontinued operations:
 
 
 
  Accounts receivable
$
—

 
$
3,351

  Inventories
—

 
502

  Prepaid expenses and other current assets
—

 
1,137

  Net property, plant and equipment
—

 
226

  Other assets
—

 
97

         Total assets of discontinued operations
$
—

 
$
5,313

 
 
 
 
Liabilities of discontinued operations:
 
 
 
  Accounts payable
$
—

 
$
512

  Accrued income and other taxes
—

 
158

  Other accrued liabilities
—

 
2,742

     Total current liabilities of discontinued operations
—

 
3,412

 
 
 
 
  Other long-term obligations
—

 
376

 
 
 
 
          Total liabilities of discontinued operations
$
—

 
$
3,788