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Discontinued Operations, Assets Held for Sale, and Business Divestiture | 12 Months Ended
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Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations, Assets Held for Sale, and Business Divestiture | Discontinued Operations, Assets Held for Sale, and Business Divestiture As part of the Company's strategy to focus on the A&E market, the Company decided in the fourth quarter of fiscal 2013 to exit the Repair Group. The results of operations and cash flows from the Repair Group have been classified as discontinued operations for all periods presented. The Repair Group continued to manufacture the last remaining orders in order to complete the wind down of the business. The Company expects the wind down to be completed by the end of December 2013 and may retain the net working capital, the facility and certain assets. The net cash inflows expected to be received by the Company in fiscal 2014 is approximately $725. As a result of the decision to exit the Repair Group, the assets and liabilities of the Repair Group have been classified as assets and liabilities from discontinued operations at September 30, 2013 and 2012. The assets and liabilities were comprised of the following:
| September 30,
| 2013 |  | 2012
Assets: |  |  |
Receivables, net | $ | 1,067 |  |  | $ | 1,365 |
Inventories, net | 660 |  |  | 881 |
Deferred income taxes | 317 |  |  | 329 |
Prepaid expenses and other current assets | 15 |  |  | 6 |
Total current assets of business from discontinued operations | $ | 2,059 |  |  | $ | 2,581 |
Property, plant and equipment, net | $ | 1,118 |  |  | $ | 1,232 |
Non-current deferred tax assets | 32 |  |  | — |
Total noncurrent assets of business from discontinued operations | $ | 1,150 |  |  | $ | 1,232 |
Liabilities: |  |  |
Accounts payable | $ | 278 |  |  | $ | 120 |
Accrued liabilities | 808 |  |  | 119 |
Total current liabilities of business from discontinued operations | $ | 1,086 |  |  | $ | 239 |
As of September 30, 2013, certain assets are recorded at the lower of carrying value or fair value. The Company recognized within the Repair Group an impairment charge of $354 to write-down assets to their estimated fair value. The financial results of Repair Group included in discontinued operations were as follows:
| September 30,
| 2013 |  | 2012
Net sales | $ | 5,964 |  |  | $ | 7,184 |
Loss before income tax provision | (3,104 | ) |  | (1,142 | )
Income tax provision (benefit) | (1,061 | ) |  | (435 | )
Income (loss) from discontinued operations, net of tax | $ | (2,043 | ) |  | $ | (707 | )
As the Company exits the Repair Group, the company expects to recognize $959 in workforce reduction costs of which $685 was incurred at September 30, 2013 and $6 was paid in fiscal 2013. The Company expects to recognize the remaining $274 of cost in 2014 related to the exit of the Repair Group. On December 10, 2012, the Company completed the divestiture of its ASC business segment. The Company received cash proceeds, net of certain transaction fees, of approximately $8,100 for this business and $980 was placed in escrow, pending expiration in June 2014 of indemnification holdback provisions under the sale agreement. The ASC business included its U.S. operations, headquartered in Cleveland, Ohio, and three European operations located in France, Sweden and the United Kingdom. ASC business developed, manufactured and sold selective plating products and provided contract services for low volume repair, refurbishment and OEM applications. The transaction resulted in a pre-tax gain of $3,980 in fiscal 2013. The results of operations and cash flows from ASC have been classified as discontinued operations for all periods presented. The table below presents the components of the balance sheet accounts classified as assets and liabilities held for sale at September 30, 2012.
Assets: |
Receivables, net | $ | 2,574 |
Inventories, net | 1,224 |
Deferred income taxes | 16 |
Prepaid expenses and other current assets | 100 |
Total current assets of business held for sale | $ | 3,914 |
Property, plant and equipment, net | $ | 2,533 |
Other assets | 43 |
Total noncurrent assets of business held for sale | $ | 2,576 |
Liabilities: |
Current maturities of long-term debt | $ | 2 |
Accounts payable | 546 |
Accrued liabilities | 623 |
Total current liabilities of business held for sale | $ | 1,171 |
Deferred income taxes | $ | 846 |
Other long-term liabilities | 1 |
Total noncurrent liabilities of business held for sale | $ | 847 |
The financial results of ASC Group included in discontinued operations were as follows:
| September 30,
| 2013 |  | 2012
Net sales | $ | 2,727 |  |  | $ | 15,022 |
Income before income tax provision | 180 |  |  | 1,375 |
Income tax provision (benefit) | (11 | ) |  | 427 |
Income (loss) from operations, net of tax | 191 |  |  | 948 |
Gain (loss) on sale of discontinued operations, net of tax | 2,328 |  |  | — |
Income (loss) from discontinued operations, net of tax | $ | 2,519 |  |  | $ | 948 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, 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 segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: 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=6391110&loc=d3e2941-110230 Reference 3: 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=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 8: 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=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 + Details
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