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Discontinued Operations, Assets Held for Sale, and Business Divestiture | 9 Months Ended
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Jun. 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 On December 10, 2012, the Company completed the divestiture of its Applied Surface Concepts (“ASC Group”) 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 Group business included its U.S. operations, headquartered in Cleveland, Ohio, and three European operations located in France, Sweden and the United Kingdom. The ASC Group 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 the first nine months of fiscal 2013. 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 | 1,188 |
Deferred income taxes | 47 |
Prepaid expenses and other current assets | 99 |
Total current assets of business held for sale | $ | 3,908 |
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 | $ | 388 |
Other long-term liabilities | 2 |
Total noncurrent liabilities of business held for sale | $ | 390 |
The financial results of ASC Group included in discontinued operations were as follows:
| Three Months Ended June 30, |  | Nine Months Ended June 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Net sales | $ | — |  |  | $ | 3,690 |  |  | $ | 2,727 |  |  | $ | 11,410 |
Income before income tax provision | — |  |  | 369 |  |  | 180 |  |  | 1,354 |
Income tax provision | 79 |  |  | 30 |  |  | 127 |  |  | 390 |
Income (loss) from operations, net of tax | (79 | ) |  | 339 |  |  | 53 |  |  | 964 |
Gain (loss) on sale of discontinued operations, net of tax | — |  |  | — |  |  | 2,328 |  |  | — |
Income (loss) from discontinued operations, net of tax | $ | (79 | ) |  | $ | 339 |  |  | $ | 2,381 |  |  | $ | 964 |

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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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