Discontinued Operations and Divestitures

12 Months Ended

Dec. 31, 2017

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations and Divestitures

4. Discontinued Operations and Divestitures

Divestitures

In April 2015, the Company completed the sale of certain assets and liabilities of the JK Lasers business, previously included in the Photonics reportable segment, for approximately $29.6 million in cash, net of final working capital adjustments and transactions costs. The Company recognized a pre-tax gain on sale of $19.6 million in the consolidated statement of operations during the year ended December 31, 2015. The JK Lasers business divestiture did not qualify for discontinued operations accounting treatment.

Discontinued Operations

In June 2015, the Company finalized an agreement to divest its 50% owned joint venture (the “India JV”) and recorded a pre-tax loss of less than $0.1 million in operating loss from discontinued operations, net of tax in the consolidated statement of operations during the year ended December 31, 2015. The India JV was reported as discontinued operations in the Company’s consolidated financial statements because it was part of the Scientific Lasers business that the Company divested in July 2014. All assets, liabilities, accumulated other comprehensive income and non-controlling interest of the India JV were derecognized as of the date of the agreement.

In July 2014, the Company completed the sale of certain assets and liabilities of the Scientific Lasers business, operating under the Continuum and Quantronix brand names, for approximately $6.5 million, net of working capital adjustments. In accordance with the purchase and sale agreement, $1.5 million of the sales proceeds were held in escrow until January 2016. In January 2016, the $1.5 million escrow was released to the Company in full and is reported as cash flow from investing activities of discontinued operations.

The following table presents the operating results which are reported as discontinued operations in the Company’s consolidated statements of operations (in thousands):

	Year Ended December 31,
	2015
Loss from discontinued operations, before income tax	$	(13	)
Loss from discontinued operations, net of tax	$	(13	)