Discontinued Operations

6 Months Ended

Jun. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

NOTE 3 – DISCONTINUED OPERATIONS

As discussed in Note 1, we distributed assets and liabilities totaling $47.8 million associated with our NE segment to BWC in conjunction with the spin-off. We received corporate allocations from the former Parent as described in Note 1, which included $1.3 million and $1.3 million for the three months ended June 30, 2015 and 2014, respectively, and $2.7 million and $2.7 million for the six months ended June 30, 2015 and 2014, respectively. Though these allocations relate to our discontinued NE segment, they are included as part of continuing operations because allocations are not eligible for inclusion in discontinued operations.

The following table presents selected financial information regarding the results of operations of our former NE segment:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
	(In thousands)
Revenues	$	30,377	$	32,335	$	53,064	$	68,149
Income before provision for income taxes		1,743		4,063		3,358		10,218
Provision for income taxes		325		666		555		2,879
Income from discontinued operations, net of tax	$	1,418	$	3,397	$	2,803	$	7,339

The following table presents the carrying values of the major accounts of discontinued operations that are included in our December 31, 2014 condensed consolidated and combined balance sheet:

	December 31,
	2014
	(in thousands)
Current Assets:
Cash and cash equivalents	$	426
Accounts receivable – trade, net		14,041
Accounts receivable – other		1,411
Contracts in progress		22,953
Inventories		1,306
Deferred income taxes		48
Other current assets		5,992
Total current assets of discontinued operations		46,177
Net property, plant and equipment		23,721
Goodwill		10,055
Deferred income taxes		2,375
Intangible assets		980
Other assets		1,697
Total assets of discontinued operations	$	85,005
Current Liabilities:
Accounts payable	$	7,954
Accrued employee benefits		7,895
Advance billings on contracts		5,475
Accrued warranty expense		5,469
Accrued liabilities – other		17,352
Total current liabilities of discontinued operations		44,145
Accumulated postretirement benefit obligation		7,835
Pension liability		7,082
Other liabilities		1,071
Total liabilities of discontinued operations	$	60,133