Discontinued Operations

6 Months Ended

Jun. 30, 2015

Discontinued Operations [Abstract]

Discontinued Operations

12. Discontinued Operations

In connection with the 2014 Restructuring Plan, the Company approved a plan to dispose of a business unit within the Color segment. In 2014, the business met the criteria to be presented as a discontinued operation as established in ASC Subtopic 205-20, Discontinued Operations. The results of this business have been reported as a discontinued operation in the Consolidated Condensed Statements of Earnings for all periods presented. The corresponding current assets, which include property, plant, and equipment, have met the held for sale criteria and have been properly presented on the Consolidated Condensed Balance Sheet.

The following table summarizes the discontinued operation’s results for the three and six months ended June 30, 2015 and 2014:

	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2015			2014			2015			2014
Revenue	$	-		$	1,293		$	187		$	2,299
Loss from discontinued operations before income taxes		(134	)		(1,535	)		(428	)		(8,542	)
Income tax benefit		42			449			127			2,750
Loss from discontinued operations, net of tax	$	(92	)	$	(1,086	)	$	(301	)	$	(5,792	)

Pre-tax restructuring costs are included in the loss before income taxes from discontinued operations. For the three and six months ended June 30, 2015, the restructuring costs were $0.1 million in both periods and for the three and six months ended June 30, 2014, these costs were $1.4 million and $7.9 million, respectively.  See Note 11, Restructuring, for additional information.