Discontinued Operations

12 Months Ended

Dec. 31, 2016

Discontinued Operations [Abstract]

Discontinued Operations

14. Discontinued Operations

In connection with the 2014 Restructuring Plan, the Company approved a plan to dispose of a business unit within the Color segment, located near Leipzig, Germany. Since 2014, the business has 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. During 2016, the facility and remaining assets were sold for a gain of $0.2 million. In addition, the entity was liquidated resulting in a reclassification of the cumulative translation adjustment of $3.3 million into net earnings.

The following table summarizes the discontinued operation’s results, which are included in the loss from discontinued operations in the Consolidated Statements of Earnings for the years ended December 31, 2016, 2015 and 2014:

(In thousands)	2016			2015			2014
Net sales	$	-		$	187		$	5,197
Gain (Loss) from discontinued operations before income taxes		3,410			(471	)		(11,496	)
Income tax (expense) benefit		(67	)		9			3,371
Gain (Loss) from discontinued operations, net of tax	$	3,343		$	(462	)	$	(8,125	)