DISPOSITION OF BUSINESS

9 Months Ended

Sep. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

DISPOSITION OF BUSINESS

DISPOSITION OF BUSINESS

On September 1, 2016, the Company completed the sale of its Catalyst Services business, which was a non-core business previously included within the Industrial and Field Services segment, for approximately $50.1 million ($48.6 million net of cash divested) subject to customary post-closing conditions. As a result of the sale, the Company recognized during the three and nine months ended September 30, 2016 a pre-tax gain of $16.4 million which is included in gain on sale of business in the Company’s consolidated statement of operations. Inclusive within this gain was $1.5 million of transactional related costs.

The following table presents the carrying amounts of the Company's Catalyst Services business immediately preceding the disposition on September 1, 2016, in thousands:

	September 1, 2016
Total current assets	$	19,135
Property, plant and equipment, net	11,126
Total other assets	6,500
Total assets divested	$	36,761
Total current liabilities	4,040
Total other liabilities	566
Total liabilities divested	$	4,606
Net carrying value divested	$	32,155

The Company evaluated the disposition and determined it did not meet the “major effect” criteria for classification as a discontinued operation largely due to the nature and size of the operations of the disposed of entity. However, the Company determined that the disposition does represent an individually significant component of the Company's business. The following table presents (loss) income attributable to the Catalyst Services business included in the Company's consolidated results of operations for each of the periods shown and through its disposition on September 30, 2016, in thousands:

	Three Months Ended			Nine Months Ended
	September 30,			September 30,
	2016		2015	2016	2015
(Loss) income before provision for income taxes	(1,218	)	1,089	290	2,489