DISPOSITION OF BUSINESS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 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 Services operating segment, for approximately $50.6 million ($49.2 million net of cash retained by the catalyst services business) subject to customary post-closing conditions. As a result of the sale, the Company recognized during the year ended December 31, 2016, a pre-tax gain of $16.9 million which is included in gain on sale of business in the Company’s consolidated statement of operations. Inclusive within this gain was $1.6 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):
(4) DISPOSITION OF BUSINESS (Continued) 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 did represent an individually significant component of its business. The following table presents 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 1, 2016 (in thousands):
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