XML 28 R14.htm IDEA: XBRL DOCUMENT v3.6.0.2
DISPOSITION OF BUSINESS
12 Months Ended
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):
 
September 1, 2016
Total current assets
$
19,019

Property, plant and equipment, net
11,154

Total other assets
6,500

Total assets divested
$
36,673

Total current liabilities
4,040

Total other liabilities
566

Total liabilities divested
$
4,606

Net carrying value divested
$
32,067



(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):
 
For the years ended December 31,
 
2016
 
2015
 
2014
Income before provision for income taxes
$
290

 
$
2,520

 
$
358