Discontinued Operations, Assets Held for Sale, and Business Divestiture

3 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations, Assets Held for Sale, and Business Divestiture

Discontinued Operations, Assets Held for Sale, and Business Divestiture

As part of the Company’s strategy to focus on its core competencies in the Aerospace and Energy ("A&E") market, the Company decided in the fourth quarter of 2013, to exit the Turbine Component Service and Repair ("Repair Group") business.

The table below presents the components of the balance sheet accounts classified as assets and liabilities held for sale at December 31, 2013 and September 30, 2013, respectively.

	December 31, 2013		September 30, 2013
Assets:
Receivables, net	$	827	$	1,067
Inventories, net	—		660
Deferred income taxes	317		317
Prepaid expenses and other current assets	—		15
Total current assets of business held for sale	$	1,144	$	2,059
Property, plant and equipment, net	$	271	$	1,118
Other assets	6		32
Total noncurrent assets of business held for sale	$	277	$	1,150
Liabilities:
Accounts payable	207		278
Accrued liabilities	337		808
Total current liabilities of business held for sale	$	544	$	1,086

As of December 31, 2013 and September 30, 2013, certain assets were recorded at the lower of carrying value or fair value.

The financial results of Repair Group included in discontinued operations were as follows:

	Three Months Ended December 31,
	2013			2012
Net sales	$	1,339		$	1,255
Loss before income tax provision	(331		)	(442		)
Income tax provision (benefit)	(124		)	(186		)
Income (loss) from discontinued operations, net of tax	$	(207	)	$	(256	)

As the Company exited the Repair Group, the Company recognized $959 in workforce reduction costs of which $274 was incurred in the first quarter of fiscal 2014 and $335 was paid as of December 31, 2013.

On December 10, 2012, the Company completed the divestiture of its Applied Surface Concepts ("ASC") business. There were no assets or liabilities held for sale at December 31, 2013 and September 30, 2013.

The financial results of ASC included in discontinued operations were as follows:

	Three Months Ended December 31, 2012
Net sales	$	2,727
Income before income tax provision	180
Income tax provision	48
Income (loss) from operations, net of tax	132
Gain (loss) on sale of discontinued operations, net of tax	2,362
Income (loss) from discontinued operations, net of tax	$	2,494